Document:

<PAGE>

                                                                   EXHIBIT 10.31
                                                                   -------------

                              ASSET ACQUISITION AND
                              ---------------------
                        PLAN OF REORGANIZATION AGREEMENT
                        --------------------------------

     This Asset Acquisition and Plan of Reorganization Agreement is made and
entered into as of the 18th day of January, 2002 (this "Agreement") by and
between Smurfit Packaging Corporation, a Delaware corporation ("SPC"), and
Smurfit-Stone Container Corporation, a Delaware corporation ("SSCC").

                                    RECITALS

     A. SPC is the record and beneficial owner of 36,800,000 fully paid and
non-assessable shares of Common Stock, $.01 per share par value of SSCC (the
shares of Common Stock of SSCC are hereinafter individually referred to as a
"Common Share" and collectively referred to as the "Common Shares," and the
Common Shares owned by SPC are hereinafter collectively referred to as the "SPC
Common Shares").

     B. SPC and SSCC desire to engage in a transaction pursuant to which (i) SPC
shall transfer and assign to SSCC the SPC Common Shares, together with the
consideration referred to in Section 2.1 hereof, (ii) SSCC shall issue and
deliver to SPC 36,800,000 Common Shares (collectively referred to as the "New
Common Shares"), and (iii) promptly following the transactions referred to in
clauses (i) and (ii) above, SPC shall convert pursuant to Section 266 of the
Delaware General Corporation Law (the "DGCL") and Section 214 of the Delaware
Limited Liability Company Act ("Delaware LLC Law") into a Delaware limited
liability company or otherwise liquidate for federal income tax purposes.

<PAGE>

     C. For U.S. federal income tax purposes it is intended that the
transactions contemplated by Recital B hereof qualify as a reorganization under
the provisions of Section 368(a) of the Internal Revenue Code of 1986, as
amended ("Code"), and that this Agreement shall constitute a "plan of
reorganization" within the meaning of Treasury Regulation Section 1.368-1(c).

     NOW, THEREFORE, in consideration of the premises and the representations,
warranties, covenants and agreements contained herein, the parties, intending to
be legally bound, hereby agree as follows:

                                   ARTICLE I

                               CERTAIN DEFINITIONS
                               -------------------

     Section 1.1 Previously Defined Terms. Each term defined in the first
                 ------------------------
paragraph and the Recitals shall have the meaning set forth above whenever used
herein, unless otherwise expressly provided or unless the context clearly
requires otherwise.

     Section 1.2 Definitions. In addition to the terms defined in the first
                 -----------
paragraph and the Recitals, whenever used herein, the following terms shall have
the meanings set forth below unless otherwise expressly provided or unless the
context clearly requires otherwise:

     "Agreement" - See initial paragraph of this Agreement.

     "Business Day" shall mean a day (other than a Saturday or Sunday) on which
banks generally are open in New York, New York.

     "Cash Payment" - See Section 2.1(a).

     "Closing" - See Section 3.1.

     "Closing Date" - See Section 3.1.

     "Code" - See Recital C.

     "Common Share" or "Common Shares" - See Recital A.

                                      -2-

<PAGE>

     "Delaware LLC Law" - See Recital B(iii).

     "DGCL" - See Recital B(iii).

     "Governmental Authority" or "Governmental Authorities" shall mean any
foreign or domestic, federal, territorial, state or local governmental
authority, quasi-governmental authority, instrumentality, court, government or
self-regulatory organization, commission, tribunal or organization or any
regulatory, administrative or other agency, or any political or other
subdivision, department, board, bureau or branch or official of any of the
foregoing.

     "NASDAQ" shall mean the NASDAQ National Market of the NASDAQ Stock Market,
Inc.

     "New Common Shares" - See Recital B(ii).

     "Note Agreement" - See Section 6.7.

     "Order" shall mean any decree, order, judgment, writ, award, injunction,
stipulation or consent of or by a Governmental Authority.

     "Person" shall mean any natural person, corporation, partnership, limited
liability company, joint venture, trust, association or unincorporated entity of
any kind.

     "SPC Common Shares" - See Recital A.

     Section 1.3 Other Interpretive Provisions.
                 -----------------------------

     (a)  The meanings of defined terms are equally applicable to the singular
and plural forms of the defined terms.

     (b)  The words "hereof", "herein", "hereunder" and similar words refer to
this Agreement as a whole and not to any particular provision of this Agreement;
and Section references are to this Agreement unless otherwise specified.

                                      -3-

<PAGE>

     (c)  (i)   The term "documents" includes any and all instruments,
  documents, agreements, certificates, indentures, notices and other writings,
  however evidenced.

          (ii)  The term "including" is not limiting and means "including
  without limitation."

          (iii) In the computation of periods of time from a specified date to a
  later specified date, the word "from" means "from and including"; the words
  "to" and "until" each mean "to but excluding," and the word "through" means
  "to and including."

     (d)  Unless otherwise expressly provided herein, (i) references to
agreements (including this Agreement) and other contractual instruments shall be
deemed to include all subsequent amendments and other modifications thereto, and
(ii) references to any statute or regulation are to be construed as including
all statutory and regulatory provisions consolidating, amending, replacing,
supplementing or interpreting the statute or regulation.

                                   ARTICLE II

                     ACQUISITION AND TRANSFER CONSIDERATION
                     --------------------------------------
                            AND OTHER RELATED MATTERS
                            -------------------------

     Section 2.1 Acquisition and Transfer. (a) Upon the terms and subject to the
                 ------------------------
conditions of this Agreement, at the Closing on the Closing Date, SPC shall (i)
assign, convey, transfer and deliver to SSCC the SPC Common Shares, free and
clear of any pledges, liens, security interests, encumbrances or other charges
or rights of others of any kind or nature; and (ii) pay to SSCC $700,000 (the
"Cash Payment").

     (b)  The Cash Payment shall be paid by SPC by the wire transfer of
immediately available federal funds for credit to SSCC to an account or accounts
designated by SSCC in writing prior to the Closing Date.

                                      -4-

<PAGE>

     Section 2.2 Consideration. In consideration for the SPC Common Shares and
                 -------------
the Cash Payment, at the Closing on the Closing Date, SSCC shall issue and
deliver to SPC the New Common Shares.

     Section 2.3 No Assumed Liabilities. SSCC shall not assume or pay any debt,
                 ----------------------
obligation or liability, of any kind or nature (fixed or contingent, known or
unknown) of SPC as a result of this Agreement or the transactions contemplated
by this Agreement, whether or not related to the SPC Common Shares.

     Section 2.4 Sales or Transfer Taxes. SPC shall pay and be responsible for
                 -----------------------
any stamp, transfer, sales, purchase, value added, excise or similar tax imposed
under the laws of (a) the United States, or any state or political subdivision
thereof, or (b) any foreign government or political subdivision thereof, arising
out of the consummation of the transactions contemplated by this Agreement.

     Section 2.5 Conversion. Promptly following the consummation of the
                 ----------
transactions contemplated by Sections 2.1 and 2.2 of this Agreement, SPC shall
take all necessary actions and steps to implement and effect the conversion of
SPC to a Delaware limited liability company pursuant to Section 266 of the DGCL
and Section 214 of the Delaware LLC Law or otherwise to liquidate for federal
income tax purposes.

     Section 2.6 Nonconfidentiality. Disclosure of the structure and aspects of
                 ------------------
the transactions contemplated by this Agreement are not limited in any way, and
SPC and SSCC may disclose to any person (without limitation of any kind) the
structure and any relevant aspects of the transactions contemplated by this
Agreement.

                                      -5-

<PAGE>

     Section 2.7 Commercially Reasonable Efforts. Each of the parties shall use
                 -------------------------------
their commercially reasonable efforts to satisfy the conditions set forth in
Articles VI and VII and to complete the transactions contemplated hereby.

                                   ARTICLE III

                       CLOSING AND CLOSING DATE DELIVERIES
                       -----------------------------------

     Section 3.1 Closing and Closing Date. The term "Closing" as used herein
                 ------------------------
shall refer to the actual conveyance, transfer, assignment and delivery of the
certificates representing the SPC Common Shares to SSCC in exchange for the
consideration set forth in Section 2.2 of this Agreement. The Closing shall take
place at the offices of Winston & Strawn, 35 West Wacker Drive, Chicago,
Illinois at 10:00 a.m. Chicago local time, on the fifth Business Day following
the date upon which all of the conditions precedents set forth in Articles VI
and VII of this Agreement are satisfied or waived by the appropriate party
hereto, subject to Article VIII of this Agreement (the "Closing Date"), or at
such other place and time or on such other date as is mutually agreed to in
writing by SPC and SSCC.

     Section 3.2 Closing Deliveries. At the Closing on the Closing Date:
                 ------------------

     (a)  SPC shall deliver to SSCC the following:

          (i)   certificates representing all of the SPC Common Shares, which
  certificates shall be either (A) duly endorsed or (B) accompanied by stock
  powers duly executed with signatures guaranteed;

          (ii)  the Cash Payment;

          (iii) certified copies of minutes or unanimous written consents of the
  Board of Directors and sole stockholder of SPC approving the execution,
  delivery and

                                      -6-

<PAGE>

  performance of this Agreement and the consummation of the transactions
  contemplated under this Agreement; and

          (iv)  such other documents to be delivered by SPC hereunder or as SSCC
  or its counsel may reasonably request to carry out the purposes of this
  Agreement.

     (b)  SSCC shall deliver to SPC the following:

          (i)   certificates representing the New Common Shares issued to SPC or
  its designee;

          (ii)  certified copy of minutes or unanimous written consent of the
  Board of Directors of SSCC approving the execution, delivery and performance
  of this Agreement and the consummation of the transactions contemplated under
  this Agreement; and

          (iii) such other documents to be delivered by SSCC hereunder or as SPC
  or its counsel may reasonably request to carry out the purposes of this
  Agreement.

     Section 3.3 Post Closing Matters. (a) SPC and SSCC shall, on request, on
                 --------------------
and after the Closing Date, cooperate with one another by furnishing any
additional information, executing and delivering any additional documents and/or
instruments and doing any and all such other things as may be reasonably
required by the parties or their counsel to consummate or otherwise implement
the transactions contemplated by this Agreement.

     (b)  Promptly following the transactions contemplated by Sections 2.1 and
2.2 hereof, SPC shall convert pursuant to Section 266 of the DGCL and Section
214 of Delaware LLC Law into a Delaware limited liability company or otherwise
liquidate for federal income tax purposes.

                                      -7-

<PAGE>

                                   ARTICLE IV

                      WARRANTIES AND REPRESENTATIONS OF SPC
                      -------------------------------------

     As an inducement to SSCC to enter into and perform its obligations under
this Agreement, SPC warrants and represents to and covenants with SSCC (which
warranties and representations shall survive the Closing) as follows:

     Section 4.1 Due Incorporation. SPC is a corporation duly organized, validly
                 -----------------
existing and in good standing under the laws of its jurisdiction of
incorporation, and has the corporate power and lawful authority to own its
properties and to transact its business as now conducted.

     Section 4.2 Binding Agreement. This Agreement is binding upon, and
                 -----------------
enforceable against, SPC in accordance with its terms, subject, as to
enforcement, to bankruptcy, insolvency, reorganization and other laws affecting
creditors rights generally and by general principles of equity (whether in a
proceeding at law or in equity).

     Section 4.3 Authority. SPC has taken all requisite corporate action to
                 ---------
approve this Agreement and the consummation of the transactions contemplated
hereby.

     Section 4.4 Investment Representation. SPC confirms that it is acquiring
                 -------------------------
the New Common Shares being delivered pursuant to Section 2.2 of this Agreement
for investment for its own account and not with a view to the sale or
distribution of any part thereof (except as contemplated by Section 3.3).

     Section 4.5 No Conflicts. Neither the execution and delivery of this
                 ------------
Agreement nor the consummation of the transactions contemplated hereby, nor
compliance by SPC with any of the provisions hereof, will:

                                      -8-

<PAGE>

     (a)  violate, or conflict with, or result in a breach of any provisions of,
or constitute a default (or an event which, with notice or lapse of time or
both, would constitute a default) under, or result in the termination of, or
accelerate the performance required by, or result in the creation of any lien
upon any of the properties or assets of SPC, under any of the terms, conditions
or provisions of the Certificate of Incorporation or Bylaws of SPC, or any note,
bond, mortgage, indenture, deed of trust, or other material agreement, lease, or
instrument to which SPC is a party, or by which SPC or its properties or assets
may be bound or affected;

     (b)  require the consent or approval of, or the making of any filing with,
any third Person or Governmental Authority; or

     (c)  violate any law or Order applicable to SPC or any of the properties or
assets of SPC.

     Section 4.6 Good Title. SPC is the record and beneficial owner of the SPC
                 ----------
Common Shares and has good and marketable title to the SPC Common Shares free
and clear of any pledges, liens, security interests, encumbrances or other
charges or rights of others of any kind or nature.

                                    ARTICLE V

                     WARRANTIES AND REPRESENTATIONS OF SSCC
                     --------------------------------------

     As an inducement to SPC to enter into and perform their obligations under
this Agreement, SSCC warrants and represents to and covenants with SPC (which
warranties and representations shall survive the Closing) as follows:

     Section 5.1 Due Incorporation. SSCC is a corporation duly organized,
                 -----------------
validly existing and in good standing under the laws of its jurisdiction of
incorporation, and has the

                                      -9-

<PAGE>

corporate power and lawful authority to own its properties and to transact its
business as now conducted.

     Section 5.2 Binding Agreement. This Agreement is binding upon, and
                 -----------------
enforceable against, SSCC in accordance with its terms, subject, as to
enforcement, to bankruptcy, insolvency, reorganization and other laws affecting
creditors rights generally and by general principles of equity (whether in a
proceeding at law or in equity).

     Section 5.3 Authority. Except for approval by its full board of directors,
                 ---------
SSCC has taken all requisite corporate action to approve this Agreement and the
consummation of the transactions contemplated hereby.

     Section 5.4 No Conflicts. Neither the execution and delivery of this
                 ------------
Agreement nor the consummation of the transactions contemplated hereby, nor
compliance by SSCC with any of the provisions hereof, will:

     (a)  violate, or conflict with, or result in a breach of any provisions of,
or constitute a default (or an event which, with notice or lapse of time or
both, would constitute a default) under, or result in the termination of, or
accelerate the performance required by, or result in the creation of any lien
upon any of the properties or assets of SSCC, under any of the terms, conditions
or provisions of the Certificate of Incorporation or Bylaws of SSCC, or any
note, bond, mortgage, indenture, deed of trust, or other material agreement,
lease, or instrument to which SSCC is a party, or by which SSCC or its
properties or assets may be bound or affected;

     (b)  except for NASDAQ, require the consent or approval of, or the making
of any filing with, any third Person or Governmental Authority; or

     (c) violate any law or Order applicable to SSCC or any of the properties or
assets of SSCC.

                                      -10-

<PAGE>

Section 5.5 Newly Issued Common Shares. The New Common Shares, when issued, sold
            --------------------------
and delivered in accordance with Section 2.2 of this Agreement, will be duly and
validly issued, fully paid and non-assessable.

                                   ARTICLE VI

                     CONDITIONS TO CLOSING APPLICABLE TO SPC
                     ---------------------------------------

     The obligations of SPC hereunder (including the obligation of SPC to close
the transactions herein contemplated) are subject to the satisfaction (or
waiver) of the following conditions precedent:

     Section 6.1 No Termination. Neither SPC nor SSCC shall have terminated this
                 --------------
Agreement pursuant to Section 8.1 hereof.

     Section 6.2 Bring Down Certificate. All warranties and representations made
                 ----------------------
by SSCC herein to SPC shall be true and correct in all material respects on and
as of the Closing Date with the same effect as if such warranties and
representations had been made on and as of the Closing Date, and SSCC shall have
performed and complied with all agreements, covenants and conditions on its part
required to be performed or complied with on or prior to the Closing Date, and
at the Closing, SPC shall have received a certificate executed by the Chief
Executive Officer, President or any Vice President of SSCC to the foregoing
effect.

     Section 6.3 No Actions. No law shall have been enacted or promulgated, and
                 ----------
no investigation, action, suit or proceeding by any Governmental Authority, and
no action, suit or proceeding by any other Person, shall be pending on the
Closing Date, which challenges or might result in a challenge to this Agreement
or any transaction contemplated hereby, or which claims, or might give rise to a
claim for, damages in a material amount as a result of the consummation of the
transactions contemplated hereby.

                                      -11-

<PAGE>

     Section 6.4 Necessary Proceedings. All proceedings to be taken in
                 ---------------------
connection with the consummation of the transactions contemplated by this
Agreement, and all documents incident thereto, shall be reasonably satisfactory
in form and substance to SPC and its counsel, and SPC and its counsel shall have
received copies of such documents as it and its counsel may reasonably request
in connection with said transactions, including those to be delivered pursuant
to Section 3.2(b) of this Agreement.

     Section 6.5 NASDAQ Approval. The New Common Shares issuable by SSCC
                 ---------------
pursuant to Section 2.2 hereof shall have been listed or approved for listing
upon notice of issuance by NASDAQ.

     Section 6.6 Tax Opinion. SPC shall have received an opinion in a form and
                 -----------
substance reasonably satisfactory to SPC from Ernst & Young LLP (or any other
nationally recognized law firm or accounting firm acceptable to SPC) ("Tax
Advisor") dated the Closing Date to the effect that the transactions
contemplated by this Agreement should qualify as a reorganization pursuant to
Section 368(a) of the Code. The issuance of such opinion shall be conditioned on
the receipt by such Tax Advisor of representation letters from each of SPC and
SSCC. The specific provisions of each representation letter shall be in a form
and substance reasonably satisfactory to such Tax Advisor, and each
representation letter shall be dated on or before the date of such opinion and
shall not have been withdrawn or modified in any material respect.

     Section 6.7 Noteholder Consents. SPC shall have received consents of the
                 -------------------
Required Holders, as defined in the Note and Guarantee Agreement, dated as of
September 24, 1993, among Jefferson Smurfit Group, plc, Smurfit International
B.V., SPC and the noteholders named therein (the "Note Agreement"), to an
amendment to the Note Agreement permitting the

                                      -12-

<PAGE>

conversion of SPC into a Delaware limited liability company or other liquidation
of SPC for federal income tax purposes as contemplated hereby.

     Section 6.8 SSCC Board Approval. The full board of directors of SSCC shall
                 -------------------
have approved this Agreement and the consummation of the transactions
contemplated hereby. SPC shall have the right to waive any of the foregoing
conditions precedent.

                                  ARTICLE VII

                    CONDITIONS TO CLOSING APPLICABLE TO SSCC
                    ----------------------------------------

     The obligations of SSCC hereunder (including the obligation of SSCC to
close the transactions herein contemplated) are subject to the satisfaction (or
waiver) of the following conditions precedent:

     Section 7.1 No Termination. Neither SSCC nor SPC shall have terminated this
                 --------------
Agreement pursuant to Section 8.1 hereof.

     Section 7.2 Bring Down Certificate. All warranties and representations made
                 ----------------------
by SPC herein to SSCC shall be true and correct in all material respects on and
as of the Closing Date with the same effect as if such warranties and
representations had been made on and as of the Closing Date, and SPC shall have
performed and complied with all agreements, covenants and conditions on its part
required to be performed or complied with on or prior to the Closing Date, and
at the Closing, SSCC shall have received a certificate executed by the President
or any Vice President of SPC to the foregoing effect.

     Section 7.3 No Actions. No law shall have been enacted or promulgated, and
                 ----------
no investigation, action, suit or proceeding by any Governmental Authority, and
no action, suit or proceeding by any other Person, shall be pending on the
Closing Date, which challenges or might result in a challenge to this Agreement
or any transaction contemplated hereby, or which claims, or

                                      -13-

<PAGE>

might give rise to a claim for, damages in a material amount as a result of the
consummation of the transactions contemplated hereby.

     Section 7.4 Necessary Proceedings. All proceedings to be taken in
                 ---------------------
connection with the consummation of the transactions contemplated by this
Agreement, and all documents incident thereto, shall be reasonably satisfactory
in form and substance to SSCC and its counsel, and SSCC and its counsel shall
have received copies of such documents as it and its counsel may reasonably
request in connection with said transactions, including those to be delivered
pursuant to Section 3.2(a) of this Agreement.

     Section 7.5 NASDAQ Approval. The New Common Shares issuable by SSCC
                 ---------------
pursuant to Section 2.2 hereof shall have been listed or approved for listing
upon notice of issuance by NASDAQ.

     Section 7.6 SSCC Board Approval. The full board of directors of SSCC shall
                 -------------------
have approved this Agreement and the consummation of the transactions
contemplated hereby.

     SSCC shall have the right to waive any of the foregoing conditions
precedent.

                                  ARTICLE VIII

                                   TERMINATION
                                   ------------

     Section 8.1 Termination. This Agreement may be terminated at any time prior
                 -----------
to the Closing as follows, and in no other manner:

     (a) by mutual written consent of SPC and SSCC;

     (b) by SPC or SSCC, if at or before the Closing any of the conditions set
forth herein for the benefit of SPC or SSCC, respectively, shall have become
incapable of satisfaction; or

     (c) by SPC or SSCC, if the Closing shall not have occurred on or before
April 18, 2002, or such later date as may have been agreed upon in writing by
the parties hereto.

                                      -14-

<PAGE>

     Any termination pursuant to this Article VIII shall not limit or restrict
the rights or other remedies of any party hereto.

                                   ARTICLE IX

                                  MISCELLANEOUS
                                  -------------

     Section 9.1 Notices. All notices, requests, demands and other
                 -------
communications hereunder shall be in writing and shall be delivered by hand or
mailed by certified mail, return receipt requested, or sent by Federal Express
or similar overnight delivery service with receipt acknowledged or by facsimile
or e-mail addressed as follows:

     (a)  If to SSCC:

          Smurfit-Stone Container Corporation
          150 N. Michigan Avenue
          Chicago, IL  60601
          Fax No.  (312) 580-4625
          Attn:  Craig A. Hunt, Esq.
          E-mail:  chunt@smurfit.com

          and to:

          Winston & Strawn
          35 W. Wacker Drive
          Chicago, IL  60601
          Fax No.  (312) 558-5700
          Attn:  Joseph A. Walsh, Jr., Esq.
          E-mail:  jwalsh@winston.com

     (b)  If to SPC:

          Smurfit Packaging Corporation
          Beech Hill, Clonskeagh
          Dublin 4, Ireland
          Fax No.  (011) 353-1-283-7113
          Attn:  Michael O'Riordan
          E-mail:  moriordan@smurfitgroup.ie

                                      -15-

<PAGE>

          and to:

          Wachtell, Lipton, Rosen & Katz
          51 W. 52nd Street
          New York, NY  10019
          Fax No.  (212) 403-2221
          Attn:  Steven A. Rosenblum, Esq.
          E-mail:  sarosenblum@wlrk.com

     If delivered personally, the date on which a notice, request, instruction
or document is delivered shall be the date on which such delivery is made and,
if delivered by overnight delivery service, the date on which such notice,
request, instruction or document is received shall be the date of delivery. In
the event any such notice, request, instruction or document is mailed by
certified mail, then such notice, request, instruction or document shall be
deemed to have been delivered or received on the fifth day following deposit of
such notice, request, instruction or document in the United States mails. If
sent by facsimile or e-mail, the date on which a notice request instruction or
document is received shall be the date on which such delivery is made.

     Any party hereto may change its address specified for notices herein by
designating a new address by notice in accordance with this Section 9.1.

     Section 9.2 Brokers. SPC represents and warrants to SSCC that no broker or
                 -------
finder has acted for it or any entity controlling, controlled by or under common
control with it in connection with this Agreement. SSCC represents and warrants
to SPC that no broker or finder has acted for it or any entity controlling,
controlled by or under common control with it in connection with this Agreement.

     Section 9.3 Further Assurances. Each party covenants that at any time, and
                 ------------------
from time to time, after the Closing Date, it will execute such additional
instruments and take such actions as may be reasonably requested by the other
parties to confirm or perfect or otherwise carry out the intent and purposes of
this Agreement.

                                      -16-

<PAGE>

     Section 9.4 Waiver and Amendment. Any failure on the part of any party
                 --------------------
hereto to comply with any of its obligations, agreements or conditions hereunder
may be waived by any other party to whom such compliance is owed. No waiver of
any provision of this Agreement shall be deemed, or shall constitute, a waiver
of any other provision, whether or not similar, nor shall any waiver constitute
a continuing waiver. No amendment of any provision of this Agreement shall be
valid unless the same shall be in writing and signed by the parties hereto.
Neither this Agreement nor any provision hereof may be changed, waived, or
discharged orally. Rather, this Agreement may only be changed, waived, or
discharged by an agreement in writing signed by the party against whom or which
the enforcement of such change, waiver, or discharge is sought.

     Section 9.5 Expenses. Subject to the next sentence, all expenses incurred
                 --------
by the parties hereto in connection with or related to the authorization,
preparation and execution of this Agreement and the Closing, including all fees
and expenses of agents, representatives, counsel and accountants employed by any
such party, shall be borne solely and entirely by SPC. SPC shall reimburse SSCC
for all such expenses it incurs in connection with this Agreement and the
consummation of the transactions contemplated hereby; provided, however, that
SSCC's reimbursable expenses shall not exceed $50,000.

     Section 9.6 Press Releases and Disclosure. In the event that either party
                 -----------------------------
proposes to issue, make or distribute any press release, public announcement or
other written publicity or disclosure prior to the Closing Date that refers to
the transactions contemplated herein, the party proposing to make such
disclosure shall provide a copy of such disclosure to the other party and shall
afford the other party reasonable opportunity (subject to any legal obligation
of prompt disclosure) to comment on such disclosure or the portion thereof that
refers to the transactions contemplated herein prior to making such disclosure.

                                      -17-

<PAGE>

     Section 9.7 Binding Effect. This Agreement shall be binding upon and inure
                 --------------
to the benefit of the parties hereto and their respective successors and
assigns.

     Section 9.8 Headings. The Article, section and other headings in this
                 --------
Agreement are inserted solely as a matter of convenience and for reference, and
are not a part of this Agreement.

     Section 9.9 Entire Agreement. This Agreement and all agreements referenced
                 ----------------
specifically in this Agreement and executed as required by this Agreement
constitute the entire agreement among the parties hereto and supersede and
cancel any prior agreements, representations, warranties, or communications,
whether oral or written, among the parties hereto relating to the transactions
contemplated hereby or the subject matter herein.

     Section 9.10 Governing Law. Except to the extent the transactions
                  -------------
contemplated hereby are governed by the DGCL or Delaware LLC Law, this Agreement
shall be governed by and construed in accordance with the laws of the State of
New York, excluding the "conflict of laws" rules of that state.

     Section 9.11 Counterparts. This Agreement may be executed in one or more
                  ------------
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

     Section 9.12 No Agreement Until Executed. This Agreement shall not
                  ---------------------------
constitute or be deemed to evidence a contract or agreement among the parties
hereto unless and until executed by all parties hereto, irrespective of
negotiations among the parties or the exchanging of drafts of this Agreement.

     Section 9.13 Pronouns. All pronouns used herein shall be deemed to refer to
                  --------
the masculine, feminine or neuter gender as the context requires.

                                      -18-

<PAGE>

     Section 9.14 Time of Essence. Time is of the essence in this Agreement.
                  ---------------

     Section 9.15 Assignment. No party hereto may assign either this Agreement
                  ----------
or any of its rights, interests, or obligations hereunder without the prior
written approval of the other party hereto.

     Section 9.16 Severability. If one or more of the provisions of this
                  ------------
Agreement are held to be unenforceable under applicable law and the deletion or
modification of such provision(s) do not alter materially the fundamental
expectations of a party hereto, such provisions shall be excluded from this
Agreement and the balance of the Agreement shall be interpreted in a manner that
comes closest to expressing the intention of the invalid or unenforceable term
or provision, and this Agreement shall be enforceable as so modified.

     Section 9.17 No Third-Party Beneficiaries. This Agreement shall not confer
                  ----------------------------
any rights or remedies upon any person other than the parties and their
respective successors and permitted assigns.

     Section 9.18 U.S. Dollars. All amounts expressed in this Agreement and all
                  ------------
payments required by this Agreement are in United States dollars.

     Section 9.19 SSCC Board Meeting. SSCC covenants that it shall present this
                  ------------------
Agreement and the consummation of the transactions contemplated hereby for
approval at the February 22, 2002 meeting of the full board of directors of
SSCC.

                                      -19-

<PAGE>

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

                                 By:  /s/ Peter Cosgrove
                                      ------------------------------------------
                                 Name:  Peter Cosgrove
                                        ----------------------------------------
                                 Title: Chief Executive Officer
                                        ---------------------------------------

                                 SMURFIT-STONE CONTAINER
                                 CORPORATION

                                 By:  /s/ Craig A. Hunt
                                      ------------------------------------------
                                 Name:  Craig A. Hunt
                                        ----------------------------------------
                                 Title: Vice President & Secretary
                                        ---------------------------------------

                                      -20-<PAGE>

                                                                  Exhibit 10.1

                       INERGY EMPLOYEE UNIT PURCHASE PLAN
                                   SECTION 1
                                  INTRODUCTION

1.1      Establishment. INERGY HOLDINGS, LLC, a Delaware limited liability
         company ("Holdings"), originally established, effective June 1, 2001,
         the Inergy Employee Unit Purchase Plan (the "Plan") for certain
         employees of Holdings, Inergy GP, LLC, a Delaware limited liability
         company (the "General Partner"), Inergy, L.P., a Delaware limited
         partnership (the "Partnership"), and their Affiliates. The Plan is
         hereby amended and restated effective as of the Plan's original
         effective date, June 1, 2001.

1.2      Purpose. The purpose of the Plan is to promote the interests of
         Holdings, the General Partner and the Partnership by encouraging all
         full-time employees of Holdings, the General Partner, the Partnership
         and their Affiliates to acquire or increase their ownership of Units
         and to provide a means whereby such individuals may develop a sense of
         proprietorship and personal involvement in the development and
         financial success of the Partnership, and to encourage them to devote
         their best efforts to the business of the Partnership, thereby
         advancing the interests of the Partnership, the General Partner and
         Holdings.

                                   SECTION 2
                                   DEFINITIONS

2.1      The following terms shall have the meanings set forth below.

         (a)  "Affiliates" means with respect to any Person, any other Person
              that directly or indirectly through one or more intermediaries
              controls, is controlled by or is under common control with, the
              Person in question. As used herein, the term "control" means the
              possession, direct or indirect, of the power to direct or cause
              the direction of the management and policies of a Person, whether
              through ownership of voting securities, by contract or otherwise.

         (b)  "Board" means the Board of Directors of the General Partner.

         (c)  "Committee" means the compensation committee of the Board
              appointed to administer the Plan pursuant to Section 8.

         (d)  "Employee" means any individual who is a full-time employee of
              Holdings, the General Partner, the Partnership or one of their
              Affiliates, but excluding any employee covered by a collective
              bargaining agreement unless such bargaining agreement provides
              for his participation in the Plan.

         (e)  "Employer" means Holdings, the General Partner, the Partnership
              and/or one of their Affiliates, as the case may be.

         (f)  "Fair Market Value" means the closing sales price of a Unit on
              the applicable date (or if there is no trading in the Units on
              such date, on the next preceding date on

<PAGE>

              which there was trading) as reported in The Wall Street Journal
              (or other reporting service approved by the Committee). In the
              event Units are not publicly traded at the time a determination
              of fair market value is required to be made hereunder, the
              determination of fair market value shall be made in good faith by
              the Committee.

         (g)  "Holdings" means Inergy Holdings, LLC, a Delaware limited
              liability company.

         (h)  "Partnership" means Inergy, L.P., a Delaware limited partnership.

         (i)  "Partnership Agreement" means the Amended and Restated Agreement
              of Limited Partnership of Inergy, L.P., as amended from
              time to time.

         (j)  "Person" means an individual or a corporation, limited liability
              company, partnership, joint venture, trust, unincorporated
              organization, association, governmental agency or political
              subdivision thereof or other entity.

         (k)  "Purchase Period" means the 10-day period following the end of
              each calendar quarter; provided, however, the Purchase Period
              shall include such other periods, if any, as may be designated by
              the Committee from time to time.

         (l)  "Rule 16b-3" means Rule 16b-3 promulgated under the Securities
              Exchange Act of 1934 (the "1934 Act").

         (m)  "Unit" means a Common Unit of the Partnership.

2.2      Gender and Number. Except when otherwise indicated by the context, the
         masculine gender shall also include the feminine gender, and the
         definition of any term herein in the singular shall also include
         the plural.

                                   SECTION 3
                                  ELIGIBILITY

3.1      Eligibility and Plan Entry Date. All Employees shall be eligible to
         participate in the Plan. An Employee is eligible to enter the Plan
         beginning on the first day of the month following thirty (30) days
         after such individual's employment commencement date.

3.2      Prior Service Credit.  The Committee, it is discretion, may grant prior
         service credit to individuals that become Employees
         pursuant to a corporate merger or acquisition.

                                   SECTION 4
                           UNITS AVAILABLE UNDER PLAN

4.1      Unless otherwise increased by the Board, the maximum number of Units
         that may be purchased for Employees under this Plan is 50,000. Units to
         be delivered under the Plan may be Units acquired by Holdings in the
         open market, Units already owned by Holdings, Units acquired by
         Holdings directly from the Partnership or any other person, or any
         combination of the foregoing. Upon an Employee's termination of
         employment with his or her Employer, all amounts then credited to his
         or her notional account under the Plan, if any, shall be paid to the
         terminated Employee as soon as practicable. In the event that any
         change is made to the Units deliverable under the Plan, the Committee
         may make appropriate adjustments in the maximum number of Units
         deliverable under the Plan. The adjustments determined by the Committee
         shall be final, binding and conclusive.

                                       2

<PAGE>

                                   SECTION 5
                                PURCHASE OF UNITS

5.1      Employee Withholding Elections. The Committee shall provide an
         Employee with the ability to purchase Units under this Plan
         upon the following terms and conditions:

        (a)   Effective as of the beginning of any month, an Employee may elect
              to have his Employer withhold from the Employee's cash base
              salary or cash base wages each future pay period, for the
              purchase of Units hereunder, a designated whole percentage of the
              Employee's cash base pay or wages (in whole percentages only, not
              to exceed 10%). An Employee may change (within the above
              limitations) or, subject to Section 5.1(f), stop his withholding
              election at any time; however, only two such changes may be made
              during any calendar year. All Employee elections and any changes
              to an election shall be in such written form as the Committee or
              its delegate may establish from time to time.

         (b)  Each withholding election made by an Employee hereunder shall be
              an ongoing election until the earlier of the date changed by the
              Employee or the date the Employee ceases to be eligible to
              participate in the Plan.

         (c)  Holdings shall maintain for each electing Employee a separate
              notional or ledger account reflecting the aggregate amount of his
              cash base pay or wages that has been withheld and not yet applied
              to the purchase of Units for such Employee. Amounts of base pay
              or wages withheld by the Employer and remitted to Holdings shall
              not be segregated from the general assets of Holdings and shall
              not bear interest.

         (d)  During each Purchase Period, Holdings shall use, to the fullest
              extent practicable, all amounts then credited to the notional
              accounts of the electing Employees to purchase Units for such
              Employees. Purchases of Units may be made at any time or times
              during the Purchase Period on any securities exchange on which
              the Units are traded, in the over-the-counter market and/or in
              negotiated transactions as the Committee shall determine.

         (e)  Upon an Employee's termination of Employment with his or her
              Employer, all amounts then credited to his or her notional
              account under the Plan, if any, shall be paid to the terminated
              Employee as soon as reasonably practicable.

         (f)  Provided an Employee submits his or her election to stop
              withholding prior to the five business day period before the
              beginning of an immediately upcoming Purchase Period, all amounts
              then credited to such Employee's notional account shall be
              returned to the Employee as soon as administratively practicable.
              Unless otherwise administratively feasible, to the extent an
              Employee submits his or her election to stop withholding within
              the five business day period before the beginning of the
              immediately upcoming Purchase Period, all amounts credited to
              such Employee's notional account will be applied toward the
              purchase of Units in the immediately following Purchase Period
              and the Employee's election to stop withholding shall become
              effective as of the commencement of the next following Offering
              Period. All requests to withdraw from the Plan submitted during a

                                       3

<PAGE>

              Purchase Period will become effective as of the commencement of
              the next following Offering Period.

5.2      Purchase of Units and Plan Expenses. During each Purchase Period,
         Holdings, using funds withheld from Employees' wages pursuant to this
         Section 5, shall purchase for the electing Employees the maximum
         number of Units (including fractional Units) that can be acquired
         (using the Unit's Fair Market Value on the date of purchase) based on
         the sum of (i) amounts then credited to the electing Employees'
         notional accounts, and (ii) an amount, as determined from time to time
         by the Committee, not to exceed 10% of the amount then credited to the
         electing Employees' notional accounts. Holdings shall pay, other than
         from the notional accounts, all brokerage fees and other costs and
         expenses of the Plan. To the extent that Units are purchased on
         multiple days or at multiple times during a single Purchase Period,
         Holdings shall use the average of the Units' Fair Market Value at the
         times of purchase as the applicable Unit price upon which Units are
         allocated to the participating Employees.

5.3      Withholding of Taxes. To the extent that the Employer is required
         to withhold any taxes in connection with the purchase of Units, it
         will be a condition to the ownership of such Units that the Employee
         make arrangements satisfactory to the Employer for the payment of such
         taxes, which may include, but not be limited to, a reduction in the
         Employee's notional account.

                                   SECTION 6
                              RESTRICTIONS ON UNITS

6.1      Holding Period. Subject to the exception provided below under
         Section 6.2, all Units purchased under the Plan shall be subject to a
         holding period which shall expire on the first anniversary of the date
         the Units were purchased under the Plan. During such Holding period,
         each Employee shall be prohibited from pledging, transferring, selling
         or otherwise disposing of the restricted Units. Upon the expiration of
         such Holding Period, the Employee may, if he or she desires, make a
         request to the Employer (or its designated third party plan
         administrator, if any) to receive certificates for all of such
         unrestricted whole Units. Otherwise, such Units shall be held without
         restriction (1) by the Employer or (2) in the name of the third party
         administrator (or its designee), if any, for the benefit of the
         Employee.

6.2      Holding Period Exception. Notwithstanding the Holding Period
         imposed above under Section 6.1 and subject to the conditions imposed
         pursuant to this Section 6.2, an Employee will be permitted to pledge,
         transfer, sell or otherwise dispose of his or her restricted whole
         Units during the one year holding period (a "Restricted Transfer") by
         notifying the Employer (or its designated third party plan
         administrator) of his or her intention to engage in a Restricted
         Transfer. If a Restricted Transfer occurs, the Employee shall be
         prohibited from participating in the Plan again until the first
         Purchase Period following the first anniversary of the date of the
         Restricted Transfer. During this period of prohibition, no amounts
         shall be withheld from the Employee's cash base salary or cash base
         wages. Such withholding shall not be allowed to resume, at the
         earliest, until the first pay period following the first anniversary
         of the date of the Restricted Transfer. To the extent an Employee has
         amounts credited to his or her notional account

                                       4

<PAGE>

         under the Plan on the date of a Restricted Transfer, all such amounts
         will be returned to the Participant. To the extent a Participant has a
         fractional Unit credited to his or her notional account under the Plan
         on the date of a Restricted Transfer, such fractional Unit will be
         liquidated and the Participant will receive his pro rata portion of
         the proceeds from such liquidation.

6.3      Investment Representation. Unless the Units subject to purchase
         under the Plan have been registered under the Securities Act of 1933,
         as amended (the "1933 Act"), and, in the case of any Employee who may
         be deemed an affiliate (for securities law purposes) of Holdings, the
         General Partner or the Partnership, such Units have been registered
         under the 1933 Act for resale by such Participant, or the Partnership
         has determined that an exemption from registration is available,
         Holdings may require prior to and as a condition of the delivery of
         any Units that the person purchasing such Units hereunder furnish
         Holdings with a written representation in a form prescribed by the
         Committee to the effect that such person is acquiring such Units
         solely with a view to investment for his or her own account and not
         with a view to the resale or distribution of all or any part thereof,
         and that such person will not dispose of any of such Units otherwise
         than in accordance with the provisions of Rule 144 under the 1933 Act
         unless and until either the Units are registered under the 1933 Act or
         Holdings is satisfied that an exemption from such registration is
         available.

6.4      Compliance with Securities Laws. Notwithstanding anything herein
         or in any other agreement to the contrary, the Partnership shall not
         be obligated to sell or issue any Units to an Employee under the Plan
         unless and until the Partnership is satisfied that such sale or
         issuance complies with (i) all applicable requirements of the
         securities exchange on which the Units are traded (or the governing
         body of the principal market in which such Units are traded, if such
         Units are not then listed on an exchange), (ii) all applicable
         provisions of the 1933 Act, and (iii) all other laws or regulations by
         which the Partnership is bound or to which the Partnership is subject.
         Holdings acknowledges that it is an affiliate of the Partnership under
         securities laws and it shall comply with such laws and obligations of
         the Partnership relating thereto as if they were directly applicable
         to Holdings.

                                   SECTION 7
                        RIGHTS OF EMPLOYEES; PARTICIPANTS

7.1      Employment. This Plan will not confer upon any Employee any right with
         respect to continuance of employment or other service with Holdings,
         the General Partner, the Partnership or one of their Affiliates, nor
         will it interfere in any way with any right Holdings, the General
         Partner, the Partnership or one of their Affiliates would otherwise
         have to terminate such Employee's employment or other service at any
         time.

7.2      Nontransferability. No right to purchase Units or be reimbursed
         for the purchase of Units granted under this Plan shall be assignable
         or transferable during the lifetime of any Employee either voluntarily
         or involuntarily, or be subjected to any lien, directly or indirectly,
         by operation of law, or otherwise, including execution, levy,
         garnishment, attachment, pledge or bankruptcy.

                                       5

<PAGE>

7.3       Dividend Reinvestment. To the extent that the Partnership has a
          dividend reinvestment plan available to Unit holders, Participants
          purchasing Units pursuant to this Plan shall be eligible to
          participate in such plan in the same manner as other Unit holders.

                                   SECTION 8
                               PLAN ADMINISTRATION

8.1       Authority of Committee. The Plan shall be administered by the
          Committee. Subject to the terms of the Plan and applicable law, and in
          addition to other express powers and authorizations conferred on the
          Committee by the Plan, the Committee shall have full power and
          authority to: (i) determine which persons are Employees who may
          participate; (ii) determine the number of Units to be purchased by an
          Employee; (iii) determine the time and manner for purchasing Units;
          (iv) interpret, construe and administer the Plan; (v) establish,
          amend, suspend, or waive such rules and regulations and appoint such
          agents as it shall deem appropriate for the proper administration of
          the Plan; (vi) make a determination as to the right of any person to
          receive Units under the Plan; (vii) correct any defect, supply any
          omission, or reconcile an inconsistency in the Plan; and (viii) make
          any other determinations and take any other actions that the Committee
          deems necessary or desirable for the administration of the Plan.

8.2       Determination Under the Plan. Unless otherwise expressly provided
          in the Plan, all designations, determinations, interpretations, and
          other decisions under or with respect to the Plan shall be within the
          sole discretion of the Committee, may be made at any time and shall be
          final, conclusive, and binding upon all persons, including the
          Partnership or any Employee. No member of the Committee shall be
          liable for any action, determination or interpretation made in good
          faith, and all members of the Committee shall, in addition to their
          rights as directors, be fully protected by Holdings with respect to
          any such action, determination or interpretation.

                                   SECTION 9
                  PLAN AMENDMENT, MODIFICATION AND TERMINATION

9.1       This Plan may be amended from time to time by the Committee. This
          Plan may be terminated at any time by the Committee and, unless Board
          approval is obtained for an increase in the maximum number of
          available Units, shall automatically terminate when all Units
          authorized for purchase pursuant to the Plan have been purchased. On
          termination of the Plan, all amounts then remaining credited to the
          notional accounts for Employees shall be returned to the affected
          Employees.

                                   SECTION 10
                           NONEXCLUSIVITY OF THE PLAN

10.1      The adoption of the Plan by Holdings shall not be construed as
          creating any limitations on the power or authority of Holdings to
          adopt such other or additional incentive or other compensation
          arrangements of whatever nature as Holdings may deem necessary or
          desirable or preclude or limit the continuation of any other plan,
          practice or arrangement for the payment of compensation or fringe
          benefits to employees, non-employee directors, or consultants
          generally, or to any class or group of employees, directors, or
          consultants, which Holdings now has lawfully put into effect,
          including, without limitation, any

                                       6

<PAGE>

          retirement, pension, savings and stock purchase plan, insurance, death
          and disability benefits and executive short-term incentive plans.

                                   SECTION 11
                               REQUIREMENTS OF LAW

11.1      Requirements of Law. The issuance of Units pursuant to the Plan
          shall be subject to all applicable laws, rules and regulations.

11.2      Rule 16b-3. It is intended that any purchases by a person subject
          to Section 16 of the 1934 Act meet all of the requirements of Rule
          16b-3. If any action or procedure would otherwise not comply with Rule
          16b-3, such action or procedure shall be modified, to the extent the
          Committee deems practicable, to conform to Rule 16b-3.

11.3      Governing Law. The validity, construction and effect of the Plan
          and any rules and regulations relating to the Plan shall be determined
          in accordance with applicable Federal law, and to the extent not
          preempted thereby, with the laws of the State of Delaware, without
          regard to conflicts of laws principles.

                                   SECTION 12
                         REIMBURSEMENT FROM PARTNERSHIP

12.1      The General Partner shall reimburse Holdings for all direct and
          indirect expenses incurred by Holdings in administering this Plan.
          Such costs incurred by Holdings may include, but are not limited to,
          costs incurred by Holdings attributable to (i) Holdings supplementing
          the purchase of Units by Employees pursuant to Section 5.2 of this
          Plan, and (ii) Holdings' payment of brokerage fees and other expenses
          incurred in purchasing Units under this Plan. The General Partner
          shall reimburse Holdings on a monthly basis, or such other reasonable
          basis as the General Partner may determine in its sole discretion.

                                       7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}]]