Document:

EX-10.2

 Exhibit 10.2 

THIS INSTRUMENT forms part of the Registration Rights Agreement (the “Agreement”), dated as of September 21, 2020, by
and among Pactiv Evergreen Inc., a Delaware corporation, and Packaging Finance Limited, a company incorporated pursuant to the laws of New Zealand (“PFL”). The undersigned hereby acknowledges having received a copy of the Agreement
and having read the Agreement in its entirety, and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound, hereby agrees that the terms and conditions of the Agreement
binding upon and inuring to the benefit of PFL shall be binding upon and inure to the benefit of the undersigned and its successors and permitted assigns as if it were an original party to the Agreement. 

IN WITNESS WHEREOF, the undersigned has executed this instrument on this day of September 21, 2020. 

 

			
	RANK INTERNATIONAL HOLDINGS INC.
		
	By:	 	 /s/ Helen Golding

		 	Name:  Helen Golding
		 	Title:    Vice President and Assistant Secretary
	
	PACKAGING FINANCE LIMITED
		
	By:	 	 /s/ Helen Golding

		 	Name:  Helen Golding
		 	Title:    Director

  

			
	Acknowledged by:
	
	PACTIV EVERGREEN INC.
		
	By:	 	 /s/ Steven Karl

		 	Name:  Steven Karl
		 	 Title:    Vice President, Secretary and General

             CounselEX-10.3

 Exhibit 10.3 

EXECUTION VERSION 
 STOCKHOLDERS
AGREEMENT 
 dated as of 

September 21, 2020 
 among

 PACTIV EVERGREEN INC. 

and 
 PACKAGING FINANCE LIMITED

 TABLE OF CONTENTS 

 
  

							
	 	  	 	  	PAGE	 
	ARTICLE 1	  

	DEFINITIONS	  

	 Section 1.01.
	  	 Definitions
	  	 	1	 
	 Section 1.02.
	  	 Other Definitional and Interpretative Provisions
	  	 	4	 
	
	ARTICLE 2	  

	CORPORATE GOVERNANCE	  

	 Section 2.01.
	  	 Composition of the Board
	  	 	4	 
	 Section 2.02.
	  	 Removal
	  	 	6	 
	 Section 2.03.
	  	 Vacancies
	  	 	6	 
	 Section 2.04.
	  	 Board Expenses
	  	 	6	 
	 Section 2.05.
	  	 Board Committees
	  	 	7	 
	
	ARTICLE 3	  

	CERTAIN COVENANTS AND AGREEMENTS	  

	 Section 3.01.
	  	 Access; Information
	  	 	7	 
	 Section 3.02.
	  	 Consultation
	  	 	7	 
	 Section 3.03.
	  	 Confidentiality
	  	 	8	 
	 Section 3.04.
	  	 Conflicting Agreements
	  	 	9	 
	 Section 3.05.
	  	 Corporate Opportunities
	  	 	10	 
	 Section 3.06.
	  	 Matters requiring approval.
	  	 	10	 
	 Section 3.07.
	  	 Intended Tax-Free Treatment
	  	 	11	 
	 Section 3.08.
	  	 Right to provide investment oversight for certain pension plans
	  	 	13	 
	
	ARTICLE 4	  

	MISCELLANEOUS	  

	 Section 4.01.
	  	 Binding Effect; Assignability; Benefit
	  	 	13	 
	 Section 4.02.
	  	 Notices
	  	 	14	 
	 Section 4.03.
	  	 Term; Waiver; Amendment
	  	 	14	 
	 Section 4.04.
	  	 Fees and Expenses
	  	 	15	 
	 Section 4.05.
	  	 Governing Law
	  	 	15	 
	 Section 4.06.
	  	 Jurisdiction
	  	 	15	 
	 Section 4.07.
	  	 WAIVER OF JURY TRIAL
	  	 	15	 
	 Section 4.08.
	  	 Specific Enforcement
	  	 	15	 
	 Section 4.09.
	  	 Counterparts; Effectiveness
	  	 	16	 
	 Section 4.10.
	  	 Entire Agreement
	  	 	16	 
	 Section 4.11.
	  	 Severability
	  	 	16	 
			
	Exhibit A	  	Joinder Agreement	  			

 STOCKHOLDERS AGREEMENT 

This STOCKHOLDERS AGREEMENT (as the same may be amended from time to time in accordance with its terms, the “Agreement”) is
entered into as of September 21, 2020, by and among Pactiv Evergreen Inc., a Delaware corporation (the “Company” or “PTVE”), and Packaging Finance Limited, a company incorporated pursuant to the laws of New
Zealand (“PFL”). 
 W I T N E S S E T H: 

WHEREAS, the Company is currently contemplating an underwritten initial public offering (the “IPO”) of shares of its Common
Stock; 
 WHEREAS, in connection with, and effective upon, the completion of the IPO (such date of completion, the “IPO
Date”) of the Company, the Company and the Stockholder (as defined in Section 1.01 hereof) wish to set forth certain understandings between such parties, including with respect to certain governance matters; and 

NOW, THEREFORE, in consideration of the covenants and agreements contained herein, the parties hereto agree as follows: 

ARTICLE 1 

DEFINITIONS 

Section 1.01. Definitions. (a) As used in this Agreement, the following terms have the following meanings: 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under
common control with such Person; provided that no security holder of the Company shall be deemed an Affiliate of the Company or any other security holder of the Company solely by reason of any investment in the Company or the existence or
exercise of any rights or obligations under this Agreement or the Company Securities held by such security holder. For the purpose of this definition, the term “control” (including, with correlative meanings, the terms
“controlling”, “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of
the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 

“Aggregate Ownership” means, with respect to any Stockholder or group of Stockholders, the total number of Shares (as
determined on a Common Equivalents basis) Beneficially Owned (as defined below) (without duplication) by such Stockholder or group of Stockholders as of the date of such calculation. For these purposes, a Stockholder and any of its Permitted Assigns
who have become a Stockholder under this Agreement by joinder shall be regarded as a group of Stockholders. 
 “Beneficially
Own” has the meaning set forth in Rule 13d-3 promulgated under the Exchange Act. 

“Board” means the board of directors of the Company. 

 “Business Day” means any day except a Saturday, Sunday or other day on
which commercial banks in New York City are authorized by law to close. 
 “Charter” means the Amended and Restated
Certificate of Incorporation of the Company, as the same may be amended from time to time. 
 “Common Equivalents” means
(i) with respect to Common Stock, the number of Shares, (ii) with respect to any Company Securities that are convertible into or exchangeable for Common Stock, the number of Shares issuable in respect of the conversion or exchange of such
securities into Common Stock. 
 “Common Stock” means the common stock, par value $0.001 per share, of the Company and any
other security into which such Common Stock may hereafter be converted or changed. 
 “Company Securities” means
(i) the Common Stock and (ii) securities that entitle the holder to vote in the election of directors to the Board that are convertible into or exchangeable for Common Stock. 

“Director” means any director of the Company from time to time. 

“Equity Interests” means any Common Stock, Common Equivalents or other securities treated as equity for tax purposes,
options, warrants, rights, convertible debt, or any other instrument or security that affords any Person the right, whether conditional or otherwise, to acquire Common Stock or to be paid an amount determined by reference to the value of Common
Stock. 
 “Exchange” means Nasdaq Global Select Market or such other stock exchange or securities market on which the
Shares are listed. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Governing Documents” means the Charter, as amended or modified from time to time, and the amended and restated by-laws of the Company, as amended or modified from time to time. 
 “Independent
Director” means an “independent director” as such term is used in the listing requirements of the Exchange. 

“Intended Tax-Free Treatment” means (i) the qualification of certain
distributions of the interests of Reynolds Consumer Products Inc. to PFL (the “RCPI Distributions”) as tax-free to the Company, PFL, and Reynolds Group Holdings Inc. (“RGHI”)
under Sections 368(a)(1)(D) and 355 of the Internal Revenue Code of 1986, as amended (the “Code”) and (ii) the qualification of certain distributions of the interests of Graham Packaging Company Inc. to PFL (the “GPC
Distributions”) as tax-free to the Company, PFL and RGHI under Section 355 of the Code. 

  
 2 

 “Necessary Action” means, with respect to a specified result, all actions
(to the extent such actions are permitted by law and by the Governing Documents) necessary to cause such result, including (i) voting or providing a written consent or proxy with respect to the Company Securities, (ii) causing the adoption
of shareholders’ resolutions and amendments to the Governing Documents, (iii) causing Directors (to the extent such Directors were nominated or designated by the Person obligated to undertake the Necessary Action, and subject to any
fiduciary duties that such Directors may have as Directors) to act in a certain manner or causing them to be removed in the event they do not act in such a manner, (iv) executing agreements and instruments, and (v) making, or causing to be
made, with governmental, administrative or regulatory authorities, all filings, registrations or similar actions that are required to achieve such result. 

“Pension Plans” means any defined benefit pension plans of the Company or its Subsidiaries providing retirement benefits for
employees or their beneficiaries or dependents, including (i) the plan known as the “Reynolds Group Pension Plan”; (ii) the Pension Plan for Certain Unionized Employees of Pactiv Canada Inc.; and (iii) any associated trusts,
annuity contracts or other funding arrangements of such plans. 
 “Permitted Assigns” means with respect to the
Stockholder, (i) its Affiliates; (ii) any entity that is Beneficially Owned by Mr. Graeme Richard Hart (or his estate, heirs, executor, administrator or other personal representative, or any of his immediate family members or any
trust, fund or other entity which is controlled by his estate, heirs or any of his immediate family members); (iii) any Affiliate of Mr. Graeme Richard Hart or any entity that is Beneficially Owned by Mr. Graeme Richard Hart (or his
estate, heirs, executor, administrator or other personal representative, or any of his immediate family members or any trust, fund or other entity which is controlled by his estate, heirs or any of his immediate family members); and (iv) any
other Transferee of all of the Shares held at any time by the Stockholder that is a Transferee of Shares which are Transferred other than pursuant to a widely distributed public sale; in each case that (x) owns Company Securities and
(y) agrees in writing to become party to, and be bound to the terms of, this Agreement, in the form of Exhibit A hereto; provided, that upon such joinder, such Permitted Assign shall be deemed to be a “Stockholder” hereto for all
purposes herein. 
 “Person” means an individual, corporation, limited liability company, partnership, association, trust
or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 

“PFL” has the meaning set forth in the recitals to this Agreement and shall include its successors by merger, acquisition,
reorganization or otherwise. 
 “Shares” means the outstanding shares of Common Stock. 

“Stockholder” means PFL and its Permitted Assigns who shall then be a party to or bound by this Agreement, so long as such
Person shall Beneficially Own any Company Securities. 
 “Subsidiary” means, with respect to any Person, any entity of
which securities or other ownership interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by such Person. 

  
 3 

 “Total Number of Directors” means the total number of directors comprising
the Board from time to time. 
 “Transfer” (including its correlative meanings, “Transferor”, Transferee”
and “Transferred”) means, with respect to any security, directly or indirectly, to sell, contract to sell, give, assign, hypothecate, pledge, charge, encumber, grant a security interest in, offer, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of any economic, voting or other rights in or to such security. When used as a noun, “Transfer” shall have such
correlative meaning as the context may require. 
 (b) Each of the following terms is defined in the Section set forth opposite such term:

  

			
	 Term
	  	Section
	 Stockholder Designee
	  	2.01
	 Company
	  	Preamble
	 Confidential Information
	  	3.03(b)
	 Representatives
	  	3.03(b)

 Section 1.02. Other Definitional and Interpretative Provisions. The words
“hereof”, “herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for
convenience of reference only and shall be ignored in the construction or interpretation hereof. References to Articles, Sections and Exhibits are to Articles, Sections and Exhibits of this Agreement unless otherwise specified. All Exhibits annexed
hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule, but not otherwise defined therein, shall have the meaning as defined in
this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall
be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like import. “Writing”, “written” and comparable terms refer to printing, typing and other
means of reproducing words (including electronic media) in a visible form. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms hereof and
thereof. References to any law include all rules and regulations promulgated thereunder. References to any Person include the successors and Permitted Assigns of that Person. References from or through any date mean, unless otherwise specified, from
and including or through and including, respectively. 
 ARTICLE 2 

CORPORATE GOVERNANCE 

Section 2.01. Composition of the Board. (a) The members of the Board shall be nominated and elected in
accordance with the Governing Documents and the provisions of this Agreement. Effective as of the IPO Date, the Board shall be comprised of seven 

  
 4 

 
Directors, which Directors shall initially be John McGrath, Allen Hugli, Michael King, Jonathan Rich, Rolf Stangl, Felicia Thornton and LeighAnne Baker. The Chairman of the Board shall initially
be Jonathan Rich.  
 (b) From and after the date hereof, the Stockholder shall have the right, but not the obligation, to
nominate a number of designees to the Board, equal to: (i) the Total Number of Directors so long as the Stockholder’s Aggregate Ownership of Shares (as determined on a Common Equivalents basis) continues to be at least 50% of all Shares
(as determined on a Common Equivalents basis); (ii) the highest whole number that is greater than 50% of the Total Number of Directors so long as the Stockholder’s Aggregate Ownership of Shares (as determined on a Common Equivalents basis)
continues to be at least 40% (but less than 50%) of all Shares (as determined on a Common Equivalents basis); (iii) the highest whole number that is greater than 40% of the Total Number of Directors so long as the Stockholder’s Aggregate
Ownership of all Shares (as determined on a Common Equivalents basis) continues to be at least 30% (but less than 40%) of all Shares (as determined on a Common Equivalents basis); (iv) the highest whole number that is greater than 25% of the Total
Number of Directors so long as the Stockholder’s Aggregate Ownership of Shares (as determined on a Common Equivalents basis) continues to be at least 20% (but less than 30%) of all Shares (as determined on a Common Equivalents basis); and
(v) the highest whole number (such number always being equal to or greater than one) that is greater than 10% of the Total Number of Directors so long as the Stockholder’s Aggregate Ownership of Shares (as determined on a Common
Equivalents basis) continues to be at least 10% (but less than 20%) of all Shares (as determined on a Common Equivalents basis). In the event that the Stockholder has nominated less than the total number of designees the Stockholder is entitled to
nominate pursuant to this Section 2.01(b), the Stockholder shall have the right, at any time, to nominate such additional designees to which it is entitled, in which case the Stockholder and the Company shall take, or cause to be taken, all
Necessary Action to (A) increase the size of the Board as required to enable the Stockholder to so nominate such additional designees and (B) appoint such additional designees nominated by the Stockholder to such newly created
directorships. Each such individual whom the Stockholder shall designate pursuant to this Section 2.01(b) and who is thereafter elected and qualifies to serve as a Director shall be referred to herein as a “Stockholder Designee.” 

(c) The parties hereto agree that so long as the Stockholder Designees meet the requirements for Independent Directors in accordance with the
rules of the Exchange, then the Stockholder Designees shall be considered “independent directors” with respect to the requirements of the Exchange, as well as the Governing Documents. 

(d) For so long as the Directors on the Board are divided into three classes, such Stockholder Designees shall be apportioned among such
classes so as to maintain the number of Stockholder Designees in each class as nearly equal as possible. The Stockholder is hereby authorized to assign the Stockholder Designees in office to such classes in connection with the nomination pursuant to
Section 2.01(b). 
 (e) The Company agrees, to the fullest extent permitted by applicable law (including with respect to any applicable
fiduciary duties under Delaware law), to take all Necessary Action to effectuate the above by; (A) including the persons designated 

  
 5 

 
pursuant to this Section 2.01 in the slate of nominees recommended by the Board for election at any meeting of stockholders called for the purpose of electing Directors,
(B) nominating and recommending each such individual to be elected as a Director as provided herein, (C) soliciting proxies or consents in favor thereof, and (D) without limiting the foregoing, otherwise using its reasonable best
efforts to cause such nominees to be elected to the Board, including providing at least as high a level of support for the election of such nominees as it provides to any other individual standing for election as a Director.

(f) At any time the number of Directors that the Stockholder is entitled to designate pursuant to this Section 2.01 is less than the
number of Stockholder Designees on the Board, the Stockholder shall cause the required number of Directors to resign from the Board or not stand for reelection on or prior to the Company’s next general meeting of shareholders at which Directors
of the Company are to be elected, and any vacancies resulting from such resignation shall be filled by the Board in accordance with the Governing Documents, the rules of the U.S. Securities Exchange Commission (the “SEC”) and the
rules of the Exchange then in effect. 
 (g) For the avoidance of doubt, the rights granted to the Stockholder to designate members of the
Board are additive to, and not intended to limit in any way, the rights that the Stockholder or any of its Affiliates may have to nominate, elect or remove directors under the Governing Documents or the Delaware General Corporation Law. 

Section 2.02. Removal. So long as a Stockholder is entitled to designate one or more nominees pursuant to Section 2.01
such Stockholder shall have the right to remove any such director (with or without cause), from time to time and at any time, from the Board, exercisable upon written notice to the Company, and the Company shall take all Necessary Action to cause
such removal. 
 Section 2.03. Vacancies. In the event that a vacancy is created on the Board at any time by the death,
disability, resignation or removal (whether by the Stockholder or otherwise in accordance with the Governing Documents, as either may be amended or restated from time to time) of a Stockholder Designee, the Stockholder entitled to appoint such
Stockholder Designee shall be entitled to designate an individual to fill the vacancy so long as the total number of persons that will serve on the Board as designees of such Stockholders immediately following the filling of such vacancy will not
exceed the total number of persons such Stockholder is entitled to designate pursuant to Section 2.01 on the date of such replacement designation. The Company and the Stockholder shall take all Necessary Action to cause such replacement
designee to become a member of the Board. 
 Subject to the provisions of this Section 2.03, the Board may nominate additional
Directors to the Board, or fill any vacancy on the Board, pursuant to the terms of the Governing Documents. 
 Section 2.04. Board
Expenses. The Company shall pay all reasonable out-of-pocket expenses incurred by each Director in connection with attending regular and special meetings of
the Board and any committee thereof, and any such meetings of the board of directors of any Subsidiary of the Company and any committee thereof. 

  
 6 

 Section 2.05. Board Committees. As of the IPO Date, the Board has designated
each of the following committees: a Compensation Committee, a Nominating and Corporate Governance Committee and an Audit Committee. For so long as the Stockholder has the right to designate one (1) Stockholder Designee pursuant
to Section 2.01, the Stockholder shall have the right, but not the obligation, to designate the members of each committee of the Board pursuant to the formula outlined in Section 2.01(b) hereof; provided that the right of any Stockholder
Designee to serve on a committee shall be subject to applicable Law and the Company’s obligation to comply with any applicable independence requirements of the Exchange. 

ARTICLE 3 
 CERTAIN
COVENANTS AND AGREEMENTS 
 Section 3.01. Access; Information. For so long as the
Stockholder’s Aggregate Ownership of Shares (as determined on a Common Equivalents basis) continues to be at least 5% of Shares (as determined on a Common Equivalents basis), the Company shall, and shall cause its Subsidiaries to: 

(a) permit the Stockholder, and its designated representatives, at reasonable times and upon reasonable prior notice to the Company, to review
the books and records of the Company or any of such Subsidiaries and to discuss (including providing advice and direction in accordance with past practice) the affairs, finances and condition of the Company or any of such Subsidiaries with the
officers of the Company or any such Subsidiary; 
 (b) furnish the Stockholder with such available financial and operating data and other
information with respect to the business and properties of the Company and its Subsidiaries as the Stockholder may reasonably request, including without limitation the information set out in Schedule 1 and presented in the format and within such
time periods as the Stockholder shall request. The Company shall permit the representatives of the Stockholder (each such representative, a “Representative”) to discuss the affairs, finances and accounts of the Companies and its
Subsidiaries with, and to make proposals and furnish advice to, the CEO, CFO and Presidents (“Senior Management”); 
 provided, however,
that the Company shall not be required to disclose any privileged information of the Company so long as the Company has used its best efforts to provide such information to the Stockholder, as applicable, without the loss of any such privilege, and
notified the Stockholder that such information has not been provided. 
 Section 3.02. Consultation. For so long as the
Stockholder’s Aggregate Ownership of Shares (as determined on a Common Equivalents basis) continues to be at least 5% of Shares (as determined on a Common Equivalents basis), the Stockholder shall be entitled to routinely consult with and
advise Senior Management with respect to the Company’s business and financial matters, including management’s proposed annual operating plans, and, upon request, members of Senior Management will meet regularly (on a quarterly basis)
during each year with the Representatives at the Company’s and/or its Subsidiaries’ head office facility (or such other locations as the Company may designate) at mutually agreeable times for such consultation and advice, including to
review progress in achieving said plans. The Company agrees to give due consideration to the advice given and any proposals made by the Stockholder. 

  
 7 

 Section 3.03. Confidentiality. (a) The Stockholder agrees that
Confidential Information furnished and to be furnished to it has been and may in the future be made available in connection with the Stockholder’s investment in the Company. The Stockholder agrees that it shall use, and that it shall cause any
Person to whom Confidential Information is disclosed pursuant to clause (i) below to use, the Confidential Information only in connection with its investment in the Company and not for any other purpose (including to disadvantage competitively
the Company, any of its Affiliates or any other Stockholder). The Stockholder further acknowledges and agrees that it shall not disclose any Confidential Information to any Person, except that Confidential Information may be disclosed: 

(i) to such Stockholder’s Representatives in the normal course of the performance of their duties or to any financial
institution providing credit to such Stockholder; 
 (ii) such information becomes known to the public through no fault of
such Stockholder; 
 (iii) to any Person to whom such Stockholder is contemplating a Transfer of its Company Securities;
provided, that such Transfer would not be in violation of the provisions of this Agreement and such potential Transferee is advised of the confidential nature of such information and agrees to be bound by a confidentiality agreement consistent with
the provisions hereof; 
 (iv) to the extent required by applicable law, rule or regulation (including complying with any
oral or written questions, interrogatories, requests for information or documents, subpoena, civil investigative demand or similar process to which a Stockholder is subject; provided that such Stockholder agrees to give the Company prompt
notice of such request(s), to the extent practicable, so that the Company may seek an appropriate protective order or similar relief (and the Stockholder shall cooperate with such efforts by the Company, and shall in any event make only the minimum
disclosure required by such law, rule or regulation)); 
 (v) such information was available or becomes available to such
Stockholder before, on or after the date hereof, without restriction, from a source (other than the Company) without any breach of duty to the Company; 

(vi) to any regulatory authority to which the Stockholder or any of its Affiliates is subject; provided that such
authority is advised of the confidential nature of such information; 
 (vii) to the extent related to the tax treatment and
tax structure of the transactions contemplated by this Agreement and in connection with the IPO (including all materials of any kind, such as opinions or other tax analyses that the Company, its Affiliates or its Representatives have provided to
such 

  
 8 

 
Stockholder relating to such tax treatment and tax structure); provided that the foregoing does not constitute an authorization to disclose the identity of any existing or future party to
the transactions contemplated by this Agreement and in connection with the IPO or their Affiliates or Representatives, or, except to the extent relating to such tax structure or tax treatment, any specific pricing terms or commercial or financial
information; 
 (viii) to the extent required for the Stockholder to comply with tax or financial reporting requirements or
audit of financial statements; 
 (ix) to the extent required in connection with the Stockholder’s insurance policies;
or 
 (x) if the prior written consent of the Board shall have been obtained. 

Nothing contained herein shall prevent the use (subject, to the extent possible, to a protective order) of Confidential Information in connection with the
assertion or defense of any claim by or against the Company or any Stockholder. 
 (b) “Confidential Information” means any
information concerning the Company or any Persons that are or become its Subsidiaries (including trade secrets, pricing data, employee information, customer information, cost information, supplier information, financial and tax matters, third-party
contract terms, inventions, know-how, processes, methods, models, technical information, schedules, code, ideas, concepts, data, software and business plans (regardless of whether such information is
identified as confidential)) or the financial condition, business, operations or prospects of the Company or any such Persons in the possession of or furnished to any Stockholder (including by virtue of its present or former right to designate a
director of the Company); provided that the term “Confidential Information” does not include information that (i) is or becomes generally available to the public other than as a result of a disclosure by a Stockholder or its
directors, officers, employees, stockholders, members, partners, agents, counsel, investment advisers or other representatives (all such persons being collectively referred to as “Representatives”) in violation of this Agreement,
(ii) was available to such Stockholder on a non-confidential basis prior to its disclosure to such Stockholder or its Representatives by the Company, (iii) becomes available to such Stockholder on a non-confidential basis from a source other than the Company after the disclosure of such information to such Stockholder or its Representatives by the Company, which source is (at the time of receipt of the relevant
information) not, to the best of such Stockholder’s knowledge, bound by a confidentiality agreement with (or other confidentiality obligation to) the Company or another Person or (iv) is independently developed by such Stockholder without
violating any confidentiality agreement with, or other obligation of secrecy to, the Company. 
 Section 3.04. Conflicting
Agreements. The Company and the Stockholder represents and agrees that it shall not grant any proxy or enter into or agree to be bound by any voting trust or agreement with respect to the Company Securities, or enter into any agreement or
arrangement of any kind with any Person with respect to any Company Securities, in each case that is inconsistent with the provisions of this Agreement or for the purpose or with the effect of denying or reducing the rights of any other Stockholder
under this Agreement. 

  
 9 

 Section 3.05. Corporate Opportunities. To the fullest extent
permitted by applicable law, the Company, on behalf of itself and its Subsidiaries, waives and renounces any right, interest or expectancy of the Company and/or its Subsidiaries in, or in being offered an opportunity to participate in, business
opportunities that are from time to time presented to or business opportunities of which the Stockholder or any of its officers, directors, agents, shareholders, members, partners, Affiliates and Subsidiaries (other than the Company and its
Subsidiaries) (each, a “Specified Party”) gain knowledge, even if the opportunity is competitive with the business of the Company or its Subsidiaries or one that the Company or its Subsidiaries might reasonably be deemed to have
pursued or had the ability or desire to pursue if granted the opportunity to do so and each such Specified Party shall have no duty (statutory, fiduciary, contractual or otherwise) to communicate or offer such business opportunity to the Company
and, to the fullest extent permitted by applicable law, shall not be liable to the Company or any of its Subsidiaries for breach of any statutory, fiduciary, contractual or other duty, as a director or otherwise, by reason of the fact that such
Specified Party pursues or acquires such business opportunity, directs such business opportunity to another person or fails to present or communicate such business opportunity, or information regarding such business opportunity, to the Company or
its Subsidiaries. Notwithstanding anything in this Section 3.05 to the contrary, a Specified Party who is a director of the Company and who is offered a business opportunity for the Company or its Subsidiaries in his or her capacity solely as a
director of the Company (a “Directed Opportunity”) shall be obligated to communicate such Directed Opportunity to the Company; provided, however, that all of the protections of this Section 3.05 shall otherwise
apply to the Specified Parties with respect to such Directed Opportunity, including the ability of the Specified Parties to pursue or acquire such Directed Opportunity, directly or indirectly, or to direct such Directed Opportunity to another
person. 
 Section 3.06. Matters requiring approval. (a) For so long as the Stockholder’s Aggregate Ownership of
Shares (as determined on a Common Equivalents basis) continues to be at least 40 % of Shares (as determined on a Common Equivalents basis), the Company shall not, and shall (to the extent applicable) cause each of its Subsidiaries not to,
without the Stockholder’s prior written consent (which consent may be withheld or conditioned as the Stockholder may determine in its absolute discretion) take any of the following significant actions: 

(i) a change in size of the board of directors of the Company; 

(ii) the incurrence of indebtedness for borrowed money, in a single transaction or a series of related transactions,
aggregating to more than $50 million, except for (x) debt under a revolving credit facility that has previously been approved or is in existence on the date of this Agreement (with no increase in maximum availability) or
(y) intercompany indebtedness; 
 (iii) the issuance of additional shares of any class of the Company’s capital
stock or equity securities, exceeding $50 million in any single issuance or an aggregate amount of $100 million during a calendar year (other than any award under any stockholder approved equity compensation plan or intracompany issuance
among the Company and its wholly-owned subsidiaries); 

  
 10 

 (iv) other than in the ordinary course of business with vendors, customers
and suppliers, acquisition of equity interests or assets of any other entity, or any business, properties, assets or entities, exceeding $50 million in any single transaction or $100 million in the aggregate in any series of transactions
during a calendar year; 
 (v) other than in the ordinary course of business with vendors, customers and suppliers,
disposition of any of the Company’s or its subsidiaries’ assets or equity interests, exceeding $50 million in any single transaction or $100 million in the aggregate in any series of transactions during a calendar year; 

(vi) hiring or terminating the Company’s Chief Executive Officer or its Chief Financial Officer or designating any new
Chief Executive Officer or Chief Financial Officer; or 
 (vii) make a single or series of related capital expenditures in
excess of $25 million in any calendar year. 
 (b) To the fullest extent permitted by applicable law, the Company shall not publish,
send to holders of Common Stock or file or furnish to the SEC, any Exchange or any governmental authority, any press releases concerning the business, results of operations or financial condition of the Company (including earnings releases),
reports, notices, proxy or information statements, registration statements or prospectuses (collectively, “Company Public Documents”) or any other information prepared by the Company or any of its Subsidiaries for release to financial
analysts or investors without the prior written consent of the Stockholder. The Company shall consult with the Stockholder on the preparation of any such Company Public Document or other information and provide the Stockholder with a reasonable
opportunity to review and comment on any such Company Public Documents or other information. 
 Section 3.07. Intended Tax-Free Treatment. The Company agrees not to take any of the following actions without the prior written consent of the Stockholder: 

(a) The Company shall not, and shall not permit any of its Subsidiaries to, take or fail to take any action (i) that is inconsistent with
the information and representations furnished by the Company (or its predecessor, Reynolds Group Holdings Limited) to Davis Polk & Wardwell LLP (“Tax Counsel”) in connection with the opinions delivered as to certain aspects
of the Intended Tax-Free Treatment (the “Tax Opinions”), or (ii) which prevents or could reasonably be expected to result in tax treatment that is inconsistent with the Intended Tax-Free Treatment. 
 (b) For the one-year period following each
of the RCPI Distributions and the GPC Distributions, the Company shall not, and shall not permit (i) any of its Subsidiaries, (ii) any officer or director of the Company or its Subsidiaries, or (iii) any Person with the implicit or
explicit permission of the Company or any Person described in clauses (i) or (ii), to enter into any discussions or other communications with any underwriter or investment bank relating to any secondary offering of Equity Interests of the
Company. 

  
 11 

 (c) During the two-year period following each of the
RCPI Distributions and the GPC Distributions: 
 (i) The Company shall (I) continue, independently and with its separate
employees, the active conduct of its business for purposes of Section 355(b)(2) of the Code and (II) not engage in any transaction that would result in it ceasing to be a company engaged in its business for purposes of
Section 355(b)(2) of the Code, taking into account Section 355(b)(3) of the Code for purposes of each of clauses (I) and (II); 

(ii) The Company shall not repurchase its Common Stock in a manner contrary to the requirements of Section 4.05(1)(b) of
IRS Revenue Procedure 96-30 (as in effect prior to the amendment of such Revenue Procedure by IRS Revenue Procedure 2003-48) or inconsistent with any representations
made by the Company to Tax Counsel in connection with the Tax Opinions; 
 (iii) The Company shall not, and shall not agree
to, merge, consolidate, amalgamate or otherwise participate in an acquisition transaction with any other Person (other than a merger in which the Company is the surviving entity and in connection with which no Equity Interest is issued by any
Person); 
 (iv) The Company shall not, and shall not permit any of its Subsidiaries to, or agree to, sell or otherwise issue
to any Person any Equity Interests of the Company or its Subsidiaries (other than sales or issuances of Equity Interests of a Subsidiary to another Subsidiary); provided, however, that (I) the Company may issue its Common Stock in one or more
primary public offerings not to exceed, in the aggregate, 45% of the then-outstanding Common Stock, (II) the Company may issue Equity Interests to the extent such issuances satisfy Safe Harbor VIII (relating to acquisitions in connection with a
person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of Treasury Regulations Section 1.355-7(d) and (III) the Company may issue
Equity Interests not otherwise described in clauses (I) or (II) hereof to the extent such issuances do not exceed, in the aggregate, 1% of the Common Stock then outstanding; 

(v) The Company shall not, and shall not permit any of its Subsidiaries to (I) solicit any Person to make a tender offer
for, or otherwise acquire or sell, Equity Interests of the Company, (II) participate in or support any unsolicited tender offer for, or other acquisition, issuance or disposition of, Equity Interests of the Company, or (III) approve or
otherwise permit any proposed business combination or any acquisition of the Company; 
 (vi) The Company shall not, and
shall not permit any of its Subsidiaries to, amend its certificate of incorporation (or other organizational documents), or take any other action, whether through a stockholder vote or 

  
 12 

 
otherwise, affecting the voting rights of Equity Interests of the Company (including, without limitation, through the conversion of one class of Equity Interests into another class of equity
interests of the Company). 
 Section 3.08. Right to provide investment oversight for certain pension plans. For so long as the
Stockholder’s Aggregate Ownership of Shares (as determined on a Common Equivalents basis) continues to be at least 40% of Shares (as determined on a Common Equivalents basis): 

(a)    the Stockholder shall be entitled to: (i) provide investment oversight of the assets of the Pension Plans
(including asset management, selection of appropriate asset types and asset allocation and selection of investment managers) in accordance with the terms of the Company’s Pension Plan Investment Committee Charter, as adopted by the Company with
effect from IPO Date; and (ii) nominate or remove, all members of the Company’s Pension Plan Investment Committee from time to time, by notice in writing to the Company. 

(b)    The Company (i) shall appoint all persons nominated by the Stockholder to be members of the Company’s
Pension Plan Investment Committee from time to time, and no other person; (ii) remove any person from the Company’s Pension Plan Investment Committee, as directed by the Stockholder in writing from time to time; and (ii) shall not
amend, vary or terminate the Pension Plan Investment Committee Charter, without the prior written consent of the Stockholder (which consent may be withheld or conditioned as the Stockholder may determine in its absolute discretion). 

ARTICLE 4 

MISCELLANEOUS 

Section 4.01. Binding Effect; Assignability; Benefit. (a) Except as otherwise provided herein, this Agreement
shall inure to the benefit of and be binding upon the parties hereto and with respect to the Stockholder, those of its Permitted Assigns (i) to whom the Stockholder has assigned or transferred all or part of this Agreement; or (ii) in
respect of whom, the Stockholder has added as a party to this Agreement, by notice in writing to the Company. Any Stockholder that ceases to Beneficially Own any Company Securities shall cease to be bound by the terms hereof (other than Sections
3.03, 4.02, 4.05, 4.06, 4.07, 4.08, 4.10 and 4.11). 
 (b)    Neither the Company nor the Stockholder shall assign or
transfer all or any part of this Agreement without the prior written consent of the other parties hereto; provided, however, that the Stockholder shall be entitled to (i) assign, in whole or in part, to any of its Permitted Assigns or
(ii) add any of its Permitted Assigns as a party to this Agreement; in each case without such prior written consent. Any such Permitted Assignee that shall become a party to this Agreement shall (unless already bound hereby) execute and deliver
to the Company an agreement to be bound by this Agreement in the form of Exhibit A hereto and shall thenceforth be a “Stockholder.” 

(c)    Nothing in this Agreement, expressed or implied, is intended to confer on any Person other than the parties hereto,
and in the case of the Stockholder, any of its Permitted Assigns, and, in the case of the Company, any of its permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement. 

  
 13 

 Section 4.02. Notices. All notices, requests and other communications to any
party shall be in writing and shall be delivered in person, mailed by certified or registered mail, return receipt requested, or sent by email transmission so long as receipt of such email is requested and received: 

if to the Company to: 
 1900 W.
Field Court 
 Lake Forest, Illinois 60045 

Attention: Steve Karl, General Counsel 

Email: SKarl@pactiv.com 
 if to
the Stockholder, to: 
 c/o Rank Group Limited 

Floor 9, 148 Quay Street 

Auckland, 1010 New Zealand 

Attention: Helen Golding, Group Legal Counsel 

Email: Helen.Golding@rankgroup.co.nz 

with a copy to: 
 Davis
Polk & Wardwell LLP 
 450 Lexington Avenue 

New York, NY 10017 
 Attention:
Byron B. Rooney 
 Fax: (212) 701-5800 

Email: Byron.Rooney@davispolk.com 

All notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to
5:00 p.m. in the place of receipt and such day is a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding Business Day in the place of receipt.

 Any Permitted Assignee that becomes a Stockholder shall provide its address, fax number and email address to the Company. 

Section 4.03. Term; Waiver; Amendment. (a) This Agreement shall terminate as it relates to a Stockholder on the earlier to
occur of: (i) such Stockholder ceases to Beneficially Own any Company Securities, and (ii) upon the delivery of a written notice by such Stockholder to the Company requesting that this Agreement terminate as it relates to such Stockholder
(in each case, other than Sections 3.03, 4.02, 4.05, 4.06, 4.07, 4.08, 4.10 and 4.11). 

  
 14 

 (b)    this Agreement may be amended, waived or otherwise modified only
by a written instrument executed by the parties hereto. In addition, any party may waive any provision of this Agreement with respect to itself by an instrument in writing executed by the party against whom the waiver is to be effective. Except as
provided in the preceding sentences, no action taken pursuant to this Agreement, including any investigation by or on behalf of any party, will be deemed to constitute a waiver by the party taking such action of compliance with any covenants or
agreements contained herein. The waiver by any party hereto of a breach of any provision of this Agreement will not operate or be construed as a waiver of any subsequent breach. 

Section 4.04. Fees and Expenses. All costs and expenses incurred in connection with the preparation of this Agreement, or any
amendment or waiver hereof, and the transactions contemplated hereby shall be paid by the party incurring such costs or expenses. 

Section 4.05. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New
York, without regard to the conflicts of laws rules of such state. 
 Section 4.06. Jurisdiction. The parties hereto agree that
any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought in the United States District Court for the
Southern District of New York or any New York State court sitting in New York City, so long as one of such courts shall have subject matter jurisdiction over such suit, action or proceeding, and that any case of action arising out of this Agreement
shall be deemed to have arisen from a transaction of business in the State of New York, and each of the parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit,
action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or
proceeding which is brought in any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court.
Without limiting the foregoing, each party agrees that service of process on such party as provided in Section 4.02 shall be deemed effective service of process on such party. 

Section 4.07. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 4.08. Specific
Enforcement. Each party hereto acknowledges that the remedies at law of the other parties for a breach or threatened breach of this Agreement would be inadequate and, in recognition of this fact, any party to this Agreement, without posting any
bond, and in addition to all other remedies that may be available, shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy
that may then be available. 

  
 15 

 Section 4.09. Counterparts; Effectiveness. This Agreement may be executed in any
number of counterparts, each of which shall be deemed to be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective upon completion of the IPO on the IPO Date;
provided, that this Agreement shall be of no force and effect prior to the completion of the IPO. Until and unless each party has received a counterpart hereof signed by the other party hereto, this Agreement shall have no effect and no party
shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). 

Section 4.10. Entire Agreement. This Agreement sets forth the entire understanding of the parties hereto with respect to the
subject matter hereof. There are no agreements, representations, warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set forth herein. This Agreement supersedes all other prior agreements and
understandings between the parties with respect to such subject matter; provided, however, nothing in this Agreement shall supersede any other agreement or understanding entered into in connection with the IPO. 

Section 4.11. Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated
so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the parties as closely as possible in an acceptable manner so that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

  
 16 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first above written. 
  

			
	THE COMPANY:
	
	PACTIV EVERGREEN INC.
		
	By:	 	 /s/ Steven Karl

		 	Name:      Steven Karl
		 	Title:        Vice President, Secretary and General                  Counsel

  
 17 

 
			
	THE STOCKHOLDER:
	
	PACKAGING FINANCE LIMITED
		
	By:	 	 /s/ Helen Golding

		 	Name:    Helen Golding
		 	Title:      Director

  
 18 

 Schedule 1 – Information 

 

							
	 	  	 Information
	  	 Format
	  	 Timing

	1.	  	Monthly actuals uploaded to Rank Group Limited’s instance of Hyperion	  	n/a	  	At level 5 in Hyperion by Business Day 8 of the month following the applicable month
				
	2.	  	Monthly flash report for Revenue and EBITDA adjusted, by business and in aggregate	  	Substantially similar to historic reports prepared for the Company	  	Business Day 5 of the month following the applicable month with an update Business Day 7 as necessary
				
	3.	  	Monthly working capital flash report	  	Substantially similar to historic reports prepared for the Company	  	Business Day 5 of the month following the applicable month with an update Business Day 7 as necessary
				
	4.	  	Monthly business review presentations	  	Substantially similar to historic reports prepared for the Company	  	Business Day 11 of the month following the applicable month
				
	5.	  	Monthly Treasury report	  	In a format to be agreed	  	Business Day 9 of the month following the applicable month
				
	6.	  	Monthly CAPEX report	  	Substantially similar to historic reports prepared for the Company	  	Business Day 11 of the month following the applicable month
				
	7.	  	18 month rolling forecast profit and loss, balance sheet and cash-flow uploaded to Rank Group Limited’s instance of Hyperion	  	n/a	  	Business Day 9 of the month following the applicable month
				
	8.	  	13 week cash forecast and reconciliation to the 18 month cash-flow forecast as per item 7 above	  	Substantially similar to historic reports prepared for the Company	  	Thursday of the week following
				
	9.	  	Monthly internal audit report submission, including a summary of all EthicsPoint cases, and fraud and theft reports	  	Standard PTVE group monthly internal audit reporting and detailed proven fraud reporting templates.	  	Business Day 5 of the month following the applicable month

  
 19 

							
				
	10.	  	Quarterly Enterprise Risk Management (“ERM”) submission	  	As specified in the PTVE group’s ERM framework document	  	Business Day 10 following the end of each quarter
				
	11.	  	Internal audit reports as published by the Company’s internal audit function	  	Standard PTVE group internal audit report format	  	Within 5 days of report finalised
				
	12.	  	 Quarterly and annual financial reporting

-   Copies of all consolidated financial statements

-   Copy of all Accounting Papers

-   Copy of the CFO paper
	  	Standard PTVE group format	  	At the same time as delivered to the external auditors
				
	13.	  	Copies of major CAPEX in excess of $2 million and post CAPEX audits in respect of such CAPEX	  	Standard PTVE group format	  	Upon PTVE group CEO approval

  
 20 

 EXHIBIT A 

JOINDER TO STOCKHOLDERS AGREEMENT 

This Joinder Agreement (this “Joinder Agreement”) is made as of the date written below by the undersigned (the
“Joining Party”) in accordance with the Stockholders Agreement dated as of September 21, 2020 (as amended, amended and restated or otherwise modified from time to time, the “Stockholders Agreement”), as the
same may be amended from time to time. Capitalized terms used, but not defined, herein shall have the meaning ascribed to such terms in the Stockholders Agreement. 

[Where a Permitted Assignee is added as a party by the Stockholder under s4.01(a)(ii)] [The Stockholder hereby notifies the Company
that the Joining Party owns Company Securities and is hereby added as a party to the Stockholders Agreement.] 
 The Joining Party hereby
acknowledges, agrees and confirms that, by its execution of this Joinder Agreement, the Joining Party shall be deemed to be a party to the Stockholders Agreement as of the date hereof and shall have all of the rights and obligations of a
“Stockholder” thereunder as if it had executed the Stockholders Agreement. The Joining Party hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the Stockholders
Agreement. 
 IN WITNESS WHEREOF, the undersigned has executed this Joinder Agreement as of the date written below. 

Date:                         
            ,                  

 

			
	[NAME OF JOINING PARTY]
		
	By:  	 	  

		 	Name:
		 	Title:

  

			
	Address for Notices:
	
	[NAME OF STOCKHOLDER]
		
	By:	 	  

		 	Name:
		 	Title:

  
 21 

			
	 Acknowledged by:

	
	 PACTIV EVERGREEN INC.

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 22

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