Document:

EX-10.23

 Exhibit 10.23 

 
 

 
  
  

Headquarters 1900 W. Field Court. Lake Forest. IL 60045 

800.879.5067 - 847.482.3500 - www.ReynoldsConsumerProducts.com 

July 8, 2019 
 Lance Mitchell 

CEO, Reynolds Consumer Products 
 Re: Retention Agreement

 Dear Lance, 
 We are pleased to offer you (“you”
or “Employee”) this retention bonus agreement (the “Agreement”) related to your continued service to Reynolds Consumer Products (the “Company”). 

The terms of this Agreement are as follows: 
 1. Retention
Bonus. Subject to the terms and conditions herein, the Company will provide you with a retention bonus in the gross amount of $1,550,000 (“Retention Bonus”). The Retention Bonus shall be payable in the following manner: 

Following the Company’s receipt of this Agreement signed by you, the Retention Bonus shall be payable in a single lump sum to be paid in
the last available payroll in calendar year 2019. 
 The Retention Bonus is subject to regular tax withholdings and other authorized deductions. This bonus
will not be treated as compensation for any purpose under any benefit plans or programs, unless statutorily required. 
 2. Period of this Agreement.
In order to accept the offer set forth herein, you must promptly sign and return this Agreement to Steve Estes (Chief Human Resources Officer, Rank Group) but in no event later than July 5, 2019. This Agreement will commence as of
the date noted above and will end December 31, 2020 (the “Agreement Period”), provided, however, that Section 4 (Confidentiality) of this Agreement shall survive the expiration or termination of this Agreement. 

3. Repayment on Resignation or Termination for Cause. In the event that you resign or the Company terminates your employment for Cause during the
Agreement Period, you agree to promptly repay Company for the Retention Bonus, but in no event later than thirty (30) days after your last day of employment with the Company. You further agree that, in the event you resign or are terminated for
Cause, the Company may deduct the amount of the Retention Bonus in whole or in part from any payments then due to you from the Company. 

For purposes of this Agreement, the Company may terminate the Employee’s employment for “Cause” upon the occurrence of any of
the following, as determined in the sole discretion of the Company: (i) your failure to use your reasonable best efforts to follow a legal written order of management and such failure is not remedied within 30 days after receipt of
notice; (ii) your gross or willful misconduct with regard to the Company; (iii) your conviction of a felony or crime involving material dishonesty; (iv) your fraud or personal dishonesty involving the Company’s assets;
or (v) your unlawful use or possession of illegal drugs on the Company’s premises or while performing your duties and responsibilities. 

4. Confidentiality. You agree to keep the existence of this Agreement and its terms confidential, unless disclosure is required pursuant to an
order by a court of competent jurisdiction. However, you may discuss the terms of this Agreement with your spouse, attorney(s) or tax advisor(s), provided any such person agrees to keep the existence and terms of this Agreement strictly
confidential. 

  
 

 
  
  

Headquarters 1900 W . Field Court. Lake Forest. IL 60045 

800.879.5067 - 847.482.3500 ·www.ReynoldsConsumerProducts.com 
  

 5. Continuation of Employment. This Agreement does not change your status as an “at-will” employee and does not guarantee your employment for any specific period of time. The Company reserves the right to terminate you at any time and for any or no reason. 

6. Governing Law/Captions/Severance/Attorney’s Fees. This Agreement shall be construed in accordance with, and pursuant to, the laws of the
State of Illinois. The captions of this Agreement shall not be part of the provisions hereof, and shall have no force or effect. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement. In the event that the Company must file a claim to seek enforcement of any provision of this Agreement, the Company shall be entitled to receive compensation for related costs, including but not limited to
attorney’s fees and interest. 
 7. Entire Agreement/Amendment. This instrument contains the entire agreement of the parties relating to the
subject matter hereof, and the parties have made no agreement, representations, or warranties relating to the subject matter of this Agreement that are not set forth herein. This Agreement may be amended at any time by written agreement of both
parties, but it shall not be amended by oral agreement. 
 We look forward to your continuing contributions to the Company. Please acknowledge by signing
below that you have read this Agreement and you understand and agree to its terms. 
  

	
	Sincerely,
	
	 /s/ Steve Estes

	Steve Estes
	CHRO, Rank Group

 I, Lance Mitchell, have read this Agreement, and I understand and agree to its terms. 

 

					
	 /s/ Victor Lance Mitchell
	  		  	 7/17/19

	Employee (signature)	  		  	Date
			
	 VICTOR LANCE MITCHELL
	  		  	
	Employee (printed name)EX-10.24

 Exhibit 10.24 
 

 
 July 8, 2019 
 Lance
Mitchell 
 CEO, Reynolds Consumer Products 
 Dear Lance: 

As we have discussed, a critical component of our ongoing business strategy for Reynolds Consumer Products will be to explore opportunities for the business
that could lead to an Initial Public Offering (IPO) of the business or potentially a divestiture of the associated business entities. Your assistance is needed by Reynolds as we work through this process to help prepare the business for a successful
transaction. In light of this, we are offering you a special Transaction Success bonus (“Bonus”) that will become payable if a successful IPO is concluded or if there is a sale of the business by June 30, 2020. 

If an IPO transaction is completed, your potential bonus will be $1,782,500. Fifty percent (50%) of this bonus ($891,250) will be paid to you 30 days after
the effective date of an IPO, so long as you do not voluntarily leave your employment with the succeeding entity during that time. You will be paid the remaining fifty percent (50%) of this bonus six (6) months after the effective date of an
IPO, so long as you do not voluntarily leave your employment with the succeeding entity during that time. This bonus is a gross amount and is subject to all applicable tax withholding requirements. This bonus will not be treated as compensation for
any purpose under any benefit plans or programs, unless statutorily required. 
 If a sales transaction is completed, your potential bonus will be
$3,565,000. Fifty percent (50%) of this bonus ($1,782,500) will be paid to you 30 days after the closing date of a sale, so long as you do not voluntarily leave your employment with the succeeding entity during that time. You will be paid the
remaining fifty percent (50%) of this bonus six (6) months after the closing date, so long as you do not voluntarily leave your employment with the succeeding entity during that time. This bonus is a gross amount and is subject to all
applicable tax withholding requirements. This bonus will not be treated as compensation for any purpose under any benefit plans or programs, unless statutorily required. 

Because of the significance of this strategic effort, and given that you are one of a select group of employees to be offered this opportunity, it is of
utmost importance that you keep this offer and all its terms entirely confidential. 
 Thank you for your willingness to assist the team during this
endeavor and for your help in ensuring the success of this very important process for Reynolds Consumer Products. 
 Sincerely, 

 

			
	By:	 	/s/ Steve Estes
		 	Steve Estes
		 	Chief HR Officer
		 	Rank GroupEX-10.25

 Exhibit 10.25 
 

 
  

			
	TO:	  	LANCE MITCHELL
		
	FROM:	  	STEVE ESTES
		
	DATE:	  	JULY 8, 2019
		
	SUBJECT:	  	PLANNED ISSUANCE OF RESTRICTED STOCK

  
  

As we have discussed, a critical component of our ongoing business strategy for Reynolds Consumer Products LLC will be to explore opportunities for the
business that could lead to an Initial Public Offering (IPO) of the business or potentially a divestiture of the associated business entities. Your assistance is needed by Reynolds as we work through this process to help prepare the business for a
successful transaction. 
 If the IPO is successful, the company whose shares are registered in the IPO will issue you Restricted Stock at the completion of
the IPO. The number of shares in this grant equals $1,550,000 divided by the IPO price as of the date of the grant, rounded to the nearest whole share. Vesting for the restricted stock will occur over a 3-year
period with 1/3 vesting after 12-months from the successful IPO; 1/3 vesting after 24-months from the successful IPO; and, 1/3 vesting after 36-months from the successful IPO. You must be an employee of the Company or one of its affiliates on the applicable vesting date to receive such shares. 

Should there be a business sale instead of an IPO, you will receive $1,550,000 in cash in lieu of Restricted Stock. For purposes hereof, a business sale means
a sale of all or substantially all of the assets of the Company or a sale of more than 50% of the equity of the Company or such entity. This cash payment will be made in the following manner: 

1⁄2 Payable
30-days post-closing of the sale 
 1⁄2 Payable 180-days post-closing of the sale 
 This memo does not change your
status as an “at-will” employee and does not guarantee your employment for any specific period of time. The Company reserves the right to terminate you at any time and for any or no reason. Any
Restricted Stock issued or cash payment made pursuant to this memo shall be subject to regular tax withholdings and other authorized deductions and will not be treated as compensation for any purpose under any benefit plans or programs, unless
statutorily required. 
 This memo is provided to summarize the agreement that has been reached in this regard between the Company and the employee. Should
an IPO be completed, a formal grant letter for the Restricted Stock will be provided to the employee that documents all terms and conditions related to the grant. 
  

			
	By:	 	/s/ Steve Estes

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