Document:

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                                                                     EXHIBIT 4.6

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                          REGISTRATION RIGHTS AGREEMENT

                          Dated as of November 27, 2002

                                     Between

                               BWAY FINANCE CORP.

                                       and

                          DEUTSCHE BANK SECURITIES INC.
                              as Initial Purchaser

                     10 % Senior Subordinated Notes due 2010

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                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----

1.   Definitions...............................................................1

2.   Exchange Offer............................................................5

3.   Shelf Registration........................................................9

4.   Additional Interest......................................................11

5.   Registration Procedures..................................................13

6.   Registration Expenses....................................................21

7.   Indemnification and Contribution.........................................22

8.   Rules 144 and 144A.......................................................27

9.   Underwritten Registrations...............................................27

10.  Miscellaneous............................................................27

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                          REGISTRATION RIGHTS AGREEMENT

          This Registration Rights Agreement (this "Agreement") is dated as of
November 27, 2002, between BWAY FINANCE CORP., a Delaware corporation (the
"Company"), and DEUTSCHE BANK SECURITIES INC. as initial purchaser (the "Initial
Purchaser").

          This Agreement is entered into in connection with the Purchase
Agreement by and between the Company and the Initial Purchaser, dated as of
November 21, 2002 (the "Purchase Agreement"), which provides for, among other
things, the sale by the Company to the Initial Purchaser of $200,000,000
aggregate principal amount of the Issuer's 10 % Senior Subordinated Notes due
2010 (the "Notes"). In connection with the merger of BCO Acquisition, Inc. and
BWAY Corporation, a Delaware corporation ("BWAY") as described in the Offering
Memorandum (as defined herein), BWAY will assume the obligations of the Company
under the Notes and the related Indenture (as defined herein) (the "BWAY
Assumption"). References to the "Issuer" refer to (x) prior to the BWAY
Assumption and in the event that that the BWAY Assumption is not consummated,
the Company and (y) after the BWAY Assumption, BWAY. In order to induce the
Initial Purchaser to enter into the Purchase Agreement, the Issuer has agreed to
provide the registration rights set forth in this Agreement for the benefit of
the Initial Purchaser and any subsequent holder or holders of the Notes. The
execution and delivery of this Agreement is a condition to the Initial
Purchaser's obligation to purchase the Notes under the Purchase Agreement.

          The parties hereby agree as follows:

     1.   Definitions

          As used in this Agreement, the following terms shall have the
following meanings:

          Additional Interest: See Section 4(a) hereof.

          Advice: See the last paragraph of Section 5 hereof.

          Agreement: See the introductory paragraphs hereto.

          Applicable Period: See Section 2(b) hereof.

          Business Day: Any day that is not a Saturday, Sunday or a day on which
banking institutions in New York are authorized or required by law to be closed.

          BWAY: See introductory paragraphs hereto.

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          Effectiveness Date: The 150th day after the Merger Date; provided,
however, that with respect to any Shelf Registration, the Effectiveness Date
shall be the 90th day after the filing of the Shelf Registration Statement.

          Effectiveness Period: See Section 3(a) hereof.

          Event Date: See Section 4 hereof.

          Exchange Act: The Securities Exchange Act of 1934, as amended, and the
rules and regulations of the SEC promulgated thereunder.

          Exchange Notes: See Section 2(a) hereof.

          Exchange Offer: See Section 2(a) hereof.

          Exchange Offer Registration Statement: See Section 2(a) hereof.

          Filing Date: (A) With respect to an Exchange Offer Registration
Statement, the 60th day after the Merger Date; and (B) with respect to a Shelf
Registration Statement, the 60th day after the delivery of a Shelf Notice as
required pursuant to Section 2(c) hereof; provided, however, that if the Filing
Date would otherwise fall on a day that is not a Business Day, then the Filing
Date shall be the next succeeding Business Day.

          Holder: Any holder of a Registrable Note or Registrable Notes.

          Indenture: The Indenture, dated as of November 27, 2002, by and
between the Company and Bank of New York, as Trustee, pursuant to which the
Notes are being issued, as amended or supplemented from time to time in
accordance with the terms thereof.

          Information: See Section 5(o) hereof.

          Initial Purchaser: See the introductory paragraphs hereto.

          Initial Shelf Registration: See Section 3(a) hereof.

          Inspectors: See Section 5(o) hereof.

          Issue Date: November 27, 2002, the date of original issuance of the
Notes.

          Issuer: See the introductory paragraphs hereto.

          Merger Date: The date on which the merger between BWAY and BCO
Acquisition, Inc. ("BCO Acquisition"), a Delaware corporation, is consummated
pursuant to the

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Agreement and Plan of Merger dated as of September 30, 2002, as amended or
supplemented from time to time by and among BWAY, BCO Holding Company and BCO
Acquisition.

          NASD: See Section 5(s) hereof.

          Notes: See the introductory paragraphs hereto.

          Offering Memorandum: The final offering memorandum of the Issuer dated
November 21, 2002, in respect of the offering of the Notes.

          Participant: See Section 7(a) hereof.

          Participating Broker-Dealer: See Section 2(b) hereof.

          Person: An individual, trustee, corporation, partnership, limited
liability company, joint stock company, trust, unincorporated association,
union, business association, firm or other legal entity.

          Private Exchange: See Section 2(b) hereof.

          Private Exchange Notes: See Section 2(b) hereof.

          Prospectus: The prospectus included in any Registration Statement
(including, without limitation, any prospectus subject to completion and a
prospectus that includes any information previously omitted from a prospectus
filed as part of an effective registration statement in reliance upon Rule 430A
under the Securities Act and any term sheet filed pursuant to Rule 434 under the
Securities Act), as amended or supplemented by any prospectus supplement, and
all other amendments and supplements to the Prospectus, including post-effective
amendments, and all material incorporated by reference or deemed to be
incorporated by reference in such Prospectus.

          Purchase Agreement: See the introductory paragraphs hereof.

          Records: See Section 5(o) hereof.

          Registrable Notes: Each Note upon its original issuance and at all
times subsequent thereto, each Exchange Note as to which Section 2(c)(iv) hereof
is applicable upon original issuance and at all times subsequent thereto and
each Private Exchange Note upon original issuance thereof and at all times
subsequent thereto, until, in each case, the earliest to occur of (i) a
Registration Statement (other than, with respect to any Exchange Note as to
which Section 2(c)(iv) hereof is applicable, the Exchange Offer Registration
Statement) covering such Note, Exchange Note or Private Exchange Note has been
declared effective by the SEC and such Note, Exchange Note or such Private
Exchange Note, as the case may be, has

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been disposed of in accordance with such effective Registration Statement, (ii)
such Note has been exchanged pursuant to the Exchange Offer for an Exchange Note
or Exchange Notes that may be resold without restriction under state and federal
securities laws (other than due (x) solely to the status of such Holder as an
affiliate of the Company within the meaning of the Securities Act or (y) to such
Holder's inability to make the representations set forth in section 2(a)
hereof), (iii) such Note, Exchange Note or Private Exchange Note, as the case
may be, ceases to be outstanding for purposes of the Indenture or (iv) such
Note, Exchange Note or Private Exchange Note, as the case may be, may be resold
without restriction as to volume pursuant to Rule 144(k) (as amended or
replaced) under the Securities Act.

          Registration Statement: Any registration statement of the Issuer that
covers any of the Notes, the Exchange Notes or the Private Exchange Notes filed
with the SEC under the Securities Act, including the Prospectus, amendments and
supplements to such registration statement, including post-effective amendments,
all exhibits, and all material incorporated by reference or deemed to be
incorporated by reference in such registration statement.

          Rule 144: Rule 144 under the Securities Act.

          Rule 144A: Rule 144A under the Securities Act.

          Rule 405: Rule 405 under the Securities Act.

          Rule 415: Rule 415 under the Securities Act.

          Rule 424: Rule 424 under the Securities Act.

          SEC: The U.S. Securities and Exchange Commission.

          Securities Act: The Securities Act of 1933, as amended, and the rules
and regulations of the SEC promulgated thereunder.

          Shelf Notice: See Section 2(c) hereof.

          Shelf Registration: See Section 3(b) hereof.

          Shelf Registration Statement: Any Registration Statement relating to a
Shelf Registration.

          Subsequent Shelf Registration: See Section 3(b) hereof.

          TIA: The Trust Indenture Act of 1939, as amended.

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          Trustee: The trustee under the Indenture and the trustee (if any)
under any indenture governing the Exchange Notes and Private Exchange Notes.

          Underwritten Registration or Underwritten Offering: A registration in
which securities of the Company or BWAY are sold to an underwriter for
reoffering to the public.

          Except as otherwise specifically provided, all references in this
Agreement to acts, laws, statutes, rules, regulations, releases, forms,
no-action letters and other regulatory requirements (collectively, "Regulatory
Requirements") shall be deemed to refer also to any amendments thereto and all
subsequent Regulatory Requirements adopted as a replacement thereto having
substantially the same effect therewith; provided that Rule 144 shall not be
deemed to amend or replace Rule 144A.

     2.   Exchange Offer

          a) Unless the Exchange Offer would violate applicable law or any
applicable interpretation of the staff of the SEC, the Issuer shall use its
reasonable best efforts to file with the SEC, no later than the Filing Date, a
Registration Statement (the "Exchange Offer Registration Statement") on an
appropriate registration form with respect to a registered offer (the "Exchange
Offer") to exchange any and all of the Registrable Notes for a like aggregate
principal amount of debt securities of the Issuer, that are identical in all
material respects to the Notes (the "Exchange Notes"), except that (i) the
Exchange Notes shall contain no restrictive legend thereon and shall not contain
the provisions relating to Additional Interest and (ii) interest thereon shall
accrue from (A) the later of (x) the last date on which interest was paid on the
Registrable Notes or (y) if the Registrable Note is surrendered for exchange on
a date that is after the record date for an interest payment that will occur on
or after the date of such exchange and as to which interest will be paid, the
date of such interest payment date, or (B), if no such interest has been paid,
from the Issue Date, and which are entitled to the benefits of the Indenture or
a trust indenture which is identical in all material respects to the Indenture
(other than such changes to the Indenture or any such identical trust indenture
as are necessary to comply with the TIA) and which, in either case, has been
qualified under the TIA. The Exchange Offer shall comply with all applicable
tender offer rules and regulations under the Exchange Act and other applicable
laws. The Issuer shall use its reasonable best efforts to (x) cause the Exchange
Offer Registration Statement to be declared effective under the Securities Act
on or before the Effectiveness Date; (y) keep the Exchange Offer open for at
least 20 business days (or longer if required by applicable law) after the date
that notice of the Exchange Offer is mailed to Holders; and (z) consummate the
Exchange Offer on or prior to the 30th business day following the Effectiveness
Date.

          Each Holder (including, without limitation, each Participating
Broker-Dealer) who participates in the Exchange Offer will be required to
represent to the Issuer in writing (which may be contained in the applicable
letter of transmittal) that: (i) any Exchange Notes

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acquired in exchange for Registrable Notes tendered are being acquired in the
ordinary course of business of the Person receiving such Exchange Notes, whether
or not such recipient is such Holder itself; (ii) at the time of the
commencement or consummation of the Exchange Offer neither such Holder nor, to
the actual knowledge of such Holder, any other Person receiving Exchange Notes
from such Holder has an arrangement or understanding with any Person to
participate in the distribution of the Exchange Notes in violation of the
provisions of the Securities Act; (iii) neither the Holder nor, to the actual
knowledge of such Holder, any other Person receiving Exchange Notes from such
Holder is an "affiliate" (as defined in Rule 405) of the Issuer or, if it is an
affiliate of the Issuer, it will comply with the registration and prospectus
delivery requirements of the Securities Act to the extent applicable and will
provide information to be included in the Shelf Registration Statement in
accordance with Section 5 hereof in order to have their Notes included in the
Shelf Registration Statement and benefit from the provisions regarding
Additional Interest in Section 4 hereof; (iv) neither such Holder nor, to the
actual knowledge of such Holder, any other Person receiving Exchange Notes from
such Holder is engaging in or intends to engage in a distribution of the
Exchange Notes; (v) if such Holder is a Participating Broker-Dealer, such Holder
has acquired the Registrable Notes as a result of market-making activities or
other trading activities and that it will comply with the applicable provisions
of the Securities Act (including, but not limited to, the prospectus delivery
requirements thereunder) and (vi) such Holder is not acting on behalf of any
Person who could not truthfully make the foregoing representations. Any Holder
that fails to make the foregoing representations will not be entitled to the
benefits of Additional Interest on the Notes as set forth in Section 4 hereof.

          Upon consummation of the Exchange Offer in accordance with this
Section 2, the provisions of this Agreement shall continue to apply, solely with
respect to Registrable Notes that are Private Exchange Notes, Exchange Notes as
to which Section 2(c)(iv) is applicable and Exchange Notes held by Participating
Broker-Dealers, and BWAY shall have no further obligation to register
Registrable Notes (other than Private Exchange Notes and Exchange Notes as to
which clause 2(c)(iv) hereof applies) pursuant to Section 3 hereof.

          No securities other than the Exchange Notes shall be included in the
Exchange Offer Registration Statement.

          b) The Issuer shall include within the Prospectus contained in the
Exchange Offer Registration Statement a section entitled "Plan of Distribution,"
reasonably acceptable to the Initial Purchaser, which shall contain a summary
statement of the positions taken or policies made by the staff of the SEC with
respect to the potential "underwriter" status of any broker-dealer that is the
"beneficial owner" (as defined in Rule 13d-3 under the Exchange Act) of Exchange
Notes received by such broker-dealer in the Exchange Offer (a "Participating
Broker-Dealer"), whether such positions or policies have been publicly
disseminated by the staff of the SEC or such positions or policies

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represent the prevailing views of the staff of the SEC. Such "Plan of
Distribution" section shall also expressly permit, to the extent permitted by
applicable policies and regulations of the SEC, the use of the Prospectus by all
Persons subject to the prospectus delivery requirements of the Securities Act,
including, to the extent permitted by applicable policies and regulations of the
SEC, all Participating Broker-Dealers, and include a statement describing the
means by which Participating Broker-Dealers may resell the Exchange Notes in
compliance with the Securities Act.

          The Issuer shall use its reasonable best efforts to keep the Exchange
Offer Registration Statement effective and to amend and supplement the
Prospectus contained therein in order to permit such Prospectus to be lawfully
delivered by all Persons subject to the prospectus delivery requirements of the
Securities Act for such period of time as is necessary to comply with applicable
law in connection with any resale of the Exchange Notes; provided, however, that
such period shall terminate on the date on which a Participating Broker-Dealer
is no longer required to deliver such Prospectus in connection with
market-making or trading activities and in any event shall not be required to
exceed 180 days or such longer period if extended pursuant to the last paragraph
of Section 5 hereof (the "Applicable Period").

          If, prior to consummation of the Exchange Offer, the Initial Purchaser
holds any Notes acquired by it that have the status of an unsold allotment in
the initial distribution, the Issuer upon the request of the Initial Purchaser
shall simultaneously with the delivery of the Exchange Notes issue and deliver
to the Initial Purchaser, in exchange (the "Private Exchange") for such Notes
held by any such Holder, a like principal amount of notes (the "Private Exchange
Notes") of the Issuer, that are identical in all material respects to the
Exchange Notes except for the placement of a restrictive legend on such Private
Exchange Notes. The Private Exchange Notes shall be issued pursuant to the same
indenture as the Exchange Notes and bear the same CUSIP number as the Exchange
Notes.

          In connection with the Exchange Offer, the Issuer shall:

          (1) mail, or cause to be mailed, to each Holder of record entitled to
     participate in the Exchange Offer a copy of the Prospectus forming part of
     the Exchange Offer Registration Statement, together with an appropriate
     letter of transmittal and related documents;

          (2) use its reasonable best efforts to keep the Exchange Offer open
     for not less than 20 days after the date that notice of the Exchange Offer
     is mailed to Holders (or longer if required by applicable law);

          (3) utilize the services of a depositary for the Exchange Offer with
     an address in the Borough of Manhattan, The City of New York;

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          (4) permit Holders to withdraw tendered Registrable Notes at any time
     prior to the close of business, New York time, on the last Business Day on
     which the Exchange Offer remains open; and

          (5) otherwise comply in all material respects with all applicable
     laws, rules and regulations.

          As soon as practicable after the close of the Exchange Offer and the
Private Exchange, if any, the Issuer shall:

          (1) accept for exchange all Registrable Notes validly tendered and not
     validly withdrawn pursuant to the Exchange Offer and the Private Exchange,
     if any;

          (2) deliver to the Trustee for cancellation all Registrable Notes so
     accepted for exchange; and

          (3) cause the Trustee to authenticate and deliver promptly to each
     Holder of Notes, Exchange Notes or Private Exchange Notes, as the case may
     be, equal in principal amount to the Notes of such Holder so accepted for
     exchange; provided that, in the case of any Notes held in global form by a
     depositary, authentication and delivery to such depositary of one or more
     replacement Notes in global form in an equivalent principal amount thereto
     for the account of such Holders in accordance with the Indenture shall
     satisfy such authentication and delivery requirement.

          The Exchange Offer and the Private Exchange shall not be subject to
any conditions, other than that (i) the Exchange Offer or Private Exchange, as
the case may be, does not violate applicable law or any applicable
interpretation of the staff of the SEC; (ii) no action or proceeding shall have
been instituted or threatened in any court or by any governmental agency which
might materially impair the ability of the Issuer to proceed with the Exchange
Offer or the Private Exchange, and no material adverse development shall have
occurred in any existing action or proceeding with respect to the Issuer; and
(iii) all governmental approvals shall have been obtained, which approvals the
Issuer deems necessary for the consummation of the Exchange Offer or Private
Exchange.

          The Exchange Notes and the Private Exchange Notes shall be issued
under (i) the Indenture or (ii) an indenture identical in all material respects
to the Indenture and which, in either case, has been qualified under the TIA or
is exempt from such qualification and shall provide that the Exchange Notes
shall not be subject to the transfer restrictions set forth in the Indenture.
The Indenture or such indenture shall provide that the Exchange Notes, the
Private Exchange Notes and the Notes shall vote and consent together on all
matters as one class and that none of the Exchange Notes, the Private Exchange
Notes or the Notes will have the right to vote or consent as a separate class on
any matter.

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          c) If, (i) because of any change in law or in currently prevailing
interpretations of the staff of the SEC, BWAY is not permitted to effect the
Exchange Offer, (ii) the Exchange Offer is not consummated within 180 days of
the Merger Date, (iii) the Initial Purchaser or any holder of Private Exchange
Notes so requests in writing to the Issuer at any time after the consummation of
the Exchange Offer, or (iv) in the case of any Holder that participates in the
Exchange Offer, such Holder does not receive Exchange Notes on the date of the
exchange that may be sold without restriction under state and federal securities
laws (other than (x) due solely to the status of such Holder as an affiliate of
the Issuer within the meaning of the Securities Act or (y) such Holder's
inability to make the representations set forth in Section 2(a) hereof) and so
notifies the Issuer in writing within 30 days, in the case of each of clauses
(i) to and including (iv) of this sentence, then the Issuer shall promptly
deliver to the Holders and the Trustee written notice thereof (the "Shelf
Notice") and shall file a Shelf Registration pursuant to Section 3 hereof.

     3.   Shelf Registration

          If at any time a Shelf Notice is delivered as contemplated by Section
2(c) hereof, then:

          a) Shelf Registration. The Issuer shall use its reasonable best
     efforts to as promptly as practicable file with the SEC a Registration
     Statement for an offering to be made on a continuous basis pursuant to Rule
     415 covering all of the Registrable Notes (the "Initial Shelf
     Registration"). The Issuer shall use its reasonable best efforts to file
     with the SEC the Initial Shelf Registration on or prior to the applicable
     Filing Date. The Initial Shelf Registration shall be on Form S-1 or another
     appropriate form permitting registration of such Registrable Notes for
     resale by Holders in the manner or manners designated by them (including,
     without limitation, one or more underwritten offerings). The Issuer shall
     not permit any securities other than the Registrable Notes to be included
     in the Initial Shelf Registration or any Subsequent Shelf Registration (as
     defined below).

          The Issuer shall use its reasonable best efforts to cause the Shelf
     Registration to be declared effective under the Securities Act on or prior
     to the applicable Effectiveness Date and to keep the Initial Shelf
     Registration continuously effective under the Securities Act until the date
     that is the earliest of (i) the date that is two years from the Issue Date
     or, (ii) such time as all Registrable Notes covered by the Initial Shelf
     Registration have been sold in the manner set forth and as contemplated in
     the Initial Shelf Registration or, if applicable, a Subsequent Shelf
     Registration, or (iii) such time as the applicable Notes may be distributed
     to the public under Rule 144(k) promulgated under the Securities Act
     without volume limitation, if any (the "Effectiveness Period");

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     provided, however, that the Effectiveness Period in respect of the Initial
     Shelf Registration shall be extended to the extent required to permit
     dealers to comply with the applicable prospectus delivery requirements of
     Rule 174 under the Securities Act and as otherwise provided herein.

          b) Withdrawal of Stop Orders; Subsequent Shelf Registrations. If the
     Initial Shelf Registration or any Subsequent Shelf Registration ceases to
     be effective for any reason at any time during the Effectiveness Period
     (other than because of the sale of all of the securities registered
     thereunder), the Issuer shall use its reasonable best efforts to obtain the
     prompt withdrawal of any order suspending the effectiveness thereof, and in
     any event shall within 30 days of such cessation of effectiveness amend
     such Shelf Registration Statement in a manner to obtain the withdrawal of
     the order suspending the effectiveness thereof, or file an additional Shelf
     Registration Statement pursuant to Rule 415 covering all of the Registrable
     Notes covered by and not sold under the Initial Shelf Registration or an
     earlier Subsequent Shelf Registration (each, a "Subsequent Shelf
     Registration"). If a Subsequent Shelf Registration is filed, the Issuer
     shall use its reasonable best efforts to cause the Subsequent Shelf
     Registration to be declared effective under the Securities Act as soon as
     practicable after such filing and to keep such subsequent Shelf
     Registration continuously effective for a period equal to the number of
     days in the Effectiveness Period less the aggregate number of days during
     which the Initial Shelf Registration or any Subsequent Shelf Registration
     was previously continuously effective. As used herein the term "Shelf
     Registration" means the Initial Shelf Registration and any Subsequent Shelf
     Registration.

          c) Supplements and Amendments. The Issuer shall promptly supplement
     and amend the Shelf Registration if required by the rules, regulations or
     instructions applicable to the registration form used for such Shelf
     Registration, if required by the Securities Act, or if reasonably requested
     by the Holders of a majority in aggregate principal amount of the
     Registrable Notes covered by such Registration Statement with respect to
     the information included therein with respect to one or more of such
     Holders (or their counsel), or by any underwriter of such Registrable Notes
     with respect to the information included therein with respect to such
     underwriter.

          d) Blackout Period. Notwithstanding anything to the contrary in this
     Agreement, the Issuer, upon notice to the Holders of Registrable Notes that
     the Shelf Registration Statement is unusable pending a material
     development, may suspend the use of the Prospectus included in any Shelf
     Registration Statement in the event that and for a period of time (the
     "Blackout Period") not to exceed an aggregate of 60 days in any twelve
     month period if provided, that, upon the termination

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     of such Blackout Period, the Company promptly shall notify the Holders of
     Registrable Notes that such Blackout Period has been terminated.

     4.   Additional Interest

          a) The Issuer and the Initial Purchaser agree that the Holders will
suffer damages if the Issuer fails to fulfill its obligations under Section 2 or
Section 3 hereof and that it would not be feasible to ascertain the extent of
such damages with precision. Accordingly, the Issuer agrees to pay, as
liquidated damages, additional interest on the Notes ("Additional Interest")
under the circumstances and to the extent set forth below (each of which shall
be given independent effect):

          (i) if (A) neither the Exchange Offer Registration Statement nor the
     Initial Shelf Registration has been filed on or prior to the 60th day
     following the Merger Date or (B) notwithstanding that the Issuer has
     consummated or will consummate the Exchange Offer, the Issuer is required
     to file a Shelf Registration and such Shelf Registration is not filed on or
     prior to the Filing Date applicable thereto, then, commencing on the 61st
     day following the Merger Date or the day after any such Filing Date, as
     applicable, Additional Interest shall accrue on the principal amount of the
     Notes at a rate of .50% per annum for the first 90 days immediately
     following such applicable date, and such Additional Interest rate shall
     increase by an additional .50% per annum at the beginning of each
     subsequent 90-day period; or

          (ii) if (A) neither the Exchange Offer Registration Statement nor the
     Initial Shelf Registration is declared effective by the SEC on or prior to
     the 150th day following the Merger Date or (B) notwithstanding that the
     Issuer has consummated or will consummate the Exchange Offer, the Issuer is
     required to file a Shelf Registration and such Shelf Registration is not
     declared effective by the SEC on or prior to the Effectiveness Date
     applicable to such Shelf Registration, then, commencing on the 151st day
     following the Merger Date or the day after such Effectiveness Date, as
     applicable, Additional Interest shall accrue on the principal amount of the
     Notes at a rate of .50% per annum for the first 90 days immediately
     following the day after such applicable date, and such Additional Interest
     rate shall increase by an additional .50% per annum at the beginning of
     each subsequent 90-day period; or

          (iii) if (A) the Issuer has not exchanged Exchange Notes for all Notes
     validly tendered in accordance with the terms of the Exchange Offer on or
     prior to the 30th business day from the date the Exchange Offer
     Registration Statement was declared effective or (B) if applicable, a Shelf
     Registration has been declared effective and such Shelf Registration ceases
     to be effective at any time during the Effectiveness Period, and is not
     replaced within 30 days by an additional Shelf Registration Statement that
     is declared effective, then Additional Interest shall accrue on the
     principal

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                                      -12-

     amount of the Notes at a rate of .50% per annum for the first 90 days
     commencing on the (x) 31st business day from the date the Exchange Offer
     Registration Statement was declared effective, in the case of (A) above, or
     (y) the 31st day after such Shelf Registration ceases to be effective in
     the case of (B) above, and such Additional Interest shall increase by an
     additional .50% per annum at the beginning of each such subsequent 90-day
     period;

provided, however, that the Additional Interest rate on the Notes may not accrue
under more than one of the foregoing clauses (i) - (iii) at any one time and at
no time shall the aggregate amount of Additional Interest accruing exceed in the
aggregate 1.0% per annum; provided, further, however, that (1) upon the filing
of the applicable Exchange Offer Registration Statement or the applicable Shelf
Registration as required hereunder (in the case of clause (i) above of this
Section 4), (2) upon the effectiveness of the Exchange Offer Registration
Statement or the applicable Shelf Registration Statement as required hereunder
(in the case of clause (ii) of this Section 4), or (3) upon the exchange of the
Exchange Notes for all Notes tendered (in the case of clause (iii)(A) of this
Section 4), or upon the effectiveness of the applicable Shelf Registration
Statement which had ceased to remain effective (in the case of (iii)(B) of this
Section 4), Additional Interest on the Notes in respect of which such events
relate as a result of such clause (or the relevant subclause thereof), as the
case may be, shall cease to accrue. Without limiting the foregoing, Additional
Interest with respect to a failure to file, cause to become effective or
maintain the effectiveness of a Shelf Registration Statement shall cease to
accrue upon the consummation of the Exchange Offer in the case of a Shelf
Registration Statement required to be filed due to a failure to consummate the
Exchange Offer within the required time period. Notwithstanding anything to the
contrary in this Section 4(a), the Issuer shall not be required to pay
Additional Interest to a Holder if such Holder failed to comply with its
obligations to make the representations set forth in Section 2(a) hereof or
failed to provide the information required to be provided by it, if any,
pursuant to Section 5 hereof.

          b) The Issuer shall notify the Trustee within one business day after
each and every date on which an event occurs in respect of which Additional
Interest is required to be paid (an "Event Date"). Any amounts of Additional
Interest due pursuant to (a)(i), (a)(ii) or (a)(iii) of this Section 4 will be
payable in cash semiannually on each April 15 and October 15 (to the holders of
record on the April 1 and October 1 immediately preceding such dates),
commencing with the first such date occurring after any such Additional Interest
commences to accrue. The amount of Additional Interest will be determined by
multiplying the applicable Additional Interest rate by the principal amount of
the Registrable Notes, multiplied by a fraction, the numerator of which is the
number of days such Additional Interest rate was applicable during such period
(determined on the basis of a 360 day year comprised of twelve 30 day months
and, in the case of a partial month, the actual number of days elapsed), and the
denominator of which is 360.

<PAGE>

                                      -13-

     5.   Registration Procedures

          In connection with the filing of any Registration Statement pursuant
to Section 2 or 3 hereof, the Issuer shall use its reasonable best efforts
effect such registrations to permit the sale of the securities covered thereby
in accordance with the intended method or methods of disposition thereof, and
pursuant thereto and in connection with any Registration Statement filed by the
Issuer hereunder the Issuer shall:

          a) Use its reasonable best efforts to prepare and file with the SEC
     prior to the applicable Filing Date a Registration Statement or
     Registration Statements as prescribed by Section 2 or 3 hereof, and use its
     reasonable best efforts to cause each such Registration Statement to become
     effective and remain effective as provided herein; provided, however, that
     if (1) such filing is pursuant to Section 3 hereof or (2) a Prospectus
     contained in the Exchange Offer Registration Statement filed pursuant to
     Section 2 hereof is required to be delivered under the Securities Act by
     any Participating Broker-Dealer who seeks to sell Exchange Notes during the
     Applicable Period relating thereto from whom any Issuer has received
     written notice that it will be a Participating Broker-Dealer in the
     Exchange Offer, before filing any Registration Statement or Prospectus or
     any amendments or supplements thereto, the Issuer shall furnish to and
     afford the Holders of the Registrable Notes covered by such Registration
     Statement (with respect to a Registration Statement filed pursuant to
     Section 3 hereof) or each such Participating Broker-Dealer (with respect to
     any such Registration Statement), as the case may be, their counsel and the
     managing underwriters, if any, a reasonable opportunity to review copies of
     all such documents (including copies of any documents to be incorporated by
     reference therein and all exhibits thereto) proposed to be filed (in each
     case at least five business days prior to such filing). The Issuer shall
     not file any Registration Statement or Prospectus or any amendments or
     supplements thereto if the Holders of a majority in aggregate principal
     amount of the Registrable Notes covered by such Registration Statement,
     their counsel, or the managing underwriters, if any, shall reasonably
     object on a timely basis.

          b) Use its reasonable best efforts to (i) prepare and file with the
     SEC such amendments and post-effective amendments to each Shelf
     Registration Statement or Exchange Offer Registration Statement, as the
     case may be, as may be necessary to keep such Registration Statement
     continuously effective for the Effectiveness Period, the Applicable Period
     or until consummation of the Exchange Offer, as the case may be; (ii) cause
     the related Prospectus to be supplemented by any Prospectus supplement
     required by applicable law, and as so supplemented to be filed pursuant to
     Rule 424; and (iii) comply in all material respects with the provisions of
     the Securities Act and the Exchange Act applicable

<PAGE>

                                      -14-

     to it with respect to the disposition of all securities covered by such
     Registration Statement as so amended or in such Prospectus as so
     supplemented and with respect to the subsequent resale of any securities
     being sold by an Participating Broker-Dealer covered by any such
     Prospectus; provided that, to the extent relating to a Shelf Registration
     Statement, none of the foregoing shall be required during a Blackout
     Period.

          c) If (1) a Shelf Registration is filed pursuant to Section 3 hereof
     and becomes effective, or (2) the Exchange Offer Registration Statement
     filed pursuant to Section 2 hereof becomes effective and a Prospectus
     contained therein is required to be delivered under the Securities Act by
     any Participating Broker-Dealer who seeks to sell Exchange Notes during the
     Applicable Period relating thereto from whom any Issuer has received
     written notice that it will be a Participating Broker-Dealer in the
     Exchange Offer, notify the selling Holders of Registrable Notes (with
     respect to a Registration Statement filed pursuant to Section 3 hereof), or
     each such Participating Broker-Dealer (with respect to any such
     Registration Statement), as the case may be, their counsel and the managing
     underwriters, if any, promptly and confirm such notice in writing, (i) when
     a Prospectus or any Prospectus supplement or post-effective amendment has
     been filed, and, with respect to a Registration Statement or any
     post-effective amendment, when the same has become effective under the
     Securities Act (ii) of the issuance by the SEC of any stop order suspending
     the effectiveness of a Registration Statement or of any order preventing or
     suspending the use of any preliminary prospectus or the initiation of any
     proceedings for that purpose, (iii) if at any time when a prospectus is
     required by the Securities Act to be delivered in connection with sales of
     the Registrable Notes or resales of Exchange Notes by Participating
     Broker-Dealers the representations and warranties of the Issuer contained
     in any agreement (including any underwriting agreement) contemplated by
     Section 5(n) hereof cease to be true and correct in all material respects,
     (iv) of the receipt by any Issuer of any notification with respect to the
     suspension of the qualification or exemption from qualification of a
     Registration Statement or any of the Registrable Notes or the Exchange
     Notes to be sold by any Participating Broker-Dealer for offer or sale in
     any jurisdiction, or the initiation or threatening of any proceeding for
     such purpose, (v) of the happening of any event, the existence of any
     condition or any information becoming known that makes any statement made
     in such Registration Statement or related Prospectus or any document
     incorporated or deemed to be incorporated therein by reference untrue in
     any material respect or that requires the making of any changes in or
     amendments or supplements to such Registration Statement, Prospectus or
     documents so that, in the case of the Registration Statement, it will not
     contain any untrue statement of a material fact or omit to state any
     material fact required to be stated therein or necessary to make the
     statements

<PAGE>

                                      -15-

     therein not misleading, and that in the case of the Prospectus, it will not
     contain any untrue statement of a material fact or omit to state any
     material fact required to be stated therein or necessary to make the
     statements therein, in the light of the circumstances under which they were
     made, not misleading, and (vi) of the Issuer's determination that a
     post-effective amendment to a Registration Statement would be appropriate.

          d) Use its reasonable best efforts to obtain the withdrawal of the
     issuance of any order suspending the effectiveness of a Registration
     Statement or of any order preventing or suspending the use of a Prospectus
     or suspending the qualification (or exemption from qualification) of any of
     the Registrable Notes or the Exchange Notes to be sold by any Participating
     Broker-Dealer, for sale in any jurisdiction at the earliest practicable
     moment.

          e) If a Shelf Registration is filed pursuant to Section 3 and if
     requested during the Effectiveness Period by the managing underwriter or
     underwriters (if any), the Holders of a majority in aggregate principal
     amount of the Registrable Notes being sold in connection with an
     underwritten offering or any Participating Broker-Dealer, (i) as promptly
     as practicable incorporate in a prospectus supplement or post-effective
     amendment such information with respect to such Holders as the managing
     underwriter or underwriters (if any), such Holders, any Participating
     Broker-Dealer or counsel for any of them reasonably request to be included
     therein, (ii) make all required filings of such prospectus supplement or
     such post-effective amendment as soon as practicable after the Issuer has
     received notification of the matters to be incorporated in such prospectus
     supplement or post-effective amendment, and (iii) supplement or make
     amendments to such Registration Statement.

          f) If (1) a Shelf Registration is filed pursuant to Section 3 hereof
     and becomes effective, or (2) the Exchange Offer Registration Statement
     filed pursuant to Section 2 hereof becomes effective and a Prospectus
     contained therein is required to be delivered under the Securities Act by
     any Participating Broker-Dealer who seeks to sell Exchange Notes during the
     Applicable Period, furnish to each selling Holder of Registrable Notes who
     so requests (with respect to a Registration Statement filed pursuant to
     Section 3 hereof) and to each such Participating Broker-Dealer who so
     requests (with respect to any such Registration Statement) and to their
     respective counsel and each managing underwriter, if any, at the sole
     expense of the Issuer, one conformed copy of the Registration Statement or
     Registration Statements and each post-effective amendment thereto,
     including financial statements and schedules, and, if requested, all
     documents incorporated or deemed to be incorporated therein by reference
     and all exhibits.

<PAGE>

                                      -16-

          g) If (1) a Shelf Registration is filed pursuant to Section 3 hereof,
     or (2) a Prospectus contained in the Exchange Offer Registration Statement
     filed pursuant to Section 2 hereof is required to be delivered under the
     Securities Act by any Participating Broker-Dealer who seeks to sell
     Exchange Notes during the Applicable Period, deliver to each selling Holder
     of Registrable Notes (with respect to a Registration Statement filed
     pursuant to Section 3 hereof), or each such Participating Broker-Dealer
     (with respect to any such Registration Statement), as the case may be,
     their respective counsel, and the underwriters, if any, at the sole expense
     of the Issuer, as many copies of the Prospectus or Prospectuses (including
     each form of preliminary prospectus) and each amendment or supplement
     thereto and any documents incorporated by reference therein as such Persons
     may reasonably request; and, while the applicable Registration Statement
     remains effective and subject to the last paragraph of this Section 5, the
     Issuer hereby consents to the use of such Prospectus and each amendment or
     supplement thereto by each of the selling Holders of Registrable Notes or
     each such Participating Broker-Dealer, as the case may be, and the
     underwriters or agents, if any, and dealers, if any, in connection with the
     offering and sale of the Registrable Notes (prior to the end of the
     Applicable Period) covered by, or the sale (prior to the end of the
     Applicable Period) by Participating Broker-Dealers of the Exchange Notes
     pursuant to such Prospectus and any amendment or supplement thereto.

          h) Prior to any public offering of Registrable Notes or any delivery
     of a Prospectus contained in the Exchange Offer Registration Statement by
     any Participating Broker-Dealer who seeks to sell Exchange Notes during the
     Applicable Period, use its reasonable best efforts to register or qualify,
     and to cooperate with the selling Holders of Registrable Notes or each such
     Participating Broker-Dealer, as the case may be, the managing underwriter
     or underwriters, if any, and their respective counsel in connection with
     the registration or qualification (or exemption from such registration or
     qualification) of such Registrable Notes for offer and sale under the
     securities or Blue Sky laws of such jurisdictions within the United States
     as any selling Holder, Participating Broker-Dealer, or the managing
     underwriter or underwriters reasonably request in writing; provided,
     however, that the Issuer shall not be required to (A) qualify generally to
     do business in any jurisdiction where it is not then so qualified, (B) take
     any action that would subject it to general service of process in any such
     jurisdiction where it is not then so subject or (C) subject itself to
     taxation in any such jurisdiction where it is not then so subject.

          i) If a Shelf Registration is filed pursuant to Section 3 hereof and
     becomes effective, cooperate with the selling Holders of Registrable Notes
     and the managing underwriter or underwriters, if any, to facilitate the
     timely preparation

<PAGE>

                                      -17-

     and delivery of certificates representing Registrable Notes to be sold,
     which certificates shall not bear any restrictive legends and shall be in a
     form eligible for deposit with The Depository Trust Company; and enable
     such Registrable Notes to be in such denominations (subject to applicable
     requirements contained in the Indenture) and registered in such names as
     the managing underwriter or underwriters, if any, or Holders may request.

          j) Use its reasonable best efforts to cause the Registrable Notes
     covered by the Registration Statement to be registered with or approved by
     such other United States governmental agencies or authorities as may be
     necessary to enable the seller or sellers thereof or the underwriter or
     underwriters, if any, to consummate the disposition of such Registrable
     Notes, except as may be required as a consequence of the nature of such
     selling Holder's business, in which case the Issuer will cooperate in all
     reasonable respects with the filing of such registrations and the granting
     of such approvals.

          k) If (1) a Shelf Registration is filed pursuant to Section 3 hereof
     and becomes effective, or (2) the Exchange Offer Registration Statement
     filed pursuant to Section 2 becomes effective and a Prospectus contained
     therein hereof is required to be delivered under the Securities Act by any
     Participating Broker-Dealer who seeks to sell Exchange Notes during the
     Applicable Period, upon the occurrence of any event contemplated by
     paragraph 5(c)(v) or 5(c)(vi) hereof, as promptly as practicable prepare
     and (subject to Section 5(a) hereof) file with the SEC, at the sole expense
     of the Issuer, a supplement or post-effective amendment to the Registration
     Statement or a supplement to the related Prospectus or any document
     incorporated or deemed to be incorporated therein by reference, or file any
     other required document so that, as thereafter delivered to the purchasers
     of the Registrable Notes being sold thereunder (with respect to a
     Registration Statement filed pursuant to Section 3 hereof) or to the
     purchasers of the Exchange Notes to whom such Prospectus will be delivered
     by a Participating Broker-Dealer (with respect to any such Registration
     Statement), any such Prospectus will not contain an untrue statement of a
     material fact or omit to state a material fact required to be stated
     therein or necessary to make the statements therein, in the light of the
     circumstances under which they were made, not misleading.

          l) If not previously rated, use its reasonable best efforts to cause
     the Registrable Notes covered by a Registration Statement or the Exchange
     Notes, as the case may be, to be rated with the appropriate rating
     agencies, if so requested by the Holders of a majority in aggregate
     principal amount of Registrable Notes covered by such Registration
     Statement or the Exchange Notes, as the case may be, or the managing
     underwriter or underwriters, if any, if not previously rated.

<PAGE>

                                      -18-

          m) Prior to the effective date of the first Registration Statement
     relating to the Registrable Notes, (i) provide the Trustee with
     certificates for the Registrable Notes in a form eligible for deposit with
     The Depository Trust Company and (ii) provide a CUSIP number for the
     Registrable Notes.

          n) In connection with any underwritten offering of Registrable Notes
     pursuant to a Shelf Registration, enter into an underwriting agreement as
     is customary in underwritten offerings of debt securities similar to the
     Notes (including customary indemnification provisions) and take all such
     other actions as are reasonably requested by the managing underwriter or
     underwriters in order to expedite or facilitate the registration or the
     disposition of such Registrable Notes and, in such connection, (i) to the
     extent possible make such representations and warranties to, and covenants
     with, the underwriters with respect to the business of BWAY (including any
     acquired business, properties or entity, if applicable), and the
     Registration Statement, Prospectus and documents, if any, incorporated or
     deemed to be incorporated by reference therein, in each case, as are
     customarily made by issuers to underwriters in underwritten offerings of
     debt securities similar to the Notes, and confirm the same in writing if
     and when requested; (ii) obtain the written opinions of counsel to the
     Issuer, in customary form or otherwise reasonably satisfactory to the
     managing underwriter or underwriters, addressed to the underwriters
     covering the matters customarily covered in opinions reasonably requested
     in underwritten offerings; and (iii) obtain "comfort" letters and updates
     thereof in customary form, or otherwise reasonably satisfactory to the
     managing underwriter or underwriters from the independent certified public
     accountants of BWAY (and, if necessary, any other independent certified
     public accountants of BWAY, or of any business acquired by BWAY, for which
     financial statements and financial data are, or are required to be,
     included or incorporated by reference in the Registration Statement),
     addressed to each of the underwriters, covering matters of the type
     customarily covered in "comfort" letters in connection with underwritten
     offerings of debt securities similar to the Notes. The above shall be done
     at each closing under such underwriting agreement, or as and to the extent
     required thereunder.

          o) If (1) a Shelf Registration is filed pursuant to Section 3 hereof
     and becomes effective, or (2) the Exchange Offer Registration Statement
     filed pursuant to Section 2 hereof becomes effective and a Prospectus
     contained therein is required to be delivered under the Securities Act by
     any Participating Broker-Dealer who seeks to sell Exchange Notes during the
     Applicable Period, make available for inspection by any Initial Purchaser,
     a representative of the Holders of such Registrable Notes being sold (with
     respect to a Registration Statement filed pursuant to Section 3 hereof), or
     each such Participating Broker-Dealer, as the

<PAGE>

                                      -19-

     case may be, any underwriter participating in any such disposition of
     Registrable Notes, if any, and a single firm of counsel retained by selling
     Holders or each such Participating Broker-Dealer (with respect to any such
     Registration Statement), as the case may be, or underwriters (any such
     Initial Purchasers, representative, Participating Broker-Dealers,
     underwriters, or counsel, collectively, the "Inspectors"), upon written
     request, at the offices where normally kept, during reasonable business
     hours, all pertinent financial and other records, pertinent corporate
     documents and instruments of BWAY and subsidiaries of BWAY (collectively,
     the "Records"), as shall be reasonably necessary to enable them to exercise
     any applicable due diligence responsibilities, and cause the officers,
     directors and employees of BWAY and any of its respective subsidiaries to
     supply all information ("Information") reasonably requested by any such
     Inspector in connection with such due diligence responsibilities. Each
     Inspector shall agree in writing that it will keep the Records and
     Information confidential and that it will not disclose any of the Records
     or Information that any Issuer determines, in good faith, to be
     confidential and notifies the Inspectors in writing are confidential unless
     (i) the disclosure of such Records or Information is necessary to avoid or
     correct a misstatement or omission in such Registration Statement or
     Prospectus, (ii) the release of such Records or Information is ordered
     pursuant to a subpoena or other order from a court of competent
     jurisdiction, or (iii) the information in such Records or Information has
     been made generally available to the public other than by or through an
     Inspector or an "affiliate" (as defined in Rule 405) thereof; provided,
     however, that prior notice shall be provided as soon as practicable to any
     Issuer of the potential disclosure of any information by such Inspector
     pursuant to clauses (i) or (ii) of this sentence to permit the Issuer to
     obtain a protective order (or waive the provisions of this paragraph (o))
     and that such Inspector shall take such actions as are reasonably necessary
     to protect the confidentiality of such information (if practicable) to the
     extent such action is otherwise not inconsistent with, an impairment of or
     in derogation of the rights and interests of the Holder or any Inspector.

          p) Use its reasonable best efforts to (i) provide an indenture trustee
     for the Registrable Notes or the Exchange Notes, as the case may be, and
     cause the Indenture or the trust indenture provided for in Section 2(a)
     hereof, as the case may be, to be qualified under the TIA not later than
     the effective date of the first Registration Statement relating to the
     Registrable Notes; (ii) in connection therewith, cooperate with the trustee
     under any such indenture and the Holders of the Registrable Notes, to
     effect such changes (if any) to such indenture as may be required for such
     indenture to be so qualified in accordance with the terms of the TIA; and
     (iii) execute, and use its reasonable best efforts to cause such trustee to
     execute, all documents as may be required to effect such changes, and all
     other

<PAGE>

                                      -20-

     forms and documents required to be filed with the SEC to enable such
     indenture to be so qualified in a timely manner.

          q) Comply in all material respects with all applicable rules and
     regulations of the SEC and make generally available to its securityholders
     with regard to any applicable Registration Statement, a consolidated
     earnings statement satisfying the provisions of Section 11(a) of the
     Securities Act and Rule 158 thereunder (or any similar rule promulgated
     under the Securities Act) no later than 45 days after the end of any fiscal
     quarter (or 90 days after the end of any 12-month period if such period is
     a fiscal year) (i) commencing at the end of any fiscal quarter in which
     Registrable Notes are sold to underwriters in a firm commitment or best
     efforts underwritten offering and (ii) if not sold to underwriters in such
     an offering, commencing on the first month of the first fiscal quarter of
     BWAY, after the effective date of a Registration Statement, which
     statements shall cover said 12-month periods.

          r) If the Exchange Offer or a Private Exchange is to be consummated,
     upon delivery of the Registrable Notes by Holders to the Issuer (or to such
     other Person as directed by the Issuer), in exchange for the Exchange Notes
     or the Private Exchange Notes, as the case may be, the Issuer shall mark,
     or cause to be marked, on such Registrable Notes that such Registrable
     Notes are being cancelled in exchange for the Exchange Notes or the Private
     Exchange Notes, as the case may be; in no event shall such Registrable
     Notes be marked as paid or otherwise satisfied.

          s) Cooperate with each seller of Registrable Notes covered by any
     Registration Statement and each underwriter, if any, participating in the
     disposition of such Registrable Notes and their respective counsel in
     connection with any filings required to be made with the National
     Association of Securities Dealers, Inc. (the "NASD").

          The Issuer may require each seller of Registrable Notes as to which
any registration is being effected to furnish to the Issuer such information
regarding such seller and the distribution of such Registrable Notes as the
Issuer may, from time to time, reasonably request. The Issuer may exclude from
such registration the Registrable Notes of any seller so long as such seller
fails to furnish such information within a reasonable time after receiving such
request. Each seller as to which any Shelf Registration is being effected agrees
to furnish promptly to the Issuer all information required to be disclosed in
order to make the information previously furnished to the Issuer by such seller
not materially misleading.

          Each Holder of Registrable Notes and each Participating Broker-Dealer
agrees by its acquisition of such Registrable Notes or Exchange Notes to be sold
by such Participating

<PAGE>

                                      -21-

Broker-Dealer, as the case may be, that, upon actual receipt of any notice from
the Issuer (i) of the happening of any event of the kind described in Section
5(c)(ii), 5(c)(iv), 5(c)(v), or 5(c)(vi) hereof or (ii) the commencement of a
Blackout Period, such Holder will forthwith discontinue disposition of such
Registrable Notes covered by such Registration Statement or Prospectus or
Exchange Notes to be sold by such Holder or Participating Broker-Dealer, as the
case may be, (x) until such Holder's or Participating Broker-Dealer's receipt of
the copies of the supplemented or amended Prospectus contemplated by Section
5(k) hereof, or until it is advised in writing (the "Advice") by the Issuer that
the use of the applicable Prospectus may be resumed, and has received copies of
any amendments or supplements thereto or (y) in the case of the immediately
preceding clause (ii) the earlier of (A) 60 days after the commencement of such
blackout period and (B) receipt of notice from the Issuer that such Blackout
Period has ended. In the event that the Issuer shall give any such notice, each
of the Applicable Period and the Effectiveness Period shall be extended by the
number of days during such periods from and including the date of the giving of
such notice to and including the date when each seller of Registrable Notes
covered by such Registration Statement or Exchange Notes to be sold by such
Participating Broker-Dealer, as the case may be, shall have received (x) the
copies of the supplemented or amended Prospectus contemplated by Section 5(k)
hereof or the Advice or (y) in the case of clause (ii), the notice that such
Blackout Period has ended.

          6.   Registration Expenses

          All fees and expenses incident to the performance of or compliance
with this Agreement by the Issuer shall be borne by the Issuer, whether or not
the Exchange Offer Registration Statement or any Shelf Registration Statement is
filed or becomes effective or the Exchange Offer is consummated, including,
without limitation, (i) all registration and filing fees (including, without
limitation, (A) fees with respect to filings required to be made with the NASD
in connection with an underwritten offering and (B) fees and expenses of
compliance with state securities or Blue Sky laws (including, without
limitation, fees and disbursements of counsel in connection with Blue Sky
qualifications of the Registrable Notes or Exchange Notes and determination of
the eligibility of the Registrable Notes or Exchange Notes for investment under
the laws of such jurisdictions where the holders of Registrable Notes are
located, in the case of the Exchange Notes, (ii) printing expenses, including,
without limitation, expenses of printing certificates for Registrable Notes or
Exchange Notes in a form eligible for deposit with The Depository Trust Company
and of printing prospectuses if the printing of prospectuses is requested by the
managing underwriter or underwriters, if any, by the Holders of a majority in
aggregate principal amount of the Registrable Notes included in any Registration
Statement, (iii) messenger, telephone and delivery expenses, (iv) fees and
disbursements of counsel for the Issuer and, in the case of a Shelf
Registration, reasonable fees and disbursements of one special counsel for all
of the sellers of Registrable Notes (exclusive of any counsel retained pursuant
to Section 7 hereof), (v) fees and disbursements of all independent certified
public accountants referred to in Section 5(n)(iii) hereof (including,

<PAGE>

                                      -22-

without limitation, the expenses of any "comfort" letters required by or
incident to such performance), (vi) Securities Act liability insurance, if the
Issuer desires such insurance, (vii) fees and expenses of all other Persons
retained by the Issuer, (viii) internal expenses of the Issuer (including,
without limitation, all salaries and expenses of officers and employees of the
Issuer performing legal or accounting duties), (ix) the expense of any annual
audit, (x) any fees and expenses incurred in connection with the listing of the
securities to be registered on any securities exchange, and the obtaining of a
rating of the securities, in each case, if applicable, and (xi) the expenses
relating to printing, word processing and distributing all Registration
Statements, underwriting agreements, indentures and any other documents
necessary in order to comply with this Agreement; but excluding any and all fees
of counsel to the underwriters (except as set forth in clause (i)(b) above) and
underwriting discounts and commissions and transfer taxes, if any, relating to
the sale or disposition of Registrable Notes by a Holder.

          7.   Indemnification and Contribution. (a) The Issuer agrees to
indemnify and hold harmless each Holder of Registrable Notes and each
Participating Broker-Dealer selling Exchange Notes during the Applicable Period,
and each Person, if any, who controls such Person or its affiliates within the
meaning of Section 15 of the Act or Section 20 of the Exchange Act (each, a
"Participant") against any losses, claims, damages or liabilities to which any
Participant may become subject under the Act, the Exchange Act or otherwise,
insofar as any such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon:

                     (i)   any untrue statement or alleged untrue statement made
                           by any Issuer contained in any application or any
                           other document or any amendment or supplement thereto
                           executed by any Issuer based upon written information
                           furnished by or on behalf of any Issuer filed in any
                           jurisdiction in order to qualify the Notes under the
                           securities or "Blue Sky" laws thereof or filed with
                           the SEC or any securities association or securities
                           exchange (each, an "Application");

                     (ii)  any untrue statement or alleged untrue statement
                           of any material fact contained in any Registration
                           Statement (or any amendment thereto) or Prospectus
                           (as amended or supplemented if the Issuer has
                           furnished any amendments or supplements thereto) or
                           any preliminary prospectus; or

                     (iii) the omission or alleged omission to state, in any
                           Registration Statement (or any amendment thereto) or
                           Prospectus

<PAGE>

                                      -23-

                           (as amended or supplemented if the Issuer has
                           furnished any amendments or supplements thereto) or
                           any preliminary prospectus or any Application or any
                           other document or any amendment or supplement
                           thereto, a material fact required to be stated
                           therein or necessary to make the statements therein
                           not misleading;

and will reimburse, as incurred, the Participant for any legal or other expenses
incurred by the Participant in connection with investigating, defending against
or appearing as a third-party witness in connection with any such loss, claim,
damage, liability or action; provided, however, the Issuer will not be liable in
any such case to the extent that any such loss, claim, damage, or liability
arises out of or is based upon any untrue statement or alleged untrue statement
or omission or alleged omission made in any Registration Statement (or any
amendment thereto) or Prospectus (as amended or supplemented if the Issuer has
furnished any amendments or supplements thereto) or any preliminary prospectus
or Application or any amendment or supplement thereto in reliance upon and in
conformity with information relating to any Participant furnished to the Issuer
by such Participant specifically for use therein and provided, further, that
with respect to any untrue statement or omission or alleged untrue statement or
omission made in prospectus, or any amendment or supplement thereto, or any
preliminary prospectus relating to a Shelf Registration Statement, the indemnity
contained in this Section 7 shall not inure to the benefit of any Participant
from whom the Person asserting any such loss, claim, damage or liability
purchased the Notes concerned to the extent that a prospectus relating to such
Notes was required to be delivered to such Person, and there was not given or
sent to such Person, at or prior to the written confirmation of the sale of such
Notes to such Person, a copy of the final prospectus (in the case of any such
preliminary prospectus) or a prospectus supplement (in any other case) if the
Company had previously furnished copies thereof to such Participant, and such
untrue statement or omission or alleged untrue statement or omission was
corrected in such final prospectus or prospectus amendment or supplement. The
indemnity provided for in this Section 7 will be in addition to any liability
that the Issuer may otherwise have to the indemnified parties. The Issuer shall
not be liable under this Section 7 for any settlement of any claim or action
effected without its prior written consent, which shall not be unreasonably
withheld.

               b) Each Participant, severally and not jointly, agrees to
     indemnify and hold harmless the Issuer, its directors, its officers, its
     employees and each person, if any, who controls the Issuer within the
     meaning of Section 15 of the Act or Section 20 of the Exchange Act (and any
     director, officer or employee of any such controlling Person) against any
     losses, claims, damages or liabilities to which the Issuer or any such
     director, officer, employee or controlling Person may become subject under
     the Act, the Exchange Act or otherwise, insofar as such losses, claims,
     damages or liabilities (or actions in respect thereof) arise out

<PAGE>

                                      -24-

     of or are based upon (i) any untrue statement or alleged untrue statement
     of any material fact contained in any Registration Statement or Prospectus,
     any amendment or supplement thereto, or any preliminary prospectus, or (ii)
     the omission or the alleged omission to state therein a material fact
     necessary to make the statements therein not misleading, in each case to
     the extent, but only to the extent, that such untrue statement or alleged
     untrue statement or omission or alleged omission was made in reliance upon
     and in conformity with written information concerning such Participant,
     furnished to the Issuer by or on behalf of such Participant, specifically
     for use therein; and subject to the limitation set forth immediately
     preceding this clause, will reimburse, as incurred, any legal or other
     expenses incurred by the Issuer or any such director, officer, employee or
     controlling (and any director, officer or employee of any such controlling
     Person) person in connection with investigating or defending against or
     appearing as a third party witness in connection with any such loss, claim,
     damage, liability or action in respect thereof. The indemnity provided for
     in this Section 7 will be in addition to any liability that the
     Participants may otherwise have to the indemnified parties. The
     Participants shall not be liable under this Section 7 for any settlement of
     any claim or action effected without their consent, which shall not be
     unreasonably withheld. The Issuer shall not, without the prior written
     consent of such Participant, effect any settlement or compromise of any
     pending or threatened proceeding in respect of which any Participant is or
     could have been a party, or indemnity could have been sought hereunder by
     any Participant, unless such settlement (A) includes an unconditional
     written release of the Participants, in form and substance reasonably
     satisfactory to the Participants, from all liability on claims that are the
     subject matter of such proceeding and (B) does not include any statement as
     to an admission of fault, culpability or failure to act by or on behalf of
     any Participant.

               c) Promptly after receipt by an indemnified party under this
     Section 7 of notice of the commencement of any action for which such
     indemnified party is entitled to indemnification under this Section 7, such
     indemnified party will, if a claim in respect thereof is to be made against
     the indemnifying party under this Section 7, notify the indemnifying party
     of the commencement thereof in writing; but the omission to so notify the
     indemnifying party (i) will not relieve it from any liability under
     paragraph (a) or (b) above unless and to the extent that it has been
     materially prejudiced (through the forfeiture of substantive rights and
     defenses) and (ii) will not, in any event, relieve the indemnifying party
     from any obligations to any indemnified party other than the
     indemnification obligation provided in paragraphs (a) and (b) above. In
     case any such action is brought against any indemnified party, and it
     notifies the indemnifying party of the commencement thereof, the
     indemnifying party will be entitled to participate

<PAGE>

                                      -25-

     therein and, to the extent that it may wish, jointly with any other
     indemnifying party similarly notified, to assume the defense thereof, with
     counsel reasonably satisfactory to such indemnified party; provided,
     however, that if (i) the use of counsel chosen by the indemnifying party to
     represent the indemnified party would present such counsel with a conflict
     of interest, (ii) the defendants in any such action include both the
     indemnified party and the indemnifying party and the indemnified party
     shall have been advised by counsel that there may be one or more legal
     defenses available to it and/or other indemnified parties that are
     different from or additional to those available to the indemnifying party,
     or (iii) the indemnifying party shall not have employed counsel reasonably
     satisfactory to the indemnified party to represent the indemnified party
     within a reasonable time after receipt by the indemnifying party of notice
     of the institution of such action, then, in each such case, the
     indemnifying party shall not have the right to direct the defense of such
     action on behalf of such indemnified party or parties and such indemnified
     party or parties shall have the right to select separate counsel to defend
     such action on behalf of such indemnified party or parties. After notice
     from the indemnifying party to such indemnified party of its election so to
     assume the defense thereof and approval by such indemnified party of
     counsel appointed to defend such action, the indemnifying party will not be
     liable to such indemnified party under this Section 7 for any legal or
     other expenses, other than reasonable costs of investigation, subsequently
     incurred by such indemnified party in connection with the defense thereof,
     unless (i) the indemnified party shall have employed separate counsel in
     accordance with the proviso to the immediately preceding sentence (it being
     understood, however, that in connection with such action the indemnifying
     party shall not be liable for the expenses of more than one separate
     counsel (in addition to local counsel) in any one action or separate but
     substantially similar actions in the same jurisdiction arising out of the
     same general allegations or circumstances, designated by Participants who
     sold a majority in interest of the Registrable Notes and Exchange Notes
     sold by all such Participants in the case of paragraph (a) of this Section
     7 or the Issuer in the case of paragraph (b) of this Section 7,
     representing the indemnified parties under such paragraph (a) or paragraph
     (b), as the case may be, who are parties to such action or actions) or (ii)
     the indemnifying party has authorized in writing the employment of counsel
     for the indemnified party at the expense of the indemnifying party. All
     fees and expenses reimbursed pursuant to this paragraph (c) shall be
     reimbursed as they are incurred. After such notice from the indemnifying
     party to such indemnified party, the indemnifying party will not be liable
     for the costs and expenses of any settlement of such action effected by
     such indemnified party without the prior written consent of the
     indemnifying party (which consent shall not be unreasonably withheld),
     unless such indemnified party waived in writing its rights under this

<PAGE>

                                      -26-

     Section 7, in which case the indemnified party may effect such a settlement
     without such consent.

               d) In circumstances in which the indemnity agreement provided for
     in the preceding paragraphs of this Section 7 is unavailable to, or
     insufficient to hold harmless, an indemnified party in respect of any
     losses, claims, damages or liabilities (or actions in respect thereof),
     each indemnifying party, in order to provide for just and equitable
     contribution, shall contribute to the amount paid or payable by such
     indemnified party as a result of such losses, claims, damages or
     liabilities (or actions in respect thereof) in such proportion as is
     appropriate to reflect (i) the relative benefits received by the
     indemnifying party or parties on the one hand and the indemnified party on
     the other from the offering of the Notes or (ii) if the allocation provided
     by the foregoing clause (i) is not permitted by applicable law, not only
     such relative benefits but also the relative fault of the indemnifying
     party or parties on the one hand and the indemnified party on the other in
     connection with the statements or omissions or alleged statements or
     omissions that resulted in such losses, claims, damages or liabilities (or
     actions in respect thereof). The relative fault of the parties shall be
     determined by reference to, among other things, whether the untrue or
     alleged untrue statement of a material fact or the omission or alleged
     omission to state a material fact relates to information supplied by the
     Issuer on the one hand, or the Participants on the other, the parties'
     relative intent, knowledge, access to information and opportunity to
     correct or prevent such statement or omission or alleged statement or
     omission, and any other equitable considerations appropriate in the
     circumstances. The parties agree that it would not be equitable if the
     amount of such contribution were determined by pro rata or per capita
     allocation or by any other method of allocation that does not take into
     account the equitable considerations referred to in the first sentence of
     this paragraph (d). Notwithstanding any other provision of this paragraph
     (d), no Participant shall be obligated to make contributions hereunder that
     in the aggregate exceed the price at which such Participant sold its with
     the sale of the Notes, less the aggregate amount of any damages that such
     Participant has otherwise been required to pay by reason of the untrue or
     alleged untrue statements or the omissions or alleged omissions to state a
     material fact, and no person guilty of fraudulent misrepresentation (within
     the meaning of Section 11(f) of the Act) shall be entitled to contribution
     from any person who was not guilty of such fraudulent misrepresentation.
     For purposes of this paragraph (d), each person, if any, who controls a
     Participant within the meaning of Section 15 of the Act or Section 20 of
     the Exchange Act shall have the same rights to contribution as the
     Participants, and each director of any Issuer, each officer or employee of
     any Issuer and each person, if any, who controls any Issuer within the
     meaning of Section 15 of the Act or Section 20 of the Exchange Act (and any
     director, officer or

<PAGE>

                                      -27-

     employee of such controlling Person) shall have the same rights to
     contribution as the Issuer. The Participants' obligation to contribute
     pursuant to this Section is several and not joint.

          8.   Rules 144 and 144A

          The Issuer covenants and agrees that it will use its reasonable best
efforts to file the reports required to be filed by it under the Securities Act
and the Exchange Act and the rules and regulations adopted by the SEC thereunder
in a timely manner in accordance with the requirements of the Securities Act and
the Exchange Act and will, upon the request of any Holder or beneficial owner of
Registrable Notes, make available other information so long as necessary to
permit sales pursuant to Rule 144A. The Issuer further covenants and agrees, for
so long as any Registrable Notes remain outstanding that it will use its
reasonable best efforts to take such further action as any Holder of Registrable
Notes may reasonably request, all to the extent required from time to time to
enable such holder to sell Registrable Notes without registration under the
Securities Act within the limitation of the exemptions provided by Rule 144(k)
under the Securities Act and Rule 144A.

          9.   Underwritten Registrations

          If any of the Registrable Notes covered by any Shelf Registration are
to be sold in an underwritten offering, the investment banker or investment
bankers and manager or managers that will manage the offering will be selected
by the Holders of a majority in aggregate principal amount of such Registrable
Notes included in such offering subject to the consent of the Issuer (not to be
unreasonably withheld). Such Holder shall be responsible for all underwriting
commissions and discounts in connection therewith.

          No Holder of Registrable Notes may participate in any underwritten
registration hereunder unless such Holder (a) agrees to sell such Holder's
Registrable Notes on the basis provided in any underwriting arrangements
approved by the Persons entitled hereunder to approve such arrangements and (b)
completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements and other documents required under the terms of such
underwriting arrangements.

          10.  Miscellaneous

               a) No Inconsistent Agreements. The Issuer has not, as of the date
     hereof, and the Issuer shall not, after the date of this Agreement, enter
     into any agreement with respect to any of its securities that is
     inconsistent with the rights granted to the Holders of Registrable Notes in
     this Agreement or otherwise conflicts with the provisions hereof. The
     rights granted to the Holders hereunder do not in any way conflict with and
     are not inconsistent with the rights granted to

<PAGE>

                                      -28-

     the holders of the Issuer's other issued and outstanding securities under
     any such agreements. The Issuer will not enter into any agreement with
     respect to any of its securities which will grant to any Person piggy-back
     registration rights with respect to any Registration Statement.

               b) Amendments and Waivers. The provisions of this Agreement may
     not be amended, modified or supplemented, and waivers or consents to
     departures from the provisions hereof may not be given, otherwise than with
     the prior written consent of (I) the Issuer, and (II)(A) the Holders of not
     less than a majority in aggregate principal amount of the then outstanding
     Registrable Notes and (B) in circumstances that would adversely affect the
     Participating Broker-Dealers, the Participating Broker-Dealers holding not
     less than a majority in aggregate principal amount of the Exchange Notes
     held by all Participating Broker-Dealers; provided, however, that Section 7
     and this Section 10(c) may not be amended, modified or supplemented without
     the prior written consent of each Holder and each Participating
     Broker-Dealer (including any person who was a Holder or Participating
     Broker-Dealer of Registrable Notes or Exchange Notes, as the case may be,
     disposed of pursuant to any Registration Statement) affected by any such
     amendment, modification or supplement. Notwithstanding the foregoing, a
     waiver or consent to depart from the provisions hereof with respect to a
     matter that relates exclusively to the rights of Holders of Registrable
     Notes whose securities are being sold pursuant to a Registration Statement
     and that does not directly or indirectly affect, impair, limit or
     compromise the rights of other Holders of Registrable Notes may be given by
     Holders of at least a majority in aggregate principal amount of the
     Registrable Notes being sold pursuant to such Registration Statement.

               c) Notices. All notices and other communications (including,
     without limitation, any notices or other communications to the Trustee)
     provided for or permitted hereunder shall be made in writing by
     hand-delivery, registered first-class mail, next-day air courier or
     facsimile:

                  (i)   if to a Holder of the Registrable Notes or any
                        Participating Broker-Dealer, at the most current address
                        of such Holder or Participating Broker-Dealer, as the
                        case may be, set forth on the records of the registrar
                        under the Indenture, with a copy in like manner to the
                        Initial Purchaser as follows:

<PAGE>

                                      -29-

          Deutsche Bank Securities Inc.
          31 West 52nd Street
          New York, New York  10019
          Facsimile No.:  (646) 324-7467
          Attention: Corporate Finance

          with a copy to:

          Cahill Gordon & Reindel
          80 Pine Street
          New York, New York  10005
          Facsimile No.:  (212) 269-5420
          Attention:  John A. Tripodoro , Esq.

                  (ii)  if to the Initial Purchaser, at the address specified in
                        Section 10(d)(i);

                  (iii) if to the Issuer, at the address as follows:

          BWAY Corporation
          8607 Roberts Drive, Suite 250
          Atlanta,GA 30350
          Facsimile No.:  (770) 587-0156
          Attn:  Kevin C. Kern

          with a copy to:

          Debevoise & Plimpton
          919 Third Avenue
          NY, NY  10022
          Facsimile No.:  (212) 909-6836
          Attn:  Stephen R. Hertz, Esq.

          All such notices and communications shall be deemed to have been duly
given: when delivered by hand, if personally delivered; five Business Days after
being deposited in the mail, postage prepaid, if mailed; one Business Day after
being timely delivered to a next-day air courier; and when receipt is
acknowledged by the addressee, if sent by facsimile.

          Copies of all such notices, demands or other communications shall be
concurrently delivered by the Person giving the same to the Trustee at the
address and in the manner specified in such Indenture.

<PAGE>

                                      -30-

          d) Successors and Assigns. This Agreement shall inure to the benefit
of and be binding upon the successors and assigns of each of the parties hereto,
the Holders and the Participating Broker-Dealers; provided, however, that
nothing herein shall be deemed to permit any assignment, transfer or other
disposition of Registrable Notes in violation of the terms of the Purchase
Agreement or the Indenture.

          e) Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

          f) Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

          g) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE
AND PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO
PRINCIPLES OF CONFLICTS OF LAW THAT ARE NOT MADATORILY APPLICABLE BY STATUTE AND
WOULD REQUIRE THE APPLICATION OF ANY OTHER LAW.

          h) Severability. If any term, provision, covenant or restriction of
this Agreement is held by a court of competent jurisdiction to be invalid,
illegal, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions set forth herein shall remain in full force and
effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall use their best efforts to find and employ an alternative means to
achieve the same or substantially the same result as that contemplated by such
term, provision, covenant or restriction. It is hereby stipulated and declared
to be the intention of the parties that they would have executed the remaining
terms, provisions, covenants and restrictions without including any of such that
may be hereafter declared invalid, illegal, void or unenforceable.

          i) Securities Held by the Issuer or the Issuer's Affiliates. Whenever
the consent or approval of Holders of a specified percentage of Registrable
Notes is required hereunder, Registrable Notes held by the Issuer or its
affiliates (as such term is defined in Rule 405 under the Securities Act) shall
not be counted in determining whether such consent or approval was given by the
Holders of such required percentage.

<PAGE>

                                      -31-

          j) Third-Party Beneficiaries. Holders of Registrable Notes and
Participating Broker-Dealers are intended third-party beneficiaries of this
Agreement, and this Agreement may be enforced by such Persons.

          k) Entire Agreement. This Agreement, together with the Purchase
Agreement and the Indenture, is intended by the parties as a final and exclusive
statement of the agreement and understanding of the parties hereto in respect of
the subject matter contained herein and therein and any and all prior oral or
written agreements, representations, or warranties, contracts, understandings,
correspondence, conversations and memoranda between the Holders on the one hand
and the Issuer on the other, or between or among any agents, representatives,
parents, subsidiaries, affiliates, predecessors in interest or successors in
interest with respect to the subject matter hereof and thereof are merged herein
and replaced hereby.

<PAGE>

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

                                          BWAY FINANCE CORP.

                                          By: /s/ Stanley de J. Osborne
                                              ----------------------------------
                                              Name:  Stanley de J. Osborne
                                              Title: Vice President

<PAGE>

                                      -33-

The foregoing Agreement is hereby
confirmed and accepted by the
Initial Purchaser as of the date
first above written.

DEUTSCHE BANK SECURITIES INC.

By:  DEUTSCHE BANK SECURITIES INC.

By: /s/ Carl Mayer
    ------------------------------------
    Name:  Carl Mayer
    Title: Managing Director

By: /s/ Sean C. Murphy
    ------------------------------------
    Name:  Sean C. Murphy
    Title: Vice President<PAGE>
                                                                  EXHIBIT 4.7
                                                                  Execution Copy

================================================================================

                            SECURITYHOLDERS AGREEMENT

                               BCO HOLDING COMPANY

                          Dated as of February 7, 2003

================================================================================

<PAGE>

                                Table of Contents
<TABLE>
<CAPTION>
                                                                                                      Page
                                                                                                      ----
<S>                                                                                                     <C>
1.       Restrictions on Transfer of Securities..........................................................1
         1.1     Restriction on Transfers by the Hayfords................................................1
         1.2     Restriction on Transfers by the Management Securityholders..............................1
         1.3     Restrictions on Transfers by the Outside Investor.......................................2
         1.4     Permitted Pledges.......................................................................2
         1.5     Estate Planning Transfers; Transfers to Charities.......................................2

2.       Sale by Management Securityholders to the Company ("Put Rights")................................3
         2.1     Right to Sell...........................................................................3
         2.2     Notice..................................................................................3
         2.3     Payment.................................................................................4

3.       Right of the Company to Purchase from Management Securityholders ("Call Right").................4
         3.1     Right to Purchase.......................................................................4
         3.2     Notice..................................................................................5
         3.3     Payment................................................................................ 5

4.       Purchase Price..................................................................................6
         4.1     Appraisal...............................................................................6
         4.2     Fair Market Value...................................................................... 6
         4.3     Carrying Value..........................................................................7

5.       Prohibited Purchases............................................................................7

6.       Tag-Along and Drag-Along Rights.................................................................9
         6.1     Tag-Along Rights....................................................................... 9
         6.2     Drag-Along Rights......................................................................11

7.       Involuntary Transfers..........................................................................13

8.       Election of Directors..........................................................................13

9.       Company Affiliate Transactions.................................................................16

10.      Preemptive Rights..............................................................................16

11.      Certain Charter Amendments.....................................................................17

12.      Stock Certificate Legend.......................................................................17

13.      Covenants; Representations and Warranties......................................................18
         13.1    Management Securityholders.............................................................18
         13.2    No Other Arrangements or Agreements....................................................18
</TABLE>

                                        i

<PAGE>

                                Table of Contents
                                   (continued)

<TABLE>
<CAPTION>
                                                                                                      Page
                                                                                                      ----
<S>                                                                                                     <C>
         13.3    Additional Representations and Warranties..............................................19

14.      Amendment and Modification.....................................................................19

15.      Parties........................................................................................20
         15.1    Assignment by the Company..............................................................20
         15.2    Assignment Generally...................................................................20
         15.3    Termination............................................................................20
         15.4    Agreements to Be Bound.................................................................20
         15.5    The Hayfords...........................................................................21

16.      Recapitalizations, Exchanges, etc..............................................................21

17.      No Third Party Beneficiaries...................................................................21

18.      Further Assurances.............................................................................21

19.      Governing Law..................................................................................22

20.      Invalidity of Provision........................................................................22

21.      Waiver. .......................................................................................22

22.      Notices........................................................................................22

23.      Headings.......................................................................................24

24.      Counterparts...................................................................................24

25.      Fax Signatures.................................................................................24

26.      Entire Agreement...............................................................................25

27.      Injunctive Relief..............................................................................25

28.      Defined Terms..................................................................................25
</TABLE>

                                       ii

<PAGE>

                            SECURITYHOLDERS AGREEMENT

                 SECURITYHOLDERS AGREEMENT, dated as of February 7, 2003, among
BCO Holding Company, a Delaware corporation (the "Company"), Kelso Investment
Associates VI, L.P., a Delaware limited partnership ("KIA VI"), KEP VI, LLC, a
Delaware limited liability company ("KEP VI"; and, together with KIA VI,
"Kelso"), Magnetite Asset Investors III L.L.C. (the "Outside Investor"), Warren
J. Hayford ("WJH"), Mary Lou Hayford ("MLH"; and together with WJH, the
"Hayfords"), Jean-Pierre Ergas ("JPE"), Thomas N. Eagleson, Kevin C. Kern,
Jeffrey M. O'Connell and Kenneth M. Roessler (collectively, the "Management
Securityholders"; and together with the Hayfords, the "Non-Kelso
Securityholders"). The Continuing Securityholders, together with the Outside
Investor, are hereinafter referred to as the Non-Kelso Securityholders, and the
Non-Kelso Securityholders, together with Kelso, are hereinafter referred to as
the "Securityholders". Capitalized terms used herein without definition are
defined in Section 27.

                 The parties hereto agree as follows:

                 1.      Restrictions on Transfer of Securities.

                 1.1     Restriction on Transfers by the Hayfords. No Securities
now or hereafter owned by WJH or MLH or any permitted transferee of WJH or MLH
pursuant to Section 1.5 and in compliance with Section 15.4 ("Hayford
Securities"), nor any interest therein nor any rights relating thereto, may be
Transferred, provided that, Hayford Securities may be Transferred (i) pursuant
to Section 1.4 ("Permitted Pledges"), (ii) pursuant to Section 1.5 ("Estate
Planning Transfers") or, in case of the death of either WJH or MLH, by will or
by the laws of intestate succession, to his or her executors, administrators,
testamentary trustees, legatees or beneficiaries, (iii) pursuant to Section 6.1
("Tag-Along Rights"), (iv) pursuant to Section 6.2 ("Drag-Along Rights"), (v) in
accordance with Section 7 ("Involuntary Transfers"), (vi) in connection with a
registered offering pursuant to the Registration Rights Agreement, or (vii) at
any time to any third party with the consent of Kelso, such consent not to be
unreasonably withheld.

                 1.2     Restriction on Transfers by the Management
Securityholders. No Securities now or hereafter owned by any Management
Securityholder, nor any interest therein nor any rights relating thereto, may be
Transferred, provided that, Securities held by any Management Securityholder may
be Transferred (i) pursuant to Section 1.4 ("Permitted Pledges"), (ii) pursuant
to Section 1.5 ("Estate Planning Transfers") or, in case of the death of such
Management Securityholder, by will or by the laws of intestate succession, to
his or her executors, administrators, testamentary trustees, legatees or
beneficiaries, (iii) pursuant to Section 2 ("Put Rights"), (iv) pursuant to
Section 3 ("Call Right"), (v) pursuant to Section 6.1 ("Tag-Along Rights"), (vi)
pursuant to Section 6.2

<PAGE>

("Drag-Along Rights"), (vii) in accordance with Section 7 ("Involuntary
Transfers") or (viii) in connection with a registered offering pursuant to the
Registration Rights Agreement.

                 1.3     Restrictions on Transfers by the Outside Investor. No
Securities now or hereafter owned by the Outside Investor, nor any interest
therein nor any rights relating thereto, may be Transferred, provided that,
Securities held by the Outside Investor may be Transferred (i) pursuant to
Section 6.1 ("Tag-Along Rights"), (ii) pursuant to Section 6.2 ("Drag-Along
Rights), (iii) in accordance with Section 7 ("Involuntary Transfers"), (iv) in
connection with a registered offering pursuant to the Registration Rights
Agreement or (v) at any time to any third party with the prior written consent
of Kelso in its sole discretion.

                 1.4     Permitted Pledges. A Continuing Securityholder may
pledge any or all Securities now or hereafter owned by him, or her or grant a
security interest therein to secure indebtedness of such Continuing
Securityholder owing to a bank or other financial institution, in either case
upon prior notice and provision of the pledge agreement and all other material
documentation underlying such pledge to Kelso, provided, however, that any
pledgee pursuant to this first sentence of Section 1.4 shall acquire only a
security interest in such Securities entitling such pledgee to (i) the proceeds
from any sale of such shares made in compliance with the terms of this Agreement
and (ii) any proceeds of any distribution to Securityholders on account of the
Securities in any liquidation as a result of any bankruptcy proceeding or the
winding up of affairs of the Company, and in no event shall such pledgee be
entitled to receive title to such shares or any other rights incident thereto
other than those specified above. Notwithstanding the foregoing sentence, the
Hayfords may, with Kelso's prior written consent, pledge any or all Hayford
Securities in a manner permitting the pledgee to receive title to such shares or
any other rights incident thereto. The pledge agreements or other related
financing agreements of any Continuing Securityholder, including the Hayfords,
shall be subject to and acknowledge the rights of the Company and the other
Securityholders set forth herein and, in the case of Continuing Stockholders
other than the Hayfords, shall acknowledge the restrictions imposed on the
pledgee's security interest pursuant to the first sentence of this Section 1.4.

                 1.5     Estate Planning Transfers; Transfers to Charities.
Securities held by any Continuing Securityholder may be Transferred for
estate-planning purposes of such Continuing Securityholder, to (i) a trust under
which the distribution of the Securities may be made only to beneficiaries who
are such Continuing Securityholder, his or her spouse, his or her parents,
members of his or her immediate family or his or her lineal descendants, (ii) a
charitable remainder trust, the income from which will be paid to such
Continuing Securityholder during his or her life, (iii) a corporation, the
stockholders of which are only such Continuing Securityholder, his or her
spouse, his or her parents, members of his or her immediate family or his or her
lineal descendants or (iv) a partnership

                                        2

<PAGE>

or limited liability company, the partners or members of which are only such
Continuing Securityholder, his or her spouse, his or her parents, members of his
or her immediate family or his or her lineal descendants, provided that, any
Transfers pursuant to clause (ii) above shall be subject to Kelso's prior
written consent, such consent not to be unreasonably withheld. Securities held
by any Continuing Securityholder may be Transferred to any charitable
institution or organization, subject to Kelso's prior written consent, such
consent not to be unreasonably withheld.

                 2.      Sale by Management Securityholders to the Company ("Put
Rights").

                 2.1     Right to Sell. Subject to all subsections of this
Section 2 and to Section 5 ("Prohibited Purchases"), each of the Management
Securityholders shall have the right to sell to the Company, and the Company
shall have the obligation to purchase from each such Management Securityholder,
all, but not less than all, of such Management Securityholder's Securities
following the termination of employment of such Management Securityholder, at
their Fair Market Value (as defined in Section 4.2(a)), if the employment of
such Management Securityholder with the Company or any subsidiary that employs
such individual (or by the Company on behalf of any such subsidiary) (a) is
terminated without Cause or (b) terminates as a result of (i) the death or
Disability of such Management Securityholder (ii) the resignation of such
Management Securityholder for Good Reason or (iii) the termination of such
Management Securityholder's employment with the Company or any Subsidiary upon
or after reaching the age of 65 ("Retirement").

                 2.2     Notice. If any Management Securityholder desires to
sell Securities pursuant to Section 2.1, he or she (or his or her estate, trust,
corporation or partnership, as the case may be) shall notify the Company (a) not
more than 180 days after a termination of employment as a result of the death or
Disability of such Management Securityholder or (b) not more than 60 days after
a termination of employment as a result of a termination without Cause, the
resignation of such Management Securityholder for Good Reason or Retirement;
provided that if the Securities desired to be sold after a termination of
employment as described in clause (b) of this Section 2.2 are shares of Common
Stock acquired at any time by such Management Securityholder pursuant to an
exercise of any stock options granted to such Management Securityholder within
six months prior to the date of termination of employment of such Management
Securityholder (including, without limitation, after the termination of
employment), then the notice required by this Section 2.2 shall be given to the
Company not earlier than six months and one day nor later than eight months
after the acquisition of such shares. Each such notice shall specify the number
of Securities such Management Securityholder owns at the time notice is given.
If the Company exercises its rights pursuant to the last sentence of Section 5
with respect to the Securities which are the subject of such notice, then the
Management

                                        3

<PAGE>

Securityholder who has delivered such notice shall be entitled to revoke such
notice, in whole or in part.

                 2.3     Payment.

                 (a)     Subject to Section 5 ("Prohibited Purchases"), payment
for any Securities sold by a Management Securityholder pursuant to Section 2.1
shall be made on the date that is 30 days (or the first business day thereafter
if the 30th day is not a business day) following the date of the receipt by the
Company of such Management Securityholder's notice with respect to such shares
pursuant to Section 2.2; provided, however, that in the event the Appraisal (as
defined in Section 4.1) is not completed by such 30th day, then within five
business days of the completion of the Appraisal.

                 (b)     Any payments based on Fair Market Value required to be
made by the Company under this Section 2.3 shall accrue simple interest at a
rate per annum of 6% from the date of termination of employment of the relevant
Management Securityholder to the date the Company has paid in full for all of
the Securities, provided that payments in respect of shares of Common Stock
acquired at any time by such Management Securityholder pursuant to an exercise
of any stock options granted to such Management Securityholder within six months
prior to the date of termination of employment of such Management Securityholder
(including, without limitation, after the termination of employment) shall bear
interest from the date such Management Securityholder provides notice pursuant
to Section 2.2. All payments of interest accrued hereunder shall be paid only at
the date of payment by the Company for the Securities being purchased.

                 3.      Right of the Company to Purchase from Management
Securityholders ("Call Right").

                 3.1     Right to Purchase. Subject to all subsections of this
Section 3 and to Section 5 ("Prohibited Purchases"), the Company shall have the
right to purchase from each Management Securityholder, and each such Management
Securityholder shall have the obligation to sell to the Company, all, but not
less than all, of such Management Securityholder's Securities:

                 (i)     at the Fair Market Value of such Securities to be
         purchased if such Management Securityholder's employment with the
         Company and any subsidiary that employs such individual is terminated
         as a result of (A) the termination by the Company and any such
         subsidiary (or by the Company on behalf of any such subsidiary) of
         such employment without Cause, (B) the death or Disability of such
         Management Securityholder, (C) the resignation of such Management
         Securityholder for Good Reason or (D) the Retirement of such Management
         Securityholder;

                                        4

<PAGE>

                 (ii)    at the lesser of the Fair Market Value and the Carrying
         Value of such Securities to be purchased if such Management
         Securityholder's employment with the Company and any subsidiary that
         employs such individual is terminated by the Company and any such
         subsidiary (or by the Company on behalf of any such subsidiary) for
         Cause; or

                 (iii)   at the Fair Market Value or the Carrying Value of such
         Securities to be purchased, in the sole discretion of the Board
         (excluding such Management Securityholder and other members of the
         board who are designees of any Management Securityholders) if such
         Management Securityholder's employment with the Company and any
         subsidiary that employs such individual is terminated by the Company or
         such Management Securityholder for any reason other than as a result of
         an event described in either subparagraph (i) or (ii) of this Section
         3.1, provided, however, that there shall be no obligation of a
         Management Securityholder to sell to the Company any Rollover
         Securities in the case of a termination of such Management
         Securityholder for any reason other than as a result of an event
         described in either subparagraph (i) or (ii) of this Section 3.1.

                 3.2     Notice. If the Company desires to purchase Securities
from a Management Securityholder pursuant to Section 3.1, it shall notify such
Management Securityholder (or his or her estate, trust, corporation or
partnership, as the case may be) not more than 60 days after the termination of
employment as a result of the event giving rise to the Company's right to
acquire such Management Securityholder's Securities; provided that, with respect
to the Company's purchase of shares of shares of Common Stock acquired at any
time by such Management Securityholder pursuant to an exercise of any stock
options granted to such Management Securityholder within six months prior to the
date of termination of employment of such Management Securityholder (including,
without limitation, after the termination of employment) in connection with any
termination other than as a result of death, Disability or for Cause, the notice
required by this Section 3.2 shall be given by the Company not earlier than six
months and one day nor later than eight months after the acquisition of any such
shares.

                 3.3     Payment.

                 (a)     Subject to Section 5 ("Prohibited Purchases"), payment
for any shares of Common Stock purchased by the Company pursuant to Section 3.1
shall be made on the date that is 30 days (or the first business day thereafter
if the 30th day is not a business day) following the date of the receipt by a
Management Securityholder of the Company's notice with respect to such shares
pursuant to Section 3.2; provided, however, that in the event the Appraisal is
not completed by such 30th day, then within five business days of the completion
of the Appraisal.

                                        5

<PAGE>

                 (b)     Any payments based on Fair Market Value required to be
made by the Company under this Section 3.3 shall accrue simple interest at a
rate per annum of 6% on the amounts not paid from the date of termination of
employment of the relevant Management Securityholder to the date the Company
makes such payments, provided that payments in respect of the Company's purchase
of shares of Common Stock acquired at any time by such Management Securityholder
pursuant to an exercise of any stock options granted to such Management
Securityholder within six months prior to the date of termination of employment
of such Management Securityholder (including, without limitation, after the
termination of employment) shall bear interest from the date such Management
Securityholder is given notice with respect to such shares pursuant to Section
3.2. All payments of interest accrued hereunder shall be paid only at the date
or dates of payment by the Company for the Securities (including Option Common
Stock) being purchased.

                 4.      Purchase Price.

                 4.1     Appraisal. The Company shall engage, from time to time
at the discretion of the Board, but not less often than within 90 days after
every fiscal year, commencing with the fiscal year ending on September 28, 2003,
an independent valuation consultant or appraiser of recognized national
standing, reasonably satisfactory to Kelso (the "Appraiser"), to appraise the
Fair Market Value of the Securities as of the last day of the calendar year then
most recently ended or, at the request of the Company, as of any more recent
date (the "Appraisal Date"), and to prepare and deliver a report to the Company
describing the results of such appraisal (the "Appraisal"). In connection with
sales by or purchases from any Management Securityholder pursuant to Sections 2
or 3 hereof, such Management Securityholders shall have the right to request an
updated Appraisal if (i) such Management Securityholder owns, on a fully-diluted
basis, Securities constituting 5% or more of the fully diluted capital stock of
the Company and (ii) the most recent Appraisal obtained by the Company pursuant
to the first sentence of this Section 4.1 is as of a date that precedes the date
of such request by such Management Securityholder by at least 180 calendar days.
The Company shall bear the fees and expenses of each Appraisal pursuant to this
Section 4.1.

                 4.2     Fair Market Value.

                 (a)     The "Fair Market Value" of any Security shall be:
(i) with respect to any share of Common Stock, (A) the fair market value of the
entire Common Stock equity interest of the Company taken as a whole, without
additional premiums for control or discounts for minority interests or
restrictions on transfer, divided by (B) the number of outstanding shares of
Common Stock, calculated on a fully-diluted basis, provided that the Appraiser
shall be entitled to determine in its reasonable judgment the extent to which
any stock options, the exercise price of which exceeds the Fair Market Value of
the underlying shares of Common Stock, should be included in the calculation

                                        6

<PAGE>

of the number of fully diluted shares of Common Stock, and (ii) with respect to
any Exchange Option, (A) the Fair Market Value of the underlying share of Common
Stock determined pursuant to clause (i) of this Section 4.2(a), less (B) the
exercise price of such Exchange Option.

                 (b)     The Fair Market Value of any Security shall be
calculated with reference to the most recent Appraisal and as of the most recent
Appraisal Date prior to the termination of the relevant Management
Securityholder's employment or the Involuntary Transfer, as the case may be,
provided that if the relevant Management Securityholder or the Company gives
notice in accordance with Section 2.2 or Section 3.2, respectively, concerning
shares of Common Stock acquired at any time by such Management Securityholder
pursuant to an exercise of any stock options granted to such Management
Securityholder within six months prior to the date of termination of employment
of such Management Securityholder (including, without limitation, after the
termination of employment), the Fair Market Value of any share of Common Stock
acquired at any time pursuant to an exercise of stock options with respect to
which such notice was given shall be calculated with reference to the most
recent Appraisal and as of the most recent Appraisal Date prior to the date of
such notice (or as of the first Appraisal and the first Appraisal Date in the
event that such termination or Involuntary Transfer occurs prior to September
28, 2003).

                 4.3     Carrying Value. For the purposes of this Agreement, the
"Carrying Value" of: (a) any share of Common Stock being purchased by the
Company shall be equal to the price paid by the selling Continuing
Securityholder for any such share, less the amount of dividends and
distributions paid in respect of such share; provided that the price of any
share of Common Stock which was either acquired by MLH pursuant to her Exchange
Agreement with the Company or acquired by another Continuing Securityholder
pursuant to the exercise of Exchange Options shall be equal to $10.00, less the
amount of dividends and distributions paid in respect of such share, and (b) any
Exchange Option being purchased by the Company shall be equal to the excess of
$10.00 over the exercise price for such Exchange Option.

                 5.      Prohibited Purchases. Notwithstanding anything to the
contrary herein, the Company shall not be obligated to purchase any Securities
from a Management Securityholder hereunder to the extent (a) the Company is
prohibited from purchasing such Securities by applicable law or by any debt
instruments or agreements, including any amendment, renewal, extension,
substitution, refinancing, replacement or other modification thereof, which have
been entered into or which may be entered into by the Company or any of its
subsidiaries, including those to finance the acquisition of the Company on the
date hereof, and any future acquisitions by the Company or recapitalizations of
the Company (the "Financing Documents"), (b) an event of default has occurred
(or, with notice or the lapse of time or both, would occur) under any Financing
Document and is (or would be) continuing, (c) the purchase of such Securities

                                        7

<PAGE>

would, or in the view of the Board (excluding such Management Securityholder and
other members of the Board who are designees of any Continuing Securityholder),
would reasonably be likely to result in the occurrence of an event of default
under any Financing Document or create a condition which would reasonably be
likely to, with notice or lapse of time or both, result in such an event of
default or (d) the purchase of such Securities would, in the reasonable view of
the Board (excluding such Management Securityholder and other members of the
Board who are designees of any Continuing Securityholder), be materially
detrimental to the Company in view of the financial condition (present or
projected) of the Company or any of its subsidiaries or the anticipated impact
of the purchase of such Securities on the Company's or any of its subsidiaries'
ability to meet their respective obligations under any Financing Document or
otherwise. If Securities which the Company has the right or obligation to
purchase on any date exceed the total amount permitted to be purchased on such
date pursuant to the preceding sentence (the "Maximum Amount"), the Company
shall purchase on such date only those Securities up to the Maximum Amount (if
any) (and shall not be required to purchase more than the Maximum Amount) in
such amounts as the Board shall in good faith determine, applying the following
order of priority:

                 (a)     First, the Securities of all Management Securityholders
whose Securities are being purchased by the Company by reason of termination of
employment due to death or Disability and, to the extent that the number of
Securities that the Company is obligated to purchase from such Management
Securityholders (but for this Section 5) exceeds the Maximum Amount, such
Securities pro rata among such Management Securityholders on the basis of the
total number of Securities held by each of such Management Securityholders that
the Company is obligated or has the right to purchase, and,

                 (b)     Second, to the extent that the Maximum Amount is in
excess of the amount the Company purchases pursuant to clause (a) above, the
Securities of all Management Securityholders whose Securities are being
purchased by the Company by reason of termination of employment without Cause or
due to Retirement or resignation for Good Reason up to the Maximum Amount (as
reduced by shares described in clause (a) to be purchased) and, to the extent
that the number of Securities that the Company is obligated to purchase from
such Management Securityholders (but for this Section 5) exceeds the Maximum
Amount (as reduced by shares described in clause (a) to be purchased), such
Securities pro rata among such Management Securityholders on the basis of the
total number of Securities held by each of such Management Securityholders that
the Company is obligated or has the right to purchase, and

                 (c)     Third, to the extent the Maximum Amount is in excess of
the amounts the Company purchases pursuant to clauses (a) and (b) above, the
shares of Common Stock of all other Management Securityholders whose Securities
are being purchased by the Company up to the Maximum Amount (as reduced by
shares described

                                        8

<PAGE>

in clauses (a) and (b) to be purchased) and, to the extent that the number of
Securities that the Company is obligated to purchase from such Management
Securityholders (but for this Section 5) exceeds the Maximum Amount (as reduced
by shares described in clauses (a) and (b) to be purchased), the Securities of
such Management Securityholders in such order of priority and in such amounts as
the Board (excluding such Management Securityholders and other members of the
Board who are designees of any Continuing Securityholder) in its sole discretion
shall in good faith determine to be appropriate under the circumstances.

                 Notwithstanding anything to the contrary contained in this
Agreement, if the Company is unable to make any payment when due to any
Management Securityholder under this Agreement by reason of this Section 5, the
Company shall have the option to either (i) make such payment at the earliest
practicable date permitted under this Section 5 and any such payment shall
accrue simple interest (or if such payment is accruing interest at such time,
shall continue to accrue interest) at a rate per annum of 6% from the date such
payment is due and owing to the date such payment is made or (ii) pay the
purchase price for such Securities with a subordinated note bearing interest at
a rate of 6% per annum which is fully subordinated in right of payment and
exercise of remedies to the lenders' rights under the Financing Documents,
provided, that such subordinated note shall be paid off at the earliest
practicable date permitted under this Section 5.

                 6.      Tag-Along and Drag-Along Rights.

                 6.1     Tag-Along Rights.

                 (a)     In the event that at any time Kelso proposes to sell
shares of Common Stock owned by it to any person or entity (a "Proposed
Purchaser"), other than any Transfer (i) pursuant to a Registration or Rule 144
or (ii) to an Affiliate, and the shares proposed to be sold, together with all
shares of Common Stock previously sold by Kelso, would represent more than 15%
of the aggregate number of shares of Common Stock owned by Kelso immediately
after the Closing, then Kelso will promptly provide each Non-Kelso
Securityholder written notice (a "Sale Notice") of such proposed sale (a
"Proposed Sale") and the material terms of the Proposed Sale as of the date of
Sale Notice (the "Material Terms"), including the aggregate number of shares of
Common Stock the Proposed Purchaser is willing to purchase. If within 30 days of
the receipt of the Sale Notice, Kelso receives a written request (a "Sale
Request") to include shares of Common Stock (i) held by one or more Non-Kelso
Securityholders or (ii) to be acquired pursuant to the exercise of either
Exchange Options or options (to the extent exercisable) granted to a Management
Securityholder under the Stock Incentive Plan in the Proposed Sale, the Common
Stock held or to be acquired by such Non-Kelso Securityholders shall be so
included as provided therein; provided, however, that any Sale Request shall be
irrevocable unless (x) there shall be a material adverse change in the Material
Terms or

                                        9

<PAGE>

(y) otherwise mutually agreed to in writing by such Non-Kelso Securityholders
and Kelso.

                 (b)     The number of shares of Common Stock that any Non-Kelso
Securityholder will be permitted to include in a Proposed Sale on a pro rata
basis pursuant to a Sale Request is equal to the product of (i)(A) the number of
shares of Common Stock held by such Non-Kelso Stockholder divided by (B) the
number of shares held by all Securityholders participating in such Proposed Sale
and (ii) the aggregate number of shares of Common Stock proposed to be sold in
such Proposed Sale.

                 (c)     Shares of Common Stock subject to a Sale Request
(including any shares of Common Stock acquired pursuant to the exercise of
Exchange Options that are subject to such Sale Request) will be included in a
Proposed Sale pursuant hereto and to any agreement with the Proposed Purchaser
relating thereto, on the same terms and subject to the same conditions
applicable to the shares of Common Stock which Kelso proposes to sell in the
Proposed Sale. Such terms and conditions shall include, without limitation, (i)
the sale consideration (which shall be reduced by the fees and expenses incurred
by Kelso and the Company in connection with the Proposed Sale), and (ii) the
provision of information, representations, warranties, covenants and requisite
indemnifications; provided, however, that (x) any representations and warranties
relating specifically to any Securityholder shall only be made by that
Securityholder and shall only be with respect to title, ownership, capacity to
engage in the sale or similar matters; (y) any indemnification provided by the
Securityholders shall be based on the number of shares of Common Stock being
sold by each Securityholder in the Proposed Sale (including any shares of Common
Stock acquired pursuant to the exercise of options) , either on a several, not
joint, basis or solely with recourse to an escrow established for the benefit of
the Proposed Purchaser (the Securityholders' contributions to such escrow to be
on a pro-rata basis in accordance with the number of shares of Common Stock
(including shares acquired pursuant to the exercise of options) being sold by
each Securityholder in such Proposed Sale), it being understood and agreed that
any such indemnification obligation of a Securityholder shall in no event exceed
the net proceeds of such Securityholder from such Proposed Sale, and (z) that
the form of consideration to be received by Kelso or any of its Affiliates in
connection with the Proposed Sale may be different from that received by the
Non-Kelso Securityholders so long as the per share value of the consideration to
be received by Kelso is the same or less than that to be received by the
Non-Kelso Securityholders (as reasonably determined by the Board of Directors of
the Company in good faith).

                 (d)     Upon delivering a Sale Request, each Non-Kelso
Securityholder will, if requested by Kelso, execute and deliver a custody
agreement and power of attorney in form and substance satisfactory to Kelso (a
"Custody Agreement and Power of Attorney") with respect to the shares of the
Common Stock which are to be included in the Proposed Sale pursuant to this
Section 6.1. The Custody Agreement and Power of

                                       10

<PAGE>

Attorney will provide that, subject to the inclusion of the terms and conditions
set forth in Section 6.1(c) in an agreement regarding the Proposed Sale, each
such Non-Kelso Securityholder will deliver to and deposit in custody with Kelso,
named as the custodian and attorney-in-fact therein, a certificate or
certificates representing such shares of Common Stock (duly endorsed in blank by
the registered owner or owners thereof or accompanied by duly executed stock
powers in blank) and irrevocably appoint Kelso as such Non-Kelso
Securityholder's agent and attorney-in-fact with full power and authority to act
under a custody agreement and power of attorney on behalf of such Non-Kelso
Securityholder with respect to the matters specified therein. Notwithstanding
anything to the contrary in this Section 6.1(d), each Non-Kelso Stockholder
shall have the right to review the agreement and other documentation relating to
such Proposed Sale.

                 (e)     Each Non-Kelso Securityholder agrees that he or she
will execute such other agreements as Kelso may reasonably request in connection
with the consummation of a Proposed Sale and Sale Request and the transactions
contemplated thereby, including, without limitation, any purchase,
recapitalization or merger agreement, escrow agreement or other ancillary
agreements, proxies, written consents in lieu of meetings or waivers of
appraisal rights.

                 (f)     Each Non-Kelso Securityholder wishing to include shares
of Common Stock that are acquirable pursuant to the exercise of Exchange Options
in a Proposed Sale must include with such Non-Kelso Stockholder's Sale Request
an irrevocable commitment to exercise such Exchange Options, subject only to
closing of such Proposed Sale.

                 6.2     Drag-Along Rights.

                 (a)     In the event that any time Kelso proposes to sell for
cash shares of Common Stock owned by it to any Proposed Purchaser other than any
Transfer (i) pursuant to a Registration or Rule 144, or (ii) to an Affiliate,
and the shares proposed to be sold, together with all shares of Common Stock
previously sold by Kelso would represent more than 85% of the aggregate number
of shares of Common Stock owned by Kelso immediately after the Closing, then
Kelso may provide each Non-Kelso Securityholder written notice (a "Drag-Along
Notice") of such Proposed Sale and the Material Terms thereof not less than 25
business days prior to the proposed closing date of the Proposed Sale and each
such Non-Kelso Securityholder hereby agrees to sell to such Proposed Purchaser
that number of shares of Common Stock equal to the product of (i) the number of
shares of Common Stock then held or acquirable pursuant to the exercise of
Exchange Options by such Non-Kelso Securityholder or of options (to the extent
exercisable) granted to a Management Securityholder under the Stock Incentive
Plan multiplied by (ii) the aggregate percentage of the Common Stock held by
Kelso and its Affiliates that is represented by the Common Stock that Kelso and
its Affiliates propose to sell in the Proposed Sale.

                                       11

<PAGE>

                 (b)     Shares of Common Stock subject to a Drag-Along Notice
(including any shares of Common Stock acquired pursuant to the exercise of
options that are subject to such Drag-Along Notice) will be included in the
Proposed Sale pursuant hereto and to any agreement with the Proposed Purchaser
relating thereto, on the same terms and subject to the same conditions
applicable to the shares of Common Stock which Kelso and its Affiliates propose
to sell in the Proposed Sale. Such terms and conditions shall include, without
limitation, (i) the sale consideration (which shall be reduced by the fees and
expenses incurred by Kelso and the Company in connection with the Proposed Sale)
and (ii) the provision of information, representations, warranties, covenants
and requisite indemnifications, provided, however, that (x) any representations
and warranties relating specifically to any Securityholder shall only be made by
that Securityholder and shall only be with respect to title, ownership, capacity
to engage in the sale or similar matters; (y) any indemnification provided by
the Securityholders shall be based on the number of shares of Common Stock being
sold by each Securityholder in the Proposed Sale either on a several, not joint,
basis or solely with recourse to an escrow established for the benefit of the
Proposed Purchaser (the Securityholders' contributions to such escrow to be on a
pro-rata basis in accordance with the number of shares of Common Stock
(including shares acquired pursuant to the exercise of options) being sold by
each Securityholder in such Proposed Sale), it being understood and agreed that
any such indemnification obligation of a Securityholder shall in no event exceed
the net proceeds of such Securityholder from such Proposed Sale and (z) the form
of consideration to be received by Kelso or any of its Affiliates in connection
with the Proposed Sale may be different from that received by the Non-Kelso
Securityholders (including, but not limited to, non-cash consideration) so long
as the per share value of the consideration to be received by Kelso or any of
its Affiliates is the same or less than that to be received by the Non-Kelso
Securityholders (as reasonably determined by the Board of Directors of the
Company in good faith) and the Non-Kelso Securityholders receive cash. No
Non-Kelso Securityholders shall exercise any dissenter's rights with respect to
the consummation of any such Proposed Sale pursuant to this Section 6.2.

                 (c)     Each Non-Kelso Securityholder will, if requested by
Kelso, execute and deliver a Custody Agreement and Power of Attorney in form and
substance satisfactory to Kelso with respect to the shares of Common Stock which
are to be included in the Proposed Sale pursuant to this Section 6.2. The
Custody Agreement and Power of Attorney will provide that, subject to the
inclusion of the terms and conditions set forth in Section 6.2(b) in an
agreement regarding the Proposed Sale, each such Non-Kelso Securityholder will
deliver to and deposit in custody with Kelso, named as the custodian and
attorney-in-fact therein, a certificate or certificates representing such shares
of Common Stock (duly endorsed in blank by the registered owner or owners
thereof or accompanied by duly endorsed stock powers in blank) and irrevocably
appoint Kelso as such Non-Kelso Securityholder's agent and attorney-in-fact with
full power and attorney to act under a custody agreement and power of attorney
on behalf of such Non-Kelso Securityholder with respect to the matters specified
therein. Notwithstanding anything to

                                       12

<PAGE>

the contrary in this Section 6.2(c), each Non-Kelso Stockholder shall have the
right to review the agreement and other documentation relating to such Proposed
Sale.

                 (d)     Each Non-Kelso Securityholder agrees that he or she
will execute such other agreements as Kelso may reasonably request in connection
with the consummation of a Proposed Sale and Drag-Along Notice and the
transactions contemplated thereby, including, without limitation, any purchase,
merger or recapitalization agreement, escrow agreement or other ancillary
agreements, proxies, written consents in lieu of meetings or waivers of
appraisal rights.

                 (e)     Each Non-Kelso Securityholder holding shares of Common
Stock that are acquirable pursuant to the exercise of Exchange Options and that
are to be included in a Proposed Sale pursuant to a Drag-Along Notice agrees to
provide to Kelso, upon delivery of the Drag-Along Notice, an irrevocable
commitment to exercise such Exchange Options, subject only to closing of such
Proposed Sale.

                 7.      Involuntary Transfers. Any transfer of title or
beneficial ownership of Securities upon default, foreclosure, forfeit, divorce,
court order or otherwise than by a voluntary decision on the part of a
Securityholder (each, an "Involuntary Transfer") shall be void unless the
Securityholder complies with this Section 7 and enables the Company to exercise
in full its rights hereunder. Upon any Involuntary Transfer, the Company shall
have the right to purchase such Securities pursuant to this Section 7 and the
person or entity to whom such Securities have been Transferred (the "Involuntary
Transferee") shall have the obligation to sell such Securities in accordance
with this Section 7. Upon the Involuntary Transfer of any Securities, such
Securityholder shall promptly (but in no event later than two days after such
Involuntary Transfer) furnish written notice (the "Notice") to the Company
indicating that the Involuntary Transfer has occurred, specifying the name of
the Involuntary Transferee, giving a detailed description of the circumstances
giving rise to, and stating the legal basis for, the Involuntary Transfer. Upon
the receipt of the Notice, and for 60 days thereafter, the Company shall have
the right to purchase, and the Involuntary Transferee shall have the obligation
to sell, all (but not less than all) of the Securities acquired by the
Involuntary Transferee for a purchase price equal to the lesser of (i) the Fair
Market Value of such Securities and (ii) the Carrying Value of such Securities;
provided that the excess, if any, of the purchase price so determined over the
amount of the indebtedness or other liability that gave rise to the Involuntary
Transfer shall be paid directly to the Securityholder and not to the Involuntary
Transferee.

                 8.      Election of Directors.

                 (a)     Each Securityholder shall vote all of its shares of
Common Stock and any other voting securities of the Company over which such
Securityholder has voting control and shall take all other necessary or
desirable actions within such Securityholder's

                                       13

<PAGE>

control (whether in such Securityholder's capacity as a stockholder, director,
member of a board committee or officer of the Company or otherwise, and
including, without limitation, attendance at meetings in person or by proxy for
purposes of obtaining a quorum, execution of written consents in lieu of
meetings and approval of amendments and/or restatements of the Company's
certificate of incorporation or by-laws), and the Company shall take all
necessary and desirable actions within its control (including, without
limitation, calling special board, stockholder meetings and approval of
amendments and/or restatements of the Company's certificate of incorporation or
by-laws), so that:

                 (i)     the authorized number of directors on the Board shall
         be established by Kelso;

                 (ii)    WJH, or a Hayford Family Member, or, with the consent
         of Kelso, such consent not to be unreasonably withheld, a non-Hayford
         Family Member (each of these persons, an "Eligible Hayford Director"),
         which will be designated by the Hayfords, shall be elected to the
         Board; provided that, if the authorized number of directors on the
         Board is eleven or more, two Eligible Hayford Directors, which will be
         designated by the Hayfords, shall be elected to the Board;

                 (iii)   for so long as JPE continues to serve as Chief
         Executive Officer or Chairman of BWAY Corporation, JPE shall be elected
         to the Board, and, if JPE becomes unable to serve as Chief Executive
         Officer and Chairman of BWAY Corporation, an Ergas Family Member or,
         with Kelso's consent, such consent not to be unreasonably withheld, a
         non-Ergas Family Member (each of these persons, an "Eligible Ergas
         Director"), in either case, as designated by JPE, or, in the event of
         his death or incapacity, by a majority in interest of the Ergas Family
         Members shall be elected to the Board; provided that such Eligible
         Ergas Director shall be removed from the Board upon the Transfer of any
         Securities now or hereafter owned by any Ergas Family Member;

                 (iv)    the remainder of the directors, which will be
         designated by Kelso, shall be elected to the Board;

                 (v)     the removal from the Board (with or without cause) of
         any representative designated pursuant hereto by Kelso or the Hayfords
         shall be at the written request of Kelso or the Hayfords, respectively,
         but only upon such written request and under no other circumstances;

                 (vi)    in the event that any representative designated
         pursuant hereto by Kelso or the Hayfords for any reason ceases to serve
         as a member of the Board during his or her term of office, the
         resulting vacancy on the Board shall be filled by a representative
         designated by Kelso or the Hayfords, as the case may be; and

                                       14

<PAGE>

                 (vii)   the Compensation Committee of the Board shall be
         comprised of JPE, for so long as he is Chief Executive Officer of BWAY
         Corporation, and two Kelso directors.

                 (b)     If either Kelso or the Hayfords fail to designate a
representative to fill a directorship pursuant to the terms of this Section 8,
the election of a person to such directorship shall be accomplished in
accordance with the Company's by-laws and applicable law.

                 (c)     WJH or a designated Hayford Family Member who is a
member of the Board shall receive an annual director's fee of $100,000, for so
long as WJH or a Hayford Family Member is a member of the Board; provided that
in no event shall the Company be required to pay more than $100,000 for any
one-year period pursuant to this Section 8(c).

                 (d)     Any non-Hayford Family Member designated pursuant to
clause (ii) of Section 8(a) shall be entitled to receive the same director's fee
being paid to other outside directors of the Board.

                 (e)     The Company shall reimburse each director in accordance
with the Company's policies for the reasonable out-of-pocket expenses incurred
by him or her in connection with his or her attendance at Board meetings.

                 (f)     In order to secure each Non-Kelso Securityholder's
obligation to vote its shares of Common Stock and other voting securities of the
Company in accordance with the provisions of Section 8 hereof, each Non-Kelso
Securityholder hereby appoints Kelso as its true and lawful proxy and
attorney-in-fact, with full power of substitution, to vote all of such Non-Kelso
Securityholder's shares of Common Stock and other voting securities of the
Company for the election and removal of directors and all such other matters as
expressly provided for in this Section 8. Kelso may exercise the irrevocable
proxy granted to it hereunder at any time any Non-Kelso Securityholder fails to
comply with the provisions of this Section 8. The proxies and powers granted by
each Non-Kelso Securityholder pursuant to this paragraph (e) are coupled with an
interest and are given to secure the performance of the obligations under this
Agreement. Such proxies and powers will be irrevocable until the termination of
this Agreement and will survive the death, incompetency and disability of each
Non-Kelso Securityholder and the holders of each of his or her respective shares
of Common Stock. It is understood and agreed that Kelso will not use such
irrevocable proxy unless the Non-Kelso Securityholder fails to comply with this
Section 8 and that, to the extent Kelso uses such irrevocable proxy, it will
only vote such shares of Common Stock and other voting securities with respect
to the matters specified in, and in accordance with the provisions of, this
Section 8.

                                       15

<PAGE>

                 9.      Company Affiliate Transactions.  The Company will not
engage in a Company Affiliate Transaction unless:

                 (a)     WJH consents to such transaction; or

                 (b)     in the event that WJH is no longer a member of the
Board, if a Hayford Family Member who is a member of the Board consents to such
transaction; or

                 (c)     in the event that neither WJH nor a Hayford Family
Member is a member of the Board, the disinterested members of the Board consent
to such transaction;

provided that this Section 9 shall not apply to any transactions contemplated by
this Agreement, the Merger Agreement, the Registration Rights Agreement or the
Financial Advisory Agreement, dated as of the date hereof, by and between Kelso
and the Company, including, without limitation, the Company's payment of any
fees to Kelso pursuant thereto, and provided, further, that this Section 9 shall
apply to any transactions contemplated by any amendments to any of the
agreements referenced in the foregoing proviso.

                 10.     Preemptive Rights. In the event that the Company
proposes a New Issue, each of the Continuing Securityholders (provided that in
the case of any Continuing Securityholder other than the Hayfords and JPE, such
Continuing Securityholder is employed by the Company at such time; each such
Continuing Securityholder, a "Preemptive Rights Holder") shall have the right,
exercisable for a 20-day period after the Company has given notice to such
Preemptive Rights Holder of such proposed New Issue, to purchase, on the same
terms and conditions as those of the proposed New Issue (including, without
limitation, as to price) a proportion of such shares of the New Issue equal to
such Preemptive Rights Holder's percentage ownership on a fully-diluted basis of
Securities, using the treasury method, as of a record date to be set by the
Board not more than 30 days prior to the date of such New Issue. Such notice
shall state the number of shares of the New Issue to be offered to each
Preemptive Rights Holder, the aggregate consideration to be paid for such shares
by each Preemptive Rights Holder and the proposed date, time and location of the
closing of such purchase (which shall not be earlier than 21 days or later than
120 days after the date of such notice). At the closing of each such additional
purchase, the Company shall issue and deliver to each Preemptive Rights Holder
stock certificates representing that number of fully paid and nonassessable
shares of the New Issue (or executed agreements representing equity securities
other than shares) that each such Preemptive Rights Holder has agreed to
purchase pursuant to this Section 10 and each such Preemptive Rights Holder
shall pay to the Company by wire transfer of immediately available funds the
aggregate consideration for such equity securities. Notwithstanding the
foregoing or anything in this Section 10 to the contrary, the Company shall not
be required to sell any shares of the New Issue to a Continuing

                                       16

<PAGE>

Stockholder that is not an "accredited investor", as such term is defined in
Rule 501 of Regulation D, promulgated under the Securities Act.

                 11.     Certain Charter Amendments. Any proposed amendment to
the Company's Certificate of Incorporation that would adversely affect the
Continuing Securityholders as a group must be approved by the affirmative vote
of a majority of the voting power of all issued and outstanding Common Stock
owned by such Continuing Securityholders or, to the extent (and only to the
extent) any particular Continuing Securityholder would be uniquely and adversely
affected by a proposed amendment to the Company's Certificate of Incorporation,
by such Continuing Securityholder; provided that the following actions shall not
be deemed to adversely affect the Continuing Securityholders: (i) the Company's
issuance of Common Stock or any other equity securities to Kelso or (ii) the
Company's issuance of Common Stock or any other equity securities to any new or
existing investors with rights that are pari passu with or junior to those
granted to the Continuing Securityholders.

                 12.     Stock Certificate Legend.  A copy of this Agreement
shall be filed with the Secretary of the Company and kept with the records of
the Company. Each certificate representing shares of Common Stock owned by the
Securityholders shall bear upon its face the following legends, as appropriate:

                 (a)     "THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE BEEN
                         ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED
                         UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
                         "ACT"), AND MAY NOT BE OFFERED, SOLD, ASSIGNED,
                         PLEDGED, HYPOTHECATED, TRANSFERRED OR OTHERWISE
                         DISPOSED OF UNLESS AND UNTIL REGISTERED UNDER THE ACT
                         AND ANY APPLICABLE STATE SECURITIES LAWS OR UNLESS, IN
                         THE OPINION OF COUNSEL TO THE SECURITYHOLDER, WHICH
                         COUNSEL MUST BE, AND THE FORM AND SUBSTANCE OF WHICH
                         OPINION ARE, SATISFACTORY TO THE ISSUER, SUCH OFFER,
                         SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION, TRANSFER OR
                         OTHER DISPOSITION IS EXEMPT FROM REGISTRATION OR IS
                         OTHERWISE IN COMPLIANCE WITH THE ACT, SUCH LAWS AND THE
                         SECURITYHOLDERS AGREEMENT OF THE ISSUER, DATED AS OF
                         FEBRUARY 7, 2003 (THE "SECURITYHOLDERS AGREEMENT")."

                 (b)     THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE ARE
                         SUBJECT TO RESTRICTIONS ON TRANSFER AND OTHER
                         CONDITIONS, AS SPECIFIED IN

                                       17

<PAGE>

                         THE SECURITYHOLDERS AGREEMENT, COPIES OF WHICH ARE ON
                         FILE AT THE OFFICE OF THE ISSUER AND WILL BE FURNISHED
                         WITHOUT CHARGE TO THE HOLDER OF SUCH SHARES UPON
                         WRITTEN REQUEST."

In addition, certificates representing shares of Common Stock owned by residents
of certain states shall bear any legends required by the laws of such states.

                 All Securityholders shall be bound by the requirements of such
legends. Upon a Registration of any shares of Common Stock or, if any shares of
Common Stock of any Securityholder can be sold pursuant to Rule 144(k) under the
Securities Act, the certificate representing the registered shares shall be
replaced, at the expense of the Company, with certificates not bearing the
legends required by clauses (a) and (b) of this Section 12.

                 13.     Covenants; Representations and Warranties.

                 13.1    Management Securityholders. Each of the Securityholders
hereby agrees that any employee of the Company or any of its subsidiaries who
after the date of this Agreement is offered shares of any class of Common Stock
or holds stock options exercisable into shares of Common Stock may, as a
condition precedent to the acquisition of such shares of Common Stock or the
exercise of such stock options, as the case may be, (a) become a party to this
Agreement by executing a signature page to the same and (b) if such employee is
a resident of a state with a community or marital property system, cause his or
her spouse to execute a Spousal Waiver in the form of Exhibit A attached hereto,
and deliver such executed signature page to this Agreement and Spousal Waiver,
if applicable, to the Company at its address specified in Section 22 hereof.
Upon such execution and delivery, such employee shall be a Management
Securityholder and, with Kelso's consent, a Continuing Securityholder for all
purposes of this Agreement and the Company may amend this Agreement accordingly.

                 13.2    No Other Arrangements or Agreements. Each
Securityholder hereby represents and warrants to the Company and to each other
Securityholder that, except for this Agreement, the Merger Agreement, the
Registration Rights Agreement, the applicable Exchange Agreements, if any, with
the Company and in the case of any affected Management Securityholder, any
employment agreement with the Company and any stock option agreement of the
Company applicable to such Management Securityholder, he or she has not entered
into or agreed to be bound by any other arrangements or agreements of any kind
with any other party with respect to any Securities, including, but not limited
to, arrangements or agreements with respect to the acquisition or disposition of
Securities or any interest therein or the voting of shares of Common Stock
(whether or not such agreements and arrangements are with the Company or any of
its subsidiaries, or other Securityholder) and each Non-Kelso Securityholder

                                       18

<PAGE>

agrees that, except as expressly permitted under this Agreement, he or she will
not enter into any such other arrangements or agreements.

                 13.3    Additional Representations and Warranties.  Each
Securityholder represents and warrants to the Company and each other
Securityholder that:

                 (a)     such Securityholder has the power, authority and
capacity (or, in the case of any Securityholder that is a limited liability
company or limited partnership, all corporate limited liability company or
limited partnership power and authority, as the case may be) to execute, deliver
and perform this Agreement;

                 (b)     in the case of a Securityholder that is a limited
liability company or limited partnership, the execution, delivery and
performance of this Agreement by such Securityholder has been duly and validly
authorized and approved by all necessary limited liability company or limited
partnership action, as the case may be;

                 (c)     this Agreement has been duly and validly executed and
delivered by such Securityholder and constitutes a valid and legally binding
obligation of such Securityholder, enforceable in accordance with its terms,
subject to bankruptcy, insolvency, reorganization, moratorium or other similar
laws affecting or relating to creditors' rights generally and general principles
of equity; and

                 (d)     the execution, delivery and performance of this
Agreement by such Securityholder does not and will not violate the terms of or
result in the acceleration of any obligation under (i) any material contract,
commitment or other material instrument to which such Securityholder is a party
or by which such Securityholder is bound or (ii) in the case of a Securityholder
that is a limited liability company or limited partnership, the certificate of
formation and the limited liability company agreement, or the certificate of
limited partnership and the limited partnership agreement, as the case may be.

                 14.     Amendment and Modification. Except as otherwise
provided in Section 13.1, this Agreement may be amended, modified or
supplemented by the Company only with the written consent of Kelso, the Hayfords
and JPE, and (i) to the extent (and only to the extent) any particular
Securityholder would be uniquely and adversely affected by such amendment,
modification or supplement, by such Securityholder or (ii) a majority (by number
of shares) of any other Securityholders whose interests as a group would be
adversely affected by such amendment, modification or supplement; provided that
the Company and the Hayfords may amend Section 8(c) without the consent of any
other party hereto except Kelso. The Company shall notify all Securityholders
promptly after any such amendment, modification or supplement shall have taken
effect.

                                       19

<PAGE>

                 15.     Parties.

                 15.1    Assignment by the Company. The Company shall have the
right to assign to Kelso all or any portion of its rights and obligations under
Sections 2, 3 and 7, provided that any such assignment or assumption is accepted
by Kelso. If the Company has not exercised its right to purchase Securities
pursuant to any such Section within 15 days of receipt by the Company of the
letter, notice or other occurrence giving rise to such right, then Kelso shall
have the right to require the Company to assign such right. Kelso shall have the
right to assign to one or more of its Affiliates all or any of its rights to
purchase Securities pursuant to this Section 15.1.

                 15.2    Assignment Generally. The provisions of this Agreement
shall be binding upon and inure to the benefit of the parties hereto and their
respective heirs, legal representatives, successors and assigns, provided that
neither the Company nor any Non-Kelso Securityholder may assign any of its
rights or obligations hereunder without the consent of Kelso unless, in the case
of a Non-Kelso Securityholder, such assignment is in connection with a Transfer
explicitly permitted by this Agreement and, prior to such assignment, such
assignee complies with the requirements of Section 15.4, and further provided
that the board designation rights set forth in Section 8, the veto rights set
forth in Section 9 and the preemptive rights set forth in Section 10 are not
assignable without the consent of Kelso in its sole discretion.

                 15.3    Termination. Any Securityholder who ceases to own
Securities or any interest therein, shall cease to be a party to, or Person who
is subject to, this Agreement and thereafter shall have no rights or obligations
hereunder, provided, however, that a Transfer of Securities not explicitly
permitted under this Agreement shall not relieve a Non-Kelso Securityholder of
any of his or her obligations hereunder. Sections 1, 2, 3, 4, 6.1, 6.2, 7 and 8
shall terminate on an IPO. This entire Agreement shall terminate on a sale of
Common Stock by Kelso to a Third Party Investor, whether in a stock sale
transaction, merger or otherwise, (i) following which sale a majority of the
issued and outstanding shares of the Common Stock are owned by Third Party
Investors and (ii) in which sale the Non-Kelso Securityholders have been
afforded a right to participate pursuant to Section 6.1, whether or not the
Non-Kelso Securityholders in fact exercise such right.

                 15.4    Agreements to Be Bound. Notwithstanding anything to the
contrary contained in this Agreement, any Transfer of Securities by a Non-Kelso
Securityholder (other than pursuant to (i) a Registration, (ii) Rule 144(k)
under the Securities Act or (iii) Sections 2 or 3) shall be permitted under the
terms of this Agreement only if the transferee shall agree in writing to be
bound by the terms and conditions of this Agreement pursuant to an instrument of
assumption reasonably satisfactory in substance and form to the Company, and in
the case of a transferee of a Management Securityholder who resides in a state
with a community property system, such transferee

                                       20

<PAGE>

causes his or her spouse, if any, to execute a Spousal Waiver in the form of
Exhibit A attached hereto. Upon the execution of the instrument of assumption by
such transferee and, if applicable, the Spousal Waiver by the spouse of such
transferee, such transferee shall enjoy all of the rights and shall be subject
to all of the restrictions and obligations of the transferor of such transferee,
including, without limitation, if such transferor was a Management
Securityholder, the provisions of Sections 2 and 3 (which shall continue to
apply as though such transferor were still the holder of such shares).

                 15.5    The Hayfords. Any rights exercisable by the Hayfords
under this Agreement shall be exercisable solely by the Hayfords acting
together; provided that notwithstanding the foregoing or anything in this
agreement to the contrary, MLH hereby delegates to WJH the authority to exercise
any of her rights hereunder and the parties hereto agree and acknowledge that
the Company shall be entitled to deal exclusively with WJH and to rely on the
consent, waiver or other action of WJH as the consent, waiver or other action of
the Hayfords, and MLH hereby appoints WJH as her true and lawful proxy and
attorney-in-fact, with full power of substitution, to vote all of MLH's shares
of Common Stock and other voting securities of the Company with respect to all
such matters expressly provided for in this Agreement. The proxy and power
granted by MLH pursuant to this Section 15.5 is coupled with an interest and
given to secure the performance of the obligations under this Agreement. Such
proxy and power will be irrevocable until the termination of this Agreement and
will survive the death, incompetency and disability of MLH.

                 16.     Recapitalizations, Exchanges, etc. Except as otherwise
provided herein, the provisions of this Agreement shall apply to the full extent
set forth herein with respect to (a) the shares of Common Stock, (b) the
Exchange Options and (c) any and all shares of capital stock of the Company or
any successor or assign of the Company (whether by merger, consolidation, sale
of assets or otherwise) which may be issued in respect of, in exchange for, or
in substitution for the shares of Common Stock, by reason of any stock dividend,
split, reverse split, combination, recapitalization, reclassification, merger,
consolidation or otherwise. All share numbers and percentages shall be
proportionately adjusted to reflect any stock split, stock dividend or other
subdivision or combination effected after the date hereof.

                 17.     No Third Party Beneficiaries.  Except as otherwise
provided herein, this Agreement is not intended to confer upon any Person,
except for the parties hereto, any rights or remedies hereunder.

                 18.     Further Assurances. Each party hereto shall do and
perform or cause to be done and performed all such further reasonable acts and
things and shall execute and deliver all such other reasonable agreements,
certificates, instruments and documents as any other party hereto or Person
subject hereto may reasonably request in

                                       21

<PAGE>

order to carry out the intent and accomplish the purposes of this Agreement and
the consummation of the transactions contemplated hereby.

                 19.     Governing Law.  This Agreement and the rights and
obligations of the parties hereunder and the Persons subject hereto shall
be governed by, and construed and interpreted in accordance with,
the laws of the State of Delaware, without giving effect to the choice of law
principles thereof.

                 20.     Invalidity of Provision. The invalidity or
unenforceability of any provision of this Agreement in any jurisdiction shall
not affect the validity or enforceability of the remainder of this Agreement in
that jurisdiction or the validity or enforceability of this Agreement, including
that provision, in any other jurisdiction.

                 21.     Waiver. Waiver by any party hereto of any breach or
default by the other party of any of the terms of this Agreement shall not
operate as a waiver of any other breach or default, whether similar to or
different from the breach or default waived. No waiver of any provision of this
Agreement shall be implied from any course of dealing between the parties hereto
or from any failure by either party to assert its or his or her rights hereunder
on any occasion or series of occasions.

                 22.     Notices. All notices, requests, demands, waivers and
other communications required or permitted to be given under this Agreement
shall be in writing and shall be deemed to have been duly given if (a) delivered
personally, (b) mailed, certified or registered mail with postage prepaid, (c)
sent by next-day or overnight mail or delivery or (d) sent by fax, as follows
(or to such other address as the party entitled to notice shall hereafter
designate in accordance with the terms hereof):

                 (i)     If to the Company, to:

                         BWAY Corporation
                         8607 Roberts Drive, Suite 250
                         Atlanta, Georgia 30350-2230
                         Attention: Jean-Pierre Ergas or Kevin Kern
                         Telephone: (770) 645-4800
                         Facsimile: (770) 587-0186

                         with a copy (which shall not constitute notice) to
                         Kelso at its address set forth below.

                 (ii)    If to a Management Securityholder, to his or her
                         attention at:

                         c/o BWAY Corporation
                         8607 Roberts Drive, Suite 250
                         Atlanta, Georgia 30350-2230

                                       22

<PAGE>

                         Telephone: (770) 645-4800
                         Facsimile: (770) 587-0186

                         with a copy (which shall not constitute notice) to:

                         Kirkland & Ellis
                         Aon Center
                         200 East Randolph Drive
                         Chicago, Illinois  60601
                         Attention: William S. Kirsch, P.C. or James S. Rowe,
                         Esq.
                         Telephone: (312) 861-2288
                         Facsimile: (312) 861-2200

                 (iii)   If to the Hayfords, to their attention at:

                         1500 N. Sheridan Road, Suite 10E (Summer Home)
                         Wilmette, Illinois  60091
                         Facsimile: (847) 853-8108
                         7341 S.E. Golfhouse Drive (Winter Home)
                         Hobe Sound, Florida  33455
                         Facsimile: (561) 546-3777

                         with a copy (which shall not constitute notice) to:

                         Kirkland & Ellis
                         Aon Center
                         200 East Randolph Drive
                         Chicago, Illinois  60601
                         Attention: William S. Kirsch, P.C. or James S. Rowe,
                         Esq.
                         Telephone: (312) 861-2288
                         Facsimile: (312) 861-2200

                 (iv)    If to any Continuing Securityholder who is not a
                         Management Securityholder, to his or her attention at
                         the last address of record for such Continuing
                         Securityholder in the books and records of the
                         Company.

                 (v)     If to the Outside Investor, to:

                         Magnetite Asset Investors III L.L.C.
                         c/o BlackRock Financial Management, Inc.
                         345 Park Avenue, 29th Floor
                         New York, NY 10154
                         Attention: Frank Gordon

                                       23

<PAGE>

                         Telephone: (212) 754-5316
                         Facsimile: (212) 754-8756

                 (vi)    If to Kelso, to:

                         Kelso & Company
                         320 Park Avenue
                         24th Floor
                         New York, NY  10022
                         Attention: James J. Connors II
                         Telephone: (212) 751-3939
                         Facsimile: (212) 223-2379

                         with a copy (which shall not constitute notice) to:

                         Debevoise & Plimpton
                         919 Third Avenue
                         New York, NY  10022
                         Attention: Margaret A. Davenport
                         Telephone: (212) 909-6000
                         Facsimile: (212) 223-2379

All such notices, requests, demands, waivers and other communications shall be
deemed to have been received by (w) if by personal delivery, on the day
delivered, (x) if by certified or registered mail, on the fifth business day
after the mailing thereof, (y) if by next-day or overnight mail or delivery, on
the day delivered, or (z) if by fax, on the day delivered, provided that such
delivery is confirmed.

                 23.     Headings. The headings to sections in this Agreement
are for the convenience of the parties only and shall not control or affect the
meaning or construction of any provision hereof.

                 24.     Counterparts. This Agreement may be executed in any
number of counterparts, each of which shall be deemed an original but all of
which together shall constitute one and the same instrument.

                 25.     Fax Signatures. Each of the parties hereto (i) has
agreed to permit the use, from time to time and where appropriate, of faxed
signatures in order to expedite the Closing, (ii) intends to be bound by its
respective faxed signature, (iii) is aware that the other parties hereto will
rely on the faxed signature, and (iv) acknowledges such reliance and waives any
defenses to the enforcement of the documents effecting the transaction
contemplated by this Agreement based on the fact that a signature was sent by
fax.

                                       24

<PAGE>

                 26.     Entire Agreement. This Agreement, the Merger Agreement,
the Registration Rights Agreement, the applicable Exchange Agreements, if any,
with the Company and, in the case of any affected Management Securityholder, any
employment agreement with the Company and any stock option agreement of the
Company applicable to such Management Securityholder, constitute the entire
agreement and understanding of the parties hereto with respect to the matters
referred to herein. This Agreement and the agreements referred to in the
preceding sentence supersede all prior agreements and understandings among the
parties with respect to such matters. There are no representations, warranties,
promises, inducements, covenants or undertakings relating to the Securities,
other than those expressly set forth or referred to herein, in the Registration
Rights Agreement, the applicable Exchange Agreements, if any, with the Company
and, in the case of any affected Management Securityholder, any employment
agreement with the Company and any stock option agreement of the Company
applicable to such Management Securityholder.

                 27.     Injunctive Relief. The Securities cannot readily be
purchased or sold in the open in the market, and for that reason, among others,
the Company and the Securityholders will be irreparably damaged in the event
this Agreement is not specifically enforced. Each of the parties therefore
agrees that in the event of a breach of any provision of this Agreement, the
aggrieved party may elect to institute and prosecute proceedings in any court of
competent jurisdiction to enforce specific performance or to enjoin the
continuing breach of this Agreement. Such remedies shall, however, be cumulative
and not exclusive, and shall be in addition to any other remedy which the
Company or any Securityholder may have. Each Securityholder hereby irrevocably
submits to the non-exclusive jurisdiction of the state and federal courts in New
York for the purposes of any suit, action or other proceeding arising out of or
based upon this Agreement or the subject matter hereof. Each Securityholder
hereby consents to service of process made in accordance with Section 22.

                 28.     Defined Terms. As used in this Agreement, the following
terms shall have the meanings ascribed to them below:

                 Affiliate:  Person that directly, or indirectly through one or
more intermediaries, controls, or is controlled by,or is under common control
with, the Person specified.

                 Board:  the board of directors of the Company.

                 Cause:  the meaning as set forth in the employment agreement
between the Company and such Management Securityholder, or, if such Management
Securityholder is not a party to an employment agreement, a termination of such
Management Securityholder's employment by the Company or any Subsidiary (or by
the Company on behalf of any such Subsidiary) due to (i) the refusal or neglect
of the Management

                                       25

<PAGE>

Securityholder to perform substantially his or her employment-related duties,
which refusal or neglect has not been cured within 20 calendar days after a
written demand (communicated in accordance with Section 22 hereof) for
substantial performance is delivered to such Management Securityholder, (ii) the
Management Securityholder's willful misconduct or breach of fiduciary duty,
(iii) the Management Securityholder's conviction of or entering a plea of guilty
or nolo contendere (or any applicable equivalent thereof) to a crime
constituting a felony (or a crime or offense of equivalent magnitude in any
jurisdiction) or his or her willful violation of any other law, rule, or
regulation (other than a traffic violation or other offense or violation outside
of the course of employment which in no way adversely affects the Company or any
Subsidiary or its reputation or the ability of the Management Securityholder to
perform his or her employment related duties or to represent the Company or any
Subsidiary) or (iv) the material breach by the Management Securityholder of any
covenant or agreement with the Company or any Subsidiary, or any written policy
of the Company or any Subsidiary, not to disclose any information pertaining to
the Company or any Subsidiary or not to compete or interfere with the Company or
any Subsidiary if, in the case of a covenant, agreement or written policy not to
compete or interfere with the Company or any Subsidiary, such material breach
has not been cured within 20 calendar days after a written demand (communicated
in accordance with Section 22 hereof) for substantial performance of such
covenant or agreement is delivered to such Management Securityholder.

                 Closing:  the closing of the Merger Agreement.

                 Common Stock:  the Common Stock of the Company, par value $.01
per share.

                 Company Affiliate Transaction: Any agreement, contract or
transaction, to or by which the Company or any Subsidiary, on the one hand, and
any "controlling person" of the Company (within the meaning of Section 20 of the
Exchange Act and including, without limitation, Kelso and its Affiliates), on
the other hand, are parties or are otherwise bound.

                 Disability: With respect to a Management Securityholder, the
term "Disability" shall have the meaning set forth in the employment agreement
between the Company and such Management Securityholder, or, if such Management
Securityholder is not a party to an employment agreement, the termination of the
employment of any Management Securityholder by the Company or any Subsidiary (or
by the Company on behalf of any such Subsidiary) as a result of such Management
Securityholder's incapacity due to reasonably documented physical or mental
illness that shall have prevented such Management Securityholder from performing
his or her duties for the Company on a full-time basis for more than six months
and within 30 days after written notice of termination has been given to such
him or her, such Management Securityholder shall not have returned to the full
time performance of his or her duties.

                                       26

<PAGE>

The date of termination in the case of a termination due to "Disability" shall
be deemed to be the last day of the aforementioned 30-day period.

                 Ergas Family Member:  JPE, his wife or the lineal descendants
of JPE and his wife.

                 Exchange Act:  the Securities Exchange Act of 1934, as amended,
or any successor federal statute, and the rules and regulations thereunder which
shall be in effect at the time.

                 Exchange Agreement:  the Exchange Agreements, each dated as of
September 30, 2002, between the Company and each of the Continuing Stockholders,
as the same may be amended from time to time.

                 Exchange Options:  any options to purchase shares of Common
Stock that were acquired by a Continuing Securityholder pursuant to an Exchange
Agreement.

                 Good Reason: the meaning as set forth in the employment
agreement between the Company and such Management Securityholder (which, with
regard to JPE, is set forth in Section 4(e) of the JPE Employment Agreement),
or, if such Management Securityholder is not a party to an employment agreement,
a termination of a Management Securityholder's employment with the Company and
any subsidiary that employs such individual shall be for "Good Reason" if such
Management Securityholder voluntarily terminates his employment with the Company
and any such subsidiary as a result of either of the following:

                 (i)     without the Management Securityholder's prior written
         consent, a significant reduction by the Company or any such subsidiary
         of his or her current salary, other than any such reduction which is
         part of a general salary reduction or other concessionary arrangement
         affecting all employees or affecting the group of employees of which
         the Management Securityholder is a member proportionately (after
         receipt by the Company of written notice and the expiration of a 20-day
         cure period); or

                 (ii)    the taking of any action by the Company or any such
         subsidiary that would substantially diminish the aggregate value of the
         benefits provided him or her under the Company's or such subsidiary's
         accident, disability, life insurance and any other employee benefit
         plans in which he or she was participating on the date of his or her
         execution of this Agreement, other than any such reduction which is (A)
         required by law, (B) implemented in connection with a general
         concessionary arrangement affecting all employees or affecting the
         group of employees of which the Management Securityholder is a member

                                       27

<PAGE>

         proportionately or (C) generally applicable to all beneficiaries of
         such plans (after receipt by the Company of written notice and a 20-day
         cure period).

                 Hayford Family Member:  any of WJH, MLH or the lineal
descendants of WJH and MLH.

                 IPO: an underwritten initial public offering of Common Stock
after which such Common Stock will be listed and traded on the New York Stock
Exchange or the American Stock Exchange, or quoted on the National Association
of Securities Dealers Automated Quotation System.

                 JPE Employment Agreement:  the Employment Agreement between
JPE and BWAY Corporation, dated January 1, 2000, as the same may be amended from
time to time.

                 Merger Agreement:  the Merger Agreement, dated as of
September 30, 2002, by and among the Company, BCO Acquisition, Inc. and BWAY
Corporation, as the same may be amended from time to time.

                 New Issue: (i) any shares of equity securities, whether
authorized now or not; (ii) any rights, options or warrants to purchase shares
of Common Stock; and (iii) any securities that are, or may become, convertible
into or exchangeable for Common Stock; provided that, the term "New Issue" does
not include: (A) shares of Common Stock that are issuable upon the exercise of
Exchange Options; (B) any securities offered to the public pursuant to a
registration statement approved by the Board and filed pursuant to the
Securities Act; (C) any securities issued in connection with the acquisition of
another Person by the Company by merger, stock purchase, purchase of
substantially all the assets of such Person or otherwise or other reorganization
approved by the Board; (D) any securities issued in connection with any
borrowings, direct or indirect, from financial institutions by the Company that
are approved by the Board, whether or not presently authorized, including any
type of loan or payment evidenced by any type of debt instrument; (E) any
securities issued in connection with any equipment leases that are approved by
the Board; (F) any securities issued to employees, consultants, officers or
directors of the Company pursuant to any stock option plan, stock purchase plan,
stock bonus arrangement or other similar plan approved by the Board; and (G) any
securities issued in connection with any stock split, reverse stock split, stock
dividend, merger, recapitalization or other similar event if an adjustment has
been made to the shares held by all Preemptive Rights Holders as a result of
such event.

                 Person:  an individual, corporation, partnership, limited
liability company, joint venture, association, trust or other entity or
organization, including a government or political subdivision or an agency or
instrumentality thereof.

                                       28

<PAGE>

                 Registration:  the closing of a public offering pursuant to an
effective registration statement under the Securities Act.

                 Registration Rights Agreement:  the Registration Rights
Agreement, dated as of the date hereof, as the same may be amended from time to
time, among the parties hereto.

                 Rollover Securities:  any shares of Common Stock that were
acquired by a Continuing Stockholder pursuant to an Exchange Agreement and/or
the exercise of Exchange Options.

                 Securities:  any shares of Common Stock or Exchange Options.

                 Securities Act:  the Securities Act of 1933, as amended, or any
successor federal statute, and the rules and regulations thereunder which shall
be in effect at the time.

                 Stock Incentive Plan:  the BCO Holding Company Stock Incentive
Plan, as in effect and as amended from time to time.

                 Subsidiary: any corporation a majority of whose outstanding
voting securities is owned, directly or indirectly, by the Company.

                 Third Party Investor:  any Person other than an Affiliate of
Kelso.

                 Transfer:  any direct or indirect sale, assignment, mortgage,
transfer, gift, pledge or other form of disposal.

                                       29

<PAGE>

                 IN WITNESS WHEREOF this Agreement has been signed by each of
the parties hereto, and shall be effective as of the date first above written.

                                       BCO HOLDING COMPANY

                                       By: /s/ James J. Connors II
                                           -------------------------------------
                                       Name: James J. Connors II
                                       Title: Vice President and Secretary

                                       KELSO INVESTMENT ASSOCIATES VI, L.P.

                                       By: Kelso GP VI, LLC.,
                                           its general partner

                                       By: /s/ David I. Wahrhaftig
                                           -------------------------------------
                                       Name:  David I. Wahrhaftig
                                       Title: Managing Member

                                       KEP VI, LLC

                                       By: /s/ David I. Wahrhaftig
                                           -------------------------------------
                                       Name: David I. Wahrhaftig
                                       Title: Managing Member

                                       /s/ Warren J. Hayford
                                       -----------------------------------------
                                       Warren J. Hayford

                                       /s/ Mary Lou Hayford
                                       -----------------------------------------
                                       Mary Lou Hayford

                                       /s/ Jean-Pierre Ergas
                                       -----------------------------------------
                                       Jean-Pierre Ergas

<PAGE>

                                       /s/ Thomas N. Eagleson
                                       -----------------------------------------
                                       Thomas N. Eagleson

                                       /s/ Kevin C. Kern
                                       -----------------------------------------
                                       Kevin C. Kern

                                       /s/ Jeffrey M. O'Connell
                                       -----------------------------------------
                                       Jeffrey M. O'Connell

                                       /s/ Kenneth M. Roessler
                                       -----------------------------------------
                                       Kenneth M. Roessler

<PAGE>

                                       MAGNETITE ASSET INVESTORS III L.L.C.

                                       By: BLACKROCK FINANCIAL
                                           MANAGEMENT, INC.
                                           As Managing Member

                                       By: /s/ Dennis M. Schaney
                                           -------------------------------------
                                       Name: Dennis M. Schaney
                                       Title: Managing Director

<PAGE>

                                                                      Exhibit A

                                 SPOUSAL WAIVER

                 [INSERT NAME] hereby waives and releases any and all equitable
or legal claims and rights, actual, inchoate or contingent, which she may
acquire with respect to the disposition, voting or control of the Securities
subject to the Securityholders Agreement of BCO Holding Company, dated as of
February 7, 2003, as the same shall be amended from time to time, except for
rights in respect of the proceeds of any disposition of such Securities.

                                            -------------------------
                                            Name:

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