Document:

exv10w42

Exhibit 10.42

FIRST AMENDMENT TO THE

GRAPHIC PACKAGING RETIREMENT PLAN

(As Amended and Restated Effective January 1, 2009 and Reflecting Amendments Adopted

Through December 31, 2009)

          WHEREAS, the Compensation and Benefits Committee of the Board of Directors of Graphic
Packaging Holding Company has delegated to the Retirement Committee of Graphic Packaging
International, Inc. (the “Retirement Committee”) the responsibility to make certain amendments in
order to maintain the Graphic Packaging Retirement Plan (the “Plan”); and

          WHEREAS, the Retirement Committee deems it desirable to amend the Plan, effective as of July
1, 2010, to eliminate the requirement that an election form be completed and notarized before the
benefit commencement date, to permit a waiver of the 30-day notice period applicable to an election
of an optional form of payment, and to permit members whose employment is subject to the terms of a
collective bargaining agreement under Appendices 2 through 9 to elect a retroactive annuity
starting date;

          NOW, THEREFORE, BE IT RESOLVED, that the Plan be, and it hereby is, amended, effective as of
July 1, 2010, in the following respects:

	1.	 	Section 2.3(b) is amended by revising the third and fourth sentences thereof to read as
follows:
	 
	 	 	“The notice shall be provided not less than 30 days and no more than 90 days before the
Member’s Annuity Starting Date, provided, however, the notice may be provided after the
Annuity Starting Date with respect to a Member who is entitled to a Pension under Appendix
2 through 9, or with respect to a Member who is entitled to a Pension payable under the
provisions of Appendix 1 or 10 if the written notice as described above was not provided on
a timely basis (i) due to an administrative error as determined by the Retirement Committee
on a basis uniformly applicable to all Members similarly situated, or (ii) due to an
involuntary termination of employment.”

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	2.	 	Section 2.3(c) is amended in its entirety to read as follows:

	 	 	“(c) Form and Timing of Elections. An election of an optional form shall
be made on a form provided by the Retirement Committee. The timing of such election
shall be subject to the following:

	 	(i)	 	General Rule. Except as otherwise provided in this
paragraph (c), a Member’s election of an optional form may be made at any time
during the period beginning on the date the Member receives the notice
described in paragraph (b) and ending on the Member’s Annuity Starting Date.
Notwithstanding the foregoing, an election received after the Annuity Starting
Date shall be deemed to have been made within the election period if:

	 	(A)	 	the notice described in paragraph (b) is
provided to the Member at least 30 days before the Annuity Starting
Date;
	 
	 	(B)	 	distributions commence not later than 90
days after the date such notice is provided to the Member; and
	 
	 	(C)	 	the Member’s election is made before the
date distributions commence.

	 	 	 	A distribution shall not be deemed to violate the requirement of
subparagraph (B) merely because, due solely to administrative delay, it
commences more than 90 days after the date notice is provided to the
Member.
	 
	 	 	 	A Member’s Annuity Starting Date may not occur sooner than 30 days after
receipt of the notice, except as permitted under subparagraph (ii).

	 	(ii)	 	Waiver of 30-Day Period. A Member may, after having
received the notice described in paragraph (b), affirmatively elect to have
his Pension commence sooner than 30 days following his receipt of the notice,
provided all of the following requirements are met:

	 	(A)	 	the Retirement Committee clearly informs
the Member that he has a period of at least 30 days after receiving
the notice to decide when to have his benefits begin, and, if
applicable, to choose a particular optional form of payment;
	 
	 	(B)	 	after receiving the notice, the Member
affirmatively elects a date for his Pension to begin and, if
applicable, an optional form of payment;

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	 	(C)	 	the Member is permitted to revoke his
election until the later of his Annuity Starting Date or at any time
prior to the commencement of benefit payments;
	 
	 	(D)	 	payment does not commence less than seven
days following the day after the notice is received by the Member,
nor more than 90 days following the day the notice is received by the
Member (except that the 90-day period may be extended due to
administrative delay); and
	 
	 	(E)	 	the Member’s Annuity Starting Date is after
the date the notice is provided, except as provided in subparagraph
(iii).

	 	(iii)	 	Retroactive Annuity Starting Date. If a Member is
eligible (in accordance with the provisions of the last sentence of paragraph
(b) above) to elect, and does elect, an Annuity Starting Date that precedes
the date he received the notice (a “retroactive Annuity Starting Date”), such
election shall be subject to the following requirements:

	 	(A)	 	with respect to an election made by a
Member who is entitled to a Pension payable under the provisions of
Appendix 1 or 10 and who is involuntarily terminated by the Employer,
the retroactive Annuity Starting Date is within the 120-day period
following the Member’s termination of employment with the Employer
and all Affiliated Employers.
	 
	 	(B)	 	The Member’s benefit, including any
interest adjustment, must satisfy the provisions of Section 415 of
the Code, both at the retroactive Annuity Starting Date and at the
actual commencement date, except that if the form of payment is not
subject to the provisions of Section 417(e)(3) of the Code and
payments commence within 12 months of the Member’s retroactive
Annuity Starting Date, the provisions of Section 415 of the Code need
only be satisfied as of the retroactive Annuity Starting Date.
	 
	 	(C)	 	If payment is made in the form of an
annuity that is not subject to the provisions of Section 417(e)(3) of
the Code, a payment equal in amount to the sum of the monthly
payments that the Member would have received during the period
commencing on his retroactive Annuity Starting Date and ending with
the month preceding his actual commencement date, plus interest at
the rate of 120 percent of the mid-term Applicable Federal Rate for
the first month of the applicable Plan Year, compounded annually, shall be paid to
the Member on his actual commencement date.
	 
	 	(D)	 	Spousal Consent to the retroactive Annuity
Starting Date is required for such election to be effective unless:

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	 	(I)	 	the amount of the survivor
annuity payable to the Spouse determined as of the
retroactive Annuity Starting Date under the form elected by
the Member is no less than the amount the Spouse would have
received under the Qualified Joint and Survivor Annuity if
the date payments commence were substituted for the
retroactive Annuity Starting Date; or
	 
	 	(II)	 	the Member’s Spouse on his
retroactive Annuity Starting Date is not his Spouse on his
actual commencement date and is not treated as his Spouse
under a qualified domestic relations order.

	 	(E)	 	If the Member elects payment in a form of
payment that is subject to the provisions of Section 417(e)(3) of the
Code:

	 	(I)	 	the monthly amount shall
not be less than the amount that would have been paid in the
same form on the retroactive Annuity Starting Date if the
benefit amount had been calculated using the IRS Interest
Rate and the IRS Mortality Table in effect on the actual
commencement date; and
	 
	 	(II)	 	interest shall be credited
in the same manner as described under clause (C) above.

	 	(F)	 	The provisions of subparagraphs (i) and
(ii) above shall apply by substituting the actual commencement date
for the Annuity Starting Date.
	 
	 	(G)	 	Payment does not commence less than seven
days following the day after the notice is received by the Member,
nor more than 90 days following the day the notice is received by the
Member (except that the 90-day period may be extended due to
administrative delay).”

	3.	 	Section 2.3(d) is amended by changing the reference to “paragraph (c)(iii)” in the fourth and
fifth sentences thereof to read “paragraph (c).”

          BE IT FURTHER RESOLVED, that the Retirement Committee has approved this First Amendment to the
Graphic Packaging Retirement Plan this _____ day of November, 2010.

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	 	GRAPHIC PACKAGING INTERNATIONAL, INC.

RETIREMENT COMMITTEE MEMBERS

 	 
	 	By:  	/s/ Daniel J. Blount 	 
	 	 	Daniel J. Blount 	 
	 
	 	By:  	/s/ Brad Ankerholz 	 
	 	 	Brad Ankerholz 	 
	 
	 	By:  	/s/ Cindy Baerman 	 
	 	 	Cindy Baerman 	 
	 
	 	By:  	/s/ Clint Demetriou 	 
	 	 	Clint Demetriou 	 
	 

5exv10w43

Exhibit 10.43

SECOND AMENDMENT TO THE

GRAPHIC PACKAGING RETIREMENT PLAN

(As Amended and Restated Effective January 1, 2009 and Reflecting Amendments

Adopted Through December 31, 2009)

          WHEREAS, the Compensation and Benefits Committee of the Board of Directors of Graphic
Packaging Holding Company has delegated to the Retirement Committee of Graphic Packaging
International, Inc. (the “Retirement Committee”) the responsibility to make certain amendments in
order to maintain the Graphic Packaging Retirement Plan (the “Plan”); and

          WHEREAS, the Retirement Committee deems it desirable to amend the Plan to comply with certain
provisions of the Heroes Earnings Assistance and Relief Tax Act of 2008;

          NOW, THEREFORE, BE IT RESOLVED, that the Plan be, and it hereby is, amended, effective as of
the dates indicated below, in the following respects:

	1.	 	Section 1.30of the Core Document is amended in its entirety, effective as of January 1, 2009,
to read as follows:

	 	“1.30	 	Statutory Compensation means compensation from the Employer or any Affiliated
Employer as defined in U.S. Treasury Department regulations Section 1.415(c)-2(d)(4)
(i.e., Information required to be reported under Sections 6041, 6051 and 6052 of the
Code (“W-2 Pay”)) plus amounts that would be included in wages but for an election
under Section 125(a), 132(f)(4), 402(e)(3), 402(h)(1)(B), 402(k), or 457(b) of the
Code. For Plan Years beginning on or after July 1, 2007, the preceding definition of
compensation shall be modified as required under the provisions of U.S. Treasury
Department regulation Section 1.415(c)-2(e) and shall include all amounts permitted
to be recognized under the provisions of U.S. Treasury Department regulation Section
1.415(c)-2(e)(2) and (3) and, effective on and after January 1, 2009, U.S. Treasury
department regulation Section 1.415(c)-2(e)(4). Also, effective for Plan Years
beginning on and after January 1, 2009, Statutory Compensation shall include
differential wage payments (as defined in Section 3401(h)(2) of the Code) paid to an
individual by the Employer, to the extent not otherwise included in this definition of
Statutory Compensation. For purposes of applying the top-heavy provisions under
Section

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	 	 	 	3.3 and effective for Plan Years beginning on and after July 1,
2007, for purposes of applying the maximum benefit limitations under Section
3.2, Statutory Compensation shall not exceed the limitation on compensation
under Section 401(a)(17) of the Code.”

	2.	 	Section 1.15 of Appendix 1 is amended, effective as of January 1, 2009, by deleting the words
“and President’s awards” and by inserting in their place the words “, President’s awards and
differential wage payments (as defined in Section 3401(h)(2) of the Code) in accordance with
Section 414(u)(12) of the Code;”
	 
	3.	 	Section 2.1 of Appendices 2, 3, 4, 5, 6, 8, 9, and 10 is amended, effective as of January 1,
2007, by the addition of the following new paragraph at the end thereof:
	 
	 	 	“Effective January 1, 2007, if an individual who was an employee dies while performing
qualified military service (as defined in Section 414(u) of the Code) and while his
reemployment rights are protected by the Uniformed Services Employment and Reemployment
Rights Act of 1994 and any related legislation or guidance, such individual’s period of
time in qualified military service through the date he died shall be counted as Vesting
Service.”
	 
	4.	 	Section 2.2 of Appendix 1 is amended, effective as of January 1, 2007, by the addition of the
following new paragraph to the end thereof:
	 
	 	 	“Effective January 1, 2007, if an individual who was an employee dies while performing
qualified military service (as defined in Section 414(u) of the Code) and while his
reemployment rights are protected by the Uniformed Services Employment and Reemployment
Rights Act of 1994 and any related legislation or guidance, such individual’s period of
time in qualified military service through the date he died shall be counted as Vesting
Service.”
	 
	5.	 	Section 2.2 of Appendices 3 and 9 is amended, effective as of January 1, 2007, by the
addition of the following new paragraph to the end thereof:
	 
	 	 	“Effective January 1, 2007, if an individual who was an employee dies while performing
qualified military service (as defined in Section 414(u) of the Code) and while his
reemployment rights are protected by the Uniformed Services Employment and Reemployment
Rights Act of 1994 and any related legislation or guidance, such individual’s period of
time in qualified military service through the date he died shall be counted as Benefit
Service solely for purposes of determining eligibility for and commencement of an early
retirement or vested Pension, or eligibility for a Spouse’s Pension under Section 5.7.”
	 
	6.	 	Section 2.6 of Appendix 1, Section 2.5 of Appendices 2 through 9, and Section 2.2 of Appendix
10 is amended, effective as of January 1, 2007, to read as follows:

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	 	 	“Notwithstanding any provision of the Plan to the contrary, contributions, benefits and
service credit with respect to qualified military service shall be provided as required by,
and in accordance with, Section 414(u) of the Code.”
	 
	7.	 	Section 5.6 of Appendix 1 is amended, effective as of January 1, 2007, by deleting the last
paragraph of paragraph (c) and by adding a new paragraph (e) to read as follows:
	 
	8.	 	Section 5.6 of Appendix 1 is amended, effective as of January 1, 2007, by deleting the last
paragraph of paragraph (c) and by adding a new paragraph (e) to read as follows:

	 	“(e)	 	Mandatory Survivor Benefits on behalf of Members Who Die in Qualified
Military Service. In the event a Member dies on or after January 1, 2007, while in
qualified military service (as defined in Section 414(u) of the Code) and while his
reemployment rights are protected under law, the surviving Spouse’s Pension shall be
determined based on the assumption that the Member had returned to active employment
and then terminated employment on account of his death. However, in determining the
amount of the surviving Spouse’s Pension, the Member’s Accrued Benefit shall be
determined at the date the Member entered military service and no Pensionable Earnings
or Benefit Service shall be imputed for the period of military service (except to the
extent all or a portion of such period of military service is treated as a Leave of
Absence for which Benefit Service is granted (except to the extent all or a portion of
such period of military service is treated as a Leave of Absence for which Benefit
Service is granted under the Plan).”

	9.	 	Section 5.6(c) of Appendix 2, 3, 4, 5, 6, 8, and 9, is amended, effective as of January 1,
2007, by deleting the last paragraph thereof and Section 5.6 of Appendices 2, 3, 4, 5, 6, 8,
and 9 is further amended, effective as of January 1, 2007, by adding a new paragraph (e) to
read as follows:

	 	“(e)	 	Mandatory Survivor Benefits on behalf of Members Who Die in Qualified
Military Service. In the event a Member dies on or after January 1, 2007, while in
qualified military service (as defined in Section 414(u) of the Code) and while his
reemployment rights are protected under law, the surviving Spouse’s Pension shall be
determined based on the assumption that the Member had returned to active employment
and then terminated employment on account of his death. However, in determining the
amount of the surviving Spouse’s Pension, the Member’s Accrued Benefit shall be
determined at the date the Member entered military service, based on the benefit
level then in effect and Benefit Service the Member had accrued as of that date (or
at the date he ceased to accrue Benefit Service under the Plan, if later).”

	10.	 	Section 5.6 of Appendix 10 is amended, effective as of January 1, 2007, by deleting the last
paragraph of paragraph (c) and by adding a new paragraph (e) to read as follows:

3

 

	 	“(e)	 	Mandatory Survivor Benefits on behalf of Members Who Die in Qualified
Military Service. In the event a Member dies on or after January 1, 2007, while in
qualified military service (as defined in Section 414(u) of the Code) and while his
reemployment rights are protected under law, the surviving Spouse’s Pension shall be
determined based on the assumption that the Member had returned to active employment
and then terminated employment on account of his death. However, in determining the
amount of the surviving Spouse’s Pension, the Member’s Accrued Benefit shall be
determined at the date the Member entered military service.”

	11.	 	Section 5.7 of Appendices 3 and 9 is amended, effective as of January 1, 2007, by adding the
following paragraph at the end thereof:

	 	 	“In the event a Member dies on or after January 1, 2007, while in qualified military service
(as defined in Section 414(u) of the Code) and while his reemployment rights are protected
under law, the Spouse’s Pension payable under this Section shall be determined based on the
assumption that the Member had returned to active employment and then terminated employment
on account of his death. However, the amount of the Spouse’s Pension shall be determined at
the date the Member entered military service, based on the benefit level then in effect and
Benefit Service the Member had accrued as of that date (or at the date he ceased to accrue
Benefit Service under the Plan, if later).”

               BE IT FURTHER RESOLVED, that the Retirement Committee has approved this Second Amendment to
the Graphic Packaging Retirement Plan this _____ day of November, 2010.

	 	 	 	 	 
	 	GRAPHIC PACKAGING INTERNATIONAL, INC.

     RETIREMENT COMMITTEE MEMBERS

 	 
	 	By:  	/s/ Daniel J. Blount 	 
	 	 	Daniel J. Blount 	 
	 
	 	By:  	/s/ Brad Ankerholz 	 
	 	 	Brad Ankerholz 	 
	 
	 	By:  	/s/ Cindy Baerman 	 
	 	 	Cindy Baerman 	 
	 
	 	By:  	/s/ Clint Demetriou 	 
	 	 	Clint Demetriou 	 
	 

4

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