Document:

Exhibit 10.3

 

EXECUTION VERSION

 

JOINDER AGREEMENT

 

This JOINDER AGREEMENT (this “Agreement”),
dated as of November 2, 2018, is by and among WestRock Company (formerly, Whiskey Holdco, Inc.), a Delaware corporation (the “New
Holdco”) and Coöperatieve Rabobank U.A., New York Branch, in its capacity as administrative agent under the
Credit Agreement (as defined below) (the “Administrative Agent”) under that certain Credit Agreement
dated as of April 27, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), by and among Parent, Borrowers, the various financial institutions party thereto as “Lenders”,
and the Administrative Agent. Capitalized terms used herein but not otherwise defined shall have the meanings provided in the Credit
Agreement.

 

WITNESSETH

 

WHEREAS, pursuant to Section 5.10 of the Credit
Agreement, on the Combination Date, New Holdco is required to become a “Guarantor” and the “Holdco” by
executing a Guaranty Agreement and becoming a party to the Credit Agreement by executing this Agreement; and

 

WHEREAS, concurrent with the execution and delivery
of this Agreement to the Administrative Agent, New Holdco hereby unconditionally and expressly assumes all of the obligations of
a Guarantor and Holdco pursuant to the Credit Agreement and the other Loan Documents.

 

AGREEMENT

 

1.       New
Holdco hereby acknowledges, agrees and confirms that, by its execution of this Agreement, New Holdco will be deemed to be a party
to and a “Guarantor” and the “Holdco” under the Credit Agreement and shall have all of the obligations
of a Guarantor and the Holdco thereunder as if it had executed the Credit Agreement. New Holdco hereby ratifies and reaffirms,
as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the Credit Agreement
and the applicable Loan Documents, including without limitation (a) all of the representations and warranties set forth in
Section 3 of the Credit Agreement and (b) all of the affirmative and negative covenants set forth in Sections 5 and 6 of the
Credit Agreement.

 

2.       New
Holdco acknowledges and confirms that it has received a copy of the Credit Agreement and the exhibits thereto.

 

3.       The
Borrowers and Parent confirm that the Credit Agreement is, and upon New Holdco becoming a Guarantor and the Holdco, shall continue
to be, in full force and effect. The parties hereto confirm and agree that immediately upon New Holdco becoming a Guarantor and
the Holdco, the “Obligations” shall include all obligations of New Holdco under the Credit Agreement and under each
other applicable Loan Document.

 

4.       Each
Borrower and New Holdco agree that at any time and from time to time, upon the written request of the Administrative Agent, it
will execute and deliver such further documents and do such further acts as the Administrative Agent may reasonably request in
accordance with the terms and conditions of the Credit Agreement in order to effect the purposes of this Agreement.

 

     

     

    

 

5.       This
Agreement (a) may be executed in two or more counterparts, each of which shall constitute an original but all of which when
taken together shall constitute one contract and (b) may, upon execution, be delivered by facsimile or electronic mail, which
shall be deemed for all purposes to be an original signature.

 

6.       This
Agreement shall be governed by and construed and interpreted in accordance with the laws of the State of New York. The terms of
Sections 9.9 and 9.10 of the Credit Agreement are incorporated herein by reference, mutatis mutandis, and the parties hereto
agree to such terms.

 

 

 

 

 

 

 

 

 

 

 

 

    	 	2	 

     

    

 

IN WITNESS WHEREOF, each of the parties
hereto has caused this Agreement to be duly executed and delivered by its officer or officers thereunto duly authorized as of the
date first above written.

 

	NEW HOLDCO:	WESTROCK COMPANY, a Delaware corporation
	 	 	 	 	 
	 	 	 	 	 
	 	By: 	/s/ John D. Stakel 	 
	 	 	Name:	John D. Stakel	 
	 	 	Title:	Senior Vice President and Treasurer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	JOINDER AGREEMENT	S-1	 

     

    

 

	ADMINISTRATIVE AGENT:	COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as Administrative Agent
	 	 	 	 	 
	 	 	 	 	 
	 	By: 	/s/ Pieter van der Werff 	 
	 	 	Name:	Pieter van der Werff
	 	 	Title:	Vice President	 
	 	 	 	 	 
	 	 	 	 	 
	 	By: 	/s/ Christopher Hartofilis 	 
	 	 	Name:	Christopher Hartofilis
	 	 	Title:	Executive Director

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	JOINDER AGREEMENT	S-2Exhibit 10.4

 

EXECUTION VERSION

 

JOINDER AGREEMENT 

 

THIS JOINDER AGREEMENT (this “Agreement”), dated
as of November 2, 2018 is by and between WestRock Company (formerly, Whiskey Holdco, Inc.), a Delaware corporation (“Holdco”),
WRKCo Inc. (formerly, WestRock Company), a Delaware corporation (the “Parent Borrower”), WestRock Company of
Canada Holdings Corp./Compagnie de Holdings WestRock du Canada Corp., a Nova Scotia unlimited company (the “Canadian Borrower”
and together with the Parent Borrower and any Restricted Subsidiary of the Parent Borrower which the Parent Borrower has designated
a Borrower pursuant to Section 2.1(f), 2.2(f) or 2.3(f) of the Credit Agreement, the “Borrowers”), Wells Fargo
Bank, National Association, as administrative agent under the Credit Agreement (as defined below) (the “Administrative
Agent”) and as multicurrency administrative agent (the “Multicurrency Agent”) under that certain Credit
Agreement dated as of July 1, 2015 (as amended, restated or otherwise modified, the “Credit Agreement”), by
and among the Borrowers, the Subsidiaries of the Parent Borrower from time to time party thereto, the lenders from time to time
party thereto (the “Lenders”), the Administrative Agent and the Multicurrency Agent. Capitalized terms used
herein but not otherwise defined shall have the meanings provided in the Credit Agreement.

 

In connection with the Agreement and Plan of Merger, dated as of
January 28, 2018, among Holdco, the Parent Borrower, Whiskey Merger Sub, Inc., a Delaware corporation, Kola Merger Sub, Inc., a
Delaware corporation, and KapStone Paper and Packaging Corporation, a Delaware corporation, and as a condition precedent to the
effectiveness of the amendments set forth in Amendment No. 3 to the Credit Agreement, dated as of March 7, 2018 (“Amendment
No. 3”), Holdco has elected to become party to, and a Guarantor under, the Credit Agreement. Pursuant to Section 1 of
Amendment No. 3, the Parent Borrower hereby notifies the Administrative Agent that the Acquisition (as defined in Amendment No.
3) has been consummated on the date hereof.

 

Accordingly, Holdco and the Borrowers hereby agree as follows with
the Administrative Agent and the Multicurrency Agent, for the benefit of the Lenders:

 

1.        Holdco hereby acknowledges,
agrees and confirms that, by its execution of this Agreement, Holdco will be deemed to be a party to, and a “U.S. Guarantor”,
a “Guarantor” and the “Holdco” under, the Credit Agreement and shall have all of the obligations of a U.S.
Guarantor, a Guarantor and Holdco thereunder as if it had executed the Credit Agreement. Holdco hereby ratifies, as of the date
hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the applicable Credit Documents, including
without limitation (a) all of the representations and warranties set forth in Article III of the Credit Agreement and (b) all
of the affirmative and negative covenants set forth in Articles V and VI of the Credit Agreement. Without limiting the generality
of the foregoing terms of this Paragraph 1, Holdco hereby guarantees, jointly and severally together with the other Guarantors,
the prompt payment of the U.S. Obligations and the Foreign Borrower Obligations in accordance with Article X and Article XI of
the Credit Agreement.

 

2.        Holdco acknowledges
and confirms that it has received a copy of the Credit Agreement and the schedules and exhibits thereto. The information on the
schedules to the Credit Agreement is hereby supplemented (to the extent permitted under the Credit Agreement or Security Documents)
to reflect the information shown on the attached Schedule A.

 

3.        The Borrowers confirm
that the Credit Agreement is, and upon Holdco becoming a U.S. Guarantor, a Guarantor and the Holdco, shall continue to be, in full
force and effect. The parties hereto confirm and agree that immediately upon Holdco becoming a U.S. Guarantor, a Guarantor and
the Holdco, the terms “U.S. Obligations” and “Foreign Borrower Obligations” shall include all obligations
of Holdco under the Credit Agreement and under each other Credit Document.

 

4.        Each of the Borrowers
and Holdco agrees that at any time and from time to time, upon the written request of the Administrative Agent, it will execute
and deliver such further documents and do such further acts as the Administrative Agent may reasonably request in accordance with
the terms and conditions of the Credit Agreement in order to effect the purposes of this Agreement.

 

     

     

    

 

5.        This Agreement (a) may
be executed in two or more counterparts, each of which shall constitute an original but all of which when taken together shall
constitute one contract and (b) may, upon execution, be delivered by facsimile or electronic mail, which shall be deemed for
all purposes to be an original signature.

 

6.        This Agreement shall
be governed by and construed and interpreted in accordance with the laws of the State of New York. The terms of Sections 9.12,
9.13 and 9.16 of the Credit Agreement are incorporated herein by reference, mutatis mutandis, and the parties hereto agree to such
terms.

 

 

 

 

 

     

     

    

 

 

	WESTROCK COMPANY,
	a Delaware corporation	 
	 	 	 
	 	 	 
	By:	/s/ John D. Stakel	 
	Name:	John D. Stakel
	Title:	Senior Vice President and Treasurer

 

 

	 	WRKCO INC.,	 
	 	a Delaware corporation	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ John D. Stakel	 
	 	Name:	John D. Stakel
	 	Title:	Senior Vice President and Treasurer
	 	 	 	 
	 	 	 	 
	 	WESTROCK COMPANY OF CANADA HOLDINGS CORP./COMPAGNIE DE HOLDINGS WESTROCK DU CANADA CORP., 

a Nova Scotia unlimited company
	 	 	 	 
	 	 	 	 
	 	By:	/s/ John D. Stakel	 
	 	Name:	John D. Stakel
	 	Title:	Senior Vice President and Treasurer

 

 

 

IN WITNESS WHEREOF, each of the Borrowers and Holdco has caused this Joinder Agreement
to be duly executed by its authorized officer, and the Administrative Agent and Multicurrency Agent, each for the benefit of the
Lenders, has caused the same to be accepted by its authorized officer, as of the day and year first above written.

 

 

Acknowledged, accepted and agreed:

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent and Multicurrency Agent

 

	By:	/s/ Kay Reedy	 
	Name:	Kay Reedy
	Title:	Managing Director

 

  

 

     

     

    

 

SCHEDULE A 

to

Joinder Agreement

 

Schedules to Credit Agreement

 

 

None.

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