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EXHIBIT 10.40

ELEVENTH AMENDMENT TO THE
GPI SAVINGS PLAN
(As Amended and Restated Effective January 1, 2015)

WHEREAS, Graphic Packaging International, LLC (the “Company”) maintains for the benefit of its employees the GPI Savings Plan (the “Plan”); and

WHEREAS, Section 13.1 of the Plan authorizes the Board of Directors of Graphic Packaging Holding Company (the “Board”) to amend the Plan at any time; and

WHEREAS, the Board has delegated to the Retirement Committee of Graphic Packaging International, LLC (the “Retirement Committee”) the responsibility to make certain amendments to the Plan; and

WHEREAS, the Company has acquired the Consumer Packaging Group (the “Greif Transaction”) of Greif, Inc. (“Greif”); and

WHEREAS, in connection with the Greif Transaction, certain employees of Greif became employees of the Company; and

WHEREAS, the Retirement Committee deems it desirable to amend the Plan to recognize employees’ service with Greif for purposes of the Plan; and

WHEREAS, the Company has agreed to acquire substantially all of the assets (the “Artistic Carton Transaction”) of Artistic Carton Company (“Artistic Carton”) and assume sponsorship of the Artistic Carton Company Profit Sharing Plan with 401(k) Features (the “Artistic Carton Plan”); and

WHEREAS, in connection with the Artistic Carton Transaction, certain employees of Artistic Carton will become employees of the Company; and

WHEREAS, the Retirement Committee deems it desirable to amend the Plan to (i) recognize employees’ service with Artistic Carton for purposes of the Plan, (ii) merge the Artistic Carton Plan into the Plan; and

WHEREAS, the Company has acquired the Omaha, Nebraska folding carton facility (the “Quad Transaction”) of Quad/Graphics, Inc. (“Quad”); and

WHEREAS, in connection with the Quad Transaction, certain employees of Quad became employees of the Company; and

WHEREAS, the Retirement Committee deems it desirable to amend the Plan to recognize employees’ service with Quad for purposes of the Plan; and

WHEREAS, the Retirement Committee deems it desirable to amend the Plan to allow certain participants affected by the COVID-19 pandemic to receive distributions from their Plan accounts in accordance with the Coronavirus Aid, Relief, and Economic Security (CARES) Act;

NOW, THEREFORE, BE IT RESOLVED, that the Plan is hereby amended as follows:

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EXHIBIT 10.40

1.Effective as of March 1, 2021, the Artistic Carton Company Profit Sharing Plan with 401(k) Features be and hereby is merged into the Plan.

2.Effective as of March 1, 2021, Article I of the Plan is amended by adding immediately following Section 1.9 thereof, the following new Sections 1.9A and 1.9B:

    1.9A    Artistic Carton Employer Account means the portion of a Participant’s Company Account attributable to amounts directly transferred to this Plan that consist of employer contributions maintained under the Artistic Carton Company Profit Sharing Plan with 401(k) Features.

    1.9B    Artistic Carton Match Account means the portion of a Participant’s Matching Account attributable to amounts directly transferred to this Plan that consist of matching contributions maintained under the Artistic Carton Company Profit Sharing Plan with 401(k) Features.

3.Effective as of March 1, 2021, Section 1.18 of the Plan is amended to read as follows:

    1.18    Company Contribution Account means the separate subaccount established and maintained on behalf of a Participant or Beneficiary to reflect his interest in the Trust Fund attributable to company contributions, which is comprised of his:

    (a)    Graphic Employer Account;

    (b)    Hourly Field Automatic Contribution Account;

    (c)    Pre-1987 Graphic Employer Account;

    (d)    Salaried Field Profit-Sharing Account;

    (e)    Salaried Smurfit DB Replacement Account;

    (f)    Supplemental Employer Contribution Account;

    (g)    Rose City Profit Sharing Account; and

    (h)    Artistic Carton Employer Account.

4.Effective as of March 1, 2021, Section 1.59 of the Plan is amended to read as follows:

    1.59    Matching Account means the separate subaccount established and maintained on behalf of a Participant or Beneficiary to reflect his interest in the Trust Fund attributable to matching contributions, which is comprised of his:

    (a)    GPI Employer Match Account;

    (b)    Hourly Field Employer Match Account;

    (c)    Match Direct - Graded (Pre-2008 Smurfit Match) Account;

    (d)    Pre-2004 RIC Match Account;

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EXHIBIT 10.40

    (e)    Salaried Field Employer Non-Safe Harbor Match Account;

    (f)    Rose City Match Account; and

    (g)    Artistic Carton Match Account.

5.Effective March 1, 2021, Section 1.95 of the Plan is amended by adding to the end thereof the following:

 “Transfer Account” also includes the following Transfer Contributions received from the Artistic Carton Company Profit Sharing Plan with 401(k) Features, which, unless otherwise provided in the Plan, will be treated in the same manner as the corresponding Accounts under the Plan below:

									
	Prior Plan	Prior Plan Account/Contribution
	Plan Account
	Artistic Carton Company Profit Sharing Plan with 401(k) Features	Elective Deferral Contributions	Before-Tax Account
	Artistic Carton Company Profit Sharing Plan with 401(k) Features	Matching Contributions	Artistic Carton Match Account
	Artistic Carton Company Profit Sharing Plan with 401(k) Features	Employer Contributions	Artistic Carton Employer Account
	Artistic Carton Company Profit Sharing Plan with 401(k) Features	Rollover Contributions	Rollover Account

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EXHIBIT 10.40

6.Effective as of April 1, 2020, Subsection 1.101 of the Plan is amended by adding the following sentence to the end thereof:

An Employee’s period of service with Greif, Inc., to the extent not otherwise counted hereunder, will be taken into account in determining his or her Year of Eligibility Service, provided that such Employee was employed by the Consumer Packaging Group of Greif, Inc. as of the close of business on the date immediately preceding the closing date of the acquisition of the Consumer Packaging Group of Greif, Inc. by the Controlling Company.

7.Effective as of April 5, 2020, Subsection 1.101 of the Plan is amended by adding the following sentence to the end thereof:

An Employee’s period of service with Quad/Graphics, Inc., to the extent not otherwise counted hereunder, will be taken into account in determining his or her Year of Eligibility Service, provided that such Employee was employed by the Omaha, Nebraska folding carton facility of Quad/Graphics, Inc. as of the close of business on the date immediately preceding the closing date of the acquisition of the Omaha, Nebraska folding carton facility of Quad/Graphics, Inc. by the Controlling Company.

8.Effective as of January 1, 2021, Subsection 1.101 of the Plan is amended by adding the following sentence to the end thereof:

An Employee’s period of service credited under the Artistic Carton Company Profit Sharing Plan with 401(k) Features, to the extent not otherwise counted hereunder, will be taken into account in determining his or her Year of Eligibility Service.

9.Effective as of April 1, 2020, Subsection 1.102(d) of the Plan is amended by adding the following sentence to the end thereof:

An Employee’s periods of employment with Greif, Inc. will be taken into account in determining his or her Years of Vesting Service, provided that such Employee was employed by the Consumer Packaging Group of Greif, Inc. as of the close of business on the date immediately preceding the closing date of the acquisition of the Consumer Packaging Group of Greif, Inc. by the Controlling Company.

10.Effective as of April 5, 2020, Subsection 1.102(d) of the Plan is amended by adding the following sentence to the end thereof:

An Employee’s periods of employment with Quad/Graphics, Inc. will be taken into account in determining his or her Years of Vesting Service, provided that such Employee was employed by the Omaha, Nebraska folding carton facility of Quad/Graphics, Inc. as of the close of business on the date immediately preceding the closing date of the acquisition of the Omaha, Nebraska folding carton facility of Quad/Graphics, Inc. by the Controlling Company.

11.Effective as of January 1, 2021, Subsection 1.102(d) of the Plan is amended by adding the following sentence to the end thereof:

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EXHIBIT 10.40

An Employee’s periods of employment credited under the Artistic Carton Company Profit Sharing Plan with 401(k) Features will be taken into account in determining his or her Years of Vesting Service.

12.Effective as of March 1, 2021, Section 8.1(b) of the Plan is amended to read as follows:

        (b)    Supplemental Employer Contribution, Match Direct - Graded (Pre-2008 Smurfit Match), Artistic Carton Employer and Artistic Carton Match Accounts.  Except as provided in Sections 8.2, 8.3 and 8.4, the Supplemental Employer Contribution Account, Match Direct - Graded (Pre-2008 Smurfit Match) Account, Artistic Carton Employer Account and Artistic Carton Match Account of each Participant will vest in accordance with the following vesting schedule, based on the total of the Participant’s Years of Vesting Service:

    Years of Vesting Service            Vested Percentage of 
     Completed by Participant            Participant’s Account

    Less than 1 Year                        0%
    1 Year, but less than 2                      20%
    2 Years, but less than 3                  40%
    3 Years, but less than 4                  60%
    4 Years but less than 5                  80%
    5 Years or more                    100%

13.Effective as of March 1, 2021, Section 9.5 of the Plan is amended by adding to the end thereof the following new subsections (23) and (24):

        (23)    Artistic Carton Match Account

        (24)    Artistic Carton Employer Account

14.Effective as of April 4, 2020, Article IX of the Plan is amended by adding to the end thereof the following new Section 9.13:

    9.13    Coronavirus-Related Distributions.

        (a)    Availability of Withdrawal.  Notwithstanding anything in the Plan to the contrary, effective from April 4, 2020, through December 30, 2020, a Qualified Participant may request a withdrawal of all or part of his vested Account as a coronavirus-related distribution, provided that the aggregate amount of withdrawals received by any Participant pursuant to this Section and similar coronavirus-related distribution provisions under all other plans maintained by the Controlling Company or any Affiliate may not exceed $100,000.

        (b)    Qualified Participant Determination.  For purposes of this Section, a “Qualified Participant” means a Participant (i) who is diagnosed with Coronavirus by a test approved by the U.S. Centers for Disease Control and Prevention (including a test authorized under the Federal Food, Drug and Cosmetic Act); (ii) whose spouse or dependent (as defined in Code Section 152) is diagnosed with Coronavirus by such a test; or (iii) who experiences adverse financial consequences as a result of:

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EXHIBIT 10.40

        (A)    The Participant, his spouse or someone who shares the Participant’s principal residence being quarantined, furloughed or laid off, or having work hours reduced, due to Coronavirus; 

        (B)    The Participant, his spouse or someone who shares the Participant’s principal residence being unable to work due to lack of child care, due to Coronavirus;

        (C)    The closing or reducing hours of a business owned or operated by the Participant, his spouse or someone who shares the Participant’s principal residence, due to Coronavirus;

        (D)    The Participant, his spouse or someone who shares the Participant’s principal residence having a reduction in pay or self-employment income, due to Coronavirus;

        (E)    The Participant, his spouse or someone who shares the Participant’s principal residence having a job offer rescinded or start date of a job delayed, due to Coronavirus; or

        (F)    Other factors as determined by the U.S. Secretary of the Treasury (or his or her delegate).

The Retirement Committee will rely on a Participant’s certification that the Participant satisfies the conditions to be a Qualified Participant unless the Retirement Committee has actual knowledge to the contrary.  For purposes of this subsection (b), the term “Coronavirus” means the virus SARS-CoV-2 or coronavirus disease 2019 (COVID-19).

        (c)    Payment of Withdrawal.  Notwithstanding anything in the Plan to the contrary, payment of a withdrawal under this Section will be made only as a single lump sum cash payment, and will not be considered an eligible rollover distribution.

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EXHIBIT 10.40

BE IT FURTHER RESOLVED, that the Retirement Committee has approved this Eleventh Amendment to the GPI Savings Plan this 9th day of December, 2020.

GRAPHIC PACKAGING INTERNATIONAL, LLC
RETIREMENT COMMITTEE MEMBERS

    
By:          /s/ Stephen R. Scherger                    
            Stephen R. Scherger

By:          /s/ Stacey Panayiotou                    
            Stacey Panayiotou

By:          /s/ Brad Ankerholz                    
            Brad Ankerholz

By:          /s/ Chuck Lischer                    
            Chuck Lischer

By:          /s/ Brian A. Wilson                    
                    Brian A. Wilson

7Document

EXHIBIT 10.41

TWELFTH AMENDMENT TO THE
GPI SAVINGS PLAN
(As Amended and Restated Effective January 1, 2015)
 
WHEREAS, Graphic Packaging International, LLC (the “Company”) sponsors the GPI Savings Plan (the “Plan”) for the benefit of its eligible employees; and
WHEREAS, Section 13.1 of the Plan authorizes the Board of Directors of Graphic Packaging Holding Company (the “Board”) to amend the Plan at any time and to delegate such amendment authority to the Retirement Committee of Graphic Packaging International, LLC (the "Retirement Committee") or certain other designated persons; and 
WHEREAS, the Board has delegated to the Retirement Committee the responsibility to make certain amendments to the Plan; and
WHEREAS, the Retirement Committee deems it desirable to amend the Plan to provide that it shall constitute a “qualified replacement plan” under Section 4980(d)(2) of the Internal Revenue Code of 1986, as amended, with respect to the termination of the GPI US Consolidated Pension Plan (the “Pension Plan”) and the transfer of all or any portion of the remaining Pension Plan assets to the Plan following such termination and the satisfaction of all remaining liabilities under the Pension Plan;
NOW, THEREFORE, BE IT RESOLVED, that the Plan be, and it hereby is, amended in the following respects:
1.    Effective as of the date this Amendment is executed, Article XVI of the Plan is amended by adding the following to the end thereof as Section 16.12:
16.12    Qualified Replacement Plan.  The Controlling Company may maintain this Plan as a qualified replacement plan as described in Code Section 4980 under which this Plan may receive a transfer of all or any portion of remaining assets (“transferred amounts”) from the terminated GPI US Consolidated Pension Plan or from any other terminating qualified defined benefit plan that a Participating Company may maintain, prior to any employer reversion (within the meaning of Code section 4980) therefrom, as may be authorized by such Participating Company and the Controlling Company, subject to the following rules:
(a)The Retirement Committee will credit transferred amounts to a suspense account (“Suspense Account”) under the Plan, and thereafter the Retirement Committee will allocate transferred amounts to fund all or a portion of any Supplemental Employer Contributions which are “nonelective contributions,” within the meaning of Treasury Regulation Sections 1.401(k)-6 and 1.401(m)-5, due in accordance with the terms of the Plan (after the offset of any forfeitures).    In no event shall the Suspense Account be applied to fund any “matching contributions,” within the meaning of Treasury Regulation Section 1.401(k)-6, under the Plan or to pay or reimburse the Controlling Company for any administrative expenses under the Plan.
(b)Such allocation from the Suspense Account will be no less rapidly than ratably on a periodic basis over an allocation period of seven Plan Years beginning with the Plan Year of such transfer and ending on the last day of the sixth Plan Year after the Plan Year of such transfer (“Allocation Period”).
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EXHIBIT 10.41

(c)The minimum ratable drawdown of the Suspense Account over the Allocation Period will be measured by the Retirement Committee at periodic intervals (no less frequently than annually) designated by the Retirement Committee.  The amount that will be allocated from the Suspense Account as such Supplemental Employer Contributions for each such interval (e.g., for each Plan Year) shall be no less than the amount determined by multiplying the amount in the Suspense Account as of the first day of such interval by a fraction, the numerator of which is one and the denominator of which is the number of such intervals remaining in the Allocation Period.
(d)Any income earned by the Suspense Account will be allocated at least as rapidly as ratably on the same periodic basis over the remainder of the Allocation Period under the same procedure.
(e)If any amount credited to the Suspense Account may not be allocated to a Participant before the end of the Allocation Period due to any limitation under Code Section 415, such amount shall be allocated to the Accounts of other Participants and, if any portion of such amount may not be so allocated to other Participants because of any such limitation, such portion shall be allocated to the Participant in accordance with Code Section 415.  
(f)Amounts allocated from the Suspense Account attributable to such transfer and any income earned thereon shall be treated as employer contributions for purposes of Code Sections 401 and 415.
(g)If any transferred amounts credited to the Suspense Account are not allocated prior to the termination date of this Plan:
(1)such transferred amounts shall be allocated to the Accounts of Participants as of such date, except that any portion of such transferred amounts which may not be allocated due to Code Section 415 limitations shall be allocated to the Accounts of other Participants, and 
(2)if any portion of such transferred amounts may not be allocated to other Participants in accordance with clause (1) by reason of such limitation, such portion shall be treated as a Controlling Company reversion to which Code Section 4980 applies. 

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EXHIBIT 10.41

BE IT FURTHER RESOLVED, that the Retirement Committee has approved this Twelfth Amendment to the GPI Savings Plan this 17th day of December 2020.
GRAPHIC PACKAGING INTERNATIONAL, LLC RETIREMENT COMMITTEE MEMBERS

By:          /s/ Stephen R. Scherger                    
            Stephen R. Scherger

By:          /s/ Stacey Panayiotou                    
            Stacey Panayiotou

By:          /s/ Brad Ankerholz                    
            Brad Ankerholz

By:          /s/ Chuck Lischer                    
            Chuck Lischer

By:          /s/ Brian A. Wilson                    
                                Brian A. Wilson

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