Document:

exv10w3

EXECUTION VERSION

AMENDED AND RESTATED SECOND LIEN INTELLECTUAL PROPERTY

SECURITY AGREEMENT

          This AMENDED AND RESTATED SECOND LIEN INTELLECTUAL PROPERTY SECURITY AGREEMENT (as amended, amended
and restated, supplemented or otherwise modified from time to time, the “Amended and Restated IP
Security Agreement”) dated October 5, 2009, is made by Pregis Corporation (the “Company”) and the
Persons listed on the signature pages hereof (collectively, the “Grantors”) in favor of The Bank of
New York Mellon Trust Company N.A. (as successor to The Bank of New York), as collateral agent (the
“Collateral Agent”) for the Trustee and Holders (each as defined in the Indenture referred to
below).

          WHEREAS, the Company has issued certain senior secured floating rate notes (the “Original Notes”)
pursuant to the Indenture dated October 12, 2005 (as amended, amended and restated, supplemented or
otherwise modified from time to time, the “Indenture”) among the Company, the other grantors, the
guarantors party thereto, the Collateral Agent, and Grant Thornton, as successor to RSM Robson
Rhodes LLP, as Irish Paying Agent.

          WHEREAS, as a condition precedent to the issuance of notes under the Indenture, each Grantor has
executed and delivered that certain Second Lien Security Agreement dated October 12, 2005 made by
the Grantors to the Collateral Agent (as amended by that certain Amendment No. 1 dated as of the
date hereof, and as further amended, amended and restated, supplemented or otherwise modified from
time to time, the “Security Agreement”; terms defined in the Security Agreement and not otherwise
defined herein are used herein as defined in the Security Agreement), under the terms of which the
Grantors have granted to the Collateral Agent for the benefit of the Trustee and the ratable
benefit of the Holders, a security interest in, among other property, certain intellectual property
of the Grantors;

          WHEREAS, as a condition of the Security Agreement, the Grantors have executed that certain Second
Lien Intellectual Property Security Agreement (the “IP Security Agreement”) for recording with the
U.S. Patent and Trademark Office, the United States Copyright Office and other governmental
authorities;

          WHEREAS, the Company now intends to issue additional senior secured floating rate notes under the
Indenture in an aggregate principal amount of Euros which as of the date hereof is approximately
equivalent to €125,000,000 (the “Additional Floating Rate Notes”), which Additional Floating Rate
Notes shall be secured by the Collateral (as defined below) on a second priority basis on the same
terms and conditions set forth in the Security Agreement and the other Note Documents as the
Original Notes.

          WHEREAS, the IP Security Agreement was recorded with the United States Patent and Trademark Office
on reel 016700 frame 0007 and on reel 03183 frame 0450 on October 28, 2005;

          WHEREAS, the Grantors and the Collateral Agent have now agreed to amend and restate the IP Security
Agreement so that the Grantors may grant the Collateral Agent a security interest in, to and under
all of the Grantors’ right, title and interest in and to the

Pregis Amended and Restated Intellectual Property Security Agreement

 

 

EXECUTION VERSION

Collateral (as defined below) solely
in connection with the security interest granted pursuant to the Security Agreement.

          NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, each of the undersigned agrees that the IP Security Agreement is amended and
restated as follows:

          SECTION 1. Grant of Security. Each Grantor hereby grants to the Collateral Agent for the
benefit of the Trustee and the ratable benefit of the Holders a security interest in all of such
Grantor’s right, title and interest in and to the following (the “Collateral”):

     (i) the patents and patent applications set forth in Schedule A
hereto (the “Patents”);

     (ii) the trademark and service mark
registrations and applications set forth in Schedule B hereto
(provided that no security interest shall be granted in United
States intent-to-use trademark applications to the extent that,
and solely during the period in which, the grant of a security
interest therein would impair the validity or enforceability of
such intent-to-use trademark applications under applicable
federal law), together with the goodwill symbolized thereby (the
“Trademarks”);

     (iii) all copyrights, whether
registered or unregistered, now owned or hereafter acquired by
such Grantor, including, without limitation, the copyright
registrations and applications and exclusive copyright licenses
set forth in Schedule C hereto (the “Copyrights”);

     (iv) all reissues, divisions,
continuations, continuations-in-part, extensions, renewals and
reexaminations of any of the foregoing, all rights in the
foregoing provided by international treaties or conventions, all
rights corresponding thereto throughout the world and all
other rights of any kind whatsoever of such Grantor accruing
thereunder or pertaining thereto;

     (v) any and all claims for damages
and injunctive relief for past, present and future infringement,
dilution, misappropriation, violation, misuse or breach with
respect to any of the foregoing, with the right, but not the
obligation, to sue for and collect, or otherwise recover, such
damages; and

     (vi) any and all proceeds of,
collateral for, income, royalties and other payments now or
hereafter due and payable with respect to, and supporting
obligations relating to, any and all of the Collateral of or
arising from any of the foregoing.

          SECTION 2. Security for Obligations. This Amended and Restated IP Security Agreement
secures, in the case of each Grantor, the payment of all Obligations of such Grantor now or
hereafter existing under the Note Documents, whether direct or indirect, absolute or contingent,
and whether for principal, reimbursement obligations, interest, fees, premiums, penalties,
indemnifications, contract causes of action, costs, expenses or otherwise (all such Obligations
being the “Secured Obligations”). Without limiting the generality of the foregoing, this Amended
and Restated IP Security Agreement secures, as to each Grantor, the payment of all amounts that
constitute part of the Secured Obligations and would be owed by such Grantor to any Holder under
the Note Documents but for the fact that they are unenforceable or not

Pregis Amended and Restated Intellectual Property Security Agreement

2

 

EXECUTION VERSION

allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving a Grantor.

          SECTION 3. Recordation. Each Grantor authorizes and requests that the Register of
Copyrights, the Commissioner for Patents and the Commissioner for Trademarks and any other
applicable government officer record this Amended and Restated IP Security Agreement.

          SECTION 4. Execution in Counterparts. This Amended and Restated IP Security Agreement may
be executed in any number of 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.

          SECTION 5. Grants, Rights and Remedies. This Amended and Restated IP Security Agreement
has been entered into in conjunction with the provisions of the Security Agreement. Each
Grantor does hereby acknowledge and confirm that the grant of the security interest hereunder to,
and the rights and remedies of, the Collateral Agent with respect to the Collateral are more fully
set forth in the Security Agreement, the terms and provisions of which are incorporated herein by
reference as if fully set forth herein.

          SECTION 6. Governing Law. This Amended and Restated IP Security Agreement shall be
governed by, and construed in accordance with, the laws of the State of New York.

Pregis Amended and Restated Intellectual Property Security Agreement

3

 

          IN WITNESS WHEREOF, each Grantor has caused this Amended and Restated IP Security Agreement to be
duly executed and delivered by its officer thereunto duly authorized as of the date first above
written.

	 	 	 	 	 	 	 	 	 
	 	 	PREGIS CORPORATION	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ D. Keith LaVanway 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	D. Keith LaVanway	 	 
	 

	 	 	 	Title:
	 	Vice President, Chief Financial	 	 
	 

	 	 	 	 	 	Officer, Treasurer and Secretary	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Address for Notices:	 	 
	 	 	1650 Lake Cook Road, Suite 400	 	 
	 	 	Deerfield, Illinois 60015	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	PREGIS HOLDING II CORPORATION	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ D. Keith LaVanway 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	D. Keith LaVanway	 	 
	 

	 	 	 	Title:
	 	Vice President, Chief Financial	 	 
	 

	 	 	 	 	 	Officer, Treasurer and Secretary	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Address for Notices:	 	 
	 	 	1650 Lake Cook Road, Suite 400	 	 
	 	 	Deerfield, Illinois 60015	 	 

Pregis Amended and Restated Intellectual Property Security Agreement

 

 

	 	 	 	 	 	 	 	 	 
	 	 	PREGIS MANAGEMENT CORPORATION	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ D. Keith LaVanway 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	D. Keith LaVanway	 	 
	 

	 	 	 	Title:
	 	Vice President, Chief Financial	 	 
	 

	 	 	 	 	 	Officer, Treasurer and Secretary	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Address for Notices:	 	 
	 	 	1650 Lake Cook Road, Suite 400	 	 
	 	 	Deerfield, Illinois 60015	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	PREGIS INNOVATIVE PACKAGING INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ D. Keith LaVanway 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	D. Keith LaVanway	 	 
	 

	 	 	 	Title:
	 	Vice President, Chief Financial	 	 
	 

	 	 	 	 	 	Officer, Treasurer and Secretary	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Address for Notices:	 	 
	 	 	1650 Lake Cook Road, Suite 400	 	 
	 	 	Deerfield, Illinois 60015	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	HEXACOMB CORPORATION	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ D. Keith LaVanway 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	D. Keith LaVanway	 	 
	 

	 	 	 	Title:
	 	Vice President, Chief Financial	 	 
	 

	 	 	 	 	 	Officer, Treasurer and Secretary	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Address for Notices:	 	 
	 	 	1650 Lake Cook Road, Suite 400	 	 
	 	 	Deerfield, Illinois 60015	 	 

Pregis Amended and Restated Intellectual Property Security Agreement

 

 

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON 

TRUST COMPANY N.A.,

as Collateral Agent

 	 
	 	By:  	/s/
R. Tarnas 	 
	 	 	Name:  	R. Tarnas 	 
	 	 	Title:  	Vice President 	 
	 

Pregis Amended and Restated Intellectual Property Security Agreementexv10w4

Exhibit 10.4

5 OCTOBER 2009

AMENDMENT AGREEMENT

To a

SUBORDINATED PLEDGE AGREEMENT DATED 12 OCTOBER 2005

Between

PREGIS CORPORATION

AS THE PLEDGOR

and

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

AS THE SECURITY AGENT

 

 

THIS AMENDMENT AGREEMENT (the “Subordinated Pledge Amendment Agreement”) is made on the date stated
on the front-page hereof to a subordinated pledge agreement dated 12 October 2005 (the “Base
Subordinated Pledge Agreement”)

BETWEEN:

	1)	 	PREGIS CORPORATION, a corporation incorporated in the State of Delaware, with registered
office at Trust Center, 1209 Orange Street, 19801 Wilmington, Delaware, United States of
America, registered under the U.S federal tax id number 20-3103585, hereinafter referred to
as the “Pledgor”;

AND

	2)	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., with registered office at 2 North LaSalle
Street, Suite 1020, Chicago, Illinois 60602, United States of America, as successor trustee
to The Bank of New York, hereinafter referred to as the “Security Agent”;

IN THE PRESENCE OF

	3)	 	Pregis (Luxembourg) Holding S.à r.l., a société à responsabilité limitée incorporated under
Luxembourg law, with registered office at 20, rue de la Poste, L-2346 Luxembourg (Grand Duchy
of Luxembourg), having a share capital of EUR 822,500 and registered with the Luxembourg trade
and companies register under number B 110 438, hereinafter referred to as the “Company”.

The Pledgor, the Security Agent, and the Company hereafter referred to as the “Parties” and
individually the “Party”.

Unless otherwise defined in this Subordinated Pledge Amendment Agreement, words and expressions
defined in the Subordinated Pledge Agreement shall bear the same meanings when used in this
Subordinated Pledge Amendment Agreement.

WHEREAS

	A.	 	The Parties concluded on 12 October 2005 the Subordinated Pledge Agreement, pursuant to an
indenture (the “Base Indenture”) relating to the issuance by the Pledgor of senior secured
floating rate notes (the “Original Notes”) for an amount of EUR 100,000,000 to the Holders
(as defined in the Base Indenture);

 

 

	B.	 	The Pledgor intends to issue additional senior secured floating rate notes, to be issued
under the Base Indenture as supplemented by a supplemental indenture on 5 October 2009 (the
“Supplemental Indenture”), in an aggregate principal amount of approximately EUR 125,000,000
(the “Additional Floating Rate Notes”), which Additional Floating Rate Notes shall be secured
on the same terms and conditions set forth in the security agreement and the other note
documents as the Original Notes;

	C.	 	The Parties agreed to amend the subordinated pledge agreement concluded on 12 October 2005
(the “Base Subordinated Pledge Agreement”) to include as security for the Secured
Liabilities, among others, the Additional Floating Rate Notes and any other possible notes
issuing that may occur from time to time in the future.

	D.	 	The Parties agreed to secure payment and discharge of the Secured Liabilities as defined in
the Base Subordinated Pledge Agreement, as amended by the Subordinated Pledge Amendment
Agreement.

	E.	 	In consideration of the above, the Parties are, on the terms and conditions stated below,
willing to amend the Base Subordinated Pledge Agreement and to enter into and execute this
Subordinated Pledge Amendment Agreement on the following terms:

1. AMENDMENTS TO THE BASE SUBORDINATED PLEDGE AGREEMENT

	 	1.1	 	The Parties have declared their willingness to amend the definition of “Note Documents”
of Article 1.2 of the Base Subordinated Pledge Agreement in a manner set out hereinafter:
	 
	 	 	 	“Note Documents” means the Indenture, the Notes, the Additional Notes, any additional notes
to be issued from time to time in the future pursuant to the Indenture and any other related
document or instrument executed and delivered pursuant thereto evidencing or governing any
Obligations thereunder.

	 	1.2	 	The Parties have declared their willingness to add a new definition under Article 1.2
of the Base Subordinated Pledge Agreement in a manner set out hereinafter:
	 
	 	 	 	“Additional Notes” means the additional senior secured floating rate notes issued by the
Pledgor under the Indenture on about 5 October 2009 in an aggregate principal amount of
approximately the equivalent of EUR 125,000,000.

	 	1.3	 	The Parties have declared their willingness to amend the definition of “Indenture” of
Article 1.2 of the Base Subordinated Pledge Agreement in a manner set out hereinafter:
	 
	 	 	 	“Indenture” means the indenture in the agreed terms, entered into on 12 October 2005, as
amended by the Supplemental Indenture, and as amended, supplemented or otherwise modified
from time to time, between the following parties or their respective successors: Pregis
Corporation as Issuer, the Guarantors named therein, the Bank of New York as Trustee and
Collateral Agent and RSM Robson Rhodes LLP as Irish Paying Agent.

	 	1.4	 	The Parties have declared their willingness to add the definition of “Supplemental
Indentures” to Article 1.2 of the Base Subordinated Pledge Agreement in a manner set out
hereinafter:

 

 

	 	 	 	“Supplemental Indentures” means any indenture modifying the Indenture entered between the
parties to the Indenture from time to time and for the first time on 5 October 2009.

	 	1.5	 	The Parties have declared their willingness to amend the definition of “Promissory
Notes” of Article 1.2 of the Base Subordinated Pledge Agreement in a manner set out
hereinafter:
	 
	 	 	 	“Promissory Notes” means the promissory notes, in the agreed terms, entered into by Pregis
(Luxembourg) Holding S.à r.l. as Maker and in favour of Pregis Corporation as Payee.

	 	1.6	 	The Parties have declared their willingness to amend the “Implementation of the
dispossession” of Article 3.4 of the Base Subordinated Pledge Agreement in a manner set out
hereinafter:

3.4 Implementation of the dispossession

The Parties grant all powers to any lawyer of Wildgen attorneys-at-law, to (i) record the
pledge of the shares issued by the Company as provided for in this Pledge Agreement in the
Company’s shareholders register, (ii) record the pledge of the CPECs as provided for in this
Pledge Agreement in the CPECs register and (iii) endorse the pledge of the rights of the
Pledgor under the Promissory Notes as provided for in this Pledge Agreement.

	2.	 	GENERAL PROVISIONS

	 	2.1.	 	The Parties adhere to the terms and conditions stated in the Base Subordinated Pledge
Agreement.
	 
	 	2.2.	 	The terms and conditions stated in the Base Subordinated Pledge Agreement are and shall
continue to be in full force and effect and are hereby in all respects ratified and
confirmed by the Parties in this Subordinated Pledge Amendment Agreement.
	 
	 	2.3.	 	The execution, delivery and effectiveness of this Subordinated Pledge Amendment
Agreement shall not operate as a waiver of any right, power or remedy of any Party under
the Base Subordinated Pledge Agreement.
	 
	 	2.4.	 	This Subordinated Pledge Amendment Agreement may be executed in any number of
counterparts and by different 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. Delivery of an executed counterpart of a signature
page to this Amendment by facsimile or other electronic communication shall be effective as
delivery of a manually executed counterpart of this Amendment.
	 
	 	2.5.	 	If any term or provision of this Subordinated Pledge Amendment Agreement or any
application thereof shall be invalid or unenforceable, the remainder of this Subordinated
Pledge Amendment Agreement and any other application of such term or provision shall not be
affected thereby.
	 
	 	2.6.	 	This Subordinated Pledge Amendment Agreement (and any dispute, controversy, proceedings
or claims of whatever nature arising out of or in any way relating to this Subordinated
Pledge Amendment Agreement) shall be exclusively governed by and construed in all respects
in accordance with Luxembourg law.

 

 

IN WITNESS WHEREOF, the Parties hereto have executed this Subordinated Pledge Amendment Agreement
by their respective officers thereunto duly authorized, as of the date and year first written
above.

	 	 	 	 	 
	PREGIS CORPORATION

 	 	 
	By:  	/s/
D. Keith LaVanway	 	 
	 	Title:  	Vice President, Chief Financial Officer,
Treasurer and Secretary	 	 
	 

	 	 	 	 	 
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

 	 	 
	By:  	/s/
R. Tarnas	 	 
	 	Title:  	Vice President	 	 
	 

By signing hereunder for acceptance, the Company acknowledges and accepts the existence of this
Subordinated Pledge Amendment Agreement and the security interest created thereunder over the
Shares, the Receivables and the CPEC for the purposes of Article 114 (3) of the Luxembourg Code of
Commerce, take notice of the terms thereof, and undertake to duly register forthwith this Pledge
in the Registers.

	 	 	 	 	 
	Pregis (Luxembourg) Holding S.à r.l.

 	 
	By:  	/s/
D. Heemskirk 	F. Gaspar	 
	 	Title:  	Director	Director

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