Document:

EXHIBIT 4.4  

EXECUTION
COPY 

        AMENDMENT
No. 1 and WAIVER dated as of April 23, 2002 (this "Amendment"), to the Credit Agreement, dated as of
August 10, 2001, as amended (the "Credit Agreement"), among Riverwood International Corporation (the
"Borrower"), the several banks and other financial institutions from time to time parties thereto (the
"Lenders"), Bankers Trust Company as syndication agent, and JPMorgan Chase Bank, as administrative agent for the Lenders thereunder (in such capacity,
the "Administrative Agent") and AMENDMENT No. 1 to the Guarantee and Collateral Agreement, dated as of August 10, 2001, (the
"Guarantee and Collateral Agreement") among Riverwood Holding, Inc., RIC Holding, Inc. and the Borrower and certain of its Subsidiaries in
favor of the Administrative Agent. 

W I T N E S S E T H : 

        WHEREAS,
the Borrower has requested that the Administrative Agent and the Lenders agree to amend the Credit Agreement and the Guarantee and Collateral Agreement in order to add thereto a
$250,000,000 Tranche B term loan facility (the "Tranche B Term Loan Facility") and to modify certain other provisions of the Credit
Agreement as set forth herein; 

        WHEREAS,
the proceeds of the Tranche B Term Loan Facility will be used to refinance the Borrower's outstanding $250,000,000 10-1/4% Senior Notes due 2006 (the
"Refinancing"); and 

        WHEREAS,
the Administrative Agent and the Lenders are willing to agree to the requested amendments on the terms and conditions contained herein. 

        NOW,
THEREFORE, in consideration of the premises and the mutual covenants contained herein, the parties agree as follows: 

1.    AMENDMENTS TO THE CREDIT AGREEMENT    

 Definitions.    Unless otherwise defined herein, terms defined in the Credit Agreement shall have their defined meanings when used herein. 

 Amendments of Subsection 1.1 (Defined Terms).    (i) Subsection 1.1 of the Credit Agreement is hereby amended by adding the following new
definitions, to appear in alphabetical order: 

        "Mandatory Prepayment Date":    as defined in subsection 4.4(i). 

         "Prepayment Option Notice":    as defined in subsection 4.4(i). 

         "Surplus Payment Amount":    as defined in subsection 4.4(i). 

        "Tranche B Effective Date":    the Tranche B Effective Date as defined in the Amendment No. 1 and Waiver dated as of
April 23, 2002 to this Agreement. 

         "Tranche B Term Note":    as defined in subsection 2.5A(b). 

         "Tranche B Prepayment Amount":    as defined in subsection 4.4(i). 

        "Tranche B Term Loan":    as defined in subsection 2.5A(a). 

         "Tranche B Term Loan Commitment":    as to any Tranche B Term Loan Lender, its obligation to make Tranche B Term Loans to
the
Borrower in an aggregate amount not to exceed at any one time outstanding the amount set forth opposite such Tranche B Term Loan Lender's name in Schedule A-1 under the heading
"Tranche B Term Loan Commitment" or, in the case of any Lender that is an Assignee, the amount of the assigning Lender's Tranche B Term Loan Commitment assigned to such Assignee pursuant
to subsection 11.6(c) (in each case as such amount may be adjusted from time to time as provided herein); collectively, as to all the Tranche B Term Loan Lenders, the
"Tranche B Term Loan Commitments". After the Tranche B 

 

Effective Date, the aggregate amount of Tranche B Term Loan Commitments may not exceed $250,000,000. 

        "Tranche B Term Loan Lender":    any Lender having a Tranche B Term Loan Commitment hereunder and/or a Tranche B Term Loan
outstanding hereunder. 

         "Tranche B Term Loan Percentage":    as to any Tranche B Term Loan Lender at any time, the percentage which (i) such
Lender's
Tranche B Term Loans then outstanding constitutes of (ii) the aggregate Tranche B Term Loans of all the Tranche B Term Loan Lenders then outstanding. 

         "Tranche B Term Note":    as defined in subsection 2.5A(b). 

The
definition of "Applicable Margin" is hereby amended by deleting it in its entirety and substituting in place thereof the following: 

         "Applicable Margin":    the rate per annum determined as follows: During the period from the Closing Date until the first Adjustment Date,
the
Applicable Margin in respect of Revolving Credit Loans and Term Loans shall equal (i) with respect to ABR Loans, 1.75% per annum and (ii) with respect to Eurodollar Loans, 2.75% per
annum, and during the period from the Tranche B Effective Date until the first Adjustment Date thereafter, the Applicable Margin in respect of Tranche B Term Loans shall equal
(i) with respect to ABR Loans, 1.50% per annum and (ii) with respect to Eurodollar Loans, 2.50% per annum. Such Applicable Margin will be adjusted on each subsequent Adjustment Date to
the applicable rate per annum set forth under the heading "Applicable Margin for ABR Loans" or "Applicable Margin for Eurodollar Loans" on the applicable Pricing Grid which corresponds to the
Consolidated Leverage Ratio determined from the financial statements and compliance certificate relating to the end of the fiscal quarter immediately preceding such Adjustment Date and if there is no
applicable rate set forth under such heading which corresponds to the Consolidated Leverage Ratio determined from such financial statements and compliance certificate, (x) the Applicable Margin
in respect of Revolving Credit Loans and Term Loans, shall equal (i) with respect to ABR Loans, 1.75% per annum and (ii) with respect to Eurodollar Loans, 2.75% per annum and
(y) the Applicable Margin in respect of Tranche B Term Loans, shall equal (i) with respect to ABR Loans, 1.50% per annum and (ii) with respect to Eurodollar Loans, 2.50%
per annum; PROVIDED that in the event that the financial statements required to be delivered pursuant to subsection 7.1(a) or 7.1(b), as applicable, and the related compliance certificate
required to be delivered pursuant to subsection 7.2(b), are not delivered when due, then 

        (a)  if
such financial statements and certificate are delivered after the date such financial statements and certificate were required to be delivered (without giving effect
to any applicable cure period) and the Applicable Margin increases from that previously in effect as a result of the delivery of such financial statements, then the Applicable Margin in respect of
Revolving Credit Loans, Tranche B Term Loans and Term Loans during the period from the date upon which such financial statements were required to be delivered (without giving effect to any
applicable cure period) until the date upon which they actually are delivered shall, except as otherwise provided in clause (c) below, be the Applicable Margin as so increased; 

        (b)  if
such financial statements and certificate are delivered after the date such financial statements and certificate were required to be delivered and the Applicable
Margin decreases from that previously in effect as a result of the delivery of such financial statements, then such decrease in the Applicable Margin shall not become applicable until the date upon
which the financial statements and certificate actually are delivered; and 

        (c)  if
such financial statements and certificate are not delivered prior to the expiration of the applicable cure period, then, effective upon such expiration, for the
period from the date 

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upon which such financial statements and certificate were required to be delivered (after the expiration of the applicable cure period) until two Business Days following the date upon which they
actually are delivered, (x) the Applicable Margin in respect of Revolving Credit Loans and Term Loans shall be 1.75% per annum, in the case of ABR Loans, and 2.75% per annum, in the case of
Eurodollar Loans and (y) the Applicable Margin in respect of Tranche B Term Loans shall be 1.50% per annum, in the case of ABR Loans, and 2.50% per annum, in the case of Eurodollar Loans
(it being understood that
the foregoing shall not limit the rights of the Administrative Agent and the Lenders set forth in Section 9). 

The
definition of "Base Amount" is hereby amended by deleting it in its entirety and substituting in place thereof the following: 

        "Base Amount":    the lesser of (a) the "Base Amount" as defined in the 1996 Senior Subordinated Note Documents, (b) the amount
of
Indebtedness (as defined in the 1997 Senior Note Documents) permitted to be incurred under the Senior Secured Credit Agreement (as defined in the 1997 Senior Note Documents) pursuant to
Section 4.03(b)(i) of the 1997 Senior Note Documents and (c) and the amount of Indebtedness (as defined in the 2001 Senior Note Documents) permitted to be incurred under the Senior
Secured Credit Agreement (as defined in the 2001 Senior Note Documents) pursuant to Section 4.03(b)(i) of the 2001 Senior Note Documents. 

The
definition of "Conduit Lender" is hereby amended by deleting clause (b) in its entirety and substituting in place thereof the following: 

        (b)  be
deemed to have any Term Loan Commitment, Revolving Credit Commitment or Tranche B Term Loan Commitment or 

The
definition of "Consolidated Funded Indebtedness/Securitization" is hereby amended by deleting clause (i) thereof in its entirety and substituting in place thereof the following: 

          (i)  all
Indebtedness of Holding and its consolidated Subsidiaries which by its terms matures more than one year after the date of calculation, including, in any event, the
Existing Notes then outstanding, and any such Indebtedness maturing within one year from such date which is renewable or extendable at the option of the obligor to a date more than one year from such
date, including, in any event, the Term Loans, the Tranche B Term Loans, the Revolving Credit Loans and the Swing Line Loans, in each case determined on a consolidated basis in accordance with
GAAP plus. 

The
definition of "Facility" is hereby amended by deleting it in its entirety and substituting in place thereof the following: 

         "Facility":    each of (a) the Term Loan Commitments and the Term Loans made thereunder, (b) the Tranche B Term Loan
Commitments
and the Tranche B Term Loans made thereunder and (c) the Revolving Commitments and the extensions of credit made thereunder. 

The
definition of "Interest Payment Date" is hereby amended by adding the phrase "or a Tranche B Term Loan" immediately after the phrase "Term Loan". 

The
definition of "Loan" is hereby amended by deleting it in its entirety and substituting in place thereof the following: 

         "Loan":    a Revolving Credit Loan, a Term Loan, a Tranche B Term Loan or a Swing Line Loan, as the context shall require;
collectively, the
"Loans". 

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The
definition of "Notes" is hereby amended by deleting it in its entirety and substituting in place thereof the following: 

         "Notes":    the collective reference to the Revolving Credit Notes, the Term Notes, the Tranche B Term Notes and the Swing Line
Notes. 

The
definition of "Pricing Grid" is hereby amended by adding the following after the table contained therein: 

        and
(ii) with respect to Tranche B Term Loans: 

	Consolidated Leverage Ratio
 
	 	Applicable Margin for

Abr Loans
	 	Applicable Margin for

Eurodollar Loans
	 
	Greater than 4.00 to 1.00	 	1.50	%	2.50	%
	Less than or equal to 4.00 to 1.00	 	1.25	%	2.25	%

The
definition of "Total Credit Percentage" is hereby amended by adding the phrase "and Tranche B Term Loans" immediately after the phrase "Term Loans" in both places the latter phrase occurs. 

 Addition of Subsection 2.5A (Tranche B Term Loans).    Section 2 of the Credit Agreement is hereby amended by adding the following subsection
following subsection 2.5 thereof: 

        2.5A    Tranche B Term Loans.    (b) Subject to the terms and conditions hereof, each Tranche B
Term Loan Lender severally agrees to make, in a single draw on the Tranche B Effective Date, a term loan (a "Tranche B Term Loan") to the
Borrower in an aggregate principal amount not to exceed the amount set forth opposite such Lender's name in Schedule A-1 under the heading "Tranche B Term Loan Commitment". The
Tranche B Term Loans may from time to time be (i) Eurodollar Loans in Dollars, (ii) ABR Loans or (iii) a combination thereof, as determined by the Borrower and notified to
the Administrative Agent in accordance with subsections 2.7A and 4.2. The portion of each Tranche B Term Loan Lender's Tranche B Term Loan Commitment which is not utilized on the
Tranche B Effective Date shall be automatically and permanently cancelled. 

The
Borrower agrees that, upon the request to the Administrative Agent by any Tranche B Term Loan Lender made on or prior to the Tranche B Effective Date or in connection with any
assignment pursuant to subsection 11.6(c), in order to evidence such Lender's Tranche B Term Loan the Borrower will execute and deliver to such Lender a promissory note substantially in
the form of Exhibit A-4 (each, as amended, supplemented, replaced or otherwise modified from time to time, a "Tranche B Term Note"), with
appropriate insertions therein as to payee, date and principal amount, payable to the order of such Tranche B Term Loan Lender and in a principal amount equal to the lesser of (a) the
amount set forth opposite such Tranche B Term Loan Lender's name on Schedule A-1 under the heading "Tranche B Term Loan Commitment" and (b) the unpaid principal amount of
the Tranche B Term Loans made by such Tranche B Term Loan Lender to the Borrower. Each Tranche B Term Note shall (i) be
dated the Tranche B Effective Date, (ii) be payable as provided in subsection 2.6A and (iii) provide for the payment of interest in accordance with subsection 4.1. 

 Addition of Subsection 2.6A (Amortization of Tranche B Term Loans).    Section 2 of the Credit Agreement is hereby amended by adding the
following subsection following subsection 2.6 thereof: 

        2.6A.    Amortization of Tranche B Term Loans.    The aggregate Tranche B Term Loans of all the
Tranche B Term Loan Lenders shall be payable in consecutive semi-annual installments, on the dates and in the principal amounts equal to the respective amounts set forth below (together with 

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all accrued interest thereon) opposite the applicable installment date (or, if less, the aggregate amount of the Tranche B Term Loans then outstanding): 

	Date
 
	 	Amount

	September 30, 2002	 	$	1,250,000
	March 31, 2003	 	$	1,250,000
	September 30, 2003	 	$	1,250,000
	March 31, 2004	 	$	1,250,000
	September 30, 2004	 	$	1,250,000
	March 31, 2005	 	$	1,250,000
	September 30, 2005	 	$	1,250,000
	March 31, 2006	 	$	1,250,000
	September 30, 2006	 	$	1,250,000
	March 31, 2007	 	$	238,750,000

 Addition of Subsection 2.7A (Procedure for Tranche B Term Loan Borrowing).    Section 2 of the Credit Agreement is hereby amended by adding the
following subsection following subsection 2.7 thereof: 

        2.7A.    Procedure for Tranche B Term Loan Borrowing.    The Borrower shall give the Administrative Agent
irrevocable notice (which notice must be received by the Administrative Agent prior to 12:30 P.M., New York City time, at least (a) three Business Days prior to the Tranche B
Effective Date, if all or any part of the Tranche B Term Loans are to be initially Eurodollar Loans or (b) one Business Day prior to the Tranche B Effective Date, in all other
cases requesting that the Tranche B Term Loan Lenders make the Tranche B Term Loans on the Tranche B Effective Date and specifying (i) the amount to be borrowed,
(ii) whether the Tranche B Term Loans are to be initially Eurodollar Loans, ABR Loans or a combination thereof, and (iii) if the Tranche B Term Loans are to be entirely or
partly Eurodollar Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Periods therefor. Upon receipt of such notice the Administrative Agent
shall promptly notify each Tranche B Term Loan Lender thereof. Each Tranche B Term Loan Lender will make the amount of its pro rata share of the Tranche B Term Loans available to
the Administrative Agent for the account of the Borrower at the office of the Administrative Agent specified in subsection 11.2 prior to 10:00 A.M., New York City time, on the Tranche B
Effective Date in Dollars and in funds immediately available to the Administrative Agent. The Administrative Agent shall on such date credit the account of the Borrower on the books of such office of
the Administrative Agent with the aggregate of the amounts made available to the Administrative Agent by the Tranche B Term Loan Lenders and in like funds as received by the Administrative
Agent. 

 Amendment of Subsection 2.8 (Repayment of Loans).    Subsection 2.8(a) of the Credit Agreement is hereby amended by deleting the word "and" which
appears after clause (ii) and adding at the end of the first sentence (immediately prior to the period at the end thereof) the following: 

;
and (iv) each Tranche B Term Loan Lender, the amounts specified in subsection 2.6A (or, if less in any case, the aggregate amount of the Tranche B Term Loans made to the
Borrower then outstanding), on the dates set forth in subsection 2.6A (or such earlier date on which the Tranche B Term Loans become due and payable pursuant to Section 9) 

 Amendment to Section 4.1 (Interest Rates and Payment Dates).    Subsection 4.1(c) is amended by deleting it in its entirety and substituting in place
thereof the following: 

        (c)  If
all or a portion of (i) the principal amount of any Loan, (ii) any interest payable thereon or (iii) any commitment fee, letter of credit
commission, letter of credit fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by 

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acceleration or otherwise), such overdue amount shall bear interest at a rate per annum which is (x) in the case of overdue principal, the rate that would otherwise be applicable thereto
pursuant to the relevant foregoing provisions of this subsection plus 2.00%, (y) in the case of overdue interest, the rate that would be otherwise applicable to principal of the related Loan
pursuant to the relevant foregoing provisions of this subsection plus 2.00% and (z) in the case of, fees, commissions or other amounts, the rate described in paragraph (b) of this
subsection for ABR Loans that are Term Loans plus 2.00%, in each case from the date of such non-payment until such amount is paid in full (as well after as before judgment). 

 Amendment of Subsection 4.2 (Conversion and Continuation Options).    Subsection 4.2 of the Credit Agreement is hereby amended by deleting the first two
sentences therefrom and substituting in place thereof the following: 

The
Borrower may elect from time to time to convert outstanding Term Loans, Tranche B Term Loans and Revolving Credit Loans from Eurodollar Loans made or outstanding in Dollars to ABR Loans by
giving the Administrative Agent at least two Business Days' prior irrevocable notice of such election, provided that any such conversion of Eurodollar
Loans made or outstanding in Dollars may only be made on the last day of an Interest Period with respect thereto. The Borrower may elect from time to time to convert outstanding Term Loans,
Tranche B Term Loans and Revolving Credit Loans from ABR Loans to Eurodollar Loans made or outstanding in Dollars by giving the Administrative Agent at least three Business Days' prior
irrevocable notice of such election. 

Amendment of Subsection 4.4 (Optional and Mandatory Prepayments).  

Subsection 4.4(a)
is amended by deleting it in its entirety and substituting in place thereof the following: 

        (a)  The
Borrower may at any time and from time to time prepay the Loans made to it and the Reimbursement Obligations in respect of Letters of Credit issued for its account,
in whole or in part, without premium or penalty, upon at least three Business Days' irrevocable notice by the Borrower to the Administrative Agent (in the case of Eurodollar Loans and Reimbursement
Obligations outstanding in Dollars), at least one Business Day's irrevocable notice by the Borrower to the Administrative Agent
(in the case of ABR Loans other than Swing Line Loans) or same-day irrevocable notice by the Borrower to the Administrative Agent (in the case of Swing Line Loans), specifying, in the case of any
prepayment of Loans, the date and amount of prepayment and whether the prepayment is (i) of Term Loans, Tranche B Term Loans, Revolving Credit Loans or Swing Line Loans, or a combination
thereof, and (ii) of Eurodollar Loans, ABR Loans or a combination thereof, and, in each case if a combination thereof, the principal amount allocable to each and, in the case of any prepayment
of Reimbursement Obligations, the date and amount of prepayment, the identity of the applicable Letter of Credit or Letters of Credit and the amount allocable to each of such Reimbursement
Obligations. Upon the receipt of any such notice the Administrative Agent shall promptly notify each affected Lender thereof. If any such notice is given, the amount specified in such notice shall be
due and payable on the date specified therein, together with (if a Eurodollar Loan is prepaid other than at the end of the Interest Period applicable thereto) any amounts payable pursuant to
subsection 4.12 and, in the case of prepayments of the Term Loans and Tranche B Term Loans only, accrued interest to such date on the amount prepaid. Partial prepayments of
(i) the Term Loans and Tranche B Term Loans pursuant to this subsection (x) shall be made pro rata between the Term Loans and the
Tranche B Term Loans according to the respective outstanding principal amounts thereof and (y) shall be applied pro rata to the respective
installments of principal thereof, provided that notwithstanding clauses (x) and (y) above, any such partial prepayment may, at the option of the
Borrower, be first allocated to the Term Loans and the Tranche B Term Loans pro rata based upon the aggregate 

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amount of the installments thereof due in the next twelve months and then applied, at the option of the Borrower, against any of such installments of the Term Loans or the Tranche B Term
Loans, as the case may be, and, thereafter, the remainder of such partial prepayment shall be allocated and applied as provided in clauses (x) and (y) above, and (ii) the Revolving
Credit Loans and the Reimbursement Obligations pursuant to this subsection shall (unless the Borrower otherwise directs) be applied, first, to payment
of the Swing Line Loans then outstanding, second, to payment of the Revolving Credit Loans then outstanding,  third, to payment of any Reimbursement
Obligations then outstanding and, last, to cash collateralize any
outstanding L/C Obligation on terms reasonably satisfactory to the Administrative Agent. Partial prepayments pursuant to this subsection 4.4(a) shall be in an aggregate principal amount of
$5,000,000 or a whole multiple of $1,000,000 in excess thereof. 

Subsection 4.4(b)
of the Credit Agreement is hereby amended by adding the phrase "except as provided in subsection 4.4(i) and" at the beginning of the final parenthetical of such
subsection. 

Subsection 4.4(e)
of the Credit Agreement is hereby amended by deleting it in its entirety and substituting in place thereof the following: 

        (e)  Prepayments
pursuant to subsection 4.4(b) shall be applied, first, to prepay Term Loans and Tranche B Term Loans then outstanding  pro rata according to the respective outstanding principal amounts thereof,
 second, to prepay Swing Line Loans then outstanding, third, to prepay
Revolving Credit Loans then outstanding, fourth, to pay any Reimbursement Obligations then outstanding and, last, to cash collateralize any outstanding L/C Obligations on terms reasonably satisfactory
to the Administrative Agent. Prepayments of Term Loans and Tranche B Term Loans pursuant to subsection 4.4(b) shall be applied pro rata to the respective installments of principal
thereof, provided, however, that any such payment made within twelve months prior to the date on which an installment
of the principal thereof is scheduled to be made may, at the option of the Borrower, be applied to such installment. 

Subsection 4.4(f)
of the Credit Agreement is hereby amended by deleting it in its entirety and substituting in place thereof the following: 

        (f)    Amounts
prepaid on account of Term Loans and Tranche B Term Loans pursuant to subsection 4.4(a) or 4.4(b) may not be reborrowed. 

Subsection 4.4(h)
of the Credit Agreement is hereby amended by replacing the word "or" which appears after "4.4(b)" with a comma and adding the phrase "or 4.4(i)" after "4.4(d)". 

Section 4.4
of the Credit Agreement is hereby further amended by adding the following subsection 4.4(i) to the end thereof: 

        (i)    Notwithstanding
anything to the contrary in Section 4.4(b), 4.4(e) or 4.8, with respect to the amount of any mandatory prepayment described in Section 4.4
that is allocated to Tranche B Term Loans (such amount, the "Tranche B Prepayment Amount"), at any time when Term Loans remain
outstanding, the Borrower will, in lieu of applying such amount to the prepayment of Tranche B Term Loans, as provided in paragraph (b) or (e) above, on the date specified in
Section 4.4(b) for such prepayment, give the Administrative Agent telephonic notice (promptly confirmed in writing) thereof and the Administrative Agent shall prepare and provide to each
Tranche B Lender a notice (each, a "Prepayment Option Notice") as described below. As promptly as practicable after receiving such notice from
the Borrower, the Administrative Agent will send to each Tranche B Term Loan Lender a Prepayment Option Notice, which shall be in the form of Exhibit K, and shall include an offer by the
Borrower to prepay on the date (each a "Mandatory Prepayment Date") that is 5 Business Days after the date of the Prepayment Option Notice, the
Tranche B Term Loans of such Lender by an amount equal to the portion of the Prepayment Amount indicated in such Lender's Prepayment Option Notice as being applicable to such 

7

 

Lender's Tranche B Term Loans. On the Mandatory Prepayment Date the Borrower shall prepay the Tranche B Prepayment Amount, and (i) the aggregate amount thereof necessary to
prepay that portion of the outstanding relevant Tranche B Term Loans in respect of which such Tranche B Term Loan Lenders have accepted prepayment as described above shall be applied to
the prepayment of the Tranche B Term Loans, and (ii) the aggregate amount (if any) equal to the portion of the Tranche B Prepayment Amount not accepted by the relevant
Tranche B Term Loan Lenders (the "Surplus Prepayment Amount") shall be applied to the prepayment of the Term Loans (with any such prepayment to
be applied, at the option of the Borrower, first to any of the installments of the Term Loans due in the next twelve months); provided that
(x) no Tranche B Term Loan Lender shall have the right to decline such payment if, after giving effect to the otherwise required prepayment(s), no Term Loans shall remain outstanding and
(y) if the Surplus Prepayment Amount exceeds the aggregate amount of the Term Loans then outstanding, such excess shall be applied to prepay any then
outstanding Tranche B Term Loans as set forth in the last sentence of Section 4.4(e) notwithstanding that any Tranche B Term Loan Lender has accepted or declined such prepayment,
and otherwise in accordance with subsection 4.4(e). 

 Amendments of Subsection 4.8 (Pro Rata Treatment and Payments).    (i)Subsection 4.8(a) of the Credit Agreement is hereby amended by deleting the third
sentence in its entirety and substituting in place thereof the following: 

Each
payment (including each prepayment) by the Borrower on account of principal of and interest on any Term Loans shall be allocated by the Administrative Agent pro rata  according to the respective
outstanding principal amounts of the Term Loans then held by the Term Loan Lenders. Each payment (including each prepayment) by the Borrower on
account of principal of and interest on any Tranche B Term Loans shall be allocated by the Administrative Agent pro rata according to the
respective outstanding principal amounts of the Tranche B Term Loans then held by the Tranche B Term Loan Lenders. 

Subsection 4.8(b)
of the Credit Agreement is hereby amended by adding the phrase ", Tranche B Term Loan Percentage" immediately after the phrase "Revolving Credit Commitment Percentage"
in the first sentence. 

Subsection 4.8(b)
of the Credit Agreement is hereby further amended by adding the phrase ", Tranche B Term Loan Percentage" immediately after the phrase "Revolving Credit Commitment
Percentage" in the fourth sentence. 

Subsection 4.8(c)(ii)
of the Credit Agreement is hereby amended by adding the phrase ", Tranche B Term Loan Commitments" immediately after the phrase "Revolving Credit Commitment". 

Subsection 4.8(c)(iv)
of the Credit Agreement is hereby amended by deleting the phrase "this subsection 4.8(c)(iii)" and substituting in place thereof the phrase "this
subsection 4.8(c)(iv)". 

 Amendment to Section 4.10 (Requirements of Law).    Subsection 4.10 of the Credit Agreement is hereby amended by adding the phrase ", or with respect to
the Tranche B Loans, the Tranche B Effective Date" immediately before the phrase "(or, if later, the date on which such Lender becomes a Lender)" in each place the latter phrase appears. 

 Amendment to Section 4.11 (Taxes).    Subsection 4.11(b) is hereby amended by adding the phrase "(or, if later, with respect to Tranche B Term
Loans, the Tranche B Effective Date)" immediately after the phrase "after the date such Person becomes a Lender hereunder." 

 Amendment of Subsection 5.14 (Collateral).    Subsection 5.14(b) of the Credit Agreement is hereby amended by adding the phrase "to the Guarantee and
Collateral Agreement" immediately after the phrase "Schedule 7". 

8

            

 Amendment of Subsection 5.17 (Purpose of Loans).    (ii) Subsection 5.17 of the Credit Agreement is hereby amended by adding the phrase "(other
than the Tranche B Term Loans)" immediately after the phrase "The proceeds of the Loans." 

Subsection 5.17
of the Credit Agreement is hereby further amended by adding the following sentence to the end thereof: 

The
proceeds of the Tranche B Term Loans shall be used by the Borrower to refinance the Borrower's outstanding 1996 Senior Notes and to pay certain fees, costs and expenses in connection with
such refinancing. 

 Amendment of Subsection 8.1 (Financial Condition Covenants).    (iii) Subsection 8.1(a) of the Credit Agreement is hereby amended by adding the
following row to the end of the table therein: 

	December 31, 2006 - March 31, 2007	 	4.40 to 1.00.

Subsection 8.1(b)
of the Credit Agreement is hereby amended by adding the following row to the end of the table therein: 

	December 31, 2006 - March 31, 2007	 	2.25 to 1.00.

 Amendment of Subsection 8.14 (Limitation on Optional Payments and Modifications of Debt Instruments and Other
Documents).    (iv) Subsection 8.14(a) of the Credit Agreement is hereby amended by deleting the proviso in its entirety therefrom and substituting in
place thereof the following: 

provided, that the 1996 Senior Notes may, and the Borrower hereby agrees that the 1996 Senior Notes shall, be optionally redeemed in accordance with the
1996 Senior Note Indenture within seventy-five days of the date that is two Business Days after the Tranche B Effective Date. 

Subsection 8.14(b)
of the Credit Agreement is hereby amended by adding the phrase "then outstanding" immediately after the phrase "Existing Notes". 

 Amendment of Section 9 (Events of Default).    Section 9 of the Credit Agreement is hereby amended by adding the phrase ", the Tranche B Term
Loan Commitments" immediately following the phrase "Revolving Credit Commitments" each time such phrase appears in the paragraph immediately following paragraph (m). 

 Amendment of Subsection 11.1 (Amendments and Waivers).    Subsection 11.1(a) of the Credit Agreement is hereby amended by adding at the end of
paragraph (iv) the following: 

,
or amend, modify or waive any provision of subsection 2.5A or subsection 2.6A without the written consent of the Tranche B Term Loan Lenders the Tranche B Term Loan Percentages
of which aggregate at least 51%; 

 Amendment of Subsection 11.5 (Payment of Expenses and Taxes).    Subsection 11.5 of the Credit Agreement is hereby amended by deleting the parenthetical
in clause (a) in the first sentence thereof in its entirety and substituting in place thereof the following: 

(including
the syndication of the Revolving Credit Commitments, Term Loans and Tranche B Term Loans (including the reasonable expenses of the Administrative Agent's due diligence investigation)
and the monitoring of the Collateral) 

9

 

 Amendment of Subsection 11.6 (Successors and Assigns; Participations and Assignments.    (v) Subsection 11.6(b) of the Credit Agreement is
hereby amended by deleting the final parenthetical of the first sentence therein in its entirety and substituting in place thereof the following: 

(or,
if less, the full amount of such selling Lender's Revolving Credit Loans, Term Loans, Tranche B Term Loans and Revolving Credit Commitments) 

Subsection 11.6(c)
of the Credit Agreement is hereby amended by deleting the first two sentences and substituting in place thereof the following: 

        (c)  Any
Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time and from time to time assign to
any Lender or any Lender Affiliate or, with the prior written consent of the Borrower and the Administrative Agent (which in each case shall not be unreasonably withheld), to an additional bank or
financial institution (an "Assignee") all or any part of its rights and obligations under this Agreement, including, without limitation, its Revolving
Credit Commitment, Term Loan Commitments, Tranche B Term Loan Commitments and Loans, pursuant to an Assignment and Acceptance, substantially in the form of Exhibit F, executed by such
Assignee, such assigning Lender (and, in the case of an Assignee that is not then a Lender or a Lender Affiliate thereof, by the Borrower and the Administrative Agent) and delivered to the
Administrative Agent for its acceptance and recording in the Register; provided that (i) (unless the Borrower and the Administrative Agent
otherwise consent in writing) no such transfer to an Assignee (other than a Lender or any Affiliate thereof) shall be in an aggregate principal amount less than $1,000,000 in the aggregate (or, if
less, the full amount of such assigning Lender's Term Loans, Revolving Credit Loans, Tranche B Term Loans, Term Loan Commitments, Tranche B Term Loan Commitments and Revolving Credit
Commitment) and (ii) if any Lender assigns all or any part of its rights and obligations under this Agreement to one of its Affiliates in connection with or in contemplation of the sale or
other disposition of its interest in such Affiliate, the Borrower's prior written consent shall be required for such assignment. Upon such execution, delivery, acceptance and
recording, from and after the effective date determined pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such
Assignment and Acceptance, have the rights and obligations of a Lender hereunder with a Revolving Credit Commitment and the Term Loan Commitment or Tranche B Term Loan Commitment and the Term
Loans or Tranche B Term Loans, as set forth therein, and (y) the assigning Lender thereunder shall be released from its obligations under this Agreement to the extent that such
obligations shall have been expressly assumed by the Assignee pursuant to such Assignment and Acceptance (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an
assigning Lender's rights and obligations under this Agreement, such assigning Lender shall cease to be a party hereto but shall nevertheless continue to be entitled to the benefits of
subsections 4.10, 4.11, 4.12 and 11.5). 

Subsection 11.6(d)
of the Credit Agreement is hereby amended by deleting it in its entirety and substituting in place thereof the following: 

        (d)  The
Administrative Agent, on behalf of the Borrower, shall maintain at its address referred to in subsection 11.2 a copy of each Assignment and Acceptance
delivered to it and a register (the "Register") for the recordation of the names and addresses of the Lenders and the Revolving Credit Commitment, Term
Loan Commitment and Tranche B Term Loan Commitment of, and the principal amount of the Loans owing to, and any Notes evidencing such Loans owned by, each Lender from time to time.
Notwithstanding anything in this Agreement to the contrary, the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of any
Loan, any Notes and the Revolving Credit Commitments, Term Loan Commitments and Tranche B Term Loan Commitments recorded 

10

 

therein for all purposes of this Agreement. The Register shall be available for inspection by the Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. 

Subsection 11.6(e)
of the Credit Agreement is hereby amended by deleting "$4,000" from the second sentence and substituting in place thereof "$3,500". 

Subsection 11.6(e)
of the Credit Agreement is hereby further amended by deleting the third sentence and substituting in place thereof the following: 

        On
or prior to such effective date, the assigning Lender shall surrender any outstanding Notes held by it all or a portion of which are being assigned, and the Borrower, at its own
expense, shall, upon the request to the Administrative Agent by the assigning Lender or the Assignee, as applicable, execute and deliver to the Administrative Agent (in exchange for the outstanding
Notes of the assigning Lender) a new Revolving Credit Note, Term Note, Tranche B Term Note and/or Swing Line Note, as the case may be, to the order of such Assignee in an amount equal to
(i) in the case of a Revolving Credit Note, the lesser of (A) the amount of such Assignee's Revolving Credit Commitment and (B) the aggregate principal amount of all Revolving
Credit Loans made by such Assignee, (ii) in the case of a Term Note, the amount of such Assignee's Term Loans, (iii) in the case of a Tranche B Term Note, the
amount of such Assignee's Tranche B Term Loans and (iv) in the case of a Swing Line Note, the lesser of (A) the Swing Line Commitment and (B) the aggregate principal amount of all
Swing Line Loans made by such Assignee, in each case with respect to the relevant Loan, Swing Line Commitment, Revolving Credit Commitment, Term Loan Commitment or Tranche B Term Loan
Commitment after giving effect to such Assignment and Acceptance and, if the assigning Lender has retained a Swing Line Commitment, Revolving Credit Commitment, Term Loan Commitment, Tranche B
Term Commitment, Term Loan or Tranche B Term Loan hereunder, a new Revolving Credit Note, Term Note, Tranche B Term Note and/or Swing Line Note, as the case may be, to the order of the
assigning Lender in an amount equal to (i) in the case of a Revolving Credit Note, the lesser of (A) the amount of such Lender's Revolving Credit Commitment and (B) the aggregate
principal amount of all Revolving Credit Loans made by such Lender, (ii) in the case of a Term Note, the amount of such Lender's Term Loans, (iii) in the case of a Tranche B Term
Note, the amount of such Lender's Tranche B Term Loans, and (iv) in the case of a Swing Line Note, the lesser of (A) the Swing Line Commitment and (B) the aggregate
principal amount of all Swing Line Loans made by such Lender, in each case with respect to the relevant Loan, Swing Line Commitment, Revolving Credit Commitment, Term Loan Commitment or
Tranche B Term Loan Commitment after giving effect to such Assignment and Acceptance. 

 Amendment to Subsection 11.7 (Adjustments; Set-off).    Subsection 11.7(a) of the Credit Agreement is hereby amended by adding the phrase ",
Tranche B Term Loans" immediately after the phrase "Term Loans" each time such phrase appears therein. 

The
Credit Agreement is hereby amended by adding as Schedule A-1 and Exhibits A-4 and K thereto the documents attached to this Amendment as Schedule A-1 and Exhibits A-4
and K, respectively. 

2.    WAIVER.    Each of the requirements in the proviso to the definition of "Termination Date" in subsection 1.1 of the
Credit Agreement and in the parenthetical in clause (ii) of subsection 3.1(a) of the Credit Agreement are hereby waived to the extent necessary to ensure that the Refinancing and the
Tranche B Term Loan Facility constitute a refinancing of the 1996 Senior Notes as contemplated thereby; and accordingly the Termination Date is and shall remain December 31, 2006, for
all purposes under the Loan Documents. 

11

 

3.    AMENDMENT TO THE GUARANTEE AND COLLATERAL AGREEMENT.    Schedule 7 to the Guarantee and Collateral Agreement is hereby
amended by adding thereto the language set forth in Schedule A-7 attached hereto as indicated in such Schedule 

4.    CONDITIONS.    

        A.    Conditions to Effectiveness.    This Amendment shall become effective upon the satisfaction of the following
conditions precedent (the effective date of this Amendment, the "Tranche B Effective Date"): 

        Loan
Documents: 

        Amendment.    The Administrative Agent shall have received counterparts of this Amendment executed by the Borrower and consented
to by the Required Lenders under the Credit Agreement. 

        Reaffirmation of Guarantee and Collateral.    The Administrative Agent shall have received a reaffirmation of the Guarantee and
Collateral Agreement (the "Reaffirmation"), executed and delivered by an authorized officer of Holding, RIC Holding, the Borrower and each other Loan
Party signatory thereto, the form of which is attached hereto as Exhibit A. 

        Mortgages:    with respect to each of the Mortgages, to the extent reasonably requested by the Administrative Agent, a mortgage
amendment in form and substance reasonably satisfactory to the Administrative Agent (a "Mortgage Amendment"), which has the effect of including all
obligations of the Loan Parties in respect of the Tranche B Term Loans as secured obligations under such Mortgage, executed and delivered by a duly authorized officer of the Loan Party
signatory thereto; 

        Consents, Licenses and Approvals.    The Administrative Agent shall have received a certificate of a Responsible Officer of the
Borrower stating that all consents, authorizations, notices and filings required in connection with this Amendment, the Tranche B Term Loan Facility, the security, collateral and guarantees for
the Tranche B Loan Facility and the refinancing of the 1996 Senior Notes as contemplated hereby (except for (i) filings to perfect the Liens created by the Security Documents,
(ii) filings pursuant to the Assignment of Claims Act of 1940, as amended (31 U.S.C. Section 3727 et seq.), in respect of Accounts of the Borrower and its Subsidiaries the Obligor in
respect of which is the United States of America or any department, agency or instrumentality thereof and (iii) consents, authorizations, notices and filings which the failure to obtain or make
would not reasonably be expected to have a Material Adverse Effect) are in full force and effect or have the status described therein, and the Administrative Agent shall have received evidence thereof
reasonably satisfactory to it. 

        Legal Opinions.    The Administrative Agent shall have received the following executed legal opinions: 

        the
executed legal opinion of Debevoise & Plimpton, special counsel to each of Holding, RIC Holding, the Borrower and the other Loan Parties, substantially in the form of
Exhibit B-1 to this Amendment; and 

        the
executed legal opinion of Edward W. Stroetz, Jr., counsel to each of Holding, RIC Holding, the Borrower and the other Loan Parties, substantially in the form of
Exhibit B-2 to this Amendment. 

        Closing Certificate.    The Administrative Agent shall have received a certificate from each Loan Party, dated the
Tranche B Effective Date, substantially in the form of Exhibit J to the Credit Agreement, with appropriate insertions and attachments and modifications to reflect this Amendment. 

12

 

        Title Insurance Policies.    The Administrative Agent shall have received in respect of each of the Existing Mortgagee Title
Policies an endorsement or endorsements (collectively, the "Endorsements") or marked up unconditional binder for the issuance of such Endorsements dated
the Tranche B Effective Date. Each of the Endorsements shall modify the relevant Existing Mortgage Title Policy to (i) insure that the Mortgage insured thereby (as amended) continues to
be a valid first Lien on the Mortgaged Property encumbered thereby free and clear of all defects and encumbrances, except those listed on Schedule B of the Existing Mortgage Title Policies and
those permitted by subsection 8.3 of the Credit Agreement and such as may be approved by the Administrative Agent; (ii) name the Administrative Agent for the benefit of the Lenders,
including the Tranche B Term Loan Lenders, as the insured thereunder; and (iii) be in form and substance reasonably satisfactory to the Administrative Agent. The Administrative Agent
shall have received evidence reasonably satisfactory to it that all premiums in respect of each of the Endorsements, and all charges for mortgage recording tax, if any, have been paid. The
Administrative Agent shall have also received a copy of all recorded documents referred to, or listed as exceptions to title in, the Endorsements referred to in this subsection and a copy, certified
by such parties as the Administrative Agent may deem reasonably appropriate, of all other documents affecting the property covered by each Mortgage as shall have been reasonably requested by the
Administrative Agent. 

        Fees.    The Administrative Agent and the Lenders shall have received all fees and expenses required to be paid or delivered by
the Borrower to them on or prior to the Tranche B Effective Date, including an amendment fee (the "Amendment Fee") to be received by the Administrative Agent for the account of each Term Loan
Lender and Revolving Credit Lender in the amount of 0.125% of the sum of such Lender's Revolving Credit Commitment and outstanding Term Loans (excluding the Tranche B Term Loans) under the
Credit Agreement; provided, that the Amendment Fee shall be paid only to Term Loan Lenders and Revolving Credit Lenders whose executed signature pages
to this Amendment are received by the Administrative Agent by no later than 5:00 p.m., Friday, April 12, 2002. 

        Borrowing Certificate.    The Administrative Agent shall have received a certificate of the Borrower, dated the Tranche B
Effective Date, substantially in the form of Exhibit H to the Credit Agreement, with appropriate insertions, attachments and modifications to reflect this Amendment, reasonably satisfactory in
form and substance to the Administrative Agent, executed by a Responsible Officer and the Secretary or any Assistant Secretary of the Borrower. 

        Corporate Proceedings of The Loan Parties.    The Administrative Agent shall have received a copy of the resolutions, in form
and substance reasonably satisfactory to the Administrative Agent, of the board of directors of each Loan Party authorizing, as applicable, (i) the execution, delivery and performance of this
Amendment, any Tranche B Term Notes, the Reaffirmation, the Mortgage Amendment and the other Loan Documents to which will become a party as of the Tranche B Effective Date and
(ii) the Extensions of Credit to such Loan Party (if any) contemplated hereunder, certified by the Secretary or an Assistant Secretary of such Loan Party as of the Tranche B Effective
Date, which certificate shall be in form and substance reasonably satisfactory to the Administrative Agent and shall state that the resolutions thereby certified have not been amended, modified
(except as any later such resolution may modify any earlier such resolution), revoked or rescinded and are in full force and effect. 

        Incumbency Certificates of The Loan Parties.    The Administrative Agent shall have received a certificate of each Loan Party,
dated the Tranche B Effective Date, as to the incumbency and signature of the officers of such Loan Party executing any Loan Document, 

13

 

reasonably satisfactory in form and substance to the Administrative Agent, executed by a Responsible Officer and the Secretary or any Assistant Secretary of such Loan Party. 

The
making of the Tranche B Term Loans by the Tranche B Term Lenders shall conclusively be deemed to constitute an acknowledgement by the Administrative Agent and each Lender that each
of the conditions precedent set forth in this Section 4 shall have been satisfied in accordance with its respective terms or shall have been irrevocably waived by such Person. 

5.    MISCELLANEOUS    

        B.    Representations and Warranties.    In order to induce the Administrative Agent and the Lenders to enter into
this Amendment, the Borrower hereby represents and warrants to the Administrative Agent and the Lenders that the representations and warranties of the Borrower contained in the Loan Documents are true
and correct in all material respects on and as of the Tranche B Effective Date (after giving effect hereto) as if made on and as of the Tranche B Effective Date (except where such
representations and warranties expressly relate to an earlier date in which case such representations and warranties were true and correct in all material respects as of such earlier date);  provided that all references to the "Credit Agreement" in any Loan Document shall be and are deemed to mean the Credit Agreement as amended hereby. 

        Applicable Law and Jurisdiction.    This Amendment has been executed and delivered in New York, New York, and the rights and
obligations of the parties hereto shall be governed by, and shall be construed and enforced in accordance with, the laws of the State of New York. 

        Counterparts.    This Amendment may be executed by the parties hereto in any number of separate counterparts and all of said
counterparts taken together shall be deemed to constitute one and the same instrument. 

        Fees and Expenses.    The Borrower agrees to pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket
costs and expenses in connection with the negotiation, preparation, execution and delivery of this Amendment, including without limitation the reasonable fees and expenses of Simpson Thacher &
Bartlett. 

        Successors and Assigns.    This Amendment shall be binding upon and inure to the benefit of the Borrower and its successors and
assigns, and upon the Administrative Agent and the Lenders and their respective successors and assigns. The execution and delivery of this Amendment by any Lender prior to the Tranche B
Effective Date shall be binding upon its successors and assigns and shall be effective as to any loans or commitments assigned to it after such execution and delivery. 

        Continuing Effect.    Except as expressly amended hereby, the Credit Agreement as amended by this Amendment shall continue to be
and shall remain in full force and effect in accordance with its terms. This Amendment shall not constitute an amendment or waiver of any provision of the Credit Agreement not expressly referred to
herein and shall not be construed as an amendment, waiver or consent to any action on the part of the Borrowers that would require an amendment, waiver or consent of the Administrative Agent or the
Lenders except as expressly stated herein. Any reference to the "Credit Agreement" in the Loan Documents or any related documents shall be deemed to be a reference to the Credit Agreement as amended
by this Amendment. 

14

 

        IN
WITNESS WHEREOF, the parties have caused this Amendment to be executed and delivered by their respective duly authorized officers as of the day and year first above written. 

	 	 	 	 	RIVERWOOD INTERNATIONAL CORPORATION
	

 	
 	

 	
 	

By:	
 	

    
 Title:
	

 	
 	

 	
 	

JPMORGAN CHASE BANK,

as Administrative Agent, Swing Line Lender, Issuing Lender and Lender
	

 	
 	

 	
 	

By:	
 	

    
 Title:
	
Consented to:	
 	

 	
 	

 
	

Name of Financial Institution:	
 	

 	
 	

 
	

    
	
 	

 	
 	

 
	

By:	
 	

    
 Title:	
 	

 	
 	

 

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EXHIBIT 10.1

EXECUTION COPY  

RIVERWOOD HOLDING, INC.  

AMENDED AND RESTATED

REGISTRATION RIGHTS AGREEMENT  

Dated as of March 25, 2003  

  

 
 

TABLE OF CONTENTS
  (Not Part of Agreement)    
  

	 
	 	 
	 	 
	 	Page

	

ARTICLE I    DEFINITIONS	
 	

1
	 	1.1	 	Definitions	 	1
	

ARTICLE II    REGISTRATION	
 	

4
	 	2.1	 	Registration on Request	 	4
	 	 	(a)	 	Requests	 	4
	 	 	(b)	 	Obligation to Effect Registration	 	4
	 	 	(c)	 	Registration Statement Form	 	5
	 	 	(d)	 	Expenses	 	5
	 	 	(e)	 	Inclusion of Other Securities	 	5
	 	 	(f)	 	Effective Registration Statement	 	5
	 	 	(g)	 	Pro Rata Allocation	 	5
	 	2.2	 	Incidental Registration	 	6
	 	2.3	 	Registration Procedures	 	7
	 	2.4	 	Underwritten Offerings	 	11
	 	 	(a)	 	Underwritten Offerings Exclusive	 	11
	 	 	(b)	 	Underwriting Agreement	 	11
	 	 	(c)	 	Selection of Underwriters	 	12
	 	 	(d)	 	Incidental Underwritten Offerings	 	12
	 	 	(e)	 	Hold Back Agreements	 	12
	 	2.5	 	Preparation; Reasonable Investigation	 	13
	 	2.6	 	Other Registrations	 	13
	 	2.7	 	Indemnification	 	13
	 	 	(a)	 	Indemnification by the Company	 	13
	 	 	(b)	 	Indemnification by the Sellers	 	14
	 	 	(c)	 	Notices of Claims, etc	 	14
	 	 	(d)	 	Other Indemnification	 	15
	 	 	(e)	 	Other Remedies	 	15
	 	 	(f)	 	Officers and Directors	 	15
	 	 	(g)	 	Indemnification Payments	 	15
	

ARTICLE III    MISCELLANEOUS	
 	

16
	 	3.1	 	Rule 144; Legended Securities; etc.	 	16
	 	3.2	 	Amendments and Waivers	 	16
	 	3.3	 	Nominees for Beneficial Owners	 	17
	 	3.4	 	Successors, Assigns and Transferees	 	17
	 	3.5	 	Notices	 	17
	 	3.6	 	No Inconsistent Agreements	 	17
	 	3.7	 	Remedies; Attorneys' Fees	 	17
	 	3.8	 	Stock Splits, etc.	 	18

i

 

	 	3.9	 	Term	 	18
	 	3.10	 	Severability	 	18
	 	3.11	 	Interpretation	 	18
	 	3.12	 	Counterparts	 	18
	 	3.13	 	Governing Law	 	18
	 	3.14	 	Time of the Essence Computation of Time	 	18
	 	3.15	 	No Third Party Beneficiaries	 	18
	 	3.16	 	Submission to Jurisdiction; Waivers	 	18
	 	3.17	 	Waiver of Jury Trial	 	19
	 	3.18	 	Entire Agreement	 	19

ii

AMENDED AND RESTATED

REGISTRATION RIGHTS AGREEMENT  

        AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT, dated as of March 25, 2003 (this "Agreement"), among
Riverwood Holding, Inc., a Delaware corporation (the "Company"), the persons listed on Schedule I hereto under the caption "Family
Stockholders" (each, a "Family Stockholder" and, collectively, the "Family Stockholders"), Clayton,
Dubilier & Rice Fund V Limited Partnership (the "CDR Fund"), EXOR Group S.A. ("EXOR") and the
persons listed on Schedule I hereto under the caption "Other Riverwood Stockholders" (the "Other Riverwood Stockholders" and, together with the
Family Stockholders, the CDR Fund and EXOR, the "Stockholders"). Capitalized terms used herein without definition shall have the meanings set forth in
Article I. 

W I T N E S S E T H:

        WHEREAS,
the Company and Graphic Packaging International Corporation, a Colorado corporation ("Graphic"), are entering into an Agreement
and Plan of Merger, dated as of the date hereof (as such agreement may from time to time be modified, supplemented or restated the "Merger Agreement"),
providing for the merger of Graphic with and into a subsidiary of the Company (the "Merger") upon the terms and subject to the conditions set forth
therein; 

        WHEREAS,
the Company and certain stockholders of Riverwood are parties to that certain Registration and Participation Agreement, dated as of March 27, 1996 (the
"Original Registration Rights Agreement"); 

        WHEREAS,
the parties desire to enter into this Agreement, concurrently with the execution and delivery of the Merger Agreement, to amend and restate the Original Registration Rights
Agreement, in order to add the Family Stockholders and to modify certain provisions of such agreement in connection with the Merger, it being acknowledged and agreed that this Agreement shall become
effective, and the rights and obligations of the parties under this Agreement, shall commence immediately upon the Effective Time; and 

        WHEREAS,
concurrently with the execution and delivery of this Agreement and the Merger Agreement, (i) the Company, the Family
Stockholders, the CDR Fund, and EXOR are entering into a Stockholders Agreement, dated as of the date hereof, to govern certain of their rights, duties and obligations relating to their ownership of
the common stock, par value $0.01, of the Company (the
"Common Stock") following the Merger, and (ii) the Company and the Other Riverwood Stockholders
are entering into a letter agreement, dated as of the date hereof, to govern certain of the rights, duties and obligations relating to such Other Riverwood Stockholders' ownership of Common Stock
following the Merger, each such agreement to become effective immediately upon the Effective Time. 

        NOW,
THEREFORE, in consideration of the mutual agreements contained herein, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I

  DEFINITIONS  

        1.1    Definitions.    For purposes of this Agreement, the following terms have the following respective meanings: 

        "Affiliate" means, with respect to any Person, any other Person directly or indirectly Controlling, Controlled by or under common Control
with such first Person. Any director, member of management or other employee of the Company or any of its subsidiaries who would not otherwise be an Affiliate of a Stockholder shall not be deemed to
be an Affiliate of such Stockholder. 

        "Agreement" has the meaning given in the preamble to this Agreement. 

        "Board" means the Board of Directors of the Company. 

 

        "Business Day" means a day other than a Saturday, Sunday or other day on which commercial banks in New York City are authorized or
required to close. 

        "CD&R" means Clayton, Dubilier & Rice, Inc., a Delaware Corporation. 

        "CDR Fund" has the meaning given in the recitals of this Agreement. 

        "Common Stock" has the meaning given in the recitals of this Agreement. 

        "Company" has the meaning given in the preamble to this Agreement. 

        "Control" means the power to direct the affairs of a Person by reason of ownership of voting securities, by contract or otherwise. 

        "Effective Time" has the meaning given in the Merger Agreement. 

        "Exchange Act" means 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. Any reference to a particular section thereof shall include a reference to the corresponding section, if any, of any such successor Federal statute,
and the rules and regulations thereunder. 

        "EXOR" has the meaning given in the preamble to this Agreement. 

        "Family Representative" has the meaning given in the Stockholders Agreement. 

        "Family Stockholders" has the meaning given in the preamble to this Agreement. 

        "Fully Diluted" means, with respect to the Common Stock, (x) the total issued and
outstanding shares of Common Stock as of such time, plus (y) that number of shares of Common
Stock issuable upon the conversion of all evidences of indebtedness, shares of stock or other securities which are directly or indirectly convertible, exercisable or exchangeable, with or without
payment of additional consideration in cash or property, for shares of Common Stock, either immediately or upon the onset of a specified date or the happening of a specified event outstanding as of
such time (but not including options, warrants and other rights for the purchase or other acquisition of Common Stock). 

        "Graphic" has the meaning given in the recitals of this Agreement. 

        "Merger" has the meaning given in the recitals of this Agreement. 

        "Merger Agreement" has the meaning given in the recitals of this Agreement. 

        "NASD" means National Association of Securities Dealers, Inc. 

        "NASDAQ" means NASD Automated Quotation System. 

        "Original Registration Rights Agreement" has the meaning given in the recitals of this Agreement. 

        "Other Riverwood Stockholders" has the meaning given in the preamble to this Agreement. 

        "Person" means any natural person, firm, individual, partnership, joint venture, business trust, trust, association, corporation, limited
liability company or unincorporated entity. 

        "Public Offering" means an underwritten public offering of Common Stock led by at least one underwriter of nationally recognized standing. 

        "Registrable Securities" means (a) all shares of Common Stock owned by the CDR
Fund, EXOR or the Other Riverwood Stockholders, (b) all shares of Common Stock issued by the Company to the Family Stockholders in connection
with the Merger, (c) all other shares of Common Stock that constituted and continue to constitute "Registrable Securities" as such term was
defined under the Original Registration Rights Agreement, (d) all shares of Common Stock issued after the date hereof to members of management or
directors of the Company for so long as any such shares constitute 

2

 

"restricted securities" under the Securities Act and (e) any securities issued or issuable with respect to any Common Stock referred to in the
foregoing clauses (i) upon any conversion or exchange thereof, (ii) by way of stock
dividend or other distribution, stock split or reverse stock split, (iii) in connection with a combination of shares, recapitalization, merger,
consolidation or other reorganization or (iv) otherwise, subject in the case of clauses (a)-(e) to the last paragraph of Section 2.3. As
to any
particular Registrable Securities, once issued, such securities shall cease to be Registrable Securities when (A) a registration statement (other
than a Special Registration pursuant to which such securities were issued by the Company) with respect to the sale of such securities shall have become effective under the Securities Act and such
securities shall have been disposed of in accordance with such registration statement, (B) such securities shall have been distributed to the
public in reliance upon Rule 144, (C) subject to the provisions of the third sentence of Section 3.1(a), such securities shall have
been otherwise transferred, new certificates for such securities not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent disposition of such
securities shall not require registration or qualification of such securities under the Securities Act or any similar state law then in force, or
(D) such securities shall have ceased to be outstanding. 

        "Registration Expenses" means all expenses incident to the Company's performance of its obligations under or compliance with
Article 2, including, but not limited to, all registration and filing fees, all fees and expenses of complying with securities or blue sky laws, all fees and expenses associated with listing
securities on exchanges or NASDAQ, all fees and other expenses associated with filings with the NASD (including, if required, the fees and expenses of any "qualified independent underwriter" and its
counsel), all printing expenses, the fees and disbursements of counsel for the Company and of its independent public accountants, and the expenses of any special audits made by such accountants
required by or incidental to such performance and compliance and the reasonable fees and disbursements of one law firm (but not more than one) retained by the holders of Registrable Securities and
reasonably acceptable to the Company, but not including any underwriting discounts or commissions or any transfer taxes payable in respect of the sale of Registrable Securities by the holders thereof. 

        "Requisite Percentage of Stockholders" means the holder or holders of at least
(a) as to an initial request under Section 2.1, 15% (by number of shares) of the outstanding shares of Common Stock, or
(b) as to any other such request, 5% (by number of shares) of the outstanding shares of Common Stock. 

        "Rule 144" means Rule 144 (or any successor provision) under the Securities Act. 

        "Rule 144A" means Rule 144A (or any successor provision) under the Securities Act. 

        "Securities Act" means 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. Any reference to a particular section thereof shall include a reference to the corresponding section, if any, of any such successor Federal statute, and the rules
and regulations thereunder. 

        "Securities and Exchange Commission" means the Securities and Exchange Commission or any other Federal agency at the time administering
the Securities Act or the Exchange Act. 

        "Special Registration" means the registration of equity securities and/or options or other rights in respect thereof solely on
Form S-4 or S-8 or any successor form. 

        "Stockholders" has the meaning given in the preamble to this Agreement. 

        "Stockholders Agreement" has the meaning given in the recitals of this Agreement. 

        "Subsidiary" means, with respect to a given Person, any corporation, partnership, limited liability company or other entity of which such
Person owns, directly or indirectly, at least a majority of the securities or other ownership interests having by the terms thereof ordinary voting power to elect a 

3

 

majority of the board of directors or other individuals performing similar functions of such corporation, partnership, limited liability company or other entity. 

ARTICLE II

  REGISTRATION  

        2.1    Registration on Request.    

        (a)    Requests.    Subject to the provisions of Section 2.6, at any time or from time to time following
90 days after the Effective Time, the Requisite Percentage of Stockholders shall have the right to make written requests on one or more occasions that the Company effect the registration under
the Securities Act of all or part of the Registrable Securities of the holder or holders making such request, which requests shall specify the intended method of disposition thereof by such holder or
holders, provided that the Company shall not be required to effect a registration under this Section 2.1(a) for 180 days after the closing
of the sale of Registrable Securities pursuant to the first registration effected under this Section 2.1(a). 

        (b)    Obligation to Effect Registration.    Upon receipt by the Company of any request for registration pursuant to
Section 2.1(a), the Company shall promptly give written notice of such requested registration to all holders of Registrable Securities, and thereupon shall use its reasonable best efforts to
effect the registration under the Securities Act of 

        (i)    the
Registrable Securities which the Company has been so requested to register pursuant to Section 2.1(a), and 

        (ii)    all
other Registrable Securities which the Company has been requested to register by the holders thereof by written request given to the Company within 30 days
after the Company has given such written notice (which request shall specify the intended method of disposition of such Registrable Securities), 

all
to the extent required to permit the disposition (in accordance with the intended methods thereof as aforesaid) of the Registrable Securities so to be registered. Notwithstanding the preceding
sentence, the Company shall not be required to effect a registration requested pursuant to Section 2.1(a) if (1) with respect to the first
two such requests, the aggregate number of Registrable Securities referred to in clauses (i) and (ii) of the preceding sentence to be included in such registration shall be
(A) less than 15% (by number of shares) of the outstanding shares of Common Stock or
(B) without approval of a majority of the Board, more than 25% (by number of shares) of the outstanding shares of Common Stock, and
(2) thereafter, the aggregate number of Registrable Securities referred to in clauses (i) and (ii) of the preceding sentence to be
included in such registration is less than 5% (by number of shares) of the outstanding shares of Common Stock. 

        (c)    Registration Statement Form.    Each registration requested pursuant to this Section 2.1 shall be
effected by the filing of a registration statement on Form S-1, Form S-2 or Form S-3 (or any other form which includes substantially the same
information as would be required to be included in a registration statement on such forms as presently constituted), unless the use of a different form is (i) required by law or
(ii) permitted by law and agreed to in writing by holders holding at least a majority (by number of shares) of the Registrable Securities as to which registration has been requested pursuant to
this Section 2.1. If the holders of a majority (by number of shares) of the Registrable Securities proposed to be sold in such registration (or, if such registration involves an underwritten
public offering, the managing underwriter) shall notify the Company in writing that, in the judgment of such holders (or, if applicable, such managing underwriter), the inclusion of additional
information not required by Form S-2 or Form S-3 as 

4

 

specified in such notice is of material importance to the success of the public offering of such Registrable Securities, such information shall be so included. 

        (d)    Expenses.    The Company shall pay all Registration Expenses in connection with  (i) the first four registrations
successfully effected pursuant to a request under Section 2.1(a) and  (ii) any such request that is later deemed not to have been exercised pursuant to Section 2.1(f), Section 2.3(k)
or
Section 2.4(b). The Registration Expenses in connection with each other registration, if any, requested under Section 2.1(a) shall be apportioned pro rata among the holders whose
Registrable Securities are then being registered, on the basis of the respective amounts (by number of shares) of Registrable Securities then being registered. 

        (e)    Inclusion of Other Securities.    The Company shall not register securities (other than Registrable Securities)
for sale for the account of any Person other than the Company in any registration requested pursuant to Section 2.1(a) unless permitted to do so by the written consent of holders holding at
least a majority (by number of shares) of the Registrable Securities proposed to be sold in such registration, which consent shall not unreasonably be withheld, it being understood and agreed that
such holders shall not be deemed to be unreasonable if they in their good faith judgment believe that the inclusion of the securities of any such other Person will adversely affect the price or
marketability of the shares that such holders of Registrable Securities or the Company propose to sell in such registration. 

        (f)    Effective Registration Statement.    A registration requested pursuant to Section 2.1(a) will not be
deemed to have been effected unless it has become effective for the period specified in Section 2.3(b). Notwithstanding the preceding sentence, a registration requested pursuant to
Section 2.1(a) which does not become effective after the Company has filed a registration statement with respect thereto solely by reason of the refusal to proceed of the holder or holders of
Registrable Securities requesting the registration shall be deemed to have been effected by the Company at the request of such holder or holders. 

        (g)    Pro Rata Allocation.    

        (i)    If
the holders of a majority (by number of shares) of the Registrable Securities for which registration is being requested pursuant to Section 2.1(a) determine,
based on consultation with the managing underwriters or, in an offering which is not underwritten, with an investment banker, that the number of securities to be sold in any such offering should be
limited due to market conditions or otherwise, holders of Registrable Securities proposing to sell their securities in such registration shall share pro rata in the number of securities being offered
(as determined by the holders holding a majority (by number of shares) of the Registrable Securities for which registration is being requested in consultation with the managing underwriters or
investment banker, as the case may be) and registered for their account, such sharing to be based on the number of Registrable Securities as to which registration was requested by such holders;  provided,
 however, that securities being offered by the Company shall have first priority in any such
registration. 

        (ii)    In
the event that the number of shares of Registrable Securities for which registration is being requested pursuant to Section 2.1(a) exceeds the maximum number
of shares permitted to be included in such registration pursuant to Section 2.1(b)(1)(B), the holders of Registrable Securities proposing to sell their securities in such registration shall
share pro rata in the number of securities being offered and registered for their account, such sharing to be based on the number of Registrable Securities as to which registration was requested by
such holders; provided, however, that any securities being offered by the Company shall have first
priority in any such registration. 

5

 

        (iii)    For
purposes of determining the pro rata share of EXOR (together with its Affiliates) under this Section 2.1(g) in connection with the first request made by the
Requisite Percentage of Stockholders pursuant to Section 2.1(a) (it being understood that any such request that is later deemed not to have been exercised pursuant to Section 2.1(f),
Section 2.3(k) or Section 2.4(b) shall not be counted as such a first request), the parties agree that if the CDR Fund (or any of its Affiliates) shall not have requested any of the
Registrable Securities held by them to be registered then (A) the CDR Fund (together with its Affiliates) shall be deemed to have requested registration of all of the Registrable Securities
held by the CDR Fund (together with its Affiliates) and (B) the number of Registrable Securities equal to the number of Registrable Securities that CDR Fund (together with its Affiliates) could
have registered (after giving effect to any pro rata reduction contemplated by this Section 2.1(g)) shall be available exclusively to EXOR (together with its Affiliates) for it to register its
Registrable Securities as part of such registration (in addition to the Registrable Securities that EXOR (together with its Affiliates) could otherwise register without giving effect to this
Section 2.1(g)(iii)). 

        2.2    Incidental Registration.    If the Company at any time proposes to register any of its equity securities (as
defined in the Exchange Act) under the Securities Act (other than pursuant to Section 2.1 or pursuant to a Special Registration), whether or not for sale for its own account, and the
registration form to be used may be used for the registration of Registrable Securities, it will each such time give prompt written notice to all holders of Registrable Securities of its intention to
do so and of such holders' rights under this Section and, upon the written request of any holder of Registrable Securities given to the Company within 20 days after the Company has given any
such notice (which request shall specify the Registrable Securities intended to be disposed of by such holder and the intended method of disposition thereof), the Company will use its reasonable best
efforts to effect the registration under the Securities Act of all Registrable Securities which the Company has been so requested to register by the holders thereof, to the extent required to permit
the disposition (in accordance with the intended methods thereof as aforesaid) of the Registrable Securities so to be registered, provided that: 

        (a)    if
such registration shall be in connection with the first public offering of Common Stock following the Merger, the Company shall not include any Registrable Securities
in such proposed registration if the Board shall have determined, after consultation with the managing underwriters for such offering, that it is not in the best interests of the Company to include
any Registrable Securities in such registration, provided that, if the Board makes such a determination, the Company shall not include in such
registration any securities not being sold for the account of the Company; 

        (b)    if,
at any time after giving written notice of its intention to register any securities and prior to the effective date of the registration statement filed in connection
with such registration, the Company shall determine for any reason not to register such securities, the Company may, at its election, give written notice of such determination to each holder of
Registrable Securities or other securities that was previously notified of such registration and, thereupon, shall not register any Registrable Securities in connection with such registration (but
shall nevertheless pay the Registration Expenses in connection therewith), without prejudice, however, to the rights of any holder or holders of Registrable Securities to request that a registration
be effected under Section 2.1; 

        (c)    if
the Company shall be advised in writing by the managing underwriters (or, in connection with an offering which is not underwritten, by an investment banker) (and the
Company shall so advise each holder of Registrable Securities requesting registration of such advice) that in their or its opinion the
number of securities requested to be included in such registration (whether by the Company, pursuant to this Section 2.2 or pursuant to any other rights granted by the Company to a holder or
holders of its securities to request or demand such registration or inclusion of any such securities in any such registration) exceeds the number of such securities which can be sold in such offering, 

6

  

        (i)    the
Company shall include in such registration the number (if any) of Registrable Securities so requested to be included which in the opinion of such underwriters or
investment banker, as the case may be, can be sold and shall not include in such registration any securities (other than securities being sold by the Company, which shall have priority in being
included in such registration) so requested to be included other than Registrable Securities unless all Registrable Securities requested to be so included are included therein, and 

        (ii)    if
in the opinion of such underwriters or investment banker, as the case may be, some but not all of the Registrable Securities may be so included, all holders of
Registrable Securities requested to be included therein shall share pro rata in the number of shares of Registrable Securities included in such public offering on the basis of the number of
Registrable Securities requested to be included therein by such holders, 

and
the Company shall so provide in any registration agreement hereinafter entered into with respect to any of its securities; and 

        (d)    if
prior to the effective date of the registration statement filed in connection with such registration, the Company is informed by the managing underwriter (or, in
connection with an offering which is not underwritten, by an investment banker) that the price at which such securities are to be sold is a price below that price which the requesting holders shall
have indicated to be acceptable, the Company shall promptly notify the requesting holders of such fact, and each such requesting holder shall have the right to withdraw its request to have its
Registrable Securities included in such registration statement. 

        The
Company will pay all Registration Expenses in connection with each registration of Registrable Securities requested pursuant to this Section 2.2. No registration effected
under this Section 2.2 shall relieve the Company from its obligation to effect registrations upon request under Section 2.1. 

        2.3    Registration Procedures.    If and whenever the Company is required to use its reasonable best efforts to
effect the registration of any Registrable Securities under the Securities Act as provided in Sections 2.1 and 2.2, the Company will promptly: 

        (a)    subject
to the second sentence of Section 2.1(b), prepare and file with the Securities and Exchange Commission as expeditiously as possible and, in any event, no
later than 60 days after receipt of a request pursuant to Section 2.1, a registration statement with respect to such securities, make all required filings with the NASD and use
reasonable best efforts to cause such registration statement to become effective as expeditiously as possible; 

        (b)    prepare
and file with the Securities and Exchange Commission such amendments and supplements to such registration statement and the prospectus used in connection
therewith and such other documents as may be necessary to keep such registration statement effective and to comply with the provisions of the Securities Act with respect to the disposition of all
securities covered by such registration statement until such time as all of such securities have been disposed of in accordance with the intended methods of disposition by the seller or sellers
thereof set forth in such registration statement, but in no event for a period of more than six months after such registration statement becomes effective; 

        (c)    furnish
to counsel (if any) selected by the holders of a majority (by number of shares) of the Registrable Securities covered by such registration statement and to
counsel for the underwriters in any underwritten offering copies of all documents proposed to be filed with the Securities and Exchange Commission (including all documents to be filed on a
confidential basis) in connection with such registration, which documents will be subject to the review and comment of such counsel, and promptly notify and furnish such counsel of the receipt by the
Company of any written comments received from the Securities and Exchange Commission; 

7

 

        (d)    furnish
to each seller of such securities, without charge, such number of conformed copies of such registration statement and of each such amendment and supplement
thereto (in each case, including all exhibits and documents filed therewith (other than those filed on a confidential basis), except that the Company shall not be obligated to furnish any seller of
securities with more than two copies of such exhibits and documents), such number of copies of the prospectus included in such registration statement (including each preliminary prospectus and any
summary prospectus) in conformity with the requirements of the Securities Act, and such other documents, as such seller may reasonably request in order to facilitate the disposition of the securities
owned by such seller; 

        (e)    use
its reasonable best efforts (x) to register or qualify the securities covered by such registration statement
under such other securities or blue sky laws of such jurisdictions as each seller shall request, (y) to keep such registration or qualification
in effect for so long as such registration statement remains in effect and (z) to do any and all other acts and things which may be necessary or
advisable to enable such seller to consummate the disposition in such jurisdictions of the securities owned by such seller, except that the Company shall not for any such purpose be required to
qualify generally to do business as a foreign corporation in any jurisdiction wherein it is not so qualified, subject itself to taxation in any jurisdiction wherein it is not so subject, or take any
action which would subject it to general service of process in any jurisdiction wherein it is not so subject; 

        (f)    in
connection with a Public Offering only, furnish to each seller a signed counterpart, addressed to the sellers, of 

        (i)    an
opinion of counsel for the Company experienced in securities law matters, dated the effective date of the registration statement (and, if such registration includes a
Public Offering, dated the date of closing under the underwriting agreement), and 

        (ii)    a
"comfort" letter, dated the effective date of the registration statement (and, if such registration includes a Public Offering, dated the date of closing under the
underwriting agreement), signed by the independent public accountants who have issued an audit report on the Company's financial statements included in the registration statement, subject to such
seller having executed and delivered to the independent public accountants such certificates and documents as such accountants shall reasonably request, and  provided that such accountants shall be
permitted by the standards applicable to certified public accountants to deliver a "comfort" letter to such
seller, 

each
covering substantially the same matters with respect to the registration statement (and the prospectus included therein) and, in the case of such accountants' letter, with respect to events
subsequent to the date of such financial statements, as are customarily covered in opinions of issuer's counsel and in accountants' letters delivered to the underwriters in underwritten public
offerings of securities; 

        (g)    (i) promptly notify each holder of Registrable Securities covered by such registration statement if such
registration statement, at the time it or any amendment thereto became effective, (x) contained an untrue statement of a material fact or omitted
to state a material fact required to be stated therein or necessary to make the statements therein not misleading upon discovery by the Company of such material misstatement or omission or
(y) upon discovery by the Company of the happening of any event as a result of which the Company believes there would be such a material
misstatement or omission, and, as promptly as practicable, prepare and file with the Securities and Exchange Commission a post-effective amendment to such registration statement and use
reasonable best efforts to cause such post-effective amendment to become effective such that such registration statement, as so amended, shall 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 

8

 

the statements therein not misleading, and (ii) notify each holder of Registrable Securities covered by such registration statement, at any time
when a prospectus relating thereto is required to be delivered under the Securities Act, if the prospectus included in such registration statement, as then in effect, includes an untrue statement of a
material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading upon
discovery by the Company of such material misstatement or omission or upon discovery by the Company of the happening of any event as a result of which the Company believes there would be a material
misstatement or omission, and, as promptly as is practicable, prepare and furnish to such holder a reasonable number of copies of a supplement to or an amendment of such
prospectus as may be necessary so that, as thereafter delivered to the purchasers of such securities, such prospectus shall not include 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 light of the circumstances under which they were made, not misleading; 

        (h)    otherwise
use its reasonable best efforts to comply with all applicable rules and regulations of the Securities and Exchange Commission, and make available to its
security holders, as soon as reasonably practicable, an earnings statement of the Company complying with the provisions of Section 11(a) of the Securities Act and Rule 158 under the
Securities Act; 

        (i)    notify
each seller of any securities covered by such registration statement (i) when such registration statement,
or any post-effective amendment to such registration statement, shall have become effective, or any amendment of or supplement to the prospectus used in connection therewith shall have
been filed, (ii) of any request by the Securities and Exchange Commission to amend such registration statement or to amend or supplement such
prospectus or for additional information, (iii) of the issuance by the Securities and Exchange Commission of any stop order suspending the
effectiveness of such registration statement or of any order preventing or suspending the use of any preliminary prospectus and (iv) of the
suspension of the qualification of such securities for offering or sale in any jurisdiction, or of the institution of any proceedings for any of such purposes; 

        (j)    use
its reasonable best efforts (i) (A) to list such securities on
any securities exchange on which the Common Stock is then listed or, if no Common Stock is then listed, on an exchange selected by the Company, if such listing is then permitted under the rules of
such exchange or (B) if such listing is not practicable or the Board of Directors of the Company determines that quotation as a NASDAQ National
Market System security is preferable, to secure designation of such securities as a NASDAQ "national market system security" within the meaning of Rule 11Aa2-1 under the Exchange
Act, (ii) to provide and cause to be maintained a transfer agent and registrar for such Registrable Securities not later than the effective date
of such registration statement, (iii) to obtain a CUSIP number for the Registrable Securities and
(iv) to cause the executive officers of the Company to participate in any "roadshow" organized by the managing underwriter; 

        (k)    use
its reasonable best efforts to obtain as expeditiously as possible the lifting of any stop order that might be issued suspending the effectiveness of such
registration statement or of any order preventing or suspending the use of any preliminary prospectus or suspending the qualification of any securities included in such registration statement for sale
in any jurisdiction, provided that if the Company is unable to obtain the lifting of any such stop order in connection with a registration pursuant to
Section 2.1(a), the request for registration shall not be deemed exercised for purposes of determining whether such registration has been effected for purposes of Section 2.1(a) or (d); 

        (l)    enter
into such customary agreements and take all such other actions as the holders of a majority of the Registrable Securities may reasonably request in order to
expedite or facilitate the 

9

 

disposition of such Registrable Securities (including, without limitation, effecting a stock split or a combination of shares); provided, that no
holder of Registrable Securities shall have any indemnification obligations inconsistent with Section 2.7 hereof; 

        (m)    make
available for inspection by any seller of Registrable Securities, any underwriter participating in any disposition pursuant to such registration statement and any
attorney, accountant or other agent retained by any such seller or underwriter, material financial and other records, pertinent corporate documents and properties of the Company, and cause the
Company's officers, directors, employees and independent accountants to supply all information, and participate in due diligence sessions, in each case reasonably requested by any such seller,
underwriter, attorney, accountant or agent in connection with such registration statement; 

        (n)    permit
any holder of Registrable Securities which holder, in its sole and exclusive judgment, might be deemed to be an underwriter or a controlling person of the
Company, to participate in the preparation of such registration or comparable statement and to require the insertion therein of material, furnished to the Company in writing, which in the reasonable
judgment of such holder and its counsel and the Company and its counsel should be included; and 

        (o)    use
its commercially reasonable best efforts to cause such Registrable Securities covered by such registration statement to be registered with or approved by such other
governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of such Registrable Securities. 

        The
Company may require each seller of any securities as to which any registration is being effected to furnish to the Company such information regarding such seller and the distribution
of such securities as the Company may from time to time reasonably request in writing and as shall be required by law in connection therewith. Each such holder agrees to furnish promptly to the
Company all information required to be disclosed in order to make the information previously furnished to the Company by such holder not materially misleading. 

        The
Company agrees not to file or make any amendment to any registration statement with respect to any Registrable Securities, or any amendment of or supplement to the prospectus used in
connection therewith, which refers to any seller of any securities covered thereby by name, or otherwise identifies such seller as the holder of any securities of the Company, without the prior
written consent of such seller, such consent not to be unreasonably withheld, except that no such consent shall be required for any disclosure that is required by law or regulations of the Securities
and Exchange Commission, in which case (i) such seller shall be promptly informed of any impending filing or amendment and
(ii) no such consent shall be required. 

        By
acquisition of Registrable Securities, each holder of such Registrable Securities shall be deemed to have agreed that, upon receipt of any notice from the Company pursuant to
Section 2.3(g), such holder will promptly discontinue such holder's disposition of Registrable Securities pursuant to the registration
statement covering such Registrable Securities until such holder shall have received, in the case of clause (i) of Section 2.3(g), notice from the Company that such registration
statement has been amended, as contemplated by Section 2.3(g), and, in the case of clause (ii) of Section 2.3(g), copies of the supplemented or amended prospectus contemplated by
Section 2.3(g). If so directed by the Company, each holder of Registrable Securities will deliver to the Company (at the Company's expense) all copies, other than permanent file copies, in such
holder's possession of the prospectus covering such Registrable Securities at the time of receipt of such notice. In the event that the Company shall give any such notice, the period mentioned in
Section 2.3(b) shall be extended by the number of days during the period from and including the date of the giving of such notice to and including the date when each seller of any Registrable
Securities covered by such registration statement shall have received the copies of the supplemented or amended prospectus contemplated by Section 2.3(g). 

10

 

        Notwithstanding
any other provision of this Agreement, the parties hereto acknowledge that the Company shall have no obligation to prepare or file any registration statement prior to the
time that financial information required to be included therein is available for inclusion therein; provided that the Company shall use reasonable best
efforts to cause such financial information to be available on a timely basis. 

        2.4    Underwritten Offerings.    The provisions of this Section 2.4 do not establish additional registration
rights but instead set forth procedures applicable, in addition to those set forth in Sections 2.1 through 2.3, to any registration which is an underwritten offering. 

        (a)    Underwritten Offerings Exclusive.    Whenever a registration requested pursuant to Section 2.1 is for an
underwritten offering, only securities which are to be distributed by the underwriters may be included in the registration. No Person may participate in any registration hereunder which is
underwritten unless such Person (a) agrees to sell such Person's securities on the basis provided in any underwriting arrangements reasonably
approved by the Person or Persons entitled hereunder to approve such arrangements pursuant to this Section 2.4 (which will include the making of representations and warranties and the granting
of indemnification rights customary for a selling stockholder in the circumstances of such Person), and (b) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements and other documents that are standard and customary for similarly situated Persons and are reasonably required under the terms
of such underwriting arrangements; provided, that no holder of Registrable Securities included in any underwritten registration shall be required to
make any representations or warranties to the Company or the underwriters other than representations and warranties regarding such holder and such holder's intended method of distribution and no
holder of Registrable Securities will have any indemnification obligations inconsistent with Section 2.7 hereof. 

        (b)    Underwriting Agreement.    If requested by the underwriters for any underwritten offering by holders of
Registrable Securities pursuant to a registration requested under Section 2.1, the Company shall enter into an underwriting agreement with such underwriters for such offering, such agreement to
be reasonably satisfactory in substance and form to the holders of a majority (by number of shares) of the
Registrable Securities to be covered by such registration and to the underwriters and to contain such representations and warranties by the Company and such other terms and provisions as are
customarily contained in agreements of this type, including, but not limited to, indemnities to the effect and to the extent provided in Section 2.7, provisions for the delivery of officers'
certificates, opinions of counsel and accountants' "comfort" letters and hold-back arrangements. The holders of Registrable Securities to be distributed by such underwriters shall be
parties to such underwriting agreement and may, at their option, require that any or all of the representations and warranties by, and the agreements on the part of, the Company to and for the benefit
of such underwriters be made to and for the benefit of such holders of Registrable Securities and that any or all of the conditions precedent to the obligations of such underwriters under such
underwriting agreement shall also be conditions precedent to the obligations of such holders of Registrable Securities. In the event that any condition to the obligations under any such underwriting
agreement are not met or waived, and such failure to be met or waived is not attributable to the fault of the selling stockholders requesting a demand registration pursuant to Section 2.1(a),
such request for registration shall not be deemed exercised for purposes of determining whether such registration has been effected for purposes of Section 2.1(a) or (d). No holder of
Registrable Securities shall be required by the Company to make any representations or warranties to, or agreements with, the Company or the underwriters other than as set forth in Sections 2.4(e) and
2.7(b), representations, warranties or agreements regarding such holder and such holder's intended method of distribution and any other representations required by applicable law. 

11

  

        (c)    Selection of Underwriters.    Whenever a registration requested pursuant to Section 2.1 is for an
underwritten offering, the Company will have the right to select one or more underwriters to administer the offering at least one of which shall be an underwriter of nationally recognized standing,
which selection by the Company shall be subject to approval by holders of a majority of the shares requested to be included in such registration and such approval shall not be unreasonably withheld.
If the Company at any time proposes to register any of its securities under the Securities Act for sale for its own account and such securities are to be distributed by or through one or more
underwriters, the Company will have the right to select one or more underwriters to administer the offering at least one of which shall be an underwriter of nationally recognized standing, which
selection by the Company shall be subject to approval by holders of a majority of the shares requested to be included in such registration and such approval shall not be unreasonably withheld. 

        (d)    Incidental Underwritten Offerings.    Subject to the provisions of the proviso to the first sentence of
Section 2.2, if the Company at any time proposes to register any of its equity securities under the Securities Act (other than pursuant to Section 2.1 or pursuant to a Special
Registration), whether or not for its own account, and such securities are to be distributed by or through one or more underwriters, the Company will give prompt written notice to all holders of
Registrable Securities of its intention to do so and, if requested by any holder of Registrable Securities, will arrange for such underwriters to include the Registrable Securities to be offered and
sold by such holder among those to be distributed by such underwriters. The holders of Registrable Securities to be distributed by such underwriters shall be parties to the underwriting agreement
between the Company and such underwriters and may, at their option, require that any or all of the representations and warranties by, and the other agreements on the part of, the Company to and for
the benefit of such underwriters shall also be made to and for the benefit of such holders of Registrable Securities and that any or all of the conditions precedent to the obligations of the
underwriters under such underwriting agreement shall also be conditions precedent to the obligations of such holders of Registrable Securities. No such holder of Registrable Securities shall be
required by the Company to make any representations or warranties to, or agreements with, the Company or the underwriters other than as set forth in Sections 2.4(e) and 2.7(b), representations,
warranties or agreements regarding such holder and such holder's intended method of distribution and any other representations required by applicable law;  provided, that no holder of Registrable
Securities shall have any indemnification obligations inconsistent with Section 2.7 hereof. 

        (e)    Hold Back Agreements.    If and whenever the Company proposes to register any of its equity securities under
the Securities Act, whether or not for its own account (other than pursuant to a Special Registration), or is required to use its reasonable best efforts to effect the registration of any Registrable
Securities under the Securities Act pursuant to Section 2.1 or 2.2, each holder of Registrable Securities who sells shares of Registrable Securities pursuant to such registration, if required
by the managing underwriter, agrees not to effect (other than pursuant to such registration) any public sale or distribution, including, but not limited to, any sale pursuant to Rule 144 or
Rule 144A, of any Registrable Securities, any other equity securities of the Company or any securities convertible into or
exchangeable or exercisable for any equity securities of the Company for 90 days after, and during the 20 days prior to, the effective date of such registration and the Company agrees to
cause each holder of any equity security, or of any security convertible into or exchangeable or exercisable for any equity security, of the Company purchased from the Company at any time other than
in a public offering to enter into a similar agreement with the Company. The Company further agrees not to effect (other than pursuant to such registration or pursuant to a Special Registration) any
public sale or distribution, or to file any registration statement (other than such registration or a Special Registration) covering any, of its equity securities, or any securities convertible into
or exchangeable or exercisable for such securities, 

12

 

during the 20 days prior to, and for 90 days after, the effective date of such registration if required by the managing underwriter. 

        2.5    Preparation; Reasonable Investigation.    In connection with the preparation and filing of each registration
statement registering Registrable Securities under the Securities Act, the Company will give the holders of such Registrable Securities so to be registered and their underwriters, if any, and their
respective counsel and accountants the opportunity to participate in the preparation of such registration statement, each prospectus included therein or filed with the Securities and Exchange
Commission, and each amendment thereof or supplement thereto, and will give each of them such access to its books and records and cause its officers, directors, employees and the independent public
accountants who have issued audit reports on its financial statements to supply all information as shall be necessary, in the opinion of such holders' and such underwriters' respective counsel or
accountant, in connection with such registration statement. 

        2.6    Other Registrations.    If and whenever the Company is required to use its reasonable best efforts to effect
the registration of any Registrable Securities under the Securities Act pursuant to Section 2.1 or 2.2, and if such registration shall not have been withdrawn or abandoned, the Company shall
not be obligated to and shall not file any registration statement with respect to any of its securities (including Registrable Securities) under the Securities Act (other than a Special Registration),
whether of its own accord or at the request or demand of any holder or holders of such securities, until a period of 180 days shall have elapsed from the effective date of such previous
registration. 

        2.7    Indemnification.    

        (a)    Indemnification by the Company.    In the event of any registration of any Registrable Securities under the
Securities Act pursuant to Section 2.1 or 2.2, the Company will and hereby does indemnify and hold harmless each seller of such securities, its directors, officers, and employees, each other
person who participates as an underwriter, broker or dealer in the offering or sale of such securities and each other person, if any, who controls such seller or any such participating person within
the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, against any and all losses, claims, damages or liabilities, joint or several, to which such
seller or any such director, officer, employee, participating person or controlling person may become subject under the Securities Act or otherwise (including, without limitation, the reasonable fees
and expenses of legal counsel incurred in connection with any claim for indemnity hereunder), insofar as such losses, claims, damages or liabilities (or
actions or proceedings in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of a fact
contained in any registration statement under which such securities were registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained therein or
related thereto, or any amendment or supplement thereto, or (ii) any omission or alleged omission to state a fact required to be stated in any
such registration statement, preliminary prospectus, final prospectus, summary prospectus, amendment or supplement or necessary to make the statements therein not misleading; and the Company will
reimburse such seller and each such director, officer, employee, participating person and controlling person for any legal or any other expenses reasonably incurred by them in connection with
investigating or defending any such loss, claim, liability, action or proceeding, provided that the Company shall not be liable in any such case to the
extent that any such loss, claim, damage, liability or expense arises out of or is based upon an untrue statement or omission made in such registration statement, any such preliminary prospectus,
final prospectus, summary prospectus, amendment or supplement in reliance upon and in conformity with written information furnished to the Company by such seller or participating person expressly for
use in the preparation thereof and provided, further, that the Company shall not be liable in any such
case to the extent that any such loss, claim, damage, liability or expense arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission in the
prospectus, if such untrue 

13

 

statement or alleged untrue statement or omission or alleged omission is completely corrected in an amendment or supplement to the prospectus and the seller of Registrable Securities thereafter fails
to deliver such prospectus as so amended or supplemented prior to or concurrently with the sale of Registrable Securities to the person asserting such loss, claim, damage, liability or expense after
the Company had furnished such seller with a sufficient number of copies of the same or if the seller received notice from the Company of the existence of such untrue statement or alleged untrue
statement or omission or alleged omission and the seller continued to dispose of Registrable Securities prior to the time of the receipt of either
(A) an amended or supplemented prospectus which completely corrected such untrue statement or omission or
(B) a notice from the Company that the use of the existing prospectus may be resumed. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of such seller or any such director, officer, employee, participating person or controlling person and shall survive the transfer of such
securities by such seller. 

        (b)    Indemnification by the Sellers.    In the event of any registration of any Registrable Securities under the
Securities Act pursuant to Section 2.1 or 2.2, each of the prospective sellers of such securities, will, severally and not jointly, indemnify and hold harmless the Company, each director of the
Company, each officer of the Company who shall sign such registration statement, each other person who participates as an underwriter, broker or dealer in the offering or sale of such securities and
each other person, if any, who controls the Company or any such participating person within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, against any
and all losses, claims, damages or liabilities, joint or several, to which the Company or any such director, officer, employee, participating person or controlling person may become subject under the
Securities Act or otherwise (including, without limitation, the reasonable fees and expenses of legal counsel incurred in connection with any claim for indemnity hereunder), insofar as such losses,
claims, damages or liabilities (or actions or proceedings in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a fact contained in, or any omission or
alleged omission to state a fact with respect to such seller required to be stated in, any registration statement under which such securities were registered under the Securities Act, any preliminary
prospectus, final prospectus or summary prospectus contained therein or related thereto, or any amendment or supplement thereto, if such statement or omission was made in reliance upon and in
conformity with written information furnished to the Company by such seller expressly for use in the preparation of such registration statement,
preliminary prospectus, final prospectus, summary prospectus, amendment or supplement; and such seller will reimburse the Company and each such director, officer, employee, participating person and
controlling person for any legal or any other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, liability, action or proceeding,  provided that the
liability of each such seller will be in proportion to and limited to the net amount received by such seller (after deducting any
underwriting discount and expenses) from the sale of Registrable Securities pursuant to such registration statement. Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of the Company or any such director, officer, participating person or controlling person and shall survive the transfer of such securities by such seller. 

        (c)    Notices of Claims, etc.    Promptly after receipt by an indemnified party of notice of the commencement of any
action or proceeding involving a claim referred to in the preceding paragraphs of this Section 2.7, such indemnified party will, if a claim in respect thereof is to be made against an
indemnifying party hereunder, give written notice to the latter of the commencement of such action, provided that the failure of any indemnified party
to give notice as provided therein shall not relieve the indemnifying party of its obligations under the preceding paragraphs of this Section 2.7. In case any such action is brought against an
indemnified party, the indemnifying party will be entitled to participate therein and to assume the defense thereof, jointly with any other indemnifying party similarly notified to the extent that it
may wish, with counsel 

14

 

reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party will
not be liable to such indemnified party for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof,  provided that if such indemnified party and the
indemnifying party reasonably determine, based upon advice of their respective independent counsel, that
a conflict of interest may exist between the indemnified party and the indemnifying party with respect to such action and that it is advisable for such indemnified party to be represented by separate
counsel, such indemnified party may retain other counsel, reasonably satisfactory to the indemnifying party, to represent such indemnified party, and the indemnifying party shall pay all reasonable
fees and expenses of such counsel. No indemnifying party, in the defense of any such claim or litigation, shall, except with the consent of such indemnified party, which consent shall not be
unreasonably withheld, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified
party of a release from all liability in respect to such claim or litigation. 

        (d)    Other Indemnification.    Indemnification similar to that specified in the preceding paragraphs of this
Section 2.7 (with appropriate modifications) shall be given by the Company and each seller of Registrable Securities with respect to any required registration or other qualification of such
Registrable Securities under any Federal or state law or regulation of governmental authority other than the Securities Act. 

        (e)    Other Remedies.    If for any reason the foregoing indemnity under Section 2.7(a), (b) or
(d) is unavailable, or is insufficient to hold harmless an indemnified party, other than by reason of the exceptions provided therein, then the indemnifying party and the indemnified party
under Section 2.7(a), (b) or (d) shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities or expenses
(i) in such proportion as is appropriate to
reflect the relative fault of the indemnifying party on the one hand and the indemnified party on the other or (ii) if the allocation provided by
clause (i) above is not permitted by applicable law, or provides a lesser sum to the indemnified party than the amount hereinafter calculated, in such proportion as is appropriate to reflect
not only the relative fault of the indemnifying party on the one hand and the indemnified party on the other but also the relative benefits received by the indemnifying party and the indemnified party
from the offering of Registrable Securities (taking into account the portion of the proceeds of the offering realized by each such party) as well as any other relevant equitable considerations and, in
the case of a seller, shall be in proportion to and limited to the net amount received by such seller (after deducting any underwriting discount and expense) from the sale of Registrable Securities
pursuant to such registration statement. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any
person who was not guilty of such fraudulent misrepresentation. Any party's obligation to contribute pursuant to this Section 2.7(e) is several (in proportion to the relative value of their
Registrable Securities covered by a registration statement) and not joint with the obligations of any other party. No party shall be liable for contribution under this Section 2.7(e) except to
the extent and under such circumstances as such party would have been liable to indemnify under this Section 2.7 if such indemnification were enforceable under applicable law. 

        (f)    Officers and Directors.    As used in this Section 2.7, the terms "officers" and "directors" shall
include the partners of the holders of Registrable Securities which are partnerships and trustees of holders which are trusts. 

        (g)    Indemnification Payments.    The indemnification and contribution required by this Section 2.7 shall be
made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or expense, loss, damage or liability is 

15

 

incurred; provided that in the event it is ultimately determined that any amounts so paid were not subject to indemnification or contribution
hereunder, the recipient thereof shall promptly return such amounts to payor thereof. 

ARTICLE III

  MISCELLANEOUS  

        3.1    Rule 144; Legended Securities; etc.    

        (a)    If
the Company shall have filed a registration statement pursuant to Section 12 of the Exchange Act or a registration statement pursuant to the Securities Act
relating to any class of equity securities (other than a registration statement pursuant to a Special Registration), the Company will 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 Securities and Exchange Commission thereunder (or, if the Company is not
required to file such reports, it will, upon the request of any holder of Registrable Securities, make publicly available such information as necessary to permit sales pursuant to Rule 144),
and will take such further action as any holder of Registrable Securities may reasonably request, all to the extent required from time to time to enable such holder to sell shares of Registrable
Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144. Upon the request of a holder, the Company will deliver to such holder a
written statement as to whether the Company has complied with such requirements. The Company will not issue new certificates for shares of Registrable Securities without a legend restricting further
transfer unless (i) such shares have been sold to the public pursuant to an effective registration statement under the Securities Act (other than
Form S-8 if the holder of such Registrable Securities is an Affiliate) or Rule 144, or
(ii) (x) otherwise permitted under the Securities Act and
(y) (A) the holder of such shares shall have delivered to the Company an opinion of counsel,
which opinion and counsel shall be reasonably satisfactory to the Company, to such effect and (B) the holder of such shares expressly requests
the issuance of such certificates in writing. 

        (b)    If
any Registrable Securities are to be disposed of in accordance with Rule 144, the holder of such Registrable Securities shall transmit to the Company an
executed copy of Form 144 (if required by Rule 144) no later than the time such form is required to be transmitted to the Securities and Exchange Commission for filing and such other
documentation as the Company may reasonably require to assure compliance with Rule 144 in connection with such disposition. 

        3.2    Amendments and Waivers.    This Agreement may be amended, and the Company may take any action herein
prohibited, or omit to perform any act herein required to be performed by it, only if the Company shall have obtained the written consent to such amendment, action or omission to act, of the CDR Fund,
the Family Representative, EXOR and the holder or holders of at least 66% of the shares then constituting Registrable Securities (other than shares held by the CDR Fund, the Family Stockholders and
EXOR), provided that this Agreement may not be amended in a manner adversely affecting any Stockholder which does not affect all Stockholders adversely
without the consent of such Stockholder. Each holder of any Registrable Securities at the time or thereafter outstanding shall be bound by any consent authorized by this Section 3.2, whether or
not such Registrable Securities shall have been marked to indicate such consent. No amendment, modification or discharge of this Agreement, and no waiver hereunder, shall be valid or binding unless
set forth in writing. Any such waiver shall constitute a waiver only with respect to the specific matter described in such writing and shall in no way impair the rights of the party or parties
granting such waiver in any other respect or at any other time. 

16

 

        3.3    Nominees for Beneficial Owners.    In the event that any Registrable Securities are held by a nominee for the
beneficial owner thereof, the beneficial owner thereof may, at its election and unless notice is otherwise given to the Company by the record owner, be treated as the holder of such Registrable
Securities for purposes of any request or other action by any holder or holders of Registrable Securities pursuant to this Agreement or any determination of any number or percentage of shares of
Registrable Securities held by any holder or holders of Registrable Securities contemplated by this Agreement. If
the beneficial owner of any Registrable Securities so elects, the Company may require assurances reasonably satisfactory to it of such owner's beneficial ownership of such Registrable Securities. 

        3.4    Successors, Assigns and Transferees.    This Agreement shall be binding upon and shall inure to the benefit of
the parties hereto and their respective successors and assigns. In addition, and whether or not any express assignment shall have been made, the provisions of this Agreement which are for the benefit
of the parties hereto other than the Company shall also be for the benefit of and enforceable by any subsequent holder of any Registrable Securities, subject to the provisions respecting the minimum
numbers or percentages of shares of Registrable Securities required in order to be entitled to certain rights, or take certain actions, contained herein. 

        3.5    Notices.    All notices and other communications hereunder shall be in writing and shall be deemed duly given
(a) on the date of delivery if delivered personally, or by telecopy or telefacsimile, upon confirmation of receipt,
(b) on the first Business Day following the date of dispatch if delivered by a recognized next-day courier service, or
(c) on the tenth Business Day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage
prepaid, in each case, to the address of such party set forth beneath its name on Schedule I hereto, or to such other address as such party may have designated to the Company and the other
Stockholders party hereto in writing, or if to any holder of Registrable Securities not a party hereto on the date hereof, at the address of such holder in the stock record books of the Company, and
if to the Company to the following address: 

	 	 	Riverwood Holding, Inc.

3350 Riverwood Parkway

Suite 1400

Atlanta, Georgia 30339

Facsimile: (770) 644-2929
 Attention: General Counsel	 	 

or
at such other address or addresses as the Company may have designated in writing to each holder of Registrable Securities at the time outstanding. 

        3.6    No Inconsistent Agreements.    The Company will not hereafter enter into any agreement with respect to its
securities which is inconsistent with the rights granted to the holders of Registrable Securities by this Agreement. 

        3.7    Remedies; Attorneys' Fees.    Each holder of Registrable Securities, in addition to being entitled to exercise
all rights provided herein or granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Agreement. The Company agrees that monetary damages would
not be adequate compensation for any loss incurred by reason of a breach by it of any provision of this Agreement and hereby agrees to waive the defense in any action for specific performance that a
remedy at law would be adequate. 

17

   
        3.8    Stock Splits, etc.    Each party hereto agrees that it will vote to effect a stock split (forward or reverse,

as the case may be) with respect to any Registrable Securities in connection with any registration of such Registrable Securities hereunder, or otherwise, if the managing underwriter shall advise the
Company in writing (or, in connection with an offering that is not underwritten, if an investment banker shall advise the Company in writing) that in their or its opinion such a stock split would
facilitate or increase the likelihood of success of the offering. Each party hereto agrees that any number of shares of Common Stock referred to in this Agreement shall be equitably adjusted to
reflect any stock split, stock dividend, stock combination, recapitalization or similar transaction. 

        3.9    Term.    This Agreement shall be effective as of the Effective Time, and shall continue in effect thereafter
until the earliest of (a) its termination by the consent of the parties hereto or their respective successors in interest,
(b) the date on which no Registrable Securities remain outstanding, or (c) the
dissolution, liquidation or winding up of the Company. 

        3.10    Severability.    If any provision of this Agreement is invalid, inoperative or unenforceable for any reason,
such circumstance shall not have the effect of rendering the provision in question invalid, inoperative or unenforceable in any other case or circumstance, or of rendering any other provision or
provisions herein contained invalid, inoperative or unenforceable to any extent whatsoever. The invalidity of any one or more phrases, sentences, clauses, Sections or subsections of this Agreement
shall not affect the remaining portions of this Agreement. 

        3.11    Interpretation.    When a reference is made in this Agreement to Sections, Exhibits or Schedules, such
reference shall be to a Section of or Exhibit or Schedule to this Agreement unless otherwise indicated. The table of contents and headings contained in this Agreement are for reference purposes only
and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words "include", "includes" or "including" are used in this Agreement, they shall be deemed to be followed
by the words "without limitation." 

        3.12    Counterparts.    This Agreement may be executed in one or more counterparts, all of which shall be considered
one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties
need not sign the same counterpart. 

        3.13    Governing Law.    This agreement shall be governed by and construed in accordance with the laws of the State
of Delaware, without giving effect to its principles and rules of conflict of laws to the extent such principles or rules would require or permit the application of the law of another jurisdiction. 

        3.14    Time of the Essence; Computation of Time.    Time is of the essence for each and every provision of this
Agreement. Whenever the last day for the exercise of any privilege or the discharge of any duty hereunder shall fall upon a day which is not a business day, the party having such privilege or duty may
exercise such privilege or discharge such duty on the next succeeding day which is a regular business day. 

        3.15    No Third Party Beneficiaries.    This Agreement shall be binding upon and inure solely to the benefit of each
party hereto, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this
Agreement, except as provided in Sections 2.7 and 3.3. 

        3.16    Submission to Jurisdiction; Waivers.    Each of the parties hereto irrevocably agrees that any legal action or
proceeding with respect to this Agreement or for recognition and enforcement of any judgment in respect hereof brought by the other party hereto or its successors or assigns may be brought and
determined in the Chancery or other Courts of the State of Delaware, and each of the parties hereto hereby irrevocably submits with regard to any such action or proceeding for itself and in respect to
its property, generally and unconditionally, to the nonexclusive jurisdiction of the aforesaid 

18

 

courts. Each of the parties hereto hereby irrevocably waives, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any action or proceeding with respect to this
Agreement, (a) any claim that it is not personally subject to the jurisdiction of the above-named courts for any reason other than the failure to
lawfully serve process, (b) that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced
in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and
(c) to the fullest extent permitted by applicable law, that (i) the suit, action or
proceeding in any such court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding is improper and
(iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts. 

        3.17    Waiver of Jury Trial.    Each party hereby waives, to the fullest extent permitted by applicable law, any
right it may have to a trial by jury in respect of any suit, action or proceeding arising out of this Agreement or any transaction contemplated hereby. Each party
(a) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would
not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges that it and the other parties have been induced to
enter into the Agreement by, among other things, the mutual waivers and certifications in this Section 3.17. 

        3.18    Entire Agreement.    This Agreement constitutes the entire agreement and supersedes all prior agreements and
understandings, both written and oral, among the parties with respect to the subject matter hereof. 

[Remainder of page intentionally left blank.]

19

 

        IN
WITNESS WHEREOF, each of the undersigned has executed this Agreement or caused this Agreement to be executed on its behalf as of the date first written above. 

	 	 	RIVERWOOD HOLDING, INC.
	

 	
 	

By:	
 	

/s/ STEPHEN M. HUMPHREY
	 	 	 	 	
 Name: Stephen M. Humphrey

Title: President and Chief Executive Officer
	

 	
 	

CLAYTON, DUBILIER & RICE

FUND V LIMITED PARTNERSHIP
	

 	
 	

By:	
 	

CD&R Associates V

Limited Partnership,

its general partner
	

 	
 	

 	
 	

By:	
 	

CD&R Investment Associates II, Inc.,

its managing general partner
	

 	
 	

 	
 	

 	
 	

By:	
 	

/s/ KEVIN J. CONWAY
	 	 	 	 	 	 	 	 	
 Name: Kevin J. Conway

Title: Vice President and Secretary
	

 	
 	

EXOR GROUP S.A.
	

 	
 	

By:	
 	

/s/ PETER J. ROTHENBERG
	 	 	 	 	
 Name: Peter J. Rothenberg

Title: Attorney-in-Fact

20

 

	

 	
 	

THE 1818 FUND II, L.P.
	 	 	 	 	 	 	 
	 	 	By:	 	Brown Brothers Harriman & Co.

General Partner of the 1818 Fund II, L.P.
	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ LAWRENCE C. TUCKER
	 	 	 	 	 	 	
 Name: Lawrence C. Tucker

Title: Partner
	 	 	 	 	 	 	 
	 	 	HWH INVESTMENT PTE LTD.
	 	 	 	 	 	 	 
	 	 	By:	 	/s/ BRETT K. FISHER
	 	 	 	 	
 Name: Brett K. Fisher

Title: Director
	 	 	 	 	 	 	 
	 	 	J.P. MORGAN PARTNERS (BHCA), L.P.
	 	 	 	 	 	 	 
	 	 	By:	 	JPMP Master Fund Manager, L.P.,

its general partner
	 	 	 	 	 	 	 
	 	 	 	 	By:	 	JPMP Capital Corp.,

its general partner
	 	 	 	 	 	 	 
	 	 	By:	 	/s/ ROBERT R. RUGGIERO, JR.
	 	 	 	 	
 Name: Robert. R. Ruggiero, Jr.

Title: Managing Director
	 	 	 	 	 	 	 
	 	 	FIRST PLAZA GROUP TRUST (J.P. Morgan Chase

Bank, As Trustee, as directed by General Motors

Investment Management Corporation)
	 	 	 	 	 	 	 
	 	 	By:	 	/s/ JOHN A. FERRANTE
	 	 	 	 	
 Name: John A. Ferrante

Title: Assistant Treasurer

21

 

	 	 	MADISON DEARBORN CAPITAL PARTNERS, L.P.
	

 	
 	
By:	

/s/  SAMUEL M. MENCOFF      
 Name: Samuel M. Mencoff

Title: Managing Director
	 	 	 	 
	 	 	WOLFENSOHN-RIVER LLC
	

 	
 	
By:	

/s/  RAYMOND L. GOLDEN       
 Name: Raymond L. Golden

Title: Managing Member

22

 

	 	 	ADOLPH COORS FOUNDATION
	

 	
 	
By:	

/s/  WILLIAM K. COORS      
 William K. Coors

23

 

	 	 	/s/ WILLIAM K. COORS
	 	 	
William K. Coors as Trustee of Adolph Coors, Jr. Trust dated September 12, 1969, Grover C. Coors Trust dated August 7, 1952, Herman F. Coors Trust dated July 5, 1946,
May Kistler Coors Trust dated September 24, 1965, Augusta Coors Collbran Trust dated July 5, 1946, Bertha Coors Munroe Trust dated July 5, 1946, Louise Coors Porter Trust dated July 5, 1946, Joseph Coors Trust dated
December 14, 1988, Janet H. Coors Irrevocable Trust FBO Frances M. Baker dated July 27, 1976, Janet H. Coors Irrevocable Trust FBO Frank E. Ferrin dated July 27, 1976, Janet H. Coors Irrevocable Trust FBO Joseph J. Ferrin dated
July 27, 1976
	

 	
 	

/s/ JOSEPH COORS, JR.
	 	 	
Joseph Coors, Jr. as Trustee of May Kistler Coors Trust dated September 24, 1965, Herman F. Coors Trust dated July 5, 1946, Augusta Coors Collbran Trust dated July 5,
1946, Bertha Coors Munroe Trust dated July 5, 1946, Louise Coors Porter Trust dated July 5, 1946, Joseph Coors Trust dated December 14, 1988, Grover C. Coors Trust dated September 12, 1969

24

 

	

 	
 	

/s/ JEFFREY H. COORS
	 	 	
Jeffrey H. Coors as Trustee of Adolph Coors, Jr. Trust dated September 12, 1969, May Kistler Coors Trust dated September 24, 1965, Grover C. Coors Trust dated August 7,
 1952, Herman F. Coors Trust dated July 5, 1946, Augusta Coors Collbran Trust dated July 5, 1946, Bertha Coors Munroe Trust dated July 5, 1946, Louise Coors Porter Trust dated July 5, 1946, Joseph Coors Trust dated
December 14, 1988, Janet H. Coors Irrevocable Trust FBO Frances M. Baker dated July 27, 1976, Janet H. Coors Irrevocable Trust FBO Frank E. Ferrin dated July 27, 1976, Janet H. Coors Irrevocable Trust FBO Joseph J. Ferrin dated
July 27, 1976
	

 	
 	

/s/ PETER H. COORS
	 	 	
Peter H. Coors as Trustee of Adolph Coors, Jr. Trust dated September 12, 1969, May Kistler Coors Trust dated September 24, 1965, Grover C. Coors Trust dated August 7,
1952, Herman F. Coors Trust dated July 5, 1946, Augusta Coors Collbran Trust dated July 5, 1946, Bertha Coors Munroe Trust dated July 5, 1946, Louise Coors Porter Trust dated July 5, 1946, Joseph Coors Trust dated December 14,
 1988, Janet H. Coors Irrevocable Trust FBO Frances M. Baker dated July 27, 1976, Janet H. Coors Irrevocable Trust FBO Frank E. Ferrin dated July 27, 1976, Janet H. Coors Irrevocable Trust FBO Joseph J. Ferrin dated July 27,
1976
	

 	
 	

/s/ JOHN K. COORS
	 	 	
 John K. Coors as Trustee of May Kistler Coors Trust dated September 24, 1965, Grover C. Coors Trust dated August 7, 1952, Herman F. Coors Trust
dated July 5, 1946, Augusta Coors Collbran Trust dated July 5, 1946, Bertha Coors Munroe Trust dated July 5, 1946, Louise Coors Porter Trust dated July 5, 1946

25

 

	

 	
 	

/s/ DARDEN K. COORS
	 	 	
Darden K. Coors as Trustee of Herman F. Coors Trust dated July 5, 1946
	

 	
 	

/s/ MELISSA E. COORS
	 	 	
Melissa E. Coors as Trustee of Adolph Coors, Jr. Trust dated September 12, 1969
	

 	
 	

/s/ J. BRADFORD COORS
	 	 	
J. Bradford Coors as Trustee of Adolph Coors, Jr. Trust dated September 12, 1969

26

 

	

 	
 	

/s/ JOHN K. COORS
	 	 	
John K. Coors, Individually
	

 	
 	

/s/ JOSEPH COORS, JR.
	 	 	
Joseph Coors, Jr., Individually
	

 	
 	

/s/ WILLIAM K. COORS
	 	 	
William K. Coors, Individually
	

 	
 	

/s/ JEFFREY H. COORS
	 	 	
Jeffrey H. Coors, Individually
	

 	
 	

/s/ PETER H. COORS
	 	 	
Peter H. Coors, Individually
	

 	
 	

/s/ DARDEN K. COORS
	 	 	
Darden K. Coors, Individually

27

  

Schedule I  

 
 

Stockholders    
  

Clayton,
Dubilier & Rice Fund V Limited Partnership

c/o Clayton, Dubilier & Rice, Inc.

375 Park Avenue, 18th Floor

New York, NY 10152

Attn: Kevin Conway

Facsimile: (212) 893-7063 

EXOR
Group S.A.

c/o EXOR America Inc.

375 Park Avenue, Suite 2701

New York, NY 10152

Attn: Michael Bartolotta

Facsimile: (212) 355-5690 

Other Riverwood Stockholders  

The
1818 Fund II, L.P.

c/o Brown Brothers Harriman & Co.

140 Broadway

New York, NY 10005

Attn: Lawrence Tucker

Facsimile: (212) 493-8429 

HWH
Investment Pte Ltd.

c/o GIC Special Investments Pte Ltd

255 Shoreline Drive, Suite 600

Redwood City, CA 94065

Attn: Brett K. Fisher

Facsimile: (650) 802-1213 

J.P.
Morgan Partners (BHCA), L.P.

1221 Avenue of the Americas, 39th Floor

New York, NY 10020-1080

Attn: Christopher C. Behrens

Facsimile: (212) 899-3855 

First
Plaza Group Trust

c/o General Motors Investment Management Corporation

General Motors Building

767 Fifth Avenue, 16th Fl.

New York, NY 10153

Attn: Marcia Haydel

Facsimile: (212) 418-3644 

Madison
Dearborn Capital Partners, L.P.

c/o Madison Dearborn Partners, Inc.

70 West Madison Street, Suite 3800

Chicago, IL 60602

Attn: Samuel M. Mencoff

Facsimile: (312) 895-1056 

Sch. I - Page 1

 

Wolfensohn-River
LLC

c/o Raymond L. Golden

300 Seminole Avenue

Palm Beach, FL 33480 

With
a copy to: 

Raymond
L. Golden

1120 5th Avenue

New York, NY 10128 

Family Stockholders  

Adolph Coors Foundation  

Adolph Coors, Jr. Trust dated September 12, 1969 by its acting Trustees: William K. Coors, Jeffrey H. Coors, Peter H.
Coors, J. Bradford Coors, and Melissa E. Coors 

Augusta Coors Collbran Trust dated July 5, 1946 by its acting Trustees: William K. Coors, Joseph Coors, Jr., Jeffrey H. Coors, Peter H. Coors,
and John K. Coors 

Bertha Coors Munroe Trust dated July 5, 1946 by its acting Trustees: William K. Coors, Joseph Coors, Jr., Jeffrey H. Coors, Peter H. Coors, and
John K. Coors 

Grover C. Coors Trust dated August 7, 1952 by its acting Trustees: William K. Coors, Joseph Coors, Jr., Jeffrey H. Coors, Peter H. Coors, and
John K. Coors 

Herman F. Coors Trust dated July 5, 1946 by its acting Trustees: William K. Coors, Joseph Coors, Jr., Jeffrey H. Coors, Peter H. Coors, John K.
Coors, and Darden K. Coors 

Janet H. Coors Irrevocable Trust FBO Frances M. Baker dated July 27, 1976, by its acting Trustees: William K. Coors, Jeffrey H. Coors, and Peter
H. Coors 

Janet H. Coors Irrevocable Trust FBO Frank E. Ferrin dated July 27, 1976, by its acting Trustees: William K. Coors, Jeffrey H. Coors, and Peter
H. Coors 

Janet H. Coors Irrevocable Trust FBO Joseph J. Ferrin dated July 27, 1976, by its acting Trustees: William K. Coors, Jeffrey H. Coors, and Peter
H. Coors 

Joseph Coors Trust dated December 14, 1988, by its acting Trustees: William K. Coors, Joseph Coors, Jr., Jeffrey H. Coors. and Peter H. Coors 

Louise Coors Porter Trust dated July 5, 1946 by its acting Trustees: William K. Coors, Joseph Coors, Jr., Jeffrey H. Coors, Peter H. Coors, and
John K. Coors 

May Kistler Coors Trust dated September 24, 1965 by its acting Trustees: William K. Coors, Joseph Coors, Jr., Jeffrey H. Coors, Peter H. Coors,
and John K. Coors 

Darden K. Coors

Jeffrey H. Coors

John K. Coors

Joseph Coors, Jr.

Peter H. Coors

William K. Coors

Sch. I - Page 2

 

In
case of each Family Stockholder, notices shall be given as follows: 

Coors
Family Trust

Mail Stop VR 900

P.O. Box 4030

Golden, CO 80401

Telecopy: (303) 277-6887

Attn: Jeffrey H. Coors 

With
a copy to: 

Davis
Graham & Stubbs LLP

1550 Seventeenth Street Suite 500

Denver, CO

Attn: Jennings J. Newcom

Telecopy: (303) 892-7400 

Sch. I - Page 3

QuickLinks

TABLE OF CONTENTS (Not Part of Agreement)

Stockholders

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