Document:

Separation Agreement and Complete Release

 EXHIBIT 10.16 
  
 SEPARATION AGREEMENT AND COMPLETE RELEASE 
  
 This Separation Agreement (“Agreement”) is executed effective as of October 20, 2003 between Dickie Walker Marine,
Inc. a Delaware corporation (“Dickie Walker” or “DW”), and Julia B. Knudsen (“Employee”). Employee enters into this Agreement on behalf of herself and her heirs, successors, assigns, executors and representatives of any
kind, if any. 
  
         WHEREAS:

  
 DW employs employee in the role of President and Chief
Operating Officer. Employee has agreed to resign from her position and Employee’s last day of employment in this role with DW is November 14, 2003. 
  
 Employee understands that her position as President and Chief Operating Officer is being eliminated for the foreseeable future and that other members of
existing DW management will assume her job duties. 
  
 Employee
has been offered a change in position to Vice President. Employee has rejected the offer to be reassigned to the Vice President position 
  
 DW is willing to provide Employee with certain severance benefits to assist her in her transition in exchange for the release of any claims that Employee
has or may have against DW concerning her employment with DW and the termination of her employment with DW. 
  
 Employee has elected to accept these additional severance benefits in return for her performing certain ongoing consulting duties for DW and signing a
full release of any claims she might have against DW concerning her employment and the termination of that employment. 
  
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, DW and Employee agree as follows:

  
 1. Employee’s last day of employment with DW shall be
November 14, 2003. For the months of October 2003 and November 2003, DW shall pay to Employee her salary, car allowance and provide other benefits currently afforded to her for such months in the ordinary course. In addition, DW will (a) pay
Employee severance benefits equal to her current gross salary, less all required deductions, through April 30, 2004. Severance will be paid concurrent with Dickie Walker’s regular payroll schedules for its employees, with the last payment being
made to Employee on April 30, 2004; and (b) DW will cover Employee’s medical and dental insurance as if she remained an employee of DW through December 31, 2003, at which time Employee may elect continuation coverage under COBRA or applicable
state law, at her expense, if she chooses to do so. The monthly payments of gross salary equivalent through April 30, 2004, and the health insurance coverage through December 31, 2003 are referred to 
  

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 collectively as the “Severance Payment.” All other benefits and incidences of employment with Dickie Walker
will cease effective November 30, 2003. If both parties agree to extend Employee’s last day of employment on or before November 14, 2003, all periods described above will be adjusted for the same amount of time as such extension. In accordance
with the terms of Dickie Walker’s Equity Incentive Plan, Employee’s options to purchase 50,000 shares of the common stock of Dickie Walker will terminate and no longer be exercisable as of December 1, 2003. 
  
 2. During the period from the effective date through November 14, 2003 (the
“Transition Period”), Employee’s duties shall be to train Dickie Walker staff in the following areas: (a) information systems; (b) inventory control; (c) reports; (d) fulfillment; (e) letters of credit; and (f) all other operational
issues or areas to ensure a smooth transition of her duties to existing Dickie Walker staff. During the Transition Period, Employee shall provide a list of tasks to be completed in order to implement the on-line store section of the DW Website.
During the Transition Period, Employee will be entitled to take off time as is necessary to interview for other positions or for other personal needs, but not to exceed 12 hours per week. From November 15, 2003 through January 15, 2004 (the
“Consulting Period”), Employee will provide and make herself available to Dickie Walker for consulting in the above-described areas and in other areas reasonably necessary to ensure the efficient transition of her duties to other Dickie
Walker staff. During the Consulting Period, Employee agrees to make herself available for consultation up to 5 hours per week. Consultation during the Consulting Period shall be at no additional cost or expense to Dickie Walker. During the
Consulting Period, should DW request that Employee perform work in excess of 5 hours per week, Employee may at her sole discretion accept or reject such request. If Employee accepts such request, Employee will charge her time at $100.00 per hour and
will provide cost estimates for each project to be approved by Gerald W. Montiel prior to commencing the project. At the end of the Consulting Period, Employee agrees that she will make herself reasonably available as an independent
contractor/consultant for up to 12 hours per month at the rate of $100.00 per hour for a period of one year, through and including January 15, 2005. It is contemplated but not required that the parties will execute a consulting agreement further
delineating the details of that independent contractor relationship at some time during the Consulting Period, but such an agreement is not a condition precedent to Employee’s obligation to perform. Employee acknowledges and agrees that the
consideration provided to her pursuant to this agreement compensates for all earned and accrued vacation time through November 30, 2003. 
  
 3. Employee will resign from the Board of Directors of Dickie Walker effective October 31, 2003. 
  
 4. The parties will work together in good faith to develop a mutually agreed
upon statement announcing Employee’s departure from DW. If such an agreement cannot be reached, DW reserves the right to issue a statement containing content of its own choosing. 
  

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 5. In consideration for the promises contained in paragraph 1, and other good and valuable consideration
provided for in this Agreement, Employee hereby releases and forever discharges DW, its past and present Employees, directors, officers, agents, insurers, attorneys, executors, assigns and other representatives of any kind (collectively,
“Released Parties”) from any and all claims, demands, rights, liabilities and causes of action of any kind or nature, known or unknown, arising prior to or through the date Employee executes this Agreement, including, but not limited to,
any claims, demands, rights, liabilities and causes of action arising or having arisen out of or in connection with Employee’s employment or termination of employment with DW. Employee also releases and waives any claim or right to further
compensation, benefits, damages, penalties, attorneys’ fees, costs or expenses of any kind from DW or any of the other Released Parties. Employee further agrees not to file, pursue or participate in any claims, charges, actions or proceedings
of any kind in any forum against any of the Released Parties with respect to any matter arising out of or in connection with her employment with DW or termination of such employment (other than pursuing a claim for Unemployment Compensation benefits
to which she might be entitled). This release specifically includes, but is not limited to, a release of any and all claims pursuant to state or federal wage payment laws; Title VII of the Civil Rights Act of 1964; the Rehabilitation Act of 1973;
the Reconstruction Era Civil Rights Acts, 42 U.S.C. “1981-1988; the Civil Rights Act of 1991; the Americans with Disabilities Act; Executive Order 11246; state or federal family and/or medical leave acts; the Consolidated Omnibus Budget
Reconciliation Act of 1985; the Employee Retirement Income Security Act of 1974; the California Fair Employment and Housing Act; California laws pertaining to the provision of insurance to employees; and any and all other federal, state or local
laws or regulations of any kind, whether statutory or decisional. This release also includes, but is not limited to, a release of any claims for wrongful termination, tort, breach of contract, defamation, misrepresentation, violation of public
policy or invasion of privacy. This release covers claims that Employee knows about as well as those she may not know about, and both liquidated and unliquidated claims. Execution of this Agreement does not affect the Employee’s ability to
participate in an investigation or proceeding conducted by the Equal Employment Opportunity Commission, however, Employee covenants and agrees not to initiate such a proceeding or to file suit alleging claims of any kind that are within the
investigative or prosecutorial authority of the Equal Employment Opportunity Commission or any similar state agency. 
  
 6. Employee hereby acknowledges that there is sufficient consideration for the releases provided for herein. 
  
 7. Employee acknowledges that she is entering into this Agreement knowingly
and voluntarily and that she has had an opportunity to consider the terms of it carefully. Employee further acknowledges that she fully understands and agrees to its terms and is signing this Agreement voluntarily and of her own free will. Employee
acknowledges that she has been further advised that she may consult with an attorney or other adviser of her choosing prior to making the decision to execute this Agreement. 
  

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 8. Employee acknowledges that information obtained by her while employed by DW concerning the business or
affairs of DW and its clients (“Confidential Information”) is the property of DW. Employee shall not, without the prior written consent of DW, either disclose to any person or use for her own account or for the account of any subsequent
employer any Confidential Information. At the request of DW at any time, Employee shall deliver to DW all documents containing Confidential Information or relating to the business or affairs of DW that Employee may then possess or have under her
control. Employee agrees to indemnify and hold harmless DW for any breach of this paragraph 8. 
  
 9. The parties agree not to make disparaging remarks about the other in the future. Upon inquiry by prospective employers of Employee, DW shall confirm employee’s title and dates of employment, but will not
provide any further information regarding Employee. Employee agrees that if she applies for employment with another employer, that she will direct any inquiries regarding her employment with DW to Gerald W. Montiel. 
  
 10. This Agreement constitutes and contains the entire agreement and
understanding between the parties concerning the subject matter of this Agreement and supersedes all prior negotiations, agreements or understandings between the parties. If any portion of this Agreement is found to be unenforceable, the parties
desire that all other portions that can be separated from it, or appropriately limited in scope, shall remain fully valid and enforceable. Employee understands this Agreement contains a final release and that she can make no further claim of any
kind against DW or any of the other Released Parties arising out of actions occurring through the date she executes this Agreement. 
  
 11. This Agreement may be executed in one or more counterparts (including by facsimile), each of which shall constitute an original but when taken
together shall constitute but one instrument. 
  
 12. This
Agreement shall be governed by and construed in accordance with the laws of the State of California, without regard to principles of conflicts of laws. 
  
 13. No amendment, waiver, change or modification of any of the terms, provisions or conditions of this Agreement, including this provision, shall be
effective unless made in writing and executed by each of the parties hereto. Waiver of any provision of this Agreement shall not be deemed a waiver of future compliance therewith and such provision shall remain in full force and effect. 

 
 14. In the event any claim, default or violation is asserted by a party to
this Agreement regarding any of the terms or conditions or this Agreement, the party may enforce this instrument by appropriate action, including without limitation specific performance, and should any of the parties prevail in such litigation that
prevailing party shall recover all costs, expenses, and reasonable attorneys’ fees incurred in such litigation. 
  

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 15. This Agreement sets forth the entire understanding of the parties and supersedes any and all prior
written or oral agreements, arrangements or understandings related to the subject matter described herein, and no written or oral representation, promise, inducement or statement of intention has been made by either party which is not embodied
herein. 
  
 IN WITNESS WHEREOF, DW and Employee have executed and
delivered this Agreement as of the date first written above. 
  

	 /s/    JULIA B. KNUDSEN

	            Julia B. Knudsen
	
	DICKIE WALKER MARINE, INC.
		
	 By:
	 	 /s/    GERALD W.
MONTIEL        

	 	 	Gerald W. Montiel,
	 	 	Chief Executive Officer,
	 	 	Chairman of the Board

  
  
  
  

 5Amended and Restated Employment Agreement 02/07/03 - Jean-Pierre M. Ergas.

 EXHIBIT 10.25 
  
 AMENDED AND RESTATED 
 EMPLOYMENT AGREEMENT 
  
 THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT is made as of February 7, 2003, between BWAY Corporation, a Delaware corporation (the “Company”), and Jean-Pierre M. Ergas (“Executive”). The Company and
Executive are referred to collectively herein as the “Parties” and individually as a “Party”. 
  
 W I T N E S S E T H: 
  
 WHEREAS, Executive currently serves as the Chairman of the Board of Directors of the Company (the “Board”)
and as its Chief Executive Officer pursuant to the Employment Agreement, dated as of January 1, 2000, by and between the Company and Executive, as amended by Amendment No. 1 thereto, dated as of January 1, 2002 (the “Employment
Agreement”); 
  
 WHEREAS, the Company, BCO Holding
Company (“Holding”) and BCO Acquisition, Inc., a wholly owned subsidiary of Holding (“Acquisition Sub”), have entered into an Agreement and Plan of Merger, dated as of September 30, 2002, which provides for, among
other things, the merger of Acquisition Sub with and into the Company, with the Company as the surviving corporation (the “Merger Agreement”); and 
  
 WHEREAS, in connection therewith, the Company desires that Executive continue to serve as Chairman of the Board and Chief
Executive Officer following the Closing Date (as defined in the Merger Agreement), and Executive desires to continue to provide such services to the Company, in each case, on the amended and restated terms and conditions set forth herein.

  
 NOW, THEREFORE, in consideration of the mutual covenants
contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows: 
  

1. Employment. The Company shall employ Executive, and Executive accepts employment with the Company, upon the terms and conditions set forth in
this Agreement for the period beginning on the Closing Date (the “Employment Date”) and ending as provided in Section 4 (the “Employment Period”). 
  
 2. Position and Duties. During the Employment Period, Executive shall be Chief Executive Officer of the Company or,
with the Company’s consent, the Executive Chairman of the Company and, in each case, shall render such administrative and other executive services to the Company and its Subsidiaries as the Board may from time to time direct. Executive shall
report directly to the Board and not to any other officer of the Company. During the Employment Period, the Company shall nominate, and use 

 
best efforts to re-elect, Executive to serve as a member of the Board and as Chairman of the Board. While Executive serves as the Company’s Chief
Executive Officer, Executive shall devote his best efforts and his full business time and attention (except for permitted vacation periods and reasonable periods of illness or other incapacity and except for non-executive directorships currently
held by Executive as reflected in the Company’s Fiscal Year 2002 Proxy Statement or approved by the Board) to the business and affairs of the Company and its Subsidiaries. While Executive serves as the Company’s Executive Chairman,
Executive shall devote his best efforts, and such business time and attention to the business and affairs of the Company and its Subsidiaries as the Board may from time to time direct. During the Employment Period, Executive shall perform his duties
and responsibilities to the best of his abilities in a diligent, trustworthy, businesslike and efficient manner. Executive’s principal place of employment shall be at the Company’s or its Subsidiaries’ offices in Chicago, Illinois.
For purposes of this Agreement, “Subsidiaries” shall mean any corporation of which the securities having a majority of the voting power in electing directors are, at the time of determination, owned by the Company, directly or
through one of more Subsidiaries. 
  
 3. Base Salary, Bonus and
Benefits. 
  
 (a) During the Employment Period,
Executive’s base salary shall be $550,000 per annum or such higher rate as the Board designates from time to time (the “Base Salary”). The Base Salary shall be payable in regular installments in accordance with the
Company’s general payroll practices. The Board shall review Executive’s performance in February 2004 and at the end of each twelve-month period thereafter during the Employment Period. Based on such review, the Board may, in its sole
discretion, increase or decrease the Base Salary (but not below $550,000). Following the end of each fiscal year during the Employment Period, the Board may award the Executive a bonus under the Company’s Officer Incentive Plan for such year
based on the Company’s performance, the amount of which will be determined by the Board in its sole judgment; provided that, Executive’s “target” under the Company’s Officer Incentive Plan shall be seventy percent (70%) of
Base Salary. For the Company’s 2003 Fiscal Year, Executive’s target bonus under the Company’s Officer Incentive Plan shall be payable in accordance with the following table: 
  

	 EBITDA ACHIEVED

	  	 BONUS PAYABLE

	 $59,000,000
	  	1.0 x Target Bonus
	 $61,333,000
	  	1.5 x Target Bonus
	 $63,666,000
	  	2.0 x Target Bonus
	 $66,000,000
	  	2.5 x Target Bonus

  
 For each subsequent Fiscal Year during
the Employment Period, the Compensation Committee of the Board (the “Committee”) shall determine the Company’s EBITDA objectives (in consultation with Executive) which, if achieved, will trigger an annual bonus payment to
Executive under the Company’s Officer Incentive Plan. 

 (b) In addition to the Base Salary and any bonuses payable to Executive pursuant to Section 3(a), during
the Employment Period, Executive shall be entitled to (i) receive 40% of the options available for grant under the BCO Holding Company Stock Incentive Plan (the “Plan”) (calculated as of the Employment Date), which shall be
granted as of the Employment Date pursuant to the Plan and the form of Non-Qualified Stock Option Agreement approved by the Board of Directors of BCO Holding Company on or prior to the Employment Date, (ii) participate in all of the
Company’s other employee benefit programs for which senior executive employees of the Company are generally eligible, and (iii) four (4) weeks of paid vacation each year. 
  
 (c) The Company shall reimburse Executive for all reasonable expenses incurred by him in the course of performing his duties
under this Agreement which are consistent with the Company’s policies in effect from time to time with respect to travel, entertainment and other business expenses, subject to the Company’s requirements with respect to reporting and
documentation of such expenses. In addition, the Company shall reimburse Executive for Executive’s wife purchasing and utilizing five (5) round trip business class tickets to France for each year during the Employment Period. 
  
 4. Term. 
  
 (a) The Employment Period shall end on December 31, 2007; provided that (i) the Employment Period shall terminate
prior to such date upon Executive’s resignation for Good Reason (as defined below) or without Good Reason, death, permanent disability or incapacity (as determined by the Board in its good faith judgment) and (ii) the Employment Period
may be terminated by the Company at any time before or after such date for Cause (as defined below) or without Cause. Upon the expiration of the Employment Period, Executive shall become Non-Executive Chairman of the Company on such terms and
conditions as the Parties may agree on or before such time; provided that, during the time Executive is Non-Executive Chairman, Executive shall continue to participate and vest in, and be deemed to be an employee for purposes of, all of the
Company’s employee benefit programs in which Executive participate at the time the Employment Agreement expires. The expiration of the Employment Period shall not constitute a termination by the Company without Cause or permit Executive to
resign for Good Reason. 
  
 (b) If the Employment Period is
terminated by the Company without Cause or by Executive for Good Reason, in each case, prior to the expiration of the Employment Period, subject to the limitations set forth below, the Company shall (i) pay Executive his Base Salary in
accordance with the Company’s normal payroll practices until the second anniversary of the date of such termination, (ii) pay Executive, to the extent not otherwise paid, his “target” bonuses in respect of Fiscal Year 2003 and
the fiscal year in which his employment is terminated (or if his target bonuses have not yet been set for either of such fiscal years, an amount equal to 70% of his Base Salary at the date of termination in lieu 

 
of the “target” bonus for either such fiscal years), to be paid within ninety (90) days after the date of termination, (iii) reimburse
Executive’s COBRA premium under the Company’s group health plan and dental plan (if any) on a monthly basis for the lesser of (A) the period in which Executive is eligible to receive such continuation coverage, or (B)
eighteen (18) months (the “COBRA Period”), and (iv) upon expiration of the COBRA Period, procure individual medical and dental insurance policies for Executive on substantially similar terms as the coverage provided by the
Company on the date of termination until the later of the second anniversary of the date of termination (such benefits as set forth in the preceding sub-clauses (i) - (iv) to be referred to as the “Separation Benefits”). In any
event, the aggregate payments to Executive as a result of the termination of the Employment Period by the Company without Cause or by Executive for Good Reason shall not be less than the sum of his annual Base Salary, his “target” bonus
for the fiscal year in question at the date of termination, and one year’s coverage under a medical and dental insurance policy. The amounts payable pursuant to this Section 4(b) shall be reduced by the amount of any compensation Executive
receives with respect to any other employment during the period in which the Company is making such payments to Executive or, in the event the Employment Period is terminated as a result of Executive’s permanent disability or incapacity, by the
amount Executive receives with respect to any Company disability policy. Upon request from time to time, Executive shall furnish the Company with a true and complete certificate specifying any such compensation due to or received by him. Executive
has no obligation to seek employment during the period that he is receiving compensation pursuant to this Section 4(b). 
  
 The Separation Benefits shall constitute full satisfaction of the Company’s obligations under this Agreement; provided that, the Company’s
obligation to provide the Separation Benefits to Executive shall be conditioned upon (i) Executive’s execution of a Separation and Release Agreement in a form acceptable to the Company whereby Executive releases the Company from any and
all liability and claims of any kind, and (ii) Executive’s compliance in all material respects with the provisions of Sections 5, 6, and 7 hereof. The Company’s obligation to provide the Separation Benefits to Executive shall
terminate immediately upon any breach by Executive of any post-termination obligations to which he is subject. 
  
 (c) Except as provided in Sections 11 and 12 below (to the extent applicable), if (i) the Employment Period is terminated by the Company for Cause,
(ii) the Employment Period is terminated as a result of Executive’s death, (iii) the Employment Period expires, or (iv) Executive resigns and such resignation does not constitute a resignation for Good Reason (a
“Voluntary Resignation”), then Executive (or, in the case of Executive’s death, Executive’s estate) shall be entitled to receive his Base Salary through the date of termination. In addition, in the event the Employment
Period is terminated as a result of Executive’s death or retirement upon or after reaching age 65, or the Employment Period expires, Executive shall be entitled to receive a pro rata bonus for 

 
the year which includes the date of Executive’s termination, based on the Company’s performance through such date as determined by the Committee in
its sole discretion, which shall be paid within 90 days after the date of Executive’s termination. 
  
 (d) Except as provided in Sections 4(b), 11 (to the extent due and payable by the Company pursuant to the terms hereof) and 12 (to the extent due and
payable by the Company pursuant to the terms hereof), all of Executive’s rights to fringe benefits and bonuses hereunder (if any) accruing after the termination of the Employment Period shall cease upon such termination, except for benefits
required by United States law. 
  
 (e) “Good
Reason” shall mean, without Executive’s prior written consent (i) Executive is no longer Chief Executive Officer or Executive Chairman, or is asked to report other than directly to the Board, (ii) a significant reduction
by the Company of Executive’s Base Salary, other than any such reduction which is part of a general salary reduction or other concessionary arrangement affecting all employees or affecting the group of employees of which Executive is a member
proportionately (after receipt by the Company or such Subsidiary of written notice and the expiration of a 30-day cure period), (iii) the assignment to Executive of duties and responsibilities which are significantly different from, and that
result in a substantial diminution of, the duties and responsibilities that he has on the Employment Date (other than in connection with Executive becoming Executive Chairman of the Company), (iv) the taking of any action by the Company that
would substantially diminish the aggregate value of the benefits provided Executive under the Company’s accident, disability, life insurance and any other employee benefit plans in which Executive was participating on the date of execution of
this Agreement, other than any such reduction which is (A) required by law, (B) implemented in connection with a general concessionary arrangement affecting all employees or affecting the group of employees of which Executive is a
member proportionately or (C) generally applicable to all beneficiaries of such plans (after receipt by the Company or such Subsidiary of written notice and a 30-day cure period), (v) Executive resigns as a result of any other material
breach of this Agreement by the Company which is not cured by the Company within 30 days after Executive delivers written notice of such breach to the Board, (vi) the Company terminates the Employment Period as a result of the permanent
disability or incapacity of Executive pursuant to Section 4(a)(i) above, (vii) the shareholders of the Company fail to elect (or remove) Executive as a member of the Board during the Employment Period or the Board fails to elect (or removes)
Executive as Chairman of the Board during the Employment Period, (viii) the Company requiring Executive to be based anywhere other than within 25 of the city limits of Chicago, Illinois, except for travel reasonably required by the Company.
For the avoidance of doubt, Executive shall not have Good Reason to terminate Executive’s employment if Executive resigns as Chief Executive Officer with the Company’s consent to become Executive Chairman of the Company, and such
resignation shall not constitute a termination for Good Reason for purposes of the Change 

 
of Control Agreement, dated as of August 30, 2001, between the Company and Executive, as amended by Amendment No. 1 thereto, dated as of January 1, 2002.

  
 (f) “Cause” shall mean (i) a material
breach of this Agreement by Executive, (ii) the conviction of the Executive by a court of competent jurisdiction of a felony or a crime involving moral turpitude, (iii) conduct which, if known to the general public, would likely bring
the Company or any of its Subsidiaries into substantial public disgrace or disrepute, (iv) substantial and repeated failure to perform duties as reasonably directed by the Board or (v) gross negligence or willful misconduct with
respect to the Company or any of its Subsidiaries. 
  
 5.
Confidential Information. Executive acknowledges that the information, observations and data obtained by him while employed by the Company concerning the business or affairs of the Company or any Subsidiary (“Confidential
Information”) are the property of the Company or such Subsidiary. Therefore, Executive agrees that he shall not disclose to any unauthorized person or use for his own account any Confidential Information without the prior written consent of
the Board, unless and to the extent that the aforementioned matters become generally known to and available for use by the public other than as a result of Executive’s acts or omissions to act. Nothing herein shall prevent Executive from making
(i) any disclosure that is required by applicable law or the order of a court of competent jurisdiction, or (ii) any disclosure, in good faith, to properly fulfill Executive’s duties under this Agreement (including, but not
limited to, in connection with treasury and investor relations functions). Executive shall deliver to the Company at the termination of the Employment Period, or at any other time the Company may request, all memoranda, notes, plans, records,
reports, computer tapes and software and other documents and data (and copies thereof) relating to the Confidential Information, Work Product or the business of the Company or any Subsidiary which he may then possess or have under his control.

  
 6. Inventions and Patents. Executive agrees that all
inventions, innovations, improvements, developments, methods, designs, analyses, drawings, reports, and all similar or related information which relates to the Company’s or any of its Subsidiaries’ actual or anticipated business, research
and development or existing or future products or services and which are conceived, developed or made by Executive while employed by the Company (“Work Product”) belong to the Company or such Subsidiary. Executive shall promptly
disclose such Work Product to the Board and perform all actions reasonably requested by the Board (whether during or after the Employment Period) to establish and confirm such ownership (including, without limitation, assignments, consents, powers
of attorney and other instruments). 

 7. Non-Compete, Non-Solicitation. 
  
 (a) Executive acknowledges that in the course of his employment with the Company he has and will become familiar with the
Company’s and it’s Subsidiaries’ trade secrets and with other Confidential Information concerning the Company and the Subsidiaries and that his services will be of special, unique and extraordinary value to the Company and the
Subsidiaries. Therefore, Executive agrees that, during the Employment Period and during the period that Executive is receiving compensation pursuant to Section 4(b) (but in no event for a period of less than eighteen months after the termination of
the Employment Period, whether or not Executive is receiving compensation pursuant to Section 4(b)) (the “Noncompete Period”), he shall not directly or indirectly own, manage, control, participate in, consult with, render services
for, or in any manner engage in any business competing with the businesses of the Company or its Subsidiaries as such businesses exist or are in process on the date of the termination of Executive’s employment, within any geographical area in
which the Company or its Subsidiaries engage or plan to engage in such businesses. Nothing herein shall prohibit Executive from being a passive owner of not more than 2% of the outstanding stock of any class of a corporation which is publicly
traded, so long as Executive has no active participation in the business of such corporation. 
  
 (b) During the Noncompete Period, Executive shall not directly or indirectly (i) induce or attempt to induce any management or professional level employee of the Company or any Subsidiary to leave the employ of
the Company or such Subsidiary, or in any way interfere with the relationship between the Company or any Subsidiary and any such employee thereof, (ii) hire any person who was such an employee of the Company or any Subsidiary at any time
during the Employment Period, or (iii) induce or attempt to induce any customer, supplier, licensee or other business relation of the Company or any Subsidiary to cease doing business with the Company or such Subsidiary, or in any way
interfere with the relationship between any such customer, supplier, licensee or business relation and the Company or any Subsidiary. 
  
 8. Enforcement. If, at the time of enforcement of Section 5, 6 or 7, a court holds that the restrictions stated herein are unreasonable under
circumstances then existing, the Parties agree that the maximum period, scope or geographical area reasonable under such circumstances shall be substituted for the stated period, scope or area. Because Executive’s services are unique and
because Executive has access to Confidential Information and Work Product, the Parties agree that money damages would be an inadequate remedy for any breach of this Agreement. Therefore, in the event of a breach or threatened breach of this
Agreement, the Company or its successors or assigns may, in addition to other rights and remedies existing in their favor, apply to any court of competent jurisdiction for specific performance and/or injunctive or other relief in order to enforce,
or prevent any violations of, the provisions hereof (without posting a bond or other security). 

 9. Executive Representations. Executive hereby represents and warrants to the Company that
(i) the execution, delivery and performance of this Agreement by Executive does not and will not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which Executive is a
party or by which he is bound, (ii) Executive is not a party to or bound by any employment agreement, noncompete agreement or confidentiality agreement with any other person or entity and (iii) upon the execution and delivery of this
Agreement by the Company, this Agreement shall be the valid and binding obligation of Executive, enforceable in accordance with its terms. 
  
 10. Indemnification of Executive. The Company shall indemnify and hold harmless Executive from all losses and claims incurred in connection with
any actions taken by Executive in his capacity as an officer or director of the Company or any of its Subsidiaries in accordance with, and to the fullest extent permitted under, Delaware General Corporation Law as in effect from time to time.

  
 11. Supplemental Retirement Benefit. 

 
 (a) Eligibility. If the Executive’s employment with the
Company terminates for any reason other than for Cause (the effective date of such termination hereinafter referred to as the Executive’s “Retirement Date”) and Executive fully complies with Sections 7(a) and 7(b) hereof, the
Executive shall be entitled to receive a monthly supplemental retirement benefit for services rendered to the Company, the amount of which shall be determined in accordance with this Section 11. 
  
 (b) Amount. The amount of the monthly supplemental retirement benefit
payable to the Executive shall be equal to 1/12th of Executive’s Base Salary, multiplied by a percentage multiplier determined as follows based on the age of the Executive on the Retirement Date: 
  

	 Age of Executive on Retirement Date:

	 	 Monthly Supplemental Retirement
Benefit Amount Percentage Multiplier:

		
	 67 and thereafter
	 	35%
		
	 66
	 	30%
		
	 65
	 	25%
		
	 64
	 	20%
		
	 63
	 	15%

	 Age of Executive on Retirement Date:

	 	 Monthly Supplemental Retirement
Benefit Amount Percentage Multiplier:

		
	 62
	 	10%

  
 (c) Commencement
and Duration. Payment of the Executive’s monthly supplemental retirement benefit shall commence as of the first day of the calendar month that begins coincident with or immediately after later of (i) the date on which the Executive attains
the age of 67, and (ii) the Retirement Date. Monthly payments shall continue to be made to the Executive as of the first day of each subsequent month, with the last payment to be made for the month during which the Executive’s death occurs.

  
 (d) Acceleration. Notwithstanding anything to the
contrary in this paragraph 11, in the event that the Employment Period is terminated by the Company without Cause, by Executive for Good Reason, because of the Executive’s permanent disability or incapacity, or by the Executive’s
resignation after a Change in Control (as defined in the Plan) occurring after the Employment Date, Executive shall be entitled to the maximum monthly retirement payment (as if he were 67 or older on such Retirement Date) provided for in paragraph
11(b) above commencing with the month that begins immediately after the month in which Executive’s right to payments pursuant to paragraph 4(b) hereof terminates. 
  
 12. Surviving Spouse Benefit. 
  
 (a) Eligibility. In the event the Executive’s current spouse survives the Executive (the “Surviving
Spouse”), she shall be entitled to receive a monthly death benefit as described in this Section 12. 
  
 (b) Amount. The amount of the monthly death benefit payable to the Surviving Spouse shall be equal to fifty percent (50%) of the monthly retirement
payment that the Executive was receiving (if any) at the time of his death under Section 11 or was entitled to receive upon his death under Section 11. 
  
 (c) Commencement and Duration. Payment of the Surviving Spouse’s monthly death benefit shall commence as of the first day of the calendar
month that begins immediately after Executive’s date of death. Monthly payments shall continue to be made to the Surviving Spouse as of the first day of each subsequent month, with the last payment to be made for the month during which the
Surviving Spouse’s death occurs. 
  
 13. General
Provisions. 
  
 (a) Notices. All notices, requests,
demands, claims, and other communications hereunder shall be in writing. Any notice, request, demand, claim or 

 
other communication hereunder shall be deemed duly given when delivered personally to the recipient, telecopied to the intended recipient at the telecopy
number set forth therefor below, or sent to the recipient by reputable express courier service (charges prepaid) and addressed to the intended recipient as set forth below: 
  
 If to the Company: 
  
 BWAY Corporation 
 8607 Roberts Drive, Suite
250 
 Atlanta, Georgia 30350 
 Telephone: 770/645-4829 
 Attention: Chief Financial Officer 
  
 If to Executive: 
  
 Mr. Jean-Pierre Ergas 
 875 N. Michigan
Avenue, Suite 1418 
 Chicago, IL 60611 
 Telephone: 312/649-9460 
  
 with copies to: 

 
 BCO Holding Company 
 c/o Kelso & Company, L.P. 
 320 Park
Avenue 
 New York, New York 10022 
 Telephone: 212/751-3939 
 Attention: James J. Connors, II, Esq. 
  
 Any Party may send any notice, request, demand, claim or other communication hereunder to the intended recipient at the address set forth
above using any other means, but no such notice, request, demand, claim or other communication shall be deemed to have been duly given unless and until it actually is received by the intended recipient. Any Party may change the address to which
notices, requests, demands, claims, and other communications hereunder are to be delivered by giving the other Party notice in the manner herein set forth. 
  
 (b) Legal and Accounting Fees. The Company shall pay or reimburse Executive for all of Executive’s reasonable and actual legal and accounting
fees and disbursements in connection with the negotiation and preparation of this Agreement. 
  
 (c) Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be
invalid, illegal or unenforceable in any respect 

 
under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other
jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 
  
 (d) Entire Agreement. This Agreement (including the documents referred to herein) constitutes the entire agreement
between the Parties and supersedes any prior understandings, agreements or representations by or between the Parties, written or oral, that may have related in any way to the subject matter hereof. 
  
 (e) Counterparts. This Agreement may be executed in separate
counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement. 
  
 (f) Successors and Assigns. Except as otherwise provided herein, this Agreement shall bind and inure to the benefit of and be enforceable by
Executive, the Company and their respective successors, heirs, executors, administrators and assigns; provided that the rights and obligations of Executive under this Agreement shall not be assignable without the prior written consent of the
Company. 
  
 (g) Choice of Law. All questions concerning
the construction, validity and interpretation of this Agreement shall be governed by and construed in accordance with the domestic laws of the State of Illinois without giving effect to any choice or conflict of law provision or rule (whether of the
State of Illinois or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Illinois. 
  
 (h) Amendment and Waiver. The provisions of this Agreement may be amended and waived only with the prior written consent of the Company and
Executive. 
  
 (i) Survival. Sections 5, 6, 7, 8, 10, 11,
12 and 13 shall survive and continue in full force in accordance with their terms notwithstanding any termination of the Employment Period. 
  
 (j) Arbitration. Executive shall execute the Company’s form arbitration agreement. 
  
 – Signature page follows – 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.

  

	BWAY CORPORATION
		
	 By:
	 	 /S/    KEVIN C. KERN

	 Name: Kevin C. Kern
 Title: Chief Financial Officer

  

	
	/S/    JEAN-PIERRE ERGAS
	

	 Jean-Pierre Ergas

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