Document:

exv4w1

Exhibit 4.1

SECOND AMENDMENT TO REGISTRATION RIGHTS AGREEMENT

     THIS SECOND AMENDMENT TO REGISTRATION RIGHTS AGREEMENT (this “Amendment”) is made and
effective as of the last date set forth on the signature pages hereto (the “Amendment
Date”) between Graphic Packaging Holding Company (f/k/a New Giant Corporation) (the
“Company”), and Clayton Dubilier & Rice Fund V Limited Partnership (the “CDR
Fund”), Jeffrey H. Coors (the “Family Representative”), Old Town S.A. (as successor in
interest to EXOR Group S.A.) ( “Old Town”), TPG Bluegrass IV-AIV 1, L.P., TPG Bluegrass
IV-AIV 2, L.P., TPG Bluegrass V-AIV 1, L.P., TPG Bluegrass V-AIV 2, L.P., TPG FOF V-A, L.P. and TPG
FOF V-B, L.P. (collectively, the “TPG Entities” and together with the Company, the CDR
Fund, the Family Representative, and Old Town, the “Parties”).

     WHEREAS, the Company, the CDR Fund, Old Town and the TPG Entities, along with certain other
holders of the common stock, par value $0.01 per share of the Company, entered into that certain
Registration Rights Agreement, dated July 9, 2007 (the “Agreement”);

     WHEREAS, the Parties wish to amend the Agreement, pursuant to Section 3.2 thereof, as set
forth herein;

     NOW THEREFORE, in consideration of the mutual covenants and agreements contained in this
Amendment, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties hereby consent to the amendment of the Agreement as follows:

1. Amendments

     (a) The definition of “Registrable Securities” contained in Section 1.1 of the Agreement is
hereby amended by deleting such definition in its entirety and replacing it with the following:

     “Registrable Securities” means (a) all shares of Common Stock issued by the
Company to the Family Stockholders, Field Holdings, Inc., the CDR Fund, Old Town and TPG
Entities in connection with the Transactions, (b) 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 or the Current Registration Rights
Agreement, and (c) 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. 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 be eligible for sale to the public pursuant to Rule
144(b)(1), , any stop transfer restrictions cancelled 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.

     (b) Section 3.1(a) of the Agreement is hereby amended by deleting such section in its entirety
and replacing it with the following:

(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 be under no obligation to 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, (ii) (A) the holder of such shares is not an Affiliate of the
Company and (B) a period of one year has elapsed since the later of the date such shares
were acquired from the Company or an affiliate of the Company 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.

2. Miscellaneous

	 	(a)	 	The Agreement is modified only to the extent specifically set forth in this Amendment.
All other binding paragraphs, provisions and clauses in the Agreement not modified by this
Amendment shall remain in full force and effect as originally written. Any capitalized
term used in this Amendment, which is not defined herein, shall have the meaning as defined
in the Agreement.

	 	(b)	 	In the event of inconsistencies between the terms and conditions of this Amendment and
those of the Agreement, the terms and conditions of this Amendment shall control.

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	 	(c)	 	This Amendment may be executed in a number of counterparts, each of which, when so
executed and delivered, shall be deemed as originals, and all of which shall constitute one
and the same Amendment.

	 	(d)	 	This Amendment, together with the Agreement, constitutes the entire agreement between
the Parties with respect to the subject matter set forth herein.

[signatures on following pages]

- 3 -

 

     IN WITNESS WHEREOF, the Parties have caused this Amendment to be executed as of the date first
written above.

	 	 	 	 	 
	 	GRAPHIC PACKAGING HOLDING COMPANY

 	 
	 	By: 	/s/ Stephen A. Hellrung
 	 
	 	 	Name:  	Stephen A. Hellrung 	 
	 	 	Title:  	Senior Vice President,

General Counsel and Secretary
 	 
	 
		Date: March 7, 2011	 
	 

	 	 	 	 	 
	 	CLAYTON, DUBILIER & RICE FUND V LIMITED PARTNERSHIP

 	 
	 	By: 	/s/ Kevin J. Conway
 	 
	 	 	Name:  	Kevin J. Conway 	 
	 	 	Title:  	 	 
	 
	 	Date:
	 
	 
	 
	 	FAMILY REPRESENTATIVE

 	 
	 	 	/s/  Jeffrey H. Coors
 	 
	 	 	Jeffrey H. Coors 	 
	 
	 	Date:  3/4/11 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	OLD TOWN, S.A.

 	 
	 	By: 	/s/ Pierre Partinet
 	 
	 	 	Name:  	Pierre Partinet 	 
	 	 	Title:  	Managing Director
 	 
	 
	 	Date: February 22, 2011	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	TPG BLUEGRASS IV-AIV 1, L.P.

By: TPG GenPar V, L.P.

By: TPG GenPar V Advisors, LLC

 	 
	 	By: 	/s/ Ronald Cami
 	 
	 	 	Name:  	Ronald Cami 	 
	 	 	Title:  	Vice President
 	 
	 
	 	Date:
	 
	 

	 	 	 	 	 
	 	TPG BLUEGRASS IV-AIV 2, L.P.

By: TPG GenPar V, L.P.

By: TPG GenPar V Advisors, LLC

 	 
	 	By: 	/s/ Ronald Cami
 	 
	 	 	Name:  	Ronald Cami 	 
	 	 	Title:  	Vice President
 	 
	 
	 	Date:
	 
	 

	 	 	 	 	 
	 	TPG BLUEGRASS V-AIV 1, L.P.

By: TPG GenPar V, L.P.

By: TPG GenPar V Advisors, LLC

 	 
	 	By: 	/s/ Ronald Cami
 	 
	 	 	Name:  	Ronald Cami 	 
	 	 	Title:  	Vice President
 	 
	 
	 	Date:
	 
	 

	 	 	 	 	 
	 	TPG BLUEGRASS V-AIV 2, L.P.

By: TPG GenPar V, L.P.

By: TPG GenPar V Advisors, LLC

 	 
	 	By: 	/s/ Ronald Cami
 	 
	 	 	Name:  	Ronald Cami 	 
	 	 	Title:  	Vice President
 	 
	 
	 	Date:
	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	TPG FOF V-A, L.P.

By: TPG GenPar V, L.P.

By: TPG GenPar V Advisors, LLC

 	 
	 	By: 	/s/ Ronald Cami
 	 
	 	 	Name:  	Ronald Cami 	 
	 	 	Title:  	Vice President
 	 
	 
	 	Date:
	 
	 

	 	 	 	 	 
	 	TPG FOF V-B, L.P.

By: TPG GenPar V, L.P.

By: TPG GenPar V Advisors, LLC

 	 
	 	By: 	/s/ Ronald Cami
 	 
	 	 	Name:  	Ronald Cami 	 
	 	 	Title:  	Vice President
 	 
	 
	 	Date:exv10w1

Exhibit
10.1

Graphic Packaging Holding Company

Performance-Based Restricted Stock Unit Award Agreement

     THIS AGREEMENT, effective as of the Grant Date set forth on the signature page hereto,
represents the grant by Graphic Packaging Holding Company (the “Company”) to the participant named
on the signature page hereto (the “Participant”) of Performance-Based Restricted Stock Units
(“Performance RSUs”), representing the right to earn Shares of the Company’s common stock pursuant
to the provisions of the Graphic Packaging Holding Company Amended and Restated 2004 Stock and
Incentive Compensation Plan, as such plan may be amended from time to time (the “Plan”), and
subject to the terms and conditions set forth in this award agreement (this “Agreement”).

     The parties hereto agree as follows:

     1. Defined Terms. Capitalized terms used herein and not otherwise defined shall have
the meanings assigned to such terms in the Plan. In addition, and notwithstanding any contrary
definition in the Plan, for purposes of this Agreement:

	 	(a)	 	“Fair Market Value” as of a given date shall mean the closing price of the
Company’s common stock on the NYSE (or other established stock exchange or market) on
such date, or if such day is not a trading day, on the immediately preceding trading
day.
	 
	 	(b)	 	“Grant Date” means the date set forth on the signature page hereto.
	 
	 	(c)	 	“Involuntary Termination” means the involuntary termination of the
Participant’s employment by the Company or any Affiliate or Subsidiary other than for
Cause, death or Disability.
	 
	 	(d)	 	“Performance Period” means the three year period beginning January 1, 2011 and
ending on December 31, 2013.
	 
	 	(e)	 	“Pro-Rata Amount” means the number of Performance RSUs (rounded to the nearest
whole number) equal to the product of (a) the number of Performance RSUs that would
otherwise have been earned based on actual performance as of the end of the Performance
Period), times (b) a fraction, the numerator of which is the number of full 12-month
periods between the Grant Date and the date of termination of the Participant’s
employment by reason of death, Disability, Retirement or Involuntary Termination, and
the denominator of which is three.
	 
	 	(f)	 	“Retirement” means voluntary termination of employment after age 55, with the
sum of age plus years of service to the Company, its Affiliates or Subsidiaries or
their predecessors of at least 65.

     2. Grant of Performance RSUs. The target number of Shares subject to this award is
shown on the signature page of this Agreement (the “Target Award”). Depending on the Company’s
level of achievement of specified performance goals for the Performance Period, the Participant may
earn 0% to 150% of the Target Award, in accordance with the matrices attached hereto as Exhibit
A and the terms of this Agreement.

     3. Earning and Vesting of Performance RSUs. The Performance RSUs do not represent
actual Shares of stock. The Performance RSUs represent the right to earn from 0% to 150% of the
Target Award, based on the Company’s achievement of performance goals as set forth on Exhibit
A hereto. At

 

 

«Name»

the end of the Performance Period (and not later than the third anniversary of the Grant
Date), the results for the Performance Period shall be used to determined the overall number of
Shares to be paid out.

     In the case of a Change of Control occurring prior to December 31, 2013, the number of Shares
earned shall be determined based on assumed target performance for the Performance Period.

     Any Performance RSUs earned will vest and become non-forfeitable on the earliest to occur of
the following (the “Vesting Date”):

	 	(a)	 	the third anniversary of the Grant Date, provided the Participant has continued
in the employment of the Company, its Affiliates, and/or its Subsidiaries through such
date, or
	 
	 	(b)	 	the occurrence of a Change of Control, provided the Participant has continued
in the employment of the Company, its Affiliates, and/or its Subsidiaries through such
date, or
	 
	 	(c)	 	as to the Pro-Rata Amount only, the termination of the Participant’s employment
due to death, Disability or Retirement, or
	 
	 	(d)	 	as to the Pro-Rata Amount only, on the 60th day after the
Participant’s Involuntary Termination; provided that the Participant shall have
executed a separation agreement including a release of claims in a form satisfactory to
the Company and the release shall have become irrevocable within such 60-day period.

If the Participant’s employment with the Company or an Affiliate or Subsidiary terminates prior to
the Vesting Date for any reason other than as described above (or in the case of the Participant’s
Involuntary Termination, if the Participant fails to execute or revokes a release of claims in a
form satisfactory to the Company within the applicable 60-day period), the Participant shall
forfeit all right, title and interest in and to the unvested Performance RSUs as of the date of
such termination (or as of the 60th day after the Participant’s Involuntary Termination,
as applicable) and the Performance RSUs will be cancelled by the Company without further
consideration or any act or action by the Participant.

     4. Settlement of Performance RSUs. The vested Performance RSUs shall convert to
Shares of the Company’s common stock, on the earlier of (i) the date of a Change of Control or
(ii) the third anniversary of the Grant Date (as applicable, the “Conversion Date”). The
Participant shall become the owner of the Shares of Company common stock as of the Conversion Date,
net of Shares withheld for taxes as provided in Section 8 below.

     5. Nontransferability. The Performance RSUs may not be sold, transferred, pledged,
assigned or otherwise alienated or hypothecated (a “Transfer”) other than by will or by the laws of
descent and distribution, except as provided in the Plan. The designation of a beneficiary shall
not constitute a Transfer.

     6. Limitation of Rights. The Performance RSUs do not confer to the Participant or the
Participant’s beneficiary, executors or administrators any rights of a shareholder of the Company
unless and until Shares are in fact issued to such person in connection with the Performance RSUs.
Upon conversion of the Performance RSUs into Shares, the Participant will obtain full voting and
other rights as a shareholder of the Company.

     7. Continuation of Employment. Nothing in this Agreement shall interfere with or
limit in any way the right of the Company or any Affiliate or Subsidiary to terminate the
Participant’s employment at any time, nor confer upon the Participant any right to continue in
employment of the Company or any Affiliate or Subsidiary.

2

 

«Name»

     8. Payment of Taxes. The Company or any Affiliate or Subsidiary employing the
Participant has the authority and the right to deduct or withhold, or require the Participant to
remit to the employer, an amount sufficient to satisfy federal, state, and local taxes (including
the Participant’s FICA obligation) required by law to be withheld with respect to any taxable event
arising as a result of the vesting or settlement of the Performance RSUs. With respect to
withholding required upon any taxable event arising as a result of the Performance RSUs, the
employer will satisfy the tax withholding requirement by withholding Shares having a Fair Market
Value as of the date that the amount of tax to be withheld is to be determined as nearly equal as
possible to (but no more than) the total minimum statutory tax required to be withheld. The
obligations of the Company under this Agreement to payout the Performance RSUs will be conditional
on such payment or arrangements, and the Company, and, where applicable, its Affiliates or
Subsidiaries will, to the extent permitted by law, have the right to deduct any such taxes from any
payment of any kind otherwise due to the Participant.

     9. Plan Controls. This Agreement and the Participant’s rights hereunder are subject
to all the terms and conditions of the Plan, as the same may be amended from time to time, as well
as to such rules and regulations as the Committee may adopt for administration of the Plan. It is
expressly understood that the Committee is authorized to administer, construe, and make all
determinations necessary or appropriate to the administration of the Plan and this Agreement, all
of which shall be final and binding upon the Participant. In the event of any actual or alleged
conflict between the provisions of the Plan and the provisions of this Agreement, the provisions of
the Plan shall be controlling and determinative (except for any definitions of terms which are
specifically set forth herein). Any conflict between this Agreement and the terms of a written
employment agreement with the Participant shall be decided in favor of the provisions of this
Agreement.

     10. Amendment. Subject to the terms of the Plan, this Agreement may be modified or
amended by the Committee; provided that no such amendment shall materially adversely affect the
rights of the Participant hereunder without the consent of the Participant. The waiver by the
Company of breach of any provision of this Agreement by the Participant shall not operate or be
construed as a waiver of any subsequent breach by the Participant. Notwithstanding the foregoing,
the Committee shall have unilateral authority to amend the Plan and the Agreement without the
Participant’s consent to the extent necessary to comply with applicable law or changes to
applicable law (including, but not limited to, Code Section 409A) and related regulations or other
guidance and federal securities laws.

     11. Severability. The provisions of this Agreement are severable and if any one or
more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the
remaining provisions shall nevertheless be binding and enforceable.

     12. Applicable Laws and Consent to Jurisdiction. The validity, construction,
interpretation, and enforceability of this Agreement shall be determined and governed by the laws
of the state of Delaware without giving effect to the principles of conflicts of law.

3

 

«Name»

     IN WITNESS WHEREOF, the parties have executed this Agreement, effective as of the Grant Date
set forth below.

	 	 	 	 	 
	 	Graphic Packaging Holding Company

 	 
	 	By:  	/s/ Cynthia A. Baerman
 	 
	 	 	Cynthia A. Baerman 	 
	 	 	Senior Vice President, Human
Resources

	 
	 
	 	
Participant 	 
	 
	 	By:  	
 	 
	 	 	Name:  «First_Name» «Middle_Initial__Name»
«Last_Name» 	 
	 

Grant Date:

Target Award: «FMD__PerformanceBased_RSU_Award»

4

 

EXHIBIT A

Performance Goals and Payout Matrix

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