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EXHIBIT 4.16

DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

As of June 30, 2022, Amcor plc (“Amcor,” “we,” “our” or “us”) had two classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (i) Ordinary Shares, par value $0.01 per share and (ii) 1.125% Guaranteed Senior Notes due 2027.  Each of Amcor’s securities registered under Section 12 of the Exchange Act are listed on the New York Stock Exchange (the “NYSE”). CHESS Depositary Interests (“CDI’s”) representing our ordinary shares are traded on the Australian Securities Exchange (“ASX”).

DESCRIPTION OF ORDINARY SHARES

The following is a summary of the material terms of our ordinary shares as set forth in our Articles of Association and the material provisions of the laws of Jersey, Channel Islands. This summary does not purport to be complete and is qualified in its entirety by reference to our Articles of Association, which are filed as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.16 is a part.  

Share Capital

The authorized share capital of Amcor is $100,000,000, divided into 9,000,000,000 ordinary shares of $0.01 par value each and 1,000,000,000 preferred shares of $0.01 par value each, which may be issued in such class or classes or series as the our board of directors (“board”) may determine in accordance with our Articles of Association. As of August 16, 2022, we had 1,489,019,556 ordinary shares issued and outstanding.

All ordinary shares have equal voting rights and no right to a fixed income and carry the right to receive dividends that have been declared by Amcor. The holders of ordinary shares have the right to receive notice of, and to attend and vote at, all general meetings of Amcor. The rights and obligations attaching to any preferred shares will be determined at the time of issue by our board in its absolute discretion and must be set forth in a statement of rights. Any preferred shares that are issued may have priority over the ordinary shares with respect to dividend or liquidation rights or both. We do not have any preferred shares issued and outstanding.

Our board may issue ordinary shares or preferred shares without further shareholder action, unless shareholder action is required by applicable law or by the rules of the NYSE, ASX or other stock exchange or quotation system on which any class or series of our ordinary shares may be listed or quoted.

Subject to our Articles of Association and the rights or restrictions attached to any shares or class of shares, if Amcor is wound up and the property of Amcor available for distribution among the shareholders is more than sufficient to pay (i) all the debts and liabilities of Amcor and (ii) the costs, charges and expenses of the winding up, the excess must be divided among the shareholders in proportion to the number of shares held by them, irrespective of the amounts paid or credited as paid on the shares. If Amcor is wound up, the directors or liquidator (as applicable) may, with the sanction of a special resolution of the shareholders of Amcor and any other sanction required by the Companies (Jersey) Law 1991 (the “Jersey Companies Law”), divide among the shareholders the whole or any part of the assets of Amcor and determine how the division will be carried out as between the shareholders or different classes of shareholders.

CDIs are units of beneficial ownership in shares constituted under Australian law which may be held and transferred through the CHESS system. For further information regarding the CDIs, see "—CHESS Depositary Interests" below. All references to shares in this summary will be deemed, where the context permits, also to be references to the CDIs.

Amcor's registered office address and the address where Amcor's register of members is maintained is 3rd Floor 44 Esplanade, St. Helier, Jersey JE4 9WG.

Organizational Documents; Governing Law

The rights of Amcor shareholders are governed by, among other things, our Articles of Association and the laws of Jersey, Channel Islands, including the Jersey Companies Law.

Voting Rights

Each ordinary share entitles the holder to one vote per share at any general meeting of shareholders. An ordinary resolution requires approval by the holders of a majority of the voting rights represented at a meeting, in person or by proxy, and voting thereon. A special resolution requires approval by the holders of two-thirds of the voting rights represented at a meeting, in person or by proxy, and voting thereon (or such greater majority as the Articles of Association may prescribe).

Voting rights with respect to any class of preferred shares (if any) will be determined by our board and set out in the relevant statement of rights for such class.

Neither Jersey law nor the Articles of Association restrict non-resident shareholders from holding or exercising voting rights in relation of our ordinary shares. There are no provisions in the Jersey Companies Law relating to cumulative voting.

No Preemptive Rights

Amcor shareholders do not have preemptive rights to acquire newly issued ordinary shares.

Variation of Rights

The rights attached to any class of ordinary shares, such as voting, dividends and the like, may, unless their terms of issue state otherwise, be varied by a special resolution passed at a separate meeting of the holders of shares of such class.

Certificated and Uncertificated Shares

Ordinary shares may be held in either certificated or uncertificated form. Every holder of certificated shares is entitled, without payment, to have a certificate for the shares that it owns executed under Amcor's seal or in such other manner as provided by the Jersey Companies Law.

Transfer of Shares

Generally, fully paid ordinary shares are issued in registered form and may be freely transferred pursuant to the Articles of Association unless the transfer is restricted by applicable securities laws or prohibited by another instrument.

Dividends

Our board may declare and pay any dividends from time to time as it may determine. Our board may rescind a decision to pay a dividend if it decides, before the payment date, that Amcor's financial position no longer justifies the payment. The payment of a dividend does not require shareholder confirmation or approval at a general meeting of the shareholders.

Holders of our ordinary shares are entitled to receive equally, on a per share basis, any dividends that may be declared in respect of ordinary shares by our board.

Our board may direct that a dividend will be satisfied from any available source permitted by law, including wholly or partly by the distribution of assets, including paid up shares or securities of another company. If Amcor declares cash dividends, such dividends will be declared in U.S. dollars.

Under the Jersey Companies Law, dividends may be paid from any source permitted by law (other than from nominal capital account and capital redemption reserve), subject to a requirement for the directors who are to authorize the payment of any dividend to make a statutory solvency statement.

Our Articles of Association permit our board to require that all dividend payments will be paid only through electronic transfer into an account selected by the shareholder rather than by a bank check.

No dividend or other monies payable on or in respect of a share will bear interest as against Amcor (unless the terms of the share specify otherwise).

If any dividend is unclaimed for 11 calendar months after issuance, our board may stop payment on the dividend or otherwise make use of the unclaimed amount for the benefit of Amcor until claimed or otherwise disposed of according to the laws relating to unclaimed monies.

Alteration of Share Capital

Under the Jersey Companies Law, Amcor may, by special resolution of its shareholders: increase its share capital; consolidate and sub-divide; convert shares into or from stock; re-denominate any of its shares into another currency or reduce its share capital, capital redemption reserve or share premium account in any way.

Redeemable Shares

Our ordinary shares will not initially be redeemable. Pursuant to the Jersey Companies Law and our Articles of Association, our board may issue redeemable shares or convert existing non-redeemable shares, whether issued or not, into redeemable shares, which shares will be, in each case, redeemable in accordance with their terms or at the option of Amcor and/or at the option of the holder (provided that an issued non-redeemable share may only be converted into a redeemable share with the agreement of the holder or pursuant to a special resolution).

Purchase of Own Shares

Subject to the provisions of the Jersey Companies Law and our Articles of Association, Amcor may purchase its own shares or CDIs and either cancel them or hold them as treasury shares.

Under Jersey law, Amcor's purchase of its own shares must be sanctioned by a special resolution of Amcor's shareholders. If the purchase is to be made on a stock exchange, the special resolution must specify the maximum number of shares or CDIs to be purchased, the maximum and minimum prices which may be paid, and the date on which the authority to purchase is to expire (which may not be more than five years after the date of the resolution). If the purchase is to be made otherwise than on a stock exchange, the purchase must be made pursuant to a written purchase contract approved in advance by a resolution of shareholders (excluding the shareholder from whom Amcor proposes to purchase shares or CDIs).

Shareholder Meetings 

Annual Meetings of Shareholders 

Under Jersey law, Amcor must hold an annual general meeting once every calendar year and not more than 18 months may elapse between two successive annual general meetings, at such date, time and place as may be determined by our Board. 

A general shareholder meeting may only be called by a resolution of the board or as otherwise provided in the Jersey Companies Law. 

Special Meetings of Shareholders 

The board may, and upon request of shareholders as required by Jersey law (and as described below) must, convene an extraordinary general meeting of the shareholders. 

Under the Jersey Companies Law, shareholders of Amcor holding 10% or more of the company's voting rights and entitled to vote at the relevant meeting may legally require the directors to call a meeting of shareholders. Upon receiving a requisition notice from shareholders, the board must call a special meeting as soon as practicable but in any case not later than two months after the date of the requisition. If the directors do not within 21 days from the date of the deposit of the requisition proceed to call a meeting to be held within two months of that date, the requisitionists, or any of them representing more than half of the total voting rights of all of them, may themselves call a meeting, but a meeting so called may not be held after three months from that date. 

Notice of Meetings; Record Date 

Under the Articles of Association and applicable stock exchange listing rules, the notice for a general meeting must be sent to all shareholders. The content of a notice of a general meeting called by the board is to be decided by the board, but it must 

designate the meeting as an annual or extraordinary general meeting and must state the general nature of the business to be transacted at the meeting and any other matters required by the Jersey Companies Law. 

For the purpose of determining whether a person is entitled as a shareholder to attend or vote at a meeting and how many votes such person may cast, Amcor may specify in the notice a date not more than 60 days nor less than 10 days before the date fixed for the meeting, as the date for the determination of the shareholders entitled to receive notice of, attend or vote at the meeting or appoint a proxy. Amcor may specify a separate time by which a CDI holder must be on the CDI register in order to direct the Depositary Nominee (as defined herein) to vote or appoint a proxy. 

Quorum 

Under the Articles of Association, no business may be transacted at any general meeting unless a quorum (the holders of shares representing at least the majority of total voting rights of all shareholders entitled to vote at such meeting) is present in person or by proxy at the time when the meeting proceeds to business. 

Action by Written Consent 

The Articles of Association prohibit actions to be taken by unanimous written consent. Under the Articles of Association, any action required or permitted to be taken by shareholders or any class of them must be effected at a general meeting of Amcor or of the class in question and may not be effected by any consent or resolution in writing of the shareholders. 

Shareholder Proposals 

Under Articles of Association, a shareholder of record who has the right to vote at an annual general meeting may, on giving notice to Amcor no more than 120 days and no less than 90 days before the date which is one year after the date of the previous annual general meeting, require Amcor to include a resolution to be proposed at the annual general meeting. Any proposed business must be a proper matter for shareholder action. 

In addition, a shareholder of record who has the right to vote at general meetings may propose persons for nomination as directors subject to complying with the applicable requirements to be set forth in the Articles of Association, including delivery to Amcor of specified information on director nominees. Shareholder nominations must be made on notice of (i) in the case of annual general meetings, no more than 120 calendar days and no less than 90 days (in each case from the anniversary date of the preceding annual general meeting), or (ii) in the case of extraordinary general meetings called for the purpose of electing directors, not later than the 10th day following the day on which notice of the date of such meeting was mailed. 

Conditions of Admission 

Under the Articles of Association, the board and the chairperson of any general meeting may make any arrangement and impose any requirement or restriction it or he or she considers appropriate to ensure the safety of persons attending and the orderly conduct of a general meeting including, without limitation, requirements for identification to be produced by those attending the meeting, searches and the restriction of items that may be taken into the meeting place. The board and, at any general meeting, the chairperson are entitled to refuse entry to a person who refuses to comply with these arrangements, requirements or restrictions. 

Board of Directors 

Election of Directors 

Amcor directors are appointed by Amcor's board of directors and shall hold office until the next annual general meeting following such appointment. Under the Articles of Association, all directors are subject to annual re-election by shareholders. Directors will hold office until the conclusion of the next annual general meeting following his or her appointment, unless such director is re-elected at the general meeting. 

Where the number of persons validly proposed for election or re-election as a director is greater than the number of directors to be elected, the persons receiving the most votes (up to the number of directors to be elected) will be elected as directors and an absolute majority of votes cast will not be a pre-requisite to the election of such directors. 

Removal of Directors 

Under the Articles of Association, a director may only be removed from office by ordinary resolution of Amcor shareholders as a result of:

•the director's conviction (with a plea of nolo contendere deemed to be a conviction) of a serious felony involving moral turpitude or a violation of U.S. federal or state securities law, but excluding a conviction based entirely on vicarious liability; or 
•the director's commission of any material act of dishonesty (such as embezzlement) resulting or intended to result in material personal gain or enrichment of the director at the expense of the Company or any subsidiary and which act, if made the subject to criminal charges, would be reasonably likely to be charged as a felony. 

For these purposes nolo contendere, felony and moral turpitude have the meaning given to them by the laws of the United States of America or any relevant state thereof and shall include equivalent acts in any other jurisdiction. 

Vacancies 

The Articles of Association provide that any vacancy occurring on the Amcor board (whether caused by increase in size of the Amcor board, or by death, disability, resignation, removal or otherwise) shall only be filled by a majority of the Amcor board then in office, even though fewer than a quorum. 

Any directors appointed by the Amcor board to fill a vacancy will hold office until the next annual general meeting following his or her appointment. 

Business Combinations with Interested Shareholders 

Under the Articles of Association, Amcor is prohibited from engaging in any business combination with any "interested shareholder" for a period of three years following the time that such shareholder became an interested shareholder (subject to certain specified exceptions), unless (in addition to other exceptions) prior to such business combination the board approved either the business combination or the transaction which resulted in the shareholder becoming an "interested shareholder."

An "interested shareholder" is (subject to certain specified exceptions) any person (together with its affiliates and associates) that (i) owns more than 15% of Amcor's voting stock or (ii) is an affiliate or associate of Amcor and owned more than 15% of Amcor's voting stock within three years of the date on which it is sought to be determined whether such person is an "interested shareholder." 

Disclosure of Shareholding Ownership 

Holders of beneficial interests in Amcor ordinary shares must comply with the beneficial ownership disclosure obligations contained in section 13(d) of the Exchange Act and the rules promulgated thereunder. 

Under the Articles of Association, Amcor may, by written notice, require any person whom Amcor knows or has reasonable cause to believe to hold an interest in Amcor ordinary shares or to have held an interest at any time during the three years prior, to confirm whether that is the case and give further information as to their interest as requested. 

Where a person fails to comply with such notice within the reasonable time period specified in the notice or has made a statement which is false or inadequate, then, unless the Amcor board determines otherwise, the following restrictions will apply to the applicable shares and to any new shares issued in right of those shares for so long as such person remains in default under the notice:

•no voting rights will be exercisable in respect of those shares; 

•any dividend or other distribution payable in respect of those shares will be withheld by Amcor without interest; and 

•no transfer of those shares will be registered except for an "excepted transfer". 

An "excepted transfer" means a transfer:

•pursuant to acceptance of a takeover offer under the Jersey Companies Law; 

•made through the NYSE, ASX or any other stock exchange on which Amcor ordinary shares are normally traded; or 

•of the whole of a person's beneficial interest in the shares to an unaffiliated third party. 

CHESS Depositary Interests 

CDIs are quoted and traded on the financial market operated by ASX. Ordinary shares are not traded on the financial market operated by the ASX. This is because ASX's electronic settlement system, known as CHESS, cannot be used directly for the transfer of securities of issuers, such as Amcor, incorporated in countries whose laws do not recognize CHESS as a system to record uncertificated holdings or to electronically transfer legal title. CDIs have been created to facilitate electronic settlement and transfer in Australia for companies in this situation. 

CDIs are a type of depositary receipt which provide the holder with ultimate beneficial ownership of the underlying ordinary shares of Amcor. The legal title to these ordinary shares is held by Cede & Co., with CHESS Depositary Nominees Pty Ltd (ABN 75 071 346 506), a wholly-owned subsidiary of ASX, which we refer to as the “Depositary Nominee,” holding the beneficial title to those ordinary shares on behalf of CDI holders. 

Each CDI represents a beneficial interest in one ordinary share and, unlike ordinary shares, each CDI can be held, transferred and settled electronically through CHESS. 

CDIs are traded electronically on the financial market operated by the ASX. However, there are a number of differences between holding CDIs and ordinary shares. The major differences are that:

•CDI holders do not have legal title in the underlying ordinary shares to which the CDIs relate (the chain of title in the ordinary shares underlying the CDIs is summarized above);

•CDI holders are not able to vote personally as shareholders at a meeting of Amcor. Instead, CDI holders are provided with a voting instruction form which will enable them to instruct the Depositary Nominee in relation to the exercise of voting rights. In addition, a CDI holder is able to request the Depositary Nominee to appoint the CDI holder or a third party nominated by the CDI holder as its proxy so that the proxy so appointed may exercise the votes attaching to the ordinary shares; and

•CDI holders will not be directly entitled to certain other rights conferred on holders of ordinary shares, including the right to apply to a Jersey court for an order on the grounds that the affairs of Amcor are being conducted in a manner which is unfairly prejudicial to the interests of Amcor shareholders; and the right to apply to the Jersey Financial Services Commission to have an inspector appointed to investigate the affairs of Amcor. 

Alternatively, CDI holders can convert their CDIs into Amcor ordinary shares in sufficient time before the relevant meeting, in which case they will be able to vote personally as shareholders of Amcor. 

Application of Standard Table 

The "standard table" of provisions under the Jersey Companies Law does not apply. 

DESCRIPTION OF THE NOTES

The following description of the 1.125% Senior Notes due 2027 (the “Notes”) issued by Amcor UK Finance plc, a subsidiary of Amcor (the “Issuer”) summarizes certain material terms of the Notes.  This description is qualified in its entirety by reference to the indenture, which is filed as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.16 is a part.  

The Notes were issued pursuant to an indenture dated as of June 23, 2020 among the Issuer, Amcor, AFUI, Amcor Pty Ltd and Amcor Flexibles North America, Inc., as guarantors, and Deutsche Bank Trust Company Americas, as trustee (the "Trustee"), as supplemented by an officer's certificate, dated as of June 23, 2020. We refer to the original indenture, as supplemented, as the indenture. The terms of the Notes include those stated in the indenture and those made part of the indenture by reference to the Trust Indenture Act of 1939, as amended (the "TIA"). A copy of the indenture may be obtained from the Issuer or the Trustee.

The Issuer issued the Notes in fully registered form in denominations of €100,000 and integral multiples of €1,000 in excess thereof. The Notes were issued in the form of one or more global note, without coupons, which were deposited initially with, or on behalf of, a common depositary, and registered in the name of the nominee of the common depositary, for, and in respect of interests held through, Euroclear and Clearstream. There is no security register for the Notes in the United Kingdom or Australia. The Trustee acts as paying agent, transfer agent and registrar for the Notes. The Notes may be presented for registration of transfer and exchange at the offices of the registrar. The Issuer may change the paying agent, transfer agent and registrar without notice to holders of the Notes, and may change the paying agent upon notice to the Trustee.

General

Unless earlier redeemed in the circumstances set out below, the Notes will mature on June 23, 2027 at a price equal to 100% of their principal amount.

The Notes were offered in the principal amount of €500,000,000.

In any case where the due date for the payment of the principal amount of, or any premium or interest with respect to, the Notes or the date fixed for redemption of the Notes, shall not be a Business Day, then payment of the principal amount, premium, if any, or interest, including any Additional Amounts (as defined below) payable in respect thereto may be made on the next succeeding Business Day with the same force and effect as if made on the date for such payment or the date fixed for redemption, and no interest shall accrue for the period after such date.

The Notes are not entitled to the benefits of any sinking fund. The Notes are subject to defeasance as described under "—Defeasance and covenant defeasance.”

Interest

The Notes bear interest from the date of issuance, payable annually on June 23 of each year, beginning June 23, 2021, to the persons in whose names such Notes are registered at the close of business on the date that is (i) in the case of Notes represented by a global note, the clearing system business day (for this purpose, a day on which Clearstream and Euroclear settle payments in euro) immediately preceding the relevant interest payment and (ii) in all other cases, 15 calendar days prior to the relevant interest payment date (whether or not a Business Day) (for the purposes of clauses (i) and (ii), such day, the "Record Date"). Interest on the Notes will be computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the Notes (or June 23, 2020, if no interest has been paid on the applicable Notes), to, but excluding, the next scheduled interest payment date. This payment convention is referred to as Actual/Actual (ICMA) as defined in the rulebook of the International Capital Market Association.

If any interest payment date would otherwise be a day that is not a Business Day, such interest payment date will be postponed to the next date that is a Business Day and no interest will accrue on the amounts payable from and after such interest payment date to the next Business Day. If the maturity date of the Notes falls on a day that is not a Business Day, the related payment of principal, premium, if any, and interest will be made on the next Business Day as if it were made on the date such payment was due, and no interest will accrue on the amounts so payable for the period from and after such date to the next Business Day.

Issuance in euro

All payments of interest, premium, if any, and principal, including payments made upon any redemption or repurchase of the Notes, will be made in euro; provided that if the euro is unavailable to us due to the imposition of exchange controls or other circumstances beyond our control or if the euro is no longer being used by the then member states of the European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the Notes will be made in U.S. dollars until the euro is again available to us or so used. In such circumstances, the amount payable on any date in euro will be converted into U.S. dollars at the rate mandated by the Board of Governors of the Federal Reserve System as of the close of business on the second Business Day prior to the relevant payment date or, if the Board of Governors of the Federal Reserve System has not announced a rate of conversion, on the basis of the most recent U.S. dollar/euro exchange rate published in The Wall Street Journal on or prior to the second Business Day prior to the relevant payment date or, in the event The Wall Street Journal has not published such exchange rate, the rate will be determined in our sole discretion on the basis of the most recently available market exchange rate for the euro. Any payment in respect of the Notes so made in U.S. dollars will not constitute an Event of Default (as defined in 

the indenture). Neither the Trustee nor the paying agent shall have any responsibility for any calculation or conversion in connection with the foregoing.

As of August 12, 2022, the rate published by the Board of Governors of the Federal Reserve System for the euro/U.S. dollar exchange rate was €1 = U.S. $1.0257.

Further issues

The indenture provides that the Notes may be issued from time to time without limitation as to aggregate principal amount. Therefore, in the future, the Issuer may, without the consent of the holders of the Notes, create and issue under the indenture additional debt securities having the same terms and conditions as the Notes (except for the issue date and, under certain circumstances, the first date of interest accrual, the first interest payment date and terms relating to restrictions on transfer or registration rights), provided that if such additional debt securities are not fungible with the Notes for U.S. federal income tax purposes, such additional debt securities will have a different CUSIP number from the Notes. We refer to any such additional debt securities, as "Additional Notes". Any Additional Notes of a series will form a single series of debt securities with the Notes.

Guarantee

Under the Guarantee, each of Amcor, Amcor Finance (USA), Inc. (“AFUI”), Amcor Pty Ltd and Amcor Flexibles North America, Inc. (collectively, the “Guarantors”) will fully and unconditionally guarantee the due and punctual payment of the principal, interest, premium (if any) and all other amounts due under the indenture and on the Notes when the Notes become due and payable, whether at maturity, pursuant to optional redemption, by acceleration or otherwise, in each case after any applicable grace periods or notice requirements, according to the terms of the Notes.

The obligations of the Guarantors under the Guarantee are unconditional, regardless of the enforceability of the Notes, and will not be discharged until all obligations under the Notes and the indenture are satisfied. Holders of the Notes may proceed directly against the Guarantors under the Guarantee if an event of default affecting the Notes occurs without first proceeding against the Issuer.

Additional subsidiary guarantors

Amcor has covenanted and agreed under the indenture that it will cause each of its Subsidiaries (other than the Issuer and any Subsidiary that is already a Guarantor under the indenture) that at any time has outstanding a guarantee with respect to any Specified Indebtedness, or is otherwise an obligor, a co-obligor or jointly liable with the Issuer or any applicable Guarantor with respect to any Specified Indebtedness, to execute and deliver to the Trustee a supplemental indenture within 30 days of such Subsidiary guaranteeing, or otherwise becoming an obligor, a co-obligor or jointly liable with the Issuer or any applicable Guarantor in respect of, such Specified Indebtedness, pursuant to which such Subsidiary will guarantee the Notes issued under the indenture on the same terms and subject to the same conditions and limitations as set forth in the indenture.

Any supplemental indenture entered into in accordance with the indenture in connection with the provision of a Guarantee by an additional Subsidiary Guarantor may include a limitation on such Subsidiary Guarantee that is required under the law of the jurisdiction in which such Subsidiary is incorporated or organized, provided that such limitation shall also be contained in any other guarantee provided by such Subsidiary in respect of any Specified Indebtedness.

Release of subsidiary guarantors

As more fully described in the indenture, any Subsidiary of Amcor that provides a Guarantee in respect of the Notes (a "Subsidiary Guarantor") may be released at any time from its Guarantee without the consent of any holder of the Notes if, at such time, no Default or Event of Default has occurred and is continuing, and either (a) such Subsidiary Guarantor is no longer, or at the time of release will no longer be, a Subsidiary of Amcor or (b) such Subsidiary Guarantor shall not have outstanding a guarantee with respect to any Specified Indebtedness or otherwise be an obligor, co-obligor or jointly liable with respect to any Specified Indebtedness (or shall be released with respect to its Guarantee under the indenture simultaneously with its release under guarantees or other obligations with respect to all Specified Indebtedness).

Ranking

The Notes are unsecured obligations of the Issuer and rank on a parity basis with all of the Issuer's other unsecured and unsubordinated obligations, and each of the Guarantees are an unsecured obligation of the applicable Guarantor and rank on a parity basis with all other unsecured and unsubordinated indebtedness of such Guarantor except, in each case, indebtedness mandatorily preferred by law.

The Notes are effectively subordinated to any existing and future secured obligations of the Issuer to the extent of the value of the assets securing any such obligations, and since the Notes are unsecured obligations of the Issuer, in the event of a bankruptcy or insolvency, the Issuer's secured lenders will have a prior secured claim to any collateral securing the obligations owed to them. Each of the Guarantees are effectively subordinated to any existing and future secured obligations of the applicable Guarantor to the extent of the value of the assets securing such obligations, and since each of the Guarantees is an unsecured obligation of the corresponding Guarantor, in the event of bankruptcy or insolvency, each such Guarantor's secured lenders will have a prior secured claim to any collateral securing the obligation owed to them. As of June 30, 2022, the Issuer and the Guarantors had no secured indebtedness outstanding.

The Notes and each of the related Guarantees are also be structurally subordinated to all existing and future indebtedness and other liabilities, whether or not secured, of any Subsidiary of Amcor (other than Amcor UK) that does not guarantee such Notes (including any subsidiaries that Amcor may in the future acquire or establish to the extent they do not guarantee such Notes). Amcor, AFUI, Amcor Pty Ltd and Amcor Flexibles North America, Inc. are the initial Guarantors of the Notes. See "—Guarantees."

As of June 30, 2022, (i) the Issuer and the Guarantors had $6,454 million in aggregate principal amount of total indebtedness, other than intercompany indebtedness (of which none was secured) and (ii) the non-guarantor subsidiaries, including joint ventures, had $36 million of total indebtedness (of which $36 million was secured). For the year ended June 30, 2022, the non-guarantor subsidiaries, including joint ventures, represented 92% of Amcor's sales revenue.

Registration of transfer and exchange

General

Subject to the limitations applicable to global notes, the Notes may be presented for exchange for other Notes of any authorized denominations and of a like tenor and aggregate principal amount or for registration of transfer by the holder thereof or his attorney duly authorized in writing and, if so required by the Issuer, the Guarantors or the Trustee, with the form of transfer thereon duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Issuer, the Guarantors or the Registrar (as defined below) duly executed, at the office of the Registrar or at the office of any other transfer agent designated by the Issuer or such Guarantors for such purpose. No service charge will be made for any exchange or registration of transfer of the Notes, but the Issuer or the Guarantors may require payment of a sum by the holder of a Note sufficient to cover any tax or other governmental charge payable in connection therewith.

Such transfer or exchange will be effected upon the Registrar or such transfer agent, as the case may be, being satisfied with the documents of title and identity of the person making the request. The Registrar may decline to accept any request for an exchange or registration of transfer of any Note during the period of 15 days preceding the due date for any payment of interest on, principal of or any other payments on or in respect of the Notes. The Issuer and the Guarantors have appointed the Trustee as Registrar (the "Registrar"). The Issuer and the Guarantors may at any time designate additional transfer agents or rescind the designation of any transfer agent or approve a change in the office through which any transfer agent acts; provided, however, that there shall at all times be a transfer agent in the Borough of Manhattan, The City of New York.

Payment of additional amounts

All payments of, or in respect of, principal of, and any premium and interest on, the Notes, and all payments pursuant to the Guarantees, shall be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of the United States (including the District of Columbia and any state, possession or territory thereof), Jersey, Australia, the United Kingdom or any other jurisdiction in which the Issuer or the Guarantors becomes a resident for tax purposes (whether by merger, consolidation or otherwise) or through which the Issuer or any Guarantor makes payment on the Notes or any Guarantee (each, a "Relevant Jurisdiction") or any political subdivision or taxing authority of any of the foregoing, unless such taxes, duties, assessments or governmental charges are required by the law of the Relevant Jurisdiction or any political subdivision or taxing authority 

thereof or therein to be withheld or deducted. In that event, the Issuer or the Guarantors, as applicable, will pay such additional amounts ("Additional Amounts") as will result (after deduction of such taxes, duties, assessments or governmental charges and any additional taxes, duties, assessments or governmental charges payable in respect of such Additional Amounts) in the payment to the holder of the Notes of the amounts which would have been payable in respect of such Notes or Guarantee had no such withholding or deduction been required, except that no Additional Amounts shall be so payable for or on account of:

(1)    any withholding, deduction, tax, duty, assessment or other governmental charge which would not have been imposed but for the fact that such holder or beneficial owner of the Notes:

(a)    is or was a resident, domiciliary or national of, or engaged in business or maintained a permanent establishment or is or was physically present in, the United States, Jersey, Australia, the United Kingdom, or other Relevant Jurisdiction or otherwise had some connection with the United States, Jersey, Australia, the United Kingdom, or other Relevant Jurisdiction other than the mere ownership of, or receipt of payment under, such Notes or Guarantee;

(b)    presented such Note or Guarantee for payment in any Relevant Jurisdiction, unless such Note or Guarantee could not have been presented for payment elsewhere;

(c)    presented such Note or Guarantee (where presentation is required) more than thirty (30) days after the date on which the payment in respect of such Note or Guarantee first became due and payable or provided for, whichever is later, except to the extent that the holder would have been entitled to such Additional Amounts if it had presented such Note or Guarantee for payment on any day within such period of thirty (30) days; or

(d)    with respect to any withholding or deduction of taxes, duties, assessments or other governmental charges imposed by the United States, or any of its territories or any political subdivision thereof or any taxing authority thereof or therein, is or was with respect to the United States a citizen or resident of the United States, treated as a resident of the United States, present in the United States, engaged in business in the United States, a person with a permanent establishment or fixed base in the United States, a "ten percent shareholder" of the Issuer or the Guarantors, a passive foreign investment company, or a controlled foreign corporation, or has or has had some other connection with the United States (other than the mere receipt of a payment or the ownership of holding a Note;

(2)    any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other governmental charge or any withholding or deduction on account of such tax, assessment or other government charge;

(3)    any tax, duty, assessment or other governmental charge which is payable otherwise than by withholding or deduction from payments of (or in respect of) principal of, or any premium and interest on, the Notes or the Guarantees thereof;

(4)    any withholding, deduction, tax, duty, assessment or other governmental charge that is imposed or withheld by reason of the failure to comply in a timely manner by the holder of such Note or, in the case of a global security, the beneficial owner of such Global Note, with a timely request of the Issuer, the Guarantors, the Trustee or any Paying Agent addressed to such holder or beneficial owner, as the case may be, (a) to provide information concerning the nationality, residence or identity of such holder or such beneficial owner or (b) to make any declaration or other similar claim or satisfy any information or reporting requirement, which, in the case of (a) or (b), is required or imposed by a statute, treaty, regulation or administrative practice of any Relevant Jurisdiction or any political subdivision or taxing authority thereof or therein as a precondition to exemption from all or part of such withholding, deduction, tax, duty, assessment or other governmental charge (including without limitation the filing of an Internal Revenue Service ("IRS") Form W-8BEN, W-8BEN-E, W-8ECI or W-9);

(5)    any withholding, deduction, tax, duty, assessment or other governmental charge which is imposed or withheld by or by reason of the Australian Commissioner of Taxation giving a notice under section 255 of the Income Tax Assessment Act 1936 (Cth) of Australia or section 260-5 of Schedule 1 of the Taxation Administration Act 1953 (Cth) of Australia or under a similar provision;

(6)    any taxes imposed or withheld by reason of the failure of the holder or beneficial owner of the Notes to comply with (a) the requirements of Sections 1471 through 1474 (commonly known as "FATCA") of the U.S. Internal Revenue Code of 1986, as amended (the "Code"), as of the date hereof (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), the U.S. Treasury regulations issued thereunder or any official interpretation thereof or any agreement entered into pursuant to Section 1471 of the Code, (b) any treaty, law, regulation or other official guidance enacted in any other jurisdiction or relating to any intergovernmental agreement between the United States and any other jurisdiction, which, in either case, facilitates the implementation of clause (a) above and (c) any agreement pursuant to the 

implementation of clauses (a) and (b) above with the IRS, the U.S. government or any governmental or taxation authority in any other jurisdiction; or

(7)    any combination of items (1), (2), (3), (4), (5) and (6);

nor shall Additional Amounts be paid with respect to any payment of, or in respect of, the principal of, or any premium or interest on, any such Note or Guarantee to any such holder who is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent such Note or Guarantee would, under the laws of any Relevant Jurisdiction or any political subdivision or taxing authority thereof or therein, be treated as being derived or received for tax purposes by a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to such Additional Amounts had it been the holder of the Note or Guarantee.

Whenever there is mentioned, in any context, any payment of or in respect of the principal of, or any premium or interest on, any Notes (or any payments pursuant to the Guarantees thereof), such mention shall be deemed to include mention of the payment of Additional Amounts provided for in the indenture to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to the indenture, and any express mention of the payment of Additional Amounts in any provisions of the indenture shall not be construed as excluding Additional Amounts in those provisions of the indenture where such express mention is not made.

Certain other additional amounts may be payable in respect of Notes and Guarantees as a result of certain consolidations or mergers involving, or conveyances, transfer or leases of properties and assets by, the Issuer or the Guarantors. See "—Certain covenants—Consolidation, merger and sale of assets.”

Amcor's obligations to pay Additional Amounts if and when due will survive the termination of the indenture and the payment of all other amounts in respect of the Notes.

Redemption for changes in withholding taxes

If, as the result of (a) any change in or any amendment to the laws, regulations, published practice or published tax rulings of any Relevant Jurisdiction, or of any political subdivision or taxing authority thereof or therein, affecting taxation, or (b) any change in the official administration, application, or interpretation by a relevant court or tribunal, government or government authority of any Relevant Jurisdiction of such laws, regulations, published practice or published tax rulings either generally or in relation to the Notes or the Guarantees, which change or amendment becomes effective on or after the later of (x) the original issue date of the Notes or the Guarantees or (y) the date on which a jurisdiction becomes a Relevant Jurisdiction (whether by consolidation, merger or transfer of assets of the Issuer or any Guarantor, change in place of payment on the Notes or any Guarantee or otherwise) or which change in official administration, application or interpretation shall not have been available to the public prior to such later date, the Issuer or the applicable Guarantors would be required to pay any Additional Amounts pursuant to the indenture or the terms of any Guarantee in respect of interest on the next succeeding interest payment date (assuming, in the case of the Guarantors, a payment in respect of such interest was required to be made by the applicable Guarantor under the Guarantee thereof on such interest payment date and the applicable Guarantor would be unable, for reasons outside their control, to procure payment by the Issuer), and the obligation to pay Additional Amounts cannot be avoided by the use of commercially reasonable measures available to the Issuer or the applicable Guarantor, the Issuer may, at its option, redeem all (but not less than all) of the corresponding Notes, upon not less than 30 nor more than 60 days' written notice as provided in the indenture (i) in the case of Notes represented by a global note, to and through Euroclear or Clearstream for communication by them to the holders of interests in the Notes to be so redeemed, or (ii) in the case of definitive Notes, to each holder of record of the Notes to be redeemed at its registered address, at a redemption price equal to 100% of the principal amount thereof plus accrued interest to the date fixed for redemption; provided, however, that:

(1)    no such notice of redemption may be given earlier than 60 days prior to the earliest date on which the Issuer or the applicable Guarantor would be obligated to pay such Additional Amounts were a payment in respect of the Notes or the applicable Guarantee thereof then due; and

(2)    at the time any such redemption notice is given, such obligation to pay such Additional Amounts must remain in effect.

Prior to any such redemption, the Issuer, the applicable Guarantor or any Person with whom the Issuer or the applicable Guarantor has consolidated or merged, or to whom the Issuer or the applicable Guarantor has conveyed or transferred or leased all or substantially all of its properties and assets (the successor Person in any such transaction, a "Successor Person"), as the case may be, shall provide the Trustee with an opinion of counsel to the effect that the conditions precedent to such redemption 

have occurred and a certificate signed by an authorized officer stating that the obligation to pay Additional Amounts cannot be avoided by taking measures that the Issuer, the applicable Guarantor or the Successor Person, as the case may be, believes are commercially reasonable.

Optional redemption

The Notes are redeemable, in whole or in part, at the option of the Issuer at any time at a redemption price equal to the greater of (1) 100% of the principal amount of the Notes being redeemed and (2) as determined by the Quotation Agent (as defined below), the sum of (a) the present value of the principal amount of the Notes to be redeemed and (b) the present value of the remaining scheduled payments of interest thereon (not including any portion of such payments of interest accrued to the date of redemption) from the redemption date to the maturity date of the Note being redeemed, in each case, discounted to the date of redemption on an annual basis (Actual/Actual ICMA) at the Comparable Government Bond Rate (as defined below) plus 30 basis points (0.300%), plus, in each case, accrued and unpaid interest thereon to the date of redemption; provided, however, notwithstanding the foregoing, if the Issuer redeems any of the Notes on or after the Par Call Date (as defined below), such Notes are redeemable at the Issuer's option at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to the redemption date of such Notes being redeemed to such date of redemption.

The principal amount of any Note remaining outstanding after a redemption in part shall be €100,000 or a higher integral multiple of €1,000. Notwithstanding the foregoing, installments of interest on Notes that are due and payable on interest payment dates falling on or prior to a redemption date will be payable on the interest payment date to the registered holders of Notes as of the close of business on the relevant record date according to the Notes and the indenture.

"Comparable Government Bond" means, in relation to any Comparable Government Bond Rate calculation, at the discretion of an independent investment bank selected by us (the "Quotation Agent"), a German government bond whose maturity is closest to the par call date, or if such Quotation Agent in its discretion determines that such similar bond is not in issue, such other German government bond as such Quotation Agent may, with the advice of three brokers of, and/or market makers in, German government bonds selected by us, determine to be appropriate for determining the Comparable Government Bond Rate.

"Comparable Government Bond Rate" means the price, expressed as a percentage (rounded to three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the Notes to be redeemed, if they were to be purchased at such price on the third Business Day prior to the date fixed for redemption, would be equal to the gross redemption yield on such Business Day of the Comparable Government Bond on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 A.M. (London time) on such Business Day as determined by the Quotation Agent selected by us.

"Par Call Date" means April 23, 2027.

Notice of any redemption will be provided at least 30 days but not more than 60 days before the redemption date to each holder of the Notes to be redeemed (i) in the case of Notes represented by a global note, to and through Euroclear or Clearstream for communication by them to the holders of interests in the Notes to be so redeemed, or (ii) in the case of definitive Notes, by mail to each holder of record of the Notes to be redeemed at its registered address. Unless the Issuer defaults in payment of the redemption price and accrued interest, on and after the redemption date, interest will cease to accrue on the Notes or portions thereof called for redemption.

If less than all of the Notes are being redeemed, the Notes for redemption will be selected as follows:

•if the Notes are held through Euroclear or Clearstream, in compliance with the standard procedures of Euroclear and Clearstream; or

•if the Notes are not held through any clearing system, on a pro rata basis, by lot or by such other method as the Trustee deems fair and appropriate.

The Trustee may select for redemption the Notes and portions of the Notes in amounts of €100,000 or integral multiples of €1,000 in excess thereof.

Governing law

The indenture and the Notes are governed by, and construed in accordance with, the laws of the State of New York.

Concerning our relationship with the trustee

The Issuer and the Guarantors have commercial deposits and custodial arrangements with Deutsche Bank Trust Company Americas, or "Deutsche Bank," and may have borrowed money from Deutsche Bank or its affiliates in the normal course of business. The Issuer and the Guarantors may enter into similar or other banking relationships with Deutsche Bank or its affiliates in the future in the normal course of business. Deutsche Bank may also act as trustee with respect to other debt securities issued by the Issuer and the Guarantors.

Offers to purchase; open market purchases

Neither the Issuer nor any of the Guarantors is required to make any sinking fund payments or any offers to purchase with respect to the Notes or the Guarantees. The Issuer or the Guarantors may at any time and from time to time purchase Notes in the open market or otherwise.

Certain covenants

Pursuant to the indenture, the Issuer and each of the Guarantors have covenanted and agreed as follows.

Offer to repurchase upon change of control triggering event

The indenture provides that, upon the occurrence of a Change Of Control Triggering Event, unless the Issuer has exercised its right to redeem the Notes in accordance with their terms, each holder of the Notes will have the right to require the Issuer to purchase all or a portion of such holder's Notes pursuant to the offer described below (the "Change of Control Offer"), at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase, subject to the rights of holders of the Notes on the relevant record date to receive interest due on the relevant interest payment date.

Within 30 days following the date upon which the Change of Control Triggering Event occurred, or at the Issuer's option, prior to any Change of Control but after the public announcement of the pending Change of Control, the Issuer will be required to send, by first class mail, a notice to each holder of the Notes, with a copy to the Trustee, which notice will govern the terms of the Change of Control Offer. Such notice will state, among other things, the purchase date, which must be no earlier than 30 days nor later than 60 days from the date such notice is mailed, other than as may be required by law (the "Change of Control Payment Date"). The notice, if mailed prior to the date of consummation of the Change of Control, will state that the Change of Control Offer is conditioned on the Change of Control being consummated on or prior to the Change of Control Payment Date. Holders of Notes electing to have Notes purchased pursuant to a Change of Control Offer will be required to surrender their Notes, with the form entitled "Option of Holder to Elect Purchase" on the reverse of the Note completed, to the Trustee at the address specified in the notice, or transfer their Notes to the Trustee by book-entry transfer pursuant to the applicable procedures of the Trustee, prior to the close of business on the third Business Day prior to the Change of Control Payment Date.

The Issuer will not be required to make a Change of Control Offer if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for such an offer made by the Issuer and such third party purchases all corresponding Notes properly tendered and not withdrawn under its offer.

The definition of Change of Control includes a phrase relating to the direct or indirect sale, lease, transfer, conveyance or other disposition of "all or substantially all" of our assets and the assets of our subsidiaries taken as a whole. Although there is a limited body of case law interpreting the phrase "substantially all," there is no precise, established definition of the phrase under applicable law. Accordingly, the applicability of the requirement that the Issuer offer to repurchase the Notes as a result of a sale, lease, transfer, conveyance or other disposition of less than all of our assets and the assets of our subsidiaries taken as a whole to another "person" (as such terms is used in Section 13(d)(3) of the Exchange Act) may be uncertain.

Limitation on liens

Pursuant to the indenture, for so long as any of the Notes or any of the Guarantees are outstanding, Amcor will not, and will not permit any Subsidiary to, create, assume, incur, issue or otherwise have outstanding any Lien upon, or with respect to, any of the present or future business, property, undertaking, assets or revenues (including, without limitation, any Equity Interests and uncalled capital), whether now owned or hereafter acquired (together, "assets") of Amcor or such Subsidiary, to secure any 

Indebtedness, unless the Notes and applicable Guarantees are secured by such Lien equally and ratably with (or prior to) such Indebtedness, except for the following, to which this covenant shall not apply:

(a)    Liens on assets securing Indebtedness of Amcor or such Subsidiary outstanding on the date of the indenture;

(b)    Liens on assets securing Indebtedness owing to Amcor or any Subsidiary (other than a Project Subsidiary);

(c)    Liens existing on any asset prior to the acquisition of such asset by Amcor or any Subsidiary after the original issue date of the Notes, provided that (i) such Lien has not been created in anticipation of such asset being so acquired, (ii) such Lien shall not apply to any other asset of Amcor or any Subsidiary, other than to proceeds and products of, and, in the case of any assets other than Equity Interests, after-acquired property that is affixed or incorporated into, the assets covered by such Lien on the date of such acquisition of such assets, (iii) such Lien shall secure only the Indebtedness secured by such Lien on the date of such acquisition of such asset and (iv) such Lien shall be discharged within one year of the date of acquisition of such asset or such later date as may be the date of the maturity of the Indebtedness that such Lien secures if such Indebtedness is fixed interest rate indebtedness that provides a commercial financial advantage to Amcor and the Subsidiaries;

(d)    Liens on any assets of a Person that becomes a Subsidiary (or of any Person not previously a Subsidiary that is merged or consolidated with or into a Subsidiary) after the original issue date of the Notes that existed prior to the time such Person becomes a Subsidiary (or is so merged or consolidated), provided that (i) such Lien has not been created in anticipation of such Person becoming a Subsidiary (or such merger or consolidation), (ii) such Lien shall not apply to any other asset of Amcor or any Subsidiary, other than to proceeds and products of, and, in the case of any assets other than Equity Interests, after-acquired property that is affixed or incorporated into, the assets covered by such Lien on the date such Person becomes a Subsidiary (or is so merged or consolidated), (iii) such Lien shall secure only the Indebtedness secured by such Lien on the date such Person becomes a Subsidiary (or is so merged or consolidated) and (iv) such Lien shall be discharged within one year of the date such Person becomes a Subsidiary (or is so merged or consolidated) or such later date as may be the date of the maturity of the Indebtedness that such Lien secures if such Indebtedness is fixed interest rate indebtedness that provides a commercial financial advantage to Amcor and the Subsidiaries;

(e)    Liens created to secure Indebtedness, directly or indirectly, incurred for the purpose of purchasing Equity Interests or other assets (other than real or personal property of the type contemplated by clause (f) below), provided that (i) such Lien shall secure only such Indebtedness incurred for the purpose of purchasing such assets, (ii) such Lien shall apply only to the assets so purchased (and to proceeds and products of, and, in the case of any assets other than Equity Interests, any subsequently after-acquired property that is affixed or incorporated into, the assets so purchased) and (iii) such Lien shall be discharged within two years of such Lien being granted;

(f)    Liens created to secure Indebtedness incurred for the purpose of acquiring or developing any real or personal property or for some other purpose in connection with the acquisition or development of such property, provided that (i) such Lien shall secure only such Indebtedness,

(ii)    such Lien shall not apply to any other assets of Amcor or any Subsidiary, other than to proceeds and products of, and after-acquired property that is affixed or incorporated into, the property so acquired or developed and (iii) the rights of the holder of the Indebtedness secured by such Lien shall be limited to the property that is subject to such Lien, it being the intention that the holder of such Lien shall not have any recourse to Amcor or any Subsidiaries personally or to any other property of Amcor or any Subsidiary;

(g)    Liens for any borrowings from any financial institution for the purpose of financing any import or export contract in respect of which any part of the price receivable is guaranteed or insured by such financial institution carrying on an export credit guarantee or insurance business, provided that (i) such Lien applies only to the assets that are the subject of such import or export contract and (ii) the amount of Indebtedness secured thereby does not exceed the amount so guaranteed or insured;

(h)    Liens for Indebtedness from an international or governmental development agency or authority to finance the development of a specific project, provided that (i) such Lien is required by applicable law or practice and (ii) the Lien is created only over assets used in or derived from the development of such project;

(i)    any Lien created in favor of co-venturers of Amcor or any Subsidiary pursuant to any agreement relating to an unincorporated joint venture, provided that (i) such Lien applies only to the Equity Interests in, or the assets of, such unincorporated joint venture and (ii) such Lien secures solely the payment of obligations arising under such agreement;

(j)    Liens over goods and products, or documents of title to goods and products, arising in the ordinary course of business in connection with letters of credit and similar transactions, provided that such Liens secure only the acquisition cost or selling price (and amounts incidental thereto) of such goods and products required to be paid within 180 days;

(k)    Liens arising by operation of law in the ordinary course of business of Amcor or any Subsidiary;

(l)    Liens created by Amcor or any Subsidiary over a Project Asset of Amcor or such Subsidiary, provided that such Lien secures only (i) in the case of a Lien over assets referred to in clause (a) of the definition of Project Assets, Limited Recourse Indebtedness incurred by Amcor or such Subsidiary or (ii) in the case of a Lien over Equity Interests referred to in clause (b) of the definition of Project Assets, Limited Recourse Indebtedness incurred by the direct Subsidiary of Amcor or such Subsidiary;

(m)    Liens arising under any netting or set-off arrangement entered into by Amcor or any Subsidiary in the ordinary course of its banking arrangements for the purpose of netting debit and credit balances of Amcor or any Subsidiary;

(n)    Liens incurred in connection with any extension, renewal, replacement or refunding (together, a "refinancing") of any Lien permitted in clauses (a) through (m) above and any successive refinancings thereof permitted by this clause (n) (each an "Existing Security"), provided that (i) such Liens do not extend to any asset that was not expressed to be subject to the Existing Security, (ii) the principal amount of Indebtedness secured by such Liens does not exceed the principal amount of Indebtedness that was outstanding and secured by the Existing Security at the time of such refinancing and (iii) any refinancing of an Existing Security incurred in accordance with clauses (c) through (e) above (and any subsequent refinancings thereof permitted by this clause (n)) will not affect the obligation to discharge such Liens within the time frames that applied to such Existing Security at the time it was first incurred (as specified in the applicable clause);

(o)    any Lien arising as a result of a Change in Lease Accounting Standard; and

(p)    other Liens by Amcor or any Subsidiary securing Indebtedness, provided that, immediately after giving effect to the incurrence or assumption of any such Lien or the incurrence of any Indebtedness secured thereby, the aggregate principal amount of all outstanding Indebtedness of Amcor and any Subsidiary secured by any Liens pursuant to this clause (p) shall not exceed 10% of Total Tangible Assets at such time.

There are no restrictions in the indenture limiting the amount of unsecured Indebtedness that Amcor or any of its Subsidiaries may have outstanding at any time.

Consolidation, merger and sale of assets

The indenture provides that for so long as any of the Notes of any series issued thereunder or Guarantees thereunder are outstanding, neither the Issuer nor any applicable Guarantor may consolidate with or merge into any other Person that is not the Issuer or an applicable Guarantor, or convey, transfer or lease all or substantially all of its properties and assets to any Person that is not the Issuer or an applicable Guarantor, unless:

(1)    any Person formed by such consolidation or into which the Issuer or such Guarantor, as the case may be, is merged or to whom the Issuer or such Guarantor, as the case may be, has conveyed, transferred or leased all or substantially all of its properties and assets is a corporation, partnership or trust organized and validly existing under the laws of its jurisdiction of organization, and such Person either is the Issuer or any other applicable Guarantor or assumes by supplemental indenture the Issuer's or such Guarantor's obligations, as the case may be, on such Notes or such Guarantees, as applicable, and under the indenture (including any obligation to pay any Additional Amounts);

(2)    immediately after giving effect to the transaction and treating any Indebtedness which becomes an obligation of the Issuer or any applicable Guarantor as a result of such transaction as having been incurred at the time of such transaction, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing;

(3)    any such Person not incorporated or organized and validly existing under the laws of the United States, any State thereof or the District of Columbia, Jersey, the Commonwealth of Australia or the United Kingdom or any state or territory thereof shall expressly agree by a supplemental indenture,

(a)    to indemnify the holder of each such Note and each beneficial owner of an interest therein against (X) any tax, duty, assessment or other governmental charge imposed on such holder or beneficial owner or required to be withheld 

or deducted from any, payment to such holder or beneficial owner as a consequence of such consolidation, merger, conveyance, transfer or lease, and (Y) any costs or expenses of the act of such consolidation, merger, conveyance, transfer or lease, and

(b)    that all payments pursuant to such Notes or such Guarantees in respect of the principal of and any premium and interest on such Notes, as the case may be, shall be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of the jurisdiction of organization or residency of such Person or any political subdivision or taxing authority thereof or therein, unless such taxes, duties, assessments or governmental charges are required by such jurisdiction or any such subdivision or authority to be withheld or deducted, in which case such Person will pay such additional amounts ("Successor Additional Amounts") as will result (after deduction of such taxes, duties, assessments or governmental charges and any additional taxes, duties, assessments or governmental charges payable in respect of such) in the payment to each holder or beneficial owner of a Note of such series of the amounts which would have been received pursuant to such Notes or such Guarantees, as the case may be, had no such withholding or deduction been required, subject to the same exceptions as would apply with respect to the payment by the applicable Issuer or the applicable Guarantors of Additional Amounts in respect of such Notes or such Guarantees (substituting the jurisdiction of organization of such Person for any Relevant Jurisdiction) (see "—Payment of additional amounts"); and

(4)    certain other conditions are met.

The foregoing provisions would not necessarily afford holders of the Notes protection in the event of highly leveraged or other transactions involving the Issuer or the applicable Guarantors that may adversely affect holders of the Notes.

Modification and waiver

There are three types of changes the Issuer can make to the indenture and the Notes.

Changes requiring unanimous approval

First, there are the following changes, which the Issuer cannot make to the Notes or the indenture without the specific consent of the holder of each Note affected thereby:

•Change the stated maturity of, or any installment of, the principal, premium (if any) or interest on the Notes or the rate of interest on the Notes or change the Issuer’s obligation to pay Additional Amounts on the Notes, as described above under the section entitled "—Payment of additional amounts."

•Change the place or currency of payment on the Notes.

•Impair the ability of any holder of the Notes of such series to sue for payment.

•Reduce the amount of principal payable upon acceleration of the maturity of the Notes following an Event of Default.

•Reduce any amounts due on the Notes.

•Reduce the aggregate principal amount of the Notes the consent of the holders of which is needed to modify or amend the indenture.

•Reduce the aggregate principal amount of the Notes the consent of the holders of which is needed to waive compliance with certain provisions of the indenture or to waive certain defaults.

•Modify in a way that adversely affects holders any other aspect of the provisions dealing with modification or waiver under the indenture.

•Modify in a way that adversely affects holders the terms and conditions of the applicable Guarantors' payment obligations (including with respect to Additional Amounts) under the Notes.

•Waive a default or an Event of Default in the payment of principal of, or interest or premium, if any, on the Notes (except a rescission of acceleration of the Notes by the holders of at least a majority in aggregate principal amount of the outstanding Notes, and a waiver of the payment default that resulted from such acceleration).

•Subordinate the Notes or the Guarantees thereof to any other obligation of the Issuer or any of the applicable Guarantors.

•Release any applicable Guarantee (other than in accordance with the indenture).

•Change any of the provisions set forth above requiring the consent of the holders of the Notes.

Changes requiring majority approval

With the consent of the holders of not less than a majority in aggregate principal amount of the outstanding the Notes affected thereby, the Issuer and the Trustee may modify the indenture or the Notes for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the indenture or of modifying in any manner the rights of the holders of such Notes; provided that the Issuer cannot obtain a waiver of a payment default or any change in respect of the indenture or the Notes listed under "—Changes requiring unanimous approval" without the consent of each holder of the Notes to such waiver or change.

Changes not requiring approval

The third type of change does not require any vote or consent by holders of the Notes. This type is limited to clarifications and certain other changes as specified in the indenture that would not adversely affect holders of the Notes in any material respect.

Further details concerning voting / consenting

When taking a vote or obtaining a consent, the Issuer will use the principal amount that would be due and payable on the voting date, if the maturity of the corresponding Notes were accelerated to that date because of an Event of Default.

Notes will not be considered outstanding, and therefore not eligible to vote, if the Issuer has deposited or set aside in trust for you money for their payment or redemption, or if such Notes have been cancelled by the Trustee or delivered to the Trustee for cancellation.

The Issuer will generally be entitled to set any day as a record date for the purpose of determining the holders of outstanding Notes that are entitled to vote or take other action under the indenture. In certain limited circumstances, the Trustee will be entitled to set a record date for action by holders of the Notes. If the Issuer or the Trustee sets a record date for a vote or other action to be taken by holders of the Notes, that vote or action may be taken only by persons who are holders of such Notes on the record date and must be taken within 180 days following the record date or a shorter period that the Issuer may specify (or as the Trustee may specify, if it set the record date). The Issuer may shorten or lengthen (but not beyond 180 days) this period from time to time.

Satisfaction and discharge

The indenture will be discharged and will cease to be of further effect as to all debt securities issued thereunder, when:

•either:

◦all debt securities under the indenture that have been authenticated and delivered, except lost, stolen or destroyed debt securities under the indenture that have been replaced or paid and applicable series of debt securities for whose payment money has been deposited in trust and thereafter repaid to the applicable issuer or discharged from such trust, have been delivered to the Trustee for cancellation; or

◦all debt securities under the indenture that have not been delivered to the Trustee for cancellation (i) have become due and payable by reason of the mailing of a notice of redemption or otherwise, (ii) will become due and payable at their stated maturity within one year or (iii) are to be called for redemption within one year, and, in each case the applicable issuer has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the holders of such debt securities, cash in US dollars, not-callable U.S. 

Government Obligations, or a combination thereof, in amounts as will be sufficient without consideration of any reinvestment of interest, to pay and discharge the entire indebtedness on the applicable series of debt securities not delivered to the Trustee for cancellation, for principal, premium, if any, and accrued interest to the maturity date or redemption date, as the case may be;

•no default or Event of Default has occurred and is continuing on the date of the deposit or will occur as a result of the deposit and the deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the applicable issuer is a party or by which the applicable issuer is bound;

•the applicable issuer has paid or caused to be paid all sums payable by it under the indenture including all amounts due and payable to the trustee; and

•the applicable issuer has delivered irrevocable instructions to the trustee under the applicable indenture to apply the deposited money toward the payment of the applicable series of debt securities at its maturity date or redemption date, as the case may be. 

In addition, the applicable issuer must deliver to the Trustee an officers' certificate of one of its responsible officers and an opinion of counsel reasonably acceptable to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied.

Defeasance and covenant defeasance

The indenture provides that the Issuer and the Guarantors, at the Issuer’s or the applicable Guarantor(s)'s option with respect to the Notes and the Guarantees:

(1)    will be deemed to have been discharged from their respective obligations in respect of the Notes (except for certain obligations to register the transfer of or exchange the Notes, to replace stolen, lost, destroyed or mutilated Notes upon satisfaction of certain requirements (including, without limitation; providing such security or indemnity as the Trustee, the Issuer or the applicable Guarantors may require) and except obligations to pay all amounts due and owing to the Trustee under the indenture), to maintain paying agents and to hold certain moneys in trust for payment); or

(2)    need not comply with certain restrictive covenants of the indenture (including those described under "—Certain covenants—Limitation on Liens" and "—certain Covenants—Consolidation, merger and sale of assets"),
in each case if the Issuer or the applicable Guarantors deposit in trust with the Trustee (i) money in an amount, (ii) U.S. Government Obligations that through the scheduled payment of principal and interest in respect of the Notes in accordance with their terms will provide, not later than one day before the due date of any payment, money in an amount or (iii) a combination thereof, in each case sufficient to pay all the principal of, and any premium and interest (and any Additional Amounts then known) on the Notes, on the dates such payments are due in accordance with the terms of the indenture.
In the case of discharge pursuant to clause (1) above, the Issuer or the applicable Guarantors, as the case may be, is required to deliver to the Trustee an opinion of counsel stating that (a) the Issuer or the applicable Guarantors, as the case may be, has received from, or there has been published by, the IRS, a ruling or (b) since the original issue date of the Notes, there has been a change in the applicable U.S. federal income tax law, in either case to the effect that the holders of the Notes will not recognize gain or loss for U.S. federal income tax purposes as a result of the exercise of the option under clause (1) above and will be subject to federal income tax on the same amount and in the same manner and at the same times as would have been the case if such option had not been exercised. In the case of discharge pursuant to clause (2) above, the Issuer or the applicable Guarantors, as the case may be, is required to deliver to the Trustee an opinion of counsel stating that the holders of the Notes will not recognize gain or loss for U.S. federal income tax purposes as a result of the exercise of the option under clause (2) above and will be subject to U.S. federal income tax on the same amount, in the same manner and at the same times as would have been the case if such option had not been exercised.

Guarantees 

Under each Guarantee, each Guarantor unconditionally guaranteed the due and punctual payment of the principal, interest (if any), premium (if any) and all other amounts due on the Notes and under the applicable indenture when the same shall become due and payable, whether at maturity, pursuant to mandatory or optional redemption or repayments, by acceleration or otherwise, in each case after any applicable grace periods or notice requirements, according to the terms of the Notes.
The obligations of each Guarantor under the Guarantees are unconditional, regardless of the enforceability of the Notes, and will not be discharged until all obligations under the Notes and the applicable indenture are satisfied. Holders of the applicable 

Notes may proceed directly against the applicable Guarantor under the applicable Guarantee if an event of default affecting those Notes occurs without first proceeding against the Issuer.

Fraudulent conveyance or transfer considerations

England and wales

Under English insolvency law, if a company enters administration or goes into liquidation, then the administrator or liquidator, as applicable, has certain powers to, among other things, apply to the court for such order as the court sees fit (including an order to set aside any transaction) to restore the position to what it would have been if the company had not entered into a transaction with any person at an "undervalue" (as described in the UK Insolvency Act 1986) if the transaction was entered into at a time in the period of two years ending with the onset of insolvency. A transaction might be at an "undervalue" if the company makes a gift to or otherwise receives no consideration from another party or receives consideration the value of which (in money or money's worth) is significantly lower than the value of the consideration given by the company. A court generally will not intervene, however, if the company entered into a transaction in good faith and for the purpose of carrying on its business and, at the time it did so, there were reasonable grounds for believing the transaction would benefit the company.

Additionally, if the liquidator or administrator can show that a "preference" was given by a company at a time in the period of six months ending with the onset of insolvency (or two years if the preference is to a connected person), a court can make such order as it see fits to restore the position to what it would have been had the preference not been given (including an order to set aside any transaction). Generally, a company gives a preference to a person if it does anything or suffers anything to be done which has the effect of putting a person who is one of the company's creditors, sureties or guarantors in a position which, in the event of the company's insolvent liquidation, will be better than the position that person would have been in had that thing not been done.

A court will only make an order in respect of a transaction at an undervalue or a preference if, at the time of the relevant transaction or preference, the company was insolvent within the meaning of the UK Insolvency Act 1986 or became insolvent as a consequence of the transaction or preference. Further, a court will not make an order in respect of a preference to a person unless the company was influenced in deciding to give the preference by a desire to improve that person's position in the event of the company's insolvent liquidation than if that thing had not been done, though this desire is presumed where the preference is to a connected person.

In addition, if it can be shown that a transaction entered into by a company was made at an undervalue and was made for the purpose of putting assets beyond the reach, or otherwise prejudicing the interests, of persons who might claim against it, then the court may make such order as it thinks fit for restoring the position to what it would have been had the transaction not been entered into (including an order to set aside any transaction) and for protecting the interests of "victims" of the transaction. Any person who is such a "victim" of the transaction (with the leave of the court), as well as the administrator or liquidator of the company, may assert such a claim. There is no statutory time limit within which a claim must be made, other than relevant limitation periods, and the company need not be insolvent at the time of the transaction or in liquidation or administration.

Australia

Under Australian insolvency laws, a guarantee may not be enforceable against a guarantor if a court were to find, in an insolvency or liquidation proceeding, (a) that the guarantor was insolvent (unable to pay its debts as they become due) at the time it provided its guarantee or was rendered insolvent by virtue of giving such guarantee and (b) upon application of a liquidator, where the winding up has begun within four years of the issuance of such guarantee, that the issuance of such guarantee was an "uncommercial transaction" under the Australian Act, which determination would be based upon a conclusion that a reasonable person in such guarantor's circumstances would not have issued such guarantee after consideration of (i) the benefits, if any, realized by such guarantor of issuing such guarantee, (ii) the detriment to such guarantor of issuing such guarantee, (iii) the respective benefits realized by other parties to the transaction, and (iv) any other fact that a reasonable person would consider relevant in connection with making such determination.

United States

Under United States bankruptcy law and comparable provisions of state fraudulent transfer laws, a guarantee can be voided, or claims under a guarantee may be subordinated to all other debts of that guarantor if, among other things, the guarantor, at the time it incurred the indebtedness evidenced by its guarantee:

•intended to hinder, delay or defraud any present or future creditor or received less than reasonably equivalent value or fair consideration for the incurrence of the guarantee;

•was insolvent or rendered insolvent by reason of such incurrence;

•was engaged in a business or transaction for which the guarantor's remaining assets constituted unreasonably small capital; or

•intended to incur, or believed that it would incur, debts beyond its ability to pay those debts as they mature.

In addition, any payment by that guarantor under a guarantee could be voided and required to be returned to the guarantor or to a fund for the benefit of the creditors of the guarantor.

The measures of insolvency for purposes of fraudulent transfer laws vary depending upon the governing law. Generally, a guarantor would be considered insolvent if:

•the sum of its debts, including contingent liabilities, was greater than the fair saleable value of all of its assets;

•the present fair saleable value of its assets was less than the amount that would be required, to pay its probable liability on its existing debts, including contingent liabilities, as they become absolute and mature; or

•it could not pay its debts as they become due.

Jersey

Under Article 17 of the Bankruptcy (Désastre) (Jersey) Law 1990, as amended (the "Jersey Bankruptcy Law") and Article 176 of the Jersey Companies Law, the court may, on the application of the Viscount of Jersey (in the case of a company whose property has been declared "en désastre") or liquidator (in the case of a creditors' winding up, a procedure which is instigated by shareholders not creditors), set aside a guarantee entered into by a company with any person at an undervalue. There is a five year look back period from the date of commencement of the winding up or declaration of "désastre" during which guarantees are susceptible to examination pursuant to this rule. If the court determines that the transaction was a transaction at an undervalue, the court can make such order as it thinks fit to restore the position to what it would have been in if the transaction had not been entered into. In any proceedings, it is for the Viscount of Jersey or liquidator to demonstrate that the Jersey company was insolvent unless a beneficiary of the transaction was a connected person or associate of the company, in which case there is a presumption of insolvency and the connected person must demonstrate the Jersey company was not insolvent when it entered the transaction in such proceedings.

Under Article 17A of the Jersey Bankruptcy Law and Article 176A of the Jersey Companies Law, the court may, on the application of the Viscount of Jersey (in the case of a company whose property has been declared "en désastre") or liquidator (in the case of a creditors' winding up), set aside a preference (including a guarantee) given by the company to any person. There is a 12 month look back period from the date of commencement of the winding up or declaration of "désastre" during which guarantees are susceptible to examination pursuant to this rule.

A guarantee will constitute a preference if it has the effect of putting a creditor of the Jersey company (or a surety or guarantor for any of the company's debts or liabilities) in a better position (in the event of the company going into an insolvent winding up) than such creditor, guarantor or surety would otherwise have been in had that transaction not been entered into. If the court determines that the guarantee constituted such a preference, the court has very wide powers for restoring the position to what it would have been if that preference had not been given. However, for the court to do so, it must be shown that in deciding to give the preference the Jersey company was influenced by a desire to produce the preferential effect. In any proceedings, it is for the Viscount of Jersey or liquidator to demonstrate that the Jersey company was insolvent at the relevant time and that the company was influenced by a desire to produce the preferential effect, unless the beneficiary of the guarantee was a connected person, in which case there is a presumption that the company was influenced by a desire to produce the preferential effect and the connected person must demonstrate in such proceedings that the company was not influenced by such a desire.

In addition to the Jersey statutory provisions referred to above, there are certain principles of Jersey customary law (for example, a Pauline action) under which dispositions of assets with the intention of defeating creditors' claims may be set aside.

Certain definitions

•"Accounts" means the consolidated statement of financial position, consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated cash flow statement of the Group, prepared on a consolidated basis in accordance with U.S. GAAP, together with reports (including directors' reports and, if applicable, auditors' reports) and notes attached to or intended to be read with any such consolidated financial statements.

•"Australian Act" means the Corporations Act 2001 (Cwlth) of Australia.

•"Business Day" means any day that is not a Saturday, Sunday or other day on which banking institutions in New York City, United States or London, United Kingdom are authorized or required by law to close and on which the Trans-European Automated Real-Time Gross Settlement Express Transfer system (the TARGET2 system), or any successor thereto, is open.

•"Change in Lease Accounting Standard" means, and shall be deemed to have occurred, as of the date of effectiveness of the FASB Accounting Standards Codification 842, Leases (or any other United States Accounting Standards Codification having a similar result or effect) (and related interpretations) and, as applicable, the date of effectiveness of the AASB AAS 16 (Leases).

•"Change of Control" means the occurrence of any one of the following:

(1)    the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of Amcor and its Subsidiaries taken as a whole to any person (including any "person" as that term is used in Section 13(d)(3) of the Exchange Act) other than to Amcor or one of its Subsidiaries;

(2)    the consummation of any transaction (including without limitation, any merger or consolidation) the result of which is that any person (including any "person" as that term is used in Section 13(d)(3) of the Exchange Act) becomes the "beneficial owner" (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) of more than 50% of the outstanding Voting Stock of Amcor, measured by voting power rather than number of shares;

(3)    Amcor consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, Amcor, in any such event pursuant to a transaction in which any of the Voting Stock of Amcor or such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the Voting Stock of Amcor constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving Person immediately after giving effect to such transaction;

(4)    the first day on which the majority of the members of the board of Amcor cease to be Continuing Directors; or

(5)    the adoption of a plan relating to the liquidation or dissolution of Amcor.

•"Change of Control Trigger Period" means, with respect to any Change of Control, the period commencing upon the earlier of (i) the occurrence of such Change of Control or (ii) 60 days prior to the date of the first public announcement of such Change of Control (or pending Change of Control) and ending 60 days following consummation of such Change of Control (which Change of Control Trigger Period will be extended following consummation of a Change of Control for so long as any of the Rating Agencies engaged by Amcor or Amcor UK has publicly announced that it is considering a possible ratings change).

•Under the indenture, "Change of Control Triggering Event" means with respect to any Change of Control:

(1)    if there are two Rating Agencies engaged by Amcor or Amcor UK providing ratings for the Notes issued under the indenture on the first day of the Change of Control Trigger Period with respect to such Change of Control, both Rating Agencies engaged by Amcor or Amcor UK cease to rate such Notes Investment Grade during such Change of Control Trigger Period; and

(2)    if there are three Rating Agencies engaged by Amcor or Amcor UK providing a rating for the Notes issued under the indenture on the first day of the Change of Control Trigger Period with respect to such Change of Control, two or 

more Rating Agencies engaged by Amcor or Amcor UK cease to rate such Notes Investment Grade during such Change of Control Trigger Period.

If there are not at least two Rating Agencies engaged by Amcor or Amcor UK providing a rating for the Notes issued under the indenture on the first day of any Change of Control Trigger Period, a Change of Control Triggering Event shall be deemed to have occurred. Notwithstanding the foregoing, no Change of Control Triggering Event will be deemed to have occurred in connection with any particular Change of Control unless and until such Change of Control has actually been consummated.

•"Continuing Director" means, as of any date of determination, any member of the board of Amcor who (i) was a member of such board on the date of the issuance of the Notes; or (ii) was nominated for election or elected to such board with the approval of a majority of the Continuing Directors who were members of such board at the time of such nomination or election.

•"Default" means any event which is, or after notice or lapse of time or both would become, an Event of Default.

•"Equity Interests" means shares of capital stock, partnership interests, membership interests, beneficial interests or other ownership interests, whether voting or nonvoting, in, or interests in the income or profits of, a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any of the foregoing; provided that, prior to the conversion thereof, debt securities convertible into Equity Interests shall not constitute Equity Interests.

•"Finance Lease" means a "finance lease" in accordance with U.S. GAAP under FASB Accounting Standards Codification 840, Leases.

•"Fitch" means Fitch, Inc., a subsidiary of Fimalac, S.A., and its successors.

•"Group" means Amcor and its Subsidiaries taken as a whole.

•"Hedge Agreement" means any agreement with respect to any swap, forward, future or derivative transaction, or any option or similar agreement, involving, or settled by reference to, one or more rates, currencies, commodities, prices of equity or debt securities or instruments, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value, or any similar transaction or combination of the foregoing transactions; provided that any options, rights or shares issued pursuant to any employee share or bonus plan, including any phantom rights or phantom shares, or any similar plans providing for payments only on account of services provided by current or former directors, officers, employees or consultants of Amcor or its Subsidiaries shall not be a Hedge Agreement.

•"Indebtedness" means, with respect to any Person, all obligations of such Person, present or future, actual or contingent, in respect of moneys borrowed or raised or otherwise arising in respect of any financial accommodation whatsoever, including (a) amounts raised by acceptance or endorsement under any acceptance credit or endorsement credit opened on behalf of such Person, (b) any Indebtedness (whether actual or contingent, present or future) of another Person that is guaranteed, directly or indirectly, by such Person or that is secured by any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed by such Person, (c) the net amount actually or contingently (assuming the arrangement was closed out on the relevant day) payable by such Person under or in connection with any Hedge Agreement, (d) liabilities (whether actual or contingent, present or future) in respect of redeemable preferred Equity Interests in such Person or any obligation of such Person incurred to buy back any Equity Interests in such Person, (e) liabilities (whether actual or contingent, present or future) under Finance Leases for which such Person is liable, (f) any liability (whether actual or contingent, present or future) in respect of any letter of credit opened or established on behalf of such Person, (g) all obligations of such Person in respect of the deferred purchase price of any asset or service and any related obligation deferred (i) for more than 90 days or (ii) if longer, in respect of trade creditors, for more than the normal period of payment for sale and purchase within the relevant market (but not including any deferred amounts arising as a result of such a purchase being contested in good faith), (h) amounts for which such Person may be liable (whether actually or contingently, presently or in the future) in respect of factored debts or the advance sale of assets for which there is recourse to such Person, (i) all obligations of such Person evidenced by debentures, notes, debenture stock, bonds or other financial instruments, whether issued for cash or a consideration other than cash and in respect of which such Person is liable as drawer, acceptor, endorser, issuer or otherwise, (j) obligations of such Person in respect of notes, bills of exchange or commercial paper or other financial instruments and (k) any indebtedness (whether actual or contingent, present or future) for moneys owing under any instrument entered into by such Person primarily as a method of raising finance and that is not otherwise referred to in this definition. The Indebtedness of any Person shall include the Indebtedness of 

any other Person (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person's ownership interest in or other relationship with such other Person, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor.

•"Investment Grade" means (i) a rating of Baa3 or better by Moody's (or its equivalent under any successor rating category of Moody's); (ii) a rating of BBB-or better by S&P (or its equivalent under any successor rating category of S&P); (iii) a rating of BBB- or better by Fitch (or its equivalent under any successor rating category of Fitch) or (iv) in the event of the Notes being rated by a permitted Substitute Rating Agency, the equivalent of either (i), (ii) or (iii) by such Substitute Rating Agency.

•"Lien" means, with respect to any asset, (a) any mortgage, deed or other instrument of trust, lien, pledge, hypothecation, charge, security interest or other encumbrance on, in or of such asset, including any arrangement entered into for the purpose of making particular assets available to satisfy any Indebtedness or other obligation and (b) the interest of a vendor or a lessor under any conditional sale agreement, Finance Lease or capital lease or title retention agreement (other than any title retention agreement entered into with a vendor on normal commercial terms in the ordinary course of business) relating to such asset.

•"Limited Recourse Indebtedness" means Indebtedness incurred by Amcor or any Subsidiary to finance the creation or development of a Project or proposed Project of Amcor or such Subsidiary, provided that, as specified in the terms of such Limited Recourse Indebtedness:

(a)    the Person (the "Relevant Person") in whose favor such Indebtedness is incurred does not have any right to enforce its rights or remedies (including for any breach of any representation or warranty or obligation) against Amcor or such Subsidiary, as applicable, or against the Project Assets of Amcor or such Subsidiary, as applicable, in each case, except for the purpose of enforcing a Lien that attaches only to the Project Assets and secures an amount equal to the lesser of the value of the Project Assets of Amcor or such Subsidiary, as applicable encumbered by such Lien and the amount of Indebtedness secured by such Lien; and

(b)    the Relevant Person is not permitted or entitled (i) except as and to the extent permitted by clause (a) above, to enforce any right or remedy against, or demand payment or repayment of any amount from, Amcor or any Subsidiary (including for breach of any representation or warranty or obligation), (ii) except as and to the extent permitted by clause (a) above, to commence or enforce any proceedings against Amcor or any Subsidiary or (iii) to apply to wind up, or prove in the winding up of, Amcor or any Subsidiary, such that the Relevant Person's only right of recourse in respect of such Indebtedness or such Lien is to the Project Assets encumbered by such Lien.

•"Moody's" means Moody's Investors Service, Inc., a subsidiary of Moody's Corporation, and its successors.

•"Person" means any individual, corporation, partnership, association, limited liability company, trust, unincorporated organization or government or any agency or political subdivision thereof.

•"Project" means any project or development undertaken or proposed to be undertaken by Amcor or any Subsidiary involving (a) the acquisition of assets or property, (b) the development of assets or property for exploitation or (c) the acquisition and development of assets or property for exploitation.

•"Project Assets" means (a) any asset or property of Amcor or any Subsidiary relating to the creation or development of a Project or proposed Project of Amcor or such Subsidiary, including any assets or property of Amcor or such Subsidiary, as applicable, derived from, produced by or related to such Project and (b) any fully paid shares or other Equity Interests in any Subsidiary that are held by the direct parent company of such Subsidiary, provided that (i) such Subsidiary carries on no business other than the business of such Project or proposed Project and (ii) there is no recourse to such direct parent company of such Subsidiary other than to those fully paid shares or other Equity Interests and the rights and proceeds in respect of such shares or Equity Interests.

•"Rating Agency" means each of Moody's, S&P, Fitch or any Substitute Rating Agency, but only to the extent such Rating Agency is then-engaged by Amcor or Amcor UK to provide a rating for the Notes.

•"S&P" means Standard & Poor's Rating Services, a division of The McGraw Hill Companies, Inc., and its successors.

•"Specified Indebtedness" means Indebtedness of the Issuer or any applicable Guarantor in an outstanding principal amount of at least $150,000,000 (or its equivalent in the relevant currency of payment) issued under any credit facility, indenture, purchase agreement, credit agreement or similar facility.

•"Subsidiary" means, with respect any Person, (a) any corporation, association or other business entity in which such Person or one or more of its Subsidiaries or such Person and one or more of its Subsidiaries owns or controls sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the absence of contingencies, to elect a majority of the directors (or Persons performing similar functions) of such entity, and (b) any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such Person or one or more of its Subsidiaries or such Person and one or more of its Subsidiaries (unless such partnership or joint venture can and does ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries). Unless the context otherwise clearly requires, any reference to a "Subsidiary" is a reference to a Subsidiary of Amcor.

•"Substitute Rating Agency" means a "nationally recognized statistical rating organization" within the meaning of the Exchange Act engaged by Amcor to provide a rating of the Notes in the event that Moody's, S&P or Fitch, or any other Substitute Rating Agency, has ceased to provide a rating of the Notes for any reason other than as a result of any action or inaction by Amcor, and as a result thereof there are no longer two Rating Agencies providing ratings of the Notes.

•"Total Tangible Assets" means, as of any date, (a) the aggregate amount of the assets (other than intangible assets, goodwill and deferred tax assets) of the Group, as disclosed on the consolidated statement of financial position in the most recent Accounts of the Group, minus (b) the lesser of (i) the aggregate value of all Project Assets subject to any Lien securing any Limited Recourse Indebtedness and (ii) the aggregate principal amount of Limited Recourse Indebtedness, in each case, as reflected in (or derived from) the most recent Accounts of the Group, plus (c) the net cash proceeds received by Amcor from any share capital issuance by Amcor consummated after the date of the most recent balance sheet included in such Accounts and on or prior to such date.

•"U.S. GAAP" means the generally accepted accounting principles in the United States.

•"U.S. Government Obligations" means direct obligations (or certificates representing an ownership interest in such obligations) of the United States (including any agency or instrumentality thereof) for the payment of which the full faith and credit of the United States is pledged and which are not callable at the Issuer's option.

•"Voting Stock" of any specified Person as of any date means the capital stock of such Person that is at the time entitled to vote generally in the election of the board of directors of such Person.Exhibit
10.1

 

Certain
identified information marked with [***] has been excluded from this Exhibit because it is not material and is of the type that
the registrant treats as private and confidential

 

BOTTLING
AGREEMENT

 

THIS
BOTTLING AGREEMENT (including all exhibits, schedules and attachments, this “Agreement”) is effective as of 6/24/2022,
(the “Effective Date”) by and between Azure Water Bottling of FL, LLC, a Florida limited liability company
(“Bottler”), and GOLDEN ALLY LIFETECH GROUP, INC. (“Customer”).

 

RECITALS

 

WHEREAS,
Bottler has experience bottling products at its affiliated bottling facilities, including the facility located at 1903 Greenleaf Ln,
Leesburg, FL 34748 (the “Plant”), and desires to produce, bottle, pack, and handle certain products in accordance
with the terms and conditions of this Agreement;

 

WHEREAS,
Customer is in the business of creating, designing, marketing, and distributing food and beverage products;

 

WHEREAS,
Customer desires to engage Bottler to produce certain products for Customer and Bottler desires to produce such products in accordance
with the terms and conditions set forth herein.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the foregoing, the terms and conditions set forth below, and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound, the parties hereby agree as follows:

 

1.
Products.

 

(a)
Production of Products. During the Term (as defined in Section 13(a)), Bottler shall, at such times and in such quantities as
ordered by Customer, produce for Customer the products set forth on Exhibit A (“Products”) as such Exhibit
may be amended from time to time by mutual written agreement of the parties.

 

(b)
Technology. Customer shall license to Bottler, as set forth below, certain proprietary technology (the “Technology”)
embodied in certain equipment which is necessary to create the Products, as more fully set forth on Exhibit A (the “Equipment”).
The Equipment is hereby consigned to Bottler for the exclusive purpose of producing the Products in accordance with this Agreement. Customer
and Bottler shall coordinate the delivery and installation of the Equipment at the Plant. All Equipment shall be supplied by Customer
and installed at the sole expense of Customer.

 

(c)
Specifications. Customer shall provide Bottler with the specifications and standards for the Products (the “Specifications”).
Specifications will be communicated by Customer to Bottler in writing from time to time. Bottler shall produce the Products according
to each Product’s Specifications. Bottler shall not produce any Products that fail to comply with either this Agreement, the Specifications,
or the applicable written purchase order from Customer (each a “Purchase Order”). If Customer discovers that any Products
do not so comply, without any fault of Customer, then Customer shall notify Bottler immediately and, as soon as reasonably practicable,
Bottler shall correct the failure or replace the deficient Product, at Bottler’s expense. If such issue was due to a fault of Customer
or Customer’s novel Specifications, Technology, or Equipment, then the expense of any corrective efforts shall be borne by Customer,
including the cost of time and lost profits of Bottler. Bottler has reviewed the Specifications and all other information requested of,
and received from, Customer. Bottler is familiar with and aware of the intended use and specialized nature of the Products; provided,
however, that Bottler makes no guarantees or warranties of fitness of the Products for any purpose. Customer retains the right to modify
the Specifications from time to time as may be appropriate in Customer’s judgment; provided, however, that Bottler shall have the
right to object to any modifications and terminate this Agreement. In each case, any such modifications by Customer shall be at Customer’s
sole expense. Bottler shall not modify the Specifications without Customer’s prior written approval in each instance. Customer
shall have sole and exclusive ownership of any novel Specifications provided by Customer at all times. Customer may designate approved
vendors for all or certain raw materials or components of Products; provided, however, that the Products shall be subject to repricing
by Bottler based upon such designations by Customer.

 

    	 

     

    

 

(d)
Artwork. Customer shall supply packaging artwork (the “Artwork”) for each Product to Bottler within seven (7)
days prior to the submission of the first Purchase Order. Bottler shall have the right to reject any Artwork that does not comport with
applicable law or agreed upon pricing between Customer and Bottler.

 

2.
Prices.

 

(a)
Pricing. Prices for the production of the Products as of the Effective Date and any applicable discounts and rebates are set forth
on Exhibit A. Prices are based upon delivery F.O.B. the Plant in accordance with Section 4(b). All prices are stated in United
States dollars unless otherwise noted on Exhibit A. Pricing may change from time to time and will only be based on actual raw
material cost increases. There will be a 30 day notification period prior to any price increases.

 

(b)
Continuous Improvement. Bottler shall use its reasonable best efforts to provide opportunities to Customer for shared savings
to improve Product, freight, operations costs and other costs.

 

(c)
Payment. Bottler shall invoice Customer for Products as mutually agreed. Customer shall pay all conforming invoices for outstanding
Product balances, including but not limited to, all amounts due and owing for raw materials, finished product, warehousing, shipping,
handling, and related expenses, within the timeframe(s) set forth on Exhibit A.

 

(d)
Taxes. Prices for Products include all taxes, export and customs duties, tariffs, surcharges and other charges imposed by any
and all federal, state or local Governmental Authority, as defined below (the “Taxes”), and all such Taxes are the
sole responsibility of Bottler for delivery F.O.B. the Plant.

 

    	Page 2

    	 

    

 

3.
Forecasts and Purchase Orders.

 

(a)
Forecasts; Minimum Order Commitment. Periodically, but not less than once a quarter, Customer shall provide Bottler a forecast
(the “Forecast”) of its estimated monthly requirements for the next three (3) months (unless otherwise provided in
Exhibit A). Customer shall be obligated to either (i) purchase the “Minimum Order Commitment” set forth on
Exhibit A attached hereto and fully incorporated herein or (ii) pay unto Bottler the sum of [***] per case unit of all Products
that were Forecast for the preceding calendar month but not ordered by Customer, which sum shall be payable by Customer immediately upon
invoice by Bottler. Bottler shall use its reasonable best efforts to maintain the capability and the capacity to satisfy Customer’s
forecasted demand from time to time. It is Bottler’s responsibility to maintain enough Product to meet Customer’s periodic
Minimum Order Commitment. Customer may be liable for additional charges due to fluctuations in quantities ordered in excess of the Minimum
Order Commitment. Customer shall pay Bottler for all Product for which Bottler has not received Purchase Orders equal to or in excess
of the periodic Minimum Order Commitment.

 

(b)
Purchase Orders. During the Term, from time to time Customer may submit Purchase Orders for Products. Each Purchase Order shall
specify the Products ordered and the quantity desired. The ship date for all Products ordered under this Agreement (the “Ship
Date”) shall be as stated in the Purchase Order which date shall not be less than thirty (30) days and not more than sixty
(60) days from the date of the Purchase Order, unless otherwise agreed to by the parties; provided, however, that Customer may
state a reasonable later Ship Date in any Purchase Order which shall be honored by the Bottler. In the event of any conflict between
the terms and conditions of this Agreement and those in a Purchase Order, the terms and conditions of this Agreement will govern; provided,
however, if any terms in the Purchase Order are in addition to, but do not conflict with, the terms of this Agreement, then such
additional terms will apply. Upon receipt of a Purchase Order, Bottler shall manufacture the quantity of specified Products and all Products
shall be available by the applicable Ship Date. Customer may cancel or modify a Purchase Order for any reason or no reason at all until
the later to occur of: (i) the date on which Bottler purchases raw materials, components, and other supplies necessary to fulfill the
subject Purchase Order; and (ii) the date on which Bottler begins production to fulfill the subject Purchase Order, at which point such
Purchase Order will constitute a firm commitment by Customer to purchase the quantities set forth therein; provided, however, that
no Purchase Order cancellation shall relieve Customer from purchasing its periodic Minimum Order Commitment.

 

(c)
Fulfillment of Purchase Order. Order fulfillment will be considered “on time” and “timely” if Products
are made available to Customer F.O.B. the Plant no later than the applicable Ship Date. Time is of the essence with respect to order
fulfillment.

 

(d)
Issued Purchase Orders Binding. Termination of this Agreement will have no effect upon any Purchase Orders issued by Customer
prior to termination and will not relieve the parties of their obligations under such Purchase Orders.

 

(e)
Effect of Default. Failure by Bottler to fulfill Purchase Orders on a timely basis or the nonacceptance of Products by the Customer
will give rise to any remedies provided by law or in equity, including the right to cancel unfulfilled Purchase Orders. If Bottler fails
to fulfill Purchase Orders for all or some Products by the applicable Ship Date, without prejudice to Customer’s other rights,
Customer may cancel the Purchase Order with respect to such Products that are unavailable by the applicable Ship Date.

 

    	Page 3

    	 

    

 

4.
Packaging ; Delivery.

 

(a)
Packaging. Bottler shall provide advance ship notice within two (2) business days prior to shipping, unless otherwise specified
in Exhibit A. Bottler is responsible for containers, preparation, labeling, packaging, and palletization (“Shipment Preparation”).
Bottler shall ensure that Shipment Preparation is in accordance with any specifications that may be provided by Customer and the Purchase
Order or otherwise in accordance with good and customary business practices for shipment of products of a similar kind. Expenses incurred
due to failure to comply with these terms are the responsibility of Bottler. Bottler’s name, Customer’s Purchase Order number,
an appropriate description of Products, part numbers and quantity of items contained within each shipment must appear on all invoices,
packing slips, cartons, and correspondence. Packing slips must accompany all shipments listing contents of shipment in detail. No additional
charges of any kind, unless quoted separately, shall be imposed for boxing, packaging, cartage, or other extras necessary to prepare
the Products for shipping F.O.B. the Plant.

 

(b)
Delivery. All Products will be delivered by Bottler to Customer F.O.B. the Plant (the “Delivery Destination”).
Title passes from Bottler to Company upon acceptance of product by common carrier.

 

5.
Inspection, Acceptance, Claims and Risk of Loss.

 

(a)
Inspection. Customer may, at its option and cost, inspect and test Products at the Plant, during normal business hours, and/or
at the Customer Destination. Customer may also, at its option and cost, survey Bottler’s production, inspection, quality and reliability
procedures, together with supporting data, during Bottler’s normal business hours. If any Product defects or Nonconformities, as
defined below, are discovered during inspections and tests, Bottler shall undertake the reasonable remediation steps provided by Customer.
Customer requires an initial inspection, as well as ongoing inspections of the Bottler’s plant and warehousing space at Customer’s
request.

 

(b)
Acceptance and Shortage Claims. All Products are subject to Customer’s inspection (which inspection does not affect the
warranties under this Agreement) at the Plant. Customer may reject or cancel all or any part of any Purchase Order if Bottler fails to
make the Product available at the Plant on the Ship Date in conformity with the terms and conditions hereof, including any failure of
Products to conform to the Specifications due to a fault of Bottler. Customer’s acceptance of non-conforming delivery is not a
waiver of its right to reject future deliveries. If Customer rejects some or all Products in a shipment, at Customer’s option,
(i) Bottler shall provide a comparable quality substitute (for which substitution Bottler must assume any expense and price differential)
or (ii) Customer may purchase Products from another supplier as an alternate source as Customer, in its sole discretion, deems necessary.
At any time upon identification and notification of defective Products or nonconforming shipments, Customer may take any of the actions
set forth in Section 9(c)(iii). Within one week of notification of such defects, Bottler shall submit to Customer a written explanation
of the root cause and necessary corrective actions to prevent reoccurrence. Payment for or passage of title to Products prior to Customer’s
inspection does not constitute acceptance. Customer shall report any nonconforming defects or shortages to Bottler within five (5) business
days after receipt at the Delivery Destination. Bottler shall correct shortages at no additional cost to Customer. Customer shall be
deemed to have waived any right of rejection or remedy for any Products with nonconforming defects or shortages that are not reported
within five (5) business days after receipt of the Products at the Delivery Destination.

 

    	Page 4

    	 

    

 

6.
Confidentiality; Non-Circumvention.

 

(a)
Definition. For purposes of this Agreement, “Confidential Information” shall mean all non-public and proprietary
information relating to, or derived from, a party or its Affiliates (as defined herein) (each, and/or collectively, a “Disclosing
Party”) to which the other party or its respective Affiliates (each, and/or collectively, a “Receiving Party”)
is given access. Confidential Information shall include, without limitation, all methods and systems, software, technical data, research
reports, designs and specifications, new product and service developments, information regarding past, current, and prospective customers
and customer lists, pricing information, trademarks or service marks, and other information, data, documents, technology, know how, processes,
trade secrets, contracts, proprietary information, financial and operating data, now or hereafter existing or previously developed or
acquired by a Disclosing Party, regardless of whether any such information, data or documents qualify as “trade secrets”
under applicable law. Confidential Information shall not include information that: (a) the Receiving Party can reasonably demonstrate
to have been in its possession prior to disclosure of such information by the Disclosing Party or its representatives to the Receiving
Party; (b) information that also has been furnished to the Receiving Party by a third party who, so far as the Receiving Party was aware
after due inquiry, was entitled to disclose it as a matter of right without restriction; (c) information which is or becomes part of
the public domain by publication or otherwise through no breach of this Agreement by the Receiving Party; and (d) information which is
developed by the Receiving Party without access to or use of the Disclosing Party’s Confidential Information and such can be reasonably
proven. As used in this Agreement, the term “Affiliate” means any corporation, partnership or other entity that controls,
is controlled by or is under common control with, a Disclosing Party or Receiving Party, as applicable.

 

(b)
Confidentiality and Non-Use. During the Term and for three (3) years thereafter, any Confidential Information which a Disclosing
Party discloses or makes available to a Receiving Party (a) shall not be, directly or indirectly, disclosed or used by the Receiving
Party other than solely in connection with its obligations under this Agreement, (b) shall be kept in strict confidence by the Receiving
Party to a commercially reasonable level of security, (c) shall not be reproduced by the Receiving Party without the Disclosing Party’s
prior consent, and (d) shall not be disclosed by the Receiving Party to any other person or entity without the Disclosing Party’s
prior written consent; provided, however, that the Receiving Party may reveal such information to its affiliates, officers, directors,
employees, members, accountants, attorneys, agents, consultants, advisors, and financing sources (collectively, its “Representatives”)
who (i) need to know or be aware of the Confidential Information in connection with the Agreement, (ii) are informed of the confidential
nature of the Confidential Information, and (iii) are subject, as a result of their employment or engagement by the Receiving Party,
to an obligation similar in nature and scope to this Agreement, which prohibits such party from disclosing the Confidential Information
furnished to them in connection with this Agreement. The Receiving Party shall be responsible for any breach of this Agreement by any
of its Representatives. Notwithstanding any other provision of this Agreement, the Receiving Party may disclose the Confidential Information
to the extent required by applicable law, regulation or court order, provided that if the Receiving Party is required in any civil or
criminal legal proceeding, regulatory proceeding or any similar process to disclose any part of the Confidential Information, prior to
disclosure the Receiving Party shall, to the extent permitted, give prompt notice of such request to the Disclosing Party so that the
Disclosing Party may seek (at the Disclosing Party’s cost) an appropriate protective order or waive the Receiving Party’s
compliance with the provisions of this Agreement.

 

    	Page 5

    	 

    

 

(c)
Non-Circumvention. Each party agrees that, during the Term and for a period of three (3) years after the termination or expiration
of this Agreement it shall not, and shall cause its employees, affiliates, directors, officers and other related parties not to, directly
or indirectly, or in any manner whatsoever, circumvent or attempt to circumvent the other party in its relationships or negotiations
with its customers or prospective customers and as a result, neither party nor its employees, affiliates, successors, directors or officers
shall in any way negotiate, discuss, offer or enter into a direct or indirect agreement with any customer or prospective customer of
the other party. Furthermore, Bottler shall sell the Products utilizing the Equipment only to Customer and acknowledges and agrees that
Bottler shall not sell, offer, or provide or enter into any negotiations to sell, offer or provide, whether directly or indirectly, any
of the Products utilizing the Equipment to anyone other than Customer, whether presented as Customer products, as a different brand,
or unbranded/generic.

 

7.
Intellectual Property Rights.

 

(a)
Intellectual Property Rights Defined. “Intellectual Property Rights” means any copyright, patent, patent improvement,
design, logo, know-how, trademark, trade name, translation of trademark or trade name into a foreign language, trade dress or other designation
and any similar rights or applications for rights in any of the foregoing in any part of the world.

 

(b)
Ownership. Customer hereby represents that Customer, Customer’s Affiliates, and their respective licensors own exclusively
throughout the world the Technology, the Equipment, and any and all Specifications, labeling, distributive works, logos, pictures, drawings,
designs, ideas, sketches, graphics, models, samples, inventions, innovations, know-how, discoveries, trade secrets and other documentation,
information, data, material and other items, including all Intellectual Property Rights in the foregoing, that are delivered by Customer
to Bottler that relates to the Specifications, Equipment, or the Products (collectively, “Customer Intellectual Property”).
Intellectual property, including all Intellectual Property Rights therein, owned by Bottler prior to the Effective Date that is unrelated
to Customer Intellectual Property (“Bottler Intellectual Property”) belongs to Bottler.

 

(c)
No Contest. Bottler shall not: (i) contest the validity of any Customer Intellectual Property or any of Customer’s or its
Affiliates’ registrations or applications pertaining to any Customer Intellectual Property; (ii) do or cause to be done any act
or thing to impair Customer’s or its Affiliates’ right, title and interest in any Customer Intellectual Property; (iii) in
any manner represent that it owns or has an ownership interest in any Customer Intellectual Property; (iv) register or allow any other
party under its influence or control to register any trademarks, logos or Intellectual Property Rights, or any rights closely resembling
them, owned or used by Customer in any jurisdiction; (v) use any word, symbol, or mark which is confusingly similar to any Customer Intellectual
Property (as determined by Customer in its reasonable discretion); (vi) perform or permit to be performed any act which might in any
way impair the goodwill or other rights of Customer in any Customer Intellectual Property; or (vii) use Customer Intellectual Property
in any advertising, publicity, promotional material, press releases, sales material or as a reference or disclose the existence of this
Agreement, or the terms hereof, without obtaining Customer’s prior written approval. All Customer Intellectual Property (other
than patents and trademarks) will be deemed Customer’s Confidential Information. Sales, distribution or display of Products, or
any products, samples or artwork bearing any logos, trademarks or other Intellectual Property Rights licensed or sublicensed by Customer
are expressly prohibited except pursuant to this Agreement. All Products shall bear such trademarks, logos and other intellectual property
designations as specified by Customer from time to time. Bottler shall take, and cause any other party under its influence or control
to take, all reasonable steps, at Customer’s cost, that Customer considers necessary to protect Customer’s Intellectual Property
Rights. Subject to conformity with the confidentiality and non-disclosure obligations set forth in Section 6, Bottler shall inform all
of its suppliers and other third parties involved in the production of Products of Customer’s ownership of or rights in Customer
Intellectual Property. All Customer Intellectual Property, together with all associated goodwill, are and will remain the sole property
of Customer. Bottler hereby represents and warrants that it has full right and authority to perform its obligations and grant the rights
herein granted, and that it has neither assigned nor otherwise entered into an agreement by which it purports to assign or transfer any
right, title, or interest to any technology or Intellectual Property Right that would conflict with its obligations under this Agreement.
Bottler further covenants that it shall not enter into any such agreements in the future without advance notice to Customer.

 

    	Page 6

    	 

    

 

(d)
Infringement. Bottler represents and warrants that, to the best of Bottler’s knowledge, production of the Product would
not infringe upon any third party Intellectual Property Rights utilizing equipment and processes currently employed by Bottler (the “Current
Bottler Processes”), prior to use of Customer’s Technology, Equipment, and Specifications. Bottler shall defend and indemnify
Customer and its officers, directors, employees, agents, Authorized Purchasers (as defined in Section 9(c)) and their Affiliates from
and against all costs, damages and expenses (including reasonable attorneys’ fees) incurred in connection with any Claim (as defined
in Section 14(b)) that the production of the Product constitutes an infringement of any Intellectual Property Right or other proprietary
right of any third party based upon the Current Bottler Processes. Bottler, at its own expense and option, shall either (i) procure for
Customer and its Authorized Purchasers the right to continue using or selling Products, (ii) replace the infringing Products with non-infringing
Products, or (iii) accept return of the Products and refund the full purchase price and shipping costs, each based upon the Current Bottler
Processes. This Section 7(d) does not apply to the extent any infringement relates to Customer Intellectual Property. Without limiting
the above, Customer may terminate this Agreement or any Purchase Order if any claim of infringement is made or threatened against Customer
as a result of or arising out of infringing or allegedly infringing Product or its packaging, labeling or documentation utilizing the
Current Bottler Processes.

 

(e)
No Right by Implication. No rights or licenses with respect to Product or Customer Intellectual Property are granted or will be
deemed granted to Bottler hereunder or in connection with this Agreement except as expressly provided in this Agreement.

 

    	Page 7

    	 

    

 

8.
Trademarks and Identification; Licensing of Technology.

 

(a)
Trademarks. Bottler is authorized to affix Customer’s trademarks (as designated by Customer) to designated Products which
are produced for Customer in accordance with Customer’s instructions as provided from time to time, but Bottler shall have no other
right whatsoever with respect to Customer’s trademarks, and the authorization made herein shall cease and be of no further effect
upon the earlier of Customer’s written notice or termination or expiration of this Agreement; provided, however, that the
authorization made herein shall continue for any Purchase Orders which are unfulfilled and not canceled upon termination or expiration
of this Agreement. Unless Customer grants prior written approval, Bottler shall not, at any time prior to or following termination of
this Agreement, produce for or sell to anyone but Customer any items bearing a Customer trademark or trade name, or having a distinctive
appearance or physical characteristic associated solely with Products made for Customer.

 

(b)
Identification. Bottler shall affix to each Product part numbers and/or other instructions or information as specified by Customer
(the “Markings”). The prices for Products must include the cost of all such Markings.

 

(c)
Limited License. Customer hereby grants to Bottler a limited, non-exclusive, non-assignable, non-sublicensable, royalty-free license
to use the Technology and the Equipment solely for the purpose of producing the Products as required under this Agreement. Bottler acknowledges
and agrees that the Technology and the Equipment are the sole and exclusive property of the Customer and/or its Affiliates and that Bottler
has no rights to either the Technology or the Equipment except as set forth herein.

 

9.
Warranties; Corrective Action Plan.

 

(a)
By Bottler. Bottler represents and warrants to Customer that (i) it has the requisite power, authority and authorization to enter
into this Agreement and carry out the terms hereof, (ii) the person signing this Agreement on behalf of Bottler has the requisite corporate
authority, (iii) the execution, delivery and performance of this Agreement is not prohibited or impaired by any judgment or other agreement
to which Bottler is a party or by which it is bound, (iv) Bottler is and at all times during the Term shall be in possession of all approvals
necessary to manufacture, render, process, package, label, deliver and sell Products; (v) Bottler has reviewed the Specifications for
the Technology and the Equipment and is capable of integrating the Technology and the Equipment into its production line to produce the
Products, (vi) Bottler has and will have ownership rights necessary to convey good and marketable title to all Products, free and clear
of all liens and encumbrances upon delivery of Products to Customer, and (vii) Bottler shall at all times comply with Applicable Law
pertaining to the manufacture and sale of Products. “Applicable Law” means any applicable statute, law, regulation,
ordinance, order, decree or the like, including but not limited to applicable food and safety laws, promulgated by any governmental department,
commission, board, bureau, agency, regulatory authority, instrumentality, or judicial or administrative body, whether federal, state,
or local or in a foreign country having jurisdiction over the parties (collectively, a “Governmental Authority”).

 

(b)
By Customer. Customer represents and warrants to Bottler that (i) it has the requisite power, authority and authorization to enter
into this Agreement and carry out the terms hereof, (ii) the person signing this Agreement on behalf of Customer has the requisite entity
authority, (iii) the execution, delivery and performance of this Agreement is not prohibited or impaired by any judgment or other agreement
to which Customer is a party or by which it is bound, (iv) Customer is and at all times during the Term shall be in possession of all
approvals necessary to utilize the Technology and Equipment required by the Specifications in the manufacturing, delivery, and sale of
the Products, (v) Customer has and will have ownership rights necessary to Bottler utilizing the Technology and Equipment required by
the Specifications in the manufacturing, delivery, and sale of the Products, and (vii) Customer shall at all times comply with Applicable
Law pertaining to the manufacture and sale of Products.

 

    	Page 8

    	 

    

 

(c)
Product Warranty.

 

(i)
Bottler warrants that Products will: (A) be processed, manufactured and labeled using sound manufacturing practices, with the services
being performed in a professional and workmanlike manner, and in all respects in accordance with Applicable Law and the highest standards
of quality in the industry and in a manner so as to ensure the safety of all persons and the preservation of property; (B) strictly comply
with all Specifications and all of Customer’s Product quality requirements provided to Bottler in writing or otherwise made available
from time to time; (C) be in good, usable and merchantable condition and fit for human consumption within the guidelines and sell-by
dates provided by Bottler; (D) be of high quality and free from defects (whether patent or latent) in workmanship, design, production
and materials; (E) be free of any and all liens and encumbrances; (F) have been handled properly up to the time of acceptance by Customer
or its authorized representative or designated agent; and (G) be produced in accordance with Section 1(c). These warranties are in addition
to, and shall not be construed as restricting or limiting, all warranties and remedies of Customer, express or implied, provided by law.
Any attempt by Bottler to limit, disclaim or restrict such warranties shall be null and void. All Bottler warranties provided to Customer
under this Section 9 are fully transferrable and assignable to Customer’s customers, and their respective successors and assigns,
and any other direct purchaser or end-user of any Product, including Customer’s Affiliates or subsidiaries (collectively, the “Authorized
Purchasers”).

 

(ii)
The warranty period for each Product is set forth on Exhibit A.

 

(iii)
If Customer, in its sole discretion, determines that Products fail to meet the warranties set forth above and/or Exhibit nonconformity
with the Specifications, Customer standards, or other defects, in each case as determined either at the time of delivery at the Delivery
Destination or at any time thereafter (a “Nonconformity”), Customer in its sole discretion may, in addition to its
other rights and remedies, and at Bottler’s sole cost and expense, take one or more of the following actions:

 

(A)
conduct a complete quality assurance inspection of the entire shipment or lot;

 

(B)
reject a portion of the, or the entire, shipment or lot, as Customer deems appropriate, and return the same to Bottler;

 

(C)
cancel any outstanding portion of the Purchase Order;

 

(D)
request replacement Products;

 

    	Page 9

    	 

    

 

(E)
retain the Products and recover damages from the Bottler for breach of warranty and, in such event, continued use of such Products by
Customer shall not constitute a waiver of Bottler’s breach of warranty;

 

(F)
request a written corrective action plan with respect to any Nonconformity, and if Customer deems such plan insufficient, Bottler shall
provide either a revised corrective action plan or additional information as to why Bottler believes the original plan will satisfactorily
address the Nonconformity; and/or

 

(G)
setoff any purchase price paid with respect thereto, as well as Customer’s and its customers’ costs with respect to such
shipment or part thereof.

 

(d)
Third Party Products. Bottler shall secure and administer for Customer any and all necessary sublicenses or direct licenses for
third party components, parts, equipment and other products (“Third Party Products”) used or contained within Products
provided hereunder; provided, however, that Bottler shall have no obligation to obtain any such rights with respect to the Equipment
or Technology required by the Specifications. Customer shall secure and administer for Bottler any and all necessary sublicenses or direct
licenses for Third Party Products used or contained within Products that comprise or relate to the Equipment or Technology required by
the Specifications.

 

(e)
Pass-Through Rights. Without limiting Section 9(d), each party hereby assigns and passes through to the other party, and each
party shall have the benefit of, all rights that either party obtains under representations, warranties, service agreements and indemnities
given by its third party subcontractors or suppliers in connection with any Third Party Products provided by a party pursuant to this
Agreement to the extent permitted by the applicable subcontractors or suppliers. To the extent that such representations, warranties,
service agreements and indemnities are not assignable by a supplier, each party agrees that the other party may assert or enforce any
right that either party may have to enforce such warranties, representations, service agreements, and indemnities, or if such can only
be enforced by a party under its own name, upon written request by the other party, such party shall take all reasonable action requested
by the other party to enforce such warranties, representations, service agreements, and indemnities.

 

10.
Nonconformities. In addition to any other obligations of a party under this Agreement, if (i) performance issues are sufficiently
serious to threaten Customer’s marketing of the Product or Customer’s reputation, or (ii) any Product presents a previously
unforeseen Nonconformity, either party shall be entitled to terminate this Agreement.

 

11.
Product Recalls. If either party deems it appropriate or necessary for any reason, including a safety concern or an investigation
or inquiry of a Governmental Authority, a finding of a defect or product hazard, or a finding that a Product is not in compliance with
any Applicable Law, standard, or requirement to recall or take any other corrective action relating to a Product produced pursuant to
this Agreement (a “Product Recall”), each party shall be responsible for the costs and expenses of the Product Recall
attributable to such party. Each party shall respond within a reasonable period to any question or request for information received by
the other party pertaining to the production of any Product or any Product Recall. Each party shall provide to the other party all necessary
information in its possession arising out of the Product Recall or any similar program. Except as required by Applicable Law, neither
party shall make any disclosure to the public or media with respect any Product Recall without the prior written consent of the other
party. Nothing contained in this Section shall preclude either party from taking such action as may be required of it under Applicable
Law.

 

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12.
Compliance Matters.

 

(a)
Compliance with Laws; Safety Standards. Bottler shall: (i) produce Products without the use of any child or prison labor and in
adequate working conditions reasonably providing for the health and safety of Bottler’s employees; and (ii) comply with all Applicable
Law. Bottler shall ensure that Products meet or exceed the safety standards required by Applicable Law. The parties shall cooperate with
one another in meeting all applicable safety standards.

 

(b)
Country of Manufacture. During the Term, Bottler shall maintain full traceability records regarding the country of origin (manufacture),
production lot, quantity and part number of each Product purchased under this Agreement. Bottler represents that Products will not be
packaged or transshipped for the purpose of mislabeling or evading quota or country of origin restrictions. Bottler shall provide to
Customer an annual certificate of origin for all Products sold to Customer in the applicable year. The certificate must display (in electronic
spreadsheet format) the following for each part number sold:

 

●
    Customer’s designated Part Number;

 

●

    Description of Product (clearly identifiable to a third party); and

 

●

    Country of Origin (place of manufacture, not just place of shipping).

 

(c)
Hazardous Substances. Bottler warrants that Products shall not contain any Hazardous Substances, as defined below, or any components
containing Hazardous Substances. “Hazardous Substances” means any pollutants, contaminants, pesticides, solid, special
or toxic wastes, asbestos-containing materials, mold, lead-based paint, solid, liquid, gas or electromagnetic radiation, petroleum or
petroleum product or by-product, or hazardous, extremely hazardous, toxic, infectious or radioactive substances, chemicals, materials
or wastes defined in or listed as such in, or regulated, limited or prohibited under, Applicable Law, including any environmental law,
including asbestos, polychlorinated biphenyls and substances referenced in Proposition 65 in the State of California. Bottler shall have
the right to terminate this Agreement if any Hazardous Substance is to be introduced into or utilized in producing the Products as a
result of utilizing the Technology or Equipment required in the Specifications.

 

(d)
Anti-Corruption. Each party shall at all times conduct its activities in accordance with all Applicable Law related to anti-bribery
or anti-corruption legislation including the U.S. Foreign Corrupt Practices Act of 1977 and all national, state, provincial or territorial
anti-bribery and anticorruption statutes. Accordingly, a party shall make no offer, payment or gift, will not promise to pay or give,
and will not authorize, directly or indirectly, the promise or payment of, any money or anything of value to any party employee or agent,
any government official, any political party or its officials, any or any person while knowing or having reason to know that all or a
portion of such money or item of value will be offered, given or promised for the purpose of influencing any decision or act to assist
a party or otherwise obtaining any improper advantage or benefit.

 

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13.
Term and Termination.

 

(a)
Term. The initial term of this Agreement commences on the Effective Date and continues for one (1) year from the date of this
Agreement (the “Initial Term”) unless otherwise terminated as set forth herein. Thereafter, the term of this Agreement
may be renewed for additional one (1) year term (each, a “Renewal Term”) if, at least ninety (90) days prior to the
expiration of the Initial Term or the then-current Renewal Term, as the case may be, Customer gives Bottler notice of its election to
renew this Agreement. The Initial Term and all Renewal Terms are collectively, the “Term.”

 

(b)
Termination for Cause. Either party may terminate this Agreement thirty (30) days after providing written notice to the other
party if the other party has committed a material breach under this Agreement and the material breach has not been cured to the non-defaulting
party’s satisfaction within the thirty (30) day notice period. Such notice shall state with specificity the nature of the breach
and the provision of this Agreement being breached.

 

(c)
Effect of Termination. Upon expiration or termination of this Agreement for any reason, at Customer’s option, Bottler shall
complete all orders submitted to Bottler by Customer prior to the effective date of termination and Customer shall pay for such orders
upon acceptance of Products by Customer, subject to any set-offs. Additionally, the parties shall coordinate the removal of the Equipment
from the Plant and the delivery of same in accordance with instructions provided by the Customer at such time. Bottler shall have the
right to sell any Products for which Customer has failed to pay Bottler pursuant to this Agreement for a period of six (6) months after
termination.

 

(d)
Survival. Expiration or termination of this Agreement for any reason will not affect any liabilities or obligations of either
party that have accrued at the date of expiration or termination or which by their nature survive expiration or termination, including
the obligations of Sections 6, 7, 9, 10, 11, 13(c), and 14 through 19.

 

14.
Product Liability; Indemnification.

 

(a)
Product Liability. Bottler’s indemnification of Customer and Authorized Purchasers for Bottler’s acts includes (i)
any claim for damages, injury, or loss resulting from use or operation of any Product supplied hereunder, other than as the result of
utilizing the Technology and Equipment required in the Specifications, (ii) any failure by Bottler to comply with any Applicable Law,
other than as the result of utilizing the Technology and Equipment required in the Specifications, and (iii) a breach by Bottler of any
covenant or term of this Agreement, other than as the result of utilizing the Technology and Equipment required in the Specifications.

 

(b)
Customer Indemnification. In addition to the requirements set forth in Sections 9 through 11, Bottler shall indemnify, defend
and hold harmless Customer and its Affiliates, and their respective directors, officers, customers, owners, other bottlers, distributors,
agents, and employees (each, a “Customer Indemnitee”) from and against any third party or Governmental Authority claims,
demands, investigations, suits, proceedings, or causes of action (each, a “Claim”) asserted against the Customer Indemnitee(s)
with respect to actual or alleged losses, liabilities, injuries, deaths, damages, fines, penalties, costs, expenses, incidental, special,
consequential, indirect and exemplary damages (provided such incidental, special, consequential, indirect and exemplary damages actually
result in a direct cost, payment or expense actually suffered by the Customer Indemnitee, but not including loss of profits or revenues,
impairment of goods, or loss of capital) (each, a “Loss”), modifications to or substitutions for Products, or other
increased expenses of operation, or claims of the Customer Indemnitee’s customers due to added cost or loss, failure of supply
and other amounts (including attorneys’ and other professionals’ fees and expenses incurred by Customer in connection with
the defending against the Claim), relating to or arising out of: (i) breach by Bottler or its employees, agents, subcontractors, sub-manufacturers
or assigns of the representations, warranties or other terms of this Agreement; (ii) acts or omissions of Bottler or its employees, agents,
subcontractors, sub-manufacturers, assigns, or its or their employees in violation of this Agreement or Applicable Law; (iii) the design,
manufacture, sale, recall, distribution or use of Products; (iv) the manufacture or sale of Products by Bottler or its subcontractors,
sub-manufacturers or assigns including, without limitation, product liability Claims (including negligence and breach of warranty Claims,
as well as traditional product liability Claims); and (v) third party intellectual property infringement Claims relating to the Current
Bottler Processes and Bottler Intellectual Property. Notwithstanding the foregoing, Bottler shall not indemnify or hold harmless Customer
for any acts arising out of Bottler’s use of the Technology or Equipment as required in the Specifications.

 

    	Page 12

    	 

    

 

(c)
Bottler Indemnification. In addition to the requirements set forth in Sections 9 through 11, Customer shall indemnify, defend
and hold harmless Customer and its Affiliates, and their respective directors, officers, customers, owners, other bottlers, distributors,
agents, and employees (each, a “Bottler Indemnitee”) from and against any third party or Governmental Authority Claims
asserted against the Bottler Indemnitee(s) with respect to any actual or alleged Losses, modifications to or substitutions for Products,
or other increased expenses of operation, or claims of the Bottler Indemnitee’s customers due to added cost or loss, failure of
supply and other amounts (including attorneys’ and other professionals’ fees and expenses incurred by Bottler in connection
with the defending against the Claim), relating to or arising out of: (i) breach by Customer or its employees, agents, subcontractors,
sub-manufacturers or assigns of the representations, warranties or other terms of this Agreement; (ii) acts or omissions of Customer
or its employees, agents, subcontractors, sub-manufacturers, assigns, or its or their employees in violation of this Agreement or Applicable
Law; (iii) the design, manufacture, sale, recall, distribution or use of Products as the result of the Technology or Equipment required
in the Specifications; (iv) the manufacture or sale of Products by Customer or its subcontractors, sub-manufacturers or assigns including,
without limitation, product liability Claims (including negligence and breach of warranty Claims, as well as traditional product liability
Claims); and (v) third party intellectual property infringement Claims related to Customer Intellectual Property.

 

(d)
Notice of Claim. Each party shall promptly notify the other party in writing of any Claim arising under this Section 14, and each
notified party shall be obligated to defend, settle, or otherwise dispose of such Claim with competent and experienced counsel reasonably
acceptable to the other party. The parties shall cooperate in the investigation and defense thereof. Each of the Customer Indemnitees
and Bottler Indemnitees shall at any time have the right, at its own expense, to be represented by counsel of its own choosing and to
become associated with either party in the defense of any such Claim.

 

(e)
Obligations Remain Continuously in Force. The obligations imposed by this Section 14 shall remain in force continuously, notwithstanding
the termination of this Agreement, and bind any successors or assigns of the parties with respect to Products manufactured by Bottler
during the Term, and by such successors, assigns or purchasers.

 

    	Page 13

    	 

    

 

15.
Insurance.

 

(a)
Bottler Insurance Requirement. Bottler shall carry at its expense during the Term and for five (5) years after its termination,
commercial general liability insurance written on an occurrence form, insuring against damages because of bodily injury, including death,
property damage and personal and advertising injury and include coverage for blanket contractual liability, broad form property and fire
damage, legal liability, independent contractor liability, products and completed operations liability, premises and operations liability
and at the request of Customer, product recall insurance. The minimum limits of insurance are USD 1,000,000 per occurrence, USD 2,000,000
general annual aggregate and USD 2,000,000 products and completed operations annual aggregate. The insurance required herein may be satisfied
by Bottler by any combination of primary, umbrella, or excess insurance policies, so long as the total limit of insurance is not less
than limits specified herein. An umbrella or excess insurance policy must be written on an occurrence form and be as broad as the primary
insurance policy. The insurance policies must be issued by reputable and financially responsible insurance companies with a minimum A.M.
Best rating of A-. Bottler shall cause its insurers to endorse the required insurance hereunder to waive any rights of subrogation against
the Customer Indemnitees, to name the Customer Indemnitees as additional insureds, to be primary to and non-contributory with any other
insurance maintained by or available to Customer Indemnitees, and to provide that the insurer will endeavor to give Customer at least
thirty (30) days prior written notice of any cancellation or reduction in coverage. Any insurance policy required herein will not have
a cross suit or cross liability exclusion. If Bottler fails to adhere to the requirements of this Section 15(a), Customer may order any
such insurance and charge the cost thereof to Bottler, which amount shall be due and payable by Bottler upon demand.

 

(b)
Sufficiency of Bottler Insurance; Cooperation with Insurer. By requiring insurance herein, Bottler does not represent that the
coverage and limits will necessarily be adequate to protect the Customer Indemnitees, and insurance effected or procured by Bottler will
not reduce or limit its contractual obligation to indemnify and defend the Customer Indemnitees as contemplated in Section 14(b). Bottler
and Customer shall fully cooperate and participate in the reporting and investigation of claims.

 

(c)
Customer Insurance Requirement. Customer shall carry at its expense during the Term and for five (5) years after its termination,
commercial general liability insurance written on an occurrence form, insuring against damages because of bodily injury, including death,
property damage and personal and advertising injury and include coverage for blanket contractual liability, broad form property and fire
damage, legal liability, independent contractor liability, products and completed operations liability, premises and operations liability
and at the request of Bottler, product recall insurance. The minimum limits of insurance are USD 1,000,000 per occurrence, USD 2,000,000
general annual aggregate and USD 2,000,000 products and completed operations annual aggregate. The insurance required herein may be satisfied
by Customer by any combination of primary, umbrella, or excess insurance policies, so long as the total limit of insurance is not less
than the limits specified herein. Any umbrella or excess insurance policy must be written on an occurrence form and be as broad as the
primary insurance policy. The insurance policies must be issued by reputable and financially responsible insurance companies with a minimum
A.M. Best rating of A-. Customer shall cause its insurers to endorse the required insurance hereunder to waive any rights of subrogation
against the Bottler Indemnitees, to name the Bottler Indemnitees as additional insureds, to be primary to and non-contributory with any
other insurance maintained by or available to Bottler Indemnitees, and to provide that the insurer will endeavor to give Bottler at least
thirty (30) days’ prior written notice of any cancellation or reduction in coverage. Any insurance policy required herein will
not have a cross suit or cross liability exclusion. If Customer fails to adhere to the requirements of this Section 15(a), Bottler may
order any such insurance and charge the cost thereof to Customer, which amount shall be due and payable by Customer upon demand.

 

    	Page 14

    	 

    

 

(d)
Sufficiency of Customer Insurance; Cooperation with Insurer. By requiring insurance herein, Customer does not represent that the
coverage and limits will necessarily be adequate to protect the Bottler Indemnitees, and insurance effected or procured by Customer will
not reduce or limit its contractual obligation to indemnify and defend the Bottler Indemnitees as contemplated in Section 14(b). Bottler
and Customer shall fully cooperate and participate in the reporting and investigation of claims.

 

16.
Reserved.

 

17.
Governing Law; Jurisdiction; Trial by Jury. This Agreement will be governed by and interpreted in accordance with the internal
laws of the State of Florida, United States, without regard to conflicts of laws. The parties hereby consent to the exclusive jurisdiction
of, and venue in, any federal or state court of competent jurisdiction located in Palm Beach County, Florida for the purposes of adjudicating
any matter arising from or in connection with this Agreement. Each party expressly waives any right to a trial by a jury in any proceeding
arising directly or indirectly out of this Agreement.

 

18.
Equitable Relief. Each party’s remedies at law for a breach of any provision of this Agreement may be inadequate, and
either party may suffer irreparable harm from any such breach. Therefore, each party may enforce any provision of this Agreement by obtaining
equitable relief in addition to all other remedies at law or under this Agreement.

 

19.
Miscellaneous.

 

(a)
Notices. Other than routine communications made in the ordinary course of performing any obligations under this Agreement, all
notices or other communications required or permitted to be given under this Agreement must be in writing and will be deemed to have
been sufficiently given when delivered either in person or on the second business day after mailing via recognized international courier,
postage prepaid, to the address stated below or to such other address or individual as either party may specify from time to time in
writing or transmitted electronically if confirmed in writing by one of the above methods, provided, however, that if transmitted electronically,
the date of delivery shall be the date notice is received in accordance with the methods set forth above.

 

    	Page 15

    	 

    

 

If
to Customer:

 

 ________________________

 

Golden
Ally Lifetech Group, Inc

ATTN:
Oliver Ban

901
S Mopac Exp. Bldg 1 STE 300

Austin,
TX 78746

 

If
to Bottler:

 

Azure
Water Bottling of Florida, LLC

ATTN:
Nestor Lopez

1903
Greenleaf Lane,

Leesburg,
FL 34748, USA

 

(b)
Waiver. No term or provision of this Agreement will be deemed waived by either party unless such waiver is in writing and signed
on behalf of the party against whom it is asserted and such writing includes a specific statement of such party’s intent to make
such waiver. No waiver of a breach of this Agreement by either party, whether express or implied, will constitute a consent to, waiver
of, or excuse for any other, different, or subsequent breach of this Agreement.

 

(c)
Conflicts of Interest. If either party becomes aware of a conflict of interest relating to this Agreement, such party shall immediately
notify the other party and the parties shall work in good faith to resolve the conflict or otherwise resolve the situation.

 

(d)
Modification. Except as expressly set forth in this Agreement, no modification or change may be made in this Agreement except
by written instrument duly signed by an authorized representative of each party hereto.

 

(e)
Assignment. This Agreement may be assigned by either party, without the consent of the other party, to (i) any Affiliate of the
party, (ii) any entity with which or into which the party may consolidate or merge, or (iii) any entity acquiring all or substantially
all of the assets of the party relating to this Agreement. In addition, each party shall have the right to delegate any of its obligations
hereunder to an Affiliate or to an agent of such party. Any assignment, transfer, or delegation in contravention of this Section 19(e)
will be null and void. This Agreement will inure to the benefit of the successors and permitted assigns of the parties.

 

(f)
Entire Agreement. This Agreement, together with the Recitals, the attached Exhibits, and any future exhibits or schedules entered
into by the parties from time to time hereunder, and all Purchase Orders, all of which are hereby incorporated into this Agreement, constitutes
the entire agreement between the parties hereto with respect to the subject matter hereof. This Agreement supersedes all prior and simultaneous
representations, discussions, negotiations, letters, proposals, agreements, and understandings between the parties with respect to the
subject matter hereof, whether written or oral. In the event of any conflict or inconsistency between the terms of this Agreement and
any Exhibits hereto, this Agreement will control, except as specifically stated otherwise.

 

    	Page 16

    	 

    

 

(g)
Cumulative Remedies. The rights and remedies under this Agreement are cumulative and are in addition to and not in substitution
for any other rights and remedies available at law, in equity or otherwise, except to the extent expressly provided in this Agreement
to the contrary.

 

(h)
Force Majeure; Other Events. Neither party shall be considered in default of its performance of any obligation hereunder (other
than an obligation to make any payment due hereunder) to the extent that performance of such obligation is prevented or delayed by any
act of God or other cause beyond such party’s reasonable control, including any act, failure to act, or delay in acting on the
part of any governmental authority, governmental priorities, strikes or other labor difficulties, accidents or disruptions such as fire,
explosion, terrorism, flood, federal, state, or local governmental declaration of pandemics or epidemics, or civil disturbance (each,
a “Force Majeure Event”). The party subject to a Force Majeure Event shall use commercially reasonable efforts to
minimize the consequences of such event and to overcome such event as soon as reasonably possible. A party desiring to rely upon any
Force Majeure Event as an excuse for failure, default, or delay in performance shall promptly notify the other party of the occurrence
of the Force Majeure Event and again of the cessation of that event. If either party is unable to substantially perform its obligations
under this Agreement for more than thirty (30) days as a result of a Force Majeure Event, the other party shall have the option to terminate
this Agreement upon written notice to the non-performing party.

 

(i)
Severability. If any provision in this Agreement is invalid or unenforceable in any circumstances, its application in any other
circumstances and the remaining provisions of this Agreement will not be affected thereby.

 

(j)
Publicity. Neither party shall make any public announcements or communicate with any news media regarding this Agreement or the
transactions contemplated hereby without the prior written consent of the other party.

 

(k)
No Third Party Beneficiaries. Except as expressly stated herein, each party intends that this Agreement will not benefit, or create
any right or cause of action in or on behalf of, any person or entity other than the parties hereto, a party’s Affiliates, and
their successors and permitted assigns.

 

(l)
Interpretation. For purposes of this Agreement, (i) the words “include,” “includes” and “including”
will be deemed to be followed by the words “without limitation”; (ii) the word “or” is disjunctive but not necessarily
exclusive; and (iii) the words “herein,” “hereof,” “hereby,” “hereto” and “hereunder”
refer to this Agreement as a whole. This Agreement will be construed without regard to any presumption or rule requiring construction
or interpretation against the party drafting an instrument or causing any instrument to be drafted. The headings in this Agreement are
for reference only and will not affect the interpretation of this Agreement.

 

(m)
Execution. This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together
will be deemed to be one and the same agreement. A signed copy of this Agreement delivered by fax, email or other means of electronic
transmission will be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

    	Page 17

    	 

    

 

(n)
Setoff. Notwithstanding any other provision in this Agreement, each party has the right to set off any amounts it owes to the
other party against any amounts owed to it by the other party, and vice versa.

 

(o)
Relationship. The relationship established between the parties by this Agreement is solely that of vendor and vendee. Under no
circumstances shall the contractual relationship between the parties be deemed or construed as one of agency, joint venture, employment,
or otherwise. This Agreement does not give either party any right to act as a representative or agent of the other or any authority to
incur or create any obligation in the name of or on behalf of the other.

 

(p)
Subcontractors and Sub-manufacturers. Bottler shall not appoint any subcontractors or sub-manufacturers other than Azure Water
Bottling LLC, a Florida limited liability company, a Bottler Affiliate, without Customer’s prior written agreement. Any such
subcontractors or sub-manufacturers must agree in writing to be bound by all of the terms of this Agreement and Bottler’s obligations
hereunder, including those of Section 6. Unless pursuant to a duly authorized assignment, Bottler retains primary liability to Customer
for its obligations under this Agreement, notwithstanding the appointment of any subcontractors or sub-manufacturers, and shall be jointly
and severally liable for the actions or omissions of any subcontractors or sub-manufacturers.

 

[Signature
Page Follows]

 

    	Page 18

    	 

    

 

IN
WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective

 

	 	Company:
    Golden Ally Lifetech Group, Inc
	 	 	 
	 	By:	 
	 	Name:	Oliver
    K Ban
	 	Title:
    	CEO
	 	 	 
	 	Azure
    Water Bottling of Florida, LLC
	 	 
			
		By:	 
	 	Name:	Chuck
    Walkley
	 	Title:
    	CEO

 

    	 

     

    

 

EXHIBIT
A

 

Products;
Specifications; Prices

 

Products:
GOLDEN WATER, TRADEMARK: AQP WATER

 

First
Order: [***] bottles, using 432 ml bottles of Golden proprietary water, trademarked at AQP Water.

 

Subsequent
Orders: Minimum quantity of [***] bottles ([***]), using 432ml bottles, to [***] ([***]) cases.

 

Annual
Commitment: [***] 24pk cases (or [***] bottles of 432 ml water). This annual commitment shall begin on the first date of production but
within 4 months of agreement signing.

 

Pricing:

 

Prices:
Pricing: $[***] / Case / FOB Leesburg, FL

 

	Total
    Price Per Unit	 	$[***]	 	Per
    432 ml Bottle
	Total
    Price Per Case	 	$[***]	 	Per
    432 ml Case

 

Package:
24pk / 432ml

 

		○
                                            	.

		■	Bottle
                                            Molds to be purchased by Golden Ally.

		○	Blue
                                            bottles are an option. The cost difference between clear and blue bottles will be passed
                                            along to Golden.

		─	Closure:
                                            28mm / White

		─	Label:
                                            5 x 7 PS (Supplied by customer)

		○	Label
                                            cost above $[***] will be incurred by Golden.

		○	Azure
                                            will coordinate label purchase and Golden will pay for labels.

		─	Packaging:
                                            Clear unsupported shrink wrap

		─	Pallet:
                                            4x4

		─	pH
                                            water filling: Included

		─	Payment
                                            terms:

		○	First
                                            order: 100% payment before production

		○	Second
                                            Order: 50% Prior to production / 50% once produced

		○	Third
                                            order: Payment in full prior to shipment

		─	The
                                            Processing Fee shall be subject to the adjustments prescribed by a liner reduction.

		─	of
                                            10% after the first order, to the final capacity of the agreed total annual order so that
                                            the final per case price will be 10% less than the initial order per case price. In other
                                            words, the cost of the last case will be 10% lower than the first produced case.

 

    	A-1

    	 

    

 

Warranty:
Not applicable.

 

Specifications:

 

GOLDEN
will provide ceramic beads to be used in containers supplied by Azure Bottling, that will be used to process water provided by the Azure
bottling line, and will be used after the Reverse Osmosis process, but before the Ozonization process used by Azure Bottling. (The precise
and final positioning of the ceramic filter beads tank is TBD by Azure and Golden)

 

    ●
General standards: All ready to drink beverages packaged in bottles that GOLDEN distributes, markets or sells in the Territory
during the Term of this Agreement, initially Product to be packaged in a 432 ml plastic bottle designed by GOLDEN.

 

Optional
Provisions:

 

    ●
The quality assurance procedures for the Product established by Azure Bottling and accepted by GOLDEN as
set forth in “Exhibit B” attached to this Agreement.

 

Minimum
Order Commitment:

 

─
Initial Run: [***]

─
Subsequent Min Runs: [***]

─
Annual Commitment: [***] 24pk cases (or [***] of 432 ml water)

○
Details: Take or Pay

■
 Any case commitment shortfall will be charged at $[***] per case

 

    	A-2

    	 

    

 

EXHIBIT
B

 

QUALITY
ASSURANCE PROCEDURES

 

MICROBIOLOGICAL
& SHELF LIFE TESTING:

 

Samples
should be performed and analyzed to assure the integrity of the product. Several Quality Assurance checks in place should be performed
too, to assure that the package integrity is intact and in legal compliance.

 

Additional
sampling may be required to develop adequate history or to investigate quality issues. These will be determined by Quality Assurance
as such needs arise.

 

The
product will be incubated at 92-97F for 5 days in incubation

 

Room.
Low Acid

 

Frequency

Each

Hour

 

Each
15 minutes

 

(Samples
per process) 3 per Filler pH

 

Target
Results: (Microbiological plates)

 

Test:

 

48
hr plate

 

48
Stressed 1ml pH

 

Maximum

 

<5
u/ml (max.)

 

No
pH changes from Original Sample.

 

Product
will be released after the results of the different tests are analyzed. It will occur 7 days after the production finishes. If any problem
is present, the tests will be performed again and the release will be 7 days later.

 

    	B-1

    	 

    

 

OTHER
PROCESS REQUIREMENTS:

 

Several
tests, audits and inspections must be performed to assure the product specifications, such as the following:

 

●
Package Integrity

 

●
Weight

 

●
Container and case Codes

 

●
Organoleptic profile

 

    	B-2

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