CPG Finance, Inc.Exopack Holding Corp • August 10th, 2011 • Converted paper & paperboard prods (no contaners/boxes)
This letter evidences an amendment to the Option Grant Agreement as follows. In consideration for your acceptance of employment with Sun Capital Advisors, Inc. (“Sun”), the Option Grant Agreement is hereby amended to provide that the Option Grant can be exercised only on the earliest of the following dates:
Exopack Holding Corp.Offer Agreement • August 10th, 2011 • Exopack Holding Corp • Converted paper & paperboard prods (no contaners/boxes)
Further, it is hereby agreed that your Separation Benefit Agreement, dated as of January 10, 2006 and as amended to date, by and among the Company, CPG Finance, Inc. (“CPG”) and you, is hereby terminated and neither you, on the one hand, nor the Company, CPG or any of their respective affiliates, on the other hand, have any continuing rights or obligations thereunder.
CPG Finance, Inc.Bonus Agreement • August 10th, 2011 • Exopack Holding Corp • Converted paper & paperboard prods (no contaners/boxes)
As you know, on May 31, 2011, you were awarded a bonus payable by CPG Finance, Inc. (the “Company”) in an aggregate amount of up to $4,500,000 (such bonus, the “Bonus” and such agreement, the “Bonus Agreement”). In consideration for your acceptance of employment with Sun Capital Advisors, Inc. (“Sun”), the Company hereby waives the requirement in Section 2(c) of the Bonus Agreement that you be an employee of the Company immediately prior to a Change in Control (as such term is defined in the Bonus Agreement) in order to receive the payment contemplated by Section 2(c) of the Bonus Agreement. This waiver shall be null and void and of no further force or effect in the event that you voluntarily terminate your employment with Sun prior to a Change in Control.
