Second Amendment to Agreement and Plan of Merger between U.S. Can Corporation and Pac Packaging Acquisition Corporation

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Summary

This amendment, dated August 22, 2000, updates the merger agreement between U.S. Can Corporation and Pac Packaging Acquisition Corporation. It replaces Schedule I of the original agreement, specifying the allocation of shares to certain stockholders after the merger. All other terms of the original merger agreement remain unchanged. The amendment is governed by Delaware law and can be executed in multiple counterparts.

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EX-2.3 2 c57192ex2-3.txt 2ND AMENDMENT TO AGREEMENT & PLAN OF MERGER 1 SECOND AMENDMENT TO AGREEMENT AND PLAN OF MERGER THIS SECOND AMENDMENT, dated as of August 22, 2000, is by and between U.S. Can Corporation, a Delaware corporation (the "Company") and Pac Packaging Acquisition Corporation, a Delaware corporation ("Newco"), and amends the Agreement and Plan of Merger, dated as of June 1, 2000, as amended on June 28, 2000, by and between the Company and Newco (the "Merger Agreement"). Capitalized terms used but not otherwise defined herein have the meanings assigned to those terms in the Merger Agreement. In consideration of the mutual agreements herein contained, the parties hereto hereby agree as follows: 1. Amendment to Schedule I of the Merger Agreement. The Merger Agreement shall be and hereby is amended by deleting the Schedule I attached to the Merger Agreement and replacing it with the Schedule I attached to this Amendment. 2. Counterparts. For the convenience of the parties hereto, this Amendment may be executed in any number of counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts shall together constitute the same amendment. 3. Governing Law. This Amendment shall be governed and construed in accordance with the laws of the State of Delaware without giving effect to the principles of conflict of laws thereof. 4. Titles. The Section captions in this Amendment are for convenience of reference only, do not constitute part of this Amendment and shall not be deemed to limit or otherwise affect any of the provisions hereof. 5. Effectiveness of Merger Agreement. Except as expressly set forth herein, the Merger Agreement is not modified, amended, released or otherwise affected by this Amendment. 2 IN WITNESS WHEREOF, this Amendment has been duly executed and delivered by the duly authorized officers of the parties hereto on the date first hereinabove written. U.S. CAN CORPORATION By: /s/ PAUL W. JONES ------------------------------------------ Name: Paul W. Jones Title: Chairman and Chief Executive Officer PAC PACKAGING ACQUISITION CORPORATION By: /s/ RICHARD K. LUBIN ------------------------------------------ Name: Richard K. Lubin Title: Senior Vice President 3 SCHEDULE I Rollover Shares (column 2) held by each Rollover Stockholder (column 1), respectively, to be converted, in the aggregate, into the following number of shares of Surviving Corporation Common Stock (column 3) and Surviving Corporation Preferred Stock (column 4):
- ------------------------------------------------------------------------------------------ 1. 2. 3. Surviving 4. Surviving Corporation Corporation Rollover Stockholder Rollover Shares Common Stock Preferred Stock - -------------------- --------------- ------------ --------------- - ------------------------------------------------------------------------------------------ Gillian V. N. Derbyshire 5,000 5,000 0 - ------------------------------------------------------------------------------------------ Roger B. Farley 6,000 6,000 0 - ------------------------------------------------------------------------------------------ David R. Ford 15,000 15,000 0 - ------------------------------------------------------------------------------------------ Paul W. Jones 32,000 32,000 0 - ------------------------------------------------------------------------------------------ J. Michael Kirk 5,000 5,000 0 - ------------------------------------------------------------------------------------------ John L. Workman 9,500 9,500 0 - ------------------------------------------------------------------------------------------ Salomon Smith Barney Inc. 417,846 130,667 5,743,588 - ------------------------------------------------------------------------------------------ Salcorp Ltd. 147,867 46,240 2,032,536 - ------------------------------------------------------------------------------------------ Barcel Corporation 200,000 62,543 2,749,141 - ------------------------------------------------------------------------------------------ Scarsdale Company N.V., Inc. 4,266 1,334 58,639 - ------------------------------------------------------------------------------------------ Windsor International 67,867 21,223 932,880 Corporation - ------------------------------------------------------------------------------------------ Atlas World Carriers S.A. 40,000 12,509 549,828 - ------------------------------------------------------------------------------------------ The World Financial 40,000 12,509 549,828 Corporation S.A. - ------------------------------------------------------------------------------------------ Lennoxville Investments, Inc. 90,000 28,144 1,237,113 - ------------------------------------------------------------------------------------------ Empire Investments S.A. 110,000 34,399 1,512,027 - ------------------------------------------------------------------------------------------ Carl Ferenbach 50,000 15,636 687,285 - ------------------------------------------------------------------------------------------ TOTAL 1,240,346 437,703 16,052,866 - ------------------------------------------------------------------------------------------