<PAGE> 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.
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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
<PAGE> 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):
<TABLE>
<CAPTION>
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1. 2. 3. Surviving 4. Surviving
Corporation Corporation
Rollover Stockholder Rollover Shares Common Stock Preferred Stock
-------------------- --------------- ------------ ---------------
------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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
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TOTAL 1,240,346 437,703 16,052,866
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</TABLE>
