Exhibit 10.27


Translation


SUPPLEMENTARY
AGREEMENT TO THE EMPLOYMENT AGREEMENT


DATED
22 March 2000


between


FiberMark Gessner GmbH & Co. OHG


(hereinafter referred to as the “Employer”)


and


Dr.
Walter Haegler, Ludwig-Thoma-Straße 6, 83620 Feldkirchen-Westerham


(hereinafter referred to as the “Employee”)


and


FiberMark
Services GmbH & Co. KG


(hereinafter
referred to as “FiberMark Services”)


Preliminary
remark:


The Employee was employed
with the Employer.  The Employee has
joined FiberMark Services on 13 October 2003. 
For the duration of the employment relationship between the Employee and
FiberMark Services the employment relationship of the Employee with the
Employer shall be suspended.  Now
therefore, in consideration of the foregoing the parties agree as follows:


1.                  The rights and obligations from the employment
relationship between the Employee and the Employer shall be suspended for the
term of the employment agreement agreed between the Employee and FiberMark
Services.


2.                  During his employment with FiberMark Services the
Employee shall be put in a position as if he would continue to be employed with
his former Employer.  All contractual
terms (rights and obligations from the employment relationship) between the
Employee and FiberMark Services correspond to those resulting from the
employment agreement between the Employee and the Employer.













3.                  The present Agreement and the suspended employment
relationship with the Employer shall end upon termination of the employment
relationship between the Employee and FiberMark Services –
subject to the provisions according to clause 4 of this Agreement.


4.                  The Employee shall have a special right of
termination vis-à-vis FiberMark Services and an associated right for
reactivation of the dormant employment agreement with the Employer such
entitlement applying in the following situations:


·                  If the ownership structure of the Employer changes,
either directly or indirectly, by the acquisition through third parties, which
are not affiliated with FiberMark Inc. as defined in sections 15 et seq. of the
German Stock Corporation Act, and if these third parties or any of their
affiliated companies, either directly or indirectly, do not at the same time
acquire a share in FiberMark Services which is basically of an analogous size,
whereby it makes no difference whether the respective shares are acquired via a
share or asset deal


OR


·                  If the ownership structure of FiberMark Services
changes, either directly or indirectly, by the acquisition through third
parties, which are not affiliated with FiberMark Inc. as defined in sections 15
et seq. of the German Stock Corporation Act, and if these third parties or any
of their affiliated companies, either directly or indirectly, do not at the
same time acquire a share in the Employer which is basically of an analogous
size, whereby it makes no difference whether the respective shares are acquired
via a share or asset deal.


The Employee shall exercise the special right of
termination and the associated right for reactivation of the dormant employment
agreement towards FiberMark Services and the Employer in writing within three
weeks after having become aware of the above grounds of termination.  In such case the employment relationship with
FiberMark Services will be terminated and the dormant employment relationship
with the Employer be reactivated upon expiry of the period of termination.


5.                  Should the employment relationship between the
Employee and the Employer be reactivated the Employee shall be put in a
position as if the employment relationship had not been suspended but had been
continued without interruption.


Bruckmühl, 31 October 2003

HR/es



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  FiberMark Gessner GmbH & Co. OHG

  	
   

  	
   

  	
  FiberMark Services

  
	
   

  	
   

  	
   

  	
   

  
	
  Signed by Dr. Walter Haegler (Employer)

  	
  by (Employee)

  	
   

  	
  by Dr. Walter Haegler

  






 



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