BLESSINGS CORPORATION
                      EXECUTIVE STOCK LOAN PURCHASE PROGRAM


1.       Purpose.  The Executive  Stock Loan Purchase  Program  ("Program"),  of
         Blessings Corporation, is adopted pursuant to the Blessings Corporation
         1991 Stock  Option  Plan  ("1991  Plan") to  facilitate  the  immediate
         purchase,  by selected key executives of Blessings  Corporation and its
         subsidiaries (collectively,  the "Company"), of Blessings Corporation's
         common  stock,   $.71  par  value  ("Common   Stock").   The  purchases
         facilitated  by the  Program  are  intended  to achieve  the  following
         specific purposes:

a)   more closely  align key  executives'  financial  rewards with the financial
     rewards realized by all other holders of the Common Stock;

b)   increase key executives' motivation to manage the Company as owners; and

c)   increase the ownership of Common Stock among key executives of the Company.

2.       Eligibility.  To  be  eligible  to  participate  in  the  Program,  the
         individual  must have been  granted an option to  purchase a  specified
         number  of shares of  Common  Stock at a  meeting  of the  Compensation
         Committee  of  Blessings  Corporation's  Board  of  Directors  held  on
         February 20, 1996 ("Stock Option") and, in connection with the grant of
         the Stock Option,  the individual must be designated as a key executive
         in the  minutes  of  that  Compensation  Committee  meeting  ("Eligible
         Employee").

3.       Participation.   To  become  a  Program   participant  ("Participant"),
         an Eligible  Employee must satisfy the following requirements:

(a)  submit a completed, signed and irrevocable agreement to exercise all of the
     stock Option, subject to the terms and conditions of the 1991 Plan and this
     Program;

(b)  complete and sign all necessary  agreements and other documents relating to
     the loan described in Section 4 below; and

(c)  satisfy all other conditions of participation specified in the Program.

         The agreements and other documents  specified in subsections  3(a), (b)
         and (c) must be in such form and must be submitted at such times and to
         such Company offices as specified by the Company or its designee(s). No
         Eligible Employee is required to participate in the Program.



<PAGE>


4.       Payment of Exercise Price.  Each  Participant must deliver in cash 100%
         of the  exercise  price of the shares,  with respect to which the Stock
         Option is exercised  ("Purchased  Shares"),  within five days after the
         option exercise date ("Exercise  Date").  The Purchased Shares will not
         be issued to the  Participant  until Company has received such payment.
         The payment must be made at the time, place and manner specified by the
         Company or its designee(s).

         Company has arranged the opportunity  for each  Participant to obtain a
         loan  through  Wachovia  Bank  ("Bank")  to fund  the  purchase  of the
         Purchased  Shares.  Each  Participant  must sign a letter of  direction
         which  directs  all loan  proceeds  to be paid  directly  to Company in
         payment of the Purchased  Shares.  Each  Participant is responsible for
         satisfying  all of the lending  requirements  specified  by the Bank to
         qualify for the loan.  Each  Participant is fully obligated to repay to
         the Bank all principal,  interest,  and any prepayment fees on the loan
         when due and payable.

5.       Registration of Shares.  The Purchased Shares will be registered in the
         name of the Participant and certificated.  Each certificate will bear a
         legend  referring  to the 1991  Plan  and  Program  and the  agreements
         between the Participant and Company  relating to the Purchased  Shares.
         The  certificates  for the  Purchased  Shares will be held in Company's
         Stockholder Services Department until all restrictions on the Purchased
         Shares have lapsed.  Each  Participant  must deliver to the Stockholder
         Services Department a stock power endorsed in blank with respect to the
         Purchased Shares with Participant's  signature guaranteed by a national
         bank.

6.       Stockholder  Rights.  The  Purchased  Shares will be shares issued from
         treasury  shares.  During the period in which the Purchased  Shares are
         subject to restrictions on transfer,  each Participant will have all of
         the  rights of a  stockholder  with  respect to the  Purchased  Shares,
         including  the right to vote the shares  and the right to  receive  all
         dividends paid on the shares,  subject,  however,  to the provisions of
         Section 13(e) of this Program.

7.       Sale of Purchased  Shares.  Each  Participant is permitted  to sell all
         or any  portion  of  the  Purchased  Shares,  subject to  the following
         restrictions:

(a)  except in the event of death or  disability,  termination  of employment as
     described  in Section  11, or a Change in Control  (as  defined in the 1991
     Plan), no Participant  may sell any portion of the Purchased  Shares before
     the first anniversary of the Exercise Date;

(b)  no  Participant  may sell any portion of the  Purchased  Shares  unless all
     principal, interest and any prepayment fees due on the loan contemplated by
     Section 4 of the Program have  previously  been paid or all proceeds of the
     sale are simultaneously applied first to the payment of all such principal,
     interest and prepayment fees; and

(c)  Until  all  principal,  interest  and any  prepayment  fees due on the loan
     contemplated by Section 4 of the Program have been made, Company shall have
     the right to impose reasonable  restrictions on the timing, amount and form
     of the sale of the Purchased  Shares with respect to any Participant to the
     extent it  reasonably  determines  that such  restrictions  are in the best
     interests of Company.  Each  Participant  must notify Company of his or her
     intention to sell the Purchased  Shares before such a sale is  implemented.
     Company may elect to allow the Participant to sell the Purchased  Shares in
     the open  market,  Company  may  repurchase  the shares or Company may take
     other actions as it deems appropriate. If Company repurchases the Purchased
     Shares,  the  purchase  price will be the average  closing  sale price of a
     share of Common Stock on the American  Stock Exchange  Composite  Reporting
     Tape over the 10-day period  consisting of the five trading days before and
     the five trading days after the  notification to Company of intent to sell;
     provided,  however, that if the average closing sale price is more than ten
     percent  (10%)  above  or below  the  price  of the  shares  on the date of
     notification  by Participant of his or her intention to sell,  then neither
     Company nor Participant  will be obligated to proceed with the purchase and
     sale, but Participant will then be permitted to sell in the open market.

8.       Risk Sharing.  If the Participant remains employed by Company until the
         first anniversary of the Exercise Date, Company will share the loss, if
         any,  which  the  Participant  incurs  upon the  sale of the  Purchased
         Shares.  The  loss  will be  measured  by the  difference  between  the
         purchase  price  of the  Purchased  Shares  and the  sale  price of the
         Purchased  Shares.  The risk of loss on the  Purchased  Shares  will be
         allocated as follows:

(a)  if any portion of the Purchased Shares is sold after the first  anniversary
     of the Exercise Date but before the third anniversary of the Exercise Date,
     the Participant

     1)       is responsible for 75%of the loss on that portion of the Purchased
              Shares; and

     2)       is  entitled to receive  50% of the  gain on that  portion  of the
              Purchased Shares.

     (b) if any  portion of the  Purchased  Shares is sold on or after the third
anniversary of the Exercise Date, the Participant

     1)       is responsible for 50%of the loss on that portion of the Purchased
              Shares; and

     2)       is  entitled  to  receive  100% of the gain on that portion of the
              Purchased Shares.

         The risk sharing  provisions  of this Section 8 will apply only to such
         Purchased  Shares as are sold by the  Participant and the proceeds from
         which  sale are  applied  to  repayment  of the loan  under  Section 4.
         Further,  the risk sharing  provisions of this Section 8 will not apply
         in the event of termination of employment as described in Section 11.

9.       Death or Disability.  If a  Participant's  employment  with the Company
         terminates,  at any time while his  or  her  loan  under  Section  4 is
         outstanding, because of the participant's  death or disability, as that
         term  is  hereinafter  defined,  the Participant (or  the Participant's
         representative in the case of death) may sell all or any portion of the
         Purchased  Shares  subject to the  conditions  specified in subsections
         7(b) and (c).  Upon the death of a  Participant,  his or her loan  will
         become due and  payable  sixty (60  days   after  the  date of death of
         Participant.  With  respect  to the  Purchased  Shares  sold  after the
         Participant's  death or  disability  and  while  his or her  loan under
         Section  4 is  outstanding,  the  Participant  is not  responsible  for
         any  loss  on the  sale of the  Purchased  Shares  but is  entitled  to
         receive  100%  of the  gain on the  sale of the Purchased Shares.  This
         Section  9 has no  effect on a deceased or disabled  Participant's sale
         of Purchased Shares before  the  participant's  death or disability  or
         after the Participant's loan under Section 4 has been repaid.

         A Participant  shall be deemed to have become  disabled for purposes of
         this  Agreement if the Executive  Committee of the Board of the Company
         finds, upon the basis of medical evidence  satisfactory to it, that the
         Participant  is totally  disabled,  whether  due to  physical or mental
         condition, so as to be prevented from engaging in further employment by
         the Company and that such  disability  will be permanent and continuous
         during the remainder of his or her life.

10.      Change  in  Control.  In  the  event  of  a  Change  in  Control,   the
         restrictions on the sale of the Purchased  Shares  specified in Section
         7(a) will lapse immediately,  each Participant  employed by the Company
         immediately  before the  Change in Control  will be deemed to have been
         employed by the Company  until the first  anniversary  of the  Exercise
         Date (if the Change in Control  occurs before the first  anniversary of
         the Exercise Date), and the Participant will be deemed to have sold the
         Purchased  Shares after the third  anniversary of the Exercise Date for
         purposes of Section 8(b) (if the sale of the  Purchased  Shares  occurs
         before the third anniversary of the Exercise Date).

11.      Employment Termination.  Nothing contained in this Program shall affect
         the Company's right to terminate Participant's  employment with Company
         at Company's sole  discretion,  either for cause or without cause,  and
         even though  Participant's  loan with Bank may not be fully paid at the
         date of employment termination  ("Termination Date"), subject, however,
         to the further provisions of this Section 11 as follows:

(a)  if a  Participant's  employment  is terminated  for Cause,  as that term is
     hereinafter  defined,  and if Participant's loan has not been fully paid at
     the Termination Date,  Participant's loan will become due and payable sixty
     (60) days after the  Termination  Date.  Within  thirty  (30) days from the
     Termination Date Participant shall notify Company,  in writing,  of whether
     or not  Participant  intends to sell all or any portion of the common stock
     covered by this Program to pay the balance of the loan.  If any stock is to
     be sold,  Participant  shall authorize Company to sell sufficient Shares to
     pay  the  balance  of the  loan,  including  principal,  interest  and  any
     outstanding  fees.  Any loss on the sale of such stock between the purchase
     price and the sale price of the stock  shall be borne by  Participant.  Any
     sale of stock under this Section  11(a) shall be  conducted  in  accordance
     with Section 7(c); provided,  however,  that any restriction on the sale of
     stock  imposed  by Company  under  Section  7(c)  shall not  operate to the
     financial detriment of Participant.

     A termination"For Cause" is a termination evidenced by a resolution adopted
     in good faith by the  Executive  Committee of the Board of the Company that
     the  Participant  (a) willfully  and  continually  failed to  substantially
     perform his duties with the Company  (other than a failure  resulting  from
     the  Participant's  incapacity  due to  physical or mental  illness)  which
     failure continued for a period of at least thirty (30) days after a written
     notice of demand for  substantial  performance  has been  delivered  to the
     Participant  specifying the manner in which the  Participant  has failed to
     substantially  perform,  or (b)  willfully  engaged  in  conduct  which  is
     demonstrably  and  materially  injurious  to  the  Company,  monetarily  or
     otherwise,  or (c) is found to be grossly incompetent in the performance of
     his duties for the Company;  provided,  however, that no termination of the
     Participant's  employment  shall be for Cause as set  forth in clause  (a),
     (b),  or (c) above  until  (i)  there  shall  have  been  delivered  to the
     Participant a copy of a written notice setting forth that they  Participant
     was  guilty  of the  conduct  set  forth in  clause  (a),  (b),  or (c) and
     specifying  the  particulars  thereof in detail,  and (ii) the  Participant
     shall  have  been  provided  an  opportunity  to be heard by the  Executive
     Committee  of  the  Board  of  the  Company  (with  the  assistance  of the
     Participant's  counsel if the Participant so desires).  No act, nor failure
     to act, on the Participant's part, shall be considered  "willful" unless he
     has acted or failed to act,  with an absence  of good  faith and  without a
     reasonable  belief  that  his  action  or  failure  to act was in the  best
     interest  of  the  Company.  Notwithstanding  anything  contained  in  this
     Agreement to the contrary,  no failure to perform by the Participant  after
     notice of termination is given to the Participant shall constitute Cause.

(b)  if  a  Participant's   employment  is  terminated   without  cause  and  if
     Participant's  loan  has  not  been  fully  paid at the  Termination  Date,
     Participant's  loan will become due and  payable  sixty (60) days after the
     Termination  Date.  Within  thirty  (30)  days from the  Termination  Date,
     Participant shall notify Company, in writing, of whether or not Participant
     intends  to sell all or any  portion of the  Common  Stock  covered by this
     Program  to pay the  balance  of the  loan.  If any  stock  is to be  sold,
     Participant  shall authorize  Company to sell sufficient  Shares to pay the
     balance of the loan,  including  principal,  interest  and any  outstanding
     fees. Any loss on the sale of such stock between the purchase price and the
     sale price shall be borne by Company.  Any sale of stock under this Section
     11(b)  shall be  conducted  in  accordance  with  Section  7(c);  provided,
     however, that any restriction on the sale of stock imposed by Company under
     Section  7(c)  shall  not  operate  to  the  financial   detriment  of  the
     Participant.
(c)  The  provisions  of this Section 11 affecting the sale of stock shall be in
     effect for only so long as Participant's  loan from Bank as contemplated in
     Section 4, including  principal,  interest and any outstanding fees remains
     unpaid in whole or in part.

12.  Risk  Sharing  Implementation.  If a  Participant  sells any portion of the
     Purchased  Shares at a loss (as  determined by the provisions of Section 8)
     while  his  or  her  loan  under  Section  4 is  outstanding,  and  if  the
     participant  is  responsible  for less  than  100% of that  loss  under the
     provisions of the Program,  Company will assume the portion of the loss for
     which the Participant is not  responsible.  Company will assume its portion
     of the  loss by  delivering  cash  equal  to such  portion  ("Risk  Sharing
     Payment") directly to the Participant  simultaneously with the repayment of
     the Participant's  loan under Section 4. Company  anticipates that the Risk
     Sharing Payment will constitute compensation to the Participant, subject to
     tax withholding and reporting.  Company also anticipates deducting the Risk
     Sharing Payment as compensation in the year in which it is paid. If Company
     determines  that it is not entitled to a current tax deduction for the Risk
     Sharing Payment with respect to any Participant,  because such compensation
     is not deemed to constitute qualified performance-based compensation within
     the  meaning  of  section  162(m)  and the  related  regulations  under the
     Internal  Revenue Code of 1986, as amended,  Company will not make the Risk
     Sharing  Payment to the Participant in connection with the repayment of the
     Participant's  loan under Section 4. Instead the  Participant  will receive
     deferred  compensation equal to the Risk Sharing Payment at a time and in a
     form intended to secure  Company's  related tax deduction.  Company has the
     sole  discretion  to  implement a deferred  compensation  agreement  to the
     extent  necessary  or  desirable  to achieve  the  intent of the  preceding
     sentence.  This Section 12 shall not apply to payments which may be made to
     Participant or on  Participant's  behalf in accordance  with Section 11(b).
     13. Loan Guarantee. Company will guarantee repayment to the Bank of 100% of
     all  principal,  interest,  prepayment  fees and other  obligations of each
     Participant  under  such  Participant's  loan  described  in Section 4. The
     Company loan guarantee is a condition to the loan  arrangement  Company has
     made with the Bank. The terms and conditions of the guarantee are as agreed
     by Company and the Bank.  Each  Participant is fully  obligated to repay to
     the Bank all  principal,  interest,  and other amounts on the loan when due
     and  payable.  Company  may  exercise  all legal  remedies  with  regard to
     Participant,  which the Company deems  reasonable and necessary,  to obtain
     full reimbursement for amounts Company pays to the Bank under its guarantee
     related to the Participant's loan, in excess of the Risk Sharing Payment it
     is obligated to make under Section 12 ("Loan Default").

     Notwithstanding  any provisions of the loan agreement  between  Participant
and  Bank  and  any  renewals  or   extensions   thereof   which  are  the  sole
responsibility  of  Participant  and  as  further  consideration  for  Company's
guaranty of Participant's loan, Participant agrees:

                  (a)      that Bank loan shall not exceed  a total of  five (5)
                           years from the date of the original  loan,  including
                           all renewals and extensions;

                  (b)      that Bank loan or any renewals or extensions  thereof
                           shall be  "interest  only" for no more than the first
                           three (3) years of such loan,  including any renewals
                           or extensions  and the  principal  shall be amortized
                           over the fourth and fifth years or sooner;

                  (c)      that the Bank loan  shall be due and  payable  as set
                           out in Sections 9 and 13 notwithstanding the maturity
                           date  of the  loan  or  any  renewals  or  extensions
                           thereof as between the Participant and the Bank.

                  (d)      that not less than  semi-annually  beginning with the
                           date of the original  loan,  Participant  will obtain
                           from Bank and deliver to Company a written  statement
                           from  Bank  signed  by  an  authorized  Bank  officer
                           verifying that  Participant's  loan is current in all
                           respects;

                  (e)      that  upon  receiving  notice  from  Bank  of a  loan
                           default  in  Participant's  loan,  Company  shall  be
                           authorized  to withhold  any  dividends  which may be
                           payable on the Common  Stock being held by Company to
                           be  applied  to  the   payment  of  any   outstanding
                           principal,  interest or unpaid fees due on the unpaid
                           balance of the Participant's loan; and

                  (f)      that  upon  receiving  notice  from  Bank  of a  loan
                           default  in  Participant's  loan,  Company  shall  be
                           authorized,  after the  giving of  fifteen  (15) days
                           prior written  notice to  Participant  and failure of
                           Participant  to cure  such loan  default  in a manner
                           satisfactory  to Bank  within such  fifteen  (15) day
                           period,  to sell any  Common  Stock  held by  Company
                           pursuant  to Section 5. Any sale by Company  shall be
                           conducted in accordance with Section 7(c).

14.      Effect of  Program.  The  Program is  governed by the provisions of the
         1991 Plan,  except as  otherwise expressly stated in the Program.

15.      Amendment. The Company may amend the Program at any time subject to the
         limitations  in Section 8.1 of  the 1991 Plan.

                                          BLESSINGS CORPORATION



                                          By: /s/ John W. McMackin
                                              John W. McMackin
                                              Chairman of Board

Agreed to and Accepted:



/s/James P. Luke
JAMES P. LUKE


Date:  February 23, 1996