Document:

<PAGE>

                                                                    Exhibit 10.2
                                                                    ------------

                                   EMPLOYMENT AGREEMENT dated as of the
                              Commencement Date (this "Agreement"), by and
                                                       ---------
                              between RESOLUTION PERFORMANCE PRODUCTS LLC, a
                              Delaware limited liability company (the "Company")
                                                                       -------
                              and MARVIN O. SCHLANGER ("Executive").
                                                        ---------

     WHEREAS, in order to induce Executive to accept employment with the
Company, the Company desires to provide Executive with compensation and other
benefits on the terms and conditions set forth in this Agreement.

     WHEREAS, Executive is willing to enter into such employment and perform
services for the Company on the terms and conditions set forth in this
Agreement.

     NOW, THEREFORE, it is therefore hereby agreed by and between the parties as
follows:

1.   EMPLOYMENT.

     (a)  Subject to the terms and conditions of this Agreement, the Company
agrees to employ Executive during the term hereof as the Executive Chairman of
the Board of Directors. Executive hereby accepts employment as such and agrees
to devote his full working time and efforts, to the best of his ability,
experience and talent, to the performance of services, duties and
responsibilities in connection therewith. Without limiting the professional
responsibilities detailed herein, Executive will not engage in any professional
activities except for serving on the board of directors of the companies set
forth on Exhibit A. In addition, at the request of the board of directors of
         ---------
the Company (the "Board of Directors"), Executive also will serve as the Chief
                  ------------------
Executive Officer of the Company. As the Executive Chairman of the Board and/or
the Chief Executive Officer, Executive shall report to the Board of Directors
and perform such duties as directed by the Board of Directors, including,
without limitation, those duties set forth on Exhibit B hereto.
                                              ---------

     (b)  The Company will use commercially reasonable efforts to cause
Executive to be elected to its Board of Directors.

2.   TERM OF EMPLOYMENT.

     This Agreement and the term of employment shall commence and be effective
from and after the consummation of the transactions contemplated by the Master
Sale Agreement, dated July 10, 2000 (the "MSA"), among Shell Oil Company, Resin
                                          ---
Acquisition, LLC, RPP Holdings LLC (as assignee of Resin Acquisition, LLC) and
Shell Epoxy Resins Inc. (renamed Resolution Performance Products Inc.) (the
"Commencement Date") and, subject to the terms hereof, shall terminate on the
 -----------------
third anniversary of the Commencement Date (the "Termination Date"); provided,
                                                 ----------------    --------
however, that on such anniversary date and on each subsequent two year
-------
anniversary of such anniversary date, the Termination Date shall automatically
be extended for a period of two years, unless either party shall have given
written notice to the other party not less than one hundred and twenty days
prior to the Termination Date that the Termination Date shall not be so
extended.
<PAGE>

3.    COMPENSATION AND BENEFITS.

   (a)    Base Salary.  The Company shall pay Executive a base salary ("Base
          -----------                                                   ----
Salary") at the annual rate of $400,000. The Base Salary shall be payable in
------
accordance with the ordinary payroll practices of the Company and shall be
subject to increase as determined by the compensation committee of the Board of
Directors of the Company (the "Compensation Committee").
                               ----------------------

   (b)    Bonus.  In addition to the Base Salary, Executive shall be entitled to
          -----
receive a cash bonus (the "Bonus") with respect to each fiscal year; provided
                           -----                                     --------
that Executive is employed by the Company on the last day of such fiscal year.
The Bonus shall be based on the Company's achievement of certain operating
and/or financial goals to be established by the Compensation Committee, with an
annual target bonus amount equal to 75% of Executive's then current Base Salary.

   (c)    Benefits.  During the term of employment hereunder, the Company shall
          --------
provide to Executive coverage under any employee benefit programs, plans and
practices, in accordance with the terms that the Company makes available to its
executive officers. For purposes of retirement or post-retirement programs of
the Company, Executive shall be deemed fully vested as of the Commencement Date.

   (d)    Office.  The Company shall maintain for Executive's use an office and
          ------
small staff in Philadelphia, Pennsylvania. The scale of such office and staff
shall be subject to the Company's budget limitations and as approved by the
Board of Directors.

4.    TERMINATION OF EMPLOYMENT.

   (a)    Termination Rights.  The Company may terminate Executive's employment
          ------------------
at any time, and Executive may terminate his employment at any time.

   (b)    Definitions.
          -----------

       (i)     "Affiliate" of the Company shall mean a Person that directly, or
                ---------
     indirectly through one or more intermediaries, controls, or is
     controlled by, or is under common control with, the Company. As used in
     this definition, the term "control," including the correlative terms
     "controlling," "controlled by" and "under common control with," means
     possession, directly or indirectly, of the power to direct or cause the
     direction of management or policies (whether through ownership of
     securities or any partnership or other ownership interest, by contract or
     otherwise) of a Person. The term "Affiliate" shall not include at any time
     any portfolio companies of Apollo Management IV, L.P. or its Affiliates.

       (ii)    "Cause" shall mean termination by the Company of Executive's
                -----
     employment (a) based on a determination that Executive has engaged in
     conduct constituting willful misconduct or gross negligence, or breach of a
     fiduciary duty; (b) based on a determination that Executive has failed to
     perform the duties required by such Executive's employment if Executive has
     received notice of such failure and has not cured such failure within 10
     days of receiving such notice; (c) because Executive has

                                      -2-
<PAGE>

     breached or violated any of the provisions of the Company's employee
     handbook or other policies in effect from time to time that by their
     express terms may result in termination of employment; (d) because
     Executive has been convicted of a felony, has engaged in any act involving
     the misuse or misappropriation of money or other property of the Company,
     has defrauded the Company, any Affiliate of the Company or any customer of
     the Company, or because of habitual intoxication while performing his job
     duties, or drug addiction; or (e) because Executive has knowingly failed to
     take action consistent with or has taken an action inconsistent with a
     directive of the Board of Directors.

          (iii)  "Good Reason" shall mean the occurrence of any of the
                  -----------
     following events without Executive's express prior written consent and
     which event shall not have been cured within a reasonable period after
     notice from Executive: (A) the assignment to Executive by the Company of
     duties or authorities materially inconsistent with Executive's duties or
     authorities as set forth in Section 1 hereof, or any material reduction by
     the Company of Executive's duties, except in connection with the
     termination of Executive's employment for any other reason; (B) a reduction
     by the Company in Executive's Base Salary or Bonus (other than due to the
     failure to meet applicable performance objectives); or (C) any material
     breach by the Company of any material provision of this Agreement after a
     written notice of such breach shall have been delivered to the Company and,
     if such breach can be cured, such breach shall not have been cured prior to
     the tenth day after delivery of such notice.

          (iv) "Person" shall be construed broadly and shall include, without
                ------
     limitation, an individual, a partnership, a corporation, an association, a
     joint stock company, a limited liability company, a trust, a joint venture,
     an unincorporated organization and a governmental entity or any department,
     agency or political subdivision thereof.

          (v)  "Termination Payments" shall mean earned but unpaid amounts as of
                --------------------
     the date of any termination under applicable salary or benefit plans or
     programs.

     (c)  Termination other than for Cause or Termination for Good Reason.  If
          ---------------------------------------------------------------
Executive's employment is terminated by the Company other than for Cause or
Executive terminates his employment for Good Reason, in each case, prior to the
Termination Date, Executive shall be entitled to receive (i) within a reasonable
time after the date of termination, the Termination Payments and any bonus for
the year of termination payable if and at such time and level as is generally
paid by the Company and (ii) in lieu of any other cash compensation provided for
herein but not in substitution for compensation already paid or earned, payable
in accordance with the Company's customary payroll practices, for a period equal
to the greater of (x) 12 months following the date of termination and (y) the
period between the date of termination and the Termination Date, an amount equal
to Executive's Base Salary at its then current annual rate.

                                      -3-
<PAGE>

     (d)  Voluntary Termination by Executive; Discharge for other reasons.  If
          ---------------------------------------------------------------
Executive's employment is terminated by the Company for any reason other than a
termination without Cause or by Executive other than for Good Reason, in each
case prior to the Termination Date, Executive shall be entitled to receive,
within a reasonable time after the date of termination, the Termination
Payments.

     (e)  Expiration of Agreement. For the avoidance of doubt, the expiration
          -----------------------
and non-renewal of this Agreement as contemplated under Section 2 hereof shall
not trigger any payments that may be required under Sections 4(c) and 4(d)
hereof.

     (f)  DEFRA.
          -----

          (i)  Notwithstanding anything in this Agreement or any other agreement
     between Executive and the Company to the contrary, in the event that the
     provisions of the Deficit Reduction Act of 1984 ("DEFRA"), and Section 280G
                                                       -----
     of the Internal Revenue Code of 1986, as amended (the "Code") relating to
                                                            ----
     "excess parachute payments" (as defined in the Code) shall be applicable to
     any payment or benefit received or to be received by Executive, then the
     total amount of payments or benefits payable to Executive shall be reduced
     by the least amount necessary such that the provisions of DEFRA and Section
     280G of the Code relating to "excess parachute payments" shall no longer be
     applicable. Should such a reduction be required, Executive shall determine,
     in the exercise of his sole discretion, which payment or benefit to reduce
     or eliminate. Pending such determination, the Company shall continue to
     make all other required payments to Executive at the time and in the manner
     provided herein and shall pay the largest portion of any parachute payments
     such that the provisions of DEFRA relating to "excess parachute payments"
     shall no longer be applicable.

          (ii) Due to the complexity in the application of Section 280(G) of the
     Code, it is possible that payments made or benefits received hereunder
     should not have been made under clause (e)(i) above (an "Overpayment"). If
                                                              -----------
     it is determined by the Company's outside auditors in their reasonable good
     faith judgment or by any court of competent jurisdiction that an
     Overpayment has been made resulting in an "Excess Parachute Payment" as
     defined in Section 280G(b)(1) of the Code), then any such Overpayment shall
     be treated for all purposes as an unsecured, long-term loan from the
     Company to Executive, or Executive's personal representative, successors or
     assigns, as the case may be, that is payable, together with accrued
     interest from the date of the making of the Overpayment at the rate of 8%
     per annum on the later to occur of the third anniversary of the payment of
     such Overpayment, or 6 months following the date upon which it is
     determined an Overpayment was made. Should it be determined that such an
     Overpayment has been made, Executive shall determine, in the exercise of
     his sole discretion, which payments or benefits shall be deemed to
     constitute the Overpayment.

5.   NOTICES.
     -------

     All notices or communications hereunder shall be in writing, addressed, in
the case of Executive, to the address set forth on the signature pages hereto,
and to the Company, as follows:

                                      -4-
<PAGE>

                    Resolution Performance Products LLC
                    1600 Smith Street
                    Houston, Texas 77002
                    Attention: Vice President -- Human Resources
                    Telecopy:  (713) 241-5333

                     with a copy to:

                    RPP Holdings LLC
                    c/o Apollo Management, L.P.
                    1301 Avenue of the Americas
                    38th Floor
                    New York, New York 10019
                    Attn:  Scott Kleinman
                    Telecopy:  (212) 515-3232

                    with a copy to:

                    O'Sullivan Graev & Karabell, LLP
                    30 Rockefeller Plaza, 27th Floor
                    New York, New York 10112
                    Attention: John J. Suydam, Esq.
                    Telecopy:  (212) 218-6220

Any such notice or communication shall be sent certified or registered mail,
return receipt requested, postage prepaid, addressed as above (or to such other
address as such party may designate in a notice duly delivered as described
above), and the actual date of mailing shall constitute the time at which notice
was given.

6.   SEPARABILITY; ARBITRATION.
     -------------------------

     If any provision of this Agreement shall be declared to be invalid or
unenforceable, in whole or in part, such invalidity or unenforceability shall
not affect the remaining provisions hereof, which shall remain in full-force and
effect.  Any controversy or claim arising out of or relating to this Agreement
or the breach of this Agreement (other than Section 9 hereof) that cannot be
resolved by Executive on the one hand and the Company on the other, including
any dispute as to the calculation of Executive's benefits or any payments
hereunder, shall be submitted to arbitration in New York, New York in accordance
with New York law and the procedures of the American Arbitration Association.
The determination of the arbitrators shall be conclusive and binding on the
Company and Executive, and judgment may be entered on the arbitrators' award in
any court having jurisdiction.

7.   ASSIGNMENT.
     ----------

     This contract shall be binding upon and inure to the benefit of the heirs
and representatives of Executive and the assigns and successors of the Company,
but neither this nor

                                      -5-
<PAGE>

any rights hereunder shall be assignable or otherwise subject to hypothecation
by Executive except by will or by operation of the laws of intestate succession.

8.   AMENDMENT.
     ---------

     This Agreement may only be amended by written agreement of the parties
hereto.

9.   NONDISCLOSURE OF CONFIDENTIAL INFORMATION; NON-COMPETITION.
     ----------------------------------------------------------

     (a)  Executive shall not, without the prior written consent of the Company,
divulge, disclose or make accessible to any other person, firm, partnership,
corporation or other entity any Confidential Information pertaining to the
business of the Company, except (i) while employed by the Company, in the
business of and for the benefit of the Company, or (ii) when required to do so
by a court of competent jurisdiction, by any governmental agency having
supervisory authority over the business of the Company, or by any administrative
body or legislative body (including a committee thereof) with purported or
apparent jurisdiction to order Executive to divulge, disclose or make accessible
such information.

     (b)  For purposes of this Section, "Confidential Information" shall mean
                                         ------------------------
non-public information concerning the Company's and its Affiliates' financial
data, strategic business plans, product development (or other proprietary
product data), customer lists, marketing plans and other non-public, proprietary
and confidential information of the Company and its Affiliates that is not
otherwise available to the public.

     (c)  For the period commencing on the date hereof and ending on (x) the
last day on which Executive receives any payment from the Company or any of its
Affiliates, with respect to a termination by the Company other than for Cause or
a termination by Executive for Good Reason, or (y) the one year anniversary of
the last day on which Executive receives any payment from the Company or any of
its Affiliates, with respect to all other terminations, without the prior
written consent of the Company, Executive shall not, directly or indirectly, (i)
either as principal, manager, agent, consultant, officer, director, stockholder,
partner, member, investor, lender or employee or in any other capacity, carry
on, be engaged in or have any financial interest in any business within the
chemicals industry, including, without limitation, any business that is in
competition with the business of the Company and/or its Affiliates, or (ii)
solicit or hire any employees of the Company and/or its Affiliates. For purposes
hereof, a business shall be deemed to be in competition with the Company if it
is significantly involved in the rendering of any good or service significantly
purchased, sold, dealt in or rendered by the Company and/or its Affiliates. As
used in the preceding sentence, the term "significantly" shall be deemed to
                                          -------------
refer to activities generating gross annual sales of at least $25 million.
Nothing in this Section 9(c) shall be construed so as to preclude Executive from
                ------------
serving on each board of directors of the Companies listed on Exhibit A or
                                                              ---------
investing in any publicly held company provided Executive's beneficial ownership
of any class of such company's securities does not exceed 5% of the outstanding
securities of such class.

     (d)  Executive and the Company agree that the foregoing covenant not to
compete is a reasonable covenant under the circumstances, and further agree that
if in the opinion of any court of competent jurisdiction such restraint is not
reasonable in any respect, such court shall have the

                                      -6-
<PAGE>

right, power and authority to excise or modify such provision or provisions of
such covenant as to the court shall appear not reasonable and to enforce the
remainder of the covenant as so amended. Executive agrees that any breach of the
covenants contained in this Section would irreparably injure the Company.
Accordingly, the Company may, in addition to pursuing any other remedies they
may have in law or in equity, obtain an injunction against Executive from any
court having jurisdiction over the matter, restraining any further violation of
this Section by Executive.

10.  GOVERNING LAW.
     -------------

     This Agreement shall be construed, interpreted and governed in accordance
with the laws of the State of Delaware, without reference to rules relating to
conflict of laws.

11.  WITHHOLDING.
     -----------

     The Company shall be entitled to withhold from any payment hereunder any
amount required by law to be withheld.

12.  COUNTERPARTS.
     ------------

     This Agreement may be executed in two or more counterparts, each of which
shall be deemed an original.

13.  ENTIRE AGREEMENT.
     ----------------

     This Agreement reflects the entire agreement and understanding of the
parties hereto with respect to the subject matter hereof and replaces and
supercedes any prior employment agreements.

                                   * * * * *

                                      -7-
<PAGE>

     IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the
date first above written.

                              RESOLUTION PERFORMANCE PRODUCTS LLC

                              By: /s/ Scott Kleinman
                                 -----------------------------
                                 Name:  Scott Kleinman
                                 Title:  Director

                              /s/ Marvin O. Schlanger
                              ---------------------------------------
                              Name:  Marvin O. Schlanger

                              Address:
                              -------

                              15 Southwood Drive
                              ------------------
                              Cherry Hill, NJ  08003
                              ----------------------
<PAGE>

                                                                       Exhibit A
                                                                       ---------

                         BOARD MEMBERSHIPS OF EXECUTIVE
                         ------------------------------

UGI Corporation
OneChem, Ltd.
Wellman, Inc.<PAGE>

                                                                    Exhibit 10.3

                            SECURED PROMISSORY NOTE

AMOUNT SET FORTH ON THE SIGNATURE PAGE HERETO                 New York, New York
                                                               November 14, 2000

     SECTION 1.  GENERAL.  For value received, the payor signatory hereto (the
                 -------
"Payor") hereby promises to pay to the order of Resolution Performance Products
 -----
LLC, a Delaware limited liability company, or its successors and assigns (the
"Payee"), the principal amount set forth on the signature page hereto (the
 -----
"Principal Amount") by payment on or prior to the eighth anniversary of the date
 ----------------
hereof (the "Maturity Date").  The Payor shall pay interest in arrears on the
             -------------
Maturity Date, on the unpaid balance of the outstanding principal amount of this
Note from time to time at the rate per annum equal to the interest rate set
forth on the signature page hereto (computed on the basis of a 360-day year and
the actual number of days elapsed) (the "Interest Rate").  The principal of, and
                                         -------------
interest on, this Note shall be payable in such coin or currency of the United
States of America as at the time of payment shall be legal tender therein for
the payment of public and private debts; provided that, at the Payor's election,
                                         -------- ----
which election shall initially be exercised as of the date hereof and set forth
on the signature page hereto, the interest on this Note shall either (i) accrue
and be payable on November 1 and May 1 of each year (each a "Payment Date") or
                                                             ------------
(ii) accrue and compound on a semi-annual basis on each Payment Date and be
payable in one installment on the Maturity Date.  If Payor initially elects to
have the interest on this Note accrue and compound on a semi-annual basis on
each Payment Date and be payable in one installment on the Maturity Date in
accordance with (ii) of the preceding sentence, then Payor shall have the option
on any Payment Date prior to the Maturity Date, which option may be exercised
only once and be effective and irrevocable as of the date of the exercise of
such option, to have the interest on this Note accrue and be payable on each
Payment Date in accordance with (i) of the preceding sentence; provided that,
                                                               -------- ----
upon the exercise of such option, Payor shall pay to the Payee all accrued,
compounded and unpaid interest as of the date of the exercise of such option.

     SECTION 2.  PREPAYMENT.  This Note may be prepaid in whole or in part prior
                 ----------
to its due date without the consent of the Payee. Any prepayment shall be in an
amount equal to the principal amount plus any interest due and payable thereon
(including any deferred interest and any accrued, compounded and unpaid
interest).

     SECTION 3.  EVENTS OF DEFAULT.
                 -----------------

          (a)  Definitions.  In each case of the happening of the following
               -----------
events (each of which is an "Event of Default"):
                             ----------------

               (i)  if a default occurs in the payment of any premium,
     installment of, principal of, interest on, or other obligation with respect
     to, this Note, whether at the due date thereof or upon acceleration
     thereof, and such default shall continue for more than ten (10) days after
     notice thereof from the Payee;
<PAGE>

               (ii)    if the Payor shall (1) apply for or consent to the
     appointment of a receiver, trustee, custodian or liquidator of his
     property, (2) admit in writing his or her inability to pay his or her debts
     as they mature, (3) make a general assignment for the benefit of creditors,
     or (4) file a voluntary petition in bankruptcy, or a petition or an answer
     seeking reorganization or an arrangement with creditors, or to take
     advantage of any bankruptcy, reorganization, insolvency, readjustment of
     debt, dissolution or liquidation laws or statutes, or an answer admitting
     the material allegations of a petition filed against it in any proceeding
     under any such law; or

               (iii)   there shall be filed against the Payor an involuntary
     petition seeking the appointment of a receiver, trustee, custodian or
     liquidator of the Payor or a substantial part of his assets, or an
     involuntary petition under any bankruptcy, reorganization or insolvency law
     of any jurisdiction, whether now or hereafter in effect (any of the
     foregoing petitions being hereinafter referred to as an "Involuntary
     Petition") and such Involuntary Petition shall not have been dismissed
                         --------------------
     within sixty (60) days after it was filed;

then, upon each and every such Event of Default and at any time thereafter
during the continuance of such Event of Default, at the election of the Payee,
this Note shall immediately become due and payable, both as to principal and
interest (including any deferred interest and any accrued and unpaid interest),
without presentment, demand, or protest, all of which are hereby expressly
waived, anything contained herein or other evidence of such indebtedness to the
contrary notwithstanding (except in the case of an Event of Default under
paragraphs (ii) or (iii) of this Section 3(a), in which event such indebtedness
shall automatically become due and payable).

          (b)  Remedies on Default, Etc.  In case any one or more Events of
               ------------------------
Default shall occur and be continuing and acceleration of this Note shall have
occurred, the Payee may, inter alia, proceed to protect and enforce its rights
                         ----- -----
by an action at law, suit in equity or other appropriate proceeding, whether for
the specific performance of any agreement contained in this Note, or for an
injunction against a violation of any of the terms hereof or thereof or in and
of the exercise of any power granted hereby or thereby or by law. No right
conferred upon the Payee hereby shall be exclusive of any other right referred
to herein or now or hereafter available at law, in equity, by statute or
otherwise.

     SECTION 4.  ACCELERATION.  In each case of the happening of the following
                 ------------
events (each of which is an "Acceleration Event"):
                             ------------------

               (i)  the termination of the Payor's employment with the Payee or
     any of its Affiliates (as such term is defined in the 2000 Stock Option
                                                                ------------
     Plan (the "Stock Option Plan")) of Resolution Performance Products Inc., a
     ----
     Delaware corporation and the Payee's corporate parent ("RPP Inc.");
                                                             --------

               (ii) the occurrence of any event, or series of events, pursuant
     to which RPP Holdings LLC and/or its Affiliates shall cease to beneficially
     own and/or control (i) at least 50% of the issued and outstanding equity
     interests of RPP Inc. or the Payee or (ii) all or substantially all of the
     assets of RPP Inc. or the Payee; or

                                       2
<PAGE>

          (iii) the occurrence of any event, or series of events, pursuant to
     which the Payor transfers, sells or otherwise disposes of any Pledged
     Share, Pledged Note or Pledged Option Share (as such terms are defined in
     the Pledge Agreement dated as of the date hereof between the Payor and the
     Payee (the "Pledge Agreement"));
                 ----------------

then, upon an Event of Acceleration set forth in subsection (i) and (ii) above
and at any time thereafter, at the election of the Payee, this Note shall
immediately become due and payable, both as to principal and interest (including
any deferred interest and any accrued and unpaid interest), without presentment,
demand or protest, all of which are hereby expressly waived, anything contained
herein or other evidence of such indebtedness to the contrary notwithstanding.
Upon an Event of Acceleration set forth in subsection (iii) above and at any
time thereafter, at the election of the Payee, that portion of this Note shall
become immediately due and payable, both as to principal and interest (including
any deferred interest and any accrued, compounded and unpaid interest), equal to
(i) the product of the total principal amount due and payable under this Note
multiplied by the quotient obtained by dividing (x) the value (at Original Cost)
of Pledged Shares, Pledged Notes and Pledged Option Shares (as such terms are
defined in the Pledge Agreement) held by the Payor immediately after such Event
of Acceleration by (y) the total value (at Original Cost) of the Pledged Shares,
the Pledged Notes and the Pledged Option Shares held by Payor immediately before
such Event of Acceleration plus (ii) all accrued and unpaid interest on such
                           ----
principal amount payable, without presentment, demand or protest, all of which
are hereby expressly waived, anything contained herein or other evidence of such
indebtedness to the contrary notwithstanding.  As used herein, "Original Cost"
means (i) with respect to Pledged Shares or Pledged Option Shares, $100 per
share, subject to appropriate adjustment by the Board of Directors of RPP Inc.
for stock splits, stock dividends, combinations and similar transactions and
(ii) with respect to the Pledged Notes, $1,000 per note.

     SECTION 5.  REPAYMENT UPON TERMINATION.  The Pledged Shares, the Pledged
                 --------------------------
Notes and the Pledged Option Shares (as such terms are defined in the Pledge
Agreement) are subject to certain repurchase rights as set forth in the Investor
Rights Agreement, dated as of the date hereof, among RPP Inc., the Payor and the
other parties thereto.  The Pledged Options are subject to certain repurchase
rights set forth in the option agreement dated the date hereof between the Payor
and RPP Inc.

     SECTION 6.  DEFENSES.  The obligations of the Payor under this Note shall
                 --------
not be subject to reduction, limitation, impairment, termination, defense, set-
off, counterclaim or recoupment for any reason.

     SECTION 7.  REPLACEMENT OF NOTES.  Upon receipt by the Payor of evidence
                 --------------------
satisfactory to it of the loss, theft, destruction, or mutilation of this Note,
and (in case of loss, theft or destruction) of an indemnity reasonably
satisfactory to it, and upon surrender and cancellation of this Note, if
mutilated, the Payor will deliver a new Note of like tenor in lieu of this Note.
Any Note delivered in accordance with the provisions of this Section shall be
dated as of the date of this Note.

     SECTION 8.  EXTENSION OF MATURITY.  Should the principal of or interest on
                 ---------------------
this Note become due and payable on other than a business day, the maturity date
thereof shall be extended to the next succeeding business day, and, in the case
of principal, interest shall be payable

                                       3
<PAGE>

thereon at the rate per annum herein specified during such extension. For the
purposes of the preceding sentence, a business day shall be any day that is not
a Saturday, Sunday, or legal holiday in the State of New York.

     SECTION 9.    ATTORNEYS' AND COLLECTION FEES.  Should the indebtedness
                   ------------------------------
evidenced by this Note or any part hereof be collected at law or in equity or in
bankruptcy, receivership or other court proceedings, or this Note be placed in
the hands of attorneys for collection, the Payor agrees to pay, in addition to
principal and interest due and payable hereon, all costs of collection,
including reasonable attorneys' fees and expenses, incurred by the Payee in
collecting or enforcing this Note.

     SECTION 10.   WAIVERS.
                   -------

          (a) The Payor hereby waives presentment, demand for payment, notice of
dishonor, notice of protest and all other notices or demands in connection with
the delivery, acceptance, performance or default of this Note.

          (b) No delay by the Payee in exercising any power or right hereunder
shall operate as a waiver of any power or right, nor shall any single or partial
exercise of any power or right preclude other or further exercise thereof, or
the exercise of any other power or right hereunder or otherwise; and no waiver
whatsoever or modification of the terms hereof shall be valid unless set forth
in writing by the Payee and then only to the extent set forth therein.

     SECTION 11.   SECURITY; RECOURSE.  The obligations of the Payor under this
                   ------------------
Note are secured by the Pledged Securities (as such term is defined in the
Pledge Agreement) as set forth in the Pledge Agreement, a copy of which is
attached hereto and incorporated herein as Exhibit A.  Except for recourse to
                                           ---------
such Pledged Securities, this Note shall be nonrecourse.

     SECTION 12.   AMENDMENTS AND WAIVERS.  No provision of this Note may be
                   ----------------------
amended or waived without the express written consent of both the Payor and the
Payee.

     SECTION 13.   GOVERNING LAW.  This Note is made and delivered in, and shall
                   -------------
be governed by and construed in accordance with the laws of, the State of New
York (without giving effect to principles of conflicts of laws).

                                   * * * * *

                                       4
<PAGE>

     IN WITNESS WHEREOF, the Payor has duly executed and delivered this Note as
of the date first written above.

                                   /s/ David T. Preston
                                   ---------------------
                                   David T. Preston

Principal Amount of Note:

US$125,000.00

Interest Rate:

___________________

Interest Election:

[X]   Accrue and be payable on November 1 and May 1 of each year.

[ ]   Accrue and compound on a semi-annual basis on November 1 and May 1 of
      each year and be payable in one installment on the Maturity Date.

                                       5

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