Document:

Amendment No. 2 to Stock Restriction/Repurchase Agreement, dated August 1, 2004

 EXHIBIT 10.10 
  
 THIS AMENDMENT No. 2 dated as of August 1, 2004 to AGREEMENT dated May 1, 1980, 
  

			
	BETWEEN	  	THE NEWARK GROUP, INC., a New Jersey corporation having its principal office at 20 Jackson Drive, Cranford, NJ 07016 (“Newark”),
		
	AND	  	FREDERICK G. VON ZUBEN, a resident of New Vernon, New Jersey (“von Zuben”);

  
 W I T N E S S E T
H    T H A T : 
  
 WHEREAS, by agreement
dated May 1, 1980, and amended on March 1, 1995, Newark and von Zuben agreed that upon termination of von Zuben’s employment by Newark, Newark would purchase all shares of stock of Newark then owned by von Zuben; and 
  
 WHEREAS, von Zuben and Newark desire to provide flexibility with respect to
any obligation to purchase and with respect to the timing of any such purchase; and 
  
 WHEREAS, the parties understand and agree that it remains in the best interests of Newark to restrict the transferability of the shares owned by von Zuben; 
  
 NOW THEREFORE, the parties hereto agree that the Agreement dated May 1, 1980, as amended on March 1, 1995 (“Amendment
No. 1”), is hereby further amended in the following respects: 
  
 1. The first paragraph of Section 1 of the Agreement, up to but not including subparagraph 1.1 of the Agreement, shall be restated in its entirety as follows: 
  
 “At no time shall von Zuben sell, assign, transfer or otherwise dispose of any of his Newark shares, either for value
or by gift, without the consent of Newark. Such consent may be given subject to such conditions and limitations as Newark, through its board of directors, may determine to be desirable and in its best interests, including without limitation,
subjecting the shares to be transferred by von Zuben to continued restrictions on transferability. If von Zuben’s employment by Newark and all its subsidiaries is terminated for any reason, voluntarily or involuntarily and irrespective of the
existence or absence of any cause, von Zuben shall have 

 
the right and option (a “put”), to require Newark to purchase his shares in accordance with the terms and conditions of Sections 1.1 through 1.4
below (as such Sections were amended by Amendment No. 1), and Newark agrees to purchase such shares on such terms if the put is exercised. The put may be exercised only for all of the shares then owned by von Zuben, and not in part, except that any
Newark shares acquired by von Zuben pursuant to Newark’s Employees Stock Ownership Plan (“ESOP”) may be purchased and sold pursuant to the terms of the ESOP at von Zuben’s election rather than under the terms of this Agreement.
Exercise of the put by von Zuben shall be effected by his delivering written notice of his election to exercise the put, including the proposed closing date for the purchase and sale, to the Chief Executive Officer and Chief Financial Officer of
Newark; provided, however, that without Newark’s consent the closing date may not be less than 30 days after its receipt of von Zuben’s notice of exercise. If von Zuben has not exercised the put within 30 days after his termination of
employment, then Newark shall also have the right and option to require von Zuben to sell all of such shares to Newark on the same terms as would prevail if the put were exercised (Newark’s “call” right) by giving von Zuben at least
30 days advance written notice of its election to call such shares. Both von Zuben’s put option and Newark’s call option shall expire three (3) years after the date of von Zuben’s termination of employment. The closing of such
purchase shall take place at Newark’s principal place of business in Cranford, New Jersey.” 
  
 2. Section 1.2 of the Agreement shall be deleted in its entirety. 
  

3. The first sentence of Section 1.4 of the Agreement shall be restated in its entirety as follows: 
  
 “Ten percent (10%) of the purchase price paid with respect to each
seller of shares shall be paid in cash and the balance of the purchase price shall be paid by a subordinated installment promissory note, dated as of the date of the closing with respect to such shares, substantially in the form set forth in Exhibit
A, attached hereto, except that the interest rate shall be stated as being at the prime rate as in effect from time to time as published in the Money Rates column of the Wall Street Journal.” 

 4. In all other respects the Agreement shall remain in full force and effect. 
  

					
	 	 	THE NEWARK GROUP, INC.
			
	 	 	By:	 	 /s/ Edward K. Mullen

	 	 	 	 	Edward K. Mullen, Vice Chairman, President
	WITNESS:	 	 	 	 
			
	
	 	 	 	

	Benedict M. Kohl	 	 	 	Frederick G. von Zuben

 4. In all other respects the Agreement shall remain in full force and effect. 
  

					
	 	 	THE NEWARK GROUP, INC.
			
	 	 	By:	 	

	 	 	 	 	Robert Mullen, President
	WITNESS:	 	 	 	 
			
	
	 	 	 	 /s/ Frederick G. von Zuben

	Benedict M. Kohl	 	 	 	Frederick G. von ZubenDeath Benefit Agreement, dated November 29, 1999

 EXHIBIT 10.11 
  
 UNANIMOUS CONSENT 
 OF THE EXECUTIVE COMMITTEE 
 OF THE BOARD OF DIRECTORS 
 OF 
 THE NEWARK GROUP, INC. 
  
 Dated as of November 23, 1999 
  
 The undersigned, being all of the members of the Executive Committee of the
Board of Directors of The Newark Group, Inc. (the “Company”), a New Jersey corporation, hereby unanimously consent to the adoption of the following resolution: 
  
 WHEREAS, the Company desires to recognize and reward the long and loyal service of Edward K. Mullen
(“Executive”) as the chief executive officer of the Company and his contribution to the success and prosperity of the Company and further desires to encourage Executive to continue his employment by entering into a Death Benefit Agreement
(the “Death Benefit Agreement”) with Executive to provide Executive with certain benefits in the event of Executive’s death while still employed by the Company; 
  
 NOW, THEREFORE, it is hereby RESOLVED, that the Company shall enter into a Death Benefit Agreement with
Executive in the form of the Death Benefit Agreement attached hereto as Exhibit A. 
  

			
		
	 	 	 /s/ Edward K. Mullen

	 	 	Edward K. Mullen
		
	 	 	 /s/ Fred von Zuben

	 	 	Fred von Zuben
		
	 	 	 /s/ Robert H. Mullen

	 	 	Robert H. Mullen
		
	 	 	 /s/ Benedict M. Kohl

	 	 	Benedict M. Kohl

 Exhibit A 
  

DEATH BENEFIT AGREEMENT 
  
 AGREEMENT, made and entered into on November 29, 1999 by and between The Newark Group, Inc. (the “Company”) and Edward K. Mullen
(“Executive”); 
  
 W I T N
E S S E T H 
  
 WHEREAS, Executive has been employed by the Company for more than 40 years and is currently the Chairman of the Company’s Board of Directors; and 
  
 WHEREAS, in consideration of Executive’s long-standing and valuable service to the Company and in order to
induce Executive to remain in the employ of the Company, the Company desires to provide Executive with a death benefit as set forth herein; 
  
 NOW, THEREFORE, in consideration of the foregoing premises and for other good and valuable consideration receipt of which is hereby acknowledged,
the Company and Executive hereby agree as follows: 
  
 1. In the
event that Executive should die while employed by the Company, the Company shall pay to Executive’s surviving spouse, if any, a monthly amount equal to the sum of (i) l/12th of the annualized base salary that Executive was receiving from the Company as of the date of his death, plus (ii) l/60th of the total amounts paid to the Executive as bonuses with respect to the last five fiscal years of the Company last preceding the date of his death.
Such monthly payments shall commence on or about the first day of the month following Executive’s death and continue to be paid on or about the first day of each month thereafter until the earlier of (i) the date of such surviving spouse’s
death, or (ii) the payment of sixty (60) such monthly payments. 
  
 2. All payments made pursuant to this Agreement shall be subject to all income and other tax withholding requirements of applicable law. 
  
 3. All amounts payable pursuant to this Agreement shall be paid from the Company’s general assets. The Company shall not segregate or otherwise
identify specific assets to be applied for the purposes of this Agreement. The liability of the Company with respect to the amounts payable hereunder shall be based solely upon the contractual obligations set forth herein and shall give rise only to
a claim against the general assets of the Company. 
  
 4. This
Agreement shall be binding upon the Company, its successors and assigns. In the event of the transfer or sale of all or substantially all of the assets of the Company, or the merger, consolidation or other reorganization of the Company with or into
another corporation 

 
or entity, the Company shall require the purchaser, successor corporation, or entity, as the case may be, unconditionally to assume by a written agreement
this Agreement and the obligations created hereunder. 
  
 5.
Neither Executive nor Executive’s spouse may transfer, assign, alienate, anticipate, pledge or encumber all or any part of the benefits provided by this Agreement. 
  
 6. No amendment to this Agreement shall be effective unless in a written instrument signed by both parties. 
  
 7. The Company expressly acknowledges that an action to enforce this
Agreement may be brought by Executive’s surviving spouse. 
  
 8. This Agreement shall be interpreted and enforced in accordance with the provisions of New Jersey law, except to the extent preempted by Federal law. 
  

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

					
	ATTEST:	 	THE NEWARK GROUP, INC.
			
	 /s/ Walter Holmes

	 	By:	 	 /s/ Fred G. von Zuben

	Walter Holmes, Secretary	 	 	 	Fred G. von Zuben, President
			
	WITNESS	 	 	 	 
			
	 /s/ Walter Holmes

	 	 	 	 /s/ Edward K. Mullen

	 	 	 	 	Edward K. Mullen

  

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