Document:

Exhibit 10.13
                     MOSINEE PAPER CORPORATION
                      1994 STOCK OPTION PLAN

                     As last amended effective
                           March 4, 1999

                     MOSINEE PAPER CORPORATION
                 1994 EXECUTIVE STOCK OPTION PLAN

     Mosinee Paper Corporation, a corporation with its principal place of
 business located in Mosinee, Wisconsin (the "Company"), hereby adopts the
 Mosinee Paper Corporation 1994 Stock Option Plan (the "Plan"), as set
 forth herein.

     Section 1.  PURPOSE.  The Plan is intended to attract and retain key
 employees and directors by permitting key employees of the Company or any
 parent or subsidiary of the Company and directors of the Company to
 acquire authorized and unissued, or reacquired, shares of common stock of
 the Company pursuant to purchase options.  The availability of the options
 and grants thereof will furnish additional inducements to such employees
 to continue employment with the Company, or any parent or subsidiary of
 the Company, and such directors to continue serving as directors of the
 Company, and encourage them, by giving them an opportunity to acquire a
 greater stake in the Company's success, to increase their efforts to
 promote the best interests of the Company and its stockholders.

     It is the express intent of the Company that, subject to Section
 6.2(h) hereof, all options granted hereunder designated "Incentive Stock
 Options" shall meet the requirements of Section 422 of the Internal
 Revenue Code of 1986, as amended (the "Code"), or any successor section or
 sections.  It is the further intent of the Company that options granted
 hereunder designated "Non-Qualified Stock Options" shall not meet the
 requirements of Section 422 of the Code.  A key employee or director may
 be granted and may hold one or more options under this Plan.
                                  -1-
     Section 2.  NUMBER OF SHARES AVAILABLE FOR OPTIONS.  The aggregate
 number of shares of common stock, no par value, of the Company (the
 "Shares") which may be issued under options granted pursuant to the Plan
 shall be 346,667.

     Section 3.  ADMINISTRATION OF THE PLAN.

     Section 3.1  GENERAL. The Plan shall be administered by such committee
 (the "Committee") as shall be designated by the Board of Directors of
 Wausau-Mosinee Paper Corporation, which such committee shall have at least
 two members who are not officers or employees of the Company or a parent
 or subsidiary thereof and who otherwise satisfy the definition of a "Non-
 Employee Director" in Rule 16b-3(b)(3) promulgated under Section 16 of the
 Securities Exchange Act of 1934 (the "Exchange Act") and the definition of
 an "Outside Director" in the regulations under Section 162(m) of the Code.
 In the absence of specific rules to the contrary, action by the Committee
 shall require the consent of a majority of the members of the Committee,
 expressed either orally at a meeting of the Committee or in writing in the
 absence of a meeting.
<PAGE>
     Section 3.2  AUTHORITY OF COMMITTEE.  The Committee shall have full
 and complete authority to grant options to such eligible key employees on
 such terms, which need not be the same as to all Employee Optionees, as
 will, in its discretion and subject only to the specific limitations
 elsewhere contained in the Plan, carry out the purpose of the Plan.  The
 Committee shall also have full and complete authority to interpret the
 Plan and adopt rules governing the administration of the Plan.  The
 Committee's decision on any matter with respect to the Plan shall be
 final.
                                  -2-
     Section 3.3  INDEMNIFICATION OF COMMITTEE.  To the extent permitted by
 applicable law, the members of the Committee and each of them shall be
 indemnified and saved harmless by the Company from any liability or claim
 of liability which may arise from the administration of the Plan if the
 acts giving rise to such liability or claim of liability were taken in
 good faith and without negligence.

     Section 4.  ELIGIBLE EMPLOYEES AND DIRECTORS.

     Section 4.1  KEY EMPLOYEES.  Key employees (who may also be officers
 or directors) of the Company (or any parent or subsidiary of the Company)
 shall be eligible to be granted options pursuant to Section 5 of the Plan.
 For purposes of the Plan, the term "key employee" shall include all
 employees of all participating employers employed in management,
 administrative or professional capacities.

     Section 4.2  DIRECTORS.  Directors of the Company (who may also be key
 employees or officers of the Company (or any parent or subsidiary of the
 Company)) shall be eligible to be granted options pursuant to Section 7 of
 the Plan.  Directors of the Company who are not also employees of the
 Company (or any parent or subsidiary of the Company) shall not be eligible
 to be granted options under Section 5 of the Plan.

     Section 5.  GRANTING OF OPTIONS TO KEY EMPLOYEES.  Options to purchase
 Shares shall be granted to such key employees who are eligible to
 participate in the Plan as the Committee may, from time to time and at any
 time, select.  Membership in a class of eligible key employees shall not,
 without specific Committee action, entitle a key employee to receive an
 option to purchase Shares.  Eligible key employees selected by the
 Committee shall be referred to herein as "Employee Optionees."
                                  -3-
     Section 6.  TERMS AND CONDITIONS OF THE KEY EMPLOYEE OPTIONS.

     Section 6.1  WRITTEN INSTRUMENT.  Each option to purchase Shares
 granted under Section 5 of the Plan shall be evidenced by a written option
 agreement signed on behalf of the Company and the Employee Optionee which
 sets forth the name of the Employee Optionee, the date granted, the price
 at which the Shares subject to the option may be purchased (the "option
 price"), whether the option is an Incentive Stock Option or a
 Non-Qualified Stock Option, the number of Shares subject to the option and
 such other terms and conditions consistent with the Plan as determined by
 the Committee.  The Committee may at the time of grant or at any time
 thereafter impose such additional terms and conditions on the exercise of
 such option as it deems necessary or desirable for compliance with Section
 16 of the Exchange Act and the regulations promulgated thereunder.  Such
 option agreement shall incorporate by reference all applicable terms,
 conditions and limitations set forth in the Plan.
<PAGE>
     Section 6.2  TERMS AND CONDITIONS OF THE KEY EMPLOYEE OPTIONS.  In
 addition to any other limitations, terms and conditions specified in the
 Plan, each option granted under Section 5 of the Plan shall, as to each
 Employee Optionee, satisfy the following requirements:

          (a)  DATE OF GRANT.  Options must be granted on or before
 October 19, 2004.

          (b)  EXPIRATION.  No Incentive Stock Option shall be exercisable
 after the expiration of ten years from the date such option is granted.
 No Non-Qualified Stock Option shall be exercisable after the expiration of
 twenty years from the date such option is granted.

          (c)  PRICE.  The option price as to any Share subject to either an
 Incentive Stock Option or Non-Qualified Stock option granted under Section 5
                                  -4-
 of the Plan will be not less than one hundred percent of the fair market
 value of the Share on the date the option is granted.  For purposes of the
 Plan, the fair market value of a Share means:

               (i) The mean between the high and the low prices at which the
                   Shares were traded if the Shares were then listed for
                   trading on a national or regional securities exchange or
                   were then traded on a bona fide over-the-counter market; or

               (ii)If the Shares were not traded on an exchange or a bona
                   fide over-the-counter market, a value determined by an
                   appraiser selected by the Committee.

 In the event that the date on which the fair market value of a Share is to
 be determined is a date on which there is no trading of the Shares on a
 national or regional securities exchange or on the over-the-counter
 market, such fair market value shall be determined by referring to the
 next preceding business day on which trading occurs.

          (d)  TRANSFERABILITY.

               (i) No Incentive Stock Option shall be transferable by an
                   Employee Optionee otherwise than by will or the laws of
                   descent and distribution nor can it be exercised by anyone
                   other than the Employee Optionee during the Employee
                   Optionee's lifetime.

               (ii)The Committee may, in its discretion, authorize all or a
                   portion of any Non-Qualified Stock Options to be granted
                   to an Employee Optionee under Section 5 of the Plan or
                   which were granted to any Employee Optionee on or before
                   October 31, 1996, to permit transfer by the Employee
                                  -5-
                   Optionee to (A) the spouse, children or grandchildren of
                   the Employee Optionee ("Immediate Family"), (B) a trust for
                   the exclusive benefit of the Employee Optionee or the
                   Employee Optionee's Immediate Family, (C) a partnership in
                   which the Employee Optionee or the Employee Optionee's
                   Immediate Family are the only partners, or (D) to a former
                   spouse of the Employee Optionee pursuant to a domestic
                   relations order within the meaning of Rule 16a-12
                   promulgated under Section 16 of the Exchange Act;
<PAGE>
                   provided, however, that (X) there may not be consideration
                   for any such transfer, (Y) the written option agreement
                   required by Section 6.1, or any amendment thereof approved
                   by the Committee, must expressly provide for transferability
                   of the option evidenced in such agreement in a manner
                   consistent with this Section 6.2(d), and (Z) once
                   transferred pursuant to the preceding provisions of this
                   Section 6.2(d)(ii), no subsequent transfer of any options
                   shall be permitted except a transfer by will or the laws of
                   descent and distribution.  In authorizing all or any portion
                   of an option to be transferred, the Committee may impose any
                   conditions on exercise, prescribe a holding period for the
                   Shares acquired upon such exercise and/or impose any other
                   conditions or limitations it deems desirable or necessary in
                   order to carry out the purposes and requirements
                                  -6-
                   of the Plan.  Following transfer, the terms and conditions
                   of the Plan and the written option agreement relating to
                   such option shall continue to be applicable in all respects
                   to the Employee Optionee making such transfer and each
                   transferred option shall continue to be subject to the same
                   terms and conditions as were applicable immediately prior to
                   transfer as if such option had not been transferred,
                   including, but not limited to, the terms and conditions with
                   respect to the lapse and termination of such option.
                   Neither the Company, the Committee or any Employee Optionee
                   shall have any obligation to inform any transferee of the
                   termination or lapse of any option for any reason.
                   Notwithstanding any other provision of the Plan, (YY)
                   following the termination of employment of an Employee
                   Optionee, a transferred option shall be exercisable by the
                   transferee only to the extent, and for the periods specified
                   in Section 6(e) as if such option had not been transferred
                   and (ZZ) no option granted prior to October 31, 1996, may be
                   transferred until such option has been held by the Employee
                   Optionee for a period of not less than six months after the
                   date on which such option was granted.

          (e)  EMPLOYMENT. Except as otherwise provided in the next
 sentence, no option shall be exercisable unless the Optionee shall have
 been employed by the Company (or any present or future parent or
                                  -7-
 subsidiary of the Company) during the period beginning on the date the
 option is granted and ending on a date ninety days before the date of
 exercise (and subject to Section 12 herein); provided, however, that in
 the event an Optionee dies while in the employ of the Company (or any
 present or future parent or subsidiary of the Company) or within ninety
 days after such employment had terminated, the employment period
 requirement described above shall be deemed to have been satisfied.  In
 the event an Optionee has attained his Retirement Date (as defined
 herein), (i) the provisions of the preceding sentence shall not be
 applicable to such Optionee's Non-Qualified Stock Options and (ii) such
 Optionee's Non-Qualified Stock Options shall not be exercisable after the
 second anniversary of such Optionee's Retirement Date.  For purposes of
 this Plan, the term "Retirement Date" shall mean the date on which the
 Optionee's employment with the Company (and any parent or subsidiary of
<PAGE>
 the Company) terminates (including termination because of death) if the
 Optionee had then attained age 55 and completed ten calendar years of
 service with the Company (or any parent or subsidiary of the Company).

          (f)  MINIMUM HOLDING PERIOD.  No option granted prior to November
 1, 1996, may be exercised before the date which is six months after the
 date on which such option was granted.  Each option granted under Section
 5 of the Plan shall contain such additional or other restriction or
 restrictions with respect to the stated percentage of Shares covered by
 such option as to which such option may be exercised as the Committee may
 deem desirable or necessary in order to carry out the purposes and
 requirements of the Plan.
                                  -8-
          (g)  LIMITATION ON OPTION GRANTS.  No Employee Optionee may be
 granted options under Section 5 of the Plan in any calendar year with
 respect to more than 50,000 Shares.

          (h)  ADDITIONAL RESTRICTIONS RELATING TO INCENTIVE STOCK OPTIONS.
 To the extent that the aggregate fair market value (determined as of the
 time the option is granted) of the Shares for which Incentive Stock
 Options are exercisable for the first time by an individual during any
 calendar year (under this Plan or any other plan of the Company or any of
 its subsidiaries) exceeds $100,000 (or such other individual limit as may
 be in effect under the Code on the date of grant), such options shall not
 be Incentive Stock Options.  No Incentive Stock Option shall be granted to
 an employee who, at the time such option is granted, owns stock possessing
 more than ten percent of the total combined voting power of all classes of
 stock of the Company or any parent or subsidiary of the Company within the
 meaning of Section 422(b)(6) of the Code unless: (i) at the time the
 option is granted, the option price is at least one hundred ten percent of
 the fair market value of the Shares subject to the option, and (ii) such
 option by its terms is not exercisable after the expiration of five years
 from the date such option is granted.

     Section 7.  GRANTING OF OPTIONS TO DIRECTORS.  On January 1, 1997 Non-
 Qualified Stock Options to purchase that number of Shares equal to the
 product of 1,000 and the number of years (determined by treating any
 partial year as a whole year) then remaining in the term for which the
 director has been elected, reelected or appointed shall be granted to each
 director of the Company.  Such options shall be expressly conditioned upon
 the approval of the amendments to the Plan providing for the granting of
 options to directors pursuant to this Section 7 and increasing the number
                                  -9-
 of Shares which may be issued under options granted pursuant to the Plan
 by the Company's stockholders at the next annual meeting of the Company's
 stockholders, and such options shall not be effective if such amendments
 are not so approved.  On June 1, 1997 and on each June 1 thereafter Non-
 Qualified Stock Options to purchase that number of Shares equal to the
 product of 1,000 and the number of years (determined by treating any
 partial year as a whole year) in the term for which the director has been
 elected, reelected or appointed shall be granted to each director of the
 Company who was elected, reelected or appointed to the board of directors
 of the Company during the previous twelve months.  Directors of the
 Company who have been granted Non-Qualified Stock Options pursuant to this
 Section 7 shall be referred to herein as "Director Optionees".
<PAGE>
     Section 8.  TERMS AND CONDITIONS OF THE DIRECTOR OPTIONS.

     Section 8.1  WRITTEN INSTRUMENT.  Each option to purchase Shares
 granted under Section 7 of the Plan shall be evidenced by a written option
 agreement signed on behalf of the Company and the Director Optionee which
 sets forth the name of the Director Optionee, the date granted, the option
 price, the number of Shares subject to the option and the other terms and
 conditions set forth below.  Such option agreement shall incorporate by
 reference all applicable terms, conditions and limitations set forth in
 the Plan.

     Section 8.2  TERMS AND CONDITIONS OF THE OPTIONS.  In addition to any
 other limitations, terms and conditions specified in the Plan, each option
 granted under Section 7 of the Plan shall, as to each Director Optionee,
 satisfy the following requirements:

          (a)  DATE OF GRANT.  Options must be granted on or before
 October 19, 2004.
                                  -10-
          (b)  EXPIRATION.  Each option granted under Section 7 of the Plan
 shall cease to be exercisable after the expiration of twenty years from
 the date such option is granted.

          (c)  PRICE.  The option price as to any Share subject to an
 option granted under Section 7 of the Plan will be one hundred percent of
 the fair market value of the Share on the date the option is granted.  For
 purposes of the Plan, the fair market value of a Share means:

              (i) The mean between the high and the low prices at which the
                  Shares were traded if the Shares were then listed for trading
                  on a national or regional securities exchange or were then
                  traded on a bona fide over-the-counter market; or

             (ii) If the Shares were not traded on an exchange or a bona fide
                  over-the-counter market, a value determined by an appraiser
                  selected by the Committee.

 In the event that the date on which the fair market value of a Share is to
 be determined is a date on which there is no trading of the Shares on a
 national or regional securities exchange or on the over-the-counter
 market, such fair market value shall be determined by referring to the
 next preceding business day on which trading occurs.

          (d)  TRANSFERABILITY.  Options granted under Section 7 of the
 Plan may be transferred by the Director Optionee to (A) the spouse,
 children or grandchildren of the Director Optionee ("Immediate Family"),
 (B) a trust for the exclusive benefit of the Director Optionee or the
 Director Optionee's Immediate Family, (C) a partnership in which the
 Director Optionee or the Director Optionee's Immediate Family are the only
 partners, or (D) to a former spouse of the Director Optionee pursuant to a
                                  -11-
 domestic relations order within the meaning of Rule 16a-12 promulgated
 under Section 16 of the Exchange Act; provided, however, that (X) there
 may not be consideration for any such transfer, and (Y) once transferred
 pursuant to the preceding provisions of this Section 8.2(d), no subsequent
 transfer of any options shall be permitted except a transfer by will or
<PAGE>
 the laws of descent and distribution.  Following transfer, the terms and
 conditions of the Plan and the written option agreement relating to such
 option shall continue to be applicable in all respects to the Director
 Optionee making such transfer and each transferred option shall continue
 to be subject to the same terms and conditions as were applicable
 immediately prior to transfer as if such option had not been transferred,
 including, but not limited to, the terms and conditions with respect to
 the lapse and termination of such option.  Neither the Company, the
 Committee or any Director Optionee shall have any obligation to inform any
 transferee of the termination or lapse of any option for any reason.
 Notwithstanding any other provision of the Plan, following the termination
 of a Director Optionee's membership on the board of directors of the
 Company (including for this purpose membership as a director emeritus of
 the Company) a transferred option shall be exercisable by the transferee
 only to the extent, and for the periods specified in Section 8.2(e) as if
 such option had not been transferred.

          (e)  BOARD MEMBERSHIP.  No option granted under Section 7 of the
 Plan shall be exercisable unless the Director Optionee shall have been a
 member of the board of directors of the Company (including for this
 purpose membership as a director emeritus of the Company) during the
 period beginning on the date the option is granted and ending on a date
 ninety days before the date of exercise (and subject to Section 12
                                  -12-
 herein); provided, however, that in the event a Director Optionee dies
 while a member of the board of directors of the Company (including for
 this purpose membership as a director emeritus of the Company) or within
 ninety days after such membership had terminated, the board membership
 period requirement described above shall be deemed to have been satisfied.

          (f)  LIMITATION ON OPTION GRANTS.  No Director Optionee may be
 granted options in any calendar year with respect to more than 4,000
 Shares.

     Section 9.  EXERCISE AND PAYMENT OF OPTION PRICE.

     Section 9.1  EXERCISE OF OPTIONS.  Options shall be exercised as to
 all or a portion of the Shares by delivery of an irrevocable written
 notice to the Company setting forth the exact number of Shares as to which
 the option is being exercised and including with such notice payment of
 the option price (plus minimum required tax withholding for options held
 by Employee Optionees).  The date of exercise shall be the date such
 written notice and payment have been delivered to the Secretary of the
 Company either in person or by depositing said notice and payment in the
 United States mail, postage prepaid and addressed to such officer at the
 Company's home office.  No option may be exercised with respect to a
 fractional share of stock.  Notwithstanding the fact that an option has
 been transferred pursuant to Section 6.2(d)(ii), the Employee Optionee
 granted such option shall remain liable for any required tax withholding.

     Section 9.2  PAYMENT FOR SHARES.  Payment of the option price (plus
 minimum required tax withholding for options held by an Employee Optionee
 may be made by (a) tendering cash (in the form of a check or otherwise) in
 such amount, or (b) with the consent of the Committee, tendering Shares
 with a fair market value on the date of exercise equal to such amount, or
                                  -13-
<PAGE>
 (c) delivering a properly executed exercise notice together with
 irrevocable instructions to a broker to promptly deliver to the Company
 the sale or loan proceeds equal to such amount.  Notwithstanding the fact
 that an option has been transferred pursuant to Section 6.2(d)(ii), the
 Employee Optionee granted such option shall remain liable for any required
 tax withholding.

     Section 10.  ADJUSTMENT UPON CHANGES IN CAPITALIZATION.  If the
 Company shall, after the Effective Date, change its common stock into a
 greater or lesser number of shares through a stock dividend, stock split-
 up or combination of shares, then

               (i)  the number of Shares then subject to the plan but which
                    are not then subject to any outstanding option;
               (ii) the number of Shares subject to each then outstanding
                    option (to the extent not previously exercised); and
               (iii)the price per Share payable upon exercise
                    of each then outstanding option;

 shall all be proportionately increased or decreased as of the record date
 for such stock dividend, stock split-up or combination of shares in order
 to give effect thereto.  Notwithstanding any such proportionate increase
 or decrease, no fraction of a Share shall be issued upon the exercise of
 an option.  If any split-up or combination of shares shall involve a
 change of par value, the Shares subject to options theretofore or
 thereafter granted shall be the Shares as so changed.

     If, after the Effective Date, there shall be any change in the stock
 of the Company other than through a stock dividend, stock split-up or
 combination of shares, or other change listed in Section 11 herein, then
                                  -14-
 if (and only if) the Committee shall determine that such change equitably
 requires an adjustment in the number or kind or option price of Shares
 then subject to an option, or the number or kind of Shares remaining
 subject to the Plan, such adjustment as the Committee shall determine is
 equitable and as shall be approved by the Board shall be made and shall be
 effective and binding for all purposes of such option and the Plan.

     Section 11. CHANGE IN CONTROL.

     Section 11.1  DEFINITION OF "CHANGE IN CONTROL."  For purposes of the
 Plan, a "Change in Control" means the happening of any of the following
 events:

     (a)  The acquisition by any individual, entity or group (within the
 meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act (a "Person")
 of beneficial ownership (within the meaning of Rule 13d-3 promulgated
 under the Exchange Act) of 20% or more of either (i) the then outstanding
 shares of common stock  the "Outstanding Corporation Common Stock")of
 Wausau-Mosinee Paper Corporation(the "Corporation") or (ii) the combined
 voting power of the then outstanding voting securities of the Corporation
 entitled to vote generally in the election of directors (the "Outstanding
 Corporation Voting Securities"); excluding, however, the following: (A)
 any acquisition directly from the Corporation other than an acquisition by
 virtue of the exercise of a conversion privilege unless the security being
 so converted was itself acquired directly from the Corporation, (B) any
<PAGE>
 acquisition by the Corporation, (C) any acquisition by any employee
 benefit plan (or related trust) sponsored or maintained by the Corporation
 or any entity controlled by the Corporation, (D) any acquisition pursuant
 to a transaction which complies with clauses (i), (ii), and (iii) of
                                  -15-
 paragraph (c) of this Section 15.1, (E) except as provided in paragraphs
 (d) and (e), any acquisition by any of the Woodson Entities or any of the
 Smith Entities, or (F) any increase in the proportionate number of shares
 of Outstanding Corporation Common Stock or Outstanding Corporation Voting
 Securities beneficially owned by a Person to 20% or more of the shares of
 either of such classes of stock if such increase was solely the result of
 the acquisition of Outstanding Corporation Common Stock or Outstanding
 Corporation Voting Securities by the Corporation; provided, however, that
 this clause (F) shall not apply to any acquisition of Outstanding
 Corporation Common Stock or Outstanding Corporation Voting Securities not
 described in clauses (A), (B), (C), (D), or (E) of this paragraph (a) by
 the Person acquiring such shares which occurs after such Person had become
 the beneficial owner of 20% or more of either the Outstanding Corporation
 Common Stock or Outstanding Corporation Voting Securities by reason of
 share purchases by the Corporation; or

     (b)  A change in the composition of the Board of Directors of the
 Corporation (for purposes of this Section 11, the "Board") such that the
 individuals who, as of the Effective Date, constitute the Board (such
 Board shall be hereinafter referred to as the "Incumbent Board") cease for
 any reason to constitute at least a majority of the Board; provided,
 however, for purposes of the Plan, that any individual who becomes a
 member of the Board subsequent to the Effective Date whose election, or
 nomination for election by the Corporation's shareholders, was approved by
 a vote of at least a majority of those individuals who are members of the
 Board and who were also members of the Incumbent Board (or deemed to be
 such pursuant to this proviso) shall be deemed to be and shall be
 considered as though such individual were a member of the Incumbent Board,
                                  -16-
 but provided, further, that any such individual whose initial assumption
 of office occurs as a result of either an actual or threatened election
 contest (as such terms are used in Rule 14a-11 of Regulation 14A
 promulgated under the Exchange Act) or other actual or threatened
 solicitation of proxies or consents by or on behalf of a Person other than
 the Board shall not be so deemed or considered as a member of the
 Incumbent Board; or

     (c)  Consummation of a reorganization, merger or consolidation, or
 sale or other disposition of all or substantially all of the assets of the
 Corporation or the acquisition of the assets or securities of any other
 entity (a "Corporate Transaction"); excluding, however, such a Corporate
 Transaction pursuant to which (i) all or substantially all of the
 individuals and entities who are the beneficial owners, respectively, of
 the Outstanding Corporation Common Stock and Outstanding Corporation
 Voting Securities immediately prior to such Corporate Transaction will
 beneficially own, directly or indirectly, more than 60% of, respectively,
 the outstanding shares of common stock and the combined voting power of
 the then outstanding voting securities entitled to vote generally in the
 election of directors, as the case may be, of the corporation resulting
 from such Corporate Transaction (including, without limitation, a
 corporation which as a result of such transaction owns the Corporation or
<PAGE>
 all or substantially all of the Corporation's assets either directly or
 through one or more subsidiaries) (the "Resulting Corporation") in
 substantially the same proportions as their ownership, immediately prior
 to such Corporate Transaction, of the Outstanding Corporation Common Stock
 and Outstanding Corporation Voting Securities, as the case may be, (ii) no
 Person (other than the Corporation, any employee benefit plan (or related
 trust) of the Corporation, any Woodson Entity, any Smith Entity, or such
 Resulting Corporation) will beneficially own, directly or indirectly, 20%
                                  -17-
 or more of, respectively, the outstanding shares of common stock of the
 Resulting Corporation or the combined voting power of the then outstanding
 voting securities of such Resulting Corporation entitled to vote generally
 in the election of directors except to the extent that such ownership
 existed with respect to the Corporation prior to the Corporate
 Transaction, and (iii) individuals who were members of the Incumbent Board
 will constitute at least a majority of the members of the board of
 directors of the Resulting Corporation; or

     (d)  The Woodson Entities acquire beneficial ownership of more than
 35% of the Outstanding Corporation Common Stock or Outstanding Corporation
 Voting Securities or of the outstanding shares of common stock or the
 combined voting power of the then outstanding voting securities entitled
 to vote generally in the election of directors, as the case may be, of the
 Resulting Corporation; or

     (e)  The Smith Entities acquire beneficial ownership of more than 35%
 of the Outstanding Corporation Common Stock or Outstanding Corporation
 Voting Securities or of the outstanding shares of common stock or the
 combined voting power of the then outstanding voting securities entitled
 to vote generally in the election of directors, as the case may be, of the
 Resulting Corporation; or

     (f)  The approval by the shareholders of the Corporation of a complete
 liquidation or dissolution of the Corporation.

     For purposes of this Section 11.1, the term "Woodson Entities" shall
 mean Aytchmonde P. Woodson, Leigh Yawkey Woodson and Alice Richardson
 Yawkey, members of their respective families and their respective
 descendants (the "Woodson Family"), heirs or legatees of any of the
 Woodson Family members, transferees by will, laws of descent or
                                  -18-
 distribution or by operation of law of any of the foregoing (including of
 any such transferees) (including any executor or administrator of any
 estate of any of the foregoing), any trust established by any of
 Aytchmonde P. Woodson, Leigh Yawkey Woodson, or Alice Richardson Yawkey,
 whether pursuant to last will or otherwise, any partnership, trust or
 other entity established primarily for the benefit of, or any other Person
 the beneficial owners of which consist primarily of, any of the foregoing
 or any Affiliates or Associates of any of the foregoing or any charitable
 trust or foundation to which any of the foregoing transfers or may
 transfer securities of the Corporation (including any beneficiary or
 trustee, partner, manager or director of any of the foregoing or any other
 Person serving any such entity in a similar capacity).
<PAGE>
     For purposes of this Section 11.1, the term "Smith Entities" shall
 mean David B. Smith and Katherine S. Smith, members of their respective
 families and their respective descendants (the "Smith Family"), heirs or
 legatees of any of the Smith Family members, transferees by will, laws of
 descent or distribution or by operation of law of any of the foregoing
 (including of any such transferees) (including any executor or
 administrator of any estate of any of the foregoing), any trust
 established by either of David B. Smith or Katherine S. Smith, whether
 pursuant to last will or otherwise, any partnership, trust or other entity
 established primarily for the benefit of, or any other Person the
 beneficial owners of which consist primarily of, any of the foregoing or
 any Affiliates or Associates of any of the foregoing or any charitable
 trust or foundation to which any of the foregoing transfers or may
 transfer securities of the Corporation (including any beneficiary or
                                  -19-
 trustee, partner, manager or director of any of the foregoing or any other
 Person serving any such entity in a similar capacity).

     For purposes of this Section 11.1, the terms "Affiliate" and
 "Associate" shall have the meanings ascribed to such terms in Rule 12b-2
 of the General Rules and Regulations under the Exchange Act as in effect
 on the date of this Plan.

     Section 11.2  EFFECTS OF CHANGE IN CONTROL.

     (a)   In the event of a Change in Control,

     (i)   all options outstanding on the date on which such Change in
           Control has occurred (the "Change in Control Date") shall, to
           the extent not then exercisable or vested, immediately become
           exercisable in full, and

    (ii)   each Optionee may elect, with respect to each option held by such
           Optionee on the Change in Control Date (the Optionee's "Election
           Right"), to surrender such option for an immediate lump sum cash
           payment in an amount equal to the product of (A) the number of
           shares of common stock of the Corporation (for purposes of this
           Section 11.2, "Shares") then subject to the option as to which the
           election is being exercised, multiplied by (B) the excess, if any,
           of (1) the greater of (a) the Change in Control Price or (b) the
           highest fair market value of a Share on any day in the 60-day period
           ending on the Change in Control Date, over (2) the option price of
           such option.  For purposes of this Section 11.2, the "Change in
           Control Price" shall mean, if the Change in Control is the result of
           a tender or exchange offer or a Corporate Transaction (as defined in
           Section 11.1(c), the highest price per Share paid in such tender or
           exchange offer
                                  -20-
           or Corporate Transaction; provided, however, that in the case of
           Incentive Stock Options, the Change in Control Price shall be in all
           cases the fair market value of the Shares on the date such Incentive
           Stock Option is exercised.  To the extent that the consideration
           paid in any such transaction consists all or in part of securities
           or other noncash consideration, the value of such securities or
           other noncash consideration shall be determined in the sole
           discretion of the Committee.
<PAGE>
     (b)  The exercise of an Election Right must be in writing, specify the
 option or options and the number of Shares as to which the election is
 being exercised, and be delivered to the Secretary of the Corporation
 either in person or by depositing said notice and payment in the United
 States mail, postage pre-paid and addressed to such officer at the
 Corporation's home office on or before the 60th day following the Change
 in Control Date.

     (c)  All payments due an Optionee pursuant to the provisions of this
 Section 11.2 shall be made by the Corporation on or before the 5th
 business day following the date on which the Optionee's election has been
 delivered to the Corporation pursuant to Section 11.2(b).

     (d)  Notwithstanding any other provision of this Section 11.2, if the
 grant or the exercise of an Optionee's Election Right or payment of cash
 provided for in Section 11.2(b) would make a Change in Control transaction
 ineligible for pooling-of-interests accounting treatment under APB No. 16,
 that, but for the nature of such grant or exercise of Election Rights or
 payment of cash, would otherwise be eligible for such pooling-of-interests
 accounting treatment, the Committee shall have the right and authority to
                                  -21-
 substitute for the cash payments to be made to the Optionee pursuant to
 Section 11.2(a), Shares with a fair market value, determined as of the
 date of delivery of such Shares, equal to the cash that would otherwise be
 payable to such Optionee in connection with the exercise of an Optionee's
 Election Right hereunder or, to the extent necessary to preserve such
 pooling-of-interests accounting treatment, to otherwise modify, eliminate,
 or terminate such Election Right.

     Section 12.  TERMINATION OR LAPSE OF OPTIONS.  Each option granted
 under Section 5 of the Plan shall terminate or lapse upon the first to
 occur of (a) the expiration date set forth in the applicable stock option
 agreement, (b) the applicable date set forth in Section 6.2(b), (c) the
 date of the Employee Optionee's voluntary resignation or termination for
 cause, or (d) the date which is ninety days after the date of the Employee
 Optionee's other termination of employment with the Company or any present
 or future parent or subsidiary of the Company; provided, however, that in
 the event of an Employee Optionee's death while in the employ of the
 Company or a parent or subsidiary of the Company or, if the Employee
 Optionee is no longer so employed, in the event of the Employee Optionee's
 death within ninety days after such employment had terminated, an option
 may be exercised, to the extent exercisable by the Employee Optionee
 immediately prior to his death, in whole or in part by the Employee
 Optionee's estate or designee by will, or, if applicable, the transferee
 of such option pursuant to Section 6.2(d), but only if the date of
 exercise is on or before the first to occur of (i) the expiration date set
 forth in the applicable stock option agreement, (ii) the applicable date
 set forth in Section 6.2(b), or (iii)(A) for options subject to the first
 sentence of Section 6.2(e), the date which is twelve months after the date
 of the Optionee's death, and (B) for options subject to the second
                                  -22-
 sentence of Section 6.2(e), the second anniversary of the deceased
 Optionee's Retirement Date.
<PAGE>
     Each option granted under Section 7 of the Plan shall terminate or
 lapse upon the first to occur at (a) the expiration date set forth in the
 applicable stock option agreement, (b) the applicable date set forth in
 Section 8.2(b), or (c) the date which is ninety days after the date the
 Director Optionee's membership on the board of directors of the Company
 (including for this purpose membership as a director emeritus of the
 Company) terminated; provided, however, that in the event of a Director
 Optionee's death while a member of the board of directors of the Company
 (including for this purpose membership as a director emeritus of the
 Company) or, if the Director Optionee Is no longer a member, in the event
 of the Director Optionee's death within ninety days after such membership
 had terminated, an option may be exercised, to the extent exercisable by
 the Director Optionee immediately prior to his death, in whole or in part
 by the Director Optionee's estate or designee by will, or, if applicable,
 the transferee of such option pursuant to Section 8.2(d) but only if the
 date of exercise is on or before the first to occur of (i) the expiration
 date set forth in the applicable stock option agreement, (ii) the
 applicable date set forth in Section 8.2(b), or (iii) the date which is
 twelve months after the date of the Director Optionee's death.

     Section 13.  AMENDMENT AND TERMINATION OF PLAN.

     Section 13.1  AMENDMENT OF PLAN.  The board of directors of the
 Company may amend the Plan from time to time and at any time; provided,
 however, that no amendment shall adversely affect any option which has
 been granted prior to the amendment and no amendment with respect to the
 maximum number of Shares which may be issued pursuant to options or the
                                  -23-
 class of eligible individuals, or which materially increases benefits
 accruing to Optionees under the Plan (within the meaning of Section 162(m)
 of the Code) shall be effective unless approved by a majority of the
 shares entitled to vote at a meeting of shareholders.

     Section 13.2  TERMINATION OF PLAN.  The Plan shall terminate on the
 first to occur of (a) October 19, 2004 or (b) the date specified by the
 board of directors of the Company as the effective date of Plan
 termination; provided, however, that the termination of the Plan shall not
 limit or otherwise affect any options outstanding on the date of
 termination.

     Section 14.  EFFECTIVE DATE.  The effective date of the Plan shall be
 October 20, 1994, the date of approval by the board of directors of the
 Company.

     Section 15.  INVESTMENT INTENT.  Shares acquired pursuant to the
 exercise of an option, if not registered by the Company under the
 Securities Act of 1933 (the "Act"), will be "restricted" stock which will
 not be freely transferable by the holder after exercise of the option.
 Each Employee Optionee, Director Optionee and assignee in interest of an
 Optionee accordingly represents, as a condition of participation in the
 Plan, that Shares which are unregistered under the Act are being acquired
 for the Employee Optionee's, or Director Optionee's (or his or her
 assignee's) own account for investment only and not with a view to offer
 for sale or for sale in connection with the distribution or transfer
 thereof.
<PAGE>
     Section 16.  AVAILABILITY OF INFORMATION.  The Company shall furnish
 each Optionee with (a) a copy of the Plan and the Company's most recent
 annual report to its shareholders at the time the option agreement
 provided for in Section 6.1 or 8.1 is executed by the Optionee and (b) a
 copy of each subsequent annual report, on or about the same date as such
                                  -24-
 report shall be made available to shareholders of the Company.  The
 Company will furnish, upon written request addressed to the Secretary of
 the Company, but at no charge to the Optionee or any duly authorized
 representative of the Optionee, copies of all reports filed by the Company
 with the Securities and Exchange Commission or the commissioner of
 securities of any state, including, but not limited to, the Company's
 annual reports on Form 10-K, its quarterly reports on Form 10-Q, and its
 proxy statements.

     Section 17.  CONDITIONS OF EMPLOYMENT.  Participation in or
 eligibility for participation in the Plan by an Employee Optionee shall
 not confer upon any Employee Optionee the right to be continued as an
 employee of the Company or any present or future parent or subsidiary of
 the Company and the Company and its participating subsidiaries hereby
 expressly reserve the right to terminate the employment of any employee,
 with or without cause, regardless of the Plan and any options granted
 pursuant to it.

     Section 18.  MISCELLANEOUS.

          (a)  The transfer of an Employee Optionee from the Company to a
 parent or subsidiary of the Company or from a parent or subsidiary of the
 Company to the Company or another parent or subsidiary of the Company
 shall not be a termination of employment or an interruption of continuous
 employment for the purpose of the Plan.

          (b)  As used in the Plan, the term "parent" and "subsidiary"
 shall have the meanings ascribed to them in Sections 421, 422 and 424 of
 the Code.

     Section 19.  GOVERNMENT APPROVALS.  If at any time the Company shall
 be advised by its counsel that the exercise of any option or the delivery
 of Shares upon the exercise of an option is required to be approved,
 registered or qualified under any applicable law, or must be accompanied
                                  -25-
 or preceded by a prospectus or similar circular meeting the requirements
 of any applicable law, the Company will use reasonable efforts to obtain
 such approval, to effect such registrations and qualifications, or to
 provide such prospectus or similar circular within a reasonable time, but
 exercise of the options or delivery by the Company of certificates for
 Shares may be deferred until such approvals, registrations or
 qualifications are effected, or until such prospectus or similar circular
 is available.

     Section 20.  Notwithstanding any other provision of this Plan or of
 any option agreement relating to any option granted hereunder, the
 consummation of the transactions contemplated by that certain Agreement
 and Plan of Merger, dated as of August 24, 1997, by and among Wausau Paper
 Mills Company, WPM Holdings, Inc. and the Company on substantially the
 terms and conditions set forth therein as of August 24, 1997 shall not be
<PAGE>
 deemed to constitute a "Change in Control" or any other transaction
 described in Section 11(b) of this Plan and of any corresponding or
 similar provision of any such option agreement.  Without limiting the
 generality of the foregoing, the consummation of such transactions shall
 not result in the payment of any cash to any holder of an option granted
 under this Plan.
                                  -26-Exhibit 10.15

                 WAUSAU-MOSINEE PAPER CORPORATION
                    INCENTIVE COMPENSATION PLAN
                                FOR
                        EXECUTIVE OFFICERS
                              (2002)

     The President and CEO, Executive Vice President, Administration,
 Senior Vice President, Finance, and Senior Vice President, Engineering and
 Environmental Services each have a bonus opportunity equal to a maximum of
 75% of base salary based upon earnings per share.  Incentive bonuses will
 be 0% of base salary if earnings are $.22 per share and will increase on a
 pro rata basis to a maximum of 75% of base salary at $1.00 per share.
 These officers will also be entitled to a maximum bonus of 25% of base
 salary upon satisfaction of individual performance objectives established
 at the beginning of the year by the Executive Compensation & Bonus
 Committee of the Board of Directors or President and CEO.

     Each of the Senior Vice Presidents, Printing & Writing Group,
 Specialty Paper Group, and Towel & Tissue Group, will be eligible to earn
 an incentive bonus based on the operating profits of their Group as well
 as earnings per share.  In each case, achievement of the Group's minimum
 targeted operating profit will result in incentive compensation equal to
 0% of base salary, with a pro rata increase of up to 50% of base salary
 based upon achievement of operating profit goals above the minimum
 targeted amount.  Each of these Senior Vice Presidents also have a bonus
 opportunity of 25% of base salary based upon earnings per share.
 Incentive bonuses will be 0% of base salary if earnings are $.22 per share
 and will increase at a pro rata basis to a maximum of 25% of base salary
 at $1.00 per share.  In addition, each of these Senior Vice Presidents
 will be eligible to earn incentive compensation in a amount equal to a
 maximum of 25% of base salary for achievement of individual performance
 objectives established at the beginning of the year by the President and
 CEO.

     For purposes of this plan, "earnings per share" means earnings per
 share as reported in the company's audited financial statements, as
 adjusted for accruals on SAR's, bonus expense, and other extraordinary
 items as determined in the discretion of the Executive Compensation &
 Bonus Committee.

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