Document:

NewPage Group Inc. Rollover Equity Incentive Plan

 Exhibit 10.26 
 NEW PAGE GROUP INC. 
 ROLLOVER EQUITY INCENTIVE PLAN 
 (formerly The 2005 Paper Series Of Maple Timber Acquisition LLC 
 Equity Incentive Plan) 
 RECITALS: 
 WHEREAS, Maple Timber Acquisition LLC (“Maple Timber”) adopted the 2005 Paper Series of Maple Timber Acquisition LLC Equity Incentive Plan (the
“MTA Plan”) to motivate and retain certain individuals who were responsible for the attainment of the primary long-term performance goals of the Paper Series of Maple Timber Acquisition LLC; 
 WHEREAS, Stora Enso Oyj, Stora Enso North America, Inc. (“SENA”), and NewPage Holding Corporation entered into a stock purchase agreement,
dated as of September 20, 2007 (as amended the “Stock Purchase Agreement”) pursuant to which NewPage Holding will acquire all the outstanding shares of SENA (the “Acquisition”); 
 WHEREAS, prior to the Closing Date, the Company was formed and, immediately prior to the Closing Date, Maple Timber will distribute the Shares of the
Company to the members of the Paper Series of Maple Timber (the “Distribution”); 
 WHEREAS, in connection with the Acquisition and
the Distribution, the Company has assumed the MTA Plan and amended such MTA Plan to reflect the Acquisition and Distribution, including renaming the MTA Plan, the NewPage Group Inc. Rollover Equity Incentive Plan, as set forth herein. 
 1. Definitions. When used herein, the following terms shall have the following meanings. 
 “Administrator” means the Board, or a committee of the Board, duly appointed to administer the Plan. 
 “Affiliate” means, with respect to a Person, another Person that directly or indirectly controls, is controlled by or is under common
control with such first Person. 
 “Award” means a grant under this Plan of an Option. 
 “Award Agreement” means an agreement entered into by the Company and a Participant setting forth the terms and provisions applicable to
an Award. 
 “Board” means the board of directors of the Company. 
 “Cause” means (i) commission of a felony by the Participant, (ii) acts of dishonesty by the Participant resulting or intending
to result in personal gain or enrichment at the expense of NewPage or its Subsidiaries or Affiliates, (iii) the Participant’s material breach of any policy of NewPage, NewPage Holding or the Company, (iv) the Participant’s
failure to follow the lawful written directions of the Participant’s supervisor, the Chief Executive Officer and 

 
President of NewPage or NewPage Holding or the Board, (v) conduct by the Participant in connection with his duties that is fraudulent, willful and
materially injurious to the Company or its Subsidiaries or Affiliates or (vi) conduct by the Participant in connection with his duties that is unlawful and materially injurious to NewPage or its Subsidiaries or Affiliates; provided,
that, the Participant shall have ten (10) business days following NewPage’s written notice of its intention to terminate the Participant’s employment to cure such Cause, if curable, as determined by the Board, in its sole
discretion. With respect to a consultant or a non-employee director, “Cause” shall be defined in the Participant’s Award Agreement. 
 “Change of Control” means (i) any Person who is not an Affiliate of Cerberus capital Management L.P. becomes the beneficial owner, directly or indirectly, of more than fifty percent (50%) of the combined voting
power of the then issued and outstanding Shares (ii) the sale, transfer or other disposition of all or substantially all of the business and assets of the Company’s paper business, whether by sale of assets, merger or otherwise (determined
on a consolidated basis) to another Person other than a transaction in which the survivor or transferee is a Person controlled, directly or indirectly, by an Affiliate of Cerberus Capital Management L.P. 
 “Code” means the Internal Revenue Code of 1986, as amended, or any successor statute thereto. 
 “Company” means NewPage Group Inc., a Delaware corporation. 
 “Disability” means the determination by the Company in accordance with applicable law, based on information provided by a physician
selected by the Company or its insurers that, as a result of a physical or mental injury or illness, the Participant has been unable to perform the essential functions of his job with or without reasonable accommodation for a period of (i) 90
consecutive days or (ii) 180 days in any one year period. 
 “Effective Date” means the date set forth in
Section 21 hereof. 
 “Fair Market Value” means as to a Share, the fair market value of a Share as calculated within
six (6) months prior to the date of repurchase of a Share; provided, that if the Board determines in good faith that events or conditions have affected materially the Fair Market Value following such determination, Fair Market Value
shall be re-calculated at any time during such six (6) month period, and such calculation shall supersede the prior calculation and thereafter be applicable; provided, further that each such calculation shall be performed by a
nationally recognized investment bank or valuation firm as shall be selected by the Board. 
 “Grant Date” means the date on
which an Option under the Plan is granted to a Participant. 
 “NewPage” means NewPage Corporation, a Delaware corporation.

 “NewPage Holding” means NewPage Holding Corporation, a Delaware corporation. 
  

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 “Option” means a right granted under the Plan to a Participant to purchase a stated
number of Shares. 
 “Option Period” means the period within which an Option may be exercised pursuant to the Plan.

 “Participant” means an employee of NewPage Holding or one or more of its Subsidiaries or Affiliates who is selected to
participate in the Plan in accordance with Section 4 hereof. 
 “Person” means any individual, partnership, firm,
trust, corporation, limited liability company or other similar entity. When two or more Persons act as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of interests in any Shares of the
Company or shares of NewPage Holding, such partnership, limited partnership, syndicate or group shall be deemed a “Person.” 
 “Plan” means this NewPage Group Inc. Rollover Equity Incentive Plan (formally the 2005 Paper Series of Maple Timber Acquisition LLC Equity Incentive Plan). 
 “Plan Year” means the fiscal year of the Company. 
 “Public Offering” means an initial public offering of registered securities of the Shares, NewPage Holding or New Page under the Securities Act of 1933, as amended. 
 “Shares” means shares of common stock of the Company, per value $0.01 per share. 
 “Subsidiary” means as to any Person, any other Person of which more than fifty percent (50%) of the shares of the voting stock or
other voting interests are owned or controlled, or the ability to select or elect more than fifty percent (50%) of the directors or similar managers is held, directly or indirectly, by such first Person or one or more of its Subsidiaries or by
such first Person and one or more of its Subsidiaries. 
 2. Administration. The Plan shall be administered by the Administrator.
Subject to the provisions of the Plan, the Administrator shall have the authority to: 
 (a) select the Participants; 
 (b) determine the number of Shares covered by any Award granted to a Participant; provided, however, that no Award shall be granted after
the expiration of the period of ten (10) years from the Effective Date; and 
 (c) establish from time to time regulations for the
administration of the Plan, interpret the Plan, delegate in writing administrative matters to committees of the Board or to other persons, and make such other determinations and take such other action as it deems necessary or advisable for the
administration of the Plan. 
  

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 All decisions, actions and interpretations of the Administrator shall be final, conclusive and binding
upon all parties. 
 3. Participation. Participants in the Plan shall be limited to those employees, directors or consultants of
NewPage Holding or one or more of its Subsidiaries or Affiliates who have been notified in writing by the Administrator that they have been selected to participate in the Plan. 
 4. Shares Subject to the Plan. 
 (a)
Awards may be granted by the Administrator to Participants from time to time. The Shares issued with respect to Awards granted under the Plan shall be set aside by the Board. If any Award granted under the Plan shall be canceled or shall expire
without the Shares covered by such Award being purchased by the applicable Award holder thereunder, new Awards may thereafter be granted covering such Shares. 
 (b) The maximum number of Shares available to be granted under the Plan is 232,314 and such Shares shall be reserved for Awards granted under the Plan, subject to adjustment set forth in Section 4(c) hereof.

 (c) In the event of any change in the Shares by reason of any dividend, recapitalization, reorganization, merger, consolidation,
split-up, combination or exchange of Shares, or of any similar change affecting the Shares, the number and kind of Shares subject to Award in outstanding Award Agreements and the option price per Share thereof, may be appropriately adjusted
consistent with such change in such manner as the Board may deem equitable to prevent substantial dilution or enlargement of the rights granted to, or available for, Participants in the Plan. Without limiting the generality of the foregoing, if the
Shares are recapitalized into multiple classes of common stock or other securities, the kind of Shares subject to Award shall be those securities of the Company having characteristics similar to the Shares prior to recapitalization, rather than any
class of special, super-voting or other control securities of the Company. 
 5. Terms and Conditions of Options. Each Option granted
under the Plan shall be evidenced by an Award Agreement, in a form approved by the Administrator, which shall be subject to the following express terms and conditions and to such other terms and conditions as the Administrator may deem appropriate,
including, but not limited to, designating various classes of options: 
 (a) Option Period. Each Option agreement shall specify that
the Option thereunder is granted for a period of ten (10) years, or such shorter period as the Administrator may determine, from the date of grant and shall provide that the Option shall expire on such ten (10) year anniversary, or shorter
period, as the case may be (unless earlier exercised or terminated pursuant to its terms). 
 (b) Option Price. The Option exercise
price per Share shall be the Fair Market Value of a Share on the Grant Date unless otherwise set forth in an Award Agreement. 
  

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 (c) Vesting. Unless otherwise set forth in an Award Agreement, each Option shall vest only upon
(i) a Change of Control or (ii) six (6) months following a Public Offering resulting in proceeds to NewPage Holding or its stockholders of at least $50 million; provided that, in each case, the Participant is employed by NewPage
Holding or one or more of its Subsidiaries or Affiliates on the date a Change of Control is consummated or the date that is six (6) months after such Public Offering. 
 (d) Payment of Option Price Upon Exercise. The option exercise price of the Shares as to which an Option shall be exercised shall be paid to the
Company at the time of exercise in cash, by certified check or by such other method permitted by the Administrator, in is sole discretion, as may be allowed under applicable law. 
 (e) Termination of Employment or Relationship. Unless otherwise determined by the Administrator, in its sole discretion or as otherwise set forth
in an Award Agreement: 
 (i) In the event of a Participant’s termination of employment or relationship for Cause with NewPage Holding
or its Subsidiaries or Affiliates, the entire unexercised portion of the Option granted to a Participant will terminate as of the date immediately prior to such termination of employment or relationship. 
 (ii) In the event of a Participant’s termination of employment or relationship by NewPage Holding or its Subsidiaries or Affiliates other than
(x) for Cause (other than on account of death or Disability) or (y) as a result of a voluntary resignation by the Participant, (i) any unvested portion of the Participant’s Option shall terminate and (ii) any portion of the
Participant’s Option that was vested and exercisable on the date of his or her termination of employment or relationship shall remain exercisable for a period of three (3) months after the date of termination, and any portion of such
Option not exercised within such three (3) month period shall be forfeited; provided, that in no event may such Option be exercised after the expiration of the Option Period. 
 (iii) In the event a Participant’s employment or relationship with NewPage Holding or its Subsidiaries or Affiliates shall terminate on account of
death or Disability, (i) any unvested portion of the Participant’s Option shall terminate and (ii) the Participant (or his or her personal representative) may exercise any vested and exercisable portion of the Option for a period of
one (1) year from the date of such death or Disability and any portion of such Option not exercised within such one (1) year period shall be forfeited; provided, however, that in no event may such Option be exercised after the expiration
of the Option Period. 
 (f) Transferability of Options. No Option granted under the Plan and no right arising under such Option
shall be transferable other than by will or by the laws of descent and distribution. During the lifetime of the Participant an Option shall be exercisable only by such Participant. Any Option exercisable at the date of the Participant’s death
and transferred by will or by the laws of descent and distribution shall be exercisable in accordance with the terms of such Option by the executor or administrator, as the case may be, of the Participant’s estate (each a “Designated
Beneficiary”) for a period provided in Section 7(e)(iii) above or such longer period as the Administrator may determine, and shall then terminate. 
  

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 (g) Investment Representation. Each Award Agreement may contain an undertaking that, upon demand
by the Administrator for such a representation, the Participant or his Designated Beneficiary, as the case may be, shall deliver to the Administrator at the time of any exercise of an Option a written representation that the Shares to be acquired
upon such exercise are to be acquired for such Participant’s or Designated Beneficiary’s own account and not with a view to, or for resale in connection with, any distribution. Upon such demand, delivery of such representation prior to the
delivery of any Shares issued upon exercise of an Option shall be a condition precedent to the right of the Participant or his Designated Beneficiary to purchase any Shares. 
 (h) Optionholders to Have No Rights as Shareholders. No optionholder shall have any rights as a shareholder with respect to any Shares subject to
such optionholder’s Option prior to the date on which such optionholder is recorded as the holder of such Shares on the records of the Company. 
 (i) Other Option Provisions. The form of Award Agreement applicable to Options authorized by the Plan may contain such other provisions, consistent with this Plan, as the Administrator may, from time to time,
determine. 
  

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 6. Plan and Awards Not to Confer Rights with Respect to Continuance of Employment or Relationship.
Neither the Plan nor any action taken thereunder shall be construed as giving any Participant any right to continue such Participant’s employment or relationship with NewPage Holding or any of its Subsidiaries or Affiliates, nor shall it give
any employee the right to be retained in the employ of NewPage, or interfere in any way with the right of NewPage or any of its Subsidiaries or Affiliates to terminate any Participant’s employment or relationship at any time with or without
Cause. 
 7. No Claim or Right Under the Plan. No employee of NewPage Holding or any of its Subsidiaries or Affiliates shall at any
time have the right to be selected as a Participant in the Plan nor, having been selected as a Participant and granted an Award, to be granted any additional Award. 
 8. Listing and Qualification of Shares. The Plan, the grant and exercise of Awards thereunder, and the obligation of the Company to sell and deliver Shares under such Awards, shall be subject to all applicable
Federal and state laws, rules and regulations and to such approvals by any government or regulatory agency as may be required. The Company, in its discretion, may postpone the issuance or delivery of Shares upon any exercise of an Award until
completion of any qualification of such shares under any state or Federal law, rule or regulation as the Company may consider appropriate, and may require any Award holder to make such representations and furnish such information as it may consider
appropriate in connection with the issuance or delivery of the Shares in compliance with applicable laws, rules and regulations. Certificates representing Shares acquired by the exercise of an Award, if the Shares are certificated, may bear such
legend as the Company may consider appropriate under the circumstances. 
 9. Taxes. The Company may make such provisions and take
such steps as it may deem necessary or appropriate for the withholding of all federal, state, local and other taxes required by law to be withheld with respect to Awards under the Plan including, but not limited to (a) reducing the number of
Shares otherwise deliverable, based upon their Fair Market Value on the date of exercise, to permit deduction of the amount of any such withholding taxes from the amount otherwise payable under the Plan, (b) deducting the amount of any such
withholding taxes from any other amount then or thereafter payable to a Participant, or (c) requiring a Participant, beneficiary or legal representative to pay to the Company the amount required to be withheld or to execute such documents as
the Company deems necessary or desirable to enable it to satisfy its withholding obligations as a condition of releasing the Shares. 
 10.
No Liability of Administrator. No member of the Administrator shall be personally liable by reason of any contract or other instrument executed by such member or on his behalf in his capacity as a member of the Administrator or for any
mistake of judgment made in good faith, and the Company shall indemnify and hold harmless each employee, officer or director of the Company to whom any duty or power relating to the administration or interpretation of the Plan may be allocated or
delegated, against any cost or expense (including counsel fees) or liability (including any sum paid in settlement of a claim with the approval of the Board) arising out of any act or omission to act in connection with the Plan unless such act
arises out of the member’s own fraud or willful misconduct. 
  

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 11. Amendment or Termination. The Administrator may, with prospective or retroactive effect,
amend, suspend or terminate the Plan or any portion thereof at any time and for any reason; provided, however, that no amendment or other action that requires approval of the holders of voting interests of the Company in order for the Plan to
continue to comply with applicable law, rule or regulation shall be effective unless such amendment or other action shall be approved by the requisite vote of such holders entitled to vote thereon. The Plan and all compensation derived therefrom are
intended not to constitute compensation deferred under a nonqualified deferred compensation plan as contemplated in Section 409A of the Code. Accordingly, notwithstanding any other provision of the Plan, the provisions of the Plan will be
interpreted consistent with the preceding sentence, and the Administrator may modify the Plan to the extent it deems advisable to prevent the application of Section 409A of the Code. 
 12. Compliance with Section 162(m) of the Code. At all times when Section 162(m) of the Code is applicable, all Awards granted under the
Plan shall comply with the requirements of Section 162(m) of the Code. In addition, in the event that changes are made to Section 162(m) of the Code to permit greater flexibility with respect to any Award or Awards available under the
Plan, the Administrator may, subject to Section 16, make any adjustments it deems appropriate. 
 13. Captions. The captions
preceding the sections of the Plan have been inserted solely as a matter of convenience and shall not in any manner define or limit the scope or intent of any provision of the Plan. 
 14. Governing Law. The Plan and all rights thereunder shall be governed by and construed in accordance with the laws of the State of New York
applicable to contracts made and to be performed entirely within such State, without reference to conflict of laws principles. 
 15.
Severability. In the event that any provision of the Plan shall be held illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the
illegal or invalid provision had not been included. 
 16. Effective Date. The Plan shall become effective as of May 2, 2005.

  

 -8-Form of Equity Exchange and Restricted Stock Agreement

 Exhibit 10.27 
 FORM OF 
 EQUITY EXCHANGE AND RESTRICTED STOCK AGREEMENT 
 by and between 
 NEWPAGE GROUP INC.

 and 
 [                    ] 
 Dated
as of December 21, 2007 

 EQUITY EXCHANGE AND RESTRICTED STOCK AGREEMENT 
 This Equity Exchange and Restricted Stock Agreement (this “Agreement”) is made and entered into as of December 21, 2007 (the
“Effective Date”), by and between NewPage Group Inc. (the “Company”) and [            ] (the “Executive”).

 WHEREAS, pursuant to the Executive Purchase Agreement by and among Mable Timber Acquisition LLC (“Maple
Timber”), NewPage Investments LLC, Escanaba Timber Investments LLC and the Executive, dated as of [May 2, 2005] (the “Executive Purchase Agreement”), the Executive is the holder of Paper Class A Common
Percentage Interests and Paper Class B Common Percentage Interests [or Paper Class C Common Percentage Interests] (each as defined in the Executive Purchase Agreement); 
 WHEREAS, Stora Enso Oyj, Stora Enso North America, Inc. (“SENA”), and NewPage Holding Corporation (“NewPage”) entered into a stock purchase agreement, dated as of
September 20, 2007 (as amended, the “Stock Purchase Agreement”) pursuant to which NewPage Corporation will acquire all the outstanding shares of SENA (the “Acquisition”); 
 WHEREAS, prior to the Closing Date, the Company was formed and, immediately prior to the Closing Date, Maple Timber will distribute the Shares of
the Company to the members of the Paper Series of Maple Timber, including the Executive; 
 WHEREAS, in connection with such
distribution, in consideration for the cancellation of the Paper Class A Common Percentage Interests and Paper Class B Common Percentage Interests [or Paper Class C Common Percentage Interests], the Executive will receive Shares; 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 
 1. Definitions. 
 “Board” means the Board of Directors of the Company or a committee thereof. 
 “Cause” has the meaning stated in the Employment Agreement or if the Executive is not bound by any Employment Agreement,
“Cause” shall mean (i) commission of a felony by the Executive, (ii) acts of dishonesty by the Executive resulting or intending to result in personal gain or enrichment at the expense of the Company or its subsidiaries or
affiliates, (iii) the Executive’s material breach of any provision of any policy of the Company, NewPage or NewPage Corporation, (iv) the Executive’s failure to follow the lawful written directions of the Chief Executive Officer
and President of the Company, NewPage or NewPage Corporation, or the Board of Directors of the Company or NewPage, (v) conduct by the Executive in connection with Executive’s duties that is fraudulent, willful and materially injurious to
the Company or its subsidiaries or affiliates, (vi) conduct by the Executive in connection with Executive’s duties that is unlawful and materially injurious to the Company or its subsidiaries or 

  

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affiliates, or (vii) any breach of the provisions relating to non-compete, non-solicitation or confidentiality agreements with the Company or any of its
subsidiaries that Executive is bound by; provided that the Executive shall not be deemed for purposes of this Agreement to have been terminated for “Cause” if within ten (10) business days following the Company’s written notice
of its intention to terminate the Executive’s employment, the Executive has cured such Cause, if curable, as determined by the Board, in its sole discretion. 
 “Cerberus Member” means NewPage Investments LLC, a Delaware limited liability company. 
 “Closing Date” has the meaning stated in the Stock Purchase Agreement. 
 “Code”
means the Internal Revenue Code of 1986, as amended. 
 “Disability” has the meaning stated in the Employment
Agreement or if the Executive is not bound by any Employment Agreement “Disability” means the determination by the Company, in accordance with applicable law, based on information provided by a physician selected by the Company or its
insurers and reasonably acceptable to the Executive that, as a result of a physical or mental injury or illness, the Executive has been unable to perform the essential functions of the Executive’s job with or without reasonable accommodation
for a period of (i) ninety (90) consecutive days or (ii) one-hundred eighty (180) days in any one-year period. 
 “Employment Agreement” means the Employment Agreement between the Executive and NewPage Corporation dated as of [            ]. 
 “Fair Market Value” means as to the Shares, the fair market value of the Shares as calculated within six months prior to the date
of repurchase of the Shares; provided, that if the Board determines in good faith that events or conditions have affected materially the Fair Market Value following such determination, Fair Market Value shall be re-calculated at any time
during such six month period, and such calculation shall supersede the prior calculation and thereafter be applicable; and provided, further, that each such calculation will be performed by a nationally recognized investment bank or
valuation firm as will be selected by the Board. 
 “Good Reason” has the meaning stated in the Employment Agreement
or if the Executive is not bound by any Employment Agreement, “Good Reason” means, without the consent of the Executive, (i) a reduction by the Company in the Executive’s base salary or in the percentage of base salary on which
the Executive’s bonus is based; (ii) a material reduction in the aggregate benefits provided to the Executive, except for any across-the-board reduction(s) affecting all similarly situated executives on substantially the same proportional
basis; or (iii) relocation of Executive outside of fifty (50) miles from his or her regular office location as of the date hereof. 
 “Initial Public Offering” means the first public offering of common stock of the Company or NewPage Holding pursuant to a registration statement filed with and declared effective by the Securities and Exchange
Commission (the “SEC”) resulting in proceeds to the Company, NewPage Holding or its stockholders of at least $50 million. 
  

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 “LLC Agreement” means the Amended and Restated Limited Liability Company
Agreement of Maple Timber. 
 “NewPage Holding” means NewPage Holding Corporation. 
 “Paper Common Percentage Interests” has the meaning stated in the Executive Purchase Agreement. 
 “Permitted Transferee” has the meaning stated in the Securityholders Agreement. 
 “Person” means any individual, partnership, firm, trust, corporation, limited liability company or other similar entity. When two
or more Persons act as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of Shares, such partnership, limited partnership, syndicate or group shall be deemed a “Person.”

 “Purchase Notice” has the meaning stated in Section 4(f) of this Agreement. 
 “Registration Rights Agreement” has the meaning stated in the Executive Purchase Agreement. 
 “Repurchaser” has the meaning stated in Section 4(f) of this Agreement. 
 “Sale Notice” has the meaning stated in Section 4(g) of this Agreement. 
 “Securityholders Agreement” means the Securityholders’ Agreement dated as of December 2007 by and among the Company and the
signatories thereto, as may be amended from time to time. 
 “Shares” means shares of common stock, par value $0.01
of the Company. 
 “Timber Profits Interests” has the meaning stated in the Executive Purchase Agreement. 

“Transfer” has the meaning stated in Section 3 of this Agreement. 
 “Transaction Documents” means this Agreement and the Securityholders Agreement. 
 “Unvested Interests” has the meaning stated in the Executive Purchase Agreement. 
 “Vested Interests” has the meaning stated in the Executive Purchase Agreement. 
 2. Acquisition of Shares by the Executive. 
 (a) Immediately prior to the Closing Date, Maple Timber will distribute to the Executive [    ] Shares in respect of the Executive’s Vested Interests and Unvested Interests and the Company and
the Executive agree that all Unvested Interests shall be deemed to have become Vested Interests immediately prior to the Closing notwithstanding the terms of the 

  

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Executive Purchase Agreement. Upon the Closing, the Executive acknowledges and agrees that the Paper Common Percentage Interests previously held by the
Executive (whether Vested Interests or Unvested Interests) shall terminate and the Executive Purchase Agreement, the Registration Rights Agreement and the LLC Agreement shall be null and void and of no further effect. 
 (b) Certificates representing the Shares subject to this Agreement shall be delivered to the Executive. The certificates shall be endorsed with the
following legend. 
 THE SHARES HEREBY REPRESENTED ARE RESTRICTED SHARES OF THE COMPANY’S COMMON STOCK WHICH HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR QUALIFIED OR REGISTERED UNDER STATE SECURITIES OR BLUE SKY LAWS. THE RESTRICTED SHARES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION, AND MAY NOT BE SOLD, OFFERED
FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR DISPOSED OF EXCEPT IN COMPLIANCE WITH THE SECURITIES ACT OF 1933, AS AMENDED, APPLICABLE STATE SECURITIES OR BLUE SKY LAWS AND THE APPLICABLE RULES AND REGULATIONS THEREUNDER. THE ISSUER OF
THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. THE RESTRICTED SHARES ARE
ALSO SUBJECT TO THE TRANSFER RESTRICTIONS, RIGHTS OF REPURCHASE BY THE COMPANY AND ONE OF THE COMPANY’S AFFILIATES AND THE DRAG-ALONG SALE RIGHTS AND OTHER RESTRICTIONS SET FORTH IN AN EXECUTIVE EXCHANGE AND RESTRICTED STOCK AGREEMENT, DATED AS
OF DECEMBER 21, 2007 WITH THE COMPANY AND THE SECURITYHOLDERS AGREEMENT, DATED AS OF DECEMBER 21, 2007, AMONG THE COMPANY AND THE SHAREHOLDERS OF THE COMPANY. 
 3. Transfers of Shares by the Executive. 
 (a) Subject to the provisions of this Agreement, the
Shares, may not be (voluntarily or involuntarily), directly or indirectly, transferred, pledged, assigned or otherwise disposed of (each, a “Transfer”) by the Executive except in accordance with this Agreement and the
Securityholders Agreement, or with the prior written consent of the Cerberus Member, except as follows: 
  

	 	(1)	The Shares may be Transferred to the Executive’s spouse or children or to trusts established for their benefit, provided that any Shares Transferred shall remain subject to the
provisions of this Agreement and the Securityholders Agreement and the transferee must agree to be bound by the terms of this Agreement and the Securityholders Agreement as provided in Section 2(a)(3) below. 

  

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	 	(2)	Upon the consummation of an Initial Public Offering, the Executive may Transfer Shares, but the Transfer may not occur prior to the later of (i) May 2, 2010 and
(ii) the expiration of any lock-up imposed by the underwriters in the Initial Public Offering. Notwithstanding the previous sentence, following the consummation of an Initial Public Offering, in the event that (1) the Cerberus Member or
its affiliates have previously sold for cash or otherwise received cash distributions in respect of their Shares of at least $250 million in the aggregate and (2) the Cerberus Member or its affiliates Transfer any Shares, then the Executive may
Transfer a percentage of his or her Shares equal to the percentage of the Shares Transferred by the Cerberus Member or its affiliates to unaffiliated third parties after an Initial Public Offering. 

  

	 	(3)	If the Executive Transfers all or any of the Shares to a Person other than the Company or the Cerberus Member, that transferee shall be obligated to comply with the provisions of
this Agreement and the Securityholders Agreement. 

 (b) The Shares of the Executive will (A) be subject to the drag-along
rights of the Cerberus Member to force the sale of such Shares in certain circumstances and (B) be entitled to the tag-along rights to participate in certain sales of such Shares, in each case as set forth in the Securityholders Agreement.

 4. Repurchase of Shares by the Company or the Cerberus Member. 
 (a) At any time within 90 days following the Executive’s (i) death, (ii) termination of employment as a result of Disability,
(iii) termination of employment for Cause or (iv) resignation of employment without Good Reason, the Company and any of its subsidiaries shall have the right, but not the obligation, to purchase from the Executive, and to cause the
Executive to sell to the Company or any such subsidiary, the Shares for the Fair Market Value of those Shares, payable in cash in a lump sum upon the closing of the repurchase. 
 (b) If the Company or any of its subsidiaries does not exercise its right to repurchase the Shares pursuant to Section 4(a), the Cerberus Member
shall have the right, for a period of 60 calendar days after the expiration of the applicable 90 day period set forth above, to repurchase such Shares upon the terms and conditions set forth in Section 4(a). 
 (c) Subject to Section 4(e), if termination of the Executive’s employment occurs as a result of a termination without Cause or a resignation of
employment by the Executive with Good Reason, the Company or any of its subsidiaries shall, upon not less than 60 days prior written notice from the Purchaser, have the obligation to purchase from the Executive all of the Shares for an amount equal
to the Fair Market Value of those Shares, payable in cash in a lump sum upon the closing of the repurchase. 
 (d) Notwithstanding any
provision contained in this Agreement to the contrary, the Company’s and the Cerberus Member’s right to repurchase Shares shall terminate upon an Initial Public Offering, except with respect to a termination of the Executive’s
employment for Cause, which right shall survive the consummation of any Initial Public Offering. 
  

 6 

 (e) In the event that the Company is not permitted by financing arrangements applicable to the Company or
any of its subsidiaries to repurchase the Shares pursuant to Section 4(a) or Section 4(c) hereof, the Company may repurchase such Shares through the issuance of a subordinated note with a five year bullet maturity and accruing interest at
a rate of 10% per annum. At such time that the Company is permitted to repurchase such Shares under the applicable financing arrangements, the Company shall pay to the Executive the remaining principal amount of the subordinated note plus any
accrued and unpaid interest prior to the maturity of the note; provided, however, if (A) other Executives (as defined in the Securityholders Agreement) receive such notification along with the Executive, (B) such Executives
exercise a similar election to repurchase the Shares with a subordinated note as provided in the previous sentence and (C) the Company does not have sufficient funds to satisfy all such elections, then the Executive and such Management
Securityholders will be allocated such payment pro-rata in accordance with their respective percentage interest in the Company. 
 (f) Upon
the occurrence of an event that entitles or requires the Company or the Cerberus Member (each, a “Repurchaser”) to purchase the Shares pursuant to Sections 4(a), (b) or (c), the Repurchaser may exercise its election to
purchase the Shares by written notice to the Executive (the “Purchase Notice”) within the applicable time periods specified above, such Purchase Notice to disclose the Fair Market Value of the Shares. The Repurchaser and the
Executive shall consummate such purchase on a date to be jointly determined by the Repurchaser and the Executive (not later than 30 calendar days after the delivery of the Purchase Notice) by delivery by the Executive of written acknowledgment that
it no longer has any right, title or interest in the Shares to be repurchased and by delivery of the purchase price therefor by the Repurchaser by wire transfer. 
 (g) In addition to the Company’s and the Cerberus Member’s right to repurchase the Shares, solely in the event of the Executive’s death at a time when the Executive was still employed by NewPage
Corporation or its subsidiaries, the Executive’s legal representatives may, within 90 days following the Executive’s death, send a written notice to the Company evidencing their desire to sell the Shares to the Company (the
“Sale Notice”). The Company and the Executive shall consummate such purchase on a date to be jointly determined by the Company and the Executive’s legal representatives (not later than 30 calendar days after the delivery
of the Sale Notice) by delivery by the Executive’s legal representatives of written acknowledgment that it no longer has any right, title or interest in the Shares to be sold and by delivery of the purchase price therefor by the Company, in an
amount set forth in Section 4(a)(1) and (2), by wire transfer or by issuance of a subordinated note as described above. Notwithstanding any provision contained in this Agreement to the contrary, the Company’s obligation to repurchase
Shares shall terminate upon an Initial Public Offering. 
 5. Representations and Warranties of the Executive. The Executive
hereby represents and warrants to the Company as follows: 
 (a) The Executive’s execution, delivery and performance of the Transaction
Documents do not and will not (i) result in a violation of any applicable law, statute, rule or 

  

 7 

 
regulation or order, injunction, judgment or decree of any court or other governmental or regulatory authority to which the Executive is bound or subject,
(ii) conflict with, or result in a breach of the terms, conditions or provisions of, constitute (or, with due notice or lapse of time or both, would constitute) a default under, or give rise to any right of termination, acceleration or
cancellation under, any agreement, contract, license, arrangement, understanding, evidence of indebtedness, note, lease or other instrument to which the Executive or any of his properties or assets are bound, or (iii) require any authorization,
consent, approval, exemption or other action by or notice to any third party. The Transaction Documents have been duly executed and delivered by the Executive and upon due execution and delivery by the Company and the Cerberus Member will constitute
the legal, valid and binding obligations of the Executive enforceable against the Executive in accordance with their terms, except as the enforcement may be limited by bankruptcy, insolvency or other similar laws affecting the enforcement of
creditors’ rights in general or by general principles of equity. 
 (b) The Executive understands that the Shares being purchased are
characterized as “restricted securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering, are being offered and sold without registration under the
Securities Act of 1933, as amended (the “Securities Act”) in a private placement that is exempt from the registration provisions of the Securities Act and that under such laws and applicable regulations those securities may
be resold without registration under the Securities Act only in limited circumstances. The Executive understands that it must bear the economic risk of the acquisition of the Shares made in connection with this Agreement for an indefinite period of
time (subject, however, to the Company’s obligation to repurchase the Shares in accordance with the terms of this Agreement and to the Company’s obligation to effect the registration of registrable securities in accordance with the
Stockholder’s Agreement) because, among other reasons, the Shares have not been registered under the Securities Act or under the securities laws of any state and, therefore, cannot be resold, assigned or otherwise disposed of unless they are
subsequently registered under the Securities Act and under the applicable securities laws of certain states or an exemption from such registration is available. 
 (c) The Executive understands that the Shares being purchased are subject to the Securityholders Agreement and this Agreement. 
 (d) The Executive can bear the economic risk of his investment in the Shares and has such knowledge and experience in financial and business matters that he is capable of evaluating the merits and the risks of the
investment. The Executive has been furnished with all materials relating to the business, finances and operations of the Company which have been requested, including, without limitation, all certificates, instruments, agreements and other documents
defining the rights, limitations and preferences of the Shares and the holders thereof. The Executive has conducted his own investigation of the Company and is not relying on any representations or warranties of the Company other than those
expressly set forth in this Agreement. The Executive understands that the Company is not under any obligation to register the Shares on the Executive’s behalf, except as may be required pursuant to the Stockholder’s Agreement. 

 

 8 

 (e) The Executive is an “accredited investor” within the meaning of Rule 501(a) of Regulation D
promulgated under the Securities Act or, to the extent the Executive is not an “accredited investor,” another exemption from registration under the Securities Act applies to the Executive’s receipt of Shares under this Agreement.

 6. Representation and Warranty of the Company. The Company hereby represents and warrants to the Executive that the Company
is a corporation, duly formed and in good standing under the laws of the State of Delaware. The Company has all requisite corporate power and authority to execute, deliver and carry out the transactions contemplated by this Agreement. 
 7. Conditions. The obligations of the Executive, the Company and the Cerberus Member pursuant to this Agreement will be subject to
satisfaction of the following conditions on the Effective Date: 
 (a) The Executive and the Company have duly executed and delivered a
counterpart signature page to the Securityholders Agreement. 
 (b) The representations and warranties of each of the other parties under
this Agreement will be true, complete and correct at and as of the Effective Date. 
 (c) Each of the other parties has performed and
complied with all agreements and covenants contained in this Agreement required to be performed or complied with by it prior to or at the Effective Date. 
 (d) Each of the other parties has obtained any and all consents, waivers, registrations, approvals or authorizations, with or by any governmental body and all consents, waivers, approvals or authorizations of any
other person required for the valid execution of the Transaction Documents by that party and for the consummation of the transactions contemplated hereby and thereby. 
 (e) No governmental body or any other person has issued an order, injunction, judgment, decree, ruling or assessment which is in effect restraining or prohibiting the completion of the transactions contemplated under
any of the Transaction Documents, nor shall any such order, injunction, judgment, decree, ruling or assessment be pending or, to the Company’s or the Executive’s knowledge, threatened. 
 (f) The Closing shall have occurred. 
 8.
General. 
 (a) Amendments and Waivers. The provisions of this Agreement may not be amended, modified, supplemented
or terminated, and waivers or consents to departures from the provisions of this Agreement may not be given, without the written consent of each of the parties. 
 (b) Notices. All notices and other communications provided for or permitted under this Agreement to any party shall be deemed to be sufficient if contained in a written 

  

 9 

 
instrument and shall be deemed to have been duly given when delivered in person, by facsimile, by nationally-recognized overnight courier, or by first class
registered or certified mail, postage prepaid, addressed to such party at the address set forth below or such other address as may hereafter be designated in writing by the addressee as follows: 
  

					
		  	If to the Company, to:	  	
			
		  	NewPage Group Inc.	  	
		  	c/o Cerberus Capital Management, L.P.	  	
		  	299 Park Avenue	  	
		  	New York, New York 10171	  	
		  	Attention: Lenard Tessler	  	
		  	Fax No.: (212) 755-3009	  	
			
		  	With a copy to:	  	
			
		  	Schulte Roth & Zabel LLP	  	
		  	919 Third Avenue	  	
		  	New York, New York 10022	  	
		  	Attn: Stuart D. Freedman, Esq.	  	
		  	Fax No.: (212) 593-5955	  	

							
			
		 	 If to the Executive, to the address of the Executive set forth on the
 signature page below.
	  	

 All such notices, requests, consents and other communications will be deemed to have been delivered (i) in
the case of personal delivery or delivery by confirmed facsimile, on the date of delivery, (ii) in the case of nationally-recognized overnight courier, on the next business day, and (iii) in the case of mailing, on the third business day
following the mailing if sent by certified mail, return receipt requested. 
 (c) Successors and Assigns. This Agreement will
inure to the benefit of and be binding upon the parties and their respective heirs, successors, and permitted assigns. The Executive may not assign any of his rights or obligations under this Agreement without the prior written consent of the
Company. 
 (d) Counterparts. This Agreement may be executed in two or more counterparts, each of which, when so executed and
delivered, will be deemed to be an original, but all of which counterparts, taken together, will constitute one and the same instrument. 
 (e) Descriptive Headings, Etc. The headings in this Agreement are for convenience of reference only and will not limit or otherwise affect the meaning of terms contained in this Agreement. Unless the context of this Agreement
otherwise requires: (i) words of any gender will be deemed to include each other gender; (ii) words using the singular or plural number will also include the plural or singular number, respectively; (iii) the words “hereof,”
“herein” and “hereunder” and words of similar import when used in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section and paragraph references are to the Sections
and paragraphs of this Agreement unless otherwise 

  

 10 

 
specified; (iv) the word “including” and words of similar import when used in this Agreement means “including, without limitation,”
unless otherwise specified; (v) “or” is not exclusive; and (vi) provisions apply to successive events and transactions. 
 (f) Severability. If any one or more of the provisions, paragraphs, words, clauses, phrases or sentences contained in this Agreement, or the application thereof in any circumstances, is held invalid, illegal or unenforceable
in any respect for any reason, the validity, legality and enforceability of any such provision, paragraph, word, clause, phrase or sentence in every other respect and of the other remaining provisions, paragraphs, words, clauses, phrases or
sentences hereof shall not be in any way impaired, it being intended that all rights, powers and privileges of the parties hereto shall be enforceable to the fullest extent permitted by law. 
 (g) Governing Law. This Agreement will be governed by and construed in accordance with the domestic laws of the State of Delaware, without
giving effect to any choice of law or conflicting provision or rule (whether of the State of Delaware, or any other jurisdiction) that would cause the laws of any jurisdiction other than the State of Delaware to be applied. In furtherance of the
foregoing, the internal laws of the State of Delaware will control the interpretation and construction of this Agreement, even if under such jurisdiction’s choice of law or conflict of law analysis, the substantive law of some other
jurisdiction would ordinarily apply. 
 (h) Consent to Jurisdiction. Each of the parties irrevocably and unconditionally
submits to the non-exclusive jurisdiction of any federal or state court within the State of Delaware, for the purposes of any suit, action or other proceeding arising out of this Agreement or any transaction contemplated hereby. Each of the parties
further agrees that service of any process, summons, notice or document by U.S. registered mail to such party’s respective address set forth in Section 8(b) will be effective service of process for any action, suit or proceeding in
Delaware with respect to any matters to which it has submitted to jurisdiction as set forth above in the immediately preceding sentence. Each of the parties irrevocably and unconditionally waives any objection to the laying of venue of any action,
suit or proceeding arising out of this Agreement or the transactions contemplated hereby in any federal or state court in the State of Delaware, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such
court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 
 (i) Waiver of
Jury Trial. THE PARTIES HEREBY WAIVE, TO THE EXTENT PERMITTED BY APPLICABLE LAW, TRIAL BY JURY IN ANY LITIGATION IN ANY COURT WITH RESPECT TO, IN CONNECTION WITH, OR ARISING OUT OF THIS AGREEMENT OR THE VALIDITY, INTERPRETATION OR
ENFORCEMENT HEREOF. THE PARTIES AGREE THAT THIS SECTION IS A SPECIFIC AND MATERIAL ASPECT OF THIS AGREEMENT AND WOULD NOT ENTER INTO THIS AGREEMENT IF THIS SECTION WERE NOT PART OF THIS AGREEMENT. 
 (j) Termination. This Agreement will automatically terminate upon a termination of the Stock Purchase Agreement in accordance with its
terms. 
  

 11 

 (k) Specific Performance. Each of the parties acknowledges and agrees that in the event of
any breach of this Agreement, the non-breaching party would be irreparably harmed and could not be made whole by monetary damages. It is accordingly agreed that the parties shall and do hereby waive the defense in any action for specific performance
that a remedy at law would be adequate and that the parties hereto, in addition to any other remedy to which they may be entitled at law or in equity, will be entitled to compel specific performance of this Agreement in any action instituted in any
federal or state court located in the State of Delaware, or, if those courts do not have jurisdiction over the action, in any court of the United States or any state thereof having subject matter jurisdiction over the action. 
 (l) Entire Agreement. This Agreement, together with the Securityholders Agreement, is intended by the parties as a final expression of
their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, representations, warranties,
covenants or undertakings relating to such subject matter, other than those set forth or referred to herein. This Agreement supersedes all prior agreements and understandings between the parties hereto with respect to such subject matter, including
the Executive Purchase Agreement, Registration Rights Agreement and the LLC Agreement which shall be null and void and of no further force or effect. 
 (m) Further Assurances. Each party will do and perform or cause to be done and performed all such further acts and things and shall execute and deliver all such other agreements, certificates,
instruments and documents as any other party reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby. 
 (n) Third Party Beneficiary Rights. The Cerberus Member shall be a third party beneficiary to all the rights and benefits under this
Agreement. 
 (o) Construction. The Company and the Executive acknowledge that each of them has had the benefit of legal
counsel of its own choice and has been afforded an opportunity to review this Agreement with its legal counsel and that this Agreement shall be construed as if jointly drafted by the Company and the Executive. 
  

 12 

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

			
	 NEWPAGE GROUP INC.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 EXECUTIVE:

	
	  

	 Name:
	 	
	 Address:
	 	

 Equity Exchange and Restricted Stock Agreement Signature Page

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