Document:

Long-Term Incentive Plan

 Exhibit 10.15 
 Appleton Papers Inc. 
 Long Term Incentive Plan 
 (As Amended and Restated Effective January 1, 2004) 

 Appleton Papers Inc. 
 Long Term Incentive Plan 
 (As Amended and Restate Effective January 1, 2004) 
 TABLE OF CONTENTS 
  

							
	 ARTICLE 1. Purpose and Effective Date
	  	1
		 	 1.1  
	  	Purpose	  	1
		 	 1.2  
	  	Effective Date	  	1
		
	 ARTICLE 2. Definitions
	  	1
		 	 2.1  
	  	Board	  	1
		 	 2.2  
	  	Cause	  	1
		 	 2.3  
	  	Change of Control	  	1
		 	 2.4  
	  	Committee	  	2
		 	 2.5  
	  	Common Stock	  	2
		 	 2.6  
	  	Company	  	2
		 	 2.7  
	  	Disability	  	2
		 	 2.8  
	  	Eligible Employee	  	2
		 	 2.9  
	  	Employment	  	2
		 	 2.10
	  	ESOP	  	2
		 	 2.11
	  	Exercise Date	  	2
		 	 2.12
	  	Exercise Period	  	2
		 	 2.13
	  	Exercise Window	  	2
		 	 2.14
	  	Fair Market Value	  	3
		 	 2.15
	  	Participant	  	3
		 	 2.16
	  	Phantom Stock Unit	  	3
		 	 2.17
	  	Plan	  	3
		 	 2.18
	  	Plan Year	  	3
		 	 2.19
	  	Representative	  	3
		 	 2.20
	  	Retirement	  	3
		
	 ARTICLE 3. Plan Administration
	  	3
		 	 3.1  
	  	Committee Administration	  	3
		 	 3.2  
	  	Maximum Reserved Units	  	4
		 	 3.3  
	  	Changes in Capital Structure	  	4
		
	 ARTICLE 4. Participation and Awards
	  	4
		 	 4.1  
	  	Annual Grants	  	4
		 	 4.2  
	  	New Hires and Employment Classification Changes	  	4
		
	 ARTICLE 5. Vesting and Exercise of Units
	  	4
		 	 5.1  
	  	Vesting	  	4

  

 i 

							
		 	 5.2  
	  	Expiration	  	5
		 	 5.3  
	  	Exercise of Units	  	5
		 	 5.4  
	  	Vesting and Exercise Upon Recapitalization	  	5
		 	 5.5  
	  	Payment For Exercised Units	  	5
		 	 5.6  
	  	Unit Valuation	  	6
		 	 5.7  
	  	Tax Withholding	  	6
		 	 5.8  
	  	Change of Control Tax Provisions	  	6
		 	 5.9  
	  	Forfeitures	  	7
		 	 5.10
	  	Presumed Competency	  	7
		 	 5.11
	  	Forfeiture of Unclaimed Benefits	  	7
		
	 ARTICLE 6. Miscellaneous Provisions
	  	7
		 	 6.1  
	  	Nonguarantee of Employment	  	7
		 	 6.2  
	  	No Rights As Shareholder	  	8
		 	 6.3  
	  	Nonassignable	  	8
		 	 6.4  
	  	Unfunded Plan	  	8
		 	 6.5  
	  	Offsets	  	8
		 	 6.6  
	  	Limitation of Actions	  	8
		 	 6.7  
	  	Amendment and Termination	  	8
		 	 6.8  
	  	Governing Law; Jurisdiction	  	8

 * * * * * 
  

 ii 

 Appleton Papers Inc. 
 Long Term Incentive Plan 
 (As Amended and Restated Effective January 1, 2004) 
 ARTICLE 1. 
 Purpose and Effective
Date 
 1.1 Purpose. The Board adopted the Plan for the purpose of assisting the Company in attracting and retaining key
management employees who are in a position to make a significant contribution to the growth and profitability of the Company by providing a reward for performance and incentive for future endeavor. The Plan will be implemented through the
opportunity to earn Phantom Stock Units, the value of which is related to the appreciation in the value of the Company’s stock. 
 1.2
Effective Date. The effective date of the Plan (the “Effective Date”) is the date upon which a controlling interest in the Company is acquired by Paperweight Development Corporation. The effective date of the Plan as restated herein
is January 1, 2004. 
 ARTICLE 2. 
 Definitions 
 Capitalized words and phrases used in the Plan have the following meanings unless
otherwise expressly provided herein: 
 2.1 Board. “Board” means the Board of Directors of Appleton Papers Inc. 

2.2 Cause. “Cause” in connection with the termination of the Participant’s employment with the Company, means that, in the
judgment of the Committee, based upon any information or evidence reasonably persuasive to the Committee, the Participant: (1) willfully engaged in activities or conducted himself or herself in a manner seriously detrimental to the interests of
the Company or its subsidiaries and affiliates; or (2) failed to execute the duties reasonably assigned to him or her in a reasonably timely, effective, or competent manner; provided, however, that the termination of the Participant’s
employment because of Disability shall not be deemed to be for Cause. 
 2.3 Change of Control. “Change of Control” means:
(1) the termination of the ESOP or amendment of the ESOP so that it ceases to be an employee stock ownership plan; (2) the ESOP ceases to own a majority interest in the Company; (3) the sale, lease, exchange or other transfer of all
or substantially all of the assets of the Company (in one transaction or in a series of related transactions) to a person or entity that is not controlled by the Company; (4) the approval by the Company shareholders of any plan or proposal to
terminate the Company’s business, to liquidate or dissolve the Company or to sell substantially all the Common Stock; (5) the Company merges or consolidates with any other company and the Company is not the surviving company of such merger
or consolidation; or (6) any other event or series of events whereby ownership and effective control of the Company is transferred or conveyed to a person or entity that is not controlled by the Company. 
  

 Page 1 of 8 

 2.4 Committee. “Committee” means the Compensation Committee of the Board. 
 2.5 Common Stock. “Common Stock” means the common stock of Paperweight Development Corporation. 
 2.6 Company. “Company” means Appleton Papers Inc., 825 East Wisconsin Avenue, Appleton, Wisconsin 54911-1703. “Company” also
means (except where the context relates solely to Appleton Papers Inc.) any subsidiary or other affiliate of Appleton Papers Inc. who employs an Eligible Employee (as designated by the Committee in accordance with Section 4.1). Any such
subsidiary or affiliate of Appleton Papers Inc. that has become a “Company” as provided above is deemed to have designated Appleton Papers Inc. as its agent with respect to amending or terminating the Plan. Any such action by Appleton
Papers Inc. shall be binding on such subsidiary or affiliate at the time taken. 
 2.7 Disability. “Disability” means a
physical or mental condition of the Participant which results in the Participant receiving benefits under an applicable Company’s long term disability insurance plan, or in the event the Participant is not participating in a Company long term
disability insurance plan, means disability as defined under the long term disability plan of Appleton Papers Inc. 
 2.8 Eligible
Employee. “Eligible Employee” means an employee of Appleton Papers Inc. in the following classifications: (1) the Chief Executive Officer, (2) a Vice President or Mill Manager, (3) a director-level employee; and
(4) any other key employee of a participating Company who has been designated by the Committee as an Eligible Employee. 
 2.9
Employment. References in the Plan to “employment” with the Company; “year(s) of employment” and “termination of employment” shall in all events refer to the total period of employment with Appleton Papers Inc.
and any of its subsidiaries or affiliates. For example, a Participant’s termination of employment for purposes of the Plan shall occur at the time the Participant is no longer employed by Appleton Papers Inc., or any of its subsidiaries or
affiliates. 
 2.10 ESOP. “ESOP” means the Appleton Papers Retirement Savings and Employee Stock Ownership Plan. 

2.11 Exercise Date. “Exercise Date” means the date upon which a Participant delivers a Notice of Exercise as provided herein during
the Exercise Period and within the Exercise Window indicating the Participant’s intention to cash out the Phantom Stock Units granted pursuant to a particular Grant Confirmation. 
 2.12 Exercise Period. “Exercise Period” means, with respect to a particular grant of Phantom Stock Units, the period or periods during
which such Phantom Stock Units are exercisable, as determined by the Committee on the Grant Date and as set out in the Grant Confirmation. 
 2.13 Exercise Window. “Exercise Window” means each 60 day period following the date of the announcement of the Fair Market Value assigned to the Common Stock as of June 30th and December 31st of
each year as confirmed by Notice sent to each Participant by the Company on a semi-annual basis as soon as administratively practical after the date of announcement. 
  

 Page 2 of 8 

 2.14 Fair Market Value. “Fair Market Value” means the fair market value of a Phantom
Stock Unit which is equal to the fair market value most recently assigned to Common Stock under the terms of the ESOP prior to the Grant Date or the Exercise Date, as applicable. For Example, an exercise of a Phantom Stock Unit during an Exercise
Window between January 1 and June 30 will be based on the fair market value assigned to the Common Stock under the ESOP on the prior December 31 valuation. An exercise during an Exercise Window between July 1 and December 31
will be based on the prior June 30 valuation. 
 2.15 Participant. “Participant” means an Eligible Employee who
participates in the Plan in accordance with Article 4. 
 2.16 Phantom Stock Unit. “Phantom Stock Unit” means a bookkeeping
unit and accounting mechanism designed to measure the value of a nonequity compensation unit payable as taxable compensation to the Participant in accordance with Article 5. One Phantom Stock Unit has a value, as of the date of grant to a
Participant pursuant to Section 4.1, equal to the value of one share of Common Stock at such time (as determined pursuant to Section 5.6). 
 2.17 Plan. “Plan” means the Appleton Papers Inc. Long Term Incentive Plan, as set forth herein and as amended from time to time. 
 2.18 Plan Year. “Plan Year” means the fiscal year of Appleton Papers Inc. 
 2.19 Representative. “Representative” means the personal representative of the Participant’s estate, and after final settlement of
the Participant’s estate, the successor or successors entitled thereto by law. 
 2.20 Retirement. “Retirement” means
termination of employment with the Company under a tax-qualified retirement plan maintained by the Company or an applicable subsidiary or affiliate, including early retirement under such plan. 
 ARTICLE 3. 
 Plan Administration 
 3.1 Committee Administration. The Committee shall be responsible for the operation and administration of the Plan. The decision of a majority of
the members of the Committee shall constitute the decision of the Committee. The Committee may act either at a meeting at which a majority of the members of the Committee is present or by a writing signed by all Committee members. The Committee
shall have full discretion, power and authority to make factual determinations, construe, interpret and administer the Plan, to adopt such rules and regulations governing the administration of the Plan, and shall exercise all other duties and powers
conferred on it by the Plan, or which are incidental or ancillary thereto, and may designate agents to assist it in administration of the Plan. The Committee shall have the sole, final and conclusive authority to determine, consistent with and
subject to the provisions of the Plan, the individuals eligible to participate in the Plan, the 
  

 Page 3 of 8 

 
Participants to whom Phantom Stock Units are to be awarded, the number of Phantom Stock Units to be awarded, vesting of awards and all other matters relating
to the Plan. Benefits will be paid only if the Committee determines in its discretion that the applicant is entitled to them. 
 3.2
Maximum Reserved Units. The maximum number of Phantom Stock Units that may be granted each year shall not exceed the number of Phantom Stock Units that would represent 3% of total stockholders’ equity in the Company immediately prior to
such grant, determined in accordance with generally accepted accounting principles. 
 3.3 Changes in Capital Structure. If there is a
change in the outstanding Common Stock by reason of the issuance of additional units, recapitalization, reclassification, reorganization or similar transaction, the Committee shall proportionately adjust, in an equitable manner, the aggregate number
of available Phantom Stock Units and the number of Phantom Stock Units held by Participants. The adjustment shall be made in a manner that will cause the relationship between the aggregate appreciation in the outstanding Common Stock and the
increase in value represented by each Phantom Ownership Unit to remain unchanged as a result of the transaction. 
 ARTICLE 4.

 Participation and Awards 
 4.1 Annual Grants. Phantom Stock Units shall be granted, as of the first day of a Plan Year (the “Grant Date”), to all Eligible Employees who are Participants with respect to that Plan Year. Before the beginning of each
Plan Year, the Committee shall designate those key management employees of the Company who are Eligible Employees for the Plan Year (in addition to those of the Chief Executive Officer, Vice Presidents, Mill Managers and director-level employees of
Appleton Papers Inc.) who are so designated for the Plan Year and shall notify Participants of such designation. The number of Units awarded to each Participant or class of Participants, if any, shall be determined by the Committee in its sole
discretion, before the beginning of each Plan Year. The Committee shall notify Participants of the Units awarded for a Plan Year (“Grant Confirmation”) as soon as administratively practical after such awards have been established by the
Committee. 
 4.2 New Hires and Employment Classification Changes. An individual who becomes an Eligible Employee after the beginning
of the Plan Year, either as a newly hired employee or as a result of a change in employment classification, shall be entitled to receive a grant of Phantom Stock Units for such Plan Year in accordance with Section 4.1, prorated based on the
number of days during the Plan Year that such individual was an Eligible Employee. 
 ARTICLE 5. 
 Vesting and Exercise of Units 
 5.1
Vesting. A Phantom Stock Unit shall vest and, except as otherwise provided in Section 5.3 or 5.4, become exercisable on the completion of three (3) full years of employment commencing with the Grant Date of the Phantom Stock Unit or
the occurrence of a Change of Control. Upon termination of employment due to the Participant’s death, Disability or Retirement, an award of Phantom Stock Units shall be 0% vested if such employment termination occurs before 
  

 Page 4 of 8 

 the completion of one (1) full year of employment commencing with the Grant Date, 33.3% vested if such employment
termination occurs on or after the completion of one (1) full year of employment, but before completion of two (2) full years of employment commencing with the Grant Date, and shall be 66.7% vested if such employment termination occurs on
or after the completion of two (2) full years of employment but before the completion of three (3) full years of employment commencing with the Grant Date. Any grant of Phantom Stock Units, or portion thereof, not vested according to the
foregoing schedule on the date of the Participant’s termination of employment for any reason shall be forfeited. 
 5.2
Expiration. Phantom Stock Units shall expire, and cease to be exercisable, at the earliest of the following times: (1) ten (10) years after the Grant Date; (2) the close of the second (2nd) Exercise Window that occurs after the Participant’s termination of employment with the Company due to death, Disability or Retirement;
(3) the close of the first (1st) Exercise Window that occurs after the Participant’s termination of
employment for any reason other than death, Disability or Retirement; or (4) immediately on termination of employment with the Company for any reason, if the Phantom Stock Unit has not vested as of the employment termination date. 

5.3 Exercise of Units. Vested Phantom Stock Units may be exercised by the Participant (or by the Participants Representative in the event of
the Participant’s death), in whole or in part, at any time on or before the applicable Unit expiration date. Notwithstanding the foregoing: (1) no Phantom Stock Unit may be exercised before the earlier of July 1, 2004, or a
recapitalization of the Company; and (2) Phantom Stock Units may be exercised only during the two (2) Exercise Window periods each Plan Year that are established by the Committee and communicated in writing to Participants. To initiate the
process for the exercise of a Phantom Stock Unit, the Participant shall deliver to the Committee a written notice of intent to exercise, on forms approved by the Committee for such purpose, specifying the number of units being exercised
(“Notice of Exercise”). The date of exercise of a Phantom Stock Unit shall be determined under procedures established by the Committee, but in no event shall the date of exercise precede the date on which the written Notice of Exercise has
been received by the Committee. Provided that all conditions precedent contained in the Plan are satisfied, the Committee shall make payment for the exercised Units in accordance with Section 5.5. 
 5.4 Vesting and Exercise Upon Recapitalization. Notwithstanding Sections 5.2 and 5.3 above, upon the recapitalization of the Company, all Phantom
Units outstanding on the date of recapitalization shall be fully vested and exercised automatically as of such date. 
 5.5 Payment For
Exercised Units. Upon exercise of a vested Phantom Stock Unit in accordance with Section 5.3 or 5.4, payment, less applicable withholding taxes (including without limitation income tax deducted at the source under the United Kingdom Pay As
You Earn (“PAYE”) System, primary National Insurance Contributions (“NIC”) or any similar liability payable by reason of any conferment of benefit under the Plan), shall be made to the Participant (or to the Participant’s
Representative in the event of the Participant’s death) in a single sum cash payment in an amount equal to the value of the Phantom Stock Unit on the date such unit is exercised minus the value of the unit on the grant date of such unit, plus
an amount equal to any dividends or other distributions made with respect to a share of the Common Stock of the Company measured from the grant date of 
  

 Page 5 of 8 

 the Phantom Stock Unit so exercised through the date of exercise. This cash payment will be paid in the currency in which
such Participant is paid the majority of his or her remuneration by multiplying the amount by the appropriate currency exchange rate as posted in the Wall Street Journal on the last date of the valuation of the Common Stock. 
 5.6 Unit Valuation. The value represented by a Phantom Stock Unit shall be the greater of: (1) the Fair Market Value of a share of Common
Stock; (2) the price per share of Common Stock received as a result of a Change of Control; or (3) a public offering price. 
 5.7
Tax Withholding. The Committee shall deduct from payments made under the Plan any federal, state or local withholding or other taxes or charges (including without limitation income tax deducted at the source under the United Kingdom Pay As
You Earn (“PAYE”) System, primary National Insurance Contributions (“NIC”) or any similar liability payable by reason of any conferment of benefit under the Plan) which the Company is required to deduct under applicable law.

 5.8 Change of Control Tax Provisions. If any payments or benefits provided to Executive under this Agreement (the
“Payments”) will be subject to the tax imposed by Section 4999 of the Code (the “Excise Tax”), the Company shall pay to Executive, at the time the Payments are paid to Executive, an additional amount (the “Gross-Up
Payment”) such that the net amount retained by Executive, after deduction of any Excise Tax on the Payments and any federal, state and local income tax and Excise Tax on the Gross-Up Payment itself, shall be equal to the Payments. 

For purposes of determining whether any of the Payments will be subject to the Excise Tax and the amount of such Excise Tax, (i) any other
payments or benefits received by Executive in connection with a Change of Control or Executive’s termination of employment shall be treated as “parachute payments” within the meaning of section 280G(b)(2) of the Code, and all
“excess parachute payments” within the meaning of section 280G(b)(1) shall be treated as subject to the Excise Tax, unless in the opinion of tax counsel selected by the Company’s independent auditors and acceptable to Executive such
other payments or benefits (in whole or in part) do not constitute parachute payments, or such excess parachute payments (in whole or in part) represent reasonable compensation for services actually rendered within the meaning of
Section 280G(b)(4) of the Code, (ii) the amount of the Payments which shall be treated as subject to the Excise Tax shall be equal to the lesser of (A) the total amount of the Payments or (B) the amount of excess parachute
payments within the meaning of Sections 280G(b)(1) and (4) (after applying clause (i) above, and after deducting any excess parachute payments in respect of which payments have been made), and (iii) the value of any non-cash benefits
or any deferred payment or benefit shall be determined by the Company’s independent auditors in accordance with the principles of Sections 280G(d)(3) and (4) of the Code. For purposes of determining the amount of the Gross-Up Payment,
Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation in the calendar year in which the Gross-Up Payment is to be made and state and local income taxes at the highest marginal rates of taxation
in the state and locality of Executive’s residence on the date of Executive’s termination of employment, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. 

 

 Page 6 of 8 

 If the Excise Tax is subsequently determined to be less than the amount taken into account hereunder,
Executive shall repay to the Company, at the time that the amount of such reduction in Excise Tax is finally determined, the portion of the Gross-Up Payment attributable to such reduction. If the Excise Tax is determined to exceed the amount taken
in account hereunder (including by reason of any payment the existence or amount of which cannot be determined at the time of the Gross-Up Payment), the Company shall make an additional gross-up payment in respect of such excess to Executive (plus
any interest payable with respect to such excess) at the time that the amount of such excess is finally determined. 
 5.9
Forfeitures. Notwithstanding any other provision of the Plan, all rights to any payments under the Plan, shall be discontinued and forfeited, and the Company will have no further obligation to the Participant if the Participant is discharged
from employment with the Company or its subsidiaries and affiliates for Cause, or the Participant performs during the course of his employment with the Company or its subsidiaries and affiliates acts of willful malfeasance or gross negligence in a
matter of material importance to the Company. Absent a Change of Control, any decision of the Committee with respect to the application of the provisions of this Section 5.9 shall have a presumption of correctness, and the burden shall be on
the Participant to rebut such presumption by clear and convincing evidence. 
 5.10 Presumed Competency. Every person receiving or
claiming payments under the Plan shall be conclusively presumed to be mentally competent until the date on which the Committee receives a written notice in a form and manner acceptable to the Committee that such person is incompetent and that a
guardian, conservator or other person legally vested with the interest of his or her estate has been appointed. In the event a guardian or conservator of the estate or any person receiving or claiming payments under the Plan shall be appointed by a
court of competent jurisdiction, payments under the Plan may be made to such guardian or conservator provided that the proper proof of appointment and continuing qualification is furnished in a form and manner acceptable to the Committee. Any such
payments so made shall be a complete discharge of any liability or obligation of Company or the Committee regarding such payments. 
 5.11
Forfeiture of Unclaimed Benefits. Each Participant shall keep the Committee informed of his or her current address. The Committee shall not be obligated to search for the whereabouts of any person. If the Committee is unable to locate any
person to whom a payment is due under the Plan or a distribution payment check is not presented for payment, such payment shall be irrevocably forfeited at the earlier of: (1) the day preceding the date such payment would otherwise escheat
pursuant to any applicable escheat law; or (2) the later of three (3) years after the date on which the payment was first due or ninety (90) days after issuance of the check. Forfeited payments shall be returned to the Company.

 ARTICLE 6. 
 Miscellaneous Provisions 
 6.1 Nonguarantee of Employment. No employee or other person shall have any claim or right
to participate in the Plan except as designated by the Committee. Neither the Plan nor any action taken pursuant to the Plan shall be construed as giving any employee any right to be retained in the employ of the Company. 
  

 Page 7 of 8 

 6.2 No Rights As Shareholder. Phantom Stock Units shall not entitle the Participant to an equity
interest in the Company nor give the Participant the rights of a shareholder in the Company. 
 6.3 Nonassignable. Phantom Stock Units
are an unfunded promise to pay and are not property. Any rights and privileges represented by a Phantom Stock Unit may not be transferred, assigned, pledged or hypothecated in any manner, by operation of law or otherwise, and shall not be subject to
execution, attachment or similar process except as provided in Section 6.5. 
 6.4 Unfunded Plan. The Plan shall at all times be
unfunded and no provision shall at any time be made with respect to segregating assets of the Company for payment of benefits under the Plan. No Participant or other person shall have any interest in any particular assets of the Company and shall
have only the rights of a general unsecured creditor of the Company with respect to any rights under the Plan. 
 6.5 Offsets. As a
condition to eligibility to participate in the Plan, each Participant consents to the deduction from amounts otherwise payable to the Participant under the Plan all amounts owed by the Participant to the Company and its subsidiaries and affiliates
to the maximum extent permitted by applicable law. 
 6.6 Limitation of Actions. No lawsuit with respect to any benefit payable or
other matter arising out or relating to the Plan may be brought before exhaustion of claim and review procedures established by the Committee, and any lawsuit must be filed no later than nine (9) months after a claim is denied or be forever
barred. 
 6.7 Amendment and Termination. The Board may amend or terminate the Plan at any time.; provided that no amendment to the
Plan may alter, impair or reduce the number of Phantom Stock Units earned before the effective date of the amendment without the written consent of the affected Participants. No Phantom Stock Units may be awarded after the date of Plan termination
although payments shall be made in accordance with the Plan with respect to Phantom Stock Units awarded before the date of Plan termination. Notwithstanding anything herein to the contrary, the Committee, in its sole discretion, may accelerate the
time for exercise of vested Phantom Stock Units upon Plan termination. 
 6.8 Governing Law; Jurisdiction. The Plan shall be governed
by, and construed in accordance with, the laws of the State of Wisconsin. By participating in the Plan, the Participant irrevocably consents to the exclusive jurisdiction of the courts of the State of Wisconsin and of any federal court located in
Milwaukee, Wisconsin in connection with any action or proceeding arising out of or relating to the Plan, any document or instrument delivered pursuant to or in connection with the Plan. 
 * * * * * 
  

 Page 8 of 8Supplemental Executive Retirement Plan

 Exhibit 10.16 
 APPLETON PAPERS INC. 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 (As Amended Through March 28, 2001) 

 APPLETON PAPERS INC. 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 (As Amended Through March 28, 2001) 
 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 Article I. Establishment
	  	1
			
	   1.1
	  	Establishment of the Plan	  	1
	   1.2
	  	Purpose	  	1
		
	 Article II. Definitions and Construction
	  	1
			
	   2.1
	  	Definitions	  	1
	   2.2
	  	Gender and Number	  	2
	   2.3
	  	Employment Rights	  	2
	   2.4
	  	Severability	  	2
	   2.5
	  	Applicable Law	  	2
		
	 Article III. Participation and Benefits
	  	3
			
	   3.1
	  	Participation and Vesting.	  	3
	   3.2
	  	Retirement Benefit.	  	3
	   3.3
	  	Small Benefits	  	4
	   3.4
	  	Beneficiary	  	4
	   3.5
	  	Death Benefits.	  	4
	   3.6
	  	Disability Benefits	  	4
		
	 Article IV. General Provisions
	  	5
			
	   4.1
	  	Funding	  	5
	   4.2
	  	Administration	  	5
	   4.3
	  	Expenses	  	5
	   4.4
	  	Indemnification and Exculpation	  	5
	   4.5
	  	Interests not Transferable	  	5
	   4.6
	  	Effect on Other Benefit Plans	  	6
	   4.7
	  	Tax Liability	  	6
		
	 Article V. Amendment and Termination
	  	6
			
	   5.1
	  	Amendment and Termination	  	6

  

 [i] 

 APPLETON PAPERS INC. 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 (As Amended Through March 28, 2001) 
 Article I. Establishment 
 1.1
Establishment of the Plan. Appleton Papers Inc. (the “Company”) established the APPLETON PAPERS INC. SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (the “Plan”), effective January 1, 1992 (the “Effective Date”). The Plan,
as set forth in this document, includes all amendments adopted through March 28, 2001. 
 1.2 Purpose. The Company sponsors the
Appleton Papers Inc. Retirement Plan for Non-Bargaining Unit Employees (the “Pension Plan”) for the benefit of employees and their beneficiaries. This plan is a defined benefit pension plan intended to operate as a “qualified
plan” as that term is defined under section 401(a) of the Internal Revenue Code (the “Code”). 
 The Pension Plan is subject to limitations
under sections 401(a)(17) and 415 of the Code that may result in the diminution of benefits payable on behalf of certain employees. Further, the Pension Plan does not recognize compensation deferred under a non-qualified deferred compensation plan
of the Company as “Compensation” for benefit accrual purposes. This Plan is established and maintained to offset these diminutions for eligible employees. 
 This Plan is intended to be an unfunded plan maintained for the purpose of providing deferred compensation for a select group of management or highly compensated employees and as such is exempt from Parts 2, 3, and 4
of Title I of ERISA. 
 Article II. Definitions and Construction 
 2.1 Definitions. The terms used in this Plan shall have the same meaning as they have under the Pension Plan except as otherwise indicated herein.

  

	 	(a)	“Company” means Appleton Papers Inc. 

  

	 	(b)	“Compensation” under this Plan for any calendar year shall have the meaning given it under Section 1.17(b) of the Pension Plan, plus any deferred compensation
for such calendar year; provided that “Compensation” shall not include special payments that are designated by the Company, at or prior to the time of payment, as non-pensionable. In particular, “Compensation” shall not include
value related completion bonuses (i.e. bonuses dependent on the timely and satisfactory completion of a transaction) or loyalty payments (i.e. payments made in recognition of past service and in full discharge of employment protection rights).

  

 1 

	 	(c)	“Employer” means the Company and any Subsidiaries participating in the Pension Plan. 

  

	 	(d)	“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

  

	 	(e)	“Participant” means an employee of the Employer who meets the participation requirements set forth in Section 3.1 of this Plan. 

  

	 	(f)	“Retirement” means separation from service from the Employer on or after attainment of early or normal retirement eligibility under the Pension Plan, but in no
event earlier than age 55 with 10 years of service. 

  

	 	(g)	“Subsidiary” means a corporation which, with the Company, is a member of a controlled group of Employers or an affiliate as defined in Internal Revenue Code section
414(b), (c), or (m). 

 2.2 Gender and Number. Except when otherwise indicated by the context, words in the masculine
gender shall include the feminine and neuter genders; the plural shall include the singular and the singular shall include the plural. 
 2.3
Employment Rights. Establishment of the Plan shall not be construed to give any Participant the right to be retained by the Employer or to interfere with the right of the Employer to discharge or retire any Participant at any time. Nothing
contained in the Plan shall give a Participant the right to any benefits not specifically provided by the Plan. 
 2.4 Severability.
In the event any provision of the Plan shall be held invalid or illegal for any reason, any illegality or invalidity shall not affect the remaining parts of the Plan, but the Plan shall be construed and enforced as if the illegal or invalid
provision had never been inserted, and the Company shall have the privilege and opportunity to correct and remedy such questions of illegality or invalidity by amendment as provided in the Plan. 
 2.5 Applicable Law. Portions of this Plan providing benefits for certain employees in excess of the limitations on contributions and benefits
imposed under section 415 of the Internal Revenue Code are fully exempt from the provisions of ERISA pursuant to section 4(b)(5) thereof. Other portions of the Plan which are unfunded and relate to a select group of management or highly compensated
employers are intended to be exempt from ERISA as described in Section 1.2 above and from all ERISA reporting and additionally from disclosure requirements except the filing of a statement with Department of Labor pursuant to DOL regulations
section 2520.104-23. The Plan shall be governed and construed in accordance with the laws of the State of Wisconsin except to the extent such laws are preempted by ERISA. 
  

 2 

 Article III. Participation and Benefits 
 3.1 Participation and Vesting. 
  

	 	(a)	A person who is a participant under the Pension Plan shall become a Participant in this Plan at the time he has become subject to (1) or (2), or both (1) and (2), below:

  

	 	(1)	the benefit to which he is entitled under the Pension Plan is limited due to the operation of sections 401(a)(17) and 415 of the Code; 

  

	 	(2)	he has elected to defer compensation under a non-qualified deferred compensation plan of the Company, and such deferred compensation is not recognized under the Pension Plan.

  

	 	(b)	Effective December 4, 1998, a Participant (or Beneficiary, if applicable) shall be entitled to and vest in a Supplemental Retirement Benefit under this Plan only upon the
occurrence of (i) termination of employment with a vested benefit under the Pension Plan, whether by Retirement or otherwise, or (ii) receipt of a Disability Retirement Pension under the Pension Plan. 

 3.2 Retirement Benefit. 
  

	 	(a)	Amount of Retirement Benefit. A Participant who becomes eligible for a Supplemental Retirement Benefit pursuant to Section 3.1 above shall be entitled to a monthly
benefit in an amount equal to the excess of (1) below over (2) below: 

  

	 	(1)	the retirement benefit to which he would have been entitled under the Pension Plan had (i) his benefit not been reduced pursuant to Code sections 401(a)(17) and 415, or
(ii) his benefit included amounts deferred under a non-qualified deferred compensation plan of the Company (or both (i) and (ii)), 

  

	 	(2)	the retirement benefit to which he is entitled under the Pension Plan; 

 provided, however, that no benefit shall be payable under the Plan unless and until the Participant (or Beneficiary, if applicable) is eligible to receive an immediate retirement benefit under the Pension Plan.
Benefits under this Plan shall be subject to the same cost-of-living adjustments, if any, as applicable under the Pension Plan. 
  

	 	(b)	Payment of Benefit. A Participant’s Supplemental Benefit shall be paid or commence at the time payment of the Participant’s (or, if applicable, the
Beneficiary’s) benefit under the Pension Plan is paid or commences. 

  

 3 

	 	(c)	Form of Benefit. A Participant shall be deemed to have elected the same benefit form under this Plan as his election in effect under the Pension Plan at the time of payment
or commencement of payment under the Pension Plan. If no election is in effect under the Pension Plan at his termination of employment as to form of benefit, the Participant shall be deemed to have elected to receive his benefits in the form of a
single life annuity if unmarried, or in the form of a Qualified Joint and Survivor Annuity if married. 

 3.3 Small
Benefits. Notwithstanding the foregoing provisions of this Plan, if the amount of the Actuarial Equivalent immediate single sum payment of a Participant’s or a Beneficiary’s accrued benefit under this Plan is less than $20,000, the
benefit will be paid to the Participant or Beneficiary in one lump sum payment. 
 3.4 Beneficiary. The Beneficiary of each
Participant under the Pension Plan shall be the beneficiary of the Participant’s benefits under this Plan. 
 3.5 Death Benefits.

  

	 	(a)	Death Prior to Commencement of Benefit. In the event of a Participant’s death prior to payment or commencement of payment of a benefit hereunder, the greater of the
following pre-retirement death benefits will be available to the Participant’s surviving spouse, if any: 

  

	 	(1)	the Pre-Retirement Surviving Spouse Annuity provided under Section 6.03 of the Pension Plan, if eligible for such benefit under the Pension Plan; or 

 

	 	(2)	the Special Spouse Benefit provided under Sections 6.01 and 6.02 of the Pension Plan, if eligible for such benefit under the Pension Plan. 

  

	 	(b)	Death After Commencement of Benefits. If the Participant dies after the commencement of benefits under this Plan, the Beneficiary shall receive such benefits, if any, as are
provided in accordance with the Participant’s election under Section 3.2(c) regarding the form of benefits. 

  

	 	(c)	Except as set forth in subsections (a) and (b) above, no death benefits are payable under the Plan. 

 3.6 Disability Benefits. If a Participant terminates his employment with the Employer because of a Disability as defined under the Pension Plan,
benefits will be payable under this Plan at such time as the Participant commences to receive benefits under the Pension Plan, as calculated and paid pursuant to Section 3.2. 
  

 4 

 Article IV. General Provisions 
 4.1 Funding. All benefits paid under this Plan shall be paid in cash from the general assets of the Company. Such amounts shall be reflected on
the accounting records of the Company but shall not be construed to create or require the creation of a trust, custodial, or escrow account. No employee shall have any right, title, or interest whatever in or to any investment reserves, accounts, or
funds that the Company may purchase, establish, or accumulate to aid in providing benefits under this Plan. Nothing contained in this Plan, and no action taken pursuant to its provisions, shall create a trust or fiduciary relationship of any kind
between the employer and an employee or any other person. Neither an employee nor beneficiary of an employee shall acquire any interest greater than that of an unsecured creditor. 
 The foregoing paragraph is not intended to preclude the Company from establishing and funding a trust pursuant to I.R. Rev. Proc. 92-64 through which any
or all of such benefits may be paid. 
 4.2 Administration. This Plan shall be administered by the Vice President - Human Resources of
the Company (referred to in this Plan as the “Administrator”), provided that the powers and authority of the Administrator shall reside with the Chief Executive Officer of the Company with respect to the eligibility or entitlement to
benefits under this Plan with respect to the said Vice President - Human Resources. The Administrator shall have, to the extent appropriate, the same powers, rights, duties, and obligations with respect to this Plan as does the administrative
committee of the Pension Plan; provided, however, that the Administrator shall have full discretion to interpret the provisions of this Plan and that the determination of the Administrator as to any questions arising under this Plan, including
questions of construction and interpretation, shall be final, binding, and conclusive upon all persons. 
 4.3 Expenses. The expenses
of administering the Plan shall be borne by the Company. 
 4.4 Indemnification and Exculpation. The Administrator, its agents, and
officers, directors, and employees of the Company and its Subsidiaries shall be indemnified and held harmless by the Company against and from any and all loss, cost, liability, or expense that may be imposed upon or reasonably incurred by them in
connection with or resulting from any claim, action, suit, or proceeding to which they may be a party or in which they may be involved by reason of any action taken or failure to act under this Plan and against and from any and all amounts paid by
them in settlement (with the Company’s written approval) or paid by them in satisfaction of a judgment in any such action, suit, or proceeding. The foregoing provision shall not be applicable to any person if the loss, cost, liability, or
expense is due to such person’s gross negligence or willful misconduct. 
 4.5 Interests not Transferable. The interests of the
Participants and their beneficiaries under the Plan are not subject to the claims of their creditors and may not be voluntarily or involuntarily transferred, assigned, alienated, or encumbered. 
  

 5 

 4.6 Effect on Other Benefit Plans. Amounts credited or paid under this Plan shall not be
considered to be compensation for the purposes of a qualified pension plan maintained by the Employer. The treatment of such amounts under other employee benefit plans shall be determined pursuant to the provisions of such plans. 
 4.7 Tax Liability. The Employer may withhold from any payment of benefits hereunder any taxes required to be withheld by law. 
 Article V. Amendment and Termination 
 5.1 Amendment and Termination. The Company reserves the right to amend this Plan from time to time and to terminate the Plan at any time. Termination of the Plan shall not diminish the rights of any Participant to benefits accrued
prior to such date of termination of or cessation of participation in the Plan. The benefits of all Participants (and any benefits of former Participants who remain employed by the Employer on such date) shall become fully vested upon termination of
the Plan. 
 * * * * * 
  

 6

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