Document:

Ex-10.11.3SeveranceParticipation

2012 EXECUTIVE SEVERANCE PLAN
PARTICIPATION AGREEMENT

This Participation Agreement (“Agreement”) is between Schweitzer-Mauduit International, Inc. (the “Company”) and the employee named on the signature line hereto (the “Participant”).

WHEREAS, the Company's Board of Directors adopted the 2012 Executive Severance Plan on February 23, 2012 (“Plan”) to provide certain benefits to Participants upon termination of employment as a result of a Change of Control of the Company or otherwise;

WHEREAS, the Administrator has approved the Participant's participation in the Plan; and

WHEREAS, the severance benefits payable by the Company to the Participant as provided herein are intended to ensure that the Participant receives reasonable compensation given the specific circumstances of the Participant's employment with the Company;

NOW, THEREFORE, to evidence the Participant's participation in the Plan, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Participant agree as follows.

1.    Plan.  The terms of the Plan are specifically incorporated herein as a part of this Agreement, and this Agreement shall be a part of and governed by the terms of the Plan, as amended from time to time subject to the limitations on amendments in Section 7.6 of the Plan.  The Participant is an intended third-party beneficiary of the Plan.

2.    Definitions.  The capitalized terms used, but not defined in this Agreement shall have the meaning set forth in the Plan. 

3.    Term.    This Agreement shall terminate upon the earliest of (i) the date of termination of the Participant's employment by the Company if no severance benefits are payable under the Plan; (ii) the date the Company satisfies its obligation, if any, to make payments and provide benefits to the Participant pursuant to the Plan; and (iii) the termination of the Plan in accordance with Section 7.6 of the Plan prior to the date the Participant terminates employment with the Company.

4.    Termination of Employment.  If the Participant's employment with the Company shall terminate during the term of his Agreement for any reason other than death, Retirement, Voluntary Resignation without Good Reason, or Cause, the Company, or (if such payment is not inconsistent with any relevant Foreign law) his Foreign Employer, shall pay or provide the Participant or the Participant's beneficiary, as the case may be, the amounts and benefits specified in the Plan.

		
	1. 
	    No Obligation to Mitigate Damages; No Effect on Other Contractual Rights.

(a)    The Participant shall not be required to mitigate damages or the amount of any payment provided for under this Agreement by seeking other employment or otherwise, nor shall the amount of any payment provided for under this Agreement be reduced by any compensation earned by the Participant as the result of employment by another employer after his termination, or otherwise.

(b)    The provisions of this Agreement, any payment provided for hereunder, shall not reduce any amounts otherwise payable, or in any way diminish the Participant's existing rights, or rights which would accrue solely as a result of the passage of time, under any benefit plan, incentive plan, equity participation plan, deferred compensation plan,  employment agreement or other contract, plan or arrangement of the Company that has been reduced to writing and either signed by an authorized officer of the Company or approved by the Company's Board or a committee appointed by the Board.

6.    Prior Plan.  To the extent that the Participant and the Company are parties to a Participation Agreement with respect to the Schweitzer-Mauduit International, Inc. Executive Severance Plan as instituted in 1997, as amended, such prior Participation Agreement is hereby terminated. 

7.    Miscellaneous.  Provisions of Sections 7.3 through 7.10 of the Plan shall apply hereto as if set forth herein.

8.    Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument.

9.    Complete Agreement. This Agreement and the Plan constitute the complete agreement between the Participant 

and the Company concerning termination and severance arrangements and it supercedes and replaces in its entirety any prior written or oral understandings entered into between the Participant and the Company pursuant to the Plan. 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the ___ day of ___________, 20___.

SCHWEITZER-MAUDUIT
INTERNATIONAL, INC.

                        
	
			
	 
	 
	 

	By:
	 
	 

	 
	For the Administrator
	 

	 
	 
	 

	 
	PARTICIPANT
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	Print Name2011 EX 10.05

Exhibit 10.05

2012 ELECTIVE DEFERRAL AGREEMENT
Valero Energy Corporation
Deferred Compensation Plan

Pursuant to the Valero Energy Corporation Deferred Compensation Plan (the “Plan”):

o  I elect not to participate in the Plan during 2012.

o  I hereby elect to defer a portion of my compensation for the period commencing January 1, 2012 and ending December 31, 2012 (the “Plan Year”) as follows:

Salary (elect either 1 or 2)

1.    ________% (in even 1% increments not to exceed 30%) of the regular salary to which I may become entitled during the Plan Year;

2.    $_________ per pay period of the regular salary to which I may become entitled with respect to (check either (a) or (b) below):

(a)    ________ all pay periods during the Plan Year
(b)    ________ the following pay periods (specify):

____________________________________________

Bonus (elect either 3 or 4 for bonus earned in 2012 and possibly payable in 2012)

3.    ________% (in even 1% increments not to exceed 50%) of any cash bonuses to which I may become entitled;

4.    $_________ of any cash bonuses to which I may become entitled.

NOTE:  In order to be effective, this form must be completed, signed, and returned to Financial Benefits (San Antonio/Mailstation E1L) on or before December 2, 2011.  If your form is not timely submitted, you will not be eligible to participate in the Plan for the 2012 Plan Year.

The Company has taken measures to design the Plan in a manner that conforms to current tax law.  However, it is possible that new legislation could affect your deferral elections.  Your 2012 Plan Year deferral elections are irrevocable and are governed by the terms and conditions of the Plan as well as any modifications made to the Plan in order to conform to legal requirements.

ACKNOWLEDGED AND AGREED:

I hereby authorize the above amounts to be deducted and deferred through payroll deduction/reduction by the Company.

	
			
	 
	 
	 

	Participant's Signature
	 
	Date

	 
	 
	 

	 
	 
	 

	Participant's Name
	 
	Participant's Employee ID Number2011 EX 10.06

Exhibit 10.06

2012 INVESTMENT ELECTION FORM
Valero Energy Corporation
Deferred Compensation Plan

Direction of Investments

The undersigned Participant hereby directs that the measurement of the Participant's account be determined as if it were invested in the fund options as indicated below.

DEFERRALS OF SALARY AND/OR BONUSES BEGINNING 1/1/2012
WILL BE TREATED AS IF INVESTED AS INDICATED BELOW.

Enter your investment elections: 5% minimum/increments of 5%.
The total of the percentages must equal 100%.
You may invest in any one or more (including all) of the fund options.

_ _ _ _ _%     Dreyfus Appreciation (DGAGX)

_ _ _ _ _%     Fidelity Intermediate Government (FSTGX)

_ _ _ _ _%     Janus Worldwide (JAWWX)

_ _ _ _ _%     Milestone Funds Treasury Obligations Portfolio (MTIXX)

_ _ _ _ _%     Oakmark I (OAKMX)

_ _ _ _ _%     Price Mid-Cap Growth (RPMGX)

_ _ _ _ _%     Columbia Income Z (SRINX)

_ _ _ _ _%     Vanguard Asset Allocation (VAAPX)

_ _ _ _ _%     Vanguard Index Extended Market (VEXMX)

_ _ _ _ _%     Vanguard Index 500 (VFINX)

_ _ _ _ _%     Vanguard Growth and Income (VQNPX)
________
 100  %

I understand that the elections I have chosen on this form shall remain in effect until I make a directive to change.
	
			
	 
	 
	 

	Participant's Signature
	 
	Date

	 
	 
	 

	 
	 
	 

	Participant's Name
	 
	Participant's Employee ID Number2011 EX 10.07

Exhibit 10.07

2012 DISTRIBUTION ELECTION FORM
Valero Energy Corporation
Deferred Compensation Plan

	
		
	Payment Election
Upon Retirement
	DEFAULT PAYMENT IF NO ELECTION IS MADE:
Fifteen annual installments commencing at date of retirement

	I elect that, upon retirement, the value of my Plan account related to deferrals made for the 2012 Plan Year will be paid at the time and in the manner elected below:

Payment Commencement (choose one):

       o      As soon as administratively possible following retirement 
                (this is the default if no election is made)
       o      January 1 after the year of retirement

AND 

Form of Distribution (choose one):

      o      Lump sum payment
      o      Annual installments for _______ years (choose 2 - 15 years)

	
		
	Payment Election
Upon Other Separation
	DEFAULT PAYMENT IF NO ELECTION IS MADE:
Immediate lump sum payable upon separation

	I elect that, upon my separation from employment for a reason other than retirement, the value of my Plan account related to deferrals made for the 2012 Plan Year will be paid at the time and in the manner elected below:
 
Payment Commencement (choose one):

       o      As soon as administratively possible following separation 
                (this is the default if no election is made)
       o      January 1 after the year of separation

AND

Form of Distribution (choose one):

      o      Lump sum (this is the default payment if no election is made)
      o      Five annual installments

	
			
	Distribution on Specified Date

	In accordance with Section 6.4 of the Plan, I hereby elect to receive in one lump sum payment my Account derived from deferrals made during the 2012 Plan Year on the date or dates specified below, or the balance of the Account, if less.  Any amounts distributed pursuant to this election shall immediately reduce my Account accordingly.  (The earliest date that can be elected to receive 2012 deferrals is January 1, 2016.)

	Specified Date
	 
	Amount of Elective Deferral or 
Total Amount of the Account (Whichever is Less)

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

NOTE:  In order to be effective, this form must be completed, signed, and returned to Financial Benefits (San Antonio/Mailstation E1L) on or before December 2, 2011.  If your form is not timely submitted, your Plan deferral will be subject to the default distributions noted above.

The Company has taken measures to design the Plan in a manner that conforms to current tax law.  However, it is possible that new legislation could affect your distribution elections, including delaying your distributions, in order to comply with legal requirements.  Distribution elections submitted pursuant to the Plan will be governed by the terms and conditions of the Plan and governing law, and your elections will be subject to modifications made to the Plan in order to conform to legal requirements.
 

ACKNOWLEDGED AND AGREED:

                                                
	
			
	 
	 
	 

	Participant's Signature
	 
	Date

	 
	 
	 

	 
	 
	 

	Participant's Name
	 
	Participant's Employee ID Number

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