Document:

Exhibit 10.1

May 16, 2005

Edward L. Clissold, Esq.
2157 E 2100 So
Salt Lake City, Utah 84109

Dear Ed,

This letter shall serve as an agreement between you and Park City Group with
respect to how you will be compensated by PCG for legal services rendered by you
during the calendar year 2005. It is agreed that with respect to any outstanding
fees owed to you as of the date hereof or that may be owed throughout the
remainder of the calendar year, you will accept the issuance to you of shares of
the common stock of Park City Group that are unrestricted pursuant to an S-8
registration that PCG will complete prior to issuance, and that you will receive
sufficient shares, so that upon the sale of those shares any amounts owing to
you by PCG will be satisfied.

If you are in agreement with this please indicate by signing below where
indicated.

Sincerely,

/s/  William Dunlavy
Will Dunlavy, CFO

Agreed and accepted:

/s/  Edward L. Clissold
-----------------------
Edward L. Clissold, Esq.Exhibit 10.2

May 16, 2005

Robin Corwin Campbell, Esq.
Adorno & Yoss, LLP
350 East Las Olas Blvd.
Suite 1700
Fort Lauderdale, FL 33301-4217

Dear Robin,

This letter shall serve as an agreement between you, on behalf of Adorno & Yoss,
and Park City Group with respect to how outstanding fees owed by PCG will be
satisfied. It is agreed that with respect to the outstanding fees owed as of the
date hereof, you will accept the issuance to you of 250,000 shares of the common
stock of Park City Group that are unrestricted pursuant to an S-8 registration
that PCG will complete prior to issuance, and that upon the sale of those
shares, if there is still a balance owed by PCG, PCG will satisfy that balance
by paying the amount owed in cash within 15 days of notice of the remaining
balance.

If you are in agreement with this please indicate by signing below where
indicated.

Sincerely,

/s/  William Dunlavy
William Dunlavy

Agreed and accepted:

/s/  Robin Campbell
Robin CampbellExhibit 10.3

                              PARK CITY GROUP, INC.
                             2005 STOCK FOR PAY PLAN

         1. Purpose of Plan. The purpose of the Park City Group, Inc., 2005
Stock for Pay Plan (the "Plan") is to advance the interests of Park City Group,
Inc. (the "Company") and its stockholders by enabling the Company to attract and
retain persons of ability to perform services for the Company and its
Subsidiaries by providing an incentive to such individuals through equity
participation in the Company and by rewarding such individuals who contribute to
the achievement by the Company of its economic objectives. In addition, the plan
will allow the Company to reduce cash expenditures for compensation and
reimbursement of Company expenses paid by employees.

         2. Definitions. The following terms will have the meanings set forth
below, unless the context clearly otherwise requires:

         2.1. "Board" means the Board of Directors of the Company.

         2.2. "Committee" means the group of individuals administering the Plan,
as provided in Section 3 of the Plan.

         2.3. "Common Stock" means the common stock of the Company; par value
$.001 per share, or the number and kind of shares of stock or other securities
into which such Common Stock may be changed in accordance with Section 4.3 of
the Plan.

         2.4. "Eligible Recipients" means all employees of the Company.

         2.5. "Participant" means an Eligible Recipient who desires to
participate in the Plan.

         3. Plan Administration. The Plan shall be administered by the Board.
Except as otherwise specifically provided herein, no person, other than members
of the Committee, shall have any discretion as to decisions regarding the Plan.
In administering the Plan, the Committee may adopt rules and regulations for
carrying out the Plan. The interpretations and decisions made by the Committee
with regard to any question arising under the Plan shall be final and conclusive
on all persons participating or eligible to participate in the Plan.

         4. Shares Available for Issuance. The maximum number of shares of
Common Stock that will be available for issuance under the Plan will be
13,100,000 shares.

                                       1
<PAGE>

         5. Participation. Participants in the Plan will be those Eligible
Recipients who, in the judgment of the Committee, have contributed, are
contributing or are expected to contribute to the achievement of economic
objectives of the Company.

         6. Purchase Price. The per share price to be paid by a Participant will
be determined by the Committee in its discretion.

         7. Non-Exclusivity of the Plan. Nothing contained in the Plan is
intended to modify or rescind any previously approved compensation plans of
programs of the Company or create any limitations on the power or authority of
the Board to adopt such additional or other compensation arrangements as the
Board may deem necessary or desirable.

         8. Plan Amendment. Modification and Termination. The Board may suspend
or terminate the Plan or any portion thereof at any time, and may amend the Plan
from time to time to conform to any change in applicable laws or regulations or
in any other respect the Board may deem to be in the best interests of the
Company.

         9. Effective Date and Duration of the Plan. The Plan is effective as of
May 23, 2005, the date it was adopted by the Board. The Plan will terminate at
midnight on December 31, 2005, and may be terminated prior to such time to by
Board action.

         10. Miscellaneous.

         10.1. Governing Law. The validity, construction, interpretation,
administration and effect of the Plan and any rules, regulations and actions
relating to the Plan will be governed by and construed exclusively in accordance
with the laws of the State of Utah.

         10.2. Successors and Assigns. The Plan will be binding upon and inure
to the benefit of the successors and permitted assigns of the Company and the
Participants.

Adopted by the Board of Director on May 23, 2005

                                       2
<PAGE>

                                   ATTACHMENT
                      Park City Group Stock for Pay Program

Overview:

Park City Group would like to offer the opportunity for our employees to receive
S8 stock for compensation. We have set the minimum level of participation at 10%
of pay, with an option to extend the participation up to 25% of pay. As a
benefit for the employees participating in the plan, the Company will match the
amount of compensation that the employee agrees to take in the form of stock
with the same number of shares. This offer is being made to approximately 32 to
40 people.

Details:

Each of the employees will commit a minimum of 10% and up to a maximum of 25% of
their Gross pay that will be paid in S8 Stock. Pay Periods occur on the 15th and
last day of the month and the stock issue will be made for the month on the 15th
of the following month. The company will issue its matching stock at the same
time. Park City Group will include the stock payment into the gross wages and
calculate and withhold and pay the taxes.

Below is a table with the estimated monthly payouts
<TABLE>
<CAPTION>
---------- ------------------- -------------- ------------ ----------------- -----------------
                                 Estimated     Shares for
             Payroll Amount     Share Price      Payroll        Bonus Shares   Total Shares
---------- ------------------- -------------- ------------ ----------------- -----------------
<S>         <C>                 <C>           <C>                <C>          <C>
March       $     23,500.00     $     0.040     587,500            587,500      1,175,000
---------- ------------------- -------------- ------------ -------------------- -----------------
April       $     23,500.00     $     0.045     522,222            522,222      1,044,444
---------- ------------------- -------------- ------------ -------------------- -----------------
May         $     23,500.00     $     0.045     522,222            522,222      1,044,444
---------- ------------------- -------------- ------------ -------------------- -----------------
June        $     25,000.00     $     0.045     555,556            555,556      1,111,111
---------- ------------------- -------------- ------------ -------------------- -----------------
July        $     30,000.00     $     0.045     666,667            666,667      1,333,333
---------- ------------------- -------------- ------------ -------------------- -----------------
August      $     30,000.00     $     0.045     666,667            666,667      1,333,333
---------- ------------------- -------------- ------------ -------------------- -----------------
Sept        $     30,000.00     $     0.045     666,667            666,667      1,333,333
---------- ------------------- -------------- ------------ -------------------- -----------------
October     $     35,000.00     $     0.045     777,778            777,778      1,555,556
---------- ------------------- -------------- ------------ -------------------- -----------------
November    $     35,000.00     $     0.045     777,778            777,778      1,555,556
---------- ------------------- -------------- ------------ -------------------- -----------------
December    $     35,000.00     $     0.045     777,778            777,778      1,555,556
---------- ------------------- -------------- ------------ -------------------- -----------------
            $    290,500.00                   6,520,833          6,520,833     13,041,667
---------- ------------------- -------------- ------------ -------------------- -----------------
</TABLE>

This would indicate that we would need to allocate 13 million shares of S8

                                       3QuickLinks
 -- Click here to rapidly navigate through this document

Exhibit 4.5  

 
 
 

73/8% SENIOR NOTES DUE 2014    
    

CUSIP                       

$                        

 No. R-1 

 
 

NEENAH PAPER, INC.    
    

promises
to pay to CEDE & CO., INC. or registered assigns, the principal sum of                        Dollars
($                        ) on November 15, 2014. 

Interest
Payment Dates: May 15 and November 15, commencing May 15, 2005. 

Record
Dates: May 1 and November 1. 

Dated:                        ,
2005. 

        IN
WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile by its duly authorized officer. 

	 	 	NEENAH PAPER, INC.
	

 	
 	

By:	

 Name:

Title:

This
is one of the Global

Notes referred to in the

within-mentioned Indenture: 

	THE BANK OF NEW YORK TRUST COMPANY, N.A.,

as Trustee	 	 
	

By:	

 Authorized Signatory	
 	

 

Dated:                        ,
2005 

 
 
 

73/8% SENIOR NOTES DUE 2014  

        THIS
GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT
TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II) THIS
GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION
2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 

        UNLESS
AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR
BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.
UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

        Capitalized
terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

        1.    Interest.    Neenah Paper, Inc., a Delaware corporation (the
"Company"), promises to pay interest on the principal amount of this Note at 73/8% per annum until maturity and shall pay Special
Interest, if any, as provided in Section 8 of the Registration Rights Agreement. The Company shall pay interest semi-annually on May 15 and November 15 of each year,
or if any such day is not a Business Day, on the next succeeding Business Day (each an "Interest Payment Date"). Interest shall accrue from the most
recent date to which interest has been paid on the Notes (or one or more Predecessor Notes) or, if no interest has been paid, from November 30, 2004; provided,
however, that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next
succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided,  further, that the first Interest Payment
Date shall be the first of May 15 or November 15 to occur after the date of issuance, unless such
May 15 or November 15 occurs within one calendar month of such date of issuance, in which case the first Interest Payment Date shall be the second of May 15 and November 15
to occur after the date of issuance. The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any,
from time to time at a rate that is 1% per annum in excess of the interest rate then in effect under the Indenture and this Note; it shall pay interest (including post-petition interest in
any proceeding under any Bankruptcy Law) on overdue installments of interest and Special Interest, if any (without regard to any applicable grace periods), from time to time at the same rate to the
extent lawful. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 

        2.    Method of Payment.    The Company shall pay interest on the Notes (except defaulted
interest) to the Persons in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on the May 15 or November 15 next preceding the Interest
Payment Date, even if such Notes are cancelled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted
interest. The Notes shall be payable as to principal, premium, if any, and interest and Special Interest, if any, at the office or agency of the Company maintained for such purpose, or, at the option
of the Company, payment of interest may be made by check mailed to the Holders at their addresses set forth in the Security Register; provided,  however,
that payment by wire transfer of immediately available funds shall be required with respect to principal of and interest and Special Interest,
if any, and premium, if any, on, all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Company or the Paying Agent. Such payment shall be in
such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

        3.    Paying Agent and Registrar.    Initially, The Bank of New York Trust Company, N.A., the
Trustee under the Indenture, shall act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act
in any such capacity. 

        4.    Indenture.    The Company issued the Notes under an Indenture dated as of
November 30, 2004 ("Indenture") among the Company, the guarantors party thereto (the "Subsidiary
Guarantors") and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the
Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are
referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture
shall govern and be controlling. The Notes are obligations of the Company unlimited in aggregate principal amount. 

        5.    Optional Redemption.    

        (a)   Except
as set forth in clauses (b) and (c) of Section 3.07 of the Indenture, the Notes shall not be redeemable at the option of the Company prior to
November 15, 2009. Starting on November 15, 2009, the Company may redeem all or a portion of the Notes, at once or over time, after giving the notice required pursuant to
Section 3.03 of the Indenture, at the redemption prices set forth below, plus accrued and unpaid interest, including Special Interest, if any, to but not including the applicable redemption
date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date), if redeemed during the 12-month period
commencing on November 15, 2009 of the years indicated below, and are expressed as percentages of principal amount: 

	Year
 
	 	Redemption

Price

	2009	 	103.688%
	2010	 	102.458%
	2011	 	101.229%
	2012 and thereafter	 	100.000%

        (b)   At
any time and from time to time, prior to November 15, 2007, the Company may redeem up to a maximum of 35% of the aggregate principal amount of the Notes
(including any Additional Notes) with the proceeds of one or more Equity Offerings, at a redemption price equal to 107.375% of the principal amount thereof, plus accrued and unpaid interest, including
Special Interest, if any, to but not including the redemption date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest
Payment Date); provided, however, that after giving effect to any such redemption, at least 65% of the
aggregate principal amount of the Notes (including any Additional Notes) remains outstanding. Any such redemption shall be made within 90 days of such Equity Offering upon not less than 30 nor
more than 60 days' prior notice. 

        (c)   At
any time prior to November 15, 2009, after the completion of a Change of Control Offer (as defined in Section 4.18 of the Indenture) that was accepted
by Holders of not less than 75% of the aggregate principal amount of the Notes then outstanding, the Company may redeem all of the Notes of any Holder who has not accepted the Change of Control Offer
(the "Untendered Notes") upon not less than 30 nor more than 60 days' prior notice (the "Change of Control Redemption
Notice") but in no event more than 90 days after the completion of such Change of Control Offer, such notice to be provided in the manner required under
Section 3.03, at a redemption price equal to the greater of: 

        (i)    101%
of the principal amount of the Untendered Notes; and 

        (ii)   the
sum of the present values of (A) the redemption price of the Notes as of November 15, 2009 (as set forth in clause (a) above) and
(B) the remaining scheduled payments of interest from the redemption date (the "Change of Control Redemption Date") through November 15,
2009, but excluding accrued and unpaid interest through the Change of Control Redemption Date and excluding Special Interest, discounted to the Change of Control Redemption Date (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points; 

plus,
in either case, accrued and unpaid interest, including Special Interest, if any, to but not including the Change of Control Redemption Date (subject to the right of Holders of record on the
relevant Regular Record Date to receive interest due on the relevant Interest Payment Date). 

        Any
Change of Control Redemption Notice pursuant to this clause (c) above shall include the applicable method of calculation of the redemption price but need not include the
redemption price itself. The actual redemption price, calculated as described above, shall be set forth in an Officers' Certificate delivered to the Trustee no later than two Business Days prior to
the Change of Control Redemption Date unless clause (b) of the definition of "Comparable Treasury Price" in the Indenture is applicable, in which case such Officers' Certificate should be
delivered on the Change of Control Redemption Date. 

        (d)   Any
prepayment pursuant to this paragraph shall be made pursuant to the provisions of Sections 3.01 through 3.06 of the Indenture. 

        6.    Repurchase at Option of Holder.    

        (a)   Upon
the occurrence of a Change of Control, the Company shall within 30 days following any Change of Control, make an offer (the "Change
of Control Offer") pursuant to the procedures set forth in Section 3.09 of the Indenture. Each Holder shall have the right to accept such offer and require the Company
to repurchase all or any part (equal to $1,000 or an integral multiple of $1,000) of such Holder's Notes pursuant to the Change of Control Offer at a purchase price (the
"Change of Control Purchase Price") equal to 101% of the aggregate principal amount thereof, plus accrued and unpaid interest, including Special
Interest, if any, to but not including the Purchase Date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date). 

        (b)   When
the aggregate amount of Excess Proceeds from Asset Sales exceeds $15.0 million, the Company shall make an offer to repurchase (the
"Prepayment Offer") the Notes, which offer shall be in the amount of the Allocable Excess Proceeds (rounded to the nearest $1,000), on a  pro rata
basis according to principal amount, at a purchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest,
including Special Interest, if any, to but not including the repurchase date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant
Interest Payment Date), in accordance with the procedures (including prorating in the event of oversubscription) set forth in this Indenture. To the extent that any portion of the amount of Net
Available Cash remains after compliance with the preceding sentence and provided that all Holders have been given the opportunity to tender their Notes
for repurchase in accordance with the Indenture, the Company or such Restricted Subsidiary may use such remaining amount for any purpose permitted by the Indenture, and the amount of Excess Proceeds
will be reset to zero. 

        7.    Notice of Redemption.    Notice of redemption shall be mailed at least 30 days
but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $1,000 may be redeemed in part
but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed. On and after the redemption date interest ceases to accrue on Notes or portions thereof called for
redemption. 

        8.    Denominations, Transfer, Exchange.    The Notes are in registered form without coupons
in denominations of $1,000 and integral multiples of $1,000. This Note shall represent the aggregate principal amount of outstanding Notes from time to time endorsed hereon and the aggregate principal
amount of Notes represented hereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. The transfer of Notes may be registered and Notes may be
exchanged as provided in
the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes
and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed
portion of any Note being redeemed in part. Also, the Company need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or
during the period between a record date and the corresponding Interest Payment Date. 

        9.    Persons Deemed Owners.    The registered Holder of a Note may be treated as its owner
for all purposes. 

        10.    Amendment, Supplement and Waiver.    Subject to certain exceptions, the Company and the
Trustee may amend or supplement the Indenture or the Notes with the consent of the Holders of a majority in principal amount of the then outstanding Notes, including Additional Notes, if any, voting
as a single class (including consents obtained in connection with a purchase of or tender offer or exchange offer for the Notes), and, subject to Sections 6.04 and 6.07 of the Indenture, any existing
Default or Event of Default (except a continuing Default or Event of Default in the payment of principal, premium, if any, or interest, including Special Interest, if any, on, the Notes) or compliance
with any provision of the Indenture or the Notes (except for certain covenants and provisions of the Indenture which cannot be amended without the consent of each Holder) may be waived with the
consent of the Holders of a majority in principal amount of the then outstanding Notes, including Additional Notes, if any, then outstanding voting as a single class (including consents obtained in
connection with a purchase of or tender offer or exchange offer for the Notes). Without the consent of any Holder, the Company and the Trustee may amend or supplement the Indenture or the Notes to
cure any ambiguity, omission, defect or inconsistency, to provide for the assumption by a Surviving Person of the obligations of the Company under the Indenture, to provide for uncertificated Notes in
addition to or in place of certificated Notes, to add additional Guarantees or release Subsidiary Guarantors from Subsidiary Guaranties as provided or permitted by the terms of the Indenture, to
secure the Notes, to add to the covenants of the Company for the benefit of the Holders of the Notes or to surrender any right or power conferred upon the Company, to make any change that does not
adversely affect the Holder, to make any change to comply with any requirement of the Commission in connection with the qualification of the Indenture under the TIA or to provide for the issuance of
Additional Notes. 

        11.    Defaults and Remedies.    Each of the following is an Event of Default under the
Indenture: (i) failure to make the payment of any interest or Special Interest, if any, on the Notes when the same becomes due and payable, and such failure continues for a period of
30 days; (ii) failure to make the payment of any principal of, or premium, if any, on, any of the Notes when the same becomes due and payable at its Stated Maturity, upon acceleration,
redemption, optional redemption, required repurchase or otherwise; (iii) failure by the Company or any Subsidiary Guarantor to comply with Section 5.01 of the Indenture;
(iv) failure by the Company to comply with its obligations under Section 4.18 (other than a failure to purchase Notes) or under Section 4.10, Section 4.11,
Section 4.12, Section 4.13 (other than a failure to purchase the Notes), Section 4.14, Section 4.15 or Section 4.19 of the Indenture, and such failure continues for
30 days after written notice is given to the Company as 

provided
below; (v) failure by the Company or any Subsidiary Guarantor to comply with any other covenant or agreement in the Notes or in the Indenture (other than a failure that is the subject
of the foregoing clause (i), (ii), (iii) or (iv)), and such failure continues for 60 days after written notice is given to the Company as provided below; (vi) a default
under any Debt by the Company or any Restricted Subsidiary that results in acceleration of the maturity of such Debt, or failure to pay any such Debt at maturity, in an aggregate amount greater than
$10.0 million or its foreign currency equivalent at the time; (vii) any judgment or judgments for the payment of money in an aggregate amount in excess of $7.0 million (or its
foreign currency equivalent at the time) that shall be rendered against the Company or any Restricted Subsidiary and that shall not be waived, satisfied or discharged for any period of 60 consecutive
days during which a stay of enforcement shall not be in effect; (viii) certain events of bankruptcy, insolvency or reorganization affecting the Company or any of its Significant Subsidiaries;
and (ix) any Subsidiary Guaranty of a Subsidiary Guarantor of a Significant Subsidiary ceases, or the Subsidiary Guaranties of any group of Subsidiary Guarantors that, when taken together,
would constitute a Significant Subsidiary, cease to be in full force and effect (other than in accordance with the terms of such Subsidiary Guaranty) or any Subsidiary Guarantor that is a Significant
Subsidiary denies or disaffirms its obligations under its Subsidiary Guaranty, or any group of Subsidiary Guarantors that, when taken together, would constitute a Significant Subsidiary, deny or
disaffirm their obligations under their Subsidiary Guaranties. 

        If
any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare all the Notes to be due and
payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency described in the Indenture, all outstanding Notes shall become due
and payable without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate
principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing Default or Event of Default
(except a Default or Event of Default relating to the payment of principal or interest or Special Interest) if it determines that withholding notice is in their interest. The Holders of a majority in
aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences
under the Indenture except a continuing Default or Event of Default in the payment of interest or Special Interest on, or the principal of, the Notes. The Company is required to deliver to the Trustee
annually a statement regarding compliance with the Indenture, and the Company is required upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such
Default or Event of Default. 

        12.    Trustee Dealings with Company.    Subject to certain limitations, the Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not
Trustee. 

        13.    No Recourse Against Others.    No past, present or future director, officer, employee,
incorporator or stockholder of the Company or of any Subsidiary Guarantor, as such, shall have any liability for any obligations of the Company or any Subsidiary Guarantor under the Indenture, the
Notes, the Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. 

        14.    Authentication.    This Note shall not be valid until authenticated by the manual
signature of the Trustee or an authenticating agent. 

        15.    Abbreviations.    Customary abbreviations may be used in the name of a Holder or an
assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and
U/G/M/A (= Uniform Gifts to Minors Act). 

        16.    Additional Rights of Holders of Restricted Global Notes and Restricted Definitive
Notes.    In addition to the rights provided to Holders of Notes under the Indenture, Holders of Restricted Global 

Notes
and Restricted Definitive Notes that are Initial Notes shall have all the rights set forth in the Registration Rights Agreement, dated as of November 30, 2004, between the Company and the
parties named on the signature pages thereto or, in the case of Additional Notes, Holders of Restricted Global Notes and Restricted Definitive Notes shall have the rights set forth in one or more
registration rights agreement, if any, among the Company and the other parties thereto, relating to rights given by the Company to the purchasers of any Additional Notes. 

        17.    CUSIP Numbers.    Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to
Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other
identification numbers placed thereon. 

        The
Company shall furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: 

Neenah
Paper, Inc.

Preston Ridge III

3460 Preston Ridge Road, Suite 600

Alpharetta, Georgia 30005

Attention: General Counsel 

        18.    Governing Law.    The internal law of the State of New York shall govern and be used to
construe this Note without giving effect to applicable principals of conflicts of law to the extent that the application of the laws of another jurisdiction would be required thereby. 

 
 

Option of Holder to Elect Purchase    

        If
you want to elect to have this Note purchased by the Company pursuant to Section 4.13 or 4.18 of the Indenture, check the box below: 

o        Section 4.13

o        Section 4.18 

If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.13 or Section 4.18 of the Indenture, state the amount you elect
to have purchased: $                        

	 	 	 	 	 
	 	 	 	 	 
	Date:	
	 	Your Signature:	

	 	 	 	(Sign exactly as your name appears on the Note)
	

 	

 	
 	

Tax Identification No.:
	

 	

 	
 	

	

 	

 	
 	

SIGNATURE GUARANTEE:
	

 	

 	
 	

	

 	

 	
 	

Signatures must be guaranteed by an "eligible guarantor institution" meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program ("STAMP") or such other "signature
guarantee program" as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 
 

Assignment Form    
    

To
assign this Note, fill in the form below: 

(I)
or (we) assign and transfer this Note to 

	

	(Insert assignee's social security or other tax I.D. no.)

	

	(Print or type assignee's name, address and zip code)

	and irrevocably appoint	

	as agent to transfer this Note on the books of the Company. The agent may substitute another to act for him.

	Date:	
	 	Your Signature:	

	 	 	 	(Sign exactly as your name appears on the face of this Note)

	

 	

 	
 	

Signature Guarantee:	

	

 	

 	
 	

Signatures must be guaranteed by an "eligible guarantor institution" meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program ("STAMP") or such other "signature
guarantee program" as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 
 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE    

        The
following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note
for an interest in this Global Note, have been made: 

	Date of Exchange
 
	 	Amount of

decrease in

Principal Amount

of this Global Note
	 	Amount of increase

in Principal Amount

of this Global Note
	 	Principal Amount

of this Global Note

following such

decrease

(or increase)
	 	Signature of

authorized signatory

of Trustee or

Note Custodian

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 
 

NOTATION OF SUBSIDIARY GUARANTY    
    

        For value received, each Subsidiary Guarantor (which term includes any successor Person under the Indenture), jointly and severally, unconditionally guarantees,
to the extent set forth in the Indenture and subject to the provisions in the Indenture, dated as of November 30, 2004 (the "Indenture"), among
Neenah Paper, Inc., as issuer (the "Company"), the Subsidiary Guarantors listed on the signature pages thereto and The Bank of New York Trust
Company, N.A., as trustee (the "Trustee"), (a) the due and punctual payment of the principal of, premium, if any, and interest and Special
Interest, if any, on, the Notes, subject to any applicable grace period, whether at maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest on overdue principal
and premium, if any, and, to the extent permitted by law, interest on the Notes, and the due and punctual performance of all other obligations of the Company to the Holders or the Trustee all in
accordance with the terms of the Indenture and (b) in case of any extension of tome payment or renewal of any Notes or any of such other obligations, that the same will be promptly paid in full
when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration, redemption or otherwise. The obligations of the Subsidiary Guarantors to
the Holders of Notes and to the Trustee pursuant to the Subsidiary Guaranty and the Indenture are expressly set forth in Article 10 of the Indenture and reference is hereby made to the
Indenture for the precise terms of the Subsidiary Guaranty. The effectiveness of this Subsidiary Guaranty with respect to the U.S. Subsidiary Guarantors shall be expressly subject to the provisions of
Section 10.03(f) of the Indenture. This Subsidiary Guaranty is subject to release as and to the extent set forth in Sections 8.02, 8.03 and 10.05 of the Indenture. Each Holder of a Note, by
accepting the same agrees to and shall be bound by such provisions. Capitalized terms used herein and not defined are used herein as so defined in the Indenture. 

	 
	 	 
	 

	 	 	NEENAH PAPER SALES, INC.

NEENAH PAPER COMPANY OF CANADA

NEENAH PAPER MICHIGAN, INC.
	

 	
 	

By:	

 Name: Steven S. Heinrichs

Title:    Vice President

QuickLinks

7 3/8% SENIOR NOTES DUE 2014

NEENAH PAPER, INC.

7 3/8% SENIOR NOTES DUE 2014

Option of Holder to Elect Purchase

Assignment Form

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

NOTATION OF SUBSIDIARY GUARANTY

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00085-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00085-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00085-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00085-of-00352.parquet"}]]