Document:

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                                                                Exhibit 10.xxxiv

                            BENEFIT TRUST AGREEMENT
                            -----------------------

     This TRUST AGREEMENT (the "Trust"), dated August  27, 1996, is by and
between The Mead Corporation, an Ohio corporation (the "Company"), and Key Trust
Company of Ohio, N.A., a national banking association (the "Trustee"), and is a
restatement in its entirety, and a continuation of, a trust established January
9, 1987, by and between the Company and Society Bank, National Association, a
national banking association.

     WHEREAS, the Company is obligated under The Mead Supplemental Executive
Retirement Plan, The Mead Corporation Incentive Compensation Election Plan, The
Mead Corporation Deferred Compensation Plan for Directors, The Mead Excess
Benefit Plan, and The Mead Corporation Directors Retirement Plan (together, the
"Plans", and singly, the "Plan") to make certain deferred payments to certain of
the Company's present and former directors and executives (the "Executives");
and

     WHEREAS, the aforesaid obligations of the Company are not funded or
otherwise secured and the Company has agreed to assure that the future payment
of said deferred payments will not be improperly withheld in the event that a
"Change in Control" of the Company (as defined in Article III hereof) should
occur; and

     WHEREAS, for purposes of assuring that such deferred payments will not be
improperly withheld, the Company desires to deposit with the Trustee, subject
only to the claims of the Company's existing or future general creditors,
amounts of cash or marketable securities and certain insurance policies
sufficient to provide for such payments as they become due and payable;

     NOW, THEREFORE, in consideration of the mutual agreements contained herein
and for other good valuable consideration, the parties hereto agree as follows:

                                   ARTICLE I

                                   THE PLANS
                                   ---------

     Section 1.01  Plans.  The Company shall continue to be liable to the
     ------------  -----
Executive to make all payments required under the terms of the Plans to the
extent such payments have not been made pursuant to this Trust.  Distributions
made from the Trust to Executives in respect of the Plans pursuant to Section
4.02 hereof shall, to the extent of such distributions, satisfy the Company's
obligations to pay benefits to such Executives under the Plans.

                                  ARTICLE II

                          TRUST AND THE TRUST CORPUS
                          --------------------------

     Section 2.01  Trust.  (a)  Concurrently with the execution of this Trust,
     ------------  -----
the Company is delivering to the Trustee the sum of one thousand dollars
($1,000) to be held in trust hereunder.

     (b) Upon the occurrence of a Potential Change in Control, as defined in
Section 3.02 hereof, the Company shall deliver to the Trustee to be held in
trust hereunder an additional amount of cash (or marketable securities having a
fair market value equal to such amount, or some combination thereof) (the
"Additional Transfer") representing (i) ten million dollars ($10,000,000), the
purpose of which is to provide a fund from which any attorneys' fees and
expenses incurred in defending the Trust and the Trustee's payment of the
Executives' accrued benefits under the Plans may be paid, plus (ii) the present
value (determined at a discount rate of five percent (5%) per annum) of the sum
of the amounts which will be sufficient to provide for the Company's obligations
to pay the Executives' accrued benefits under the Plans.

     (c) The payments by the Company pursuant to Section 2.01(b) and (d) hereof
shall be accompanied by a schedule of the individual Executives for whose
accounts such payment is being made (the "Payment Schedule" described in Section
4.02(a) hereof), which sets forth the amounts delivered in respect of each such
Executive in respect of each Plan.
<PAGE>

     (d)    At six-month intervals commencing six (6) months after the delivery
of an Additional Transfer pursuant to Section 2.01(b) hereof, unless the Trust
Corpus shall theretofore have been released pursuant to Article IV or Article VI
hereof, the Company shall recalculate the Additional Transfer which would be
required to be delivered pursuant to Section 2.01(b) as of the end of the month
immediately preceding such six-month interval date. If the amount so calculated
exceeds the fair market value of the then Trust Corpus (as defined in Section
2.02(a) hereof), the Company shall promptly (and in no event later than seven
(7) days from the date of such six-month interval date) pay to the Trustee an
amount in cash (or marketable securities or any combination thereof) equal to
such excess.

     Section 2.02  Trust Corpus.  (a)  As used herein, the term "Trust Corpus"
     ------------  ------------
shall mean the amount delivered to the Trustee as described in Section 2.01(a)
hereof plus all amounts delivered thereafter pursuant to Sections 2.01(b),
2.01(d), 2.02(c), 5.01(f) or 5.01(g) hereof, in whatever form held or invested
as provided herein.  The Trust Corpus shall be held, invested and reinvested by
the Trustee in cash or marketable securities only in accordance with this
Section 2.02.  The Trustee shall use its good faith efforts to invest or
reinvest from time to time all or such part of the Trust Corpus as it believes
prudent under the circumstances (taking into account, among other things,
anticipated cash requirements for the payment of benefits under the Plans) in
either one or a combination of the following investments:

     (i)    investments in direct obligations of the United States of America or
     agencies of the United States of America or obligations unconditionally and
     fully guaranteed as to principal and interest by the United States of
     America, in each case maturing within one year or less from the date of
     acquisition;

     (ii)   investments in negotiable certificates of deposit (in each case
maturing within one (1) year or less from the date of acquisition) issued by a
commercial bank organized and existing under the laws of the United States of
America or any state thereof having a combined capital and surplus of at least
one billion dollars ($1,000,000,000); or

     (iii)  money market funds sponsored by the Trustee or by any banking or
financial institution affiliated with the Trustee; provided, however, that the
                                                   -----------------
Trustee shall not be liable for any failure to maximize the income earned on
that portion of the Trust Corpus as is from time to time invested or reinvested
as set forth above, nor for any loss of income due to liquidation of any
investment which the Trustee in its sole discretion, believes necessary to make
payments or to reimburse expenses under the terms of this Trust.

     (b)    The Trust is intended to be a grantor trust within the meaning of
Section 671 of the Internal Revenue Code of 1986, as amended.  All interest and
other income earned on the investment of the Trust Corpus shall be accumulated
and added at least annually to the Trust Corpus, thereafter constituting part of
such Trust Corpus.

     (c)    All losses of income or principal in respect of, and expenses
(including, as provided in Section 5.01(g) hereof, any expenses of the Trustee)
charged against, the Trust Corpus shall be for the account of the Company and
the Company shall be obligated to reimburse the Trust Corpus promptly for any
loss in principal amount of, or expense charged against, the Trust Corpus.

                                  ARTICLE III

                               CHANGE IN CONTROL
                               -----------------

     Section 3.01  Definition of Change in Control.  For purposes of this Trust,
     ------------  -------------------------------
a "Change in Control of the Company" shall mean a change in control of a nature
that would be required to be reported in response to Item 6(e) (or any successor
thereto) of Schedule 14A of Regulation 14A promulgated under the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), whether or not the
Company is then subject to such reporting requirement; provided, that, without
limitation, such a change in control shall be deemed to have occurred if:

     (i)    any "person" (as defined in Sections 13(d) and 14(d) of the Exchange
     Act) is or becomes the "beneficial owner" (as defined in Rule 13d-3 under
     the Exchange Act), directly or indirectly, of securities of the Company's
     representing twenty-five percent (25%) or more of the combined voting power
     of the Company's then outstanding securities;
<PAGE>

     (ii)   during any period of two (2) consecutive years (not including any
     period prior to the execution of this Agreement) there shall cease to be a
     majority of the Board comprised as follows:  individuals who at the
     beginning of such period constitute the Board and any new director(s) whose
     election by the Board or nomination for election by the Company's
     stockholders was approved by a vote of at least two-thirds (2/3) of the
     directors then still in office who either were directors at the beginning
     of the period or whose election or nomination for election was previously
     so approved; or

     (iii)  (x) the shareholders of the Company approve a merger or
     consolidation   of the Company with any other corporation, except a merger
     or consolidation which would result in the voting securities of the Company
     outstanding immediately before the merger or consolidation continuing to
     represent (either by remaining outstanding or by being converted into
     voting securities of the surviving or parent entity) at least eighty
     percent (80%) of the combined voting power of the voting securities of the
     Company or the surviving or parent entity outstanding immediately after
     such merger or consolidation, unless the Board of Directors determines that
     such situation does not constitute a Change in Control, or (y) the
     shareholders of the Company approve a plan of complete litigation of the
     Company or an agreement for the sale or disposition by the Company of all
     or substantially all the Company's assets.

     Section 3.02  Definition of a Potential Change in Control.  For purposes of
     ------------  -------------------------------------------
this Trust, a "Potential Change in Control of the Company" shall be deemed to
have occurred if (i) the Company enters into an agreement, the consummation of
which would result in the occurrence of a Change in Control of the Company, (ii)
any person (including the Company) publicly announced an intention to take or to
consider taking actions which, if consummated, would constitute a Change in
Control of the Company, (iii) any person, other than a trustee or other
fiduciary holding securities under an employee benefit plan of the Company or a
Company owned, directly or indirectly, by the stockholders of the Company in
substantially the same proportions as their ownership of stock of the Company,
increases his beneficial ownership of the combined voting power of the Company's
then outstanding securities by five percent (5%) or more over the percentage so
owned by such person on the date hereof and, after such increase, is the
beneficial owner, directly or indirectly, of securities of the Company
representing nine-and-one-half percent (9.5%) or more of such securities; or
(iv) the Board adopts a resolution to the effect that, for purposes of this
Agreement, a Potential Change in Control of the Company has occurred.

                                  ARTICLE IV

                          RELEASE OF THE TRUST CORPUS
                          ---------------------------

     Section 4.01  Delivery to the Company.  After any amount has been delivered
     ------------  -----------------------
to the Trustee pursuant to Section 2.01(b) hereof, such amount, together with
any additional Trust Corpus, shall be returned to the Company six (6) months
after the date of such delivery, unless a Change in Control shall have occurred.
Such initial six-month period shall be renewed for an additional six-month
period, if any additional Potential Change in Control occurs during such initial
six-month period.  The Company shall notify the Trustee of the occurrence of a
Change in Control of Potential Change in Control, and the Trustee may rely on
such notice or on any other actual notice, satisfactory to the Trustee, of such
a change or potential change which the Trustee may receive.  Notwithstanding the
foregoing, the Trustee shall have no duty or obligation to make any independent
determination that such a change or potential change has occurred.

     Section 4.02  Deliveries to Participants.  The Trustee shall hold the Trust
     ------------  --------------------------
Corpus in its possession under the provisions of this Agreement until authorized
to deliver the Trust Corpus or any specified portion thereof as follows:

     (a)    The Company shall deliver to the Trustee, contemporaneously with any
Additional Transfer pursuant to Section 2.01(b) hereof, a schedule (the "Payment
Schedule") indicating the amounts payable in respect of each Executive, or
providing a formula or instructions acceptable to the Trustee for determining
the amounts so payable, and the time of commencement for payment of such
amounts.  The Payment Schedule shall include instructions as to the amount of
interest accruing under the Plans and such instructions may be revised from time
to time to the extent so provided under the Plans.  The Payment Schedule, as it
pertains to each Executive, also shall be delivered by the Company to such
Executive.  A modified Payment Schedule shall be delivered by the Company to the
Trustee and to each Executive (as it pertains to such Executive) at each time
that additional amounts are required to be paid by the Company to the Trustee
under Section 2.01(d) hereof and upon the occurrence of any event, such as early
retirement of
<PAGE>

an Executive, requiring a modification of the Payment Schedule. Except as
otherwise provided herein, the Trustee shall make payments to the Executives in
accordance with such Payment Schedule.

     (b)  In the event that an Executive reasonably believes that the Payment
Schedule, as modified, does not properly reflect the amount payable to such
Executive or the time or form of payment from the Trust Corpus in respect of any
Plan, such Executive shall be entitled to deliver to the Trustee written notice
(the "Executive's Notice") setting forth payment instructions for the amount the
Executive believes is payable under the relevant terms of such Plan.  The
Executive shall also deliver a copy of the Executive's Notice to the Company
within three (3) business days of the delivery to the Trustee.  Unless the
Trustee receives written objection from the Company within ten (10) business
days after receipt by the Trustee of such notice, the Trustee shall make the
payment in accordance with the payment instructions set forth in the Executive's
Notice.

     (c)  The Trustee shall be permitted to withhold from any payment due to an
Executive hereunder the amount required by law to be so withheld under Federal,
state and local wage withholding requirements or otherwise, and shall pay over
to the appropriate government authority the amounts so withheld.  The Trustee
may rely on instructions from the Company as to any required withholding and
shall be fully protected under Section 5.01(g) hereof in relying on such
instructions.

     (d)  Except as otherwise provided herein, in the event of any final
determination by the Internal Revenue or a court of competent jurisdiction,
which determination is not appealable or the time for appeal or protest of which
has expired, or the receipt by the Trustee of a substantially unqualified
opinion of tax counsel selected by the Trustee, which determination determines,
or which opinion opines, that the Executives or any particular Executive, is
subject to Federal income taxation on amounts held in Trust hereunder prior to
the distribution to the Executives or Executive of such amounts, the Trustee
shall, on receipt by the Trustee of such opinion or notice of such
determination, pay to each Executive the portion of the Trust Corpus includible
in such Executive's Federal gross income.

     Section 4.03  Deliveries to Creditors of the Company.  It is the intent of
     ------------  --------------------------------------
the parties hereto that the Trust Corpus is and shall remain at all times
subject to the claims of the creditors of the Company, including, without
limitation, the general creditors.  Accordingly, the Company shall not create a
security interest in the Trust Corpus in favor of the Executives or any
creditor.  If the Trustee receives the notice provided for in Section 4.04
hereof, or otherwise receives actual notice that the Company is insolvent or
bankrupt as defined in Section 4.04 hereof, the Trustee will make no further
distributions of the Trust Corpus to any of the Executives but will deliver the
entire amount of the Trust Corpus only as a court of competent jurisdiction, or
duly appointed receiver or other person authorized to act by such a court, may
direct, in order to make the Trust Corpus available to satisfy the claims of the
Company's creditors, including, without limitation, the general creditors.  The
Trustee shall resume distribution of Trust Corpus to the Executives under the
terms hereof, upon no less than thirty (30) days advance notice to the Company,
if it determines that the Company was not, or is no longer, bankrupt or
insolvent. Unless the Trustee has actual notice of the Company's bankruptcy or
insolvency, or has received notice from the Company, or a person claiming to be
a creditor of the Company alleging that the Company is bankrupt or insolvent,
the Trustee shall have no duty to inquire whether the Company is bankrupt or
insolvent.  The Trustee may in all events rely on such evidence concerning the
Company's solvency as may be furnished to the Trustee and that provides the
Trustee with a reasonable basis for making a determination concerning the
Company's solvency.

     Section 4.04  Notification of Bankruptcy or Insolvency.  The Company,
     ------------  ----------------------------------------
through its Board of Directors and Chief Executive Officer, shall advise the
Trustee promptly in writing of the Company's bankruptcy or insolvency.  The
Company shall be deemed to be bankrupt or insolvent upon the occurrence of any
of the following:

     (i)  The Company shall make an assignment for the benefit of creditors,
     file a petition in bankruptcy, petition or apply to any tribunal for the
     appointment of a custodian, receiver, liquidator, sequestrator, or any
     trustee for it or a substantial part of its assets, or shall commence any
     case under any bankruptcy, reorganization, arrangement, readjustment of
     debt, dissolution, or liquidation law or statute of any jurisdiction
     (Federal or state), whether now or hereafter in effect; or if there shall
     have been filed any such petition or application, or any such case shall
     have been commenced against it, in which an order for relief is entered or
     which remains undismissed; or the Company by any act or omission shall
     indicate its consent to, approval of or acquiescence in any such petition,
     application or case or order for relief or to the appointment
<PAGE>

     of a custodian, receiver or any trustee for it or any substantial part of
     any of its property, or shall suffer any such custodianship, receivership,
     or trusteeship to continue undischarged; or

     (ii)   The Company shall generally not pay its debts as such debts become
     due or shall cease to pay its debts in the ordinary course of business; or

     (iii)  The sums of the Company's debt is greater than all of its property
     at a fair valuation; or

     (iv)   The present saleable value of the Company's assets is less than the
     amount that would be required to pay the probable liability on its existing
     debts as they become absolute and matured.

                                   ARTICLE V

                                    TRUSTEE
                                    -------

     Section 5.01  Trustee.  (a)  The duties and responsibilities of the Trustee
     ------------  -------
shall be limited to those expressly set forth in this Trust, and no limited
covenants or obligations shall be read into this Trust against the Trustee.

     (b)    If, pursuant to Section 3.02 hereof or otherwise, all or any part of
the Trust Corpus is at any time attached, garnished, or levied upon by any court
order, or in case the payment, assignment, transfer, conveyance or delivery of
any such property shall be stayed or enjoined by any court order, or in case any
order, judgment or decree shall be made or entered by a court affecting such
property or any part thereof, then and in any such events the Trustee is
authorized, in its sole discretion, to rely upon and comply with any such order,
writ, judgment or decree, and it shall not be liable to the Company (or any of
its subsidiaries) or any Executive by reason of such compliance even though such
order, writ, judgment or decree subsequently may be reversed, modified,
annulled, set aside or vacated.

     (c)    The Trustee shall maintain such books, records and accounts as may
be necessary for the proper administration of the Trust Corpus, including,
without limitation, as provided in Section 2.01 hereof, and shall render to the
Company, or prior to each January 31 following the date of this Trust until the
termination of this Trust (and on the date of such termination), an accounting
with respect to the Trust Corpus as of the end of the then most recent calendar
year (and as of the date of such termination). The Trustee will at all times
maintain a separate bookkeeping account for each Executive to which it will
credit each amount delivered by the Company to the Trustee with respect to such
Executive. Upon the written request of an Executive or the Company, the Trustee
shall deliver to such Executive or the Company, as the case may be, a written
report setting forth the amount held in the Trust for such Executive (or each
Executive if such request is made by the Company) and a record of the
contributions made with respect thereto by the Company.

     (d)    The Trustee shall not be liable for any act taken or omitted to be
taken hereunder if taken or omitted to be taken by it in good faith.  The
Trustee shall also be fully protected in relying upon any notice given hereunder
which it in good faith believes to be genuine and executed and delivered in
accordance with this Trust.

     (e)    The Trustee may consult with legal counsel to be selected by it, and
the Trustee shall not be liable for any action taken or suffered by it in
accordance with the advice of such counsel.

     (f)    The Trustee shall be reimbursed by the Company for its reasonable
expenses incurred in connection with the performance of its duties hereunder and
shall be paid reasonable fees for performance of such duties in the manner
provided by Section 2.02(c) hereof and paragraph (g) of this Section 6.01.

     (g)    The Company agrees to indemnify and hold harmless the Trustee from
and against any and all damages, losses, claims or expenses as incurred
(including expenses of investigation and fees and disbursements of counsel to
the Trustee and any taxes imposed on the Trust Corpus or income of the Trust)
arising out of or in connection with the performance by the Trustee of its
duties hereunder. Any amount payable to the Trustee under paragraph (V) of this
Section 5.01 or this paragraph (g) and not previously paid by the company
pursuant to Section 2.02(c) hereof shall be paid by the Company promptly upon
demand therefor by the Trustee or, if the Trustee so chooses in its sole
discretion, from the Trust Corpus. In the event that payment is made hereunder
to the Trustee from the Trust Corpus. the Trustee shall promptly notify the
Company in writing of the amount of such payment. The
<PAGE>

Company agrees that, upon receipt of such notice, it will deliver to the Trustee
to be held in the Trust an amount in cash (or in marketable securities or in
some combination thereof) equal to any payments made from the Trust Corpus to
the Trustee pursuant to paragraph (f) of this Section 5.01 or this paragraph
(g). The failure of the Company to transfer any such amount shall not in any way
impair the Trustee's right to indemnification, reimbursement and payment
pursuant to paragraph (f) of this Section 5.01 or this paragraph (g).

     Section 5.02  Successor Trustee.  The Trustee may resign and be discharged
     ------------  -----------------
from its duties hereunder at any time by giving notice in writing of such
resignation to the Company and each Executive specifying a date (not less than
thirty (30) days after the giving of such notice) when such resignation shall
take effect.  Promptly after such notice, the Company (or, if a change in
control shall previously have occurred, the Company and Executive(s) having at
least 65% percent of all amounts then held in the Trust credited to their
accounts) shall appoint a successor trustee, such trustee to become Trustee
hereunder upon the resignation date specified in such notice.  If the Company
and such Executive(s) are unable to so agree upon a successor trustee within
thirty (30) days after such notice, the Trustee shall be entitled, at the
expense of the Company, to petition a United States District Court or any of the
courts of the State of Ohio having jurisdiction to appoint its successor.  The
Trustee shall continue to serve until its successor accepts the trust and
receives delivery of the Trust Corpus.  The Company (or, if a change in control
shall previously have occurred, the Company and Executive(s) having at least 65
percent of all amounts then held in the Trust credited to their accounts) may at
any time substitute a new trustee by giving fifteen (15) days notice thereof to
the Trustee then acting.  The Trustee and any successor thereto appointed
hereunder shall be a commercial bank which is not an affiliate of the Company,
but which is a national association or established under the laws of one of the
states of the United States, and which has equity in excess of $100,000,000.

                                  ARTICLE VI

                       TERMINATION AMENDMENT AND WAIVER
                       --------------------------------

     Section 6.01  Termination.  This Trust shall be terminated upon the
     ------------  -----------
earliest of any of the following events:  (i) the exhaustion of the Trust
Corpus; (ii) the final payment of all amounts payable to all the Executives
pursuant to all amounts payable to all of the Executives pursuant to all the
Plans; or (iii) the return of the Trust Corpus to the Company pursuant to
Section 4.01 hereof; provided, however, that, prior to the occurrence of any
Potential Change in Control or Change in Control, the Company, in its sole
discretion, may terminate this Trust.  Promptly upon termination of this Trust,
any remaining portion of the Trust Corpus shall be paid to the Company.

     Section 6.02  Amendment and Waiver.  Prior to the occurrence of any
     ------------  --------------------
Potential Change in Control or Change in Control, this Trust can be amended by
an instrument in writing signed on behalf of the parties hereto.  After a
Potential Change in Control or Change in Control has occurred, this Trust may
not be amended except by an instrument in writing signed on behalf of the
parties hereto together with the written consent of Executives having at least
sixty-five percent (65%) of all amounts then held in the Trust credited to their
accounts.  The parties hereto, together with the consent of Executives having at
least sixty-five percent (65%) of all amounts then held in the Trust credited to
their accounts, may at any time waive compliance with any of the agreements or
conditions contained herein.  Any agreement on the part of a party hereto or an
Executive to any such waiver shall be valid if set forth in an instrument in
writing signed on behalf of such party or Executive.  Notwithstanding the
foregoing, any such amendment or waiver may be made by written agreement of the
parties hereto without obtaining the consent of the Executives if such amendment
or waiver does not adversely affect the rights of the Executives hereunder.  No
such amendment or waiver relating to this Trust may be made with respect to a
particular Executive unless such Executive has agreed in writing to such
amendment or waiver.

                                  ARTICLE VII

                              GENERAL PROVISIONS
                              ------------------

     Section 7.01  Further Assurances.  The Company shall, at any time and from
     ------------  ------------------
time to time, upon the reasonable request of the Trustee, execute and deliver
such further instruments and do such further acts as may be necessary or proper
to effectuate the purposes of this Trust.
<PAGE>

     Section 7.02  Certain Provisions Relating to this Trust.  (a)  This Trust
     ------------  -----------------------------------------
sets forth the entire understanding of the parties with respect to the subject
matter hereof and supersedes any and all prior agreements, arrangements and
understandings relating thereto.  This Trust shall be binding upon and inure to
the benefit of the parties and their respective successors and legal
representatives.

     (b) This Trust shall be governed by and construed in accordance with the
laws of the State of Ohio, other than and without reference to any provisions of
such laws regarding choice of laws or conflict of laws.

     (c) In the event that any provision of this Trust or the application
thereof to any person or circumstances shall be determined by a court of proper
jurisdiction to be invalid or unenforceable, shall not be affected thereby, and
each provision of this Trust shall be valid and enforced to the fullest extent
permitted by law.

     Section 7.03  Arbitration.  Any dispute between the Executives and the
     ------------  -----------
Company or the Trustee as the interpretation or application of the provisions of
this Trust and amounts payable hereunder shall be determined exclusively by
binding arbitration in Dayton, Ohio, in accordance with the rules of the
American Arbitration Association then in effect.  Judgment may be entered on the
arbitrator's award in any court of competent jurisdiction.  All fees and
expenses of such arbitration shall be paid by the Trustee and considered an
expense of the Trust under Section 5.01(g).

     Section 7.04  Notices.  Any notice, report, demand or waiver required or
     ------------  -------
permitted hereunder shall be in writing and shall be given personally or by
prepaid registered or certified mail, return receipt requested, addressed as
follows:

If to the Company:    The Mead Corporation
                      World Headquarters
                      Courthouse Plaza Northeast
                      Dayton, Ohio 45463
                      Attention:  Secretary

If to the Trustee:    Key Trust Company of Ohio, N.A.
                      34 North Main Street
                      Dayton, Ohio 45402
                      Attention:  Senior Vice President
                                  Trust Department

     If to an Executive, to the address of such Executive as listed next to his
name on Schedule A hereto.

     A notice shall be deemed received upon the date of delivery if given
personally or, if given by mail, upon the receipt thereof.

     Section 7.05  Trust Beneficiaries.  Each Executive is an intended
     ------------  -------------------
beneficiary under this Trust, and shall be entitled to enforce all terms and
provisions hereof with the same force and effect as if such person had been a
party hereto.
<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Trust as of the date
first written above.

                              THE MEAD CORPORATION

                              By: STEVEN C. MASON
                                  ---------------
                                     Name: Steven C. Mason
                                     Title: Chairman and Chief Executive
                                              Officer

                              KEY TRUST COMPANY OF OHIO, N.A.

                              By: JANICE L. CULVER
                                  ----------------
                                  Name: Janice L. Culver
                                  Title: Senior Vice President
<PAGE>

                              FIRST AMENDMENT TO
                            BENEFIT TRUST AGREEMENT
                            -----------------------

     WHEREAS, the Benefit Trust Agreement was established by trust agreement
dated August 27, 1996, by and between The Mead Corporation, an Ohio corporation
(the "Company") and Key Trust Company of Ohio, N.A., a national banking
association (the "Trustee"), as a restatement in its entirety and continuation
of a trust established January 9, 1987, by and between the Company and Society
Bank, National Association, a national banking association; and

     WHEREAS, it is desirable to amend the Benefit Trust Agreement;

     NOW, THEREFORE, the Benefit Trust Agreement is hereby amended, effective as
of June 24, 1998, as follows:

     1. The second paragraph thereof is amended to read, in its entirety, as
follows:

          "WHEREAS, the Company is obligated under The Mead Supplemental
     Executive Retirement Plan, The Mead Corporation Incentive Compensation
     Election Plan, The Mead Corporation Deferred Compensation Plan for
     Directors, The Mead Corporation Section 415 Excess Benefit Plan, The Mead
     Corporation Excess Earnings Benefit Plan, The 1985 Supplement to The
     Mead Corporation Incentive Compensation Election Plan, The 1985 Supplement
     to The Mead Corporation Deferred Compensation Plan for Directors, The Mead
     Corporation Executive Capital Accumulation Plan, The Mead Corporation
     Directors Capital Accumulation Plan and The Mead Corporation Directors
     Retirement Plan, as each such plan may be amended from time to time
     (together with any prior version thereof or predecessor plan thereto under
     which benefits remain payable from time to time, the 'Plans', and singly,
     the 'Plan') to make certain deferred payments to certain of the Company's
     present and former directors and executives (together, the "Executives");
     and"

     2. Section 3.01 of the Plan is amended to read, in its entirety, as
follows:

          "Section 3.01 Definition of Change in Control. For purposes of this
                        -------------------------------
     Trust, a 'Change in Control' shall be deemed to have occurred if an event
     set forth in any one of the following paragraphs shall have occurred:

<PAGE>

          (i) date of expiration of a Tender Offer (as defined below), other
than an offer by the Company, if the offeror acquires Shares (as defined below)
pursuant to such Tender Offer;

          (ii) the date of approval by the shareholders of the Company of a
definitive agreement: (x) for the merger or consolidation of the Company or
any direct or indirect subsidiary of the Company into or with another
corporation, other than (1) a merger or consolidation which would result in
the voting securities of the Company outstanding immediately prior thereto
continuing to represent ((i) in the case of a merger or consolidation of the
Company, either by remaining outstanding or by being converted into voting
securities of the surviving entity or any parent thereof, or (ii) in the case of
a merger or consolidation of any direct or indirect subsidiary of the Company,
either by remaining outstanding if the Company continues as a parent of the
merged or consolidated subsidiary or by being converted into voting securities
of the surviving entity or any parent thereof) at least 51% of the combined
voting power of the voting securities of the Company or such surviving or parent
entity outstanding immediately after such merger or consolidation, or (2) a
merger or consolidation effected to implement a recapitalization of the Company
(or similar transaction) in which no Person (as defined below) is or becomes the
Beneficial Owner (as defined below), directly or indirectly, of securities of
the Company (not including in the securities Beneficially Owned by such Person
any securities acquired directly from the Company or its Affiliates)
representing 25% or more of the combined voting power of the Company's then
outstanding securities, or (y) for the sale or disposition of all or
substantially all of the assets of the Company, other than a sale or disposition
by the Company of all or substantially all of the Company's assets to an entity,
at least 51% of the combined voting power of the voting securities of which are
owned (directly or indirectly) by shareholders of the Company in substantially
the same proportions as their ownership of the Company immediately prior to such
sale or disposition;

          (iii) (x) any Person is or becomes the Beneficial Owner of 25% or more
of the voting power of the then outstanding securities of the Company (not
including in the securities beneficially owned by such Person any securities
acquired directly from the Company or its affiliates), excluding any Person who
becomes such a Beneficial Owner in connection with a transaction described in
clause (x)(l) of paragraph (ii) above or (y) the date of authorization, by both
a majority of the voting power of the Company and a

                                       2
<PAGE>

majority of the portion of such voting power excluding the voting power of
interested Shares, of a control share acquisition (as such term is defined in
Chapter 1701 of the Ohio Revised Code); and

          (iv) a change in the composition of the Board of Directors such that
individuals who were members of the Board of Directors on the date two years
prior to such change (and any new directors (other than a director whose initial
assumption of office is in connection with an actual or threatened election
contest, including but not limited to a consent solicitation, relating to the
election of directors of the Company) who were elected, or were nominated for
election, by the Company's shareholders with the affirmative vote of at least
two-thirds of the directors then still in office who either were directors at
the beginning of such two year period or whose election or nomination for
election was previously so approved) no longer constitute a majority of the
Board of Directors.

Notwithstanding the foregoing, a "Change in Control" shall not be deemed to have
occurred by virtue of the consummation of any transaction or series of
integrated transactions immediately following which the record holders of the
common stock of the Company immediately prior to such transaction or series of
transactions continue to have substantially the same proportionate ownership in
an entity which owns all or substantially all of the assets of the Company
immediately following such transaction or series of transactions.

     "'Affiliate' shall have the meaning set forth in Rule 12b-2 promulgated
under Section 12 of the Exchange Act.

     "'Beneficial Owner' shall have the meaning defined in Rule 13d-3 under the
Exchange Act.

     "'Exchange Act' shall mean the Securities Exchange Act of 1934, as amended
from time to time.

     "'Person' shall have the meaning given in Section 3 (a)(9) of the Exchange
Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such
term shall not include (i) the Company or any of its subsidiaries, (ii) a
trustee or other fiduciary holding securities under an employee benefit plan of
the Company or any of its Affiliates, (iii) an underwriter temporarily holding
securities pursuant to an offering of such securities, or

                                       3
<PAGE>

     (iv) a corporation owned, directly or indirectly, by the shareholders of
     the Company in substantially the same proportions as their ownership of
     stock of the Company."

          "'Shares' shall mean shares of common stock, without par value, of The
     Mead Corporation.

          "'Tender Offer' shall mean a tender offer or a request or invitation
     for tenders or an exchange offer subject to regulation under Section 14(d)
     of the Exchange Act and the rules and regulations thereunder, as the same
     may be amended, modified or superseded from time to time."

     IN WITNESS WHEREOF, the parties have executed this First Amendment to the
Benefit Trust Agreement as of the effective date written above.

                                        THE MEAD CORPORATION

                                        By /s/ Sue K. McDonnell
                                           ----------------------------
                                           Name: Sue K. McDonnell
                                           Title: Vice President

                                        KEY TRUST COMPANY OF OHIO, N.A.

                                        By /s/ Janice L. Culver
                                           ----------------------------
                                           Name: Janice L. Culver
                                           Title: Senior Vice President

                                       4
<PAGE>

                              SECOND AMENDMENT TO
                            BENEFIT TRUST AGREEMENT
                            -----------------------

     WHEREAS, the Benefit Trust Agreement was established by trust agreement
dated August 27, 1996, by and between The Mead Corporation, an Ohio corporation
(the "Company"),and Key Trust Company of Ohio, N.A., a national banking
association (the "Trustee"), as a restatement in its entirety and continuation
of a trust established January 9, 1987, by and between the Company and Society
Bank, National Association, a national banking association;

     WHEREAS, the Benefit Trust Agreement was amended as of June 24, 1998;

     WHEREAS, pursuant to Section 6.02 of the Benefit Trust Agreement, the terms
and provisions of the Benefit Trust Agreement may be modified or amended with
the written consent of the parties hereto; and

     WHEREAS, it is desirable to further amend the Benefit Trust Agreement;

     NOW, THEREFORE, the Benefit Trust Agreement, as amended, is hereby further
amended, effective as of October 28, 2000, as follows:

     1.   The second paragraph of the Benefit Trust Agreement is amended to
read, in its entirety, as follows:

     "WHEREAS, the Company is obligated under The Mead Supplemental Executive
Retirement Plan, The Mead Corporation Incentive Compensation Election Plan, The
Mead Corporation Deferred Compensation Plan for Directors, The Mead Corporation
Section 415 Excess Benefit Plan, The Mead Corporation Excess Earnings Benefit
Plan, The 1985 Supplement to The Mead Corporation Incentive Compensation
Election Plan, The 1985 Supplement to The Mead Corporation Deferred Compensation
Plan for Directors, The Mead Corporation Executive Capital Accumulation Plan,
The Mead Corporation Directors Capital Accumulation Plan, The Mead Corporation
Directors Retirement Plan, Hilroy Excess Earnings Plan, and all Change in
Control Severance Agreements with Executives and Staff directors, as each such
plan or agreement may be amended from time to time (together with any prior
version thereof or predecessor plan thereto under which benefits remain payable
from time to time, the `Plans', and singly, the `Plan') to make certain deferred
payments to certain of the Company's present and former directors and executives
(together, the "Executives"); and"

     2.   Section 2.01(b) of the Benefit Trust Agreement is amended to read, in
its entirety, as follows:
<PAGE>

          "(b) Upon the occurrence of a Potential Change in Control, as defined
in Section 3.02 hereof, the Company shall deliver to the Trustee to be held in
trust hereunder an additional amount of cash (or marketable securities having a
fair market value equal to such amount, or one or more insurance policies with a
fair market value equal to at least 90% of the cash surrender value of the
applicable policy, or some combination thereof) (the "Additional Transfer")
representing (i) ten million dollars ($10,000,000), the purpose of which is to
provide a fund from which any attorneys' fees and expenses incurred in defending
the Trust and the Trustee's payment of the Executives' accrued benefits under
the Plans may be paid, plus (ii) the present value (determined at a discount
rate of five percent (5%) per annum) of the sum of the amounts which will be
sufficient to provide for the Company's obligations to pay the Executives'
benefits under the Plans. In the case of any insurance policy delivered to the
Trustee, from the date of such delivery to the date of occurrence of a Change in
Control, the Trustee shall not take any action with respect to such policy
(including, but not limited to, terminating such policy or making any borrowings
or payments thereunder) without the prior written consent of the Company."

     3.   Section 2.01(d) of the Benefit Trust Agreement is amended to read, in
its entirety, as follows:

          "(d) At six-month intervals commencing six months after the delivery
of an Additional Transfer pursuant to Section 2.01(b) hereof, unless the Trust
Corpus shall theretofore have been released pursuant to Article IV or Article VI
hereof, the Company shall recalculate the Additional Transfer which would be
required to be delivered pursuant to Section 2.01(b) as of the end of the month
immediately preceding such six-month interval date. If the amount so calculated
exceeds the fair market value of the then Trust Corpus (as defined in Section
2.02(a) hereof), the Company shall promptly (and in no event later than seven
(7) days from the date of such six-month interval date) pay to the Trustee an
amount in cash (or marketable securities or insurance policies or any
combination thereof) equal to such excess. If, by reason of the inapplicability
of a particular Change in Control Severance Agreement with an Executive or Staff
director following a Change in Control, the fair market value of the Trust
Corpus exceeds the amount so calculated, the Trustee shall promptly (and in no
event later than seven (7) days from the date of such six-month interval date)
return to the Company an amount in cash (or marketable securities or insurance
policies or any combination thereof) equal to such excess."
<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Second Amendment to the
Benefit Trust Agreement as of the effective date written above.

                                       THE MEAD CORPORATION

                                       By /s/ SUE K. MCDONNELL
                                          --------------------------------------
                                          Name:  Sue K. McDonnell
                                          Title: Vice President, General Counsel
                                                 and Secretary

                                       KEY TRUST COMPANY OF OHIO, N.A.

                                       By /s/ JANICE L. CULVER, SENIOR V.P.
                                          --------------------------------------
                                          Name:  Janice L. Culver CPA
                                          Title: Senior Vice President
<PAGE>

                               THIRD AMENDMENT TO
                            BENEFIT TRUST AGREEMENT
                            -----------------------

     WHEREAS, the Benefit Trust Agreement was established by trust agreement
dated August 27, 1996, by and between The Mead Corporation, an Ohio corporation
(the "Company") and Key Bank, N.A., a national banking association (the
"Trustee"), as a restatement in its entirety and continuation of a trust
established January 9, 1987, by and between the Company and Society Bank,
National Association, a national banking association, and subsequently amended,
effective as of June 24, 1998, and October 28, 2000; and

     WHEREAS, it is desirable to further amend the Benefit Trust Agreement;

     NOW, THEREFORE, the Benefit Trust Agreement, as amended, is hereby further
amended, effective as of June 28, 2001, as follows:

     1.   The second paragraph thereof is amended to read, in its entirety, as
follows:

          "WHEREAS, the Company is obligated under The Mead Supplemental
     Executive Retirement Plan, The Mead Corporation Incentive Compensation
     Election Plan, The Mead Corporation Deferred Compensation Plan for
     Directors, The Mead Corporation Section 415 Excess Benefit Plan, The Mead
     Corporation Excess Earnings Benefit Plan, The 1985 Supplement to The Mead
     Corporation Incentive Compensation Election Plan, The 1985 Supplement to
     The Mead Corporation Deferred Compensation Plan for Directors, The Mead
     Corporation Executive Capital Accumulation Plan, The Mead Corporation
     Directors Capital Accumulation Plan, The Mead Corporation Directors
     Retirement Plan, The Mead School & Office Products (Canada) Limited
     Supplemental Employee Retirement Plan, the McSherry Letter dated May 7,
     2001, and all Change in Control Severance Agreements with Executives and
     Staff directors, as each such plan, letter or agreement may be amended from
     time to time (together with any prior version thereof (except in the case
     of the McSherry Letter) or predecessor plan thereto under which benefits
     remain payable from time to time, the 'Plans,' and singly, the 'Plan') to
     make certain deferred payments to certain of the Company's present and
     former directors and executives (together, the "Executives"); and "

     2.   The first phrase of the first sentence of Section 2.01(b) of the
Benefit Trust Agreement, "Upon the occurrence of a Potential Change in Control,
as defined in Section 3.02 hereof," is amended to read, in its entirety, as
follows:  "No later than the tenth business day (the "Funding Date") following
the occurrence of a Potential Change in Control, as defined in Section 3.02
hereof,".

     3.   The last clause of the first sentence of Section 6.01 of the Benefit
Trust Agreement, "provided, however, that, prior to the occurrence of any
Potential Change in Control or Change in Control, the Company, in its sole
discretion, may terminate this Trust." is amended to read, in its entirety, as
follows: "provided, however, that, prior to the earlier of the Funding Date or
any Change in Control, the Company, in its sole discretion, may terminate this
Trust; and, provided, further, that the Company, in its sole discretion, may
terminate this Trust during the ten-business-day period immediately following
any return of the Trust Corpus to the Company pursuant to Section 4.01 hereof."

                                      19
<PAGE>

     4.   The first sentence of Section 6.02 of the Benefit Trust Agreement is
amended to read, in its entirety, as follows:

     "Prior to the earlier of the Funding Date or any Change in Control (and
also during the ten-business-day period immediately following any return of the
Trust Corpus to the Company pursuant to Section 4.01 hereof), this Trust can be
amended by an instrument in writing signed on behalf of the parties hereto."

     5.   The first phrase of the second sentence of Section 6.02 of the Benefit
Trust Agreement, "After a Potential Change in Control or Change in Control has
occurred," is amended to read, in its entirety, as follows:  "On and after the
earlier of the Funding Date or any Change in Control (except during the ten-
business-day period immediately following any return of the Trust Corpus to the
Company pursuant to Section 4.01 hereof),".

     IN WITNESS WHEREOF, the parties have executed this Third Amendment to the
Benefit Trust Agreement as of the effective date written above.

                                   THE MEAD CORPORATION

                                   By /s/ SUE K. MCDONNELL
                                      ------------------------------------------
                                      Name:  Sue K. McDonnell
                                      Title: Vice President, General Counsel
                                             and Secretary

                                   KEY BANK, N.A.

                                   By /s/ JANICE L. CULVER
                                      ------------------------------------------
                                      Name:  Janice L. Culver, CPA
                                      Title: Senior Vice President

                                      20

<PAGE>

                               FOURTH AMENDMENT
                          TO BENEFIT TRUST AGREEMENT
                          --------------------------

     WHEREAS, the Benefit Trust Agreement was established by trust agreement
dated August 27, 1996, by and between The Mead Corporation, an Ohio corporation
(the "Company") and Key Bank, N.A., a national banking association (the
"Trustee"), as a restatement in its entirety and continuation of a trust
established January 9, 1987, by and between the Company and Society Bank,
National Association, a national banking association, and subsequently amended,
effective as of June 24, 1998, October 28, 2000, and June 28, 2001; and

     WHEREAS, it is desirable to further amend the Benefit Trust Agreement;

     NOW, THEREFORE, the Benefit Trust Agreement, as amended, is hereby further
amended, effective as of August 28, 2001, as follows:

     Article III of the Benefit Trust Agreement is amended by adding the
following provision as a new Section 3.03 to the end thereof:

          3.03  Notwithstanding the foregoing provisions of this Article or
     anything in the Trust to the contrary, none of (i) the execution of the
     Agreement and Plan of Merger by and among MWHolding Corporation, Michael
     Merger Sub Corporation, William Merger Sub Corporation, the Company and
     Westvaco Corporation dated as of August 28, 2001 (such Agreement, including
     any amendments hereafter made thereto, the "Merger Agreement"), (ii) any
     public announcement described in Section 3.02(ii) made in connection with
     transactions contemplated by the Merger Agreement, (iii) the increase of
     any person of his beneficial ownership of the combined voting power of the
     Company's outstanding securities made in connection with the transactions
     contemplated by the Merger Agreement as described in Section 3.02(iii);
     (iv) any resolution of the Board described in Section 3.02(iv) made in
     connection with the transactions contemplated by the Merger Agreement, nor
     (v) the consummation of the transactions contemplated by the Merger
     Agreement, shall constitute either a Change in Control or Potential Change
     in Control within the meaning of the Trust. No contributions by the Company
     to the Trust shall be required under the Benefit Trust Agreement with
     respect to any event, action or circumstance occurring from or after
     execution of the Merger Agreement and prior to the Effective Time of the
     Mergers (as defined in the Merger Agreement). Notwithstanding the
     immediately preceding sentence, if the Merger Agreement shall be terminated
     pursuant to Article VIII of the Merger Agreement, and if any event, action
     or circumstance which is not described in the immediately preceding
     sentence and would constitute a Potential Change in Control under the
     amended Trust has occurred from or after the execution of the Merger
     Agreement and on or before the termination of the Merger Agreement, then,
     for all purposes of the Trust (including, without limitation, the timing of
     contributions required to be made by the Company to the Trust), such event,
     action or circumstance shall be deemed to have occurred immediately after
     the termination of the Merger Agreement and the immediately preceding
     sentence shall be of no further force and effect.
<PAGE>

     Section 7.02 of the Benefit Trust Agreement is amended by adding the
following provision as a new Section 7.02(d) to the end thereof:

     (d)  From and after the Effective Time (as defined in the Merger
          Agreement), the term "Company" shall refer to MeadWestvaco
          Corporation.

     IN WITNESS WHEREOF, the parties have executed this Fourth Amendment to the
Benefit Trust Agreement as of the effective date written above.

                                        THE MEAD CORPORATION

                                        By /s/ PETER H. VOGEL, JR.
                                          ------------------------------------
                                          Name:  Peter H. Vogel, Jr.
                                          Title: Vice President, Finance and
                                                 Treasurer

                                        KEY BANK, N.A.

                                        By /s/ JANICE L. CULVER
                                          ------------------------------------
                                          Name:  Janice L. Culver, CPA
                                          Title: Senior Vice President

                                       2<PAGE>

                                                                 Exhibit 10.xxxv

                             THE MEAD CORPORATION
                             RESTRICTED STOCK PLAN
                             ---------------------
                                                                       COMPOSITE
                                                                       ---------
                                                                        06/24/99

ARTICLE I.  GENERAL PROVISIONS
----------  ------------------

            Section 1.  Purpose.  The purpose of The Mead Corporation Restricted
            ----------  --------
Stock Plan (the "Plan") is to provide certain compensation to eligible directors
and employees in the form of Common Shares ("Shares") of The Mead Corporation
(the "Company") which are restricted in accordance with the terms and conditions
set forth below and to encourage the continued high level of performance of such
directors and employees by increasing the identity of interests of such
directors and employees with the shareholders of the Company.  The Plan is
intended to be an unfunded program established for the purpose of providing
compensation for eligible directors and a select group of management employees
and is exempt from Parts 1 through 4 of Title I of the Employee Retirement
Income Security Act of 1974, as amended.

            Section 2.  Definitions.  For purposes of the Plan, the following
            ----------  ------------
terms shall have the following meanings:

            (a)  "Board of Directors" means the Board of Directors of the
Company.

            (b)  A "Change in Control" shall be deemed to have occurred if an
event set forth in any one of the following paragraphs shall have occurred:

                 (i)   date of expiration of a Tender Offer (other than an offer
by the Company), if the offeror acquires Shares pursuant to such Tender Offer;

                 (ii)  the date of approval by the shareholders of the Company
of a definitive agreement: (x) for the merger or consolidation of the Company or
any direct or indirect subsidiary of the Company into or with another
corporation, other than (1) a merger or consolidation which would result in the
voting securities of the Company outstanding immediately prior thereto
continuing to represent ((i) in the case of a merger or consolidation of the
Company, either by remaining outstanding or by being converted into voting
securities of the surviving entity or any parent thereof, or (ii) in the case of
a merger or consolidation of any direct or indirect subsidiary of the Company,
either by remaining outstanding if the Company continues as a parent of the
merged or consolidated subsidiary or by being converted into voting securities
of the surviving entity or any parent thereof) at least 51% of the combined
voting power of the voting securities of the Company or such surviving or parent
entity outstanding immediately after such merger or consolidation, or (2) a
merger or consolidation effected to implement a recapitalization of the Company
(or similar transaction) in which no Person is or becomes the Beneficial Owner,
directly or indirectly, of securities of the Company (not including in the
securities Beneficially Owned by such Person any securities acquired directly
from the Company or its Affiliates) representing 25% or more of the combined
voting power of the Company's then outstanding securities, or (y) for the sale
or disposition of all or substantially all of the assets of the Company, other
than a sale or disposition by the Company of all or substantially all of the
Company's assets to an entity, at least 51% of the combined voting power of the
voting securities of which are owned (directly or indirectly) by shareholders of
the Company in substantially the same proportions as their ownership of the
Company immediately prior to such sale or disposition;

                                       1
<PAGE>

          (iii)  (x) any Person is or becomes the Beneficial Owner of 25% or
more of the voting power of the then outstanding securities of the Company (not
including in the securities beneficially owned by such Person any securities
acquired directly from the Company or its affiliates), excluding any Person who
becomes such a Beneficial Owner in connection with a transaction described in
clause (x)(1) of paragraph (ii) above or (y) the date of authorization, by both
a majority of the voting power of the Company and a majority of the portion of
such voting power excluding the voting power of interested Shares, of a control
share acquisition (as such term is defined in Chapter 1701 of the Ohio Revised
Code); and

          (iv)   a change in the composition of the Board of Directors such that
individuals who were members of the Board of Directors on the date two years
prior to such change (and any new directors (other than a director whose initial
assumption of office is in connection with an actual or threatened election
contest, including but not limited to a consent solicitation, relating to the
election of directors of the Company) who were elected, or were nominated for
election, by the Company's shareholders with the affirmative vote of at least
two-thirds of the directors then still in office who either were directors at
the beginning of such two year period or whose election or nomination for
election was previously so approved) no longer constitute a majority of the
Board of Directors.

Notwithstanding the foregoing, a "Change in Control" shall not be deemed to have
occurred by virtue of the consummation of any transaction or series of
integrated transactions immediately following which the record holders of the
common stock of the Company immediately prior to such transaction or series of
transactions continue to have substantially the same proportionate ownership in
an entity which owns all or substantially all of the assets of the Company
immediately following such transaction or series of transactions.

          (c)  "Committee" means the Compensation Committee of the Board of
Directors.

          (d)  "Company" means The Mead Corporation; however, when used with
reference to employment, "Company" also includes any corporation, partnership or
other person or entity at least 10% of the voting or equity interest of which is
owned or controlled, directly or indirectly, by the Company.

          (e)  "Eligible Director" means any director of the Company who is not
also an employee of the Company.

          (f)  "Eligible Employee" means any employee of the Company selected by
the Committee.

          (g)  "Grant Date" means the date on which Restricted Shares are to be
granted pursuant to Article II, Section 1.

          (h)  "Market Value" means the average of the highest sale price and
the lowest sale price of a Share on the date the value of a Share is to be
determined, as reported on the New York Stock Exchange - Composite Transactions
Tape (or other similar source) or, if no sale is reported for such date, then on
the next preceding date for which a sale is reported.

          (i)  "Participant" means any individual who holds Restricted Shares
granted under the Plan.

          (j)  "Restriction Period" means (i) in the case of Restricted Shares
granted pursuant to Article II. Section 1 (a), (b) or Section 2, the period of
six months from the date the Restricted Shares are granted, (ii) in the case of
Restricted Shares granted pursuant to Article II. Section 1(c),

                                       2
<PAGE>

the date the grantee becomes age 55 or six months from the date the Restricted
Shares are granted, whichever is later, and (iii) in the case of Restricted
Shares granted pursuant to Article III, the period of six months or longer (as
determined by the Committee) from the date Restricted Shares are granted.

          (k)  "Restricted Shares" means any Shares issued or delivered pursuant
to the Plan which remain subject to the restrictions set forth in Article I,
Section 5 of the Plan.

          (l)  "Shares" means the Common Shares, without par value, of the
Company.

          (m)  "Affiliate" shall have the meaning set forth in Rule 12b-2
promulgated under Section 12 of the Exchange Act.

          (n)  "Beneficial Owner" shall have the meaning defined in Rule 13d-3
under the Exchange Act.

          (o)  "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended from time to time.

          (p)  "Person" shall have the meaning given in Section 3(a)(9) of the
Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except
that such term shall not include (i) the Company or any of its subsidiaries,
(ii) a trustee or other fiduciary holding securities under an employee benefit
plan of the Company or any of its Affiliates, (iii) an underwriter temporarily
holding securities pursuant to an offering of such securities, or (iv) a
corporation owned, directly or indirectly, by the shareholders of the Company in
substantially the same proportions as their ownership of stock of the Company.

          (q)  "Tender Offer" shall mean a tender offer or a request or
invitation for tenders or an exchange offer subject to regulation under Section
14(d) of the Exchange Act and the rules and regulations thereunder, as the same
may be amended, modified or superseded from time to time.

          Section 3.  Administration.
          ----------  --------------

          (a)  The Plan shall be administered by the Committee.  Subject to the
express provisions of the Plan, the Committee and the Board of Directors shall
each have authority to construe and interpret the Plan, to prescribe, amend, and
rescind rules and  regulations relating to the Plan, and to make all other
determinations necessary or advisable for administering the Plan.  The Committee
or the Board of Directors may correct any defect or supply any omission or
reconcile any inconsistency in the Plan in the manner and to the extent it shall
deem expedient to carry it into effect.  The determination of the Committee or
the Board of Directors on any matters within the scope of this section shall be
conclusive.  A majority of the Committee shall constitute a quorum for meetings
of the Committee, and the act of a majority of the Committee at a meeting, or an
act reduced to or approved in writing by all members of the Committee, shall be
the act of the Committee.

          In the case of Restricted Shares granted pursuant to Article III, the
Committee may in its discretion impose additional conditions or restrictions as
to the attainment of specified performance goals during the Restriction Period
for all or a portion of the shares or all or a portion of the years in the
Restriction Period.

          (b)  The Committee may waive or modify at any time any condition or
restriction (including, without limitation, any of the restrictions set forth in
Article I, Section 5) with respect to any Restricted Shares issued pursuant to
Article III.

                                       3
<PAGE>

          Section 4.  Shares Subject to the Plan.  Subject to adjustment as
          ----------  ---------------------------
provided in Section 1 of Article IV, the maximum number of Shares which may be
granted as Restricted Shares under the Plan is 1,000,000; the maximum number of
shares which may be granted as Restricted Shares to any individual pursuant to
Section 2 of Article II is 40,000; and, the maximum number of Shares which may
be granted as Restricted Shares to any eligible employee pursuant to Article III
is 300,000.  Shares granted as Restricted Shares under the Plan may be
authorized and unissued Shares or Shares held in the Company's treasury.  Any
Shares which are granted as Restricted Shares under the Plan and which are
thereafter forfeited by the participant may again be granted under the Plan as
Restricted Shares.

          Section 5.  Terms and Conditions of Restricted Shares.
          ----------  ------------------------------------------

          (a)  Subject to the provisions of paragraph (b) of this Section 5,
Restricted Shares issued pursuant to the Plan shall be subject to the following
restrictions:

               (i)    the Participant shall not be entitled to receive delivery
of the certificate for such Restricted Shares until the expiration of the
Restriction Period;

               (ii)   such Restricted Shares shall not be sold, transferred,
assigned, pledged or otherwise encumbered or disposed of during the Restriction
Period; and

               (iii)  all such Restricted Shares shall be forfeited and all
right of the Participant to such Restricted Shares shall terminate without
further obligations on the part of the Company if the Participant ceases to be a
director of the Company (in the case of a Participant who received Restricted
Shares as an Eligible Director) or an employee of the Company (in the case of a
Participant who received Restricted Shares as an Eligible Employee) prior to the
end of the Restriction Period.

          Upon the forfeiture of Restricted Shares, such Shares shall be
returned to the status of authorized and unissued Shares or treasury Shares, as
determined by the Committee.

          (b)  Notwithstanding the provisions of paragraph (a) of this Section
5, in the event a Participant ceases to be a director of the Company (in the
case of a Participant who received Restricted Shares as an Eligible Director) or
an employee of the Company (in the case of a Participant who received Restricted
Shares as an Eligible Employee) prior to the end of a Restriction Period as a
result of such Participant's death, disability or normal retirement in
accordance with the Company's policies, then the restrictions set forth in
paragraph (a) of this Section 5 shall immediately cease to apply to (and all
rights of the Participant shall immediately vest with respect to) all of the
Restricted Shares.

          In any event, all such Restricted Shares shall be forfeited and all
rights of the Participant to such Restricted Shares shall terminate without
further obligations on the part of the Company if the Participant, directly or
indirectly, individually or as an agent, officer, director, employee,
shareholder (excluding being the holder of any stock which represents less than
1% interest in a corporation), partner or in any other capacity whatsoever
engages prior to the time such restrictions cease to apply in any activity
competitive with or adverse to the Company's business or in the sale,
distribution, production or attempted sale or distribution of any goods,
products or services then sold or being developed by the Company.

                                       4
<PAGE>

          (c)  Notwithstanding any other provision of the Plan, immediately
prior to the occurrence of a "Change in Control", all of the restrictions set
forth in this Section 5 shall immediately cease to apply to all Restricted
Shares issued pursuant to the Plan, except to the extent that the lapse of such
restrictions would, in the opinion of counsel selected by the Company's
independent auditors, constitute "parachute payments" within the meaning of
Section 280G(b)(2)(A) of the Internal Revenue Code (the "Code") and, when added
to any other "parachute payments" which would be received by the Participant
pursuant to the terms of any other plan, arrangement or agreement with the
Company, any person whose actions result in a change in control of the Company
or any person affiliated with the Company or such person, would be subject to
the tax imposed by Section 4999 of the Code. As used in the immediately
preceding sentence, "immediately prior" to the Change in Control shall mean
sufficiently in advance of the Change in Control to permit the Participant to
deal with the Shares so that those Shares may be treated in the same manner in
connection with the Change in Control as the Shares of other shareholders.

          (d)  At the end of the Restriction Period, or at such earlier time as
it is provided for in Paragraphs (b) or (c) of this Section 5, the restrictions
applicable to the Restricted Shares pursuant to this Section 5 shall cease and a
share certificate for the number of Restricted Shares with respect to which the
restrictions have ceased shall be delivered, free of all such restrictions and
all restrictive legends, to the Participant or the Participant's beneficiary or
estate, as the case may be.

          (e)  If required by the Committee, each grant of Restricted Shares
shall be evidenced by a written agreement between the Company and the
Participant.

          (f)  In the event that the restrictions set forth in Paragraph (a) of
this Section 5 shall cease to apply to any Restricted Shares granted to Eligible
Employees subject to Section 16 of the Act prior to the date which is six months
after the date of grant of such Restricted Shares, then, notwithstanding any
provision to the contrary in this Section 5, the restrictions set forth in
paragraphs (a) (i) and (a) (ii) of this Section 5 shall continue in effect until
the date which is six months after the date of such grant.

          (g)  Notwithstanding any provision to the contrary in this Section 5,
but subject nonetheless to Paragraph (c) of this Section 5, in the case of
Restricted Shares granted pursuant to Article III, if the Participant fails to
attain specified performance goals set forth with respect to such Restricted
Shares during the Restriction Period, the Participant will forfeit such
Restricted Shares to the extent specified in the grant of such Restricted Shares
and the right of the Participant to such Restricted Shares shall terminate to
the extent specified in the grant of such Restricted Shares without any further
obligations on the part of the Company.

          Section 6.  Rights as a Shareholder.
          ----------  ------------------------

          (a)  Upon the grant of Restricted Shares pursuant to Article II or
Article III of the Plan, the Company shall issue a share registered in the name
of the Participant bearing the following legend and any other legend required by
any federal or state securities laws:

          "The transferability of this certificate and the Common Shares
represented hereby are subject to the restrictions, terms and conditions
(including forfeiture and restrictions against sale, assignment, transfer,
pledge, hypothecation and other disposition) set forth in The Mead Corporation
Restricted Stock Plan.  Copies of such Plan will be mailed to any shareholder
without charge within five days after receipt of written request therefor

                                       5
<PAGE>

address to Secretary, The Mead Corporation, Mead World Headquarters, Courthouse
Plaza Northeast, Dayton, OH  45463."

          Each such share shall be retained by the Company until the
restrictions set forth in Article I, Section 5(a) cease to apply to the Shares.

          (b)  Upon the issuance of Restricted Shares pursuant to paragraph (a)
of this Section 6, the Participant shall, subject to all of the terms,
conditions and restrictions set forth in the Plan, have all of the rights of a
holder of Shares, including the right to vote and to receive dividends and other
distributions with respect thereto.

ARTICLE II.   RESTRICTED SHARES FOR ELIGIBLE DIRECTORS
-----------   ----------------------------------------

          Section 1.  Grant of Restricted Shares to Eligible Directors.
          ----------  -------------------------------------------------

          (a)  On the third business day of January, 1998 and on each annual
anniversary of such date during the term of the Plan, (each such date is
hereinafter referred to as a "Grant Date"), the Company shall grant a number of
Restricted Shares to each then Eligible Director determined by dividing $7,500
by the Market Value of a Share on the Grant Date (rounded to the nearest whole
shares).

          (b)  If during the term of the Plan any person becomes an Eligible
Director on a date other than a Grant Date, the Company shall grant such person
a number of Restricted Shares determined by dividing $7,500 by the Market Value
of a Share (rounded to the nearest whole share) on the date of such person's
election to the Board of Directors.

          (c)  Each Eligible Director shall automatically receive a grant of a
number of Restricted Shares of the Company equal to the quotient obtained by
dividing (i) 5,000, by (ii) the Market Value per Share on the date the Plan, as
amended, is approved by the Shareholders (the "Initial Grant").  Thereafter, on
the third business day of January, 1997 and on each annual anniversary of such
date during the term of the Plan, the Company shall grant and each Eligible
Director shall automatically receive a number of  Restricted Shares which shall
equal the product obtained by multiplying the Initial Grant by an adjustment
factor (the "Factor").  The Factor shall equal the quotient obtained by dividing
(y) the base line number for average total compensation paid to directors by
companies with annual sales in excess of $4 billion, as published in the Hay
Consulting Group's "Directors Compensation Report" (or comparable successor
report) in the calendar year immediately preceding the year in which such grant
is made, which report covers compensation paid in the year ending immediately
prior to the year of publication, by (z) 36,246.  In the event that such
Directors Compensation Report (or comparable successor report) is not published
with respect to any year, the Factor shall equal one (1).

          Section 2.  Election to Receive Compensation as Restricted Shares.
          ----------  ------------------------------------------------------

          (a)  Not later than June 1 of each year during the term of the Plan,
the Committee shall cause each Eligible Director to be furnished with an
appropriate form which enables the director to elect to receive payment in
Restricted Shares of a minimum of 20% up to a maximum of 100% (in increments of
10%) of the annual retainer fee to be earned by such director for service on the
Board of Directors during the following calendar year which is paid on or after
the first day of such calendar year.  In order to be effective, the election
form must be signed by the director and must be returned to the Committee or its
delegate not later than July 1 of the year prior to the year with respect to
which the election is being made.  All such elections are irrevocable.

                                       6
<PAGE>

          (b)  A new Eligible Director may, by filing the prescribed election
form, elect to receive the annual retainer fee as Restricted Shares as provided
in paragraph (a) of this Section 2 only if the election form is signed and filed
at least six months prior to the date of payment of the annual retainer fee to
such director.

          (c)  If an Eligible Director has elected to receive all or a portion
of the annual retainer fee as Restricted Shares as provided in this Section 2,
then on the date such fee would otherwise be payable, the Company shall grant to
such director a number of Restricted Shares determined by dividing the
compensation so to be received by the Market Value of a Share on such date such
other compensation would otherwise be payable (rounded to the nearest whole
share).

ARTICLE III.     RESTRICTED SHARES FOR ELIGIBLE EMPLOYEES
------------     ----------------------------------------

          Section 1.  Grant of Restricted Shares to Eligible Employees.  From
          ----------  -------------------------------------------------
time to time during the term of the Plan, the Committee may determine that
Restricted Shares shall be granted to Eligible Employees either as payment for
all or a portion of the compensation to be paid to any Eligible Employee
pursuant to the Company's incentive compensation plans, or for any other reason
consistent with the purposes of the Plan.  Restricted Shares to be granted as
payment for all or a portion of incentive compensation shall be granted on the
date the compensation is awarded, and the number of Restricted Shares so granted
shall be determined by dividing the amount of such compensation by the Market
Value of a Share on the date the compensation is awarded (rounded to the nearest
whole Share).

ARTICLE IV.    MISCELLANEOUS
-----------    -------------

          Section 1.  Adjustments Upon Changes in Capitalization.  Upon any
          ----------  -------------------------------------------
change in the outstanding Shares by virtue of a share dividend or split,
recapitalization, merger, consolidation, combination or exchange of shares or
other similar change, the number of Restricted Shares which may be granted under
the Plan (or the class of shares which may be granted as Restricted Shares)
shall be adjusted appropriately by the Committee, whose determination with
respect to such adjustment shall be conclusive.  Unless the Committee shall
otherwise determine, any securities and other property received by a Participant
in connection with or as a result of any such change with respect to Restricted
Shares (excluding dividends paid in cash) shall be subject to the restrictions
then applicable to Restricted Shares under the Plan (including forfeiture), and
shall be deposited promptly with the Company to be held in custody until the
restrictions cease to apply to the Restricted Shares to which such securities or
other property relates.

          Notwithstanding the foregoing, however, in the event any rights to
purchase Shares are issued pursuant to the Company's Shareholder Rights Plan (or
any successor plan) with respect to Restricted Shares, such rights shall cease
to be subject to the restrictions applicable to the underlying Restricted Shares
at such time, if any, as such rights become exercisable.

          Section 2.  Compliance with Laws.  The issuance or delivery of Shares
          ----------  ---------------------
pursuant to the Plan shall be subject to, and shall comply with, any applicable
requirements of federal and state securities laws, rules and regulations
(including, without limitation, the provisions of the Securities Act of 1933,
the Securities Exchange Act of 1934 and the rules and regulations promulgated
thereunder), any securities exchange upon which the Shares may be listed and any
other law or regulation applicable thereto, and the Company shall not be
obligated to issue or deliver any Shares pursuant to the Plan if such issuance
or delivery would violate any such requirements.  The foregoing

                                       7
<PAGE>

shall not, however, be deemed to require the Company to effect any registration
of Shares under any such law or regulation.

          Section 3.  Amendment and Termination.
          ----------  --------------------------

          (a)  The Board of Directors may from time to time amend the Plan, or
any provision thereof, in such respects as the Board of Directors may deem
advisable; provided, however, that any such amendment must be approved by the
holders of Shares entitling them to exercise a majority of the voting power of
the Company if such amendment would:

               (i)    materially increase the benefits accruing to participants
under the Plan;

               (ii)   materially increase the aggregate number of Shares which
may be issued and/or delivered or the number of Shares which may be granted to
any individual under the Plan;

               (iii)  materially modify the requirements as to eligibility for
participation in the Plan.

          (b)  The Plan shall terminate and no additional Restricted Shares
shall be granted under the Plan after September 30, 2005; provided, however,
that the Board of Directors may earlier terminate the Plan at any time.

          (c)  No amendment to or termination or expiration of the Plan shall
adversely affect any Restricted Shares previously granted under the Plan without
the consent of the holder thereof.

          (d)  Notwithstanding paragraph (a) of this Section 3, the provisions
of Section 1 of Article II may not be amended more than once every six months
other than to comport with changes in the Code, ERISA or the rules thereunder.

          Section 4.  Notices.  Each notice relating to the Plan shall be in
          ----------  --------
writing and delivered in person or by mail to the proper address.  Each notice
shall be deemed to have been given on the date it is delivered or mailed except
that an election to receive compensation as Restricted Shares pursuant to
Article II, Section 2 shall be deemed to have been given on the date it is
received by the Committee.  Each notice to the Committee shall be addressed as
follows:  The Mead Corporation, Mead World Headquarters, Courthouse Plaza
Northeast, Dayton, Ohio  45463, Attention:  Secretary.  Each notice to a
Participant shall be addressed to the Participant's address as set forth in the
records of the Company.  Anyone to whom a notice may be given under this Plan
may designate a new address by written notice to the Company or to the
Participants, as the case may be.

          Section 5.  Benefits of Plan.  The Plan shall inure to the benefit of,
          ----------  -----------------
and shall be binding upon, each successor and assign of the Company.  All rights
and obligations imposed upon a Participant and all rights granted to the Company
under this Plan shall be binding upon such Participant's heirs, legal
representatives and successors.  Nothing in the Plan shall be deemed to create
any obligation on the part of the Company to nominate any director for re-
election or to continue the employment of any employee.

          Section 6.  Taxes.
          ----------  ------

          (a)  The Company shall have the right to require, prior to the
issuance or delivery of any Restricted Shares, payment by the Participant of any
taxes required by law with respect to the issuance or delivery of such
Restricted Shares.

                                       8
<PAGE>

          (b)  On any date on or after January 1, 1994 that restrictions
applicable to Restricted Shares granted (or to be granted) hereunder shall have
ceased pursuant to Article I, Section 5 (the "Lapse Date"), and with respect to
persons subject to Section 16 of the Securities Exchange Act of 1934, as amended
(the "1934 Act") on any date thereafter through the end of the next following
period (the "Window Period") specified in Rule 16b-3(e)(3) (or any successor
rule) under the 1934 Act, the Participant to whom such Restricted Shares were
granted may elect to have the Company retain, from the Restricted Shares to be
delivered at the end of the Restriction Period, Shares having a Market Value on
the date of delivery equal to all or any part of the required minimum federal,
state and local withholding tax payments to be made by the Participant with
respect to ceasing of the restrictions in lieu of making such payments in cash;
provided that such election may also be made in advance of the Lapse Date and
will be effective on the date specified in the notice of election (subject, as
applicable, to Section 16 of the 1934 Act), and further provided that, with
respect to a Lapse Date that has occurred or will occur between January 1, 1994
and October 28, 1994, the election may be made by persons subject to and in
accordance with Section 16 of the 1934 Act through the end of the first Window
Period which commences on, includes or follows October 28, 1994.  The Committee
may establish from time to time rules or limitations with respect to the right
of a Participant to elect to have the Company retain Restricted Shares in
satisfaction of withholding payments; provided, however, that, in any event, any
such rules or limitations must be in accordance with Section 16 of the 1934 Act
and any applicable rules established under such Section.

          Section 7.  Governing Law.  All grants of Restricted Shares shall be
          ----------  --------------
made and accepted in the State of Ohio.  The laws of the State of Ohio shall
control the interpretation and performance of the provisions of the Plan.

          Section 8.  Effective Date of the Plan.  The effective date of the
          ----------  ---------------------------
Plan shall be December 10, 1987; provided, however, that if the Plan is not
approved at the 1988 Annual Meeting of Shareholders by the holders of at least a
majority of the outstanding voting power of the Company, the Plan shall
immediately terminate.  No dividends shall be paid prior to the 1988 Annual
Meeting of Shareholders with respect to any Restricted Shares granted prior to
such meeting.  If the Plan is not approved at such meeting, all Restricted
Shares granted prior thereto shall be retained by the Company, and the Company
shall pay to the Participant in whose name such Restricted Shares were
registered an amount equal to the Market Value on the date of grant of a number
of Shares equal to such number of Restricted Shares.

                  ___________________________________________

NOTES:
------

          (1)  Adopted by the Board of Directors of the Company on December 11,
1987.

          (2)  Approved by the shareholders of the Company on April 28, 1988.

          (3)  Addition of Article II, Section 2, subsection (d) adopted by the
Board of Directors of the Company on December 15, 1989 (deleted February 28,
1991).

          (4)  Amendment to Article I, Section 2, subsection (h) adopted by the
Board of Directors of the Company on January 25, 1990.

          (5)  Amendments to Article I, Section 2, subsections (d) and (j);
Article I, Section 3, subsection (a); and Article III, Section 1; and addition

                                       9
<PAGE>

of Article 2, Section 5, subsection (g), adopted by the Board of Directors of
the Company on January 24, 1991, and approved by the shareholders of the Company
on April 25, 1991.

          (6)  Amendments to Article II, Section 2, subsections (a) and (b); and
addition of Article I, Section 5, subsection (f) and Article IV, Section 3,
subsection (d) adopted by the Board of Directors of the Company on February 28,
1991.

          (7)  Amendments to Article I, Section 5, subsection (b); and addition
of Article I, Section 5, subsection (b) (iii), adopted by the Board of Directors
of the Company on July 23, 1992.

          (8)  Amendment to Article IV, Section 6, subsection (b) adopted by the
Board of Directors of the Company on April 28, 1994.

          (9)  Amendments to Article I, Section 2(j), Section 4, Section 5(b)
(i), Section 6, Article II, Section 1(c), Article IV, Section 3(b) adopted by
the Board of Directors of the Company on October 28, 1995, and approved by the
shareholders of the Company on April 25, 1996.

          (10) Amendments to Article I, Section 2(j) and 5(b); Article II,
Section 1(a) and (b) adopted by the Board of Directors of the Company on
November 09, 1996.

          (11) Amendments to Article I, Section 2(b), and addition of subsection
(i), (ii), (iii), (iv) with addition of a paragraph at the end; addition of (m),
(n), (o), (p), (q) and Article I, Section 5(c) of the Plan adopted by the Board
of Directors of the Company on June 24, 1998.

          (12) Administrative Amendment to Article IV, Section 6(b) adopted by
the Compensation Committee of the Board of Directors of the Company on June 24,
1999.

                                       10

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