Document:

Resolute Forest Products DC Make-Up Program, effective January 1, 2012

 Exhibit 10.3 

 

			
	 Resolute Forest Products DC Make-Up Program
 For Salary Grades 29 and Above
	  	

  

			
	 Purpose
	  	 In general, the DC Make-Up Program (the “Program”) provides a cash payment to eligible employees who participate in a
Canadian registered or US tax-qualified defined contribution plan (each a “Plan”) and who are limited in the amount of company contributions they receive under their Plan as a result of certain limitations prescribed by the Canadian Income
Tax Act (“ITA”) or the US Internal Revenue Code, as applicable. The Program is effective January 1, 2012.
  
 The Program is not an incentive plan, a deferred compensation plan or a retirement plan that provides for income at termination of employment or beyond.

		
	Eligibility	  	 The Program applies to all non-union employees in grades 29 or above who participate in a Plan for the Program Year. To receive
Make-Up contributions (defined below) in a Program Year, the employee must be making employee contributions to the applicable Plan and meet the other criteria for receipt of a Make-Up contribution (described below). It is possible that even if an
otherwise eligible employee is limited in his receipt of company contributions under the Plan, no Make-up contributions will be made for a Program Year.
  

Eligibility for and receipt of Make-Up contributions in one Program Year does not guarantee eligibility for and receipt of Make-Up contributions in any
later Program Year.

		
	Promotion or Status Changes	  	 •      If an employee is promoted to grade 29 or above
during a Program Year, then the employee shall become eligible to the Program effective with the first payroll period that occurs on the later of the date that contributions would be made per the “Payment” section below or the date of the
employee’s promotion is effective.
  
 •      If an employee is demoted to a grade level below grade 29, then employee shall cease being eligible for the Program on the date of the demotion is
effective.

		
	Program Year	  	The Program operates on the calendar year.
		
	Make-Up Contributions	  	
		
	Canadian Plan Participants	  	For a given Program Year, the Make-Up contribution will be an amount equal to:
		
		  	 •      For eligible employees whose employee and company contributions cease under the Plan
for a Program Year because of limitations imposed by the ITA, an amount corresponding to the additional company contribution that would have been made under the Plan pursuant to its terms absent any limitations prescribed by the
ITA.

		
		  	 •      Regardless of whether employee and company contributions for eligible employees have
ceased under the Plan for a Program Year because of limitations imposed by the ITA, the applicable company contribution percentage for the eligible employee determined under the Plan in a Program Year multiplied by any incentive award paid under a
regular short-term incentive plan adopted by the Company for the Program year.

		
		  	Make-Up contributions will not be calculated on any non-recurring or special incentive awards, such as retention awards.
		
	US Plan Participants	  	For eligible employees whose participation under the Plan ceases for a Program Year because he has earned the maximum compensation permitted to be taken into account under the
Plan pursuant to US Internal Revenue Code Section 401(a)(17), the Company will pay a “Make-Up” contribution. For a given Program Year, the Make-Up contribution will be an amount equal to

 This plan text replaces and supercedes any and all prior versions and summary fact sheet. 

Resolute Forest Products reserves the right to modify this Program at any time. 
 Date created: May 7, 2012 

  
 1 

			
	 Resolute Forest Products DC Make-Up Program
 For Salary Grades 29 and Above
	  	

  

			
		  	 •      the company matching contribution that would have
been made under the Plan pursuant to its terms (based on the salary deferral percentage elected by the employee under the Plan for the Program Year of determination) for compensation in excess of the U.S. Internal Revenue Code 401(a)(17) limitation
then in effect ($250,000 for 2012). The salary deferral percentage will be the percentage in effect when Make-Up contributions are scheduled to begin, and
  

•      if eligible for the automatic company contribution under the Plan, the
automatic company contribution that would be made based on the schedule determined under the Plan as it applies to the employee for the Program Year and the compensation in excess of the U.S. Internal Revenue Code 401(a)(17) limitation then in
effect ($250,000 for 2012)

		
		  	 No Make-Up contributions will be paid because the eligible employee was limited in his benefits under the Plan by U.S. Internal
Revenue Code Section 402(g) for pre-tax salary deferrals or U.S. Internal Revenue Code Section 415 limitations for total employee and employer contributions.
  

In addition, (1) no Make-Up contributions based on company matching contributions will be paid if the eligible employee does not make any salary deferral
elections under the Plan and (2) no Make-Up contributions based on automatic company contributions will be paid if the eligible employee is not eligible for the automatic company contribution under the Plan.

		
	Payment	  	Once the employee is determined eligible for the Program, the Make-Up contributions will begin to be paid as soon as administratively feasible in the first payroll period
following the payroll period in which the employee has reached the applicable limits under the Plan as described above. The only limit considered under the U.S. Plan is the compensation limit under Internal Revenue Code Section 401(a)(17). The
Company will withhold all applicable taxes from any Make-Up contributions made per the Program.
		
	Employment Changes	  	
		
	Termination	  	All Make-Up contributions will cease effective with the last payroll period that coincides with or next follows an employee’s date of termination. However, in the event
severance is paid upon an involuntary termination of an eligible employee who is not subject to US tax laws and the eligible employee receives severance as salary continuation, Make-Up contributions will cease effective with the last payroll period
for which salary continuation is provided.
		
	Death	  	Make-Up contributions will cease effective with the last payroll period that coincides with or next follows an eligible employee’s death.
		
	Leaves of Absence	  	 •      Leave without pay: Make-Up contributions will not be made during an unpaid
leave.

		
		  	 •      Short-term absence due to illness: Make-Up contributions, if any, will be made
during a short-term disability leave of absence to the extent that an eligible employee continues to participate in the Plan.

		
		  	 •      Long-term absence due to illness (time on long-term disability): Make-Up
contributions, if any, will be made.

 This plan text replaces and supercedes any and all prior versions and summary fact sheet. 

Resolute Forest Products reserves the right to modify this Program at any time. 
 Date created: May 7, 2012 
  

  
 2 

			
	 Resolute Forest Products DC Make-Up Program
 For Salary Grades 29 and Above
	  	

  

			
		
	General Provisions	  	
		
	Earnings	  	No earnings are credited on any Make-Up contributions because all contributions will be made on a current cash basis.
		
	Plan	  	Nothing contained in the Program will limit the right of the Plan sponsor to amend or terminate the Plan. In this regard, to the extent formulas impacting company contributions
are amended under the Plan, appropriate adjustments will apply to the determination of any Make-Up contributions, unless otherwise determined by the Company, the President and Chief Executive Officer or the Senior Vice President, Human Resources, as
applicable.
		
	Impact on Other Benefits	  	Any Make-Up contribution payable will not be used to determine any employee or company contributions under any Plan (whether defined benefit or defined contribution) or be used
to determine any incentive award payments, equity award values or other elements of an eligible employee’s compensation package.
		
	Vacation	  	Any payment made pursuant to this Program is deemed to include any and all vacation pay that may be owed pursuant to applicable minimum employment standards.
		
	Right of Offset	  	If otherwise eligible, Make-Up contributions may be offset for any debts or liabilities owed to the Company, including any amounts misappropriated by the employee, subject to any
limitations on applicable wage payment laws.
		
	Unfunded Benefits	  	Make-Up contributions are made from general assets and are an unfunded obligation of each employee’s respective employer. The Program is not governed by any Canadian pension
legislation or ERISA.
		
	No Employment Rights	  	The right to or receipt of Make-Up contributions does not give any person a right to be employed or continue to be employed with the Company or any subsidiary or affiliated
entity and does not, in any way, limit an employer’s right to terminate the employment of any eligible employee, with or without cause.
		
	Discretionary Plan and Plan Administration	  	 •      The Company has complete discretion to administer the
terms of the Program.
  

•      The Company may modify, suspend, amend or terminate the Program at any
time.

 /s/ Pierre Laberge 
 Pierre Laberge 
 Senior Vice President, Human Resources 

This plan text replaces and supercedes any and all prior versions and summary fact sheet. 
 Resolute Forest Products reserves the right to modify this Program at any time. 
 Date created:
May 7, 2012 

  
 3Waiver and Amendment No. 3

 Exhibit 10.4 
 Execution Version 
 WAIVER AND AMENDMENT NO. 3 

WAIVER AND AMENDMENT NO. 3 (this “Amendment”), dated as of March 21, 2012, under and to the ABL Credit Agreement
dated as of December 9, 2010 (as heretofore amended, the “Credit Agreement”) among AbitibiBowater Inc., a Delaware corporation (“AbitibiBowater”), the Subsidiaries of AbitibiBowater party thereto (together with
AbitibiBowater, collectively, the “Borrowers”), the Lenders party thereto from time to time and Citibank, N.A., as Administrative Agent (the “Administrative Agent”) and Collateral Agent. 

WHEREAS, AbitibiBowater has advised the Administrative Agent and the Lenders that it may acquire all or a portion of the outstanding
common shares of Fibrek Inc., a Canadian corporation listed on the Toronto Stock Exchange (“Fibrek” and, together with its Subsidiaries, the “Fibrek Group Members”); and 

WHEREAS, the Borrowers have requested that the Lenders (i) waive certain Events of Default that may arise under
Section 11.01(f) of the Credit Agreement and (ii) make certain amendments to the Credit Agreement; 
 NOW THEREFORE,
the parties hereto agree as follows: 
 Section 1. Defined Terms; References. Unless otherwise specifically defined
herein, each term used herein that is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement. Each reference to “hereof”, “hereunder”, “herein” and “hereby” and each
other similar reference and each reference to “this Agreement” and each other similar reference contained in the Credit Agreement shall, after this Amendment becomes effective, refer to the Credit Agreement as amended hereby. 

Section 2. Limited Waiver. The Lenders hereby waive (the “Waiver”) any Event of Default which may arise
under Section 11.01(f) of the Credit Agreement, solely to the extent that the Indebtedness that would give rise to such Event of Default is Indebtedness of Fibrek Group Members (any such Indebtedness that would give rise to such an Event of
Default, “Applicable Fibrek Indebtedness”); provided, that the Waiver shall automatically expire and cease to be effective on the earliest of (x) the occurrence of any date on which the sum of (i) the aggregate
amount of cash and Permitted Investments held by the Loan Parties plus (ii) Excess Availability shall be less than the aggregate outstanding principal amount of all Applicable Fibrek Indebtedness, (y) the date which is 180 days
after the date on which Fibrek first becomes a Subsidiary of AbitibiBowater and (z) October 31, 2012. The Waiver shall be limited precisely as written, and shall not extend to any other Default or Event of Default under any other provision
of the Credit Agreement or to any Default or Event of Default which may exist (including under Section 11.01(f) of the Credit Agreement) after the expiration of this Waiver. For the avoidance of doubt, any default or other circumstance that may
exist under or with respect to Indebtedness of any Person that is not a Fibrek Group Member shall not be subject to the Waiver. 

 Section 3. Amendments to the Credit Agreement. The Credit Agreement is hereby
amended as follows: 
 (a) Clause (a) of the definition of “U.S. Subsidiary Guarantors” in
Section 1.01 of the Credit Agreement is amended by inserting “(other than a Domestic Subsidiary that is a Subsidiary of a Foreign Subsidiary)” immediately following “Domestic Subsidiary”. 

(b) Section 9.09(b) of the Credit Agreement is amended by inserting “(other than a Domestic Subsidiary that is a
Subsidiary of a Foreign Subsidiary)” immediately following “Domestic Subsidiary” in clauses (i) and (ii) thereof. 
 (c) Section 10.01(i) of the Credit Agreement is amended by replacing “$100,000,000” with “$160,000,000”. 

(d) Section 10.02 of the Credit Agreement is amended by (A) deleting “and” at the end of clause (xix),
(B) deleting “.” at the end of clause (xx) and replacing it with “; and” and (C) inserting a new clause (xxi) as follows: 

“(xxi) Liens in favor of a Loan Party securing Indebtedness permitted under Section 10.01(c) and which, if on
assets of a Loan Party, have been subordinated to the Liens of the Collateral Agent on terms reasonably satisfactory to the Collateral Agent.” 
 Section 4. Representations of the Borrowers. Each of the Borrowers represents and warrants that (a) the representations and warranties of the Borrowers set forth in Section 8 of the
Credit Agreement and in the Loan Documents will be true and correct in all material respects on and as of the Amendment Effective Date (as defined below) with the same effect as though such representations and warranties had been made on and as of
the Amendment Effective Date (it being understood and agreed that (x) any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified
date and (y) any representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects on such date) and (b) no Default or Event of
Default will have occurred and be continuing on the Effective Date. 
 Section 5. Counterparts. This Amendment may
be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument.
Delivery of an executed counterpart hereof by facsimile or electronic transmission shall be as effective as delivery of an original executed counterpart hereof. 
 Section 6. Effectiveness. This Amendment shall become effective on the date when the following conditions have been met (the “Amendment Effective Date”): 

 (a) The Administrative Agent shall have received from each of the Loan
Parties and the Lenders party hereto, which Lenders constitute the Required Lenders, (i) a counterpart hereof signed by such party or (ii) evidence satisfactory to the Administrative Agent (which may include a facsimile or other electronic
transmission) that such party has signed a counterpart of this Amendment; and 
 (b) The Administrative Agent
shall have received (i) for the account of each Lender consenting hereto on or prior to such date, a consent fee in an amount equal to 0.025% of the sum of (A) such Lender’s U.S. Facility Commitment plus (B) such Lender’s
Canadian Facility Commitment, in each case as of the Amendment Effective Date and (ii) all out-of-pocket costs and expenses required to be paid by the Borrowers pursuant to Section 13.01 of the Credit Agreement for which invoices have been
presented not later than the Business Day preceding the Amendment Effective Date. 
 Section 7. Reference To and Effect
Upon the Loan Documents. 
 (a) Except as expressly set forth herein, all terms, conditions, covenants,
representations and warranties contained in the Credit Agreement and the other Loan Documents and all rights of the Agents, the Issuing Lenders, the Swingline Lenders and the Lenders and all obligations of the Loan Parties, shall remain in full
force and effect. The Loan Parties hereby confirm that the Credit Agreement and the other Loan Documents are in full force and effect. 
 (b) This Amendment shall constitute a Loan Document for all purposes of the Loan Documents. 
 Section 8. Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York. 

[Signature Pages Follow] 

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

			
	LOAN PARTIES:
	
	ABITIBIBOWATER INC.
		
	By:	 	 /s/ Jo-Ann Longworth

	Name:	 	Jo-Ann Longworth
	Title:	 	Senior Vice President and Chief Financial Officer
	
	 ABIBOW US INC., as successor to Bowater Incorporated, as a U.S. Borrower

		
	By:	 	 /s/ Jo-Ann Longworth

	Name:	 	Jo-Ann Longworth
	Title:	 	Vice President and Chief Financial Officer
	
	 ABIBOW RECYCLING LLC, as successor to Abitibi-Consolidated Corp., as a U.S. Borrower

		
	By:	 	 /s/ Jo-Ann Longworth

	Name:	 	Jo-Ann Longworth
	Title:	 	Senior Vice President and Chief Financial Officer
	
	 ABIBOW CANADA INC., as successor to Abitibi-Consolidated Inc., as a Canadian Borrower

		
	By:	 	 /s/ Jo-Ann Longworth

	Name:	 	Jo-Ann Longworth
	Title:	 	Vice President and Chief Financial Officer

 [Signature page to Waiver and Amendment No. 3] 

											
	ABITIBI CONSOLIDATED SALES LLC
		
	By:	 	AbitibiBowater, Inc., its sole member
			
		 	By:	 	 /s/ Jo-Ann Longworth

		 	Name:	 	Jo-Ann Longworth
		 	Title:	 	 Senior Vice President and
 Chief Financial Officer

  

											
	AUGUSTA NEWSPRINT COMPANY LLC
		
	By:	 	Abitibi Consolidated Sales LLC, its Manager
			
		 	By:	 	AbitibiBowater, Inc., its sole member
				
		 		 	By:	 	 /s/ Jo-Ann Longworth

		 		 	Name:	 	Jo-Ann Longworth
		 		 	Title:	 	 Senior Vice President and
 Chief Financial Officer

  

											
	AUGUSTA NEWSPRINT HOLDING LLC
		
	By:	 	Abitibi Consolidated Sales LLC, its Member
			
		 	By:	 	AbitibiBowater, Inc., its sole member
				
		 		 	By:	 	 /s/ Jo-Ann Longworth

		 		 	Name:	 	Jo-Ann Longworth
		 		 	Title:	 	 Senior Vice President and
 Chief Financial Officer

  

											
	BOWATER NEWSPRINT SOUTH LLC
		
	By:	 	 /s/ Jo-Ann Longworth

	Name:	 	Jo-Ann Longworth
	Title:	 	Manager

 [Signature page to Waiver and Amendment No. 3] 

 
			
	 BOWATER NEWSPRINT SOUTH LLC

BOWATER NUWAY MID-STATES INC.

DONOHUE CORP.
 LAKE SUPERIOR FOREST PRODUCTS INC.
 ABITIBIBOWATER CANADA
INC.
 BOWATER CANADIAN LIMITED

BOWATER LAHAVE CORPORATION

		
	By:	 	 /s/ Jo-Ann Longworth

	Name:	 	Jo-Ann Longworth
	Title:	 	Vice President and Chief Financial Officer

 [Signature page to Waiver and Amendment No. 3] 

			
	 LENDERS:

	
	 CITIBANK, N.A., as Administrative
Agent and Lender

		
	 By:
	 	 /s/ Thomas Halsch

	 Name:
	 	Thomas Halsch
	 Title:
	 	Vice President
	
	 CITIBANK, N.A., Canadian Branch, as Lender

		
	 By:
	 	 /s/ Isabelle Cote

	 Name:
	 	Isabelle Cote
	 Title:
	 	Authorized Officer
	
	 Barclays Bank PLC, as Lender

		
	 By:
	 	 /s/ Lisa Minigh

	 Name:
	 	Lisa Minigh
	 Title:
	 	Assistant Vice President
	
	 JP MORGAN CHASE BANK, N.A., as Lender

		
	 By:
	 	 /s/ Peter S. Predun

	 Name:
	 	Peter S. Predun
	 Title:
	 	Executive Director
	
	 Wells Fargo Capital Finance, LLC, as Lender

		
	 By:
	 	 /s/ David Klagos

	 Name:
	 	David Klagos
	 Title:
	 	Vice President
	
	 Wells Fargo Capital Finance Corporation
Canada, as Lender

		
	 By:
	 	 /s/ Raymond Eghobamien

	 Name:
	 	Raymond Eghobamien
	 Title:
	 	Vice President

 [Signature page to Waiver and Amendment No. 3] 

 
			
	 Bank of Montreal, as a U.S. Lender

		
	 By:
	 	 /s/ William J. Kennedy

	Name:	 	William J. Kennedy
	Title:	 	Vice President
	
	 Bank of Montreal, as a Canadian Lender

		
	 By:
	 	 /s/ Sean P. Gallaway

	Name:	 	Sean P. Gallaway
	Title:	 	Vice President
	
	 CIBC Inc., as Lender

		
	 By:
	 	 /s/ Dominic Sorresso

	Name:	 	Dominic Sorresso
	Title:	 	Executive Director
		
	By:	 	 /s/ Eoin Roche

	Name:	 	Eoin Roche
	Title:	 	Executive Director
	
	 Canadian Imperial Bank of Commerce, as Lender

		
	 By:
	 	 /s/ Deepak Dave

	Name:	 	Deepak Dave
	Title:	 	Director
		
	By:	 	 /s/ Peter Rawlins

	Name:	 	Peter Rawlins
	Title:	 	Executive Director

 [Signature page to Waiver and Amendment No. 3] 

 
			
	EXPORT DEVELOPMENT CANADA
		
	By:	 	 /s/ Talal M. Kairouz

	Name:	 	Talal M. Kairouz
	Title:	 	Senior Asset Manager
		
	By:	 	 /s/ Shaun Enright

	Name:	 	Shaun Enright
	Title:	 	Sr. Asset Manager
	
	THE BANK OF NOVA SCOTIA, as Lender
		
	By:	 	 /s/ Denis Lapalme

	Name:	 	Denis Lapalme
	Title:	 	Director
		
	By:	 	 /s/ David R. Loewen

	Name:	 	David R. Loewen
	Title:	 	Director
	
	Siemens Financial Services, Inc., as Lender
		
	By:	 	 /s/ John Finone

	Name:	 	John Finone
	Title:	 	Vice President
		
	By:	 	 /s/ April Greaves-Bryan

	Name:	 	April Greaves-Bryan
	Title:	 	Vice President
	
	ROYAL BANK OF CANADA, as Lender
		
	By:	 	 /s/ Robert Kizell

	Name:	 	Robert Kizell
	Title:	 	Attorney in Fact
		
	By:	 	 /s/ Michael Petersen

	Name:	 	Michael Petersen
	Title:	 	Attorney in Fact

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