Document:

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                                                                 EXHIBIT 10.8.2

                     SCHWEITZER-MAUDUIT INTERNATIONAL, INC.
                           DEFERRED COMPENSATION PLAN
                           FOR NON-EMPLOYEE DIRECTORS

                     Article I - Purpose and Participation

         The purpose of the Schweitzer-Mauduit International, Inc. Deferred
Compensation Plan for Non-Employee Directors ("Plan") is to enhance the ability
of Schweitzer-Mauduit International, Inc. ("SWM") to attract and retain as
members of its Board of Directors ("Board") individuals of outstanding
competence.

                            Article II - Definitions

         As used within this document, the following words and phrases have the
meanings described in this Article II unless a different meaning is required by
the context. Some of the words and phrases used in the Plan are not defined in
this Article II, but for convenience, are defined as they are introduced into
the text. Words in the masculine gender shall be deemed to include the feminine
gender. Any headings used are included for ease of reference only, and are not
to be construed so as to alter any of the terms of the Plan.

2.1      Annual Deferral. The amount of the annual retainer or meeting fees
which the Director elects to defer in each Deferral Period pursuant to Article
3.2 of the Plan.

2.2      Beneficiary. An individual or entity designated by a Participant in
accordance with Article 8.11.

2.3      Board or Board of Directors.  The Board of Directors of the
Corporation.
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2.4      Change of Control. For the purposes of this Plan, a Change of Control
shall mean the date as of which: (a) a third person, including a "group" as
defined in Section 13(d)(3) of the Securities Act of 1934, acquires actual or
beneficial ownership of shares of the Corporation having 15% or more of the
total number of votes that may be cast for the election of Directors of the
Corporation; or (b) as the result of any cash tender or exchange offer, merger
or other business combination, sale of assets or contested election, or any
combination of the foregoing transactions (a "Transaction"), the persons who
were Directors of the Corporation before the Transaction shall cease to
constitute a majority of the Board of Directors of the Corporation or any
successor to the Corporation.

2.5      Code. The Internal Revenue Code of 1986. Reference to a section of the
Code shall include that section and any comparable section or sections of any
future legislation that amends, supplements or supersedes such section.

2.6      Committee.  The Compensation Committee of the Corporation's Board of
Directors.

2.7      Corporation.  Schweitzer-Mauduit International, Inc.

2.8      Deferral Accounts. The Stock Unit Account and the Investment Account
established for each Director participating in this Plan pursuant to Sections
4.2 and 4.3, respectively, of the Plan.

2.9      Deferral Election.  The election made by the Director pursuant to
Article 3.2 of the Plan.

2.10     Deferral Period. The Plan Year, or in the case of a new Director
elected during a Plan Year, the remaining portion of the Plan Year. In the case
of the first Plan Year, the Deferral Period commences April 1, 2000 and ends
December 31, 2000.
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2.11     Disability. Totally and Permanently Disabled, as defined in the
Corporation's Retirement Plan; provided that the Committee shall make a
determination of Disability for any Director in the Plan.

2.12     Effective Date.  April 1, 2000.

2.13     Fair Market Value.  Shall have the meaning given to such term in
Article 4.2.

2.14     IRS.  The Internal Revenue Service.

2.15     Plan. The Schweitzer-Mauduit International, Inc. Deferred
Compensation Plan for Non-Employee Directors.

2.16     Plan Administrator. The Corporation's Board of Directors or a
committee thereof as appointed by the Board from time to time.

2.17     Plan Year.  "Plan Year" means the 12-month period beginning each
January 1 and ending on the following December 31.

2.18     Rabbi Trust. The trust which the Corporation, as grantor, may
establish, in its discretion, as a trust intended to qualify under subpart E,
part I, Subchapter J, chapter 1, Subtitle A of the Code as a grantor trust for
the Plan.

2.19     Valuation Date. Shall have the meanings, as applicable, given to
such term in Sections 5.1, 5.2, 5.3 and 5.4.

                  Article III - Eligibility and Participation

3.1      Non-employee members of the Board ("Directors") may elect to defer
receipt of all or any portion of earned Director's annual retainer fees paid in
SWM common stock pursuant to the Schweitzer-Mauduit International, Inc. Outside
Director Stock Plan into a
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stock unit account (the "Stock Unit Account") and Board and committee meeting
fees, established by resolution of the Board from time to time and other
amounts paid to Directors in cash by the Corporation, into an Investment
Account (the "Investment Account")(collectively, the retainer fees, Board and
committee meeting fees and other sums are called "Director's Compensation"
herein). One-quarter of a Director's annual retainer fee shall be deemed earned
on the first business day of each calendar quarter and all Board and committee
meeting fees shall be deemed earned on the last business day of the calendar
month in which the meeting is attended by the Director.

3.2      Each Director must file with SWM's Vice President-Administration by
March 15, 2000 a Deferral Election Form (Exhibit I) indicating deferral amounts
elected during the remainder of calendar year 2000 ("Initial Period").
Following the Initial Period, a Director must submit a Deferral Election Form
to SWM's Vice President-Administration by December 15 indicating deferrals
elected for the following Plan Year.

3.3      If any individual initially becomes a Director during a Plan Year, he
or she may elect to defer Director's Compensation to be earned during that Plan
Year at any time before attendance at the first Board or committee meeting
following election to the Board.

                  Article IV - Deferred Compensation Accounts

4.1      For record-keeping purposes only, SWM shall maintain a Stock Unit
Account and an Investment Account.

4.2      Stock Unit Account. The Stock Unit Account shall consist of fictional
shares ("Stock Units") of SWM par value $0.10 common stock ("Common Stock")
accumulated and accounted for the sole purpose of determining the pay out in
shares of Common Stock or the cash equivalent upon any distribution of benefits
under this portion of a Director's deferred compensation.
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         4.2.1 One quarter of the Director's deferred annual retainer fee will
         be credited to the Stock Unit Account on the first trading day on the
         New York Stock Exchange ("Trading Day") of each calendar quarter
         during the Plan Year to the hypothetical purchase of whole or
         fractional shares of Common Stock on that day.

         4.2.2 For purposes of determining the number of whole or fractional
         shares of Common Stock which shall be credited to the Stock Unit
         Account, the hypothetical purchase shall be deemed to be made at Fair
         Market Value on the date of the hypothetical purchase. For purposes of
         Article 4.2, Fair Market Value shall be the mean between the high and
         low sales prices of the Common Stock, on the relevant date as reported
         on the composite list used by the Wall Street Journal for reporting
         stock prices, or if no such trading in the Common Stock shall have
         taken place on that day, on the last preceding day on which there was
         such trading in the Common Stock.

         4.2.3 The equivalent of any cash dividends paid with respect to the
         shares of Common Stock shall be applied on the last business day of
         the month in which such dividends are paid, based on the hypothetical
         number of shares of Common Stock in the Stock Unit Account as of the
         record date for such dividend, to the hypothetical purchase of whole
         or fractional shares of Common Stock at Fair Market Value and credited
         to the Stock Unit Account.

         4.2.4 In the event SWM pays a stock dividend or reclassifies or
         divides or combines its outstanding Common Stock then an appropriate
         adjustment shall be made in the hypothetical number of shares of
         Common Stock held in the Stock Unit Account.

4.3      Investment Account - As of the end of each calendar month in which a
Director would be entitled to payment of Board or committee meeting fees, SWM
shall credit to
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the Investment Account the amount of such meeting fees that were deferred by
the Director in the Deferral Election Form submitted for the applicable Plan
Year.

         4.3.1 Any distribution of benefits from an Investment Account shall be
         charged to that account as of the date such payment is made by SWM or
         by the trustee of any Rabbi Trust established by the Corporation for
         the Plan.

4.4      Earnings and Losses on the Investment Account - The Investment Account
balance shall be credited or debited, as the case may be, with deemed net
income, gain and loss, including the deemed net unrealized gain and loss based
on hypothetical investment directions made by the Participant with respect to
the Investment Account on the Deferral Election Form, in accordance with
investment options and procedures adopted by the Plan Administrator in its sole
discretion, from time to time.

4.5      Hypothetical Nature of Accounts - The Plan constitutes an unsecured
promise by SWM to make the benefit distributions in the future in the amount of
the cash account balance in the Investment Account, after adjustment for gains
or losses, and for the number of whole or fractional shares of Common Stock in
the Stock Unit Account. Any Deferral Account established for a Director under
this Plan shall be hypothetical in nature and shall be maintained solely for
the Corporation's record-keeping purposes so that any contributions can be
credited and deemed investment earnings and losses on such amounts can be
credited (or debited, as the case may be). Neither the Plan, the Investment
Accounts (or subaccounts) nor the Stock Unit Account shall hold any actual
funds or assets.

         4.5.1 The right of any individual or entity to receive one or more
         payments or distributions of shares of Common Stock under the Plan
         shall be an unsecured claim against the general assets of the
         Corporation. Any liability of the Corporation to any Director, former
         Director, or Beneficiary with respect to a right to payment or
         distribution shall be based solely upon contractual obligations
         created by the Plan. The Corporation, the Board of Directors, the
         Committee, the
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         Plan Administrator and any individual or entity shall not be deemed to
         be a trustee of any amounts to be paid or shares of Common Stock to be
         distributed under the Plan. Nothing contained in the Plan, and no
         action taken pursuant to its provisions, shall create or be construed
         to create a trust of any kind, or a fiduciary relationship, between
         the Corporation and a Director, former Director, Beneficiary, or any
         other individual or entity.

         4.5.2 The Corporation may, in its sole discretion, establish a Rabbi
         Trust as a vehicle in which to place funds or shares of Common Stock
         with respect to this Plan. If established, all benefits payable under
         this Plan to a Director shall be paid directly by the Corporation from
         the Rabbi Trust. To the extent that such benefits are not paid from
         the Rabbi Trust, the benefits shall be paid from the general assets of
         the Corporation and shall be reimbursed to the Corporation by the
         Rabbi Trust at the Corporation's request upon presentation of
         reasonable proof that the Corporation made such payment. The assets of
         the Rabbi Trust shall be subject to the claims of the Company's
         creditors in the event of its insolvency. Except as to any amounts
         paid or payable to a Rabbi Trust, the Company shall not be obligated
         to set aside, earmark or escrow any funds or other assets to satisfy
         its obligations under this Plan, and the Directors shall not have any
         property interest in any specific assets of the Corporation other than
         the unsecured right to receive payments from the Corporation, as
         provided in this Plan.

         4.5.3 The Corporation does not in any way guarantee any Director's
         Investment Account against loss or depreciation, whether caused by
         poor investment performance, insolvency of a deemed investment or by
         any other event or occurrence. In no event shall any employee,
         officer, director, or stockholder of the Corporation be liable to any
         individual or entity on account of any claim arising by reason of the
         Plan provisions or any instrument or instruments implementing its
         provisions, or for the failure of any Director, Beneficiary or other
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         individual or entity to be entitled to any particular tax consequences
         with respect to the Plan or any credit or payment of benefits
         thereunder.

                              Article V - Benefits

5.1      Disability. If a Director suffers a Disability while serving as a
Director of the Corporation and before he is entitled to benefits under this
Plan, he shall receive the number of shares of Common Stock and the cash amount
credited to his Deferral Accounts as of the Valuation Date, which for purposes
of this Article 5.1 shall be the date on which the Director is determined by
the Committee to have suffered a Disability. No further investment gains or
losses shall be credited or debited against the Investment Account as of and
after the Valuation Date. Dividends shall continue to be paid on shares of
Common Stock in the Stock Unit Account and credited to that account in whole or
fractional shares of Common Stock in accordance with the Plan terms.
Distribution of benefits from the Deferral Accounts under this Article shall
commence within thirty (30) days of when the Committee determines the existence
of the Director's Disability and in accordance with the payment method elected
by the Director on his Deferral Election Form. Upon the Director's written
request and subject to approval of the Plan Administrator, exercised in its
sole discretion, an alternative benefit distribution method, including a lump
sum or shorter period of distribution, may be used.

5.2      Pre-Termination Survivor Benefit. If a Director dies before becoming
entitled to benefits under this Article, the Beneficiary or Beneficiaries
designated pursuant to Article 8.11 shall receive the cash amount and a
distribution of the number of shares of Common Stock credited to the Director's
Deferral Accounts as of the Valuation Date, which for purposes of this Article
5.2 shall be the date the Director died or the first business day thereafter if
such date falls on a holiday or a weekend. No further investment gains or
losses shall be credited or debited against the Investment Account as of and
after the Valuation Date. Dividends shall continue to be paid on shares of
Common Stock in the Stock Unit Account and credited to that account in whole or
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fractional shares of Common Stock in accordance with the Plan terms.
Distribution of any benefits under this Article shall be made within thirty
(30) days of the Director's death, or if later, within thirty (30) days of when
the Plan Administrator receives notification of or otherwise confirms the
Director's death.

5.3      Post-Termination Survivor Benefit. If a Director dies after benefits
have commenced, but prior to receiving complete payment of benefits under this
Plan, the Beneficiary or Beneficiaries designated under Article 8.11, shall
receive in a single lump sum the cash amount and a distribution of the number
of shares of Common Stock credited to the Director's Deferral Accounts as of
the Valuation Date determined in accordance with Article 5.2. No further
investment gains or losses shall be credited or debited against the Investment
Account as of and after the Valuation Date. Dividends shall continue to be paid
on shares of Common Stock in the Stock Unit Account and credited to that
account in whole or fractional shares of Common Stock in accordance with the
Plan terms. Distribution of any benefits under this Article shall be made
within thirty (30) days of the Director's death, or if later, within thirty
(30) days of when the Plan Administrator receives notification of or otherwise
confirms the Director's death.

5.4      Change of Control. If a Change of Control occurs before a Director
becomes entitled to receive benefits by reason of any of the above Articles or
before the Director has received complete payment of his benefits under this
Plan, he shall receive a lump sum payment of the cash amount and a distribution
of the shares of Common Stock credited to his Deferral Accounts as of the
Valuation Date which for purposes of this Article 5.4 shall mean the business
day immediately preceding the date on which the Company receives notice of
facts indicating that a Change of Control occurred. No further investment gains
or losses shall be credited or debited against the Investment Account as of and
after the Valuation Date. Dividends shall continue to be paid on shares of
Common Stock in the Stock Unit Account and credited to that account in whole or
fractional shares of Common Stock in accordance with the Plan terms.
Distribution of any benefits under this Article shall commence within thirty
(30) days of the Valuation Date.
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                       Article VI - Benefit Distributions

6.1      Distributions from either the Stock Unit Account or the Investment
Account or transfers between the two accounts shall not be allowed while the
individual remains a Director of SWM.

6.2      At the time of filing a Deferral Election Form, a Director must
indicate an election to receive distribution of: (1) the entire amount in the
Investment Account and a distribution of all shares of Common Stock in the
Stock Unit Account immediately following the end of the month in which the
participant is no longer a Director, (2) the entire balance in the Investment
Account and the Stock Unit Account in five (5) or ten (10) annual installments
with the initial distribution made in the following January. If no distribution
election is made by the Director or no election form is in effect at the time a
participant is no longer a Director, the balance of cash and shares of Common
Stock in such Director's Deferral Accounts will be distributed in installments
over five years. Annual installments shall be calculated each year by dividing
the remaining Investment Account balance and the number of shares of Common
Stock remaining the Stock Unit Account as of January 1 of that year by the
remaining number of installments.

         6.2.1 Not less than twelve months prior to the date a Director
         terminates service on the Corporation's Board, a Director may modify a
         prior distribution election to a different form of distribution from
         among those offered under the Plan.

         6.2.2 At least ninety (90) days prior to the Directors first scheduled
         distribution date, the Director may make a one-time, irrevocable,
         written election to receive the distributions from the Stock Unit
         Account in cash in an amount equivalent to the Fair Market Value of
         the whole and fractional shares of Common Stock in the Director's
         Stock Unit Account on the date such election is made.
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6.3      If the Director or former Director dies before all payments have been
made, distribution(s) shall be made to the beneficiary designated by the
Director in the Deferral Election Form. The designated beneficiary may be
changed from time to time by delivering a new Beneficiary designation in
writing to SWM's Vice President - Administration. If no designation is made, or
if the named beneficiary predeceases the Director, distributions of benefits
shall be made to the Director's estate.

                      Article VII - Establishment of Trust

7.1      Establishment of Trust. The Corporation may establish a Rabbi Trust
("Trust") for the Plan. If established, all benefits payable under this Plan to
a Director shall be paid directly by the Corporation from the Trust. To the
extent that such benefits are not paid from the Trust, the benefits shall be
paid from the general assets of the Corporation and shall be reimbursed to the
Corporation by the Trust at the Corporation's request upon presentation of
reasonable proof that the Corporation made such payment. Any Trust shall be an
irrevocable grantor trust which is intended to qualify as such under subpart E,
part I, Subchapter J, chapter 1, Subtitle A of the Code. The assets of the
Rabbi Trust are subject to the claims of the Corporation's creditors in the
event of its insolvency. Except as to any amounts paid or payable to a Trust,
the Corporation shall not be obligated to set aside, earmark or escrow any
funds or other assets to satisfy its obligations under this Plan, and the
Director and/or his designated Beneficiaries shall not have any property
interest in any specific assets of the Corporation other than the unsecured
right to receive payments from the Corporation, a as provided in this Plan.

7.2      Distribution of Benefits from the Trust. In the event a Trust is
established and benefit distributions are not made by the Corporation in
accordance with the terms of the Plan, a Director may petition the trustee of
the Trust directly for distribution of benefits and the trustee may make such
distributions directly to the Director upon the trustee's good faith
determination that the benefit distribution was in fact owed, was not
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timely made by the Corporation and that there are sufficient assets in the
Trust to make the distribution.

                          Article VIII - Miscellaneous

8.1      Benefits provided under this Plan are unfunded obligations of the
Corporation. Nothing contained in this Plan shall require the Corporation to
segregate any monies or other assets from its general funds or assets with
respect to such obligations. This Plan is not an employee benefit plan as
defined in the Employee Retirement Income Security Act of 1974, as amended, and
is not intended for the benefit of any common law employee of the Corporation.

8.2      The Board shall be the plan administrator of this Plan and shall be
solely responsible for its general administration and interpretation and for
carrying out the provisions hereof, and shall have all such powers as may be
necessary to do so. The Board shall have the right to delegate from time to
time the administration of the Plan, in whole or in part, to any committee of
the Board. The decisions made, and the actions taken, by the Board or any
committee thereof in the administration of the Plan shall be final and
conclusive on all persons, and no member of the Board or any committee thereof
shall be subject to individual liability with respect to the Plan.

8.3      Neither the Director nor any beneficiary nor any next-of-kin shall have
the right to assign or otherwise alienate the right to receive payments
hereunder, in whole or in part, which payments are expressly non-assignable and
non-transferable, whether voluntarily or involuntarily. Any attempt to
alienate, sell, transfer, assign, pledge or otherwise encumber any such amount,
whether presently or thereafter payable, shall be void. Except as required by
law, no benefit payable under this Plan shall in any manner be subject to
garnishment, attachment, execution or other legal process, or be liable for or
subject to the debts or liability of any Director.
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8.4      The Corporation shall withhold from amounts paid under this Plan any
taxes or other amounts required to be withheld by law.

8.5      The Board may at any time modify, amend or terminate the Plan for
whatever reasons it may deem appropriate. No amendment or termination shall (a)
impair the rights of a participant with respect to amounts then in the
participant's account of (b) be effective without the written consent of the
Directors. All references to action by the Directors shall mean a vote of a
majority of the total number of Directors authorized by the Board unless such
action may potentially result in the loss of deferred tax treatment of the plan
benefits, in which case the unanimous vote of the Board shall be required.

8.6      Each Director in the Plan will receive a quarterly statement indicating
the dollar amount credited to the participant's Investment Account and the
number of shares of Common Stock in the Unit Stock Account as of the end of the
preceding calendar quarter.

8.7      This Plan shall become effective with respect to annual retainer and
meeting fees earned on and after April 1, 2000 with all elections and
designations filed by the Directors prior to April 1, 2000 becoming effective
as of such date.

8.8      Good Faith Distribution of Benefits. Any distribution of benefits made
in good faith in accordance with provisions of the Plan shall be a complete
discharge of any liability for the making of such payment under the provisions
of this Plan.

8.9      Binding Effect. The provisions of this Plan shall be binding upon the
Corporation and its successors and assigns and upon every Director and his
heirs, Beneficiaries, estates and legal representatives.

8.10     Director Change of Address. Each Director entitled to benefits shall
file with the Corporation's Vice President Administration, in writing, any
change of address. Any check representing payment and any communication
addressed to a Director or a
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former Director at this last address filed with the Corporation's Vice
President - Administration, or if no such address has been filed, then at his
last address as indicated on the Corporation's records, shall be binding on
such Director for all purposes of the Plan, and neither the Plan Administrator,
the Corporation, any trustee, nor any other payor shall be obliged to search
for or ascertain the location of any such Director. If the Plan Administrator
is in doubt as to the address of any Director entitled to benefits or as to
whether benefit payments are being received by a Director, it shall, by
registered mail addressed to such Director at his last known address, notify
such Director that:

         (i)      All unmailed and future Plan payments shall be withheld until
                  Director provides the Plan Administrator with evidence of
                  such Director's continued life and proper mailing address;
                  and

         (ii)     Director's right to any Plan payment shall, at the option of
                  the Committee, be canceled forever, if, at the expiration of
                  five (5) years from the date of such mailing, such Director
                  or his Beneficiary shall not have provided the Committee with
                  evidence of his continued life and proper mailing address.

8.11     Designation of Beneficiary. Each Director shall designate, by name, on
the Deferral Election Form, the Beneficiary(ies) who shall receive any benefits
which might be payable after such Director's death. A Beneficiary designation
may be changed or revoked in writing by the Director making the designation
without such Beneficiary's consent at any time or from time to time in the
manner as provided by the Plan Administrator, and the Plan Administrator shall
have no duty to notify any individual or entity designated as a Beneficiary of
any change in such designation which might affect such individual or entity's
present or future rights. If the designated Beneficiary does not survive the
Director, all amounts that would have been paid to such deceased Beneficiary
shall be paid to the Director or to his estate.
<PAGE>   15

         8.11.1 No Director shall designate more than three (3) simultaneous
         Beneficiaries, and if more than one (1) Beneficiary is named, Director
         shall designate the share to be received by each Beneficiary. Despite
         the limitation of three (3) Beneficiaries, a Director may designate
         more than three (3) Beneficiaries provided such beneficiaries are the
         surviving spouse and children of the Director. If a Director
         designates alternative, successor, or contingent Beneficiaries, such
         Director shall specify the shares, terms and conditions upon which
         amounts shall be paid or shares of Common Stock distributed to such
         multiple, alternative, successor or contingent beneficiaries. Any
         payment made under this Plan or distribution of shares of Common Stock
         after the death of a Participant shall be made only to the Beneficiary
         or Beneficiaries designated pursuant to this Section.

8.12     Claims. Any claim for benefits must initially be submitted in writing
to the Corporation's Vice President Administration. If such claim is denied (in
whole or in part), the claimant shall receive notice from the Plan
Administrator, in writing, setting forth the specific reasons for denial, with
specific reference to applicable provisions of this Plan. Such notice shall be
provided within ninety (90) days of the date the claim for benefits is received
by the Corporation's Vice President - Administration, unless special
circumstances require an extension of time for processing the claim, in which
event notification of the extension shall be provided to the claimant prior to
the expiration of the initial 90-day period. The extension notification shall
indicate the special circumstances requiring the extension of time and the date
by which the Plan Administrator expects to render its decision. Any such
extension shall not exceed 90 days. Any disagreements about such
interpretations and construction may be appealed in writing by the claimant
within sixty (60) days to the Plan Administrator. The Plan Administrator shall
respond to such appeal within sixty (60) days, with a notice in writing fully
disclosing its decision and its reasons, unless special circumstances require
an extension of time for reviewing the claim, in which event notification of
the extension shall be provided to the claimant prior to the expiration of the
initial sixty (60) day period. Any such extension shall be provided to the
claimant prior to the commencement of the
<PAGE>   16

extension. Any such extension shall not exceed 60 days. No member of the Board,
or any committee thereof, and no officer, employee or agents of the Corporation
shall be liable to any individual or entity for any action taken hereunder,
except those actions undertaken with lack of good faith.

         8.12.1 Provided that the Corporation has established a Rabbi Trust for
         the Plan pursuant to which the trustee has agreed to act in a capacity
         other than as a directed trustee in the event of a Change in Control,
         the trustee of the Trust shall perform the duties of the Plan
         Administrator under this Article 8.12 following a Change of Control.

8.13     Nothing contained in the Plan shall be construed as a commitment by the
Board to nominate any person for election or re-election to the Board. Nothing
contained in this Plan shall be construed to create a right in any person to be
elected or to continue to serve as a Director.

8.14     The adoption of this Plan shall have no effect on the existing
Schweitzer-Mauduit International, Inc. Outside Directors Stock Plan. Nothing
contained in this Plan shall prevent SWM from adopting other or additional
compensation plans or arrangements for its non-employee Directors.

8.15     Governing Law. To the extent not superseded by the laws of the United
States, the laws of the State of Georgia shall be controlling in all matters
relating to this Plan.

8.16     Severability. In the event any provision of this Plan shall be held
illegal or invalid for any reason, such illegality or invalidity shall not
affect the remaining provisions of the Plan, and the Plan shall be interpreted
and enforced as if such illegal and invalid provisions had never been set
forth.

Adopted and approved by the Board of Directors the 24th day of February 2000<PAGE>   1
                                                                  EXHIBIT 10.11

                     SCHWEITZER-MAUDUIT INTERNATIONAL, INC.
                            EXECUTIVE SEVERANCE PLAN

                             Amended and Restated -
                            As of February 24, 2000

<PAGE>   2

                     SCHWEITZER-MAUDUIT INTERNATIONAL, INC.
                   EXECUTIVE SEVERANCE PLAN FOR KEY EMPLOYEES
                  AMENDED AND RESTATED AS OF FEBRUARY 24, 2000

                    ARTICLE 1 - PURPOSE AND ADOPTION OF PLAN

         1.1      Adoption of Plan. Schweitzer-Mauduit International, Inc.
("Company") hereby amends and restates the Schweitzer-Mauduit International,
Inc. Executive Severance Plan as of February 24, 2000. The Company intends that
this Plan qualify as and come within the various exceptions and exemptions
under the Employee Retirement Income Security Act of 1974 ("ERISA"), as
amended, for an unfunded plan maintained primarily for a select group of
management or highly compensated employees, and any ambiguities in this Plan
shall be construed to effect that intent. The benefits of this Plan for U.S.
Employees (as hereinafter defined) shall be paid solely from the general assets
of the Company. The benefits of this Plan for French Employees (as hereinafter
defined) shall be paid by the French Employer (as hereinafter defined) but, if
as a result of applicable French laws, a French Employer would be prohibited
from paying the benefits of this Plan to a French Employee, any such benefits
shall be paid by the Company to such French Employee.

         1.2      Purpose. The Plan is primarily designed to provide benefits
to certain Key Employees (as hereinafter defined) upon termination of
employment as a result of a Change of Control or otherwise.

         1.3      Effect on Other Plans Sponsored by the Company or by a French
Employer. The benefits payable under the Plan are in addition to the coverage
and benefits generally afforded by Other Plans (as hereinafter defined) to Key
Employees terminating from the

                                       1
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service of the Company or, as the case may be, from the service of a French
Employer and any other programs sponsored by the Company or provided to
Participants who are French Employees including, but not limited to, vested
benefits under any qualified employee benefit plans. However, nothing herein is
intended to or shall be construed to require the Company or a French Employer
to institute or continue in effect any particular plan or benefit sponsored by
the Company or such French Employer, and the Company and each French Employer
hereby reserve the right to amend or terminate any of their Other Plans or
benefit programs at any time in accordance with the procedures set forth in
each such plan or program and any applicable law.

         The masculine pronoun shall be construed to include the feminine
pronoun and singular shall include the plural where the context so requires.

                            ARTICLE 2 - DEFINITIONS

         2.1     "Administrator" shall mean the Compensation Committee of the
Board. Following a Change of Control, the Administrator shall be the Trustee of
a grantor trust established by the Company that includes this Plan.

         2.2     "Agreement" shall mean the participation agreement provided to
a Key Employee by the Administrator as provided in Section 3.2.

         2.3     "Annual Compensation" shall mean:

                  a)       For U.S. Employees, a Participant's rate of base
                           salary paid or payable for a calendar year by the
                           Company and any incentive award paid or payable to
                           such Participant pursuant to the Schweitzer-Mauduit
                           International, Inc. Annual Incentive Plan (the "SMI
                           Annual Incentive Plan") or any replacement or
                           successor to such plan for such calendar year.

                  b)       For French Employees, a Participant's rate of base
                           salary paid or payable

                                       2
<PAGE>   4

                           for a calendar year by his French Employer, plus any
                           incentive award paid or payable to such Participant
                           pursuant to the SMI Annual Incentive Plan or any
                           replacement or successor to such plan for such
                           calendar year, plus any profit-sharing paid or
                           payable by his French Employer attributable to such
                           calendar year minus the aggregate amount of (i) any
                           Convention Collective payments, (ii) Assedic
                           Payments, or (iii) private insurance payments paid
                           or payable to such Participant as a result of a
                           Change of Control Termination.

         2.4      "Basic Plan" shall mean the Securite Sociale retirement
benefit plan sponsored by the French Government.

         2.5      "Board" shall mean the Board of Directors of
Schweitzer-Mauduit International, Inc.

         2.6      "Cause" shall mean the termination of the Participant's
employment by the Company or by his French Employer, as the case may be, on the
basis of criminal or civil fraud on the part of the Participant.

         2.7      "Change of Control" shall mean the date as of which: (a) a
third person, including a "group" as defined in Section 13(d)(3) of the
Securities Exchange Act of 1934, acquires actual or beneficial ownership of
shares of the Company having 15% or more of the total number of votes that may
be cast for the election of Directors of the Company; or (b) as the result of
any cash tender or exchange offer, merger or other business combination, sale
of assets or contested election, or any combination of the foregoing
transactions (a "Transaction"), the persons who were directors of the Company
before the Transaction shall cease to constitute a majority of the Board of
Directors of the Company or any successor to the Company.

                                       3
<PAGE>   5

         2.8      "Change of Control Termination" shall mean the termination of
a Participant's employment by the Company or his French Employer, as the case
may be, within two years of a Change of Control for any reason other than for
Cause, Retirement, Disability or the Participant's death.

         2.9      "Code" shall mean the Internal Revenue Code of 1986, as
amended.

         2.10     "Company" shall mean Schweitzer-Mauduit International, Inc.
and each of its successors and assigns.

         2.11     "Complementary Plan" shall mean the national pension plans
for French Employees and workers sponsored by the Association des Regimes de
Retraite Complementaires ("ARRCO") and the Association Generale des
Institutions de Retraite des Cadres ("AGIRC"), respectively.

         2.12     "Disability" shall mean Totally and Permanently Disabled,
within the meaning of the Retirement Plan, provided that the Administrator
shall make any such determination with respect to a Participant hereunder.

         2.13     "French Employee" shall mean an individual employed by one of
the French Employers.

         2.14     "French Employer(s)" mean Schweitzer-Mauduit France, S.A.R.L.
or LTR Industries, S.A., and their respective successors and subsidiaries.

         2.15     "French Supplementary Plans" shall mean the supplementary
pension benefit plans provided, respectively, by Papeteries de Mauduit, S.A.
and LTR Industries, S.A. to their employees.

                                       4
<PAGE>   6

         2.16     "Key Employee" shall mean an individual who is a member of a
select group of management or highly compensated French Employees and/or U.S.
Employees, as determined from time to time by the Administrator.

         2.17     "Other Plans" shall mean other plans of the Company or of the
French Employer, including but not limited to the Schweitzer-Mauduit
International, Inc. Annual Incentive Plan, the Schweitzer-Mauduit
International, Inc. Equity Participation Plan, the Schweitzer-Mauduit
International, Inc. Long-Term Incentive Plan, Schweitzer-Mauduit International,
Inc. Restricted Stock Plan, Schweitzer-Mauduit International, Inc. Deferred
Compensation Plan and the Supplemental Plan.

         2.18     "Participant" shall mean a Key Employee who has entered into
an Agreement with the Administrator in accordance with Section 3.2.

         2.19     "Plan" shall mean this Schweitzer-Mauduit International, Inc.
Executive Severance Plan.

         2.20     "Retirement" shall mean

                  a.       For U.S. Employees, the voluntary termination of the
                           Participant's employment by the Company pursuant to
                           the terms of the qualified defined benefit pension
                           plan of the Company, which termination was initiated
                           by such Participant in writing pursuant to the
                           procedures of such qualified defined benefit pension
                           plan prior to a Change of Control notwithstanding
                           the Participant's actual retirement date occurs
                           after a Change of Control.

                  b.       For French Employees, the voluntary termination of
                           the Participant's employment by his French Employer
                           as a result of such Participant's retirement
                           pursuant to the terms of the Basic Plan, the
                           Complementary Plan and, if

                                       5
<PAGE>   7

                           applicable, the French Supplementary Plan, which
                           termination was initiated by such Participant in
                           writing pursuant to the procedures of such Basic
                           Plan, Complementary Plan and, if applicable, French
                           Supplementary Plan prior Change of Control,
                           notwithstanding that the Participant's actual
                           retirement date occurs after a Change of Control.

         2.21     "Retirement Plan" shall mean the Schweitzer-Mauduit
International, Inc. Retirement Plan.

         2.22     "Supplemental Plan" shall mean the Supplemental Benefit Plan
to the Schweitzer-Mauduit International, Inc. Retirement Plan.

         2.23     "U.S. Employee" shall mean individuals employed by the
Company.

         2.24     "Voluntary Resignation" shall mean termination of a
Participant's employment with the Company or the French Employer(s) as a result
of a resignation initiated by the Participant which is unrelated to any act or
omission of the Company or the French Employer, as the case may be, which could
not reasonably be construed to be a constructive discharge of such Participant.

                            ARTICLE 3 - ELIGIBILITY

         3.1      Eligibility to Participate. The Administrator shall from time
to time determine in writing the Key Employees who are eligible to participate
in this Plan. A list of current Participants shall be set forth on Appendix A
hereto, as updated by the Committee from time to time.

         3.2      Agreement. The Administrator shall enter into a participation
agreement with each Key Employee the Administrator determines to be eligible
for participation in this Plan.

                                       6
<PAGE>   8

Such Agreement shall identify the Key Employee as a Participant in this Plan
and shall contain such terms as deemed appropriate by the Administrator, but
shall be consistent with and governed by the terms of this Plan.

                         ARTICLE 4 - SEVERANCE BENEFITS

         4.1      Termination Following Change of Control. A Participant shall
be entitled to receive benefits under this Plan following a Change of Control
as follows:

         (a)      Subject to Section 4.1 (b), a Participant's employment with
the Company or his French Employer, as the case may be, shall terminate within
two years of a Change of Control for any reason other than for Cause,
Retirement, Disability or the Participant's death.

         (b)      A Participant that has been requested in writing by the
Company or the French Employer, as the case may be, to continue in the
employment of the Company or the French Employer through a specified date,
which shall not be more than six (6) months from the date of a Change of
Control, under terms and conditions of employment, at the place of employment
and with the same salary and benefits that the Participant was provided prior
to the Change of Control, shall have satisfied such request by remaining in the
employment of the Company or the French Employer for the specified period.

         (c)      A Participant entitled to benefits under this Plan shall
receive and the Company or, subject to the provisions of Section 1.1, the
French Employer, as the case may be, shall pay or, with respect to certain
benefits hereinafter described, shall cause to be paid to the Participant the
following benefits:

                  (1)      an amount equal to three times the Participant's
                           highest Annual

                                       7
<PAGE>   9

                           Compensation for any calendar year beginning with or
                           within the three-year period terminating on the date
                           of termination of the Participant's employment,
                           which amount shall be paid to the Participant in
                           cash on or before the fifth day following the date
                           of termination;

                  (2)      for a period of three years following the date of
                           termination of employment, the Participant and
                           anyone entitled to claim under or through the
                           Participant shall be entitled to benefits as
                           follows:

                           i)       For U.S. Employees, all benefits under the
                                    group health care plan, dental care plan,
                                    life or other insurance or death benefit
                                    plan, or other present or future similar
                                    group employee benefit plan or program of
                                    the Company for which key executives are
                                    eligible at the date of a Change of
                                    Control, to the same extent as if the
                                    Participant had continued to be an employee
                                    of the Company during such period and such
                                    benefits shall, to the extent not fully
                                    paid under any such plan or program, be
                                    paid by the Company; and

                           ii)      for French Employees, all medical and
                                    dental benefits provided by "Social
                                    Securite", medical, dental and life
                                    insurance or death benefit plans, or other
                                    present or future similar medical, dental,
                                    life or other insurance or death benefit
                                    plans or programs generally available to
                                    French Employees for which such Participant
                                    is eligible at the date of the Change of
                                    Control, to the same extent as if the
                                    Participant had continued to be a French
                                    Employee during such period and such
                                    benefits shall, to the extent not fully
                                    paid

                                       8
<PAGE>   10

                           under any such plan or program, be paid by the
                           French Employer.

                  (3)      for U.S. Employees, an amount equal to the Actuarial
                           Equivalent (as defined in the Retirement Plan) of
                           the accrued benefit the Participant would have
                           earned under the Retirement Plan and the
                           Supplemental Plan for the three-year period
                           following the date of the termination of his
                           employment with the Company based on the
                           Participant's earnings in effect for purposes of the
                           Retirement Plan and the Supplemental Plan on the
                           date of such termination, which amount shall be paid
                           to the Participant in cash on or before the fifth
                           day following the date of termination; and

                  (4)      for French Employees, a lump sum equal to the sum of
                           the following amounts which sum shall be payable in
                           cash on or before the tenth day following the date
                           of termination:

                           (i)      the cost of purchasing any pension credits
                                    lost by a Participant under the Basic Plan
                                    as a result of a Change of Control
                                    Termination, but in no event shall the
                                    pension credits so purchased exceed 12
                                    quarters of pension credits;

                           (ii)     a lump sum equal to (x) the purchase price
                                    of any pension credits lost by a
                                    Participant under the Complementary Plan
                                    plus (y) the present value of any portion
                                    of lost pension credits which may not be
                                    purchased back from the Complementary Plan,
                                    each as a result of a Change of Control
                                    Termination provided, however, that in no
                                    event shall such lost Complementary Plan
                                    benefits exceed the present worth of three
                                    years of such lost pension benefits; and

                                       9
<PAGE>   11

                           (iii)    for pension benefits lost under the French
                                    Supplementary Plan as a result of a Change
                                    of Control Termination, payment of a lump
                                    sum calculated as follows:

                                    a)       if the Participant is terminated
                                             between ages 62 and 65, a lump sum
                                             equal to the present worth of the
                                             difference between the pension
                                             benefits the Participant would
                                             have received at age 65 absent the
                                             Change of Control Termination and
                                             the reduced pension benefit such
                                             Participant will receive at age 65
                                             as a result of such termination;

                                    b)       if the Participant is terminated
                                             between ages 60 and 62, payment of
                                             a lump sum as calculated in (a)
                                             above multiplied by the ratio of A
                                             to B where A = three years and B =
                                             the number of years between the
                                             Change of Control Termination and
                                             attainment of age 65.

                                    c)       if the Participant is terminated
                                             before age 60 or with less than 20
                                             years service with a French
                                             Employer, a lump sum equal to the
                                             present worth of the pension
                                             benefit the Participant would have
                                             received at age 65, absent the
                                             Change of Control Termination
                                             multiplied by the ratio of A to B
                                             where A = three years and B = the
                                             number of years between the

                                      10
<PAGE>   12

                                             Change of Control Termination and
                                             the date on which the Participant
                                             would attain age 65 provided,
                                             however, that no such lump sum
                                             shall be payable unless such
                                             Participant could have earned 20
                                             years service with a French
                                             Employer on or before attainment
                                             of age 65, absent a Change of
                                             Control Termination.

         (b)      If a Participant is or may be liable for Federal income taxes
in the United States, such Participant's Agreement shall provide that the
parties agree that the payments provided in Section 4.1(a) hereof are
reasonable compensation in light of the Participant's services rendered to the
Company or the French Employer, as the case may be, and that neither party
shall contest the payment of such benefits as constituting an "excess parachute
payment" within the meaning of Section 280G(b)(1) of the Code.

         (c)      In the event that (i) the Participant becomes entitled to the
compensation and benefits described in Section 4.1(a) hereof ("Compensation
Payments"), (ii) the Company determines, based upon the advice of tax counsel
selected by the Company's independent auditors and acceptable to the
Participant, that, as a result of such Compensation Payments and any other
benefits or payments required to be taken into account under Code Section
280G(b)(2) ("Parachute Payments"), any of such Parachute Payments must be
reported by the Company as "excess parachute payments", and (iii) such
Parachute Payments are 3.5 or more times the "base amount" as defined in Code
Section 280G(b)(3) with respect to such Participant ("Base Amount"), the
Company shall pay to the Participant at the time specified in Section 4.1(a)
above an additional amount ("Gross-Up Payment") such that the net amount
retained by the Participant,

                                      11
<PAGE>   13

after deduction of any of the tax imposed on the Participant by Section 4999 of
the Code ("Excise Tax") and any Federal, state and local income tax and Excise
Tax upon the Gross-Up Payment, shall be equal to the Parachute Payments
determined prior to the application of this paragraph. The value of any
non-cash benefits or any deferred payment or benefit shall be determined by the
Company's independent auditors. For purposes of determining the amount of the
Gross-Up Payment, the Participant shall be deemed to pay Federal income taxes
at the highest marginal rate of Federal income taxation in the calendar year in
which the Gross-Up Payment is to be made and state and local income taxes at
the highest marginal rates of taxation in the state and locality of the
Participant's residence on the date of termination of his employment, net of
the maximum reduction in Federal income taxes which could be obtained from
deduction of such state and local taxes. In the event that the Excise Tax
payable by the Participant is subsequently determined to be less than the
amount, if any, taken into account hereunder at the time of termination of the
Participant's employment, the Participant shall repay to the Company at the
time that the amount of such reduction in Excise Tax is finally determined the
portion of the Gross-Up Payment attributable to such reduction plus interest on
the amount of such repayment at the rate provided for in Section 1274(b)(2)(B)
of the Code ("Repayment Amount"). In the event that the Excise Tax payable by
the Participant is determined to exceed the amount, if any, taken into account
hereunder at the time of the termination of the Participant's employment
(including by reason of any payment the existence or amount of which cannot be
determined at the time of the Gross-Up Payment), the Company shall make an
additional Gross-Up Payment in respect of such excess (plus any interest and
penalty payable with respect to such excess) immediately prior to the time that
the amount of such excess is required to be paid by Participant (regardless of
any contest of such payment pursuant to Section 4.1(e))

                                      12
<PAGE>   14

("Additional Gross-up Payment"), such that the net amount retained by the
Participant, after deduction of any Excise Tax on the Parachute Payments and
any Federal, state and local income tax and Excise Tax upon the Additional
Gross-Up Payment, shall be equal to the Parachute Payments determined prior to
the application of this paragraph. In the event that the Excise Tax payable by
the Participant is subsequently determined to be less than the amount of the
Additional Gross-up Payment paid to the participant, the Participant shall
repay to the Company at the time that the amount of such reduction in the
Additional Gross-up Payment is determined the portion of the Additional
Gross-up Payment attributable to such reduction plus interest on the amount of
such repayment at the rate provided for in Section 1274(h)(2)(B) of the Code
("Additional Repayment Amount"). The obligation to pay any Repayment Amount,
Additional Gross-up or Additional Repayment Amount shall remain in effect under
this Agreement for the entire period during which the Participant remains
liable for the Excise Tax, including the period during which any applicable
statute of limitation remains open.

         (d)      In the event the Participant's Parachute Payments are less
than 3.5 times the Base Amount, the Company shall limit the Compensation
Payments provided hereunder to the extent necessary so that the Participant's
Parachute Payments do not exceed 2.99 times the Base Amount.

         (e)      Unless the Company determines that any Parachute Payments
made hereunder must be reported as "excess parachute payments" in accordance
with Section 4.1(c) above, neither party shall file any return taking the
position that the payment of such benefits constitutes an "excess parachute
payment" within the meaning of Section 280G(b)(1) of the Code. If the Internal
Revenue Service proposes an assessment of Excise Tax against the Participant in
excess of the amount, if any, taken into account at the time specified in
Section 4.1(c) and the Company

                                      13
<PAGE>   15

notifies the Participant in writing that the Company elects to contest such
assessment at its own expense, the Participant shall cooperate in good faith
with the Company in contesting such proposed assessment and agrees not to
settle such contest without the written consent of the Company. Any such
contest shall be controlled by the Company, provided, however, that the
Participant shall have the right to participate in such contest.
Notwithstanding the Company's election to contest the assessment of an Excise
Tax, the Participant shall be entitled to an Additional Gross-Up Payment under
Section 4.l(c) at the time set forth therein.

         4.2      Termination of Employment. If a Participant's employment with
the Company or his French Employer shall terminate during the term of his
Agreement for any reason other than death, Retirement, Voluntary Resignation or
Cause, the Company or (if such payment is not inconsistent with any relevant
French law) his French Employer, shall pay the Participant or the Participant's
beneficiary, as the case may be, in cash a lump sum payment in the amount set
forth in the Agreement with such Participant under this Plan within 30 days of
his termination of employment. Such amount shall be set forth on Appendix A
hereto and shall not be more than the Participant's monthly base salary
multiplied by 24. No benefits shall be payable pursuant to this Section 4.2 in
the event a Participant is entitled to severance payments under Section 4.1
hereof.

                           ARTICLE 5 - ADMINISTRATION

         5.1      Administrator. The Administrator is responsible for the
general administration of the Plan.

         5.2      Duties of the Administrator. The Administrator shall be
responsible for the daily administration of the Plan and may appoint other
persons or entities to perform or assist in the

                                      14
<PAGE>   16

performance of any of its duties, subject to its review and approval. The
Administrator shall have the right to remove any such appointee from his
position without cause upon notice.

         5.3      Powers. The Administrator shall administer the Plan in
accordance with its terms and shall have all powers necessary to carry out the
provisions of the Plan as more particularly set forth herein. The Administrator
shall have discretionary authority to interpret the Plan, and to determine all
questions arising in the administration, interpretation, and application of the
Plan; provided, however, that such discretionary authority shall be exercised
in good faith in order to achieve the principal purposes of the Plan to provide
severance benefits, including enhanced severance benefits upon a Change of
Control, as described in Article 4. All such determinations shall be conclusive
and binding on all interested persons. The Administrator shall adopt such
procedures and regulations necessary and/or desirable for the discharge of its
duties hereunder and may appoint such accountants, counsel, actuaries,
specialists, and other agents as it deems necessary and/or desirable in
connection with the administration of this Plan.

         5.4      Compensation of the Administrator. The Administrator shall
not receive any compensation from the Plan for its services.

         5.5      Indemnification. The Company shall indemnify the
Administrator against any and all claims, losses, damages, expenses, and
liability arising from its actions or omissions, except when the same is
finally adjudicated to be due to the Administrator's gross negligence or
willful misconduct. The Company may purchase at its own expense sufficient
liability insurance for the Administrator to cover any and all claims, losses,
damages, and expenses arising from any action or omission in connection with
the execution of the duties as the Administrator.

                                      15
<PAGE>   17

                      ARTICLE 6 - SUCCESSOR TO THE COMPANY

         6.1      The Company will require any successor or assign (whether
direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company, expressly,
absolutely and unconditionally to assume this Plan and agree to perform the
obligations of the Company under this Plan and each Participant's Agreement in
the same manner and to the same extent that the Company would be required to
perform such obligations if no such succession or assignment had taken place.

                           ARTICLE 7 - MISCELLANEOUS

         7.1      Funding of Benefits. The benefits payable to a Participant
under the Plan shall not be funded in any manner and shall be paid by the
Company or the French employer, as the case may be, out of its general assets,
which assets are subject to the claims of the Company's or the French
Employer's creditors.

         7.2      Establishment of Trust.

         (a)      The Company may establish a Grantor Trust ("Trust") for the
Plan. If established, all benefits payable under this Plan to a Participant
shall be paid directly by the Company from the Trust. To the extent that such
benefits are not paid from the Trust, the benefits shall be paid from the
general assets of the Company and shall be reimbursed to the Company by the
Trust at the Company's request upon presentation of reasonable proof that the
Company made such payment. Any Trust shall be an irrevocable grantor trust
which conforms the requirements of the model trust as described in IRS Revenue
Procedure 92-64, I.R.B. 1992-33. The assets of the Trust are subject to the
claims of the Company's creditors in the event of its insolvency. Except as to
any amounts paid or payable to a Trust, the Company shall not be obligated to
set aside, earmark or escrow any funds or other assets to satisfy its
obligations under this Plan, and the Participant shall not have any property
interest in any specific assets of the Company other than the unsecured right
to receive payments from the Company, as provided in this Plan.

         (b)      Payment From the Trust. In the event a Trust is established
and payments are not made by the Company in accordance with the terms of the
Plan, a Participant may petition the

                                      16
<PAGE>   18

trustee of the Trust directly for payment and the trustee may make such payment
directly to the Participant upon the trustee's good faith determination that
the payment was in fact owed, was not timely paid by the Company and that there
are sufficient assets in the Trust to make the payment.

         7.3      Settlement of Accounts. Except as prohibited by applicable
law, there shall be deducted from the payment of any benefit due under the Plan
the amount of any uncontested indebtedness, obligation, or liability which the
Participant has acknowledged in writing as owing to the Company or the French
Employer as the case may be, or any of their respective subsidiaries and the
amount of which has been agreed to by the Participant.

         7.4      Withholding. There shall be deducted from the payment of any
benefit due under the Plan the amount of any tax required by any governmental
authority to be withheld and paid over by the Company or the French Employer,
as the case may be, to such governmental authority for the account of the
Participant entitled to such payment.

         7.5      Assignment by the Participant. Unless required by court
order, no Participant or beneficiary shall have any rights to sell, assign,
transfer, encumber, or otherwise convey the right to receive the payment of any
benefit due hereunder, which payment and the rights thereto are expressly
declared to be nonassignable and nontransferable. Any attempt to do so shall be
null and void and of no effect.

         7.6      Amendment and Termination. The Plan may be amended or
terminated at any time by the Company, by resolution of the Board; provided
that no termination or amendment reducing the severance benefits provided
hereunder shall be effective until the expiration of the two-year period
following the date of the Board resolution providing for such termination.
Further, no amendment or termination shall be effective during the two-year
period following the date of a Change of Control of the Company without the
consent of all the Participants. Any

                                      17
<PAGE>   19

termination of this Plan shall cause the immediate termination of all
outstanding Agreements hereunder. No amendment or termination shall affect the
rights of any Participant who is entitled to severance benefits pursuant to
Article 4 at the time of such amendment or termination.

         7.7      No Guarantee of Employment. Participation hereunder shall not
be construed as creating any contract of employment between the Company or a
French Employer and any Key Employee, nor shall it limit the right of the
Company or such French Employer to terminate a Key Employee's employment at any
time for any reason whatsoever.

         7.8      Construction. This Plan shall be construed in accordance with
and governed by the laws of the State of Georgia, to the extent such laws are
not otherwise superseded by the laws of the United States.

                                      18
<PAGE>   20

                                   APPENDIX A

                              Participants in the
                     Schweitzer-Mauduit International, Inc.
                     Executive Severance Plan and Number of
                       Months of Base Salary Pursuant to
                            Section 4.2 of the Plan

<TABLE>
<CAPTION>

                                           Number of Months of
                                    Participant's Base Salary in the
                                    Event of Termination, Pursuant to
                Name                     Section 4.2 of the Plan
                ----                     -----------------------

       <S>                          <C>
       Wayne H. Deitrich                           24
       Paul C. Roberts                             12
       John W. Rumely                              12
       William R. Foust                            12
       Wayne L. Grunewald                           6
       Jean-Pierre Le Hetet                        12
       Raymond Nedellec                             6
       Thierry Bellanger                            6
       Peter J. Thompson                           12
</TABLE>

                                      19

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