Document:

exhibit10_28.htm

    
      

      

    

    Exhibit
10.28

     

    Appleton
Papers Inc.

    Long
Term Restricted Stock Unit Plan

    (Effective
January 3, 2010)

     

    ARTICLE
1.

     

    Purpose and Effective
Date

     

    1.1 Purpose. The Board adopted the Plan
for the purpose of assisting the Company in attracting and retaining key
management employees who are in a position to make a significant contribution to
the growth and profitability of the Company by providing a reward for
performance and incentive for future endeavors. The Plan will be implemented
through the opportunity to earn Restricted Stock Units, the value of which is
related to the value of the Company’s stock, but Company stock is not issued at
the time of the grant, vesting or distribution.

     

    1.2 Effective Date. The effective date of
the Plan (the “Effective Date”) is January 3, 2010.

     

    ARTICLE
2.

     

    Definitions

     

    Capitalized
words and phrases used in the Plan have the following meanings unless otherwise
expressly provided herein:

     

    2.1 Board. "Board"
means the Board of Directors of Appleton Papers Inc.

     

    2.2 Cause. "Cause"
in connection with the termination of the Participant's employment with the
Company, means that, in the judgment of the Committee, based upon any
information or evidence reasonably persuasive to the Committee, the Participant:
(1) willfully engaged in activities or conducted himself or herself in a manner
seriously detrimental to the interests of the Company or its subsidiaries and
affiliates; or (2) failed to execute the duties reasonably assigned to him or
her in a reasonably timely, effective, or competent manner; provided, however,
that the termination of the Participant's employment because of Disability shall
not be deemed to be for Cause.

     

    2.3 Change of
Control. “Change
of Control” means: (1) the termination of the ESOP or amendment of the ESOP so
that it ceases to be an employee stock ownership plan; (2) the ESOP ceases to
own a majority interest in the Company; (3) the sale, lease, exchange or other
transfer of all or substantially all of the assets of the Company (in one
transaction or in a series of related transactions) to a person or entity that
is not controlled by the Company; (4) the approval by the Company shareholders
of any plan or proposal to terminate the Company’s business, to liquidate or
dissolve the Company or to sell substantially all the Common Stock; (5) the
Company merges or consolidates with any other company and the Company is not the
surviving company of such merger or consolidation; or (6) any other event or
series of events whereby ownership and effective control of the Company is
transferred or conveyed to a person or entity that is not controlled by the
Company.

     

    2.4 Committee.
“Committee” means the Compensation Committee of the Board.

     

    2.5 Common
Stock. "Common
Stock" means the common stock of Paperweight Development Corp.

     

    2.6 Company.
"Company" means Appleton Papers Inc., 825 East Wisconsin Avenue, Appleton,
Wisconsin 54911. “Company” also means (except where the context relates solely
to Appleton Papers Inc.) any subsidiary or other affiliate of Appleton Papers
Inc. who employs an Eligible Employee (as designated by the Committee in
accordance with Section 4.1). Any such subsidiary or affiliate of Appleton
Papers Inc. that has become a “Company” as provided above is deemed to have
designated Appleton Papers Inc. as its agent with respect to amending or
terminating the Plan. Any such action by Appleton Papers Inc. shall be binding
on such subsidiary or affiliate at the time taken.

     

    2.7 Disability.
“Disability” means a physical or mental condition of the Participant which
results in the Participant receiving benefits under an applicable Company’s long
term disability insurance plan, or in the event the Participant is not
participating in a Company long term disability insurance plan, means disability
as defined under the long term disability plan of Appleton Papers
Inc.

     

    2.8 Eligible
Employee.
"Eligible Employee" means an employee of Appleton Papers Inc. in the following
classifications:  (1) the Chief Executive Officer, (2) a Vice
President or Mill Manager, (3) a director-level employee; and (4) any other key
employee of a participating Company who has been designated by the CEO as an
Eligible Employee.

     

    2.9 Employment.
References
in the Plan to “employment” with the Company; “year(s) of employment” and
“termination of employment” shall in all events refer to the total period of
employment with Appleton Papers Inc. and any of its subsidiaries or affiliates.
For example, a Participant’s termination of employment for purposes of the Plan
shall occur at the time the Participant is no longer employed by Appleton Papers
Inc., or any of its subsidiaries or affiliates.

     

    2.10 ESOP. "ESOP"
means the Appleton Papers Retirement Savings and Employee Stock Ownership
Plan.

     

    2.11 Fair Market
Value. “Fair
Market Value” means the value of a Restricted Stock Unit which is equal to the
fair market value most recently assigned to Common Stock under the terms of the
ESOP prior to the Grant Date or Vesting Date. For example, the value of a
Restricted Stock Unit vesting between January 1 and June 30 will be based on the
fair market value assigned to the Common Stock under the ESOP on the prior
December 31 valuation. The value of a Restricted Stock Unit vesting between July
1 and December 31 will be based on the prior June 30 valuation.

     

    2.12 Participant.
“Participant” means an Eligible Employee who has been granted Restricted Stock
Units in accordance with Article 4 of the Plan.

     

    2.13 Plan. “Plan”
means the Appleton Papers Inc. Long Term Restricted Stock Unit Plan, as set
forth herein and as amended from time to time.

     

    2.14 Plan Year. “Plan
Year” means the fiscal year of Appleton Papers Inc.

     

    2.15 Representative.
“Representative” means the personal representative of the Participant's estate,
and after final settlement of the Participant's estate, the successor or
successors entitled thereto by law.

     

    2.16 Restricted Stock
Unit.
“Restricted Stock Unit” means a bookkeeping unit and accounting mechanism
designed to measure the value of a nonequity compensation unit payable as
taxable compensation to the Participant in accordance with Article 5. One
Restricted Stock Unit has a value equal to the value of one share of Common
Stock (as determined pursuant to Section 5.6).

     

    2.17 Retirement.
“Retirement” means termination of employment with the Company under a
tax-qualified retirement plan maintained by the Company or an applicable
subsidiary or affiliate, including early retirement under such
plan.

     

    2.18 Vesting Date.
“Vesting Date” means the date on which a Participant’s Restricted Stock Units
vest under the provisions of Article 5.

     

    ARTICLE
3.

     

    Plan
Administration

     

    3.1 Committee
Administration. The
Committee shall be responsible for the operation and administration of the Plan.
The decision of a majority of the members of the Committee shall consti­tute
the decision of the Committee. The Committee may act either at a meeting at
which a majority of the members of the Committee is present or by a writing
signed by all Committee members. The Committee shall have full discretion, power
and authority to make factual determinations, construe, interpret and administer
the Plan, to adopt such rules and regulations governing the administration of
the Plan, and shall exercise all other duties and powers conferred on it by the
Plan, or which are incidental or ancillary thereto, and may designate agents to
assist it in administration of the Plan. The Committee shall have the sole,
final and conclusive authority to determine, consistent with and subject to the
provisions of the Plan, the Eligible Employees, Maximum Reserved Units, the
number of Restricted Stock Units to be awarded to individual Participants
reporting to the CEO, and all other matters relating to the Plan. Benefits will
be paid only if the Committee determines in its discretion that the applicant is
entitled to them.

     

    3.2 Maximum Reserved
Units. The
maximum number of Restricted Stock Units that may be granted each year shall be
authorized by the Compensation Committee of the Board of Directors in accordance
with the executive compensation goals and policies.

     

    3.3 Changes in Capital
Structure. If
there is a change in the outstanding Common Stock by reason of the issuance of
additional units, recapital­ization, reclassification, reorganization or
similar transaction, the Committee shall proportionately adjust, in an equitable
manner, the aggregate number of available Restricted Stock Units and the number
of Restricted Stock Units held by Partici­pants. The adjustment shall be
made in a manner that will cause the value of Restricted Stock Units at the time
of the transaction to remain unchanged as a result of the
transaction.

     

    ARTICLE
4.

     

    Participation and
Awards

     

    4.1 Annual
Grants.
Restricted Stock Units shall be granted, as of the first day of a Plan Year (the
“Grant Date”), to all Eligible Employees who are Participants with respect to
that Plan Year. By February 28, the Committee shall determine and approve the
number of Restricted Stock Units awarded to the CEO, the number of Restricted
Stock Units awarded to individual Participants reporting to the CEO, and the
Maximum Reserve Units. The number of Restricted Stock Units awarded to each
Participant for the upcoming Plan Year shall be approved by the CEO, with input
from other Vice Presidents, before February 28 of each Plan Year. The CEO shall
notify Participants of the Units awarded for a Plan Year (“Grant Confirmation”)
as soon as administratively practical after such awards have been approved.
Participants who have been invited to receive a Grant, must accept the Grant by
signing an Acknowledgement form provided by the Company.

     

    4.2 New Hires and Employment
Classification Changes. An
individual who becomes a Participant after the beginning of a Plan Year, either
as a newly hired employee or as a result of a change in employment
classification, shall be entitled to receive a grant of Restricted Stock Units
at the discretion of the Committee or the CEO in accordance with Section
4.1.

     

    ARTICLE
5.

     

    Vesting and Payment of
Units

     

    5.1 Vesting. A
Restricted Stock Unit shall be 100% vested upon the completion of three (3) full
years of employment commencing with the Grant Date of the Restricted Stock Unit
or, if earlier, upon the occurrence of a Change of Control. Upon termination of
employment due to the Participant’s death, Disability or Retirement, an award of
Restricted Stock Units shall be 0% vested if such employment termination occurs
before the completion of one (1) full year of employment commencing with the
Grant Date, 33.3% vested if such employment termination occurs on or after the
completion of one (1) full year of employment, but before completion of two (2)
full years of employment commencing with the Grant Date, and shall be 66.7%
vested if such employment termination occurs on or after the completion of two
(2) full years of employment but before the completion of three (3) full years
of employment commencing with the Grant Date. Retirements on December 31 of any
given Plan Year shall be treated as a full year of employment for vesting
purposes. Any grant of Restricted Stock Units, or portion thereof, not vested
according to the foregoing schedule on the date of the Participant's termination
of employment for any reason shall be forfeited.

     

    5.2 Payment For Vested
Units. Upon
the vesting of Restricted Stock Units in accordance with Section 5.1, payment,
less applicable withholding taxes, shall be made to the Participant (or to the
Participant’s Representative in the event of the Participant’s death) in a
single sum cash payment in an amount equal to the value of the Restricted Stock
Unit as determined under Section 5.3. This cash payment will be paid in the
currency in which such Participant is paid the majority of his or her
remuneration by multiplying the amount by the appropriate currency exchange rate
as posted in the Wall Street Journal on the last date of the valuation of the
Common Stock. Payment will be made as soon as administratively practicable after
vesting, but no later than two and one-half months following yearend of the
taxable year in which vesting occurred, provided, however, that if it is
administratively impracticable to make the payment by such date, or if the
payment would jeopardize the ability of the Company to continue as a going
concern, then such payment shall be made as soon as administratively practicable
or as soon as the payment would no longer have such effect.

     

    5.3 Unit
Valuation. The
value represented by a  Restricted Stock Unit shall be the greater of:
(1) the Fair Market Value of a share of Common Stock; (2) the price per share of
Common Stock received as a result of a Change of Control; or (3) a public
offering price.

     

    5.4 Tax
Withholding. The
Company shall deduct from payments made under the Plan any federal, state or
local withholding or other taxes or charges which the Company is required to
deduct under applicable law.

     

    5.5 Change of Control Tax
Provisions. If any
payments provided to a Participant under this Plan will be subject to the tax
imposed by Section 4999 of the Internal Revenue Code (the “Excise Tax”), the
Company shall pay to the Participant, at the time the payments are paid to the
Participant, an additional amount (the “Gross-Up Payment”) such that the net
amount retained by the Participant, after deduction of any Excise Tax on the
payments and any federal, state and local income tax and Excise Tax on the
Gross-Up Payment itself, shall be equal to the payments. The Participant remains
responsible for any federal, state and local income tax on the
payment.

     

    For
purposes of determining whether any of the payments will be subject to the
Excise Tax and the amount of such Excise Tax, (i) any other payments or benefits
received by a Participant in connection with a Change of Control or a
Participant’s termination of employment shall be treated as “parachute payments”
within the meaning of section 280G(b)(2) of the Code, and all “excess parachute
payments” within the meaning of section 280G(b)(1) shall be treated as subject
to the Excise Tax, unless in the opinion of tax counsel selected by the
Company’s independent auditors and acceptable to the Participant such other
payments or benefits (in whole or in part) do not constitute parachute payments,
or such excess parachute payments (in whole or in part) represent reasonable
compensation for services actually rendered within the meaning of Section
280G(b)(4) of the Code, (ii) the amount of the payments which shall be treated
as subject to the Excise Tax shall be equal to the lesser of (A) the total
amount of the payments or (B) the amount of excess parachute payments within the
meaning of Sections 280G(b)(1) and (4) (after applying clause (i) above, and
after deducting any excess parachute payments in respect of which payments have
been made), and (iii) the value of any non-cash benefits or any deferred payment
or benefit shall be determined by the Company’s independent auditors in
accordance with the principles of Sections 280G(d)(3) and (4) of the Code. 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
the Participant’s termination of employment, net of the maximum reduction in
federal income taxes which could be obtained from deduction of such state and
local taxes.

     

    If the
Excise Tax is subsequently determined to be less than the amount taken into
account hereunder, 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. If the Excise Tax is
determined to exceed the amount taken in account hereunder (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 to the Participant (plus any interest payable with
respect to such excess) at the time that the amount of such excess is finally
determined.

     

    5.6 Forfeitures.
Notwithstanding any other provision of the Plan, all rights to any payments
under the Plan, shall be discontinued and forfeited, and the Company will have
no further obligation to the Participant if

     

    
      	
              a.        

            	
              the
      Participant is discharged from employment with the Company or its
      subsidiaries and affiliates for Cause, or the Participant performs during
      the course of his employment with the Company or its subsidiaries and
      affiliates acts of willful malfeasance or gross negligence in a matter of
      material importance to the Company,
or

            

    

     

    
      	
              b.        

            	
              the
      Participant violates any express restrictive covenant between Participant
      and Company (whether relating to obligations of confidentiality,
      non-competition, non-solicitation or
otherwise).

            

    

     

    Absent a
Change of Control, any decision of the Committee with respect to the application
of the provisions of this Section 5.6 shall have a presumption of correctness,
and the burden shall be on the Participant to rebut such presumption by clear
and convincing evidence.

     

    5.7 Presumed
Competency. Every
person receiving or claiming payments under the Plan shall be conclusively
presumed to be mentally competent until the date on which the Company receives a
written notice in a form and manner acceptable to the Company that such person
is incompetent and that a guardian, conservator or other person legally vested
with the interest of his or her estate has been appointed. In the event a
guardian or conservator of the estate or any person receiving or claiming
payments under the Plan shall be appointed by a court of competent jurisdiction,
payments under the Plan may be made to such guardian or conservator provided
that the proper proof of appointment and continuing qualifica­tion is
furnished in a form and manner acceptable to the Company. Any such payments so
made shall be a complete discharge of any liability or obligation of Company or
the Committee regard­ing such payments.

     

    5.8 Forfeiture of Unclaimed
Benefits. Each
Participant shall keep the Company informed of his or her current address. The
Company shall not be obligated to search for the whereabouts of any person. If
the Company is unable to locate any person to whom a payment is due under the
Plan or a distribution payment check is not presented for payment, such payment
shall be irrevocably forfeited at the earlier of: (1) the day preceding the date
such payment would otherwise escheat pursuant to any applicable escheat law; or
(2) the later of three (3) years after the date on which the payment was first
due or ninety (90) days after issuance of the check. Forfeited payments shall be
returned to the Company.

     

    ARTICLE
6.

     

    Miscellaneous
Provisions

     

    6.1 Nonguarantee of
Employment. No
employee or other person shall have any claim or right to participate in the
Plan except as designated by the Committee. Neither the Plan nor any action
taken pursuant to the Plan shall be construed as giving any employee any right
to be retained in the employ of the Company.

     

    6.2 No Rights as
Shareholder.
Restricted Stock Units shall not entitle the Participant to an equity interest
in the Company nor give the Participant the rights of a shareholder ­in the
Company.

     

    6.3 Nonassignable.
Restricted Stock Units are an unfunded promise to pay and are not property. Any
rights and privileges represented by a Restricted Stock Unit may not be
trans­ferred, assigned, pledged or hypothecated in any manner, by operation
of law or otherwise, and shall not be subject to execution, attachment or
similar process except as provided in Section 6.5.

     

    6.4 Unfunded
Plan. The
Plan shall at all times be unfunded and no provision shall at any time be made
with respect to segregating assets of the Company for payment of benefits under
the Plan. No Participant or other person shall have any interest in any
particular assets of the Company and shall have only the rights of a general
unsecured creditor of the Company with respect to any rights under the
Plan.

     

    6.5 Offsets. As a
condition to eligibility to participate in the Plan, each Participant
consen­ts to the deduction from amounts otherwise payable to the Participant
under the Plan all amounts owed by the Participant to the Company and its
subsidiaries and affiliates to the maximum extent permitted by applicable
law.

     

    6.6 Limitation of
Actions. No
lawsuit with respect to any benefit payable or other matter arising out or
relating to the Plan may be brought before exhaustion of claim and review
procedures established by the Committee, and any lawsuit must be filed no later
than nine (9) months after a claim is denied or be forever barred.

     

    6.7 Amendment and
Termination. The
Board may amend or terminate the Plan at any time provided that no amendment to
the Plan may alter, impair or reduce the number of  Restricted Stock
Units earned before the effective date of the amendment without the written
consent of the affected Participants. No Restricted Stock Units may be awarded
after the date of Plan termination although payments shall be made in accordance
with the Plan with respect to Restricted Stock Units awarded before the date of
Plan termination.

     

    6.8 Internal Revenue Code
Section 409A. The Plan is intended to be exempt from the coverage of
Internal Revenue Code Section 409A, and shall be administered and interpreted in
such a way as to maintain the status of the Plan as being so
exempt.

     

    6.9 Governing Law;
Jurisdiction. The
Plan shall be governed by, and construed in accordance with, the laws of the
State of Wisconsin. By participating in the Plan, the Participant irrevocably
consents to the exclusive jurisdiction of the courts of the State of Wisconsin
and of any federal court located in Milwaukee, Wisconsin in connection with any
action or pro­ceeding arising out of or relating to the Plan, any document
or instrument delivered pursuant to or in connection with the Plan.HTML

      
         
            
               

                  

                  

                  Exhibit 10.6

                  AMENDED AND RESTATED EMPLOYMENT AGREEMENT

                  Effective as of December 29, 2008

                  This Agreement is entered into and made effective as of December 29, 2008 (the "Effective Date") between Tanger Properties Limited Partnership (the "Company") and CARRIE A. WARREN (the "Executive"). The Company and the Executive are sometimes
                     referred to individually as a "Party" and collectively as the
                     "Parties".
                  

                  RECITALS

                  A. The Company and the Executive have agreed upon the terms and
                     conditions of the Executive's employment by the Company. Company and
                     Executive entered into an Employment Agreement dated June 1, 2001 which was amended and restated June 1, 2004, and January 1, 2008 (the "Prior Agreement").
                  

                  B. The Parties intend to set forth herein the entire agreement
                     between them with respect to Executive's employment by the Company.
                     The Parties intend to modify, amend and restate their Prior Agreement
                     upon the terms and conditions set forth herein.
                  

                  Now therefore in consideration of the foregoing recitals and the
                     promises contained herein the Parties agree as follows:
                  

                  1. EMPLOYMENT AND DUTIES.
                  

                  1.1 Employment. During the Contract Term (as defined herein), the Company will
                     employ the Executive and the Executive shall serve the Company as a
                     full-time employee upon and subject to the terms and conditions of
                     this Agreement. The Executive's employment hereunder may be
                     terminated before the end of the Contract Term only as provided in
                     Section 5 of this Agreement.
                  

                  1.2 Position and Responsibilities. Executive has been elected and is currently serving as Senior Vice
                     President-Marketing. During the Executive's employment hereunder, her
                     primary duties, functions, responsibilities and authority will
                     include overseeing the Company's marketing activities and budgetary
                     matters. Further, Executive shall perform such other duties as are
                     assigned to her by the Chief Executive Officer, Chief Operating
                     Officer and/or the Board of Directors.
                  

                  1.3 Time and Effort. During the Contract Term, Executive shall be employed on a
                     full-time basis and shall devote her best efforts and substantially
                     all of her attention, business time and effort (excluding sick leave,
                     vacation provided for herein and reasonable time devoted to civic and
                     charitable activities) to the business and affairs of the Company.
                  

                  2. PERIOD OF EMPLOYMENT.
                  

                  2.1 Initial Contract term. The period of employment pursuant to the Prior Agreement began on January 1, 2008 (the "Commencement Date") and shall extend through December 31, 2010 (the "Initial Contract Term"), unless earlier terminated as provided
                     in Section 5 or extended as provided in this Section 2. The calendar
                     year beginning January 1, 2008 and each calendar year thereafter during the Contract Term is
                     sometimes herein referred to as a "Contract Year".
                  

                  2.2 Extended Contract Term. The Contract Term shall be automatically extended at the end of the
                     Initial or an Extended Term for one additional Contract Year
                     (sometimes herein referred to as an "Extended Term") unless either
                     the Executive or the Company shall give written notice to the other
                     of them that the Contract Term shall not be so extended at least one
                     hundred eighty (180) days prior to the end of the Initial or an
                     Extended Term. An Extended Term shall be upon the same terms and
                     conditions as were applicable to the Initial Term except that the
                     Annual Base Salary shall be the Executive's Annual Base Salary for
                     the Contract Year immediately preceding the Extended Term. References
                     herein to the "Contract Term" of this Agreement shall refer to the
                     Initial Term as extended pursuant to this Section.
                  

                  3. COMPENSATION.
                  

                  3.1 Base Salary. As compensation for Executive's services performed pursuant to this
                     Agreement, Employer will pay Executive an "Annual Base Salary" of
                     $255,300 for the Contract Year beginning January 1, 2008 and, with respect to each Contract Year thereafter an amount agreed
                     upon by Executive and the Company but not less than $255,300. The
                     Annual Base Salary shall be paid in equal installments in arrears in
                     accordance with Employer's regular pay schedule.
                  

                  3.2 Bonus or Incentive Compensation. As additional compensation for services rendered, the Executive
                     shall receive such bonus or bonuses as the Company's Board of
                     Directors may from time to time approve including without limitation
                     awards under the Company's Incentive Award Plan. Such bonuses may be
                     payable in cash (a "Cash Bonus") and/or in the form of equity based
                     compensation as
                  

               

            

         

         
            
1
            

         

         

      

      
         
            
               
                  allowed under the Company's Incentive Award Plan, provided, however,
                     that any Cash Bonus shall be payable on or prior to the fifteenth
                     (15th) day of the third (3rd) calendar month following the end of the
                     calendar year with respect to which such Cash Bonus relates.
                  

                  4. EMPLOYEE BENEFITS.
                  

                  4.1 Executive Benefit Plans. Executive shall participate in the employee benefit plans
                     (including group medical and dental plans, a group term life
                     insurance plan, a disability plan and a 401(k) Savings plan)
                     generally applicable to employees of the Company, as those plans may
                     be in effect from time to time.
                  

                  4.2 Expenses. Subject to Section 10.2(e), the Company shall promptly reimburse
                     the Executive for all reasonable travel and other business expenses
                     incurred by the Executive in the performance of her duties to the
                     Company hereunder. Executive shall observe and comply with the
                     Company's policies with respect to such reimbursements as in effect
                     from time to time. At least monthly, Executive will submit such
                     records and paid bills supporting the amount of the expenses incurred
                     and to be reimbursed as the Company shall reasonably request or as
                     shall be required by applicable laws.
                  

                  4.3 Vacation. Executive shall have the number of days of paid vacation during
                     each calendar year that are provided to employees of the Company with
                     the same number of years of service as Executive has pursuant to the
                     Company's vacation policy described in the Company's employee
                     handbook in effect on the first day of that calendar year.
                  

                  5. TERMINATION OF EMPLOYMENT.
                  

                  5.1 Termination Circumstances. Executive's employment hereunder may be terminated prior to the end
                     of the Contract Term by the Company or the Executive, as applicable,
                     without any breach of this Agreement only under the following
                     circumstances:
                  

                  (a) Death. Executive's employment hereunder shall terminate upon her death.

                  (b) Disability. The Company may terminate Executive's employment upon
                     her Disability.
                  

                  (c) Cause. The Company may terminate the Executive's employment
                     hereunder for Cause.
                  

                  (d) Good Reason. Executive may terminate her employment for Good Reason.

                  (e) Without Cause. The Company may terminate Executive's employment
                     hereunder other than for Cause for any or no reason upon 30
                     days notice.
                  

                  (f) Resignation without Good Reason. The Executive may resign her
                     employment without Good Reason upon 90 days written notice to
                     the Company.
                  

                  Except as may otherwise be expressly provided in Section 7.1(a) or in
                     any written agreement between the Company and Executive with respect
                     to the issuance of awards under the Company's Incentive Award Plan,
                     upon termination of Executive's employment, Executive shall be
                     entitled to receive only the compensation accrued but unpaid for the
                     period of employment prior to the date of such termination of
                     employment and shall not be entitled to additional compensation. Such
                     accrued compensation shall be paid in accordance with the Company's
                     ordinary payment practices and, in any event, on or prior to the
                     fifteenth (15th) day of the third (3rd) calendar month following the end of the calendar year in which the
                     date of termination occurs.
                  

                  5.2 Notice of Termination. Any termination of the Executive's employment hereunder by the
                     Company or by the Executive (other than by reason of the Executive's
                     death) shall be communicated by a notice of termination to the other
                     party hereto. For purposes of this Agreement, a "notice of
                     termination" shall mean a written notice which (i) indicates the
                     specific termination provision in the Agreement relied upon, (ii)
                     sets forth in reasonable detail any facts and circumstances claimed
                     to provide a basis for termination of the Executive's employment
                     under the provision indicated and (iii) specifies the effective date
                     of the termination.
                  

                  6. AGREEMENT NOT TO COMPETE.
                  

                  6.1 Covenant Against Competition. Executive agrees that during the term of Executive's employment
                     hereunder and (i) if Executive's employment is terminated by the
                     Company for Cause or by Executive without Good Reason, for one
                     hundred eighty (180) days after the date of such termination or (ii)
                     if Executive receives the Severance Payment described in Section
                     7.1(a) if this Agreement because of a termination of her employment
                     by the Company without Cause or by Executive for Good Reason, from
                     the date of such termination through the first anniversary of such
                     termination date, Executive shall not, directly or indirectly, as an
                     employee, employer, shareholder, proprietor, partner, principal,
                     agent, consultant, advisor, director, officer, or in any other
                     capacity,
                  

               

            

         

         
            
2
            

         

         

      

      
         
            
               
                  (1) engage in activities involving the development or operation of a
                     manufacturers outlet shopping center which is located within a radius
                     of fifty (50) miles of a retail shopping facility which, within the
                     365 day period ending on the date of the termination of Executive's
                     employment hereunder, was owned (with an effective ownership interest
                     of 50% or more), directly or indirectly, by the Company or was
                     operated by the Company;
                  

                  (2) engage in activities involving the development or operation of a
                     manufacturers outlet shopping center which is located within a radius
                     of fifty (50) miles of any site which, within the 365 day period
                     ending on the date of the termination of Executive's employment
                     hereunder, the Company or its affiliate negotiated to acquire and/or
                     lease for the development or operation of a retail shopping facility;
                  

                  (3) engage in activities involving the development or operation of
                     any other type of retail shopping facility which is located within a
                     radius of five (5) miles of, and competes directly for tenants with,
                     a retail shopping facility which, within the 365 day period ending on
                     the date of the termination of Executive's employment hereunder,
                     was (i) under development by the Company or its affiliate; (ii) owned
                     (with an effective ownership interest of 50% or more), directly or
                     indirectly, by the Company; or (iii) operated by the Company.
                  

                  6.2 Disclosure of Information. Executive acknowledges that in and as a result of her employment
                     hereunder, she may be making use of, acquiring and/or adding to
                     confidential information of a special and unique nature and value
                     relating to such matters as financial information, terms of leases,
                     terms of financing, financial condition of tenants and potential
                     tenants, sales and rental income of shopping centers and other
                     specifics about Company's development, financing, construction and
                     operation of retail shopping facilities. Executive covenants and
                     agrees that she shall not, at any time during or following the term
                     of her employment, directly or indirectly, divulge or disclose for
                     any purpose whatsoever any such confidential information that has
                     been obtained by, or disclosed to, her as a result of her employment
                     by Company.
                  

                  6.3 Reasonableness of Restrictions.
                  

                  (a) Executive has carefully read and considered the foregoing
                     provision of this Section, and, having done so, agrees that the
                     restrictions set forth in this Section, including but not limited to
                     the time period of restriction set forth in the covenant against
                     competition are fair and reasonable and are reasonably required for
                     the protection of the interests of Company and its officers,
                     directors and other employees.
                  

                  (b) In the event that, notwithstanding the foregoing, any of the
                     provisions of this Section shall be held invalid or unenforceable by
                     a court of competent jurisdiction, the remaining provisions thereof
                     shall nevertheless continue to be valid and enforceable as though the
                     invalid or unenforceable parts had not been included herein. In the
                     event that any provision of this Section relating to the time period
                     and/or the areas of restriction shall be declared by a court of
                     competent jurisdiction to exceed the maximum time period or areas
                     such court deems reasonable and enforceable, the time period and/or
                     areas of restriction deemed reasonable and enforceable by the court
                     shall become and thereafter be the maximum time period and/or areas.
                  

                  6.4 Consideration. Executive promises in this Section not to compete with the Company
                     and not to disclose information obtained during her employment by the
                     Company are made in consideration of the Company's agreement to pay
                     the compensation provided for herein for the period of employment
                     provided herein. Such promises by Executive constitute the material
                     inducement to Company to employ Executive for the term and to pay the
                     compensation provided for in this Agreement and to make and to
                     continue to make confidential information developed by Company
                     available to Executive.
                  

                  6.5 Company's Remedies. Executive covenants and agrees that if she shall violate any of her
                     covenants or agreements contained in this Section, the Company shall,
                     in addition to any other rights and remedies available to it at law
                     or in equity, have the following rights and remedies against
                     Executive:
                  

                  (a) The Company shall be relieved of any further obligation to
                     Executive under the terms of this agreement;
                  

                  (b) The Company shall be entitled to an accounting and repayment of
                     all profits, compensation, commissions, remunerations or other
                     benefits that Executive, directly or indirectly, has realized and/or
                     may realize as a result of, growing out of or in connection with, any
                     such violation; and
                  

                  (c) Company shall be entitled to a permanent injunction to prevent or
                     restrain the breach or violation of the agreements contained herein
                     by Executive or by Executive's partners, agents, representatives,
                     servants, employees and/or any and all persons directly acting for or
                     with Executive.
                  

                  The foregoing rights and remedies of the Company shall be cumulative
                     and the election by the Company to exercise any one or more of them
                     shall not preclude the Company's exercise of any other rights
                     described above or otherwise available under applicable principles of
                     law or equity.
                  

               

            

         

         
            
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                  7. SEVERANCE BENEFITS.
                  

                  7.1 Description of Benefits.
                  

                  (a) Termination without Cause or for Good Reason: If Executive's employment shall be terminated (i) by the Company
                     other than for Cause or (ii) by the Executive for Good Reason,
                     subject to the limitation in Section 7.2 hereof, the Company shall
                     pay Executive an amount equal to one hundred percent (100%) of the
                     sum of (x) her Annual Base Salary and (y) her "Average Annual Cash
                     Bonus." Subject to Section 10.2, such amount shall be paid in equal
                     consecutive installments in accordance with the Company's regular pay
                     schedule over a twelve (12) month period beginning on the effective
                     date of the termination of Executive's employment. For these
                     purposes, Executive's "Average Annual Cash Bonus" shall be the
                     average of the Cash Bonuses earned by Executive for each of the three
                     consecutive Contract Years (or if Executive has not been employed for
                     three full Contract Years, such fewer number of full Contract Years
                     she has been employed by the Company) immediately preceding the
                     Contract Year in which Executive's termination of employment occurs.
                  

                  (b) Termination by Death or Disability. Subject to Section 10.2, upon the termination of the Executive's
                     employment by reason of her death or Disability, the Company shall
                     pay to the Executive or to the personal representatives of her
                     estate (i) within thirty (30) days after the termination, a lump-sum
                     amount equal to fifty percent (50%) of the Executive's Annual Base
                     Salary for the Contract Year in which the termination occurs and (ii)
                     on or before the day on which the Executive's Cash Bonus for the
                     Contract Year in which the termination occurs would have been payable
                     if the termination had not occurred, an amount equal to the Cash
                     Bonus the Executive would have received for that Contract Year if the
                     termination had not occurred multiplied by a fraction the numerator
                     of which is the number of days in that Contract Year before the date
                     of termination and the denominator of which is 365. This subsection
                     9(b) shall not limit the entitlement of the Executive, her estate or
                     beneficiaries to any disability or other benefits then available to
                     the Executive under any life, disability insurance or other benefit
                     plan or policy which is maintained by the Company for the Executive's
                     benefit.
                  

                  (c) Termination for Cause or Without Good Reason. If the Executive's employment is terminated by the Company for
                     Cause or by the Executive without Good Reason, the Executive shall be
                     entitled to all Annual Base Salary and all Benefits accrued through
                     the date of termination, payable in accordance with the Company's
                     ordinary payment practices and, in any event, on or prior to the
                     fifteenth (15th) day of the third (3rd) calendar month following the
                     end of the calendar year in which the date of termination occurs.
                  

                  (d) Survival. Neither the termination of the Executive's employment hereunder nor
                     the expiration of the Contract Term shall impair the rights or
                     obligations of any party hereto which shall have accrued hereunder
                     prior to such termination or expiration.
                  

                  (e) Mitigation of Damages. In the event of any termination of the Executive's employment by
                     the Company, the Executive shall not be required to seek other
                     employment to mitigate damages, and any income earned by the
                     Executive from other employment or self- employment shall not be
                     offset against any obligations of the Company to the Executive under
                     this Agreement.
                  

                  7.2 Limitation on Severance Benefits.
                  

                  (a) Notwithstanding any other provision of this Agreement, and except
                     as provided in paragraph 7.2(b) below, payments and benefits to which
                     Executive would otherwise be entitled under the provisions of this
                     Agreement will be reduced (or the Executive shall make reimbursement
                     of amounts previously paid) to the extent necessary to prevent the
                     Executive from having any liability for the federal excise tax levied
                     on certain "excess parachute payments" under section 4999 of the
                     Internal Revenue Code as it exists as of the date of this Agreement.
                  

                  (b) The Company may determine the amount (if any) of reduction for
                     each payment or benefit that the Executive would otherwise be
                     entitled to receive. The extent to which the payments or benefits to
                     the Executive are to be reduced pursuant to paragraph 7.2(a) will be
                     determined by the accounting firm servicing the Company on the date
                     that the Executive's employment is terminated. The Company shall pay
                     the cost of such determination.
                  

                  (c) If the final determination of any reduction in any benefit or
                     payment pursuant to this Section has not been made at the time that
                     the Executive is entitled to receive such benefit or payment, the
                     Company shall pay or provide an estimated amount based on a
                     recommendation by the accounting firm making the determination under
                     subparagraph 10(b). When the final determination is made, the Company
                     shall pay the Executive any additional amounts that may be due or the
                     Executive shall reimburse the Company for any estimated amounts paid
                     to the Executive that were in excess of the amount payable hereunder.
                  

               

            

         

         
            
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                  8. DEFINITIONS.
                  

                  "Annual Base Salary" is defined in Section 3.
                  

                  "Average Annual Cash Bonus" is defined in Section 7.1.
                  

                  "Cash Bonus" is defined in Section 3.
                  

                  "Cause" For purposes of this Agreement, the Company shall have "Cause" to
                     terminate the Executive's employment hereunder upon (i) the Company's
                     determination that she has embezzled money or property, (ii) the
                     Executive's willful refusal to perform reasonable duties incident to
                     her employment after ten (10) days' written notice to Executive from
                     the Chief Executive Officer, Chief Operating Officer or Board of
                     Directors of the company of the specific duties to be performed, or
                     (iii) commission of a felony which, in the judgment of the Board of
                     Directors of the Company, adversely affects the business or
                     reputation of the Company.
                  

                  "Change of Control" shall mean (A) the sale, lease, exchange or other transfer (other
                     than pursuant to internal reorganization) by the Company or Tanger
                     Factory Outlet Centers, Inc. ("TFOC") of more than 50% of its assets
                     to a single purchaser or to a group of associated purchasers; (B) a
                     merger, consolidation or similar transaction in which TFOC or the
                     Company does not survive as an independent, publicly owned
                     corporation or TFOC or an entity wholly owned by TFOC ceases to be
                     the sole general partner of the Company; or (C) the acquisition of
                     securities of TFOC or the Company in one or a related series of
                     transactions (other than pursuant to an internal reorganization) by a
                     single purchaser or a group of associated purchasers (other than
                     Executive or any of her lineal descendants, lineal ancestors or
                     siblings) which results in their ownership of twenty-five (25%)
                     percent or more of the number of Common Shares of TFOC (treating any
                     Partnership Units or Preferred Shares acquired by such purchaser or
                     purchasers as if they had been converted to Common Shares) that would
                     be outstanding if all of the Partnership Units and Preferred Shares
                     were converted into Common Shares; (D) a merger involving TFOC if,
                     immediately following the merger, the holders of TFOC's shares
                     immediately prior to the merger own less than fifty (50%) of the
                     surviving company's outstanding shares having unlimited voting rights
                     or less than fifty percent (50%) of the value of all of the surviving
                     company's outstanding shares; or (E) a majority of the members of the
                     Company's Board of Directors are replaced during any twelve month
                     period by directors whose appointment or election is not endorsed by
                     a majority of the members of the Board prior to the date of the
                     appointment or election.
                  

                  "Contract Term" is defined in Section 2.
                  

                  "Contract Year" is defined in Section 2.
                  

                  "Disability" shall mean Executive's inability through physical or mental illness
                     or other cause to perform any of the material duties assigned to her
                     by the Company for a period of ninety (90) days or more within any
                     twelve consecutive calendar months.
                  

                  "Good Reason" The Executive shall have "Good Reason" to terminate her employment
                     hereunder if (i) the Company fails to make payment of amounts due to
                     Executive hereunder within thirty (30) days after Executive has made
                     written demand therefor upon Company; (ii) Company commits a material
                     breach of its obligations under this Agreement and fails to cure such
                     breach after a thirty (30) day written notice thereof; (iii) if,
                     after a Change of Control, the principal duties of Executive are
                     required to be performed at a location other than the Greensboro,
                     North Carolina metropolitan area without her consent; or (iv) if
                     Executive elects to terminate her employment by written notice to the
                     Company within the 180 day period following a Change of Control.
                  

                  "Section 409A" shall mean, collectively, Section 409A of the Internal Revenue Code
                     of 1986, as amended, and the Department of Treasury Regulations and
                     other interpretive guidance promulgated thereunder, including without
                     limitation any such regulations or other guidance that may be issued
                     after the date of this amendment and restatement.
                  

                  9. MISCELLANEOUS.
                  

                  9.1 Binding on Successors. This Agreement shall be binding upon and inure to the benefit of
                     the Partnership, the Company, the Executive and their respective
                     successors, assigns, change the address to which any Notice to that
                     Party hereunder is to be delivered or (ii) designate additional or
                     substituted parties to whom Notices hereunder to such Party should be
                     sent with any such change or designation to be effective five (5)
                     Business Days after delivery of notice thereof to the other Party in
                     the manner herein provided. As used herein the term "Business Day"
                     shall mean every day, other than Saturdays, Sundays and any other day
                     on which banks in the State in which the Center is located are not
                     generally open for the conduct of banking business during normal
                     business hours.
                  

                  9.2 Entire Agreement. The terms of this Agreement are intended by the parties to be the
                     final expression of their agreement with respect to the employment of
                     the Executive by the Partnership and the Company and may not be
                     contradicted by evidence of any prior or contemporaneous agreement.
                     The parties further intend that this Agreement shall constitute the
                     complete and exclusive statement of its terms and that no extrinsic
                     evidence whatsoever may be introduced in any judicial,
                     administrative, or other legal proceeding to vary the terms of this
                     Agreement.
                  

               

            

         

         
            
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                  10. SECTION 409A.
                  

                  10.1 The parties acknowledge and agree that, to the extent
                     applicable, this Agreement shall be interpreted in accordance with,
                     and the parties agree to use their best efforts to achieve timely
                     compliance with Section 409A of the Internal Revenue Code of 1986, as
                     amended and the Department of Treasury Regulations and other
                     interpretive guidance promulgated thereunder (collectively, "Section
                     409A"), including without limitation any such regulations or other
                     guidance that may be issued after the Effective Date. Notwithstanding
                     any provision of this Agreement to the contrary, in the event that
                     the Company determines that any compensation or benefits payable or
                     provided under this Agreement may be subject to Section 409A, the
                     Company may adopt (without any obligation to do so or to indemnify
                     the Executive for failure to do so) such limited amendments to this
                     Agreement and appropriate policies and procedures, including
                     amendments and policies with retroactive effect, that the Company
                     reasonably determines are necessary or appropriate to (i) exempt the
                     compensation and benefits payable under this Agreement from Section
                     409A and/or preserve the intended tax treatment of the compensation
                     and benefits provided with respect to this Agreement or (ii) comply
                     with the requirements of Section 409A. No provision of this Agreement
                     shall be interpreted or construed to transfer any liability for
                     failure to comply with the requirements of Section 409A from the
                     Executive or any other individual to the Company or any of its
                     affiliates, employees or agents.
                  

                  10.2 Separation from Service under 409A. Notwithstanding any provision to the contrary in this Agreement:
                  

                  (a) No amount shall be payable pursuant to Sections 7.1(a) or (b)
                     unless the termination of the Executive's employment constitutes a
                     "separation from service" within the meaning of Section 1.409A-1(h)
                     of the Department of Treasury Regulations; and
                  

                  (b) If the Executive is deemed at the time of his separation from
                     service to be a "specified employee" for purposes of Section
                     409A(a)(2)(B)(i) of the Code, to the extent delayed commencement of
                     any portion of the termination benefits to which the Executive is
                     entitled under this Agreement (after taking into account all
                     exclusions applicable to such termination benefits under Section
                     409A), including, without limitation, any portion of the additional
                     compensation awarded pursuant to Sections 7.1(a) or (b), is required
                     in order to avoid a prohibited distribution under Section
                     409A(a)(2)(B)(i) of the Code, such portion of the Executive's
                     termination benefits shall not be provided to the Executive prior to
                     the earlier of (A) the expiration of the six-month period measured
                     from the date of the Executive's "separation from service" with the
                     Company (as such term is defined in the Department of Treasury
                     Regulations issued under Section 409A of the Code) or (B) the date of
                     the Executive's death. Upon the earlier of such dates, all payments
                     deferred pursuant to this Section 10.2(b) shall be paid in a lump sum
                     to the Executive, and any remaining payments due under the Agreement
                     shall be paid as otherwise provided herein; and
                  

                  (c) The determination of whether the Executive is a "specified
                     employee" for purposes of Section 409A(a)(2)(B)(i) of the Code as of
                     the time of his separation from service shall be made by the Company
                     in accordance with the terms of Section 409A of the Code and
                     applicable guidance thereunder (including without limitation Section
                     1.409A-1(i) of the Department of Treasury Regulations and any
                     successor provision thereto); and
                  

                  (d) For purposes of Section 409A of the Code, the Executive's right
                     to receive installment payments pursuant to Section 7.1(a) shall be
                     treated as a right to receive a series of separate and distinct
                     payments; and
                  

                  (e) The reimbursement of any expense under Section 4.2 or Section 7.1
                     shall be made no later than December 31 of the year following the
                     year in which the expense was incurred. The amount of expenses
                     reimbursed in one year shall not affect the amount eligible for
                     reimbursement in any subsequent year.
                  

               

            

         

         
            
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                  IN WITNESS WHEREOF, the parties have executed this Agreement in
                     duplicate originals as of the day and year first above written.
                  

                  TANGER PROPERTIES LIMITED PARTNERSHIP (Company)
                  

                  By: /s/ Frank C. Marchisello Jr.

                  Print name: Frank C. Marchisello, Jr.

                  Print Title: Vice President of Tanger GP Trust,
its sole General Partner

                  /s/ Carrie A. Warren        (SEAL)
Executive
                  

                  Print Name: CARRIE A. WARREN

               

            

         

         
            
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