Document:

exhibit10_19-1.htm

Exhibit 10.19.1

 

CLARIFYING AMENDMENT TO APPLETON PAPERS INC.

TERMINATION PROTECTION AGREEMENT

 

WHEREAS, it has come to the attention of the Corporation that the definition of a “change in control” appearing in the Appleton Papers Inc. Termination Protection Agreement (the “Agreement”), effective April 1, 2010, does not reflect the intention of the Corporation or the Executive, insofar as such definition would, in certain circumstances, fail to encompass a change in control by the Corporation’s corporate parent, but would, in certain circumstances, encompass an internal reorganization of the Corporation or its controlled group; and

THEREFORE, this Clarifying Amendment (“Amendment”) to the Agreement is made by and among Appleton Papers Inc. (the “Corporation”) and Mark R. Richards (the “Executive”).  Capitalized terms contained in this Amendment shall have the definition set as for in the Agreement if not otherwise defined herein.  The terms and conditions of this Amendment are as follows:

1.           The definition of “Change in Control” in Schedule A of the Agreement shall be amended by deleting the last sentence thereof, and inserting in its place the following:

“The definition of Change in Control shall in all events be subject to, and interpreted in a manner consistent with, Treasury Regulation §1.409A-3(i)(5).  Solely for purposes of determining whether a Change in Control has occurred, the “Corporation” shall be defined to be the “relevant corporation” within the meaning of Treasury Regulation §1.409A-3(i)(5)(ii).”

2.           This Amendment is effective November 11, 2010 and hereby becomes part of the Agreement.

3.           Except as expressly modified herein, the Agreement between the Corporation and the Executive shall remain unchanged and in full force and effect.

IN WITNESS WHEREOF, the parties have executed this Amendment, dated as of January 4, 2011.

                 APPLETON PAPERS INC.

                 By:          /s/ Kerry S. Arent                                                      

                 Kerry S. Arent

                 Vice President Human Resources

                 EXECUTIVE

 

 

                                       By:          /s/ Mark R. Richards                                                      

                 Mark R. RichardSexhibit10_24-2.htm

Exhibit 10.24.2

RESOLUTIONS

OF THE BOARD OF DIRECTORS

OF APPLETON PAPERS INC.

WHEREAS, Appleton Papers Inc. (the “Company”) sponsors the Appleton Papers Inc. Retirement Savings and Employee Stock Ownership Plan, as amended and restated as of January 1, 2009, and as further amended (the “Plan”), for the exclusive benefit of its eligible employees and their eligible beneficiaries;

 

WHEREAS, pursuant to Section 9.1 of the Plan, the Company by action of its Board of Directors, reserves the right to amend the Plan in whole or in part, at any time or from time to time; and

 

WHEREAS, the Company desires to amend the Plan, effective March 1, 2011 (with certain other effective dates) as set forth herein.

 

NOW, THEREFORE, BE IT:

 

RESOLVED, that the amendments to the Appleton Papers Inc. Retirement Savings and Employee Stock Ownership Plan, as amended and restated as of January 1, 2009, and as further amended as follows (the “Plan”), be, and they hereby are, approved and adopted, effective March 1, 2011 (with certain other effective dates set forth therein):

 

Section 3.3(c) is amended by restating subsection (5) thereof in its entirety as follows:

	
  

	
(5)

	
Allocation of Mandatory Profit Sharing Contributions.  A Mandatory Profit Sharing Contribution, based upon the schedule set forth below, shall be allocated to the Non-ESOP Profit Sharing Account of each Participant who: (A) effective beginning April 1, 2008, has made an affirmative election to cease accruing benefits under the Appleton Papers Inc. Retirement Plan; (B) was ineligible to commence participation in the Appleton Papers Inc. Retirement Plan because of the freezing of the participation provisions of such plan; (C) was ineligible to commence participation in the Appleton Papers Inc. Retirement Plan because such Participant did not qualify as an “Eligible Employee” under such plan; or (D) ceased to accrue benefits under the Appleton Papers Inc. Retirement Plan upon such Participant’s transfer from a Bargaining Unit Employee to a salaried employee or to a non-union hourly employee.  Notwithstanding the foregoing, Participants who do not make the affirmative election referenced in (A) immediately above and who otherwise meet the eligibility criteria set forth herein, shall be eligible for this Mandatory Profit Sharing Contribution beginning March 1, 2011.  Mandatory Profit Sharing Contributions shall be made on each Pay Date to eligible Participants who are employed on the Pay Date based upon their Covered Compensation for the applicable Pay Period, based upon their age in years on their birthday that occurs during the Plan Year and based upon their Service in whole years on their Service anniversary date that occurs during the Plan Year in accordance with the following schedule:

 

	
Age + Service

	
Mandatory Profit Sharing Contribution

	
< 35

 

	
1% of Covered Compensation

	
35-49

 

	
2% of Covered Compensation

	
50-64

 

	
3% of Covered Compensation

	
65-79

 

	
4% of Covered Compensation

	
80 or more

	
5% of Covered Compensation

 

Effective January 1, 2010, Mandatory Profit Sharing Contributions shall be made on each Pay Date to eligible Participants based upon their Covered Compensation for the applicable Pay Period, based upon their age in years on their birthday that occurs during the Plan Year and based upon their Service in whole years on their Service anniversary date that occurs during the Plan Year, in accordance with the preceding schedule, regardless of whether such Participant is employed on the relevant Pay Date.

 

Further effective January 1, 2010, in determining a Participant’s Service for purposes of this Section 3.3(c)(5), that portion of any Participant’s Period of Service during which the Participant was classified as a “temporary employee” on the Company’s payroll system shall be disregarded.

 

Notwithstanding the foregoing, a Mandatory Profit Sharing Contribution shall not be made with respect to a Participant who (a) incurs a Disability and/or (b) is an HCE, unless the Committee determines, in its complete discretion, that such application will not cause the Plan in operation to discriminate in favor of HCEs and thereby fail to comply with Section 401(a)(4) of the Code.

FURTHER RESOLVED, that the officers of the Company and/or the Plan’s ESOP Administrative Committee, be, and each of them hereby is, authorized and directed to do or to cause to be done all further acts and things as they or any of them shall deem necessary or advisable or convenient and proper in connection with or incidental to the consummation and carrying into effect of the transactions contemplated by the foregoing resolution, including the incorporation of the amendments into an Amendment and Restatement of the Plan and/or the execution, acknowledgment and delivery of any and all certificates, instruments or documents which may be reasonably required or which may be considered supplemental thereto, and that all such actions so taken be and they hereby are ratified, approved, confirmed and adopted.

 

FURTHER RESOLVED, except as set forth above, the Plan is ratified and confirmed in its entirety.

  

  

  

Certificate of Secretary

 

Appleton Papers Inc.

 

 

I, Tami L. Van Straten, duly elected and acting Secretary of Appleton Papers Inc., hereby certify that the attached amendment to the Retirement Savings and Employee Stock Ownership Plan was duly adopted at a meeting of the Board of Directors of Appleton Papers Inc. on December 8, 2010.

 

In witness whereof, I have executed this Certificate on December 13, 2010.

 

	  	
/s/ Tami L. Van Straten

	  	
Tami L. Van Stratenexhibit10_25-5.htm

Exhibit 10.25.5

RESOLUTIONS

OF THE BOARD OF DIRECTORS

OF APPLETON PAPERS INC.

WHEREAS, Appleton Papers Inc. (the “Company”) sponsors the Appleton Papers Inc. Retirement Plan, as amended through December 30, 2009 (the “Plan”), for the exclusive benefit of its eligible employees and their eligible beneficiaries;

 

WHEREAS, pursuant to Section 11.01 of the Plan, the Company, by action of its Board of Directors, may amend the Plan in whole or in part, at any time or from time to time; and

 

WHEREAS, the Company desires to amend the Plan, effective March 1, 2011, to freeze benefits accrued under the Plan as of March 1, 2011, in the case of any salaried Plan participant.  For the avoidance of doubt, this amendment shall not apply to any Plan participant who is a member of a bargaining unit.

 

NOW THEREFORE, it is:

 

RESOLVED, that the amendments to the Appleton Papers Inc. Retirement Plan, as amended through December 30, 2009 (the “Plan”), and as further amended, in the form affixed hereto as Exhibit A, be and they hereby are approved and adopted, effective March 1, 2011 (with certain other effective dates as set forth therein):

 

FURTHER RESOLVED, that the officers of the Company and/or the Plan’s Pension Benefit Finance Committee, be, and each of them hereby is, authorized and directed to do or to cause to be done all further acts and things as they or any of them shall deem necessary or advisable or convenient and proper in connection with or incidental to the consummation and carrying into effect of the transactions contemplated by the foregoing resolution, including the incorporation of the amendments into an Amendment of Restatement of the Plan and/or the execution, acknowledgment and delivery of any and all certificates, instruments or documents which may be reasonably required or which may be considered supplemental thereto, and that all such actions so taken be and they hereby are ratified, approved, confirmed and adopted.

 

FURTHER RESOLVED, except as set forth above, the Plan is ratified and confirmed in its entirety.

 

 

 

  

1

  

Exhibit A

 

 

Amendment 1

 

Section 1.17 is amended by restating subsection (f)(2) thereof in its entirety, as follows:

 

	
  

	
(2)

	
March 1, 2011, in the case of any other Participant who has not retired or otherwise incurred a Termination of Employment prior to March 1, 2011.

 

 

  

2

  

 

Amendment 2

 

Section 1.36 is amended by restating subsection (b) thereof in its entirety, as follows:

 

	
  

	
(b)

	
The term “Vesting Service” shall be substituted for the term “Benefit Service” in subsection (a) above for Participants who (1) make an election pursuant to Section 2.05(a) in lieu of continuing to accrue Benefit Service under this Plan, (2) transfer to employment with a Controlled Group Affiliate on or after April 1, 2008, or (3) cease to accrue Benefit Service under Section 4.04 as of March 1, 2011; provided that for any Plan Year no more than one year of Service (“Benefit” or “Vesting”) shall be recognized.  Such substitution shall apply from the date the event described in item (1), (2) or (3) occurs.

 

 

  

3

  

Amendment 3

 

Section 4.04 is amended by restating subsection (e)(2) thereof in its entirety, as follows:

 

(2)           March 1, 2011, in the case of any other Participant.

 

 

  

4

  

Amendment 4

 

Section 4.07 is amended by restating subsection (b) thereof in its entirety, as follows:

 

	
  

	
(b)

	
Upon retirement or other Termination of Employment or death while in the employ of an Affiliate or in the employ of the Company other than as an Eligible Employee, a Participant’s benefit under this Plan (if any) shall be determined as if he had then retired, terminated employment or died for purposes of this Plan, based on his Final Average Monthly Compensation as of first to occur of (1) his date of retirement, (2) Termination of Employment, (3) death, (4) for a Participant who made the election under Section 2.05(a), January 1, 2008 or (5) March 1, 2011 for all other Participants, and his Benefit Service and the benefit formula in effect under Article V as of the date of transfer to the Affiliate or to employment other than as an Eligible Employee.

 

 

  

5

  

Amendment 5

 

Section 5.04 is amended by restating subsection (c) thereof in its entirety, as follows:

 

(c)           If a Participant:

 

	
  

	
(1)

	
recovers from his Disability prior to his Disability Pension Starting Date and returns to the employ of the Company or an Affiliate within ninety (90) days after the end of such Disability and prior to working full-time for any other person (disregarding any employment which is primarily for the purpose of rehabilitation), or

 

	
  

	
(2)

	
does not recover from his Disability prior to attainment of his Disability Pension Starting Date,

 

he shall be deemed to have continued as a Participant under the Plan and the period of his Disability prior to his Disability Pension Starting Date shall be treated as Vesting Service and Benefit Service, and Compensation shall be imputed for that period as provided in Section 1.17(c); provided that a Participant (A) who is actively employed on January 1, 2008 and does not make the election described in Section 2.05(a) and (B) whose period of Disability commences on or after January 1, 2008, shall be credited with Benefit Service to the extent provided by this subsection (c) for a period ending on the earlier of (i) such Participant’s Disability Pension Starting Date or (ii) March 1, 2011.

 

 

  

6

  

Amendment 6

 

Section 6.01 is amended by adding the following provision, to be identified as subsection (b):

 

	
  

	
(b)

	
The term “Vesting Service” shall be substituted for the term “Benefit Service” in subsection (a) above for Participants who (1) make an election pursuant to Section 2.05(a) in lieu of continuing to accrue Benefit Service under this Plan, (2) transfer to employment with a Controlled Group Affiliate on or after April 1, 2008, or (3) cease to accrue Benefit Service effective March 1, 2011; provided that for any Plan Year no more than one year of Service (“Benefit” or “Vesting”) shall be recognized.  Such substitution shall apply from the date the event described in item (1), (2) or (3) occurs.

 

 

  

7

  

Certificate of Secretary

 

Appleton Papers Inc.

 

 

I, Tami L. Van Straten, duly elected and acting Secretary of Appleton Papers Inc., hereby certify that the attached amendment to the Appleton Papers Inc. Retirement Plan was duly adopted at a meeting of the Board of Directors of Appleton Papers Inc. on December 8, 2010.

 

In witness whereof, I have executed this Certificate on December 13, 2010.

   

 

	  	
/s/ Tami L. Van Straten

	  	
Tami L. Van Straten

   

 

 

 

 

 

  

8

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