Document:

Exhibit 10.19

                       WAUSAU-MOSINEE PAPER CORPORATION
                   2005 DIRECTORS DEFERRED COMPENSATION PLAN

                       WAUSAU-MOSINEE PAPER CORPORATION

                   2005 DIRECTORS DEFERRED COMPENSATION PLAN

      1.    ESTABLISHMENT OF PLAN.  Wausau-Mosinee Paper Corporation (the
"Company") hereby adopts the Wausau-Mosinee Paper Corporation 2005 Directors
Deferred Compensation Plan effective December 17, 2004 (the "Plan").

      2.    PURPOSE.  The purpose of the Plan is to provide an alternative
method of compensating members (the "Directors") of the Board of Directors of
the Company (the "Board"), whether or not they otherwise receive compensation
as employees of the Company, in order to aid the Company in attracting and
retaining as Directors persons whose abilities, experience, and judgment can
contribute to the continued progress of the Company and to provide a mechanism
by which the interests of the Directors and the shareholders can be more
closely aligned.

      3.    DEFINITIONS.  As used in this Plan, the following terms shall have
the meaning set forth in this paragraph 3:

            (a)   "BENEFICIARY" means such person or persons, or organization
or organizations, as the Participant from time to time may designate by a
written designation filed with the Company during the Participant's life.  Any
amounts payable hereunder to a Participant's Beneficiary shall be paid in such
proportions and subject to such trusts, powers, and conditions as the
Participant may provide in such designation.  Each such designation, unless
otherwise expressly provided therein, may be revoked by the Participant by a
written revocation filed with the Company during the Participant's life.  If
more than one such designation shall be filed by a Participant with the
Company, the last designation so filed shall control over any revocable
designation filed prior to such filing.  To the extent that any amounts payable
under this Plan to a Participant's Beneficiary are not effectively disposed of
pursuant to the above provisions of this paragraph 3(a), either because no
designation was in effect at the Participant's death or because a designation
in effect at the Participant's death failed to dispose of such amounts in their
entirety, then for purposes of this Plan, the Participant's "Beneficiary" as to
such undisposed of amounts shall be the Participant's estate.
                                       -1-
            (b)   A "CHANGE OF CONTROL" means the happening of any of the
following events:

                  (1)   The acquisition by any individual, entity or group
      (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act
      (a "Person") of beneficial ownership (within the meaning of Rule 13d-3
<PAGE>
      promulgated under the Exchange Act) of 20% or more of either (A) the then
      outstanding Common Stock (the "Outstanding Company Common Stock") or (B)
      the combined voting power of the then outstanding voting securities of
      the Company entitled to vote generally in the election of directors (the
      "Outstanding Company Voting Securities"); excluding, however, the
      following: (i) any acquisition directly from the Company other than an
      acquisition by virtue of the exercise of a conversion privilege unless
      the security being so converted was itself acquired directly from the
      Company, (ii) any acquisition by the Company, (iii) any acquisition by
      any employee benefit plan (or related trust) sponsored or maintained by
      the Company or any entity controlled by the Company, (iv) any acquisition
      pursuant to a transaction which complies with clauses (A), (B), and (C)
      of subparagraph (3) of this paragraph 3(b), (v) except as provided in
      subparagraphs (4) and (5) of this paragraph 3(b), any acquisition by any
      of the Woodson Entities or any of the Smith Entities, or (vi) any
      increase in the proportionate number of shares of Outstanding Company
      Common Stock or Outstanding Company Voting Securities beneficially owned
      by a Person to 20% or more of the shares of either of such classes of
      stock if such increase was solely the result of the acquisition of
      Outstanding Company Common Stock or Outstanding Company Voting Securities
      by the Company; provided, however, that this clause (vi) shall not apply
      to any acquisition of Outstanding Company Common Stock or Outstanding
      Company Voting Securities not described in clauses (i), (ii), (iii), (iv)
      or (v) of this paragraph 3(b)(1) by the Person acquiring such shares
      which occurs after such Person had become the beneficial owner of 20% or
      more of either the Outstanding Company Common Stock or Outstanding
      Company Voting Securities by reason of share purchases by the Company; or

                  (2)   A change in the composition of the Board such that the
      individuals who, as of March 4, 1999, constitute the Board (such Board
      shall be hereinafter referred to as the "Incumbent Board") cease for any
      reason to constitute at least a majority of the Board; provided, however,
      for purposes of the Plan, that any individual who becomes a member of the
      Board subsequent to the Effective Date whose election, or nomination for
      election by the Company's shareholders, was approved by a vote of at
      least a majority of those individuals who are members of the Board and
      who were also members of the
                                       -2-
      Incumbent Board (or deemed to be such pursuant to this proviso) shall
      be deemed to be and shall be considered as though such individual were a
      member of the Incumbent Board, but provided, further, that any such
      individual whose initial assumption of office occurs as a result of
      either an actual or threatened election contest (as such terms are
      used in Rule 14a-11 of Regulation 14A promulgated under the Exchange
      Act) or other actual or threatened solicitation of proxies or consents
      by or on behalf of a Person other than the Board shall not be so deemed
      or considered as a member of the Incumbent Board; or

                  (3)   Consummation of a reorganization, merger or
      consolidation, or sale or other disposition of all or substantially all
      of the assets of the Company or the acquisition of the assets or
      securities of any other entity (a "Corporate Transaction"); excluding,
      however, such a Corporate Transaction pursuant to which (A) all or
      substantially all of the individuals and entities who are the beneficial
      owners, respectively, of the Outstanding Company Common Stock and
      Outstanding Company Voting Securities immediately prior to such Corporate
<PAGE>
      Transaction will beneficially own, directly or indirectly, more than 60%
      of, respectively, the outstanding shares of common stock and the combined
      voting power of the then outstanding voting securities entitled to vote
      generally in the election of directors, as the case may be, of the
      corporation resulting from such Corporate Transaction (including, without
      limitation, a corporation which as a result of such transaction owns the
      Company or all or substantially all of the Company's assets either
      directly or through one or more subsidiaries) (the "Resulting
      Corporation") in substantially the same proportions as their ownership,
      immediately prior to such Corporate Transaction, of the Outstanding
      Company Common Stock and Outstanding Company Voting Securities, as the
      case may be, (B) no Person (other than the Company, any employee benefit
      plan (or related trust) of the Company, any Woodson Entity, any Smith
      Entity, or such Resulting Corporation) will beneficially own, directly or
      indirectly, 20% or more of, respectively, the outstanding shares of
      common stock of the Resulting Corporation or the combined voting power of
      the then outstanding voting securities of such Resulting Corporation
      entitled to vote generally in the election of directors except to the
      extent that such ownership existed with respect to the Company prior to
      the Corporate Transaction, and (C) individuals who were members of the
      Incumbent Board will constitute at least a majority of the members of the
      board of directors of the Resulting Corporation; or

                  (4)   The Woodson Entities acquire beneficial ownership of
      more than 35% of the Outstanding Company Common Stock or Outstanding
      Company Voting Securities or of the outstanding shares of common stock or
      the combined voting power of
                                       -3-
      the then outstanding voting securities entitled to vote generally in the
      election of directors, as the case may be, of the Resulting Corporation;
      or

                  (5)   The Smith Entities acquire beneficial ownership of more
      than 35% of the Outstanding Company Common Stock or Outstanding Company
      Voting Securities or of the outstanding shares of common stock or the
      combined voting power of the then outstanding voting securities entitled
      to vote generally in the election of directors, as the case may be, of
      the Resulting Corporation; or

                  (6)   The approval by the shareholders of the Company of a
      complete liquidation or dissolution of the Company.

            For purposes of this paragraph 3(b), the term "Woodson Entities"
shall mean Aytchmonde P. Woodson, Leigh Yawkey Woodson and Alice Richardson
Yawkey, members of their respective families and their respective descendants
(the "Woodson Family"), heirs or legatees of any of the Woodson Family members,
transferees by will, laws of descent or distribution or by operation of law of
any of the foregoing (including of any such transferees) (including any
executor or administrator of any estate of any of the foregoing), any trust
established by any of Aytchmonde P. Woodson, Leigh Yawkey Woodson, or Alice
Richardson Yawkey, whether pursuant to last will or otherwise, any partnership,
trust or other entity established primarily for the benefit of, or any other
Person the beneficial owners of which consist primarily of, any of the
foregoing or any Affiliates or Associates of any of the foregoing or any
charitable trust or foundation to which any of the foregoing transfers or may
transfer securities of the Company (including any beneficiary or trustee,
<PAGE>
partner, manager or director of any of the foregoing or any other Person
serving any such entity in a similar capacity).

            For purposes of this paragraph 3(b), the term "Smith Entities"
shall mean David B. Smith and Katherine S. Smith, members of their respective
families and their respective descendants (the "Smith Family"), heirs or
legatees of any of the Smith Family members, transferees by will, laws of
descent or distribution or by operation of law of any of the foregoing
(including of any such transferees) (including any executor or administrator of
any estate of any of the foregoing), any trust established by either of David
B. Smith or Katherine S. Smith, whether pursuant to last will or otherwise, any
partnership, trust or other entity established primarily for the benefit of, or
any other Person the beneficial owners of which consist primarily of, any of
the foregoing or any Affiliates or Associates of any of the foregoing or any
charitable trust or foundation to which any of the foregoing transfers or may
transfer securities of the
                                       -4-
Company (including any beneficiary or trustee, partner, manager or director of
any of the foregoing or any other Person serving any such entity in a similar
capacity).

            For purposes of this paragraph 3(b), the terms "Affiliate" and
"Associate" shall have the meanings ascribed to such terms in Rule 12b-2 of the
General Rules and Regulations under the Exchange Act as in effect on the date
of this Plan.

            (c)   "CODE" means the Internal Revenue Code of 1986, as amended,
and reference to any section of the Code shall be deemed to include any
successor section or sections.  Any reference to a section of the Code shall
also be deemed to incorporate any regulation promulgated thereunder.

            (d)   "COMMITTEE" means the Compensation Committee of the Board.

            (e)   "COMMON STOCK" means the common stock, no par value, of the
Company.

            (f)   "CONTROLLED GROUP" means the Company and each other member of
the controlled group of corporations or other entities under common control to
which the Company belongs for purposes of determining whether a separation from
service has occurred pursuant to Section 409A of the Code and the regulations
promulgated thereunder.

            (g)   "DIRECTORS FEES" means all of the compensation to which a
Director would otherwise become entitled for services to be rendered as a
Director.

            (h)   "FAIR MARKET VALUE" of the Common Stock on any day shall be
deemed to be the mean between the published high and low sale prices at which
the Common Stock is traded on a bona fide over-the-counter market or, if such
stock is not so traded on such day, on the next preceding day on which the
Common Stock was so traded.

            (i)   "KEY EMPLOYEE" means any employee of the Company or any other
member of the Controlled Group who is a "key employee" as determined pursuant
to Code Section 416(i).
<PAGE>
            (j)   "PARTICIPANT" means a Director who has made an election to
defer Directors Fees in accordance with paragraph 4 or who has an undistributed
balance in his account.
                                       -5-
            (k)   "TERMINATION OF EMPLOYMENT" means, with respect to a Director
who is a Key Employee, termination of the Director's employment with the
Company and each member of the Controlled Group.

            (l)   "TERMINATION OF SERVICE" means the later of the bona fide
termination of a Participant's service as a member of the Board and the
Participant's Termination of Employment.

      4.    RIGHT TO DEFER DIRECTORS FEES.

            (a)   Each Director may elect before January 1 of any fiscal year
of the Company to become a Participant and to defer the payment of all or any
portion of the Directors Fees to which the Participant would otherwise become
entitled for services to be rendered during each fiscal year subsequent to the
date on which such election is effective.  An election by a Director to defer
Directors Fees pursuant to this subparagraph (a) shall be effective with
respect to Directors Fees earned during the first fiscal year beginning after
the date such election is made and during each subsequent fiscal year until
revoked or amended, provided that any such revocation or amendment shall only
be effective with respect to fiscal years beginning after the date written
notice of such revocation or amendment is first received by the Company.

            (b)   Despite any other provision of subparagraph (a), if a person
becomes a Director during a fiscal year, such Director may elect to become a
Participant with respect to all or any portion of the Directors Fees earned and
payable (1) from and after the date on which he is elected a Director if an
election is filed on or before the date of such election, or (2) if no election
is filed pursuant to clause (1), on the first day of the first month
immediately following the month in such fiscal year in which such election is
made, if such election has been made within 30 days of the date on which he was
elected a Director.  An election by a Director to defer Directors Fees pursuant
to this subparagraph (b) shall remain in effect until the last day of the
fiscal year in which such election is made and during each subsequent fiscal
year until revoked or amended, provided that any such revocation or amendment
shall only be effective with respect to fiscal years beginning after the date
written notice of such revocation or amendment is first received by the
Company.

            (c)   Directors Fees deferred by a Participant shall be
distributable in accordance with paragraph 9 hereof only after such
Participant's Termination of Service.  Any
                                       -6-
Directors Fees not subject to an election made in accordance with this
paragraph 4 shall be paid to the Director in cash.

      5.    ACCOUNTING AND ELECTIONS.

            (a)   The Company shall establish a Deferred Cash Account and a
Deferred Stock Account in the name of each Participant.

            (b)   Each Participant shall make an initial election at the time
his deferral election is filed pursuant to paragraph 4 to have his deferred
<PAGE>
Directors Fees allocated to his Deferred Cash Account or his Deferred Stock
Account.  Each fiscal year, a Participant may file a new election with the
Company specifying (1) the Account to which all Directors Fees deferred
subsequent to the last day of such fiscal year (and prior to the effective date
of any subsequent election) shall be allocated and/or (2) the Account to which
all or any portion of the balance of his Accounts as of the last day of such
fiscal year shall be allocated.  The transfer of a Participant's Account
balance shall be made in accordance with the following:

                  (1)   in the case of a transfer from a Deferred Cash Account
      into a Deferred Stock Account, that portion of the balance in the
      Participant's Deferred Cash Account as of the last day of the fiscal year
      in which the Participant has made an election to transfer his Deferred
      Cash Balance shall be determined after giving effect to all other
      adjustments required by this Plan and such portion shall be debited from
      the Participant's Deferred Cash Account and credited to his Deferred
      Stock Account effective as of the first day of the next subsequent fiscal
      year.

                  (2)   in the case of a transfer from a Deferred Stock Account
      into a Deferred Cash Account, the number of Stock Equivalent Units in the
      Participant's Deferred Stock Account as of the last day of the fiscal
      year to which the Participant has made an election to transfer his
      Deferred Stock Account shall be determined after giving effect to all
      other adjustments required by this Plan and such Stock Equivalent Units
      shall be converted into cash equivalent by multiplying the number of such
      units by an amount equal to the per share Fair Market Value of the Common
      Stock on the last day of the fiscal year.  Effective as of the first day
      of the next subsequent fiscal year, the Participant's Deferred Stock
      Account shall be debited by the number of Stock Equivalent Units so
      transferred and the Participant's Deferred Cash Account credited by the
      amount of cash equivalent so determined.
                                       -7-
      Any election made by a Participant in accordance with this paragraph 5
shall remain in effect until a new election filed by the Participant becomes
effective.  A Participant's initial election shall be effective as of the date
the Director becomes a Participant.  Notwithstanding any other provision of
this Plan, no election pursuant to this paragraph 5 which changes the Account
to which Directors Fees deferred in a subsequent fiscal year are to be
allocated or changes the Account to which any balance in such Participant's
Accounts shall be allocated shall be effective (1) until such election has been
approved by the Board or (2) if it is made by a Participant within six months
of the immediately preceding election filed by such Participant, and any such
election which shall not have been approved by the Board or which occurs within
the period described in clause (2) shall be null and void.

            (c)   As of each date on which the Company shall make a payment of
Directors Fees and a Participant has a deferral election then in effect, there
shall be credited to such Participant's Deferred Cash Account or Deferred Stock
Account, as the case may be in accordance with such Participant's most recent
effective election, the Directors Fees otherwise payable to such Participant in
cash as of such date.

            (d)   Within 90 days of the end of each fiscal year in which this
Plan is in effect, the Company shall furnish each Participant a statement of
the year-end balance in such Participant's Deferred Cash Account and Deferred
Stock Account.
<PAGE>
      6.    FORM FOR ELECTIONS.  The Secretary of the Company shall provide
election forms for use by Directors in making an initial election to become a
Participant and for making all other elections or designations permitted or
required by the Plan.

      7.    DEFERRED CASH ACCOUNT.  As of the last day of each fiscal quarter,
there shall be computed, with respect to each Deferred Cash Account which is
then in existence, an amount equal to interest on the average daily balance in
such Account during such quarter, computed at a rate per annum equal to the
prime rate of interest in The Wall Street Journal on the first day of each
calendar quarter.  In the event the prime rate is no longer published in The
Wall Street Journal (or in any substitute source as provided for herein), the
Committee shall select another published standard by which to determine the
prime rate then quoted by the principal banks in the United States and the
Committee's determination in good faith of such rate shall be conclusive and
binding on the Company and all Participants.  The amount so determined shall be
credited to and become part of the balance of such Account as of the first day
of the next fiscal quarter.
                                       -8-
      8.    DEFERRED STOCK ACCOUNT.

            (a)   As of each date on which the Company shall make a payment of
Directors Fees and a Participant has a deferral election then in effect which
provides for the deferral of payment of such fees to the Participant's Deferred
Stock Account, the Directors Fees otherwise payable to such Participant in cash
as of such date shall be converted into that number of "Stock Equivalent Units"
(rounded to the nearest one-ten thousandth of a unit) determined by dividing
the amount of such Directors Fees by an amount equal to the per share Fair
Market Value of the Common Stock on such date.

            (b)   On each date on which a dividend payable in cash or property
is paid on the Common Stock, there shall be credited to each Deferred Stock
Account such number of additional Stock Equivalent Units as are determined by
dividing (1) the amount of the cash or other dividend which would have then
been payable on the number of shares of Common Stock equal to the number of
Stock Equivalent Units (including fractional shares) then represented in such
Account by (2) an amount equal to the per share Fair Market Value of the Common
Stock on such date.  If the date on which a dividend is paid on the Common
Stock is the same date as of which Directors Fees are to be converted into
Stock Equivalent Units, the dividend equivalent to be credited to such Account
under this paragraph 8 shall be determined after giving effect to the
conversion of the credit balance in such Account into Stock Equivalent Units.

            (c)   The number of Stock Equivalent Units credited to a
Participant's Deferred Stock Account shall be adjusted (to the nearest one-ten
thousandth of a unit) to reflect any change in the Common Stock resulting from
a stock dividend, stock split-up, combination, recapitalization or exchange of
shares, or the like.

      9.    DISTRIBUTION OF DEFERRED AMOUNTS.

            (a)   Subject to subparagraph (d), distribution of amounts
represented in a Participant's Deferred Cash Account or a Deferred Stock
Account shall be made in accordance with the following:
<PAGE>
                  (1)   Payment of the balance of the Deferred Cash Account and
      Deferred Stock Account of a Participant whose Termination of Service
      occurs for a reason other than death and prior to a Change of Control
      shall be made in a lump sum as of the last day of the fiscal quarter
      coincident with or immediately subsequent to the
                                       -9-
      Participant's Termination of Service if the Participant has not otherwise
      made an effective election in accordance with the provisions of
      subparagraph (b).

                  (2)   In the event a Participant incurs a Termination of
      Service because of his death or in connection with a Change of Control,
      payment of the balance of his Deferred Cash Account and Deferred Stock
      Account shall be made in a lump sum as of the last day of the fiscal
      quarter coincident with or immediately subsequent to the Participant's
      Termination of Service.

            (b)   At the same time as a Director's election to participate is
filed pursuant to paragraph 4, the Director shall elect a form of distribution
of his Accounts as provided in this subparagraph (b).  Subsequent to a
Participant having filed his election to participate in the Plan pursuant to
paragraph 4, but prior to his Termination of Service, Participant may elect an
optional form of distribution of his Accounts (or change a previous election),
but such election shall be effective only if (1) such election, by its terms,
will be effective not less than 12 months after the date on which it is
received by the Company, (2) such election is made not less than 12 months
prior to the date on which distribution of his Accounts was otherwise scheduled
to begin, (3) such election defers the distribution of such Accounts to a date
which is not less than five years subsequent to the date on which distribution
of his Accounts was otherwise scheduled to begin, and (4) such election does
not result in the acceleration of the distribution of the Participant's
Accounts.  All such elections shall be subject to the automatic distribution
provisions of paragraph 9(a)(2), which shall govern the distribution of
benefits in the event of Termination of Service which occurs because of death
or in connection with a Change of Control.  Subject to the limitations of this
subparagraph (b), a Participant may elect that payment of the balance of his
Deferred Cash Account and Deferred Stock Account shall be made in installments
and:

                  (1)   the fiscal quarter in which distribution of the
      Participant's Accounts shall begin (but in no event (A) earlier than the
      Director's Termination of Service or (B) later than the earlier of (i)
      the quarter immediately following the quarter in which the Director's
      Termination of Service occurs after reaching mandatory retirement age, or
      (ii) the date five years after the date of the Director's Termination of
      Service); and

                  (2)   the number of fiscal quarters over which such Accounts
      shall be distributed to the Participant, which period shall not extend
      beyond the end of the 40th fiscal quarter following the fiscal quarter in
      which such distribution begins.
                                       -10-
            (c)   If installment payments were elected by the Participant
pursuant to paragraph 9(b), distributions shall be made in quarterly
installments beginning on the first day of the first fiscal quarter following
the date on which such Participant's Termination of Service occurs or each
other later fiscal quarter as the Participant may have specified.
<PAGE>
                  (1)   In the case of a Deferred Cash Account with respect to
      which installment payments were elected, the amount of each quarterly
      installment shall be determined by dividing the credit balance in such
      Account as of the distribution date by the number of installments then
      remaining unpaid.  The credit balance in such Account shall then be
      reduced by the amount of each distribution out of such Account.

                  (2)   In the case of a Deferred Stock Account with respect to
      which installment payments were elected, the amount to be distributed as
      each quarterly installment shall be determined as follows:  (A) multiply
      the number of Stock Equivalent Units (including any fraction thereof)
      then reflected in such Account by the Fair Market Value of the Common
      Stock on such date; (B) add to the product so determined the amount (if
      any) which has been credited to such Account but which has not been
      converted into Stock Equivalent Units; and (C) divide the total so
      obtained by the number of installments then remaining unpaid.  The number
      of Stock Equivalent Units represented in a Deferred Stock Account shall
      be reduced forthwith by that number (rounded to the nearest one-ten
      thousandth of a unit) determined by dividing the amount of the
      distribution by the Fair Market Value of the Common Stock taken into
      account for purposes of clause (A) of the preceding sentence.

                  In the event that a Participant dies after receiving payment
      of some, but less than all, of the entire amount to which such
      Participant is entitled under this Plan, the unpaid balance shall be paid
      in a lump sum to the Participant's Beneficiary.

            (d)   Notwithstanding any other provision of the Plan or any
election made or permitted to be made hereunder, no election as to the timing
or form, or both, of the distribution of a Participant's Accounts, and no other
distribution otherwise provided for by this Plan, shall be effective or made,
as the case may be, if such timing or distribution would cause the Plan to fail
to meet the requirements of Code Section 409A and cause the Participant to be
subject to the interest and additional tax imposed pursuant to Code Section
409A(a)(1)(B), and any such election or such other provision shall be modified
in the operation of the Plan so that the timing or form, or both, as the case
may be, corresponds as closely as possible to such election or other provision,
but will then comply with the requirements of Code Section 409A so as to
preclude
                                       -11-
the application of Code Section 409A(a)(1)(B); including, if required,
the deferral of any distribution for a period of not less than six months
following the Termination of Employment of a Participant who was a Key
Employee.

            (e)   In the case of a Deferred Cash Account or a Deferred Stock
Account with respect to which payment is to be made in a lump sum, the amount
of such payment shall be determined as if installment payments had been elected
and the lump sum was the last (but only) such payment.

            (f)   After a Participant's Termination of Service occurs, neither
such Participant nor his Beneficiary shall have any right to modify in any way
the schedule for the distribution of amounts credited to such Participant under
this Plan as specified in the last election filed by the Participant.

      10.   INCOMPETENCY.  If, in the opinion of the Committee, a Participant
<PAGE>
shall at any time be mentally incompetent, any payment to which such
Participant would be entitled under this Plan may, with the approval of the
Committee, be paid to the Participant's legal representative, or to any other
person for his benefit.

      11.   MISCELLANEOUS.

            (a)   This Plan shall be effective upon adoption by the Committee.

            (b)   Amounts payable hereunder may not be voluntarily or
involuntarily sold or assigned, and shall not be subject to any attachment,
levy or garnishment.

            (c)   Participation in this Plan by any person shall not confer
upon such person any right to be nominated for re-election to the Board, or to
be re-elected to the Board.

            (d)   The Company shall not be obligated to reserve or otherwise
set aside funds for the payment of its obligations hereunder, and the rights of
any Participant under the Plan shall be an unsecured claim against the general
assets of the Company.  All amounts due Participants or Beneficiaries under
this Plan shall be paid out of the general assets of the Company.

            (e)   The Committee shall have all powers necessary to administer
this Plan, including all powers of Plan interpretation, of determining
eligibility, and the effectiveness of
                                       -12-
elections, and of deciding all other matters relating to the Plan; provided,
however, that no Participant shall take part in any discussion of, or vote with
respect to, a matter of Plan administration which is personal to him, and not
of general applicability to all Participants.  All decisions of the Committee
shall be final as to any Participant under this Plan.

            (f)   The Committee may amend this Plan in any, and all respects at
any time, or from time to time, or may terminate this Plan at any time, but any
such amendment or termination shall be without prejudice to any Participant's
right to receive amounts previously credited to such Participant under this
Plan.
                                       -13-Exhibit 10.20

                       WAUSAU-MOSINEE PAPER CORPORATION

                   2005 EXECUTIVE DEFERRED COMPENSATION PLAN

                       WAUSAU-MOSINEE PAPER CORPORATION

                   2005 EXECUTIVE DEFERRED COMPENSATION PLAN

      1.    ADOPTION OF PLAN.  Wausau-Mosinee Paper Corporation ("the Company")
hereby adopts the Wausau-Mosinee Paper Corporation 2005 Executive Deferred
Compensation Plan (the "Plan") effective December 17, 2004.

      2.    PURPOSE.  The purpose of the Plan is to permit Executive Officers
to defer compensation in order to aid the Company and its Subsidiaries in
attracting and retaining persons whose abilities, experience, and judgment can
contribute to the continued success of the Company.

      3.    DEFINITIONS.  As used in this Plan, the following terms shall have
the meaning set forth in this section 3:

            (a)   "ACCOUNT" means the accounts established pursuant to section
5(a) to record the Salary or Incentive Compensation, or both, deferred by a
Participant.

            (b)   "BENEFICIARY" means such person or persons, or organization
or organizations, as the Participant from time to time may designate by a
written designation filed with the Company during the Participant's life.  Any
amounts payable hereunder to a Participant's Beneficiary shall be paid in such
proportions and subject to such trusts, powers, and conditions as the
Participant may provide in such designation.  Each such designation, unless
otherwise expressly provided therein, may be revoked by the Participant by a
written revocation filed with the Company during the Participant's life.  If
more than one such designation shall be filed by a Participant with the
Company, the last designation so filed shall control over any revocable
designation filed prior to such filing.  To the extent that any amounts payable
under this Plan to a Participant's Beneficiary are not effectively disposed of
pursuant to the above provisions of this section 3(b), either because no
designation was in effect at the Participant's death or because a designation
in effect at the Participant's death failed to dispose of such amounts in their
entirety, then for purposes of this Plan, the Participant's "Beneficiary" as to
such undisposed of amounts shall be the Participant's estate.

            (c)   "CODE" means the Internal Revenue Code of 1986, as amended,
and reference to any section of the Code shall be deemed to include any
successor section or sections.  Any reference to a section of the Code shall
also be deemed to incorporate any regulation promulgated thereunder.
                                       -1-
            (d)   "COMMITTEE" means the Compensation Committee of the Board of
Directors of the Company.
<PAGE>
            (e)   "CONTROLLED GROUP" means the Company and each other member of
the controlled group of corporations or other entities under common control to
which the Company belongs for purposes of determining whether a separation from
service has occurred pursuant to Code Section 409A and the regulations
promulgated thereunder.

            (f)   "DISABILITY" means the inability of a Participant to engage
in any substantial gainful activity by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can
be expected to last for a continuous period of not less than 12 months, or the
receipt by the Participant, by reason of any medically determinable physical or
mental impairment which can be expected to result in death or can be expected
to last for a continuous period of not less than 12 months, of income
replacement benefits for a period of not less than three months under an
accident and health plan covering employees of the Company or any Subsidiary.

            (g)   "EXECUTIVE OFFICER" means the President, any Vice President,
the Secretary, and the Treasurer of the Company, but shall not include any
officer of any Subsidiary or of any division, group, or other operational unit
of the Company.

            (h)   "FISCAL YEAR" means the fiscal year of the Company as from
time to time in effect.

            (i)   "INCENTIVE COMPENSATION" means all compensation payable in
cash pursuant to the terms of an incentive or bonus compensation plan to an
Executive Officer for services rendered as an Executive Officer.

            (j)   "INITIAL PAYMENT DATE" means the date determined by section 6
as the date on which distribution of a Participant's Account is to commence.

            (k)   "PRIME RATE" means an annual rate of interest equal to the
prime rate published in The Wall Street Journal on the first day of each
calendar quarter.  In the event the prime rate is no longer published in The
Wall Street Journal (or in any substitute source as provided for herein), the
Committee shall select another published standard by which to determine the
prime rate then quoted by the principal banks in the United States and the
Committee's determination in good faith of such rate shall be conclusive and
binding on the Company and all Participants.
                                       -2-
            (l)   "PARTICIPANT" means an Executive Officer who has filed an
election to participate in the Plan or has an undistributed balance in his
Account.

            (m)   "SALARY" means the base salary of an Executive Officer as
from time to time in effect during a Fiscal Year.

            (n)   "SUBSIDIARY" means each subsidiary of the Company in which
the Company owns not less than a 50% equity interest.

            (o)   "TERMINATION OF EMPLOYMENT" means the termination of a
Participant's employment with the Company and each member of the Controlled
Group.
<PAGE>
      4.    DEFERRAL OF SALARY AND INCENTIVE COMPENSATION.

            (a)   Annual Election.  Each Executive Officer may elect before
January 1 of any Fiscal Year, to defer the payment of (i) not more than 50% of
the Executive Officer's Salary for such Fiscal Year, and (ii) all or any
portion of the Incentive Compensation attributable to such Fiscal Year, whether
or not payment of such Incentive Compensation would otherwise be made on or
before the last day of such Fiscal Year.  An election by an Executive Officer
pursuant to this section 4(a) shall be effective only with respect to the
Executive Officer's Salary and Incentive Compensation which is attributable to
the performance of future services and shall remain in effect until revoked or
amended, provided, however, that any such revocation or amendment shall only be
effective with respect to Fiscal Years beginning after the date written notice
of such revocation or amendment is first received by the Company.

            (b)   New Executive Officer.  Notwithstanding any other provision
of section 4(a), if a person first becomes an Executive Officer during a Fiscal
Year, such Executive Officer may, within 30 days of his election or
appointment, elect to become a Participant with respect to 50% of the Executive
Officer's Salary and all or any portion of the Incentive Compensation
attributable to such Fiscal Year, whether or not payment of such Incentive
Compensation would otherwise be made on or before the last day of such Fiscal
Year.  An election by an Executive Officer pursuant to this section 4(b) shall
be effective with respect to the Executive Officer's Salary and Incentive
Compensation which is attributable to the performance of future services or
which is first determinable after the date such election is made and shall
remain in effect until revoked or amended, provided, however, that any such
revocation or amendment shall only be effective with respect to Fiscal Years
beginning after the date written notice of such revocation or amendment is
first received by the Company.  Any election other than the initial election of
an Executive Officer under this section 4(b) shall be governed by the
provisions of section 4(a).
                                       -3-
            (c)   Payment of Deferred Amounts.  Salary or Incentive
Compensation deferred pursuant to this section 4 shall be distributable in
accordance with section 6 only after such Participant's Termination of
Employment.  Any portion of an Executive Officer's Salary or Incentive
Compensation not subject to an election made in accordance with this section 4
shall be paid to the Executive Officer in cash in accordance with the Company's
usual and customary pay practices for such type of compensation.

      5.    ACCOUNTING AND ELECTIONS.

            (a)   Accounts.  The Company shall establish an Account in the name
of each Executive Officer who has elected to defer the payment of Salary or
Incentive Compensation, or both, pursuant to section 4.

            (b)   Crediting of Deferred Amounts.  As of each date on which the
Company would otherwise make a payment of a Participant's Salary or Incentive
Compensation, as the case may be, that portion of the Participant's Salary or
Incentive Compensation which is subject to a valid deferral election pursuant
to section 4 shall be credited by the Company to the Participant's Account.

            (c)   Crediting Interest.  On the last day of each calendar month,
up to and including a Participant's Initial Payment Date, interest at the Prime
Rate shall be credited to the Participant's Account based on the average daily
balance in the Account during the month and the number of days in the month.
<PAGE>
            (d)   Annual Report.  Within 60 days of the end of each Fiscal Year
in which this Plan is in effect, the Company shall furnish each Participant a
statement of the year end balance in such Participant's Account.

      6.    DISTRIBUTION OF DEFERRED ACCOUNTS.

            (a)   Election of Initial Payment Date.  At the same time as the
Participant's initial election to participate is filed pursuant to section 4,
the Participant shall file a written election with the Company to specify the
Initial Payment Date for his Account; provided, however, that (i) if not the
last day of a calendar month, the date so specified shall be adjusted to the
last day of the month in which the specified date occurs (but such adjustment
shall not be deemed to render the Participant's election to be invalid), (ii)
in no event shall the date so specified be a date later than the last day of
the month in which the Participant's 65th birthday occurs if the Participant
incurs a Termination of Employment prior to attaining age 65, and (iii)
notwithstanding the date specified in such election, the Initial Payment Date
of a Participant shall be adjusted by the
                                       -4-
Committee, if necessary, to the later of (A) last day of the first calendar
month in which occurs the first date which is six months subsequent to the
Participant's Termination of Employment, and (B) February 15 of the year
following the year in which the Participant's Termination of Employment occurs
(but such adjustment shall not be deemed to render the Participant's election
to be invalid).  In the event that a Participant has not made a valid election
as to his Initial Payment Date or has not incurred a Termination of Employment
prior to the date specified by him as his Initial Payment Date, the Initial
Distribution Date of such Participant shall be the later of (i) the last day
of the calendar month in which the Participant's Termination of Employment
occurs by reason of Disability, (ii) the date which is six months subsequent
to the Participant's Termination of Employment for reasons other than
Disability, and (iii) February 15 of the  year following the year in which the
Participant's Termination of Employment occurs.  Subsequent to a Participant
having filed his election to participate in the Plan pursuant to section 4, the
Participant may modify his Initial Payment Date (or change a previous election)
only if (i) such election will not be effective until 12 months after the date
on which it is received by the Company, (ii) such election is made not less
than 12 months prior to the Initial Payment Date otherwise then in effect,
and (iii) such election defers the Initial Payment Date to a date which is not
less than five years subsequent to the Initial Payment Date otherwise then in
effect;

            (b)   Ending Balance.  The "Ending Balance" of a Participant's
Account means the balance of the Account determined as of the Initial Payment
Date.

            (c)   Elective Distribution.  At the same time as the Participant's
initial election to participate is filed pursuant to section 4, the Participant
shall file a written election with the Company that, subject to the provisions
of section 8 concerning a Change of Control, distribution of the Ending Balance
shall be made in cash in accordance with one of the following alternatives:

                  (i)   Even Installment Payments.  In a specified number of
      monthly installments, each of which shall be a multiple of 12 and the
      total of which shall not exceed 120 (the "Number of Installments"), in
      amounts determined in accordance with the following:
<PAGE>
                        (A)   the monthly payment for the first twelve monthly
            installments shall be equal to the amount necessary to amortize in
            the Number of Installments a loan in an amount equal to the Ending
            Balance with interest at the Prime Rate which is or would then be
            used to credit interest pursuant to section 4(c) accruing monthly
            on the unpaid Ending Balance; and
                                       -5-
                        (B)   on each anniversary of the Initial Payment Date,
            the amount of each of the next twelve monthly installments shall be
            recalculated and shall, for the twelve-month period beginning on
            each such anniversary, be equal to the amount necessary to
            amortize, in monthly installments over the Remaining Payment
            Period, a loan in an amount equal to the then unpaid Ending Balance
            with interest at the Prime Rate accruing monthly on the unpaid
            Ending Balance which is or would then be used to credit interest
            pursuant to section 4(c).  As of any anniversary, the "Remaining
            Payment Period" shall be equal to the remainder of (a) the Number
            of Installments, minus (b) the number of installments which have
            then been paid.

                  (ii)  Uneven Installment Payments.  In a specified number of
      monthly installments, not in excess of 120 (the "Number of
      Installments"), equal to the sum of:

                        (A)   the Participant's Ending Balance divided by the
            total Number of Installments; plus

                        (B)   interest at the Prime Rate computed on the
            average balance in the Account from and including the day next
            succeeding (a) the Initial Payment Date (with respect to the second
            installment), and (b) the next preceding payment date, in the case
            of the third and any subsequent installment, to and including such
            payment date.

                  (iii) Lump Sum.  In a lump sum.

Subsequent to the Participant having filed his election to participate in the
Plan pursuant to section 4, but prior to Participant's Termination of
Employment, an election by a Participant to modify his election pursuant to
this section 6(c) shall be effective only if (i) such election, by its terms,
will be effective not less than 12 months after the date on which it is
received by the Company, (ii) such election is made not less than 12 months
prior to the Initial Payment Date otherwise then in effect, (iii) such election
defers the Initial Payment Date to a date which is not less than five years
subsequent to the Initial Payment Date otherwise then in effect, and (iv) such
election does not result in an acceleration of the distribution of the
Participant's Ending Balance.

            (d)   Automatic Form of Payment.  In the event that a Participant
has not made a valid election as to the form of distribution of the
Participant's Ending Balance, it shall be payable in a lump sum on the
Participant's Initial Distribution Date.
                                       -6-
            (e)   Death Benefit.  In the event that a Participant dies before
receiving payment of the entire Account, the unpaid balance shall be paid to
his Beneficiary as specified in the Participant's most recent effective
election, if any, otherwise pursuant to section 6(d); provided, however, that
<PAGE>
for purposes of this section 6(e), the date specified in clause (ii) of the
second sentence of section 6(a) shall be the Participant's Termination of
Employment.  If a Beneficiary dies after the Participant's death, but before
receiving the entire payment of the Beneficiary's portion of the Account, the
portion of the unpaid balance which such Beneficiary would have received if he
had not died shall be paid in a lump sum to such Beneficiary's estate unless
the Participant designated otherwise.

      7.    FORM FOR ELECTIONS.  The Secretary of the Company shall provide
election forms for use by Executive Officers in making an initial election to
become a Participant and for making all other elections or designations
permitted or required by the Plan.

      8.    CHANGE OF CONTROL.

            (a)   Form of Distribution.  In the event a Participant incurs a
Termination of Employment within the one-year period subsequent to a Change of
Control, payment of the Ending Balance shall be made in a lump sum on the first
day which is both (i) the last day of a month, and (ii) if the Participant was
then a "key employee" within the meaning of Code Section 416(i), not less than
six months subsequent to the date on which the Participant's Termination of
Employment occurs.

            (b)   A "Change of Control" means the happening of any of the
following events:

                  (i)   The acquisition by any individual, entity, or group
      (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act)
      (a "Person") of beneficial ownership (within the meaning of Rule 13d-3
      promulgated under the Exchange Act) of 20% or more of either (A) the then
      outstanding shares of common stock of the Company (the "Outstanding
      Company Common Stock") or (B) the combined voting power of the then
      outstanding voting securities of the Company entitled to vote generally
      in the election of directors (the "Outstanding Company Voting
      Securities"); excluding, however, the following: (1) any acquisition
      directly from the Company other than an acquisition by virtue of the
      exercise of a conversion privilege unless the security being so converted
      was itself acquired directly from the Company, (2) any acquisition by the
      Company, (3) any acquisition by any employee benefit plan (or related
      trust) sponsored or maintained by the Company or any entity controlled by
      the Company, (4) any acquisition pursuant to a transaction which complies
      with clauses (A), (B), and (C) of section (iii) of this section
                                       -7-
      8(b), (5) except as provided in sections (iv) and (v), any acquisition by
      any of the Woodson Entities or any of the Smith Entities, or (6) any
      increase in the proportionate number of shares of Outstanding Company
      Common Stock or Outstanding Company Voting Securities beneficially owned
      by a Person to 20% or more of the shares of either of such classes of
      stock if such increase was solely the result of the acquisition of
      Outstanding Company Common Stock or Outstanding Company Voting Securities
      by the Company; provided, however, that this clause (6) shall not apply
      to any acquisition of Outstanding Company Common Stock or Outstanding
      Company Voting Securities not described in clauses (1), (2), (3), (4),
      or (5) of this section 8(b)(i) by the Person acquiring such shares which
      occurs after such Person had become the beneficial owner of 20% or more
      of either the Outstanding Company Common Stock or Outstanding Company
      Voting Securities by reason of share purchases by the Company; or
<PAGE>
                  (ii)  A change in the composition of the Board of Directors
      of the Company (the "Board") such that the individuals who, as of the
      Effective Date, constitute the Board (such Board shall be hereinafter
      referred to as the "Incumbent Board") cease for any reason to constitute
      at least a majority of the Board; provided, however, for purposes of the
      Plan, that any individual who becomes a member of the Board subsequent to
      the Effective Date whose election, or nomination for election by the
      Company's shareholders, was approved by a vote of at least a majority of
      those individuals who are members of the Board and who were also members
      of the Incumbent Board (or deemed to be such pursuant to this proviso)
      shall be deemed to be and shall be considered as though such individual
      was a member of the Incumbent Board, but provided, further, that any such
      individual whose initial assumption of office occurs as a result of
      either an actual or threatened election contest (as such terms are used
      in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or
      other actual or threatened solicitation of proxies or consents by or on
      behalf of a Person other than the Board shall not be so deemed or
      considered as a member of the Incumbent Board; or

                  (iii) Consummation of a reorganization, merger or
      consolidation, or sale or other disposition of all or substantially all
      of the assets of the Company or the acquisition of the assets or
      securities of any other entity (a "Corporate Transaction"); excluding,
      however, such a Corporate Transaction pursuant to which (A) all or
      substantially all of the individuals and entities who are the beneficial
      owners, respectively, of the Outstanding Company Common Stock and
      Outstanding Company Voting Securities immediately prior to such Corporate
      Transaction will beneficially own, directly or indirectly, more than 60%
      of, respectively, the outstanding shares of common stock and
                                       -8-
      the combined voting power of the then outstanding voting securities
      entitled to vote generally in the election of directors, as the case may
      be, of the corporation resulting from such Corporate Transaction
      (including, without limitation, a corporation which as a result of such
      transaction owns the Company or all or substantially all of the Company's
      assets either directly or through one or more subsidiaries) (the
      "Resulting Corporation") in substantially the same proportions as their
      ownership, immediately prior to such Corporate Transaction, of the
      Outstanding Company Common Stock and Outstanding Company Voting
      Securities, as the case may be, (B) no Person (other than the Company,
      any employee benefit plan (or related trust) of the Company, any Woodson
      Entity, any Smith Entity, or such Resulting Corporation) will
      beneficially own, directly or indirectly, 20% or more of, respectively,
      the outstanding shares of common stock of the Resulting Corporation or
      the combined voting power of the then outstanding voting securities of
      such Resulting Corporation entitled to vote generally in the election of
      directors except to the extent that such ownership existed with respect
      to the Company prior to the Corporate Transaction, and (C) individuals
      who were members of the Incumbent Board will constitute at least a
      majority of the members of the board of directors of the Resulting
      Corporation; or

                  (iv)  The Woodson Entities acquire beneficial ownership of
      more than 35% of the Outstanding Company Common Stock or Outstanding
      Company Voting Securities or of the outstanding shares of common stock or
      the combined voting power of the then outstanding voting securities
      entitled to vote generally in the election of directors, as the case may
      be, of the Resulting Corporation; or
<PAGE>
                  (v)   The Smith Entities acquire beneficial ownership of more
      than 35% of the Outstanding Company Common Stock or Outstanding Company
      Voting Securities or of the outstanding shares of common stock or the
      combined voting power of the then outstanding voting securities entitled
      to vote generally in the election of directors, as the case may be, of
      the Resulting Corporation; or

                  (vi)  The approval by the shareholders of the Company of a
      complete liquidation or dissolution of the Company.

            (c)   For purposes of section 8(b), the term "Woodson Entities"
shall mean Aytchmonde P. Woodson, Leigh Yawkey Woodson, and Alice Richardson
Yawkey, members of their respective families and their respective descendants
(the "Woodson Family"), heirs or legatees of any of the Woodson Family members,
transferees by will, laws of descent or distribution, or by operation of law of
any of the foregoing (including any such transferees)
                                       -9-
(including any executor or administrator of any estate of any of the
foregoing), any trust established by any of Aytchmonde P. Woodson, Leigh
Yawkey Woodson, or Alice Richardson Yawkey, whether pursuant to last will or
otherwise, any partnership, trust, or other entity established primarily for
the benefit of, or any other Person the beneficial owners of which consist
primarily of, any of the foregoing or any Affiliates or Associates of any of
the foregoing or any charitable trust or foundation to which any of the
foregoing transfers or may transfer securities of the Company (including any
beneficiary or trustee, partner, manager, or director of any of the foregoing,
or any other Person serving any such entity in a similar capacity).

            (d)   For purposes of section 8(b), the term "Smith Entities" shall
mean David B. Smith and Katherine S. Smith, members of their respective
families and their respective descendants (the "Smith Family"), heirs or
legatees of any of the Smith Family members, transferees by will, laws of
descent or distribution, or by operation of law of any of the foregoing
(including of any such transferees) (including any executor or administrator of
any estate of any of the foregoing), any trust established by either of David
B. Smith or Katherine S. Smith, whether pursuant to last will or otherwise, any
partnership, trust, or other entity established primarily for the benefit of,
or any other Person the beneficial owners of which consist primarily of, any of
the foregoing or any Affiliates or Associates of any of the foregoing or any
charitable trust or foundation to which any of the foregoing transfers or may
transfer securities of the Company (including any beneficiary or trustee,
partner, manager, or director of any of the foregoing, or any other Person
serving any such entity in a similar capacity).

            (e)   For purposes of section 8(b), the terms "Affiliate" and
"Associate" shall have the meanings ascribed to such terms in Rule 12b-2 of the
General Rules and Regulations under the Exchange Act as in effect on the date
of this Plan.

      9.    SECTION 409A COMPLIANCE.  Notwithstanding any other provision of
the Plan or any election made or permitted to be made hereunder, no election as
to the timing or form, or both, of the distribution of a Participant's Account,
and no other distribution otherwise provided for by this Plan, shall be
effective or made, as the case may be, if such timing or form of distribution
would cause the Plan to fail to meet the requirements of Code Section 409A or
cause the Participant to be subject to the interest and additional tax imposed
<PAGE>
pursuant to Code Section 409A(a)(1)(B), and any such election or such other
provision shall be modified in the operation of the Plan so that the timing or
form of distribution, or both, as the case may be, corresponds as closely as
possible to such election or other provision, but will then comply with the
requirements of Code Section 409A so as to preclude the application of Code
Section 409A(a)(1)(B).
                                       -10-
      10.   MISCELLANEOUS.

            (a)   No Assignment.  No Participant's rights nor any amounts
payable hereunder may be voluntarily or involuntarily sold or assigned, and
shall not be subject to any attachment, levy or garnishment.

            (b)   No Right of Employment.  This Plan is not a contract of
employment and does not limit in any way the right of the Company or any
Subsidiary to terminate the employment of any Executive Officer or Participant,
with or without cause, subject, however to the terms of any employment
agreement then in effect.

            (c)   Unsecured Claims.  The Company shall not be obligated to
reserve or otherwise set aside funds for the payment of its obligations
hereunder, and the rights of any Participant under the Plan shall be an
unsecured claim against the general assets of the Company.  All amounts due
Participants or Beneficiaries under this Plan shall be paid out of the general
assets of the Company.

            (d)   Plan Administration.  The Committee shall have all powers
necessary to administer this Plan, including all powers of Plan interpretation,
of determining eligibility, and the effectiveness of elections, and of deciding
all other matters relating to the Plan; provided, however, that no Participant
shall take part in any discussion of, or vote with respect to, a matter of Plan
administration which is personal to him, and not of general applicability to
all Participants.  All decisions of the Committee shall be final as to any
Participant under this Plan.

            (e)   Claims Procedure.  The claims procedure set forth in the
Company's principal defined contribution plan qualified under Code Section
401(a), or any successor to such plan, is incorporated herein by this reference
as the claims procedure for this Plan; provided, however, that the Committee
shall be substituted as the plan administrator under such procedure and the
Committee shall be substituted for any person with the authority to review the
decisions of the plan administrator under such procedure.

            (f)   Tax Withholding.  The Company shall withhold any taxes that
are required to be withheld from the amounts to be paid under this Plan.

            (g)   Amendment and Termination.  The Committee may amend this Plan
in any and all respects at any time, or from time to time, or may terminate
this Plan at any time, but any such amendment or termination shall not, without
the consent of the Participant, reduce the interest rate to be credited on the
unpaid balance of the Participant's Account, accelerate the payment of
                                       -11-
the Participant's Account, or prejudice or reduce the Participant's right to
receive amounts previously credited to such Participant's Account.
<PAGE>
            (h)   Applicable Law.  The Plan and all rights hereunder, to the
extent not preempted by the Employee Retirement Income Security Act of 1974, as
amended, shall be governed by the internal laws of the state of Wisconsin
without application of the principles of conflicts of law.
                                       -12-

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