Document:

Exhibit 10.23

 Exhibit 10.23 
 MeadWestvaco Corporation 
 2005 Performance Incentive Plan 
 Effective April 22, 2005 
 As
Amended February 26, 2007 and January 1, 2009 
 Article I 
 Purpose and General Provisions 
 Section 1.1 Purpose of Plan. The
purpose of the MeadWestvaco Corporation 2005 Performance Incentive Plan (the “Plan”) is to advance the interests of MeadWestvaco Corporation (the “Company”) by attracting, retaining and motivating its employees and by further
aligning the interests of the Company’s employees with those of the stockholders of the Company through providing for or increasing their proprietary interest in the Company. 
 The Plan provides for the grant of Incentive and Non-Qualified Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Shares, Performance Share Units and Incentive Compensation
arrangements, which may be paid in cash or stock or a combination thereof, as determined by the Committee. Any of these Awards may be performance-based, in the discretion of the Committee. 
 Section 1.2 Definitions. The following terms shall have the meanings set forth below for purposes of the Plan. 
 (a) “Award” means an Incentive Stock Option, Non-Qualified Stock Option, Stock Appreciation Right, Restricted Stock, Restricted Stock
Unit, Performance Share, Performance Share Unit, or Incentive Compensation arrangement or program granted to or covering a Participant pursuant to the provisions of the Plan, any of which the Committee may structure to qualify in whole or in part as
an Award that is intended to satisfy the requirements for “performance-based compensation” under Code Section 162(m). 
 (b) “Award Agreement” means a written agreement or other instrument as may be approved from time to time by the Committee implementing the grant of each Award. An Award Agreement may be in the form of an agreement to be
executed by both the Participant and the Company (or an authorized representative of the Company) or certificates, notices or similar instruments approved by the Committee. 
 (c) “Board of Directors” means the Board of Directors of the Company. 
 (d) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rulings and regulations issues thereunder.

 (e) “Committee” has the meaning set forth in Section 1.3. 
  

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 (f) “Company” means MeadWestvaco Corporation, a Delaware corporation and its successors
and assigns. 
 (g) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 (h) “Incentive Compensation” means a bonus opportunity awarded under Section 3.4 pursuant to which a Participant may become entitled
to receive an amount based on satisfaction of such performance criteria as are specified in the Award Agreement. 
 (i) “Incentive
Stock Option” or “ISO” means a stock option that is intended to qualify as an incentive stock option within the meaning of Section 422 of the Code. 
 (j) “Market Price” on a date means the average of the high and low trading price for the Company’s Shares on the New York Stock Exchange for that date, unless the Committee provides otherwise.

 (k) “Non-Qualified Stock Option” or “NQSO” means a stock option that does not qualify as an incentive stock
option within the meaning of Section 422 of the Code. 
 (l) “Option” means an ISO and/or a NQSO granted pursuant to
Section 3.1 of the Plan. 
 (m) “Participant” means any individual described in Section 2.1 to whom Awards have been
granted from time to time by the Committee and any authorized transferee of such individual. 
 (n) “Performance Share” means
an Award of Restricted Stock, the grant, issuance, vesting, transferability and/or retention of which is conditioned in whole or in part upon performance conditions established by the Committee. 
 (o) “Performance Share Unit” means a Restricted Stock Unit Award, the grant, issuance, vesting or settlement of which is conditioned in
whole or in part upon performance conditions established by the Committee. 
 (p) “Plan” means The MeadWestvaco Corporation
2005 Performance Incentive Plan as set forth herein and as amended from time to time. 
 (q) “Prior Plans” means The Mead
Corporation Restricted Stock Plan, the MeadWestvaco Corporation 1999 Salaried Employee Stock Incentive Plan, the MeadWestvaco Corporation 1995 Salaried Employee Stock Incentive Plan and the MeadWestvaco Corporation 1996 Stock Option Plan.

 (r) “Qualifying Performance Criteria” has the meaning set forth in Section 5.1(b). 
 (s) “Restricted Stock” means Shares granted pursuant to Section 3.3 of the Plan. 
  

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 (t) “Restricted Stock Unit” means an Award granted to a Participant under Section 3.3
pursuant to which Shares may be issued in the future. 
 (u) “Shares” means shares of the Company’s common stock, par
value $0.01, subject to adjustment as provided in Section 4.1. 
 (v) “Stock Appreciation Right” means a right granted
pursuant to Section 3.2 of the Plan that entitles the Participant to receive, in cash or Shares or a combination thereof, as determined by the Committee, value equal to or otherwise based on the excess of (i) the market price of a
specified number of Shares at the time of exercise over (ii) the exercise price of the Stock Appreciation Right. 
 (w) “Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company where each of the corporations in the unbroken chain other than the last corporation owns stock
possessing at least 50 percent or more of the total combined voting power of all classes of stock in one of the other corporations in the chain, and if specifically determined by the Committee in the context other than with respect to Incentive
Stock Options, may include an entity in which the Company has a significant ownership interest or that is directly or indirectly controlled by the Company. 
 (x) “Substitute Award” means an Award granted or issued by the Company in assumption of, or in substitution or exchange for, awards previously granted, or the right or obligation to make future awards
by a company or acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines. 
 Section 1.3 Administration. 
 (a) Administration of the Plan. The Plan shall be administered by
the Compensation and Organization Development Committee of the Board of Directors or such other committee of two or more directors as established from time to time by the Board of Directors. Any power of the Committee may also be exercised by the
Board of Directors, except to the extent that the grant or exercise of such authority would cause any Award or transaction to become subject to (or lose an exemption under) the short-swing profit recovery provisions of Section 16 of the
Exchange Act, or cause an Award that is contingent on the satisfaction of Qualifying Performance Criteria to not qualify for treatment as “performance based compensation” under Code Section 162(m). To the extent that any permitted
action taken by the Board conflicts with action taken by the Committee, the Board action shall control. 
 (b) Delegation of
Authority by the Committee. The Committee may delegate to one or more separate committees (any such committee a “Subcommittee”) composed of one or more officers of the Company (who may but need not be members of the Board of Directors)
the ability to grant Awards and take the same actions as the Committee described in Section 1.3(c) or elsewhere in the Plan with respect to Participants who are not “executive officers” as defined in Exchange Act Rule 16a-1; provided,
however, that the 

  

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resolution so authorizing such Subcommittee shall specify the total number of Awards (if any) such Subcommittee may award pursuant to such delegated
authority, and any such Award shall be subject to the form of Award Agreement theretofore approved by the Committee. No officer or officers who are members of any such Subcommittee shall designate himself or herself as a recipient of any Awards
granted under authority delegated to such Subcommittee. Any action by any such Subcommittee within the scope of such delegation shall be treated for all purposes as if taken by the Committee and references in this Plan to the Committee shall include
any such Subcommittee. In addition, the Committee may delegate the administration of the Plan to one or more officers or employees of the Company, and such administrator(s) may have the authority to execute and distribute Award Agreements or other
documents evidencing or relating to Awards granted by the Committee under this Plan, to maintain records relating to Awards, to process or oversee the issuance of Shares under Awards, to interpret and administer the terms of Award Agreements and to
take such other actions as may be necessary or appropriate for the administration of the Plan and of Awards under the Plan, provided that in no case shall any such administrator be authorized to grant Awards under the Plan. Any action by any such
administrator within the scope of its delegation shall be deemed for all purposes to have been taken by the Committee and, except as otherwise specifically provided, references in this Plan to the Committee shall include any such administrator. The
Committee established pursuant to Section 1.3(a) and, to the extent it so provides, any Subcommittee, shall have sole authority to determine whether to review any actions and/or interpretations of any such administrator, and if the Committee
shall decide to conduct such a review, any such actions and/or interpretations of any such administrator shall be subject to approval, disapproval or modification by the Committee. 
 (c) Powers of the Committee. Subject to the express provisions of this Plan, the Committee shall be authorized and empowered to do all things
that it determines to be necessary or appropriate in connection with the administration of this Plan, including, without limitation: (i) to prescribe, amend and rescind rules and regulations relating to this Plan and to define terms not
otherwise defined herein; (ii) to determine which persons are eligible to be granted Awards under Section 2.1, to which of such persons, if any, Awards shall be granted hereunder and the timing of any such Awards; (iii) to grant
Awards to Participants and determine the terms and conditions of Awards, including the number of Shares subject to Awards and the exercise or exercise price of such Shares and the circumstances under which Awards become exercisable, vested or
settled or are forfeited or expire, which terms may but need not be conditioned upon the passage of time, continued employment, the satisfaction of performance criteria, the occurrence of certain events (including events which the Board or the
Committee determine constitute a Change of Control), or other factors; (iv) to establish and certify the extent of satisfaction of any performance goals or other conditions applicable to the grant, issuance, exercisability, vesting and/or
ability to retain any Award; (v) to prescribe and amend the terms of Award Agreements or other documents relating to Awards made under this Plan (which need not be identical) and the terms of or form of any document or notice required to be
delivered to the Company by Participants under this Plan; (vi) to determine whether, and the extent to which, adjustments are required pursuant to Section 4.1; (vii) to interpret and construe this Plan, any rules and regulations under
this Plan and 

  

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the terms and conditions of any Award granted hereunder, and to make exceptions to any such provisions in good faith and for the benefit of the Company; and
(viii) to make all other determinations deemed necessary or advisable for the administration of this Plan. 
 (d) Determinations
by the Committee. All decisions, determinations and interpretations by the Committee (including by any Subcommittee or by any administrators designated pursuant to Section 1.3(b)) regarding the Plan, any rules and regulations under the Plan
and the terms and conditions of or operation of any Award granted hereunder, shall be final and binding on all Participants, beneficiaries, heirs, assigns or other persons holding or claiming rights under the Plan or any Award. The Committee shall
consider such factors as it deems relevant, in its sole and absolute discretion, to making such decisions, determinations and interpretations including, without limitation, the recommendations or advice of any officer or other employee of the
Company and such attorneys, consultants and accountants as it may select. 
 (e) Subsidiary Awards. In the case of a grant of an
Award to any Participant employed by a Subsidiary, such Award may, if the Committee so directs, be implemented by the Company issuing any subject Shares to the Subsidiary, for such lawful consideration as the Committee may determine, upon the
condition or understanding that the Subsidiary will transfer the Shares to the Participant in accordance with the terms of the Award specified by the Committee pursuant to the provisions of the Plan. Notwithstanding any other provision hereof, such
Award may be issued by and in the name of the Subsidiary and shall be deemed granted on such date as the Committee shall determine. 
 Section 1.4 Unfunded Plan. The Plan is intended to be an unfunded plan. Participants are and shall at all times be general creditors of the Company with respect to their Awards. If the Committee or the Company
chooses to set aside funds in a trust or otherwise for the payment of Awards under the Plan, such funds shall at all times be subject to the claims of the creditors of the Company in the event of its bankruptcy or insolvency. 
 Section 1.5 Effective Date. This Plan was adopted by the Board of Directors of the Company and became effective on February 22, 2005 (the
“Effective Date”), subject to approval by the Company’s stockholders. All Awards granted under this Plan are subject to, and may not be exercised before, the approval of this Plan by the stockholders prior to the first anniversary
date of the effective date of the Plan, by the affirmative vote of the holders of a majority of the outstanding Shares of the Company present, or represented by proxy, and entitled to vote, at a meeting of the Company’s stockholders in which
the total number of votes cast on the matter represent a majority of the outstanding shares; provided that if such approval by the stockholders of the Company is not forthcoming, all Awards previously granted under this Plan shall be void. The Plan
shall remain available for the grant of Awards until the tenth (10th) anniversary of the Effective Date. Notwithstanding the foregoing, the Plan may be terminated at such earlier time as the Board of Directors may determine. Termination of the
Plan will not affect the rights and obligations of the Participants and the Company arising under Awards theretofore granted and then in effect. 
  

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 Article II 
 Eligibility; Shares Subject to Awards 
 Section 2.1 Eligibility. Any person who is a current
or prospective officer or employee (including any director who is also an employee, in his or her capacity as such) of the Company or of any Subsidiary shall be eligible for selection by the Committee for the grant of Awards hereunder. Options
intending to qualify as ISOs may only be granted to employees of the Company or any Subsidiary within the meaning of the Code, as selected by the Committee. For purposes of this Plan, the Chairman of the Board’s status as an employee shall be
determined by the Committee. 
 Section 2.2 Shares Subject to the Plan and Limitations on Awards. 
 (a) Aggregate Limits. The aggregate number of Shares issuable pursuant to all Awards shall not exceed 12,000,000, plus any Shares subject to
awards made under Prior Plans that are outstanding on the Effective Date of this Plan and become available pursuant to Section 2.2(b). The aggregate number of Shares available for grant under this Plan and the number of Shares subject to
outstanding Awards shall be subject to adjustment as provided in Section 4.1. The Shares issued pursuant to Awards granted under this Plan may be Shares that are authorized and unissued or Shares that were reacquired by the Company, including
Shares purchased in the open market. 
 (b) Issuance of Shares. Shares subject to Awards that have been canceled, expired or
forfeited or settled in cash and Shares subject to Awards that have been delivered or applied to the Company in payment or satisfaction of the exercise price or tax withholding obligation of an Award shall again become available for issuance under
this Plan. Likewise, Shares subject to awards made under any of the Prior Plans that on or after the Effective Date are not issued as a result of such awards being canceled, expired, forfeited or settled in cash or that are delivered or applied to
the Company in payment or satisfaction of the exercise price or tax withholding obligations of an award under a Prior Plan, as well as shares acquired by the Company on the open market or otherwise with the proceeds from the exercise or settlement
price of an Award or a Prior Plan award shall be available for grant under this Plan. Shares issued in connection with a Substitute Award shall not count against the limits of this Section 2.2(b). 
 (c) Tax Code Limits. The aggregate number of Shares subject to Options and Stock Appreciation Rights that may be granted under this Plan
during any three fiscal year period to any one Participant shall not exceed 3,000,000. The aggregate number of Shares subject to any Award intended to qualify as “performance-based compensation” under Code Section 162(m), other than
Options or Stock Appreciation Rights, that may be granted under this Plan in any one fiscal year to any one Participant shall not exceed 400,000. The Share numbers set forth in this Section 2.2(c) shall be calculated and adjusted pursuant to
Section 4.1 only to the extent that such calculation or adjustment will not affect the status of any Award intended to qualify as “performance based compensation” under 

  

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Code Section 162(m). The maximum amount payable pursuant to that portion of an Incentive Compensation Award granted under this Plan in any calendar year
to any Participant that is denominated in dollars (as opposed to Shares) and is intended to satisfy the requirements for “performance based compensation” under Code Section 162(m) shall not exceed the following separate and distinct
limitations: (i) six million dollars ($6,000,000), if performance is measured with respect to a fiscal year, and (ii) six million dollars ($6,000,000), if performance is measured with respect to a period longer than a fiscal year.

 (d) Substitute Awards. Substitute Awards shall not be subject to the limits described in Section 2.2(a) above and shall
not be subject to any other terms and conditions (for example, vesting and pricing) that apply to shares subject to Awards under the Plan. 
 Article III 
 Terms of Awards 
 Section 3.1 Options. 
 (a) Option Awards. The Committee may grant an Option or provide for the
grant of an Option, either from time-to-time in the discretion of the Committee or automatically upon the occurrence of specified events, including, without limitation, the achievement of performance goals. Except to the extent provided herein, no
Participant shall have any rights as a stockholder with respect to any Shares subject to an Option granted hereunder until said Shares have been issued. Each Option shall be evidenced by an Award Agreement. Options granted pursuant to the Plan need
not be identical, but each Option must contain and be subject to the terms and conditions set forth below. 
 (b) Price. The
exercise price under each Option shall be established by the Committee and shall not be less than the Market Price of Shares on the date of grant, provided, however, that the exercise price per Share with respect to an Option that is granted in
connection with a merger or other acquisition as a substitute or replacement award for options held by optionees of the acquired entity may be less than 100% of the Market Value on the date such Option is granted if based on a formula set forth in
the terms of the options held by such optionees or in the terms of the agreement providing for such merger or other acquisition. The exercise price of any Option may be paid in cash or, to the extent allowed by the Committee, an irrevocable
commitment by a broker to pay over such amount from a sale of the Shares issuable under an Option, the delivery of previously owned Shares, withholding of Shares deliverable upon exercise or a combination thereof. 
 (c) No Repricing. Other than in connection with a change in the Company’s capitalization (as described in Section 4.1), an Option
may not be repriced without stockholder approval (including canceling previously awarded Options and regranting them with a lower exercise price). 
  

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 (d) Provisions Applicable to Options. In no event shall any Option become exercisable sooner
than one (1) year after the date of grant except to the extent provided by the Committee in the event of: (i) the Participant’s death, disability or retirement, (ii) an award to a Participant upon his or her first becoming an
employee of the Company (to replace prior employer forfeited compensation), or (iii) subject to Section 4.2, a Change of Control. The Committee may provide at the time of grant that the exercise price of an Option is adjusted after the
date of grant based on the performance of the Company’s Common Stock price relative to a pre-established index. Unless provided otherwise in the applicable Award Agreement, the vesting period and/or exercisability of an Option shall be adjusted
by the Committee during or to reflect the effects of any period during which the Participant is on an approved leave of absence or is employed on a less than full-time basis. Each Option shall expire within a period of not more than ten
(10) years from the date of grant. 
 (e) Incentive Stock Options. Notwithstanding anything to the contrary in this
Section 3.1, in the case of the grant of an Option intending to qualify as an ISO: (i) if the Participant owns stock possessing more than 10 percent of the combined voting power of all classes of stock of the Company (a “10%
Shareholder”), the exercise price of such Option must be at least 110 percent of the Market Price of Shares on the date of grant and the Option must expire within a period of not more than five (5) years from the date of grant, and
(ii) termination of employment will be deemed to occur when the person to whom an Award was granted ceases to be an employee (as determined in accordance with Code Section 3401(c) and the regulations promulgated thereunder) of the Company
and its Subsidiaries. Notwithstanding anything in this Section 3.1 to the contrary, options designated as ISOs shall not be eligible for treatment under the Code as ISOs to the extent that either (a) the aggregate Market Price of Shares
(determined as of the time of grant) with respect to which such Options are exercisable for the first time by the Participant during any calendar year (under all plans of the Company and any Subsidiary) exceeds $100,000, taking Options into account
in the order in which they were granted, and (b) such Options otherwise remain exercisable but are not exercised within three (3) months of termination of employment (or such other period of time provided in Code Section 422).

 Section 3.2 Stock Appreciation Rights. 
 (a) General. Stock Appreciation Rights may be granted to Participants from time to time either in tandem with or as a component of other Awards granted under the Plan (“tandem SARs”) or not in
conjunction with other Awards (“freestanding SARs”) and may, but need not, relate to a specific Option granted under Section 3.1. The provisions of Stock Appreciation Rights need not be the same with respect to each grant or each
recipient. Any Stock Appreciation Right granted in tandem with an Option may be granted at the same time such Option is granted or at any time thereafter before exercise or expiration of such Option. All Stock Appreciation Rights under the Plan
shall be granted subject to the same terms and conditions applicable to Options as set forth in Section 3.1; provided, however, that Stock Appreciation Rights granted in tandem with a previously granted Option shall have the 

  

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terms and conditions of such Option. Subject to the provisions of Section 3.1, the Committee may impose such other conditions or restrictions on any
Stock Appreciation Right as it shall deem appropriate. Stock Appreciation Rights may be settled in Shares, cash or a combination thereof, as determined by the Committee. Other than in connection with a change in the Company’s capitalization (as
described in Section 4.1) the exercise price of a Stock Appreciation Rights may not be repriced without stockholder approval (including canceling previously awarded Stock Appreciation Rights and regranting them with a lower exercise price).

 (b) Award Agreement. Each Stock Appreciation Right shall be evidenced by an Award Agreement. Stock Appreciation Rights granted
pursuant to the Plan need not be identical, but each Stock Appreciation Right must contain and be subject to the terms and conditions set forth below. 
 (c) Provisions Applicable to Stock Appreciation Rights. The Committee may grant a Stock Appreciation Right or provide for the grant of a Stock Appreciation Right, either from time-to-time in the discretion
of the Committee or automatically upon the occurrence of specified events, including, without limitation, the achievement of performance goals (which may include Qualifying Performance Criteria). In no event shall any freestanding SAR become
exercisable sooner than one (1) year after the date of grant except to the extent provided by the Committee in the event of (i) the Participant’s death, disability or retirement, (ii) an award to a Participant upon his or her
first becoming an employee of the Company (to replace forfeited prior employer compensation) or (iii) subject to Section 4.2, a Change of Control. Unless provided otherwise in the applicable Award Agreement, the vesting period and/or
exercisability of a Stock Appreciation Right shall be adjusted by the Committee during or to reflect the effects of any period during which the Participant is on an approved leave of absence or is employed on a less than full-time basis. Each Stock
Appreciation Right shall expire within a period of not more than ten (10) years from the date of grant. 
 Section 3.3 Restricted
Stock and Restricted Stock Units. 
 (a) General. Restricted Stock and Restricted Stock Units may be granted at any time and
from time to time prior to the termination of the Plan to Participants selected by the Committee. Restricted Stock is an award or issuance of Shares the grant, issuance, retention, vesting and/or transferability of which is subject during specified
periods of time to such conditions and terms as the Committee deems appropriate. The Committee may specify that all of any part of an Award shall consist of Performance Shares, which shall be subject to the provisions of this Plan applicable to
Restricted Stock except that the grant, issuance, vesting and/or transferability of the Shares thereunder are subject in whole or in part to performance conditions established by the Committee. To the extent determined by the Committee, Restricted
Stock may be satisfied or settled in Shares, cash or a combination thereof. Restricted Stock Units are Awards denominated in units under which the issuance of Shares is subject to such conditions and terms as the Committee deems appropriate. Unless
determined otherwise by the Committee, each Restricted Stock Unit will be equal to one Share and will entitle a Participant to either the issuance of Shares or payment of an amount of cash determined with reference to the value 

  

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of Shares. The Committee may specify that all of any part of an Award shall consist of Performance Share Units, which shall be subject to the provisions of
this Plan applicable to Restricted Stock Units except that the grant, issuance, vesting or settlement of the Award is subject in whole or in part to performance conditions established by the Committee. Restricted Stock and Restricted Stock Units
granted pursuant to the Plan need not be identical but each grant of Restricted Stock and Restricted Stock Units must contain and be subject to the terms and conditions set forth below. 
 (b) Award Agreement. Each grant of Restricted Stock and Restricted Stock Units shall be evidenced by an Award Agreement. Each Award Agreement
shall contain provisions regarding (i) the number of Shares or Restricted Stock Units subject to such Award or a formula for determining such number, (ii) the purchase price of the Shares, if any, and the means of payment, (iii) the
performance criteria, if any, and level of achievement versus these criteria that shall determine the number of Restricted Stock or Restricted Stock Units granted, issued, retainable and/or vested, (iv) such terms and conditions on the grant,
issuance, vesting, settlement and/or forfeiture of the Restricted Stock or Restricted Stock Units as may be determined from time to time by the Committee, (v) the term of the performance period, if any, as to which performance shall be measured
for such Restricted Stock or Restricted Stock Units, (vi) restrictions on the transferability of the Restricted Stock or Restricted Stock Units, and (vii) such further terms and conditions in each case not inconsistent with this Plan as
may be determined from time to time by the Committee. Shares issued under a Restricted Stock Award may be issued in the name of the Participant and held by the Participant or held by the Company, in each case as the Committee may provide.

 (c) Vesting and Performance Criteria. The grant, issuance, retention, vesting and/or settlement of shares of Restricted Stock
and Restricted Stock Units (including Performance Shares and Performance Share Units) shall occur at such time and in such installments as determined by the Committee or under criteria established by the Committee, which may include Qualifying
Performance Criteria. The grant, issuance, retention, vesting and/or settlement of Shares under any such Award that is based on performance criteria and level of achievement versus such criteria shall be subject to a performance period of not less
than one year, and the grant, issuance, retention, vesting and/or settlement of Shares under any Restricted Stock or Restricted Stock Unit Award that is based solely upon continued employment or the passage of time shall not vest or be settled in
full over a period of less than three years. Notwithstanding the other provisions of this Section 3.3(c), the Committee may provide for the satisfaction and/or lapse of all conditions under any such Award in less than the time provided under
this Section 3.3(c) in the event of: (i) the Participant’s death, disability or retirement, (ii) an award to a Participant upon his or her first becoming an employee of the Company (to replace prior employer forfeited
compensation), (iii) subject to Section 4.2, a Change of Control or (iv) a Restricted Stock or Restricted Stock Unit Award that is issued in payment or settlement of compensation that has been earned by the Participant. 
  

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 (e) Voting Rights. Unless otherwise determined by the Committee, Participants holding Shares
of Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares during the period of restriction. Participants shall have no voting rights with respect to Shares underlying Restricted Stock Units unless and until
such Shares are reflected as issued and outstanding Shares on the Company’s stock ledger. 
 Section 3.4 Incentive Compensation.

 (a) General. The Committee may grant or establish a program for Incentive Compensation under which an individual Award or a
funding pool from which Participants are paid is contingent upon such performance criteria (including Qualifying Performance Criteria) as the Committee may specify. Under any such arrangement, the Committee shall establish performance criteria and
the level of achievement versus such criteria that shall determine the amount payable or available as Incentive Compensation, which criteria may be based on financial performance and/or personal performance evaluations but shall apply to a
performance period of not less than one year. 
 (b) Incentive Compensation Arrangements. Each “covered employee” of
the Company (as defined and determined under Code Section 162(m)) shall be a Participant in any Incentive Compensation arrangement or program established by the Committee, provided that the amount payable to any Participant pursuant to any such
Incentive Compensation arrangement or program shall be subject to reduction as provided in Section 3.4(d). In establishing an Incentive Compensation arrangement or program, the Committee shall set forth terms, to the extent applicable,
regarding: (i) the maximum amount payable as Incentive Compensation or a formula for determining such; (ii) the performance criteria and level of achievement versus these criteria that shall determine the amount of such payment;
(iii) subject to the one year minimum set forth in Section 3.4(a), the term of the performance period as to which performance shall be measured for determining the amount of any payment; (iv) the timing of any payment earned by virtue
of performance; (v) any forfeiture provisions; and (vi) such further terms and conditions, in each case not inconsistent with this Plan as may be determined from time to time by the Committee. The terms of any Incentive Compensation
arrangement or program shall be set forth in writing and may take the form of an Award Agreement or Award Agreements, term sheet or other document or documents as the Committee shall determine. 
 (c) Timing and Form of Payment. The Committee shall determine the timing of payment of any Incentive Compensation. Subject to the limitations
described in Section 2.2(c), payment of the amount due any Participant as Incentive Compensation may be made in cash or in Shares, as determined by the Committee. The Committee may, but need not, allow a Participant to defer under any plan or
arrangement established by it receipt of any amounts or Shares otherwise payable as Incentive Compensation. 
 (d) Discretionary
Adjustments. Notwithstanding satisfaction of any performance goals, the amount paid under an Incentive Compensation arrangement on account of either financial performance or personal performance evaluations may be reduced by the Committee on the
basis of such further considerations as the Committee shall determine. 
  

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 Article IV 
 Adjustment of and Changes to Common Stock; Change of Control 
 Section 4.1 Adjustment of and
Changes to Common Stock. 
 (a) In the event of a reorganization, reclassification, combination of shares, stock split, reverse stock
split, spin-off, dividend (other than regular, quarterly cash dividends), or another such transaction or event, then the number and kind of Shares that have been authorized for issuance under the Plan, whether such Shares are then currently subject
to or may become subject to an Award under the Plan, as well as the per share limits set forth in Section 2.2 of this Plan, shall be equitably adjusted by the Committee to reflect such increase or decrease or change in the kind of securities
outstanding. The terms of each outstanding Award shall also be equitably adjusted by the Committee as to price, number and kind of Shares subject to such Award and other terms to reflect the foregoing events. 
 (b) In the event there shall be any other change in the number or kind of outstanding Shares, or any stock or other securities into which such Shares
shall have been changed, or for which Shares shall have been exchanged, whether by reason of a change of control, other merger, consolidation or otherwise, then the Committee shall make such equitable adjustments to the number and kind of Shares
that have been authorized for issuance under the Plan, whether such Shares are then currently subject to or may become subject to an Award under the Plan, as well as the per share limits set forth in Section 2.2 of this Plan. The terms of each
outstanding Award shall also be equitably adjusted by the Committee as to price, number and kind of Shares subject to such Award and other terms to reflect the foregoing events. In addition, in the event of a change described in this paragraph that
does not occur in connection with a Change of Control, the Committee may accelerate the time or times at which any Award may be exercised and may provide for cancellation of such accelerated Awards that are not exercised within a time prescribed by
the Committee in its sole discretion. Notwithstanding anything to the contrary herein, any adjustment to ISOs granted pursuant to this Plan shall comply with the requirements, provisions and restrictions of section 424 of the Code, and any
adjustment to NQSOs granted pursuant to this Plan shall comply with the requirements, provisions and restrictions of section 409A of the Code. 
 (c) No right to purchase fractional shares shall result from any adjustment in Awards pursuant to this Section 4.1. In case of any such adjustment, the Shares subject to the Award shall be rounded down to the nearest whole Share.
Notice of any adjustment shall be given by the Company to the holder of each Award that shall have been so adjusted and such adjustment (whether or not notice is given) shall be effective and binding for all purposes of the Plan. 
  

 12 

 Section 4.2 Change of Control. 
 (a) Effect of Change of Control upon Certain Stock Awards. Unless the Committee or the Board specifies otherwise in the terms of an Award
prior to a Change of Control event, this Section 4.2(a) shall govern the treatment upon or following a Change of Control of any Option, Stock Appreciation Right, Restricted Stock or Restricted Stock Unit, the vesting and/or settlement of which
is based solely upon continued employment or the passage of time. In the case of an Award subject to this Section 4.2(a) that the acquiring or surviving company in the Change of Control assumes upon and maintains immediately following the
Change of Control (which Award shall be adjusted as to the number and kind of shares as may be determined appropriate by the Committee prior to the Change in Control), if there occurs an involuntary termination without Cause of the Participant
holding such Award (excluding voluntary resignation, death, disability or retirement) within twenty four months following the Change of Control such Award shall be treated as provided in clause (i) or (ii) of this Section 4.2(a), as
applicable. In the case of an Award subject to this Section 4.2(a) that the acquiring or surviving company in the Change of Control does not assume upon the Change of Control, immediately prior to the Change of Control such Award shall be
treated as provided in clause (i) or (ii) of this Section 4.2(a), as applicable. The treatment provided for under this Section 4.2(a) is as follows: 
 (i) in the case of an Option or a Stock Appreciation Right, the Participant shall have the ability to exercise such Option or Stock Appreciation Right, including any portion of the Option not previously
exercisable, until the earlier of the expiration of the Option or Stock Appreciation Right under its original term and a date that is two years (or such longer post-termination exercisability term as may be specified in the Option or Stock
Appreciation Right) following such date of termination of employment; and 
 (ii) in the case of Restricted Stock or Restricted Stock
Units, the Award shall become fully vested and shall be settled in full. 
 The Committee may also, through the terms of an Award or otherwise, provide for
an absolute or conditional exercise, payment or lapse of conditions or restrictions on an Award which shall only be effective if, upon the announcement of a transaction intended to result in a Change of Control, no provision is made in such
transaction for the assumption and continuation of outstanding Awards. 
 (b) Effect of Change of Control upon Performance-Based
Awards. Unless the Committee or the Board specifies otherwise in the terms of an Award prior to a Change of Control event, the treatment of any Award in which the grant, issuance, retention, vesting and/or settlement of such Award is based in
whole or in part on performance criteria and level of achievement versus such criteria shall be as specified in this Section 4.2(b). In the case of an Award subject to this Section 4.2(b) in which fifty percent (50%) or more of the
performance period applicable to the Award has elapsed as of the date of the Change of Control, the Participant shall be entitled to payment, vesting or settlement of such Award based upon performance through a date occurring within three months
prior to the 

  

 13 

 
date of the Change of Control, as determined by the Committee prior to the Change of Control, and pro-rated based upon the percentage of the performance
period that has elapsed between the date such Award was granted and the date of the Change of Control. In the case of an Award subject to this Section 4.2(b) in which less than fifty percent (50%) of the performance period applicable to
the Award has elapsed as of the date of the Change of Control, the Participant shall be entitled to payment, vesting or settlement of the target amount of such Award, as determined by the Committee prior to the Change of Control, pro-rated based
upon the percentage of the performance period that has elapsed between the date such Award was granted and the date of the Change of Control. The Committee may determine either prior or after such Change of Control event the treatment of the
pro-rata portion of an Award attributable to the portion of the performance period occurring after the date of the Change of Control. 
 (c) Definition of “Change of Control”. Unless the Committee or the Board shall provide otherwise, “Change of Control” shall mean an occurrence 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 Securities Exchange Act of
1934, as amended (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 (i) the then outstanding Shares (the
“Outstanding Company Common Stock”) or (ii) 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”); provided, however, that for purposes of this subsection (i), the following acquisitions shall not constitute a Change of Control: (A) any acquisition directly from the Company, (B) any acquisition by the Company,
(C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company or (D) any acquisition by any corporation pursuant to a transaction that constitutes a
“Merger of Equals” as defined in Section 4.2(c)(iii) of this Plan; or 
 (ii) Individuals who, as of the Effective Date,
constitute the Board of Directors (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors; provided, however, that any individual becoming a director 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 the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent
Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the Board of Directors; or 
 (iii) Consummation of a
reorganization, merger, statutory share exchange or consolidation or similar corporate transaction involving the Company or any of its subsidiaries, or a sale or other disposition of all or substantially all of the assets of the Company 

  

 14 

 
(each, a “Business Combination”), in each case, unless such Business Combination constitutes a “Merger of Equals.” A Business Combination
shall constitute a “Merger of Equals” if, following such Business Combination, either: 
 (A)(1) all or
substantially all of the individuals and entities that were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own,
directly or indirectly, more than 60% of, respectively, the then 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 Business Combination (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 Business Combination of the Outstanding Company Common Stock and Outstanding Company Voting Securities,
as the case may be, (2) no Person (excluding the Resulting Corporation and its affiliates or any employee benefit plan (or related trust) of the Resulting Corporation and its affiliates) beneficially owns, directly or indirectly, 20% or more
of, respectively, the then-outstanding shares of common stock of the Resulting corporation or the combined voting power of the then outstanding voting securities of the Resulting Corporation except to the extent that such ownership existed with
respect to the Company prior to the Business Combination, and (3) at least a majority of the members of the board of directors of the Resulting Corporation (the “Resulting Board”) were members of the Incumbent Board at the time of the
execution of the initial agreement, or of the action of the Board of Directors, providing for such Business Combination; or 
 (B) immediately after such Business Combination (1) at least 50% of the members of the Resulting Board are individuals who were members of the Incumbent Board (as defined in Section 4.2(c)(ii)) at the time of the execution of
the initial agreement, or of the action of the Board of Directors, providing for such Business Combination, and (2) either (x) the position of chief executive officer of the Resulting Corporation is occupied by an individual who was
employed by the Company immediately before such Business Combination, or (y) a majority of the leadership positions reporting directly to the chief executive officer of the Resulting Corporation are occupied by individuals who were employed by
the Company immediately before such Business Combination. 
 or (iv) Approval by the shareholders of the Company of a complete
liquidation or dissolution of the Company. 
  

 15 

 Article V 
 Performance-Based Compensation 
 Section 5.1 Qualifying Performance-Based Compensation.

 (a) General. The Committee may specify that an Award or a portion of an Award is intended to satisfy the requirements for
“performance-based compensation” under Code Section 162(m), provided that the performance criteria for any portion of an Award that is intended by the Committee to satisfy the requirements for “performance-based
compensation” under Code Section 162(m) shall be a measure based on one or more Qualifying Performance Criteria selected by the Committee. Within the first 90 days of the start of a fiscal year, the Committee will establish the Qualifying
Performance Criteria for the performance period and the formula or payout that is contingent upon satisfaction of the Qualifying Performance Criteria. This may take the form of a matrix under which threshold, target and amounts in excess of target
are payable based upon satisfaction of the Qualifying Performance Criteria. The Committee shall certify the extent to which any Qualifying Performance Criteria has been satisfied, and the amount payable as a result thereof, prior to payment,
settlement or vesting of any Award that is intended to satisfy the requirements for “performance-based compensation” under Code Section 162(m). Notwithstanding satisfaction of any performance goals, the number of Shares issued under
or the amount paid under an Award intended by the Committee to satisfy the requirements for “performance-based compensation” under Code Section 162(m) may, to the extent specified by the Committee with respect to the Award, be reduced
by the Committee on the basis of such further considerations as the Committee in its sole discretion shall determine. Awards based on Qualifying Performance Criteria can be granted in the same fiscal year and be based on overlapping performance
periods. 
 (b) Qualifying Performance Criteria. For purposes of this Plan, the term “Qualifying Performance Criteria”
shall mean any one or more of the following performance criteria, either individually, alternatively or in any combination, applied to either the Company as a whole or to a business unit or Subsidiary, either individually, alternatively or in any
combination, and measured either annually or cumulatively over a period of years, on an absolute basis or relative basis, on a per-share basis and/or against a target, past performance or peer group performance, in each case as specified by the
Committee: (i) net sales; (ii) working capital; (iii) net profit after tax; (iv) EBIT; (v) EBITA; (vi) EBITDA; (vii) OBIT; (viii) OBITDA; (ix) gross profit; (x) operating income or operating profit;
(xi) cash generation; (xii) cash flow; (xiii) unit volume; (xiv) stock price; (xv) market share; (xvi) asset quality; (xvii) return on equity; (xviii) return on assets; (xix) return on operating assets;
(xx) cost saving levels; (xxi) operating income; (xxii) marketing-spending efficiency; (xxiii) core non-interest income; (xxiv) change in working capital; (xxv) return on invested capital; (xxvi) return on capital
employed; (xxvii) shareholder return; (xxviii) shareholder value; (xxix) safety case incident rates; and (xxx) innovation factor (including revenue from new products, number of new products, granting of patents and/or market
penetration of new products measurable by pre-established objective criteria). 
  

 16 

 (c) Adjustments. Subject to the limits imposed under Code Section 162(m) for Awards that
are intended to qualify as “performance based compensation,” notwithstanding the satisfaction of any performance goals, the number of Shares granted, issued, retainable and/or vested under an Award of Restricted Stock or Restricted Stock
Units on account of either financial performance or personal performance evaluations may be reduced by the Committee on the basis of such further considerations as the Committee shall determine. Moreover, to the extent consistent with Code
Section 162(m), the Committee may appropriately adjust any evaluation of performance under a Qualifying Performance Criteria to exclude any of the following events that occurs during a performance period: (i) asset write-downs;
(ii) litigation, claims, judgments or settlements; (iii) the effect of changes in tax law, accounting principles or other such laws or provisions affecting reported results; (iv) accruals for reorganization and restructuring programs;
(v) discontinued operations; (vi) the effect of mergers and acquisitions; and (vii) any extraordinary, unusual or non-recurring items as described in Accounting Principles Board Opinion No. 30 and/or in management’s
discussion and analysis of financial condition and results of operations appearing in the Company’s Forms 10-K or 10-Q for the applicable year. 
 (d) Administration. To the extent consistent with Code Section 162(m), the Committee may delegate to one or more of its members or to appropriate employees of the Company the responsibility to carry
out any purely ministerial responsibilities in connection with the Plan; provided, that in no event shall the following responsibilities be considered ministerial, and they shall be carried out by only the Committee acting by decision of the
majority of its members: (i) the designation of Participants; (ii) the establishment of the terms and conditions of Award Opportunities; (iii) the certification of the achievement of Performance Goals; (iv) the determination of
the actual Awards intended to satisfy the requirements for “performance-based compensation” under Code Section 162(m) to be made to Participants; and (v) any other responsibilities that must be carried out by a committee of
outside directors for purposes of Code Section 162(m). 
 Article VI 
 Additional Terms Applicable to Awards 
 Section 6.1 Dividends and
Distributions. The Committee may, but need not, provide that dividends or dividend equivalents shall be payable in connection with or as an arrangement separate from any Awards except that, unless the Committee provides otherwise, Shares of
Restricted Stock that remain subject to any restriction shall accrue dividends. The Committee may provide that any dividends or dividend equivalents may be paid in cash or in Shares or may be deemed reinvested into additional Shares, and may provide
that such dividends or dividend equivalents will be paid at the same time dividends are paid to the Company’s shareholders or made subject to the same terms, conditions and restrictions as the Awards with respect to which they accrued or to
such other terms and conditions as the Committee may specify. 
  

 17 

 Section 6.2 Conditions and Restrictions Upon Securities Subject to Awards. The Committee may
provide that the Shares issued upon exercise of an Option or Stock Appreciation Right or otherwise subject to or issued under an Award shall be subject to such further agreements, restrictions, conditions or limitations as the Committee in its
discretion may specify prior to the exercise of such Option or Stock Appreciation Right or the grant, vesting or settlement of such Award, including without limitation, conditions on vesting or transferability, forfeiture or repurchase provisions
and method of payment for the Shares issued upon exercise, vesting or settlement of such Award (including the actual or constructive surrender of Shares already owned by the Participant) or payment of taxes arising in connection with an Award.
Without limiting the foregoing, such restrictions may address the timing and manner of any resales by the Participant or other subsequent transfers by the Participant of any Shares issued under an Award, including without limitation
(a) restrictions under an insider trading policy or pursuant to applicable law, (b) restrictions designed to delay and/or coordinate the timing and manner of sales by Participant and holders of other Company equity compensation
arrangements, and (c) restrictions as to the use of a specified brokerage firm for such resales or other transfers. 
 Section 6.3 Transferability. Unless the Committee specifies otherwise, each Award may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated by a Participant other than by will or the
laws of descent and distribution, and each Option or Stock Appreciation Right shall be exercisable only by the Participant during his or her lifetime. 
 Section 6.4 Suspension or Termination of Awards. Except as otherwise provided by the Committee, if at any time (including after a notice of exercise has been delivered or an Award has vested) the Chief Executive
Officer or any other person designated by the Committee (each such person, an “Authorized Officer”) reasonably believes that a Participant may have committed an Act of Misconduct as described in this Section 6.4, the Authorized
Officer or the Committee may suspend the Participant’s rights to exercise any Option, to vest in an Award, and/or to receive payment for or receive Shares in settlement of an Award pending a determination of whether an Act of Misconduct has
been committed. 
 If the Committee or an Authorized Officer determines a Participant has violated the Company’s Code of Conduct or has
committed an act of embezzlement, fraud, dishonesty, nonpayment of any obligation owed to the Company or any Subsidiary, breach of fiduciary duty or deliberate disregard of Company or Subsidiary rules resulting in loss, damage or injury to the
Company or any Subsidiary, or if a Participant makes an unauthorized disclosure of any Company or Subsidiary trade secret or confidential information, engages in any conduct constituting unfair competition, breaches any non-competition agreement,
induces any Company or Subsidiary customer to breach a contract with the Company or any Subsidiary, or induces any principal for whom the Company or any Subsidiary acts as agent to terminate such agency relationship (any of the foregoing acts, an
“Act of Misconduct”), then except as otherwise provided by the Committee or Authorized Officer, (a) neither the Participant nor his or her estate nor transferee shall be entitled to exercise any Option whatsoever, vest in or have the
restrictions on an Award lapse, or otherwise receive payment of an 

  

 18 

 
Award, (b) the Participant will forfeit all outstanding Awards, and (c) the Participant may be required to return and/or repay to the Company any
then unvested Shares previously issued under the Plan. In making such determination, the Committee or an Authorized Officer may give the Participant an opportunity to submit written comments, documents, information and arguments to be considered by
the Authorized Officer and/or the Committee. 
 Section 6.5 Compliance with Laws and Regulations. This Plan, the grant, issuance,
vesting, exercise and settlement of Awards thereunder, and the obligation of the Company to sell, issue or deliver Shares under such Awards, shall be subject to all applicable foreign, federal, state and local laws, rules and regulations and to such
approvals by any governmental or regulatory agency as may be required. The Company shall not be required to register in a Participant’s name or deliver any Shares prior to the completion of any registration or qualification of such Shares under
any foreign, federal, state or local law or any ruling or regulation of any government body that the Committee shall determine to be necessary or advisable. To the extent the Company is unable to or the Committee deems it infeasible to obtain
authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, the Company and its Subsidiaries shall be relieved of any
liability with respect to the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained. 
 No
Option shall be exercisable and no Shares shall be issued and/or transferable under any other Award unless a registration statement with respect to the Shares underlying such Stock Option is effective and current or the Company has determined that
such registration is unnecessary. 
 In the event an Award is granted to or held by a Participant who is employed or providing services
outside the United States, the Committee may, in its sole discretion, modify the provisions of the Plan or of such Award as they pertain to such individual to comply with applicable foreign law or to recognize differences in local law, currency or
tax policy. The Committee may also impose conditions on the grant, issuance, exercise, vesting, settlement or retention of Awards in order to comply with such foreign law and/or to minimize the Company’s obligations with respect to tax
equalization for Participants employed outside their home country. 
 Section 6.6 Tax Treatment of Awards. To the extent required by
applicable federal, state, local or foreign law, a Participant shall be required to satisfy, in a manner satisfactory to the Company, any withholding tax obligations that arise by reason of an Option exercise, disposition of Shares issued under an
ISO, the vesting of or settlement of Shares under an Award, an election pursuant to Section 83(b) of the Code or otherwise with respect to an Award. The Company and its Subsidiaries shall not be required to issue Shares, make any payment or to
recognize the transfer or disposition of Shares until such obligations are satisfied. The Committee may permit or require these obligations to be satisfied by having the Company withhold a portion of the Shares that otherwise would be issued to a
Participant upon exercise of the Option or the vesting or settlement of an Award, or by tendering Shares previously 

  

 19 

 
acquired, in each case having a Market Price equal to the amount required or elected to be withheld or paid, or by having such Shares sold on the New York
Stock Exchange. Any such elections are subject to such conditions or procedures as may be established by the Committee and may be subject to disapproval by the Committee. Unless the Committee specifies otherwise in the terms of an Award Agreement,
as a condition to receiving any Award, Participants shall waive and not be entitled to make an election to be taxed currently under Code Section 83(b). 
 Section 6.7 Amendment of the Plan or Awards. The Board may amend, alter or discontinue this Plan, and the Committee may amend or alter any agreement or other document evidencing an Award made under this Plan but,
except as provided pursuant to the provisions of Section 4.1, no such amendment shall, without the approval of the stockholders of the Company: 
 (a) increase the maximum number of Shares for which Awards may be granted under this Plan; 
 (b) reduce the price at which Options may be granted below the price provided for in Section 3.1(b); 
 (c) reduce
the exercise price of outstanding Options; 
 (d) extend the term of this Plan; 
 (e) change the class of persons eligible to be Participants; 
 (f) otherwise amend the Plan in any manner requiring stockholder approval by law or under the New York Stock Exchange listing requirements; or 
 (g) increase the individual maximum limits in Section 2.2(c). 
 No amendment or alteration to the Plan, an Award or an Award Agreement shall be made which would impair the rights of the holder of an Award, without such holder’s consent, provided that no such consent shall be
required if the Committee determines in its sole discretion and prior to the date of any Change of Control (as defined herein or in the applicable Award Agreement) that such amendment or alteration either is required or advisable in order for the
Company, the Plan or the Award to satisfy any law or regulation or to meet the requirements of or avoid adverse financial accounting consequences under any accounting standard. 
 Section 6.8 No Liability of Company. The Company and any Subsidiary or affiliate which is in existence or hereafter comes into existence shall not be liable to a Participant or any other person
as to: (i) the non-issuance or sale of Shares as to which the Company has been unable to obtain from any regulatory body having jurisdiction the authority deemed by the Company’s counsel to be necessary to the lawful issuance and sale of
any Shares hereunder; and (ii) any tax consequence to any Participant or other person due to the receipt, exercise, vesting, settlement or forfeiture of any Award granted hereunder. 
  

 20 

 Section 6.9 Non-Exclusivity of Plan. Neither the adoption of this Plan by the Board of Directors
nor the submission of this Plan to the stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board of Directors or the Committee to adopt such other incentive arrangements as either may deem
desirable, including without limitation, the granting of restricted stock or stock options otherwise than under this Plan, and such arrangements may be either generally applicable or applicable only in specific cases. 
 Section 6.10 Governing Law. This Plan and any agreements or other documents hereunder shall be interpreted and construed in accordance with the
laws of the Delaware and applicable federal law. Any reference in this Plan or in the agreement or other document evidencing any Awards to a provision of law or to a rule or regulation shall be deemed to include any successor law, rule or regulation
of similar effect or applicability. 
 Section 6.11 Arbitration of Disputes. In the event a Participant or other holder of an Award
or person claiming a right under an Award or the Plan believes that a decision by the Committee with respect to such person or Award was arbitrary or capricious, the person may request arbitration with respect to such decision. The review by the
arbitrator shall be limited to determining whether the Participant or other Award holder has proven that the Committee’s decision was arbitrary or capricious. This arbitration shall be the sole and exclusive review permitted of the
Committee’s decision. Participants, Award holders and persons claiming rights under an Award or the Plan explicitly waive any right to judicial review. 
 Notice of demand for arbitration shall be made in writing to the Company within thirty (30) days after the applicable decision by the Committee. The arbitrator shall be selected by the Company. Such arbitrator
shall be neutral within the meaning of the Commercial Rules of Dispute Resolution of the American Arbitration Association; provided, however, that the arbitration shall not be administered by the American Arbitration Association. Any challenge to
the neutrality of the arbitrator shall be resolved by the arbitrator whose decision shall be final and conclusive. The arbitration shall be administered and conducted by the arbitrator pursuant to the Commercial Rules of Dispute Resolution of the
American Arbitration Association. Each side shall bear its own fees and expenses, including its own attorney’s fees, and each side shall bear one half of the arbitrator’s fees and expenses. The decision of the arbitrator on the issue(s)
presented for arbitration shall be final and conclusive and may be enforced in any court of competent jurisdiction. 
 Section 6.12 No
Right to Employment, Reelection or Continued Service. Nothing in this Plan or an Award Agreement shall interfere with or limit in any way the right of the Company, its Subsidiaries and/or its affiliates to terminate any Participant’s
employment, service on the Board or service for the Company at any time or for any reason not prohibited by law, nor confer upon any Participant any right to continue his or her employment or service for any specified period of time. Neither an
Award nor any benefits arising 

  

 21 

 
under this Plan shall constitute an employment contract with the Company, any Subsidiary and/or its affiliates. Accordingly, subject to Sections 1.5 and 6.7,
this Plan and the benefits hereunder may be terminated at any time in the sole and exclusive discretion of the Board of Directors without giving rise to any liability on the part of the Company, its Subsidiaries and/or its affiliates. 
 Section 6.13 Section 409A Addendum. 
 (a) Compliance With Law. The Plan is intended to comply with the requirements of Code Section 409A, to the extent applicable. Each Award shall be construed and administered such that the Award either (i) qualifies for an
exemption from the requirements of Code Section 409A or (ii) satisfies the requirements of Code Section 409A. If an Award is subject to Code Section 409A, (i) distributions shall only be made in a manner and upon an event
permitted under Section 409A, (ii) payments to be made upon a termination of employment shall only be made upon a “separation from service” under Section 409A, (iii) unless the Award specifies otherwise, each
installment payment shall be treated as a separate payment for purposes of Section 409A, and (iv) in no event shall a Participant, directly or indirectly, designate the calendar year in which a distribution is made except in accordance
with Section 409A. 
 (b) Section 409A Distribution Date for Key Employees. Any Award that is subject to Code
Section 409A and that is to be distributed to a Key Employee (as defined below) upon separation from service shall be administered so that any distribution with respect to such Award shall be postponed for six months following the date of the
Participant’s separation from service, if required by Code Section 409A. If a distribution is delayed pursuant to Section 409A, the distribution shall be paid within 15 days after the end of the six-month period. If the Participant
dies during such six-month period, any postponed amounts shall be paid within 90 days of the Participant’s death. The determination of Key Employees, including the number and identity of persons considered Key Employees and the identification
date, shall be made by the Committee or its delegate each year in accordance with Code Section 416(i) and the “specified employee” requirements of Code Section 409A. 
 (c) Change of Control – Restricted Stock Units. Upon a Change of Control, outstanding Restricted Stock Units shall vest and be payable in
accordance with Section 4.2(a), provided that if a Restricted Stock Unit is subject to Code Section 409A, distributions with respect to such Restricted Stock Unit shall be made in accordance with Code Section 409A. If required under
Code Section 409A, the Restricted Stock Unit shall vest as and to the extent provided in Section 4.2(a) with respect to the Change of Control, but distribution shall be made upon the earlier of (i) the date of the Participant’s
separation from service or (ii) the date on which the distribution would otherwise have been made upon vesting of the Restricted Stock Unit had no Change of Control occurred. If distribution is delayed after a Change of Control, the Committee
may determine that (x) the Restricted Stock Unit will be converted into the right to receive the same consideration per Share as is payable to the other stockholders of the Company upon the consummation of the Change of Control and (y) the
cash consideration the Participant is entitled to receive upon such conversion will be placed in an interest bearing account until paid upon the relevant date. 
  

 22 

 (d) No Representations or Warranties. Notwithstanding anything in the Plan or any Award agreement
to the contrary, each Participant shall be solely responsible for the tax consequences of Awards under the Plan, and in no event shall the Company have any responsibility or liability if an Award does not meet any applicable requirements of Code
Section 409A. Although the Company intends to administer the Plan to prevent taxation under Code Section 409A, the Company does not represent or warrant that the Plan or any Award complies with any provision of federal, state, local or
other tax law. 
  

 23Exhibit 10.24

 Exhibit 10.24 
  
  
  
 MEADWESTVACO CORPORATION EXECUTIVE RETIREMENT PLAN 
  
  
 Amended and Restated 

Effective January 1, 2009, except as otherwise provided 
  
  
  
  

 TABLE OF CONTENTS 
  

											
		 	 ARTICLE 1. INTRODUCTION
	  	1
					
		 		 	1.01.	 	History of the Plan	  	1
		 		 	1.02.	 	Purposes of the Plan	  	1
		 		 	1.03.	 	Section 409A of the Internal Revenue Code of 1986, as Amended (“Section 409A”)	  	1
		 		 	1.04.	 	Appendices	  	2
		 		 	1.05.	 	Effective Date	  	3
			
		 	 ARTICLE 2. DEFINITIONS AND CONSTRUCTION
	  	4
					
		 		 	2.01.	 	Definitions	  	4
		 		 	2.02.	 	Construction	  	7
		 		 	2.03.	 	Timing of Payments	  	8
			
		 	 ARTICLE 3. PARTICIPATION
	  	9
					
		 		 	3.01.	 	Active Participation	  	9
		 		 	3.02.	 	Inactive Participation	  	9
			
		 	 ARTICLE 4. AMOUNT AND PAYMENT OF
BENEFITS
	  	10
					
		 		 	4.01.	 	Amount of Benefits	  	10
		 		 	4.02.	 	Normal and Early Retirement	  	10
		 		 	4.03.	 	Pre-2004 Participants	  	11
		 		 	4.04.	 	Form and Time of Benefit Payments to Participant	  	12
		 		 	4.05.	 	Disability	  	14
		 		 	4.06.	 	Pre-Retirement Death Benefits	  	14
			
		 	 ARTICLE 5. VESTING, NON-COMPETITION AND
CHANGE OF CONTROL
	  	16
					
		 		 	5.01.	 	Vesting	  	16
		 		 	5.02.	 	Forfeiture	  	16
		 		 	5.03.	 	Change of Control	  	17
			
		 	 ARTICLE 6. PLAN ADMINISTRATION
	  	20
					
		 		 	6.01.	 	Plan Administrator	  	20
		 		 	6.02.	 	Interpretations	  	20
		 		 	6.03.	 	Elections and Designations	  	20
		 		 	6.04.	 	Funding Policy	  	20
			
		 	 ARTICLE 7. AMENDMENT, MERGER, AND TERMINATION
OF PLAN
	  	21
					
		 		 	7.01.	 	Amendment of the Plan	  	21
		 		 	7.02.	 	Termination of the Plan	  	21
		 		 	7.03.	 	Design Decisions	  	21
			
		 	 ARTICLE 8. MISCELLANEOUS PROVISIONS
	  	22
					
		 		 	8.01.	 	Employment Rights Not Affected by Plan	  	22
		 		 	8.02.	 	Integration Clause	  	22
		 		 	8.03.	 	Doubt as to Identity	  	22

  

 i 

											
		 		 	8.04.	 	 Discretion to Accelerate Payments
	  	22
		 		 	8.05.	 	 Payment Medium
	  	23
		 		 	8.06.	 	 Obligations to Make Payments
	  	23
		 		 	8.07.	 	 Liability Limited
	  	23
		 		 	8.08.	 	 Overpayments
	  	23
		 		 	8.09.	 	 Incapacity and Minor Status
	  	23
		 		 	8.10.	 	 Assignment and Liens
	  	23
		 		 	8.11.	 	 Withholding Taxes
	  	23
		 		 	8.12.	 	 Titles and Headings Not to Control
	  	24
		 		 	8.13.	 	 Notice of Process
	  	24
		 		 	8.14.	 	 Governing Law and Limitation on Actions
	  	24
		 		 	8.15.	 	 Class Action Forum Selection Clause
	  	24
		 		 	8.16.	 	 Severability
	  	25
		 		 	8.17.	 	 Complete Statement of Plan
	  	25

  

			
	APPENDIX A.	 	PARTICIPANTS WHO PARTICIPATED IN THE PRE-2004 PLAN AND
WERE ACTIVE
		 	PARTICIPANTS AS OF JANUARY 1, 2005
		
	APPENDIX B.	 	PARTICIPANTS WHO BECAME ACTIVE PARTICIPANTS ON JANUARY 29,
2004
		
	APPENDIX C.	 	NONQUALIFIED DEFERRED COMPENSATION PLANS MERGED INTO
		 	THE MEADWESTVACO CORPORATION RETIREMENT
		 	RESTORATION PLAN
		
	APPENDIX D.	 	PROVISIONS FOR PARTICIPANTS WITH PRE-AJCA BENEFITS
		
	APPENDIX E.	 	TERMS OF THE PRE-2004 PLAN

  

 ii 

 ARTICLE 1. INTRODUCTION 
  

	1.01.	HISTORY OF THE PLAN 

  

	(a)	The Mead Corporation and Westvaco Corporation became wholly owned subsidiaries of MW Holding Corporation, the name of which was subsequently changed to MeadWestvaco Corporation,
effective January 29, 2002. In connection with this event, MeadWestvaco Corporation (the “Company”) assumed sponsorship of the benefit plans maintained by the Mead Corporation and Westvaco Corporation. 

  

	(b)	Before the events described in Section 1.01(a) above, the Mead Corporation sponsored a supplemental executive retirement plan for its eligible employees and the eligible
employees of certain of its subsidiaries, known as the Mead Corporation Supplemental Executive Retirement Plan (the “Mead SERP”). 

  

	(c)	The Board of Directors of the Company adopted resolutions in 2004 providing for participation by certain senior executives of the Company and its Affiliates in a supplemental
executive retirement plan having terms approved by the Compensation and Organizational Development Committee of the Board of Directors. The Board of Directors further authorized certain officers of the Company, including the Chief Executive Officer,
to take all actions deemed by such officers to be necessary or appropriate to effectuate the resolutions. The Mead SERP has been amended and restated in accordance with these resolutions and has been renamed as the MeadWestvaco Corporation Executive
Retirement Plan (the “Plan”). 

  

	(d)	Effective January 1, 2007, the Plan was frozen to new entrants. As a result of this freeze, no individual who was not a Participant in the Plan as of December 31, 2006
shall be a Participant in the Plan. 

  

	1.02.	PURPOSES OF THE PLAN 

  

	(a)	The purposes of the Plan are to attract mid-career senior executive hires, retain talented senior executives, and provide recognition to long-service senior executives by providing
them with competitive supplementary retirement income, in addition to that provided under the Company’s tax-qualified and other non-qualified defined benefit plans. 

  

	(b)	The Plan is intended to be and shall be operated and administered as a plan primarily providing deferred compensation to a “select group of management or highly compensated
employees” within the meaning of Sections 201(2), 301(a)(3), or 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and shall not be subject to the participation and vesting requirements, funding
provisions, or the fiduciary duty rules of ERISA. 

  

	1.03.	SECTION 409A OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (“SECTION 409A”) 

  

	(a)	Effective January 1, 2005, with respect to any individual who is an Active Participant in the Plan after January 29, 2004: 

  

	 	(1)	All benefits under the Plan shall be subject to the requirements of Section 409A. 

  

	 	(2)	The Plan shall comply with the requirements of, and shall be operated, administered, and interpreted in accordance with Section 409A; 

	 	(3)	For the period from January 1, 2005 through December 31, 2008, the Company and the Plan Administrator had sole discretion to override the terms set forth in the plan
document for the Plan to the extent that the Company or the Plan Administrator determined to be necessary or appropriate to comply with a good-faith, reasonable interpretation of the requirements of Section 409A. 

  

	 	(4)	If the Company determines that any provision of the Plan is or might be inconsistent with the restrictions imposed by Section 409A, such provision shall be deemed to be amended
to the extent that the Company and the Plan Administrator determines is necessary to bring it into compliance with the requirements of Section 409A. Any such deemed amendment shall be effective as of the earliest date such amendment is
necessary under Section 409A. 

  

	(b)	No provision in the Plan shall be interpreted or construed to (1) create any liability for the Company or any Affiliate, or any of their employees, officers, directors, or
other service providers, related to a failure to comply with Section 409A, or (2) transfer any liability for a failure to comply with section 409A from a Participant or other individual to the Company or any Affiliate, or any of their
employees, officers, directors, or other service providers. 

  

	(c)	The provisions of this restatement of the Plan, including the requirement to comply with Section 409A, shall not apply with respect to any individual who was not an Active
Participant in the Plan after January 29, 2004. All benefits payable to any individual who was an Inactive Participant as of January 29, 2004 (as listed in Appendix D) shall be paid in accordance with the terms of the Pre-2004 Plan, which
are reproduced at Exhibit E. With respect to such Inactive Participants: 

  

	 	(1)	The terms of the Pre-2004 Plan shall not be “materially modified” (within the meaning of Section 885(d)(2)(B) of the American Jobs Creation Act of 2004), whether by
amendment to the Plan or otherwise, unless (and only to the extent that) the amendment or other action that would materially modify the Plan expressly states that it is intended to constitute a “material modification” of the Plan with
respect to such Inactive Participants; and 

  

	 	(2)	Unless expressly stated otherwise, any amendment or other action that would be deemed to constitute a “material modification” with respect to such Inactive Participants
shall be null and void. 

  

	1.04.	APPENDICES 

 The Plan includes the following
Appendices: 
  

	(a)	Appendix A lists Active Participants who participated in the version of the Plan that was in effect before January 29, 2004, their service as of December 31, 2004
(“Years of Appendix A Service”), and the amount of their Grandfathered Benefits (as defined in Section 2.01(o) and Grandfathered CIC Benefits (as defined in Section 2.01(p)). 

  

	(b)	Appendix B lists individuals who became Participants in the Plan on January 29, 2004. 

  

	(c)	Appendix C lists the nonqualified deferred compensation plans that have been merged into the MeadWestvaco Corporation Retirement Restoration Plan. 

  

	(d)	Appendix D lists individuals who were Inactive Participants as of January 29, 2004. 

  

 -2- 

	(e)	Appendix E sets forth the terms of the Plan that were in effect on January 28, 2004 (the “Pre-2004 Plan”). 

  

	1.05.	EFFECTIVE DATE 

 Unless a particular
provision of the Plan specifies a different effective date for that provision, this restatement of the Plan shall be effective January 1, 2009. Except as expressly provided in this restatement of the Plan (including Section 1.03(a)(3)),
the benefits payable to any individual who ceased to be an Active Participant before January 1, 2009, shall be determined in accordance with the terms of the Plan in effect as of the individual’s Termination Date. 
  

 -3- 

 ARTICLE 2. DEFINITIONS AND CONSTRUCTION 
  

	2.01.	DEFINITIONS 

 For purposes of the Plan, unless the
context clearly or necessarily indicates the contrary, the following words and phrases shall have the meaning set forth in the definitions below: 
  

	(a)	“Actual Commencement Date” shall mean, for any Participant, the later of (1) the first day of the seventh month that begins after his Termination Date or
(2) the first day of the month coincident with or next following his 55th birthday. 

  

	(b)	“Affiliate” shall mean, with respect to each Employer, any person or entity that is required to be combined with such Employer as a single employer under
Section 414(b) or (c) of the Code, except that the 80 percent ownership standard prescribed by Section 1563(a)(1), (2), and (3) of the Code and Treas. Reg. § 1.414(c)-2 shall be replaced with a 50 percent ownership
standard. 

  

	(c)	“All-MERP Benefit” shall have the meaning set forth in Section 4.03(b)(1). 

  

	(d)	“Authorized Party” shall mean, (1) for the Chief Executive Officer and any Participant who reports directly to the Chief Executive Officer, the Committee, and
(2) for any Participant who does not report directly to the Chief Executive Officer, the Chief Executive Officer or his designee. 

  

	(e)	“Board of Directors” shall mean the Board of Directors of the Company. 

  

	(f)	“Cause” shall mean: 

  

	 	(1)	the willful and continued failure of the Participant to perform substantially the Participant’s duties with the Company or Affiliates (other than any such failure resulting
from incapacity due to physical or mental illness), after a written demand for substantial performance is delivered to the Participant by the Authorized Party which specifically identifies the manner in which the Authorized Party believes that the
Participant has not substantially performed the Participant’s duties; 

  

	 	(2)	the willful engaging by the Participant in illegal conduct or gross misconduct; or 

  

	 	(3)	a clearly established violation by the Participant of the Company’s Code of Conduct that the Authorized Party determines to be materially and demonstrably injurious to the
Company or any Affiliate; 

 provided that no act or failure to act on the part of the Participant shall be considered
“willful” unless it is done, or omitted to be done, by the Participant in bad faith or without reasonable belief that the Participant’s action or omission was in the best interests of the Company. Any act, or failure to act, based
upon authority given pursuant to a resolution duly adopted by the Board of Directors or upon the instructions of the Chief Executive Officer or a senior officer of the Company or based upon the advice of counsel for the Company shall be conclusively
presumed to be done, or omitted to be done, by the Participant in good faith and in the best interests of the Company. 
  

 -4- 

	(g)	“Change of Control” shall have the meaning set forth in Section 5.03. This definition of Change of Control is different than the Pre-2004 Plan’s
definition of “Change in Control,” which is set forth in Section E-10.3. 

  

	(h)	“Chief Executive Officer” shall mean the chief executive officer of the Company. 

  

	(i)	“Code” shall mean the Internal Revenue Code of 1986, as amended. 

  

	(j)	“Committee” shall mean the Compensation and Organizational Development Committee of the Board of Directors. 

  

	(k)	“Company” shall mean MeadWestvaco Corporation, a Delaware corporation. 

  

	(l)	“Early Retirement Date” for a Participant shall mean his 62nd birthday. 

  

	(m)	“Employer” shall mean the Company and any Affiliate that, with the consent of the Board of Directors, has adopted the Plan. For purposes of Section 2.01(jj),
the term “Employer” shall include the Mead Corporation and Westvaco Corporation. 

  

	(n)	“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended. 

  

	(o)	“Grandfathered Benefit” shall mean, for any Participant listed in Appendix A, the “Grandfathered Benefit” for such Participant set forth in Appendix A.
(Persons not listed in Appendix A do not have Grandfathered Benefits.) A Participant’s Grandfathered Benefit is based on the benefit he would have received under the terms of the Pre-2004 Plan (disregarding any required offset for benefits
earned any plan maintained by a previous employer) if he had: (A) terminated employment involuntarily without Cause on December 31, 2004; and (B) begun receiving his benefit on the first day of the month coincident with or next
following his 62nd birthday (or December 31, 2004, if later). 

  

	(p)	“Grandfathered CIC Benefit” shall mean, for any Participant, the “Grandfathered CIC Benefit” for such Participant set forth in Appendix A. (Persons not
listed in Appendix A do not have Grandfathered CIC Benefits.) A Participant’s Grandfathered CIC Benefit is based on the annual benefit he would have received under the terms of the Pre-2004 Plan (disregarding any required offset for benefits
earned any plan maintained by a previous employer) if a “Change in Control” (as defined in Section E-10.3) had occurred less than 24 months before December 31, 2004 and he had terminated employment on December 31, 2004, if
such benefit were paid in the form of a single-life annuity commencing on the first day of the month coincident with or next following his 62nd birthday. 

  

	(q)	“Nominal Commencement Date” shall mean, for any Participant, the first day of the month coincident with or next following the later of (1) his Termination Date
or (2) his 55th birthday. 

  

	(r)	“Normal Retirement Date” for a Participant shall mean his 65th birthday. 

  

	(s)	“Ongoing-SERP Benefit” shall have the meaning set forth in Section 4.03(b)(2). 

  

	(t)	“Participant” shall mean an individual who satisfies the requirements for participation in the Plan in Section 3.01 and whose accrued benefit under the Plan
has not been forfeited or paid in full. An “Active Participant” shall mean a person who is an Active Participant as described in Section 3.01 and an “Inactive Participant” shall mean a person who is an Inactive
Participant as described in Section 3.02. 

  

 -5- 

	(u)	“PIA” shall mean the Participant’s Primary Insurance Amount, as defined in the applicable Qualified Plan. 

  

	(v)	“Plan” shall mean the MeadWestvaco Corporation Executive Retirement Plan, as in effect and amended from time to time. 

  

	(w)	“Plan Administrator” shall mean the plan administrator appointed pursuant to Section 6.01(a). 

  

	(x)	“Plan FAP” shall mean a Participant’s “Final Average Pay” as defined in the applicable Qualified Plan, but calculated without regard to the
provisions of the applicable Qualified Plan implementing Section 401(a)(17) of the Code. 

  

	(y)	“Plan Interest Rate” shall mean the interest rate that is required by the applicable Qualified Plan for purposes of converting a single-life annuity to a lump-sum
payment commencing as of the first day of the month coincident with or next following his Termination Date. If the rate required by the Qualified Plan is determined by reference to a yield curve, the Plan Interest Rate shall mean the first segment
of such yield curve. 

  

	(z)	“Pre-2004 Plan” shall mean the Plan as in effect as of January 28, 2004, as set forth in Appendix E. 

  

	(aa)	“Qualified Plan” shall mean the MeadWestvaco Corporation Retirement Plan for Salaried and Non-Bargained Hourly Employees, the MeadWestvaco Corporation Envelope
Division Retirement Plan for Salaried and Non-Bargained Employees and any other “defined benefit plan” (as defined in Section 3 of ERISA) sponsored by the Company or an Affiliate that is qualified under Section 401(a) of the Code
and that is designated by the Board of Directors or the Committee as a “Qualified Plan” for purposes of this Plan. For purposes of Section 4.01(a)(2) (and for any other purposes established by the Board of Directors or the Committee
in accordance with the preceding sentence), the term “Qualified Plan” shall include the MeadWestvaco Corporation Retirement Plan for Bargained Hourly Employees. 

  

	(bb)	“Qualified Plan Assumptions” shall mean the actuarial tables and interest rates (including variations that apply for specific purposes, such as converting benefits
to a lump sum amount) set forth in the most recent Qualified Plan covering the Participant for purposes of calculating actuarial equivalence and present value. 

  

	(cc)	“Retirement Plan” shall mean the MeadWestvaco Corporation Retirement Plan for Salaried and Non-Bargained Hourly Employees or any successor thereto.

  

	(dd)	“Spouse” shall have the meaning set forth in the applicable Qualified Plan. 

  

	(ee)	“Termination Date” means the date of an individual’s “separation from service” (within the meaning of section 409A(a)(2)(A)(i) of the Code) with
MeadWestvaco and its Affiliates, as determined by MeadWestvaco in accordance with Treas. Reg. § 1.409A-1(h)(1). For purposes of the Plan: 

  

	 	(1)	 An individual who is on a leave of absence (with the expectation that he will return) and does not have a statutory or contractual right to reemployment shall be
deemed to have had a “separation for service” on the first date that is more than six months after the commencement of such leave of absence. However, if the leave of absence is due to any medically determinable physical or mental
impairment that can be expected to last for a continuous period of six months or more, and such 

  

 -6- 

	 	 
impairment causes the individual to be unable to perform the duties of his position of employment or any substantially similar position of employment, the
preceding sentence shall be deemed to refer to a 29-month period rather than to a six-month period; and 

  

	 	(2)	A sale of assets to an unrelated buyer that results in an individual working for the buyer or one of its affiliates shall not, by itself, constitute a “separation from
service” for such individual unless MeadWestvaco, with the buyer’s written consent, so provides in writing 60 or fewer days before the closing of such sale. 

  

	(ff)	“Totally and Permanently Disabled” shall have the same meaning as under the last Qualified Plan covering the Participant. 

  

	(gg)	“Vested Benefit” shall mean a Participant’s benefit under Sections 4.01 and 4.02, or Section 4.03, as applicable, that has become vested under
Section 5.01 or Section 4.05(b) and has not been forfeited under Section 5.02 or any other provision of the Plan. 

  

	(hh)	“Years of Appendix A Service” shall mean, with respect to a Participant listed in Appendix A, the number of years of service (in years and months) through
December 31, 2003 shown for the Participant in Appendix A. 

  

	(ii)	“Years of Benefit Service” shall mean the Participant’s “Years of Benefit Service” under the applicable Qualified Plan; provided that a Participant
who becomes an Inactive Participant and does not subsequently become an Active Participant shall not accrue Years of Benefit Service for the period after he ceased to be an Active Participant. 

  

	(jj)	“Years of Plan Benefit Service” shall mean, for any Participant who is an Active Participant on or after September 1, 2006, the Participant’s Years of
Benefit Service; provided that the Participant’s Years of Plan Benefit Service shall not exceed the number determined by subtracting 30 from his age (in years and completed months) on the date he commenced employment with the Employer or an
Affiliate. 

  

	(kk)	“Years of Plan Vesting Service” shall mean the Participant’s “Years of Benefit Service” under the Qualified Plan. 

  

	2.02.	CONSTRUCTION 

 For purposes of the Plan, unless the
contrary is clearly indicated by the context: 
  

	(a)	The use of the masculine gender shall also include within its meaning the feminine and vice versa; 

  

	(b)	The use of the singular shall also include within its meaning the plural and vice versa; 

  

	(c)	The word “include” shall mean to include, but not to be limited to; and 

  

	(d)	Any reference to a statute or section of a statute shall further be a reference to any successor or amended statute or section, and any regulations or other guidance of general
applicability issued thereunder. 

  

 -7- 

	2.03.	TIMING OF PAYMENTS 

  

	(a)	The phrase “as soon as practicable after” or any similar phrase shall mean the earliest administratively practicable date after the relevant date or event; provided that,
in accordance with Treas. Reg. § 1.409A-3(b), such date shall be no later than the later of (1) the last day of the calendar year in which the relevant date or event occurs or (2) the 90th day following the occurrence of the
relevant date or event. 

  

	(b)	To the extent that any payment under the Plan may be made within a specified number of days, or as soon as practicable, on or after any date or the occurrence of any date or event,
the date of payment shall be determined by the Company in its sole discretion, and not by any Participant, beneficiary, or other individual. 

  

 -8- 

 ARTICLE 3. PARTICIPATION 
  

	3.01.	ACTIVE PARTICIPATION 

  

	(a)	The persons listed in Appendix A (all of whom accrued benefits under the Pre-2004 Plan) who are employed by the Employer on January 29, 2004 shall continue to be Active
Participants as of January 29, 2004. 

  

	(b)	Any other senior executive of the Employer who has been designated as eligible to participate in the Plan by a resolution adopted by the Committee shall become an Active Participant
as of the date set forth in such resolution. The persons listed in Appendix B became Active Participants on January 29, 2004. 

  

	(c)	An Active Participant shall remain an Active Participant until the earlier of (1) his Termination Date or (2) such date as of which the Committee determines that he is no
longer eligible to accrue benefits under the Plan. 

  

	(d)	No individual who is a “Cash Balance Participant” (as defined in an applicable Qualified Plan) shall be eligible to participate in the Plan. 

  

	3.02.	INACTIVE PARTICIPATION 

  

	(a)	An Active Participant shall become an “Inactive Participant” as of the date he ceases to be an Active Participant in accordance with Section 3.01(c).

  

	(b)	The persons listed in Appendix D who are no longer accruing benefits under the Plan on January 29, 2004 shall continue to be Inactive Participants as of January 29, 2004.

  

	(c)	An Inactive Participant shall remain an Inactive Participant for so long as his benefits under the Plan have not been paid. 

  

 -9- 

 ARTICLE 4. AMOUNT AND PAYMENT OF BENEFITS 
  

	4.01.	AMOUNT OF BENEFITS 

  

	(a)	Unless he is listed in Appendix A (in which case Section 4.03 applies), the amount of the benefit under the Plan for any Participant who is an Active Participant on or after
September 1, 2006, expressed as an annual amount payable beginning on the first day of the month coincident with or next following his Normal Retirement Date (or the first day of the month coincident with or next following his Termination Date,
if later), shall be equal to the amount determined under paragraph (1), below, less the sum of the amounts determined under paragraphs (2) and (3), below, where: 

  

	 	(1)	The amount determined under this paragraph (1) equals (A) minus (B), where— 

  

	 	(A)	equals 1.6 percent of the Participant’s Plan FAP, multiplied by the sum, not to exceed 40, of (i) 75 percent of his Years of Plan Benefit Service and (ii) his Years
of Benefit Service; and 

  

	 	(B)	equals 1.25 percent of his PIA multiplied by his Years of Benefit Service; 

  

	 	(2)	The amount determined under this paragraph (2) equals the total amount determined to be payable to the Participant under the Qualified Plans, expressed as an annual amount
payable as a single-life annuity beginning on his Nominal Commencement Date, but not including any restructuring or other supplemental benefits payable to the Participant under such Qualified Plans. 

  

	 	(3)	The amount determined under this paragraph (3) equals the total amount, if any, determined to be payable to the Participant under the MeadWestvaco Corporation Retirement
Restoration Plan (the “RRP,” including benefits accrued under any of the plans listed in Appendix C, which were merged into the RRP), and expressed as an annual amount payable as a single-life annuity beginning on his Nominal Commencement
Date. 

  

	(b)	For purposes of Section 4.01(a), the amount payable to a Participant under the Qualified Plans and the RRP shall be determined without regard to any qualified domestic
relations order (as defined in Section 414(p)(1)(A) of the Code) or other order or settlement agreement that reduces or divides the Participant’s benefit under such plans. 

  

	4.02.	NORMAL AND EARLY RETIREMENT 

 Unless he is listed in Appendix A (in which case Section 4.03 applies): 
  

	(a)	A Participant whose Termination Date occurs on or after his Normal Retirement Date shall be entitled to receive his Vested Benefit under the Plan (if any) at the time and in the
manner prescribed by Section 4.04 without any reduction for early commencement of benefits or any increase for late commencement of benefits (except as required by Section 4.04(a) with respect to delayed payments).

  

	(b)	A Participant whose Termination Date occurs before his Normal Retirement Date, and who attains the Rule of 80 before his Termination Date, shall be entitled to receive his Vested
Benefit (if any) at the time and in the manner prescribed by Section 4.04, but subject to the following: 

  

	 	(1)	If the Participant’s Termination Date occurs on or after his Early Retirement Date, such Vested Benefit shall be paid without any reduction for early commencement of benefits.

  

 -10- 

	 	(2)	If the Participant’s Termination Date occurs before his Early Retirement Date, the amount determined under Section 4.01(a)(1) shall be reduced by 0.25 percent for each
month by which his Nominal Commencement Date precedes the first day of the month coincident with or next following his Early Retirement Date; provided, however, that the reduction required by this paragraph shall be no greater than 21 percent.

  

	(c)	A Participant whose Termination Date occurs before his Normal Retirement Date, and who does not attain the Rule of 80 before his Termination Date, shall be entitled to receive his
Vested Benefit (if any) at the time and in the manner prescribed by Section 4.04, but subject to the following: 

  

	 	(1)	The amount determined under Section 4.01(a)(1) shall be reduced pursuant to the rules applicable to him under Section 5.2(a) of the Retirement Plan (including the proviso
for any Participant who terminates employment with 20 or more Years of Benefit Service and after he has attained age 55), or any successor provision thereto (or the comparable provision of the applicable Qualified Plan, if the Retirement Plan is not
the applicable Qualified Plan with respect to him). 

  

	 	(2)	The amount of the reduction required by paragraph (1), above, shall be calculated as if the Participant’s benefit commencement date were his Nominal Commencement Date.

  

	(d)	For purposes of this Article 4: 

  

	 	(1)	A Participant attains the “Rule of 80” when the sum of his Age and Rule of 80 Service equals 80. 

  

	 	(2)	A Participant’s “Age” shall mean his complete years of age, plus the number of complete and partial calendar months starting after his most recent birthday, divided
by 12. 

  

	 	(3)	“Rule of 80 Service” shall mean the Participant’s Years of Plan Vesting Service under the applicable Qualified Plan. 

  

	4.03.	PRE-2004 PARTICIPANTS 

 This
Section 4.03 shall apply only to Participants listed in Appendix A. 
  

	(a)	Notwithstanding any provision of Section 4.01 or 4.02, the benefits of a Participant listed in Appendix A shall be as follows: 

  

	 	(1)	If the Participant’s Termination Date occurs on or after his Normal Retirement Date and after his benefit under the Plan becomes vested under Section 5.01(a) or (b), the
amount of his benefit shall equal the greatest of: (A) the Participant’s All-MERP Benefit; (B) the Participant’s Grandfathered Benefit; or (C) the Participant’s Average Benefit. 

  

 -11- 

	 	(2)	If the Participant’s Termination Date occurs before his Normal Retirement Date but after his benefit under the Plan becomes vested under Section 5.01(a) or (b), the amount
of his benefit shall equal the greatest of: 

  

	 	(A)	The Participant’s All-MERP Benefit, reduced by applying the rules set forth in Section 4.02(b) through (d); 

  

	 	(B)	The Participant’s Grandfathered Benefit, without any adjustment to account for termination of employment before or after age 62; or 

  

	 	(C)	The average of (i) and (ii), where: 

  

	 	(i)	equals the greater of (I) the amount determined under subparagraph (A), above; and (II) the amount determined under subparagraph (B), above; and 

  

	 	(ii)	equals the Participant’s Ongoing-SERP Benefit, reduced by applying Section E-4.2, based on the assumption that his benefit commencement date is his Nominal Commencement Date.

  

	 	(3)	If the Participant’s Termination Date occurs before his benefit under the Plan becomes vested under Section 5.01(a) or (b), but after his Grandfathered Benefit becomes
vested under Section 5.01(c), he shall receive his Grandfathered Benefit, without any adjustment to account for termination of employment before or after age 62. 

  

	(b)	For purposes of this Section 4.03: 

  

	 	(1)	A Participant’s All-MERP Benefit equals the amount described in Section 4.01(a). 

  

	 	(2)	A Participant’s Ongoing-SERP Benefit equals the amount determined by applying Section E-3 (not including Section E-3.3) to the Participant’s Final Average Earnings (as
defined in Section E-3.4) as of his Termination Date. 

  

	 	(3)	A Participant’s Average Benefit equals the average of the amounts in subsections (A) and (B), where: 

  

	 	(A)	equals the greater of (i) the Participant’s All-MERP Benefit; or (ii) the Participant’s Grandfathered Benefit; and 

  

	 	(B)	equals the Participant’s Ongoing-SERP Benefit. 

  

	4.04.	FORM AND TIME OF BENEFIT PAYMENTS TO PARTICIPANT

  

	(a)	Participants Not Listed in Appendix A. The Vested Benefit, if any, of a Participant not listed in Appendix A shall be paid in the annuity form in which his benefit under the
MeadWestvaco Corporation Retirement Restoration Plan (the “RRP”) is paid, commencing on the Participant’s Actual Commencement Date. 

  

	 	(1)	The first payment to any such Participant shall include the sum of all payments (if any) that would have been made up to his Actual Commencement Date if payments had commenced on
his Nominal Commencement Date, plus interest on the delayed payments at the Plan Interest Rate. 

  

 -12- 

	 	(2)	If a Participant is not eligible to receive an annuity under the RRP, his benefit shall be paid in any annuity form permitted under the RRP, as elected by the Participant in
accordance with the annuity election provisions of the RRP. 

  

	(b)	Participants Listed in Appendix A. The Vested Benefit, if any, of a Participant listed in Appendix A shall be paid at the time and in the form set forth below:

  

	 	(1)	The Participant’s Grandfathered Benefit (if vested) shall be paid in the following form, as long as the Participant is living: 

  

			
	 Participant
	 	 Form and Time of Payment

	William J. Biedenharn (per election made in 2007)	 	 •     Monthly installments, each equal to 1/12th of the Participant’s monthly Grandfathered
Benefit (without reduction for commencement before age 62), starting on the Participant’s Actual Commencement Date and continuing through the earlier of (a) the month in which he dies or (b) the month in which he attains age 62. The
first payment shall include the sum of all payments that would have been made up to his Actual Commencement Date if payments had commenced on his Nominal Commencement Date, plus interest on the delayed payments at the Plan Interest Rate;
and
  
 •     If the
Participant is living, a lump-sum payment on the first day of the first month that starts after his 62nd birthday.

		
	Dr. Jack C. Goldfrank	 	Lump sum on his Actual Commencement Date.
		
	 Gary M. Curtis
 James C. Tyrone
	 	Lump sum on the first day of the month coincident with or next following the Participant’s 62nd birthday.
		
	 Mark T. Watkins
 Neil A. McLachlan
 (per election made in 2008)
	 	 •     If the Participant’s Termination Date occurs on or after his
62nd birthday, a lump sum on his Actual Commencement Date, with interest at the Plan Interest Rate for the period from his Nominal Commencement Date to his Actual Commencement Date.
  
 •     If the
Participant’s Termination Date occurs before his 62nd birthday:
  
 •        Monthly installments, each equal to 1/12th of the Participant’s monthly Grandfathered Benefit (without reduction for commencement before age 62), starting on the Participant’s Actual
Commencement Date and continuing through the earlier of (a) the month in which he dies or (b) the month in which he attains age 62. The first payment shall include the sum of all payments that would have been made up to his Actual
Commencement Date if payments had commenced on his Nominal Commencement Date, plus interest on the delayed payments at the Plan Interest Rate; and
  
 •        If the Participant is living, a lump-sum payment on the first day of the
first month that starts after his 62nd birthday.

 Except as otherwise provided in Appendix A, the amount of any lump-sum payment required by the
schedule above shall be equal to: 
  

	 	(A)	The actuarial present value (determined using the Qualified Plan Assumptions) of the Participant’s Grandfathered Benefit determined as of the later of (i) the first day of
the month next following the Participant’s 62nd birthday or (ii) the Participant’s Nominal Commencement Date; plus 

  

 -13- 

	 	(B)	Interest at the rate required by subparagraph (A), above, for any period from the later date described in subparagraph (A), above, to the date on which the lump-sum payment is
actually made; minus 

  

	 	(C)	The sum of the monthly Grandfathered Benefit payments previously made to him and interest on each such monthly payment, at the rate required by subparagraph (A), above, from the
date of the monthly payment to the date on which the lump-sum payment is made. 

  

	 	(2)	The portion (if any) of the Participant’s Vested Benefit that exceeds the value of the Participant’s Grandfathered Benefit shall be paid at the time and in the form
prescribed by Section 4.04(a). 

  

	(c)	Continuing Payments after Rehire. The form and time of payment of benefits to any Participant who has had a Termination Date shall not be affected in any way by a subsequent
rehire. For example, payments that are required by the schedule set forth in this Section 4.04 shall not be suspended or otherwise delayed by reason of a Participant’s rehire. 

  

	4.05.	DISABILITY 

 If a Participant becomes Totally and
Permanently Disabled, then: 
  

	(a)	If, with or without reasonable accommodation, he is unable to continue working in his then-current position, he shall become an Inactive Participant pursuant to Sections 3.01(c) and
3.02(a); 

  

	(b)	If he has not satisfied the vesting requirements set forth in Section 5.01 and he remains Totally and Permanently Disabled, his benefit under the Plan shall become 100 percent
vested as of the later of (i) his 55th birthday or (ii) his Termination Date; and 

  

	(c)	He shall receive his Vested Benefit under the Plan in the form prescribed by Section 4.04, commencing on his Actual Commencement Date. 

  

	4.06.	PRE-RETIREMENT DEATH BENEFITS 

  

	(a)	Death Before Nominal Commencement Date; Not Vested. Except as required by subsection (f), below (with respect to Grandfathered Benefits), if a Participant’s death occurs
before his Nominal Commencement Date and (1) he has not completed at least five Years of Plan Vesting Service or (2) his Termination Date occurs before his 55th birthday and before his death, his benefit shall be forfeited and no death
benefit shall be paid under the Plan with respect to him. 

  

	(b)	Death Before Nominal Commencement Date; Vested and Married. If a Participant has completed five or more Years of Plan Vesting Service and either (i) dies before his
Termination Date or (ii) reaches age 55 before his Termination Date and dies before his Nominal Commencement Date, his surviving Spouse (if any) shall receive a preretirement death benefit under the Plan, commencing on the first day of the
month next following the Participant’s death (or as soon as practicable thereafter), and calculated as follows: 

  

	 	(1)	 If the Participant’s Termination Date occurred on or after his 55th birthday, his Spouse shall receive a preretirement survivor annuity, calculated in the same
manner as the qualified preretirement survivor annuity payable to such Spouse under Section 7.1(a)(i) of the Retirement Plan (pre-retirement survivor pension if participant 

  

 -14- 

	 	 
dies at age 55 or older) or any successor provision thereto (or the comparable provision of the applicable Qualified Plan, if the Retirement Plan is not the
applicable Qualified Plan with respect to the Participant). 

  

	 	(2)	If the Participant’s death occurs before his 55th birthday (and before his Termination Date), his Spouse shall receive a preretirement survivor annuity, calculated in the same
manner as the qualified retirement survivor annuity payable to such Spouse under Section 7.1(a)(ii) of the Retirement Plan (pre-retirement survivor pension if participant dies before age 55) or any successor provision thereto (or the comparable
provision of the applicable Qualified Plan, if the Retirement Plan is not the applicable Qualified Plan with respect to the Participant). 

 For purposes of the Plan, a Participant who dies before his Termination Date shall be deemed to have a Termination Date immediately after his death. 
  

	(c)	Death Before Nominal Commencement Date; Vested but Not Married. If a Participant meets all of the requirements set forth in Section 4.06(b) except that he does not have
a Spouse at the time of his death, the benefit set forth in Section 4.06(b) shall be payable to a living beneficiary elected by the Participant in accordance with procedures established by the Plan Administrator. The death benefit described in
this Section 4.06(c) shall not be paid on behalf of any Participant with respect to whom the Plan Administrator (or its designee) determines there is no valid beneficiary election (on the form designated by the Plan Administrator) on file.

  

	(d)	Death After Nominal Commencement Date but Before Actual Commencement Date. If a Participant with a Vested Benefit dies after his Nominal Commencement Date but before his
Actual Commencement Date, the Company shall pay to the Participant’s estate an amount equal to (1) the sum of the payments that would have been made to the Participant before his death if payments had started on his Nominal Commencement
Date, plus (2) interest on each payment, at the Plan Interest Rate, from the date on which the payment would have been made if payments had commenced on the Participant’s Nominal Commencement Date to the actual payment date. In addition,
if any portion of the Participant’s Vested Benefit was scheduled to be paid in the form of an annuity with a survivor benefit, such survivor benefit shall be paid in accordance with the terms of the annuity form. 

  

	(e)	Death After Actual Commencement Date. Except as required by subsection (f), below (with respect to Grandfathered Benefits), if a Participant dies after his Actual
Commencement Date, no death benefit shall be paid on the Participant’s behalf unless payment of any portion of the Participant’s Vested Benefit had commenced in the form of an annuity with a survivor benefit. If payment of any portion of
the Participant’s benefit had commenced in the form of an annuity with a survivor benefit, such survivor benefit shall be paid in accordance with the terms of the annuity form. 

  

	(f)	Grandfathered Death Benefit for Appendix A Participants. If (and only if) (1) a Participant listed in Appendix A dies before the commencement date for his Grandfathered
Benefit, (2) the provisions of subsections (a)-(e), above, do not provide for any death benefit with respect to a Participant’s Grandfathered Benefit, and (3) the Participant is survived by a Spouse who satisfies the eligibility
criteria set forth in Section E-9.1, such surviving Spouse shall receive a pre-retirement death benefit with respect to the Participant’s Grandfathered Benefit, calculated in accordance with subsection (b), above. 

  

 -15- 

 ARTICLE 5. VESTING, NON-COMPETITION AND CHANGE OF CONTROL 
  

	5.01.	VESTING 

 Except as otherwise required by
Section 4.06 or Section 5.02: 
  

	(a)	A Participant shall become 100 percent vested in his benefit under the Plan if he attains age 55 before his Termination Date and he has five or more Years of Plan Vesting Service.

  

	(b)	If a Participant’s Termination Date occurs by reason of an involuntary termination within 24 months after a Change of Control, he shall become 100 percent vested in his benefit
under the Plan as of his Termination Date. 

  

	(c)	If the Termination Date of a Participant listed in Appendix A occurs under any of the following circumstances, he shall become 100 percent vested in his Grandfathered Benefit only:

  

	 	(1)	The Participant’s Termination Date occurs after his 55th birthday but before he has five Years of Plan Vesting Service; 

  

	 	(2)	The Participant’s Termination Date occurs before his 55th birthday by reason of an involuntary termination that is not for Cause; or 

  

	 	(3)	A “Change in Control” (as defined in Section E-10.3) occurs, in which case he shall become 100 percent vested in his Grandfathered CIC Benefit (rather than in his
Grandfathered Benefit). 

  

	5.02.	FORFEITURE 

  

	(a)	Forfeiture of Benefits. A Participant shall not have any right to a benefit or payment under the Plan if his benefit under the Plan (including any benefit that has otherwise
vested pursuant to Section 5.01) is forfeited under Section 5.02(a), (b) or (c), or Section 4.06. A Participant shall forfeit any portion of his benefit under the Plan that is not vested in accordance with the terms of the Plan
as of his Termination Date, and such forfeiture shall not be reinstated if he is rehired unless provided otherwise in a resolution adopted by the Committee. 

  

	(b)	Termination for Cause. If a Participant’s employment with an Employer or Affiliate is terminated for Cause, his benefits under the Plan shall be automatically and
permanently forfeited. 

  

	(c)	Competitive Activities, Solicitation, and Disparagement. If the Authorized Party determines that after a Participant’s Termination Date but before the Participant has
received his entire Vested Benefit and without the express prior written consent of the Authorized Party, a Participant directly or indirectly, individually or as an agent, officer, director, employee, shareholder, partner or in any other capacity
whatsoever: 

  

	 	(1)	has engaged, or is engaging, in any activity competitive with or adverse to the Employer’s or Affiliate’s businesses or in the sale, distribution, production, or attempted
sale, distribution or production, of any goods, products or services then sold or being developed by any Employer or Affiliate; 

  

 -16- 

	 	(2)	personally engages in Competitive Activities or works for, owns, manages, operates, controls, or participates in the ownership, management, operation or control of, or provides
consulting or advisory services to, any individual, partnership, firm, corporation, or institution engaged in Competitive Activities (provided that the Participant’s purchase or holding, for investment purposes, of securities of a publicly
traded company shall not constitute “ownership” or “participation in ownership” for purposes of this Section 5.02(c)(2) so long as the Participant’s equity interest in any such company is less than a controlling
interest); 

  

	 	(3)	solicits, induces, or attempts to induce any of the Company’s or an Affiliate’s employees to leave the employ of such Company or Affiliate; 

  

	 	(4)	makes disparaging remarks with respect to the Company, an Affiliate, any of the Company’s or Affiliates’ products or businesses, or any of the Company’s or
Affiliates’ employees, directors, consultants, independent contractors, or other service providers; 

  

	 	(5)	communicates or reveals any secret or confidential information, knowledge, or data related to the Company or an Affiliate, and their respective businesses, except to the extent that
the right to make such a communication or revelation is expressly protected by applicable law; or 

  

	 	(6)	otherwise violates the Company’s Code of Conduct in a manner that the Authorized Party determines to be materially and demonstrably injurious to the Company,

 such Participant’s benefits under the Plan shall be automatically and permanently forfeited and payment of such benefits
to the Participant or any other person, if commenced, shall cease. 
 For purposes of this Section 5.02(c), “Competitive
Activity” shall mean a business activity relating to products or services of the same or similar type as the products or services that (x) are sold (or, pursuant to an existing business plan, will or might be sold) to paying customers of
the Company or an Affiliate; and (y) for which the Participant had responsibility to plan, develop, manage, market, or oversee within the prior 24 months or within the 24 months preceding his Termination Date. 
  

	5.03.	CHANGE OF CONTROL 

  

	(a)	For purposes of the Plan, a “Change of Control” shall mean, except as provided in subsection (b), below (relating to a Merger of Equals): 

  

	 	(1)	The acquisition by any Person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20 percent or more of either (i) the Outstanding
Company Common Stock or (ii) the Outstanding Company Voting Securities; provided, however, that the following acquisitions shall not constitute a Change of Control: (A) any acquisition directly from the Company, (B) any acquisition by
the Company, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company, or (iv) any acquisition by any corporation pursuant to a transaction
which complies with clauses (i), (ii) and (iii) of Section 5.03(a)(3); or 

  

	 	(2)	Individuals who constitute the Incumbent Board cease for any reason to constitute at least a majority of the Board of Directors; or 

  

 -17- 

	 	(3)	Consummation of a Business Combination unless, following such Business Combination: (i) all or substantially all of the individuals and entities that were the beneficial
owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 60 percent of, respectively, the then
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 Resulting Corporation in
substantially the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (ii) no Person (excluding the Resulting
Corporation and its affiliates or any employee benefit plan (or related trust) of the Resulting Corporation and its affiliates) beneficially owns, directly or indirectly, 20 percent or more of, respectively, the then outstanding shares of common
stock of the Resulting Corporation or the combined voting power of the then outstanding voting securities of the Resulting Corporation except to the extent that such ownership existed with respect to the Company prior to the Business Combination,
and (iii) at least a majority of the members of the Resulting Board were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board of Directors, providing for such Business Combination;
or 

  

	 	(4)	Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company. 

  

	(b)	Notwithstanding any provision of subsection (a), above, a transaction or event shall not constitute a “Change of Control” if the conditions of a Merger of Equals are met
at all times from the date of the transaction or event until the first anniversary of such transaction or event. If the conditions of a Merger of Equals are met at the time of the transaction or event, but cease to be met prior to the first
anniversary of such transaction or event, then such transaction or event shall constitute a Change of Control as of the date the conditions of a Merger of Equals cease to be met. For purposes of this Section 5.03, the requirements of a
“Merger of Equals” are that: 

  

	 	(1)	the event or transaction is a Business Combination; 

  

	 	(2)	at least 50 percent of the members of the Resulting Board are individuals who were members of the Incumbent Board at the time of the execution of the initial agreement or of the
action of the Board of Directors providing for such Business Combination; and 

  

	 	(3)	either (A) the position of chief executive officer of the Resulting Corporation is occupied by an individual who was employed by the Company immediately before such Business
Combination, or (B) a majority of the leadership positions reporting directly to the chief executive officer of the Resulting Corporation are occupied by individuals who were employed by the Company immediately before such Business Combination.

  

	(c)	For purposes of this Section 5.03: 

  

	 	(1)	“Business Combination” shall mean a reorganization, merger, statutory share exchange or consolidation, or similar corporate transaction involving the Company or any of its
subsidiaries, or a sale or other disposition of all or substantially all of the assets of the Company. 

  

 -18- 

	 	(2)	“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

  

	 	(3)	“Incumbent Board” shall mean the Board of Directors as of January 29, 2004, (the “Incumbent Board”); provided, however, that any individual becoming a
director subsequent to January 29, 2004 whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as
though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or
removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board. 

  

	 	(4)	“Person” shall mean any individual, entity or group within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act. 

  

	 	(5)	“Resulting Board” shall mean the board of directors of the Resulting Corporation. 

  

	 	(6)	“Resulting Corporation” shall mean the corporation resulting from a Business Combination (including 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). 

  

	 	(7)	“Outstanding Company Common Stock” shall mean outstanding shares of the common stock of the Company as of the acquisition described in Section 5.03(a)(1).

  

	 	(8)	“Outstanding Company Voting Securities” shall mean outstanding voting securities of the Company entitled to vote generally in the election of directors as of the
acquisition described in Section 5.03(a)(1). 

  

 -19- 

 ARTICLE 6. PLAN ADMINISTRATION 
  

	6.01.	PLAN ADMINISTRATOR 

  

	(a)	The committee appointed by the Chief Executive Officer to administer the Retirement Plan shall also administer this Plan, unless the Chief Executive Officer appoints different
individuals to administer this Plan. 

  

	(b)	The Plan Administrator shall adopt such procedures and rules as it deems necessary or advisable to administer the Plan, including providing a claims procedure to provide adequate
notice to any Participant or beneficiary whose claim is denied setting forth the specific reasons for a denial, written in a manner calculated to be understood by such person and offering a reasonable opportunity for a full and fair review of such
denial by the appropriate individual or committee. In the absence of a separate written claims procedure, the claims procedure under the Retirement Plan shall apply under the Plan. 

  

	(c)	Any administrator under this Plan may employ one or more persons to render advice with regard to any responsibility such administrator has under the Plan. 

 

	(d)	All costs and expenses and fees of the Plan Administrator shall be borne by the Employer, which also shall bear all other costs and expenses incurred in administering the Plan.

  

	6.02.	INTERPRETATIONS 

 All interpretations pertaining to
facts or provisions of the Plan made by the Plan Administrator, the Authorized Party, or the Committee shall be made in the complete and exclusive discretion of the Committee, the Plan Administrator, or the Authorized Party, as applicable, and shall
be binding and conclusive on all parties. The Plan Administrator shall have the complete and exclusive discretion to resolve ambiguities and inconsistencies in the language of the Plan and to supply omissions in the language of the Plan. 

 

	6.03.	ELECTIONS AND DESIGNATIONS 

 All elections and designations that Participants are required or permitted to make under the Plan shall be made in writing or electronically in the form prescribed by the Plan Administrator (or its designees). 
  

	6.04.	FUNDING POLICY 

 The Plan shall be
unfunded and the benefits due under the Plan shall be payable, when due, from the general assets of the Employer or, in the sole discretion of the Plan Administrator, from the assets of a specified trust, the assets of which shall be subject to the
claims of the unsecured creditors of the Employer. The Plan shall not be funded through a trust or other arrangement described in Section 409A(b)(1) of the Code and no assets of the Company or any Affiliate shall become restricted in the manner
described in Section 409A(b)(2) of the Code in connection with a change in the financial health of the Company or any Affiliate, as described in Section 409A(b)(2) of the Code. 
  

 -20- 

 ARTICLE 7. AMENDMENT, MERGER, AND TERMINATION OF PLAN 
  

	7.01.	AMENDMENT OF THE PLAN 

  

	(a)	The Company reserves the right, at any time and from time to time, to amend in whole or in part, either retroactively or prospectively, any or all of the provisions of this Plan
without notice to or the consent of any Participant or beneficiary hereunder; provided, however, that no amendment shall have any retroactive effect to deprive any Participant of his vested benefit already accrued, other than an amendment that the
Company determines is necessary or appropriate to conform the Plan to mandatory provisions of applicable federal or state laws, regulations, or rulings, or to secure or maintain favorable tax treatment of benefits accrued under the Plan.

  

	(b)	Any amendment of this Plan may be adopted by written resolution of the Board of Directors. In addition, the Chairman of the Board of Directors, the Chief Executive Officer of the
Company, the President of the Company, and the Senior Vice President of the Company with responsibility for Human Resources may make any amendment in writing which: (1) may be necessary or desirable to improve the administration of the Plan, so
long as such amendment does not materially affect the substance of the Plan or the level of benefits the Plan provides; or (2) may be required to comply with various federal and state laws (including tax laws that might result in any adverse
tax consequences to any Participant, Employer, or any of their Affiliates). All amendments shall be filed with the Secretary of the Company. 

  

	7.02.	TERMINATION OF THE PLAN 

  

	(a)	Although the Company expects to continue the Plan and any corresponding trust indefinitely, the Company reserves the right to terminate either or both at any time in whole or in
part without the consent of any Participant, surviving spouse, joint annuitant, alternate payee or beneficiary hereunder. Such termination shall be effected by resolution of the Board of Directors. 

  

	(b)	In the event of a termination or partial termination of the Plan, benefits under the Plan shall cease to accrue. However, service after the termination date may count for vesting
purposes and the form and time of payment of benefits under the Plan shall not change, unless the Company determines that the change would not result in adverse tax consequences under section 409A of the Code (e.g., the change is permitted by
Treas. Reg. § 1.409A-3(j)(4)(ix)). 

  

	7.03.	DESIGN DECISIONS 

 Decisions regarding
the design of the Plan shall be made in a settlor capacity. The act of modifying, altering, amending, or terminating the Plan and any corresponding trust shall be taken on behalf of the Company as employer sponsor of the Plan, and settlor of any
trust, and shall not be construed under any circumstance as an act taken in a fiduciary capacity under or with respect to the Plan. 
  

 -21- 

 ARTICLE 8. MISCELLANEOUS PROVISIONS 
  

	8.01.	EMPLOYMENT RIGHTS NOT AFFECTED BY PLAN 

 The adoption and maintenance of the Plan shall not be deemed to constitute a contract between the Employer and any employee or other service provider. Nothing herein
contained shall be deemed to give to any individual the right to be retained in the employ of the Employer or to interfere with the right of the Employer to discharge any service provider. 
  

	8.02.	INTEGRATION CLAUSE 

 No Participant,
surviving spouse, beneficiary, alternate payee, or any other person shall be entitled to or have any vested right in or claim to a benefit under the Plan, except as expressly provided herein. The Employer may from time to time issue to Participants
one or more booklets or brochures or make presentations summarizing the Plan. In the event of any conflict between the terms of the Plan document or any trust agreement and the terms of any such booklets, brochures, and presentations summarizing the
Plan, the terms of the Plan document and any trust agreement shall control. 
  

	8.03.	DOUBT AS TO IDENTITY 

  

	(a)	If, after reasonable efforts, the Plan Administrator is unable to determine the whereabouts of any person entitled to payment hereunder, the required payment to such person shall be
deemed made at the time prescribed by the applicable payment schedule, and the Plan Administrator shall take (or cause to be taken) all steps that it determines to be reasonably appropriate to avoid a violation of Section 409A of the Code
(e.g., withholding income taxes at the time of each deemed payment, and depositing the amount withheld with the Internal Revenue Service). For purposes of the preceding sentence, notice by registered mail sent to such person’s most
recent address (as reflected in the Plan records) shall be deemed to constitute reasonable efforts to locate such person. Subject to the requirements of Section 409A of the Code, if such person subsequently makes a proper claim to the Company
for such sum, the Company may in its discretion pay to such person the net amount (after withholding) of the deemed payment described in this Section 8.03. 

  

	(b)	If a payment is made to a Participant, beneficiary, or former Spouse as provided under the Plan, the payment is not returned as being undeliverable, and the check on which the
payment is made is not presented for payment before such time as the check expires, then the amount of the check may be forfeited. However, subject to the requirements of section 409A of the Code, if such Participant, Beneficiary, or former Spouse
subsequently makes a proper claim for the amount of the uncashed benefit check, the Company may in its discretion issue a replacement check. 

  

	8.04.	DISCRETION TO ACCELERATE PAYMENTS 

 Effective January 1, 2005, notwithstanding any other provision of the Plan, an Authorized Party shall have discretion to accelerate payments of benefits under the Plan to the extent (and only to the extent)
permitted by Treas. Reg. § 1.409A-3(j)(i) through (xiv). For example, payment may be accelerated to the extent necessary to pay Federal Insurance Contributions Act (FICA) taxes under Sections 3101, 3121(a), and 3121(v)(2) of the Code on
benefits payable under the Plan. 
  

 -22- 

	8.05.	PAYMENT MEDIUM 

 All payments under
this Plan shall be made in cash. 
  

	8.06.	OBLIGATIONS TO MAKE PAYMENTS 

 Any obligation to make a payment under the Plan shall be an obligation of the Company; provided, however, that the Company may satisfy any obligation hereunder by causing another party, such as an Affiliate or
the trustee of an unsecured trust, to make the payment. 
  

	8.07.	LIABILITY LIMITED 

 Except as
otherwise provided by applicable law, no liability shall attach to or be incurred by the shareholders, directors, officers, or employees of the Company or any Affiliate under or by reason of any of the terms and conditions contained in the Plan or
in any of the contracts procured pursuant thereto or implied therefrom. 
  

	8.08.	OVERPAYMENTS 

 To the extent permitted by
Section 409A of the Code, if any overpayment of benefits is made under the Plan, the amount of the overpayment may be set off against further amounts payable to or on behalf of the person who received the overpayment until the overpayment has
been recovered. The foregoing remedy is not intended to be exclusive. 
  

	8.09.	INCAPACITY AND MINOR STATUS 

 If any person is a minor or unable to care for his affairs because of illness or accident, unless a duly qualified guardian or other legal representative has been appointed, any payment due from the Plan to that
person may be paid, for the benefit of such person, to his spouse, parent, brother, sister, or other person deemed by the Plan Administrator to have incurred expenses for such person. Such payment, to the extent thereof, shall discharge all
liability for such payment under the Plan. 
  

	8.10.	ASSIGNMENT AND LIENS 

  

	(a)	Subject to Section 8.10(b), the right of any person to any benefit or payment under the Plan shall not be subject to alienation, transfer, assignment, or encumbrance, or
otherwise subject to lien, and any such attempt to alienate, transfer, assign, or encumber any benefit or payment under the Plan shall be null and void. 

  

	(b)	Section 8.10(a) shall not apply to payments made pursuant to a qualified domestic relations order (as defined by Section 414(p)(1)(A) of the Code) applicable to this Plan.
Any domestic relations order shall be subject to the terms of the applicable Qualified Plan with respect to any such order, except that all qualified domestic relations orders shall be construed and executed in a manner consistent with the terms of
the Plan and the requirements of Section 409A of the Code. 

  

	8.11.	WITHHOLDING TAXES 

 The Plan
Administrator may make any appropriate arrangements to deduct from all amounts paid under the Plan, or to collect, any taxes reasonably determined to be required to be withheld under applicable laws. Irrespective of whether withholding is required,
the Participant, surviving spouse, beneficiary, or alternate payee, as the case may be, shall bear all taxes on amounts paid under the Plan, on any imputed income resulting from the operation of the Plan, and on any other payments or compensation
from the Company or an Affiliate. 
  

 -23- 

	8.12.	TITLES AND HEADINGS NOT TO CONTROL 

 The titles to articles and the headings of sections, subsections, paragraphs, and clauses in the Plan are placed herein for convenience of reference only, and in the
event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 
  

	8.13.	NOTICE OF PROCESS 

 In
any action or proceeding involving the Plan, the Company and the Plan Administrator are the only necessary parties, and no Participant, beneficiary, former Spouse, or other person having or claiming an interest under the Plan shall be entitled to
any notice of process unless such notice is required by applicable law. 
  

	8.14.	GOVERNING LAW AND LIMITATION ON ACTIONS 

  

	(a)	Effective July 17, 2006, the Plan shall be construed, administered, and regulated in accordance with the provisions of federal law, and, to the extent not preempted thereby, in
accordance with the laws of the Commonwealth of Virginia, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan to the substantive law of another jurisdiction.

  

	(b)	No claim for non-payment or underpayment of benefits allegedly owed under the Plan (regardless of whether such benefits are allegedly due under the terms of the Plan or by reason of
any law) may be filed in court until the claimant has exhausted the claims review procedures established in accordance with Section 6.01(b). Claims for underpayment of benefits must be filed in a court with jurisdiction to hear the claim no
later than 36 months after the date when the payment of the benefit commenced. Claims for non-payment of benefits must be filed in a court with jurisdiction to hear the claim no later than 36 months after the date when the first payment was
allegedly due. The running of the 36 month limitations period shall be suspended during the time that any request for review of the claim pursuant to Section 6.01(b) is pending before the Plan Administrator. The foregoing limitations period is
expressly intended to replace and to supersede any limitations period that might otherwise be deemed applicable under state or federal law in the absence of this Section 8.14. Claims filed after the expiration of the limitations period
prescribed by this Section 8.14 shall be deemed to be time-barred. 

  

	8.15.	CLASS ACTION FORUM SELECTION CLAUSE 

  

	(a)	To the fullest extent permitted by law, any lawsuit associated with a putative class action lawsuit relating in any way to the Plan or the administration of the Plan shall be filed
in one of the following jurisdictions: (1) the jurisdiction in which the Plan is principally administered or (2) the jurisdiction in which the largest number of putative class members resides (or if that jurisdiction cannot be determined,
the jurisdiction in which the largest number of class members is reasonably believed to reside). If any such lawsuit is filed in a jurisdiction other than the one described in the previous sentence, then the Plan, any Plan affiliates, and all
alleged Plan participants shall take all necessary steps to have the lawsuit removed to, transferred to, or re-filed in the jurisdiction described in the previous sentence. 

  

	(b)	This Section 8.15 does not relieve the Plan or any putative litigant or class member of any obligation existing under the Plan or by law to exhaust administrative remedies
(including the applicable claims procedures) before initiating litigation or to comply with the limitation of actions provision set forth in Section 8.14(b). 

  

 -24- 

	8.16.	SEVERABILITY 

 If any provision of the Plan should be
held illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if such illegal or invalid provision had never been inserted herein. 

 

	8.17.	COMPLETE STATEMENT OF PLAN 

 This document is a complete statement of the Plan and, as of the effective date hereof, supersedes all prior plan documents. 
  

 -25- 

 IN WITNESS WHEREOF the undersigned has executed this restatement of the Plan. 
  

	
	 /s/ John A. Luke, Jr.

	John A. Luke, Jr.
	Chairman and Chief Executive Officer

  

			
	APPROVALS
	
	LAW DEPARTMENT
		
	By	 	 /s/ John J. Carrara

		 	John J. Carrara
		 	Associate General Counsel and Assistant Secretary
		
	FILED:	 	February 6, 2009
		
	By	 	 /s/ Wendell L. Willkie, II

		 	Wendell L. Willkie, II
		 	Senior Vice President, General Counsel and Secretary

  

 -26- 

 APPENDIX A 
 PARTICIPANTS WHO PARTICIPATED IN THE PRE-2004 PLAN 
 AND WERE ACTIVE PARTICIPANTS AS OF
JANUARY 1, 2005 
  

											
	 Participant
	  	Appendix A Service
(Years of Service
Through December 31,
2003)*	  	Grandfathered Benefit
(Expressed as an Annual
Single-Life Annuity
Beginning at Age 62)**
	 	 	Grandfathered CIC
Benefit
(Expressed as an Annual
Single-Life
Annuity Beginning at
Later of Age 62 or
Termination
of Employment)	 
	 Mark T. Watkins
	  	3.083	  	$	54,306	 	 	$	82,333	 
	 William J. Biedenharn
	  	5.417	  	$	79,831	 	 	$	97,623	 
	 Neil A. McLachlan
	  	4.917	  	$	19,133	 	 	$	58,969	 
	 Dr. Jack C. Goldfrank
	  	9.417	  	$	174,399	1	 	$	174,399	1
	 Robert A. Feeser
	  	3.583	  	$	0	2	 	$	0	2
	 Peter H. Vogel, Jr.
	  	7.000	  	$	0	3	 	 	N/A	3
	 Gary M. Curtis4
	  	21.500	  	$	17,374	 	 	 	N/A	 
	 James C. Tyrone4
	  	13.750	  	$	14,730	 	 	 	N/A	 

  

	*	As set forth in Section 2.01(o) and (p), although Appendix A Service refers only to service through December 31, 2003, the Grandfathered Benefit and Grandfathered CIC
Benefit are based on the benefit the Participant would have received if he had terminated employment involuntarily on December 31, 2004. 

	**	If a Participant’s Termination Date occurs after a Change in Control (as defined in Section E-10.3) and before his 55th birthday, his Grandfathered Benefit shall be replaced
with his Grandfathered CIC Benefit. 

	 	The	Grandfathered Benefit (if vested) shall be paid in the form prescribed by Section 4.04(b)(1). 

	 1
	 When expressed in the form of a lump sum, the Grandfathered Benefit and Grandfathered CIC Benefit for Dr. Goldfrank
shall be equal to the amount set forth in Section D-3.01 of the January 29, 2004 restatement of the Plan (filed on February 28, 2006), which is $2,161,469 plus interest for the period after December 31, 2004 until paid in full, at a
rate of 5.06 percent per year. 

	 2
	 Mr. Feeser’s age as of December 31, 2004, was 43.25 years. As a result of the reduction described in
Section E-5.2(a), if Mr. Feeser had terminated employment involuntarily on December 31, 2004, his benefit under the terms of the Pre-2004 Plan would have been $0. 

	 3
	 Mr. Vogel terminated employment involuntarily (not for Cause) before age 55 on May 1, 2005, as a result of the
Company’s divestiture of its Papers group. The amount of his Grandfathered Benefit is $0 because the amount of the offsets required by Section E-3.2(b) and (c) is greater than the amount described in Section E-3.2(a).

	 4
	 Messrs. Curtis and Tyrone terminated employment involuntarily (not for Cause) before age 55 on May 1, 2005, as a
result of the Company’s divestiture of its Papers group. As set forth in Section 5.01(c), each is entitled to receive his Grandfathered Benefit (but no additional benefit) at the time required by Section 4.04(b)(1).

 APPENDIX B 
 PARTICIPANTS WHO BECAME ACTIVE 
 PARTICIPANTS ON JANUARY 29, 2004 
  

					
		 	Participant	 	
		 	John A. Luke	 	
		 	James A. Buzzard	 	
		 	Wendell L. Willkie, II	 	
		 	Linda V. Schreiner	 	
		 	Rita V. Foley*	 	
		 	James M. McGrane	 	
		 	Benjamin F. Ward	 	
		 	Richard N. Burton	 	
		 	David A. Reinhart	 	
		 	Daniel J. McIntyre**	 	

  

	*	Ms. Foley terminated employment with a Termination Date before she reached age 55. Pursuant to Section 5.02(a) of the Plan, she therefore does not have a right to any
benefit or payment under the Plan. 

	**	Mr. McIntyre terminated employment with the Employer and Affiliates before September 1, 2006, with fewer than five Years of Plan Service. Pursuant to Section 5.02(a)
of the Plan (as in effect at the time of Mr. McIntyre’s termination), he therefore does not have a right to any benefit or payment under the Plan. 

 APPENDIX C 
 NONQUALIFIED DEFERRED COMPENSATION PLANS 
 MERGED INTO THE 
 MEADWESTVACO CORPORATION RETIREMENT RESTORATION PLAN 
 1. The Mead Corporation Section 415 Excess Benefit Plan 
 2. The Mead Corporation Excess Earnings Benefit Plan 
 3. Westvaco Corporation Excess Benefit Plan 
 4. Westvaco Corporation
Retirement Income Restoration Plan 

 APPENDIX D 
 PARTICIPANTS WHO WERE INACTIVE 
 PARTICIPANTS ON JANUARY 29, 2004 
  

						
	 Participant
	 	Benefit (Annual Single-
Life Annuity)	 	Benefit Commencement Date
	 Robinson
	 	$	17,408	 	December 1, 2014
	 Rosetti
	 	$	60,245	 	February 1, 2008
	 Simpson
	 	$	110,162	 	September 1, 2003
	 Snowball
	 	$	26,247	 	September 1, 2016

 With respect to the Participants listed in this Appendix D, all rights and features set forth in the Pre-2004 Plan
shall be preserved, except that the right to an ECAP Credit in Lieu of a Distribution (as set forth in Section E-10.5) shall be available only if the required election was made before January 1, 2005. 

 APPENDIX E: TERMS OF THE PRE-2004 PLAN 
 TABLE OF CONTENTS 
  

							
	E-1.	 	GENERAL	 	E-1
				
		 	E-1.1	 	History and Effective Date	 	E-1
		 	E-1.2	 	Purpose of Plan	 	E-1
		 	E-1.3	 	Purpose of Appendix E	 	E-1
		 	E-1.4	 	Plan Funding and Administration	 	E-2
		 	E-1.5	 	Applicable Law	 	E-2
		 	E-1.6	 	Gender and Number	 	E-2
		 	E-1.7	 	Assignment	 	E-2
		 	E-1.8	 	Notices	 	E-2
			
	E-2.	 	PARTICIPATION	 	E-2
				
		 	E-2.1	 	Eligibility for Participation	 	E-2
		 	E-2.2	 	Participation Not Contract of Employment	 	E-3
			
	E-3.	 	BASIC BENEFIT	 	E-3
				
		 	E-3.1	 	Eligibility for Basic Benefit	 	E-3
		 	E-3.2	 	Amount of Basic Benefit	 	E-3
		 	E-3.3	 	Form and Time of Payment of Basic Benefit	 	E-3
		 	E-3.4	 	Final Average Earnings	 	E-3
		 	E-3.5	 	Earnings	 	E-4
		 	E-3.6	 	Other Benefits	 	E-4
			
	E-4.	 	EARLY BENEFIT	 	E-4
				
		 	E-4.1	 	Eligibility for Early Benefit	 	E-4
		 	E-4.2	 	Amount of Early Benefit	 	E-5
		 	E-4.3	 	Form and Time of Payment of Early Benefit	 	E-5
			
	E-5.	 	PRE-AGE 55 BENEFIT	 	E-5
				
		 	E-5.1	 	Eligibility for Pre-Age 55 Benefit	 	E-5
		 	E-5.2	 	Amount of Pre-Age 55 Benefit	 	E-5
		 	E-5.3	 	Form and Time of Payment of Pre-Age 55 Benefit	 	E-6
		 	E-5.4	 	Involuntary Termination	 	E-6
		 	E-5.5	 	Termination for Cause	 	E-6
			
	E-6.	 	DISABILITY BENEFIT	 	E-7
				
		 	E-6.1	 	Eligibility for Disability Benefit	 	E-7
		 	E-6.2	 	Amount of Disability Benefit	 	E-7
		 	E-6.3	 	Form and Time of Payment of Disability Benefit	 	E-7
			
	E-7.	 	OPTIONAL FORMS OF BENEFIT	 	E-7
				
		 	E-7.1	 	Request for Optional Payment Form	 	E-7
		 	E-7.2	 	Optional Forms of Benefit Payment	 	E-7
		 	E-7.3	 	Limitations on Optional Forms of Payment	 	E-8

							
			
	E-8.	 	DEATH BENEFIT	 	E-8
				
		 	E-8.1	 	Eligibility for Death Benefit	 	E-8
		 	E-8.2	 	Amount of Death Benefit	 	E-8
		 	E-8.3	 	Beneficiary	 	E-8
			
	E-9.	 	SPOUSAL SURVIVOR BENEFIT	 	E-9
				
		 	E-9.1	 	Eligibility for Spousal Survivor Benefit	 	E-9
		 	E-9.2	 	Amount of Spousal Survivor Benefit	 	E-9
		 	E-9.3	 	Form and Time of Payment of Spousal Survivor Benefit	 	E-9
		 	E-9.4	 	Reduction for Spousal Survivor Benefit	 	E-9
			
	E-10.	 	SPECIAL PROVISIONS AFFECTING PAYMENT OF BENEFITS	 	E-10
				
		 	E-10.1	 	Competition	 	E-10
		 	E-10.2	 	Termination for Cause	 	E-10
		 	E-10.3	 	Payments After a Change in Control	 	E-10
		 	E-10.4	 	Emergency Payments	 	E-13
		 	E-10.5	 	ECAP Credit in Lieu of Distribution	 	E-13
		 	E-10.6	 	Payment to Incapacitated Persons	 	E-14
		 	E-10.7	 	Withholding	 	E-14
			
	E-11.	 	DISPUTE RESOLUTION	 	E-14
				
		 	E-11.1	 	Claims Procedures	 	E-14
		 	E-11.2	 	Records, Data and Information	 	E-14
			
	E-12.	 	AMENDMENT AND TERMINATION	 	E-14
				
		 	E-12.1	 	Amendment and Termination	 	E-14
		 	E-12.2	 	Contingencies Affecting the Employers	 	E-14
		 	E-12.3	 	Protected Benefits	 	E-14

  

 E-ii 

	E-1.	GENERAL 

 E-1.1. History and
Effective Date. Effective January 1, 1982, The Mead Corporation, an Ohio corporation (“Mead”) established The Mead Corporation Supplemental Executive Retirement Plan, then known as “The Mead Management Income Parity
Plan,” (the “Plan”). The Plan was subsequently amended and restated, effective January 1, 1985, amended, effective November 1, 1986, October 1, 1987, October 28, 1989 and February 28, 1991, again
amended and restated, effective July 1, 1992, again amended and restated, effective January 1, 1997, and again amended, effective January 25, 2002. Following the transactions described in Section 1.01(a) of the Plan, MeadWestvaco
Corporation (“MeadWestvaco”) assumed sponsorship of the Plan. This Appendix E sets forth the provisions of the Plan as in effect on January 28, 2004. 
 The Plan is intended to be a “top hat plan” (within the meaning of the Employee Retirement Income Security Act of 1974). 
 E-1.2. Purpose of Plan. The purpose of the Plan is to supplement the amount of the “Pension” (as defined in the MeadWestvaco Corporation Retirement Plan for Salaried and Non-Bargained Hourly
Employees, which is the successor to The Mead Retirement Plan) payable from the MeadWestvaco Corporation Retirement Plan for Salaried and Non-Bargained Hourly Employees (the “MeadWestvaco Retirement Plan”) to or on account of certain
executives of MeadWestvaco or of certain “Affiliates” (as defined below) of MeadWestvaco and, thereby, enhance MeadWestvaco’s ability to: 
 (a) recruit mid-career executives; 
 (b) retain and motivate employed executives; and

 (c) permit earlier than normal retirement of executives when it is found to be desirable. 
 The term “Affiliate” means any entity during the period that it is, along with MeadWestvaco, a member of a controlled group of corporations, a controlled group
of trades and businesses, an affiliated service group or any other entity designated by the Secretary of the Treasury as described in sections 414(b), 414(c), 414(m), and 414(o), respectively, of the Internal Revenue Code of 1986 (the
“Code”). MeadWestvaco and any Affiliate designated by the Compensation and Organizational Development Committee of MeadWestvaco’s Board of Directors (the “Committee”) and employing a “Participant” (as described in
subsection E-2.1) hereunder are sometimes referred to below, individually, as an “Employer” and, collectively, as the “Employers.” 
 E-1.3. Purpose of Appendix E. The purpose of this Appendix E is to set forth the terms of the Plan as in effect on January 28, 2004. This Appendix E shall not be construed in a manner that results in a
“material modification” (within the meaning of Section 885(d) of the American Jobs Creation Act of 2004) of the Plan. Where a term of this Appendix E is inconsistent with any other provision of the Plan, the other provision of the
Plan shall govern. 

 E-1.4. Plan Funding and Administration. The benefits payable under the Plan are unfunded and are
payable, when due, from the general assets of MeadWestvaco; provided, however, that MeadWestvaco, in its discretion, may establish or maintain a trust to pay such amounts, which trust shall be subject to the claims of MeadWestvaco’s unsecured
general creditors in the event of MeadWestvaco’s bankruptcy or insolvency; and provided, further, that MeadWestvaco shall remain responsible for the payment of any such amounts which are not so paid by any such trust. The Plan shall be
administered by the Senior Vice President of MeadWestvaco with responsibility for human resources or such other person as is hereafter named by the Committee (the “Administrator”) who shall have the rights, powers and duties with respect
to the Plan that are hereinafter set forth and the authority to establish such rules, regulations and interpretations with respect to the Plan as are reasonably necessary to administer the Plan. Any such rules, regulations and interpretations shall
be uniformly applied to all persons similarly situated. 
 E-1.5. Applicable Law. The Plan will be construed and administered in
accordance with the laws of the State of Ohio to the extent that those laws are not preempted by the laws of the United States of America. 
 E-1.6. Gender and Number. Where the context admits, words in any gender include any other gender, words in the singular will include the plural and words in the plural include the singular. 
 E-1.7. Assignment. No Plan right or interest of any person under the Plan shall be assignable or transferable, in whole or in part, either
directly or otherwise, including without limitation thereto, by execution, levy, attachment, garnishment, pledge or in any other manner, but excluding transfers by reason of death or mental incompetency; no attempted assignment or transfer thereof
shall be effective; and no such right or interest shall be liable for, or subject to, any obligation or liability of any Participant or Beneficiary; except that a Participant may direct that payments be made during his lifetime, when due, to a trust
established by him and evidenced to the Administrator to be a trust created as a grantor trust within the meaning of section 671 of the Code. 
 E-1.8. Notices. Any notice required or permitted to be given to any person under the Plan will be properly given if delivered or mailed, postage prepaid, to that person at his last post office address as shown on his Employer’s
records. Any notice to the Committee or the Administrator shall be properly given if delivered or mailed, postage prepaid, to the Corporate Secretary of MeadWestvaco Corporation at its principal place of business. Any notice required under the Plan
may be waived by the person entitled to notice. 
  

	E-2.	PARTICIPATION 

 E-2.1. Eligibility
for Participation. Each individual who was a participant in the Plan on January 29, 2002 shall continue as a Participant, subject to the terms and conditions of the Plan. 
 Subject to the terms and conditions of the Plan, an individual who has once become a Participant in the Plan shall continue as such, notwithstanding his transfer to employment with an Employer in a non-designated job
classification or with an Affiliate. 
  

 E-2 

 E-2.2. Participation Not Contract of Employment. The Plan does not constitute a contract of
employment and participation in the Plan will not give any employee the right to be retained in the employ of the Employers or Affiliates nor give any person any right or claim to any benefit under the terms of the Plan unless such right or claim
has specifically accrued under the terms of the Plan. 
  

	E-3.	BASIC BENEFIT 

 E-3.1.
Eligibility for Basic Benefit. If a Participant’s employment with the Employers and the Affiliates is terminated (for a reason other than his death) at or after he has attained age 62 years, he shall be entitled to receive a “Basic
Benefit” in an amount determined pursuant to the provisions of subsection E-3.2 and paid in the form and at the time provided in subsection E-3.3. 
 E-3.2. Amount of Basic Benefit. A Participant’s Basic Benefit is an amount that, when expressed as an annual amount payable as a single life annuity commencing on the first day of the calendar month
coincident with or next following the date of his termination of employment, is equal to: 
 (a) 55 percent of his “Final
Average Earnings” (as defined in subsection E-3.4); 
 REDUCED BY 
 (b) the amount of the Participant’s “Other Benefits” (as defined in subsection E-3.6); and 
 FURTHER REDUCED BY 
 (c) the reduction, if any, required by subsection E-9.4 which relates to “Spousal Survivor Benefits” (as described in subsection E-9.1). 
 E-3.3. Form and Time of Payment of Basic Benefit. Except as otherwise specifically provided by Section E-7, relating to optional forms of payment, the “Actuarial Present Value” (as defined in the
MeadWestvaco Retirement Plan) of the amount of a Participant’s Basic Benefit will be distributed to him in the form of a single, lump sum payment, on or as soon as practicable after the date on which the Participant’s employment with the
Employers and the Affiliates is terminated. 
 E-3.4. Final Average Earnings. The term “Final Average Earnings” means, with
respect to any Participant, the average of his annual “Earnings” (as defined in subsection E-3.5) for the highest 3 calendar years of his employment with the Employers (or his average monthly Earnings if less than 3 calendar years of such
employment) selected from the 11 calendar years during which he received Earnings commencing with the earlier of the calendar year in which the Participant attains age 62 years or terminates his employment with the Employers and the 10 preceding
calendar years. Notwithstanding the foregoing, for purposes of determining the amount of a Spousal Survivor Benefit payable pursuant to Section E-9 on account of a Participant who has not attained age 55 years on the date of his death, it shall be
assumed that the amount of his Final Average Earnings is equal to the amount of his “Earnings” (as defined in the MeadWestvaco Retirement Plan) during the calendar year next preceding the year of his death. 
  

 E-3 

 E-3.5. Earnings. For any calendar year, the term “Earnings” means, with respect to any
Participant, the cash remuneration and the value of property given to him in lieu of cash (without regard to any restriction or risk of forfeiture), payable to him in that year by the Employers in the form of base pay, bonuses, short term incentive
compensation and amounts payable in lieu of short term incentive compensation in that year (and any portion of any such amounts deferred by the Participant pursuant to the terms of any deferred compensation arrangement maintained by the Employers).
In no event shall a Participant’s Earnings: 
 (a) include payments from long term incentive compensation plans, stock
option plans, stock appreciation rights, severance payments, special agreements, contracts or payments, expense reimbursements or relocation allowances; or 
 (b) exceed 2 times his base pay. 
 E-3.6. Other Benefits. The term “Other Benefits” means,
with respect to any Participant, the sum of: 
 (a) 50 percent of the annual primary Social Security benefit payable (or, in
the case of a Participant whose benefit is being determined prior to the date he attains age 62 years, estimated by the Administrator, in his absolute discretion, to be payable) to the Participant at age 62; 
 (b) the annual amounts (expressed as single life annuities) determined to be payable to the Participant under The MeadWestvaco Retirement
Plan, The Mead Corporation Section 415 Excess Benefit Plan, The Mead Corporation Excess Earnings Benefit Plan, and the MeadWestvaco Corporation Retirement Restoration Plan (the “MeadWestvaco Plans”), but determined without taking into
account any restructuring or other supplemental benefits payable to the Participant under the MeadWestvaco Plans, as of his termination date, or such other determination date as is specifically provided with respect to a particular Plan Benefit and
disregarding any reduction on account of a “qualified domestic relations order” (as defined in section 414(p) of the Code); and 
 (c) the annual amount (expressed as a single life annuity) payable to the Participant from the employer-funded portion of any deferred, vested or lump sum benefit earned under a “Prior Retirement Plan” (that
is, any defined benefit plan or similar primary retirement plan intended to meet the requirements of section 401(a) of the Code (including any governmental plan) maintained by any previous employer of the Participant) prior to age 55 and payable no
earlier than 10 years prior to the date on which the Participant was employed by the Employers and Affiliates, but disregarding any reduction on account of a qualified domestic relations order. 
  

	E-4.	EARLY BENEFIT 

 E-4.1.
Eligibility for Early Benefit. If a Participant’s employment with the Employers and the Affiliates is terminated (for a reason other than 

  

 E-4 

 
his death) at or after he has attained age 55 years, but prior to the date on which he attains age 62 years, he shall be entitled to receive an “Early
Benefit” in an amount determined pursuant to the provisions of subsection E-4.2 and paid in the form and at the time provided in subsection E-4.3. 
 E-4.2. Amount of Early Benefit. A Participant’s Early Benefit is an amount determined
in accordance with the provisions of subsection E-3.2, but computed by reducing the percentage “55 percent” found in paragraph E-3.2(a) by  1/4 of one percent for each full month by which the commencement of payment of the Participant’s Early Benefit precedes the first day of the calendar month coincident with, or next following, the date on which he
attains age 62 years. 
 E-4.3. Form and Time of Payment of Early Benefit. Except as otherwise specifically provided by Section
E-7, relating to optional forms of payment, the amount of a Participant’s Early Benefit shall be payable monthly, in the form of a single life annuity, from the first day of the calendar month next following his termination of employment
through the calendar month during which the Participant attains age 62 years. As of the first day of the calendar month next following the date on which the Participant attains age 62 years, an amount equal to the Actuarial Present Value of his
Early Benefit, (which Actuarial Present Value shall be reduced by the aggregate amount of the monthly payments previously made to him and increased by interest on the undistributed portion of his Early Benefit calculated from his termination date to
the payment date), determined as of his termination date, will be distributed to the Participant in the form of a single, lump sum payment. 
  

	E-5.	PRE-AGE 55 BENEFIT 

 E-5.1. Eligibility for Pre-Age 55 Benefit. If a Participant’s employment with the Employers and the Affiliates is “Involuntarily Terminated” (as described in subsection E-5.4) prior to the date
on which he attains age 55 years, or if his employment is terminated prior to that date for any other reason approved for purposes of the Plan by MeadWestvaco’s Chief Executive Officer, he shall be entitled to receive a “Pre-Age 55
Benefit” in an amount determined pursuant to the provisions of subsection E-5.2 and paid in the form and at the time provided in subsection E-5.3. 
 E-5.2. Amount of Pre-Age 55 Benefit. A Participant’s Pre-Age 55 Benefit is an amount determined in accordance with the provisions of subsection E-3.2 as of the date he attains age 62, but computed by:

 (a) reducing the percentage “55 percent” found in
paragraph E-3.2(a) by  1/4 of one percent for each full month by which the date of the Participant’s termination of
employment with the Employers and the Affiliates precedes the first day of the calendar month coincident with, or next following, the date on which he will attain age 62 years; and 
 (b) by assuming, for purposes of determining the amount of his Other Benefits attributable to the MeadWestvaco Plans, that he will
continue as a Participant under those Plans until the date on which he will attain age 55 years and that his benefits under the MeadWestvaco Plans will be payable on that date. 
  

 E-5 

 E-5.3. Form and Time of Payment of Pre-Age 55 Benefit. Except as otherwise specifically provided
by Section E-7, an amount equal to the Actuarial Present Value of a Participant’s Pre-Age 55 Benefit will be distributed to the Participant, in a single, lump sum payment as of the first day of the calendar month coincident with or next
following the date on which the Participant attains age 62 years. 
 E-5.4. Involuntary Termination. The term “Involuntary
Termination” means, with respect to any Participant, the termination of the Participant’s employment with the Employers and the Affiliates, either: 
 (a) at the option of his employer, for a reason other than “Cause” (as defined in subsection E-5.5); or 
 (b) at the Participant’s option, exercised within the 24-month period following the occurrence, without the express consent of the
Participant, of any one or more of the following events: 
 (i) the assignment of duties to the Participant which are
substantially inconsistent with the Participant’s duties, responsibilities and status at the time of the assignment, or that constitute a substantial reduction or alteration in the nature or status of such duties and responsibilities;

 (ii) a reduction in the amount of the Participant’s base pay; 
 (iii) the transfer of the work location of the Participant to a place that is in excess of 25 miles from his work location at the time the
transfer is made; 
 (iv) the failure of the Participant’s Employer or Affiliate employer to continue in effect any of
its employee benefit plans, policies, practices or arrangements, including, but not limited to, those plans, policies and arrangements maintained solely for the benefit of key management personnel in which the Participant participates, or the
failure of it to continue the Participant’s participation therein on substantially the same basis, both in terms of the amount of benefits provided and the level of participation relative to other participants, unless such benefits, policies
and arrangements are replaced by one or more alternative or substitute plans, policies or arrangements providing substantially equivalent benefits in the aggregate. 
 The determination of whether an event described in paragraph (b) above has occurred shall be made by the Committee, based on its comparison of circumstances existing after the alleged occurrence with the
circumstances prevailing immediately prior thereto. 
 E-5.5. Termination for Cause. For purposes of the Plan, a termination of a
Participant’s employment for “Cause” shall mean termination as a result of the Participant’s: 
 (a)
willful and continued failure to perform duties with the Employers and Affiliates (other than any such failure resulting from an 

  

 E-6 

 
Involuntary Termination) after a written demand for substantial performance has been delivered to the Participant specifically identifying the manner in
which the Employer or Affiliate, as the case may be, believes the Participant has not substantially performed such duties and the Participant has failed to resume substantial performance on a continuous basis within 14 days of receiving such demand;

 (b) willfully engaging in conduct which the Committee determines is demonstrably and materially injurious to the Employers
or Affiliates, monetarily or otherwise; or 
 (c) conviction of a felony, or conviction of a misdemeanor which impairs the
Participant’s ability to perform his duties with the Employer or Affiliate employing him. 
  

	E-6.	DISABILITY BENEFIT 

 E-6.1. Eligibility for Disability Benefit. If a Participant’s employment with the Employers and the Affiliates is terminated by reason of his becoming “Disabled” (as defined in the MeadWestvaco Retirement Plan) prior
to the date on which he attains age 62 years and he continues to be Disabled until age 62, he shall be eligible to receive a “Disability Benefit” in an amount determined pursuant to the provisions of subsection E-6.2 and paid in the form
and at the time provided in subsection E-6.3. 
 E-6.2. Amount of Disability Benefit. A Participant’s Disability Benefit is an
amount determined in accordance with the provisions of subsection E-3.2, but expressed as a single life annuity commencing as of the later of the date the Participant attains age 62 or the date as of which Pension payments to him commence under the
MeadWestvaco Retirement Plan. 
 E-6.3. Form and Time of Payment of Disability Benefit. Except as otherwise specifically provided by
Section E-7, relating to optional forms of payment, the Actuarial Present Value of the amount of a Participant’s Disability Benefit will be distributed to him in the form of a single, lump sum payment as soon as practicable after the later of
the date on which the Participant attains age 62 years or the date as of which Pension payments to him commence under the MeadWestvaco Retirement Plan. 
  

	E-7.	OPTIONAL FORMS OF BENEFIT 

 E-7.1. Request for Optional Payment Form. A Participant, by writing filed with the Administrator at least one year prior to his termination date
(or within 60 days after becoming Disabled) in such form as the Administrator may require, may request to have his Plan Benefit paid in an optional form permitted by subsection E-7.2. Any such request shall be deemed to be approved by the
Administrator unless disapproved within 15 days of its receipt. Any such approved request shall be void and of no force or effect if the Participant dies before payment in the optional form requested begins. 
 E-7.2. Optional Forms of Benefit Payment. Subject to the provisions of subsection E-7.3, the optional forms of payment under the Plan are:

 (a) a single life annuity in the amount calculated under subsection E-3.2, E-4.2, E-5.2 or E-6.2, whichever is applicable,
payable commencing at the time permitted under subsection E-3.3, E-4.3, E-5.3 or E-6.3, whichever is applicable; 
  

 E-7 

 (b) any optional form of benefit permitted (assuming, for this purpose, that election of
an optional form of Disability Pension is permitted) under the provisions of the MeadWestvaco Retirement Plan at the time the request is made, the amount of which shall be determined by applying the actuarial assumptions utilized under that plan;
and 
 (c) in the case of an Early Benefit payable monthly pursuant to subsection E-4.3, by forgoing those monthly amounts and
instead receiving the Actuarial Present Value of the Early Benefit computed as of age 62, but without regard to the percentage reduction otherwise required by subsection E-4.2, payable in a single, lump sum distribution as of the first day of the
month coincident with, or next following, the date on which the Participant attains age 62 years. 
 E-7.3. Limitations on Optional Forms
of Payment. No optional form of payment shall permit: 
 (a) payment of any single, lump sum amount to a Participant prior
to the first day of the month coincident with, or next following, the date on which the Participant attains age 62 years; or 
 (b) payment of a Disability Benefit prior to the time specified in subsection E-6.3. 
  

	E-8.	DEATH BENEFIT 

 E-8.1.
Eligibility for Death Benefit. If a Participant dies after payment of monthly amounts of his Early Benefit begins under subsection E-4.3 and prior to receiving his entire Early Benefit, a Death Benefit, in an amount determined under
subsection E-8.2, shall be paid, as soon as practicable, in a single, lump sum, to his “Beneficiary” (as defined in subsection E-8.3). Except as specifically provided by an optional form of payment permitted by subsection E-7.2 and by
Section E-9, relating to “Spousal Survivor Benefits,” no other amount shall be payable to any person from the Plan on account of the death of a Participant. 
 E-8.2. Amount of Death Benefit. The Death Benefit payable on account of a deceased Participant shall be an amount equal to the Actuarial Present Value of his Early Benefit (which Actuarial Present Value shall
be reduced by the aggregate amount of the monthly payments previously made to him and increased by interest on the undistributed portion of his Early Benefit calculated from his termination date to the payment date), determined as of his termination
date. 
 E-8.3. Beneficiary. The term “Beneficiary” means, with respect to any Participant, such natural or legal person or
persons as may be designated by him (who may be designated contingently or successively) to receive the Death Benefit payable if he dies before a total payment of his Early Benefit is made to him. A Beneficiary designation will be effective with
respect to a Participant only when a signed and dated beneficiary designation form is filed with the Committee while the Participant is alive, which form will cancel any beneficiary designation form signed and filed earlier. If a Participant is not
survived by a Beneficiary the Committee shall pay the 

  

 E-8 

 
Death Benefit to his “Spouse” (as defined in the MeadWestvaco Retirement Plan) or, if he is not survived by a Spouse, to the legal representative
or representatives of the estate of the Participant. 
  

	E-9.	SPOUSAL SURVIVOR BENEFIT 

 E-9.1. Eligibility for Spousal Survivor Benefit. Subject to the reduction required by subsection E-9.4, if a Participant dies while employed by the Employers or after his termination of employment with the
Employers, but, prior to the date on which he is first receives payment of a Benefit to which he is entitled under Section E-3, E-4 or E-5, his Spouse, if any, shall be eligible to receive a Spousal Survivor Benefit, in an amount determined under
subsection E-9.2, if she has a right to receive a Pre-Retirement Survivor Pension under the MeadWestvaco Retirement Plan and has not waived that right. 
 E-9.2. Amount of Spousal Survivor Benefit. The Spousal Survivor Benefit payable to a Spouse on account of a deceased Participant is an amount determined by: 
 (a) calculating the amount, expressed as a joint and survivor annuity of 50, 66
 2/3 or 75 percent (whichever is payable to the Spouse as a Pre-Retirement Survivor Pension under the MeadWestvaco Retirement
Plan), which is of Actuarial Equivalent Value to a single life annuity computed with respect to the deceased Participant pursuant to subsection E-3.1, E-4.1 or E-5.1, whichever is applicable; and 
 (b) then determining the annual amount that would be payable to the surviving Spouse on the basis of the joint and survivor annuity
computed under paragraph (a) above. 
 Notwithstanding the provisions of paragraph E-3.2(b) to the contrary, in computing the amount of a “Spousal
Survivor Benefit” with respect to the surviving Spouse of a deceased Participant who had not attained age 55 years on the date of his death, the Other Benefit attributable to the MeadWestvaco Retirement Plan shall be an amount equal to the
Participant’s “Accrued Benefit” (as defined under that plan) as of the date of his death, assuming that the amount of his Final Average Earnings used in computing his Accrued Benefit equaled the “Earnings” (as defined in the
MeadWestvaco Retirement Plan) payable to him by the Employers during his last full calendar year of employment by them and that his “Pension” under the MeadWestvaco Retirement Plan would be payable at the date the deceased Participant
would have attained age 55 years. 
 E-9.3. Form and Time of Payment of Spousal Survivor Benefit. The Actuarial Present Value
(determined taking into account the date on which a Benefit would have commenced under Section E-3, E-4 or E-5, whichever would have been applicable, and the surviving Spouse’s age on that date) of the amount determined under paragraph E-9.2(b)
will be distributed to the surviving Spouse, in the form of a single, lump sum payment, as soon as practicable after the date of the Participant’s death. 
 E-9.4. Reduction for Spousal Survivor Benefit. As provided by paragraph E-3.2(c), the amount of a Participant’s Plan Benefit will be reduced by a percentage thereof, determined in accordance with the
following table, for the portion of the calendar period beginning on the date on which 

  

 E-9 

 
the Participant attains age 55 years and ending on the earlier of the date payment of his Benefit begins or the date on which he attains age 62 years, during
which his Spouse is eligible to receive a Pre-Retirement Survivor Pension under the MeadWestvaco Retirement Plan. The percentage reduction will be computed on a pro rata basis for completed months of coverage which are less than a whole year.

  

			
	 Percentage of
 Benefit
 Payable to Spouse
	  	 Percentage Reduction
 for Each Full Year
 of Coverage

	50 percent	  	 1/2 of one percent
	66  2/3 percent	  	 2/3 of one percent
	75 percent	  	 3/4 of one percent

 Notwithstanding the foregoing table, in no event will a percentage reduction under this Plan be greater than the
percentage reduction for a Pre-Retirement Survivor Pension of a like amount under the MeadWestvaco Retirement Plan. 
  

	E-10.	SPECIAL PROVISIONS AFFECTING PAYMENT OF BENEFITS. 

 E-10.1. Competition. Subject to his right of appeal under Section E-11, if the Committee determines that a Participant, without the express prior
written consent of MeadWestvaco, directly or indirectly, individually or as an agent, officer, director, employee, shareholder (other than being the holder of any stock which represents a less than one percent interest in a corporation), partner or
in any other capacity whatsoever, after termination of employment and prior to attainment of age 62, has engaged, or is engaging, in any activity competitive with or adverse to the Employer’s and Affiliate’s businesses or in the sale,
distribution, production, or attempted sale, distribution or production, of any goods, products or services then sold or being developed by any Employer or Affiliate, all Benefits otherwise payable at any time under the Plan shall be permanently
forfeited and payment of Benefits, if commenced, shall cease. This subsection E-10.1 shall not apply to a Participant whose employment with the Employers and Affiliates terminates on or after a “Change in Control” (as defined in subsection
E-10.3) of MeadWestvaco. 
 E-10.2. Termination for Cause. Subject to his right of appeal under Section E-11, if the employment of a
Participant with the Employers and Affiliates is terminated for Cause, all Benefits otherwise payable to any person, at any time, under the Plan shall be automatically and permanently forfeited. 
 E-10.3. Payments After a Change in Control. Upon the occurrence of a Change in Control of MeadWestvaco, the accrued benefit of an employee who is
a Participant on the date of the Change in Control shall immediately and fully vest; provided, however, that such benefit shall be forfeited pursuant to subsection E-10.2 hereof if the employment of the employee shall be terminated for
“Cause” as that term is defined in this Plan immediately prior to the Change in Control. If the employment of a Participant whose benefit has vested in accordance with the immediately preceding sentence is terminated within 24 months after
the date of a Change in Control for a reason other than death or Cause (as that term is defined in this Plan immediately prior to the Change in Control), he shall be entitled to receive a “Termination Benefit,” payable within 30 days after
his termination date. 
  

 E-10 

 
A Participant’s Termination Benefit is a single lump sum amount equal to the “Actuarial Present Value” of the amounts that would have been his
Plan Benefit if determined as of the date of his termination of employment pursuant to the provisions of the Plan in effect immediately prior to the Change in Control. The Actuarial Present Value of those amounts shall be determined for purposes of
this Section by applying the actuarial assumptions and methods being utilized for that purpose under the MeadWestvaco Retirement Plan on the day prior to the date of the Change in Control. For purposes of computing the amount of the Plan Benefit:

 (a) a Participant who has not attained age 55 years on the date of his actual termination of employment will be deemed to
have had his employment with the Employers and Affiliates Involuntarily Terminated on the date of his termination and his Pre-Age 55 Benefit shall be computed pursuant to subsection E-5.2 hereof without applying the assumption contained in
subsection E-5.2(b) but, instead, determining the Other Benefits attributable to MeadWestvaco Plans based on the Deferred Vested Pension on a Participant’s employment termination with the Employers and Affiliates; and 
 (b) in the case of a Participant terminated on account of becoming Disabled, it shall be assumed that he will continue to be Disabled
until he attains age 62 years. 
 If a Participant, surviving Spouse or Beneficiary is receiving payment of periodic Plan Benefits on the date of a Change in
Control, the Actuarial Present Value of any remaining payments (determined as of the day immediately preceding that date) shall be payable to him, in a single, lump sum, within 30 days of the date of the Change in Control. For purposes of the Plan,
a “Change in Control” shall be deemed to have occurred if an event set forth in any of the following paragraphs shall have occurred: 
 (i) the date of expiration of a Tender Offer (other than an offer by MeadWestvaco ), if the offeror acquires Shares pursuant to such Tender Offer; 
 (ii) the date of approval by the shareholders of MeadWestvaco of a definitive agreement: (x) for the merger or consolidation of
MeadWestvaco or any direct or indirect subsidiary of MeadWestvaco into or with another corporation, other than (1) a merger or consolidation which would result in the voting securities of MeadWestvaco outstanding immediately prior thereto
continuing to represent (i) in the case of a merger or consolidation of MeadWestvaco, either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof, or (ii) in the case of a
merger or consolidation of any direct or indirect subsidiary of MeadWestvaco, either by remaining outstanding if MeadWestvaco continues as a parent of the merged or consolidated subsidiary or by being converted into voting securities of the
surviving entity or any parent thereof) at least 51% of the combined voting power of the voting securities of MeadWestvaco or such surviving or parent entity outstanding immediately after such merger or consolidation, or (2) a merger or
consolidation effected to implement a recapitalization of MeadWestvaco (or similar transaction) in which no Person (as defined below) is or becomes 

  

 E-11 

 
the Beneficial Owner (as defined below), directly or indirectly, of securities of MeadWestvaco (not including in the securities Beneficially Owned by such
Person any securities acquired directly from MeadWestvaco or its Affiliates) representing 25% or more of the combined voting power of MeadWestvaco’s then outstanding securities, or (y) for the sale or disposition of all or substantially
all of the assets of MeadWestvaco, other than a sale or disposition by MeadWestvaco of all or substantially all of MeadWestvaco’s assets to an entity, at least 51% of the combined voting power of the voting securities of which are owned
(directly or indirectly) by shareholders of MeadWestvaco in substantially the same proportions as their ownership of MeadWestvaco immediately prior to such sale or disposition; 
 (iii)(x) any Person is or becomes the Beneficial Owner of 25% or more of the voting power of the then outstanding securities of
MeadWestvaco (not including in the securities beneficially owned by such Person any securities acquired directly from MeadWestvaco or its affiliates), excluding any Person who becomes such a Beneficial Owner in connection with a transaction
described in clause (x) (1) of paragraph (ii) above or (y) the date of authorization, by both a majority of the voting power of MeadWestvaco and a majority of the portion of such voting power excluding the voting power of
interested Shares, of a control share acquisition (as such term is defined in Chapter 1701 of the Ohio Revised Code); and 
 (iv) a change in the composition of the Board of Directors such that individuals who were members of the Board of Directors on the date two years prior to such change (and any new directors (other than a director whose initial assumption of
office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election of directors of MeadWestvaco) who were elected, or were nominated for election, by
MeadWestvaco’s shareholders with the affirmative vote of at least two-thirds of the directors then still in office who either were directors at the beginning of such two year period or whose election or nomination for election was previously so
approved) no longer constitute a majority of the Board of Directors. 
 Notwithstanding the foregoing, a “Change in Control” shall not be deemed to
have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the common stock of MeadWestvaco immediately prior to such transaction or series of transactions
continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of MeadWestvaco immediately following such transaction or series of transactions. 
 “Affiliate” shall have the meaning set forth in Rule 12b-2 promulgated under Section 12 of the Exchange Act. 
 “Beneficial Owner” shall have the meaning defined in Rule 13d-3 under the Exchange Act. 
  

 E-12 

 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time. 
 “Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such
term shall not include (i) MeadWestvaco or any of its subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of MeadWestvaco or any of its Affiliates, (iii) an underwriter temporarily holding
securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly, by the shareholders of MeadWestvaco in substantially the same proportions as their ownership of stock of MeadWestvaco. 
 “Shares” shall mean shares of common stock, without par value, of MeadWestvaco Corporation. 
 “Tender Offer” shall mean a tender offer or a request or invitation for tenders or an exchange offer subject to regulation under Section 14(d) of the Exchange Act and the rules and regulations
thereunder, as the same may be amended, modified or superseded from time to time. 
 E-10.4. Emergency Payments. If it is determined
(as provided below) that a Participant or Beneficiary has experienced an “Unforeseeable Emergency” (as defined below), the terms and manner of payment of Benefits provided in the Plan or selected by a Participant may be changed to the
extent appropriate to satisfy the Participant’s or Beneficiary’s emergency need. The term “Unforeseeable Emergency” means severe financial hardship to the Participant or Beneficiary resulting from a sudden and unexpected illness
or accident of the Participant or Beneficiary or of a “dependent” (as defined in section 152(a) of the Code) of the Participant or Beneficiary, loss of the Participant’s or Beneficiary’s property due to a casualty, or other
similar extra-ordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant or Beneficiary. A determination with respect to whether a Participant or Beneficiary has experienced an Unforeseeable
Emergency shall be made: 
 (a) in the case of a Participant employed, or last employed, by an Employer as other than an
elected officer of the Employer and his Beneficiary, the Chairperson of the Committee; and 
 (b) in the case of a Participant
employed, or last employed, by an Employer as an elected officer of the Employer and his Beneficiary, the Committee. 
 The provisions of Section E-11 of the
Plan shall not be applicable with respect to any determination made pursuant to this subsection E-10.4. 
 E-10.5. ECAP Credit in Lieu of
Distribution. A Participant who is also a Participant in The Mead Corporation Executive Capital Accumulation Plan (“ECAP”) may elect to waive his right to receive any amount otherwise distributable to him pursuant to the provisions of
the Plan and to have the same amount credited for his benefit (as of the date distribution would have been made) and subsequently distributed to him under the terms of the ECAP. An election made by a Participant in accordance with the provisions of
this subsection must be in such written form as the Committee shall decide and filed with the Administrator at least three months prior to the Participant’s 

  

 E-13 

 
employment termination with the Employers and Affiliates with respect to distributions made on or after employment termination or, as an additional
alternative, filed prior to a Change in Control with respect to distributions made on or after a Change in Control. An election made by a Participant pursuant to the foregoing sentence is revocable at any time that is at least three months prior to
the date of employment termination with the Employer and Affiliates or a Change in Control, as appropriate. In no event shall this subsection be applicable to any amount distributable to any person other than a Participant. 
 E-10.6. Payment to Incapacitated Persons. Notwithstanding any other provision of the Plan, if a Participant or other person entitled to a Benefit
payment under the Plan is determined by a court of competent jurisdiction to be physically, mentally or legally incapacitated and unable to manage his financial affairs and claim is made by a conservator or other person legally charged by such court
with the care of his person, the Committee shall make distributions to such conservator or other person. Any distribution made in accordance with this subsection shall fully acquit and discharge all persons from all further liability on account
thereof. 
 E-10.7. Withholding. The Administrator shall cause to be withheld from the amount of any Benefit paid to a Participant or
Beneficiary pursuant to the terms of the Plan any amount required to be withheld by federal, state or local law. 
  

	E-11.	DISPUTE RESOLUTION 

 E-11.1. Claims Procedures. All disputes relating to benefits under the Plan shall be reviewed and resolved in accordance with claims procedures established by the Administrator. Such claims procedures shall offer a reasonable
opportunity for a full and fair review of each claim and shall be consistent with the requirements of 29 C.F.R. § 2560.503-1. 
 E-11.2. Records, Data and Information. Unless proven to the satisfaction of the Administrator to be in error, the records, data and information of the Employers, Affiliates and administrators of the MeadWestvaco Plans shall be
conclusive on all Participants, surviving Spouses and Beneficiaries with respect to all matters relating to the Plan. 
  

	E-12.	AMENDMENT AND TERMINATION 

 E-12.1. Amendment and Termination. MeadWestvaco expects the Plan to be permanent, but since future conditions affecting MeadWestvaco cannot be anticipated or foreseen, MeadWestvaco must necessarily and does
hereby reserve the right to amend, modify or terminate the Plan at any time by action of its Board of Directors. 
 E-12.2. Contingencies
Affecting the Employers. In the event of a merger or consolidation of the Employer, or the transfer of substantially all of the assets of the Employer to another corporation, such successor corporation shall be substituted for the Employer under
the terms and provisions of the Plan. 
 E-12.3. Protected Benefits. If the Plan is terminated, revoked, or amended so as to decrease
benefits provided under the Plan, the full benefits earned by each terminated Participant and Beneficiary shall not be reduced. 

  

 E-14 

 A Participant who is in active service at the time of a Plan termination, revocation or amendment shall be entitled to
full Benefits under the prior provisions of the Plan; provided, however, that his Earnings for periods subsequent to such termination, revocation or amendment shall not be used in determining the amount of benefits based on Final Average Earnings
that are protected by this subsection. The time and manner of payment of Benefits protected by this subsection shall remain subject to the prior terms and conditions of the Plan. 
  

 E-15

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