Document:

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                                                                    Exhibit 10.5

                                          AMENDMENT NO. 3 AND ACKNOWLEDGEMENT
                                    dated as of March 25, 2003 (this
                                    "Amendment"), to the STOCKHOLDERS' AGREEMENT
                                    dated as of May 31, 2000 (as amended,
                                    modified, supplemented or restated from time
                                    to time, the "Original Agreement"), among
                                    PLIANT CORPORATION, a Utah corporation (the
                                    "Company"), and certain of the stockholders
                                    of the Company signatory thereto.

      By executing and delivering this Amendment, the undersigned signatories
hereto hereby agree as set forth below. Capitalized terms used but not defined
herein shall have the respective meanings ascribed to them in the Original
Agreement.

Section 1.  Amendments.

            (a)    Section 1 of the Original Agreement shall be amended by
inserting the following new definitions in their appropriate alphabetical order
therein:

                   (i) "2003 JPMP (BHCA) Commitment Agreement" means the
            Securities Purchase Agreement dated as of March 25, 2003 between the
            Company and J.P. Morgan Partners (BHCA), L.P. ("JPMP (BHCA)"), as
            amended, modified, supplemented or restated from time to time.

                   (ii) "2003 Securities Purchase Agreement" means the
            Securities Purchase Agreement dated as of March 25, 2003 among the
            Company and the Purchasers named therein, as amended, modified,
            supplemented or restated from time to time.

            (b) Section 3.1(d) of the Original Agreement shall be amended and
restated in its entirety to read as set forth below.

                   "(d) Notwithstanding anything to the contrary contained
            herein, the Company may, in order to expedite the issuance of the
            Offered Securities hereunder, issue all or a portion of the Offered
            Securities to one or more Stockholders or their respective
            Affiliates (the "Initial Subscribing Stockholders"), without
            complying with the provisions of this Section 3.1, provided that
            either (i) the Initial Subscribing Stockholders agree to offer to
            sell to the other Stockholders who are accredited investors (as such
            term is defined in Rule 501 under the Securities Act) (such
            Stockholders hereinafter referred to as the "Other Accredited
            Stockholders") their respective Percentage Ownerships of such
            Offered Securities on the same terms and conditions as issued to the
            Initial Subscribing

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            Stockholders and in a manner which provides the Other Accredited
            Stockholders with rights substantially similar to the rights
            outlined in Sections 3.1(b) and 3.1(c); provided, however, that the
            purchase price payable by the Other Accredited Stockholders to the
            Initial Subscribing Stockholders for the Offered Securities may
            include (A) an amount equal to any accrued and unpaid dividends
            thereon or (B) a reasonable rate of interest, in each case
            calculated from the date such Initial Subscribing Stockholder
            purchased such Offered Securities through the date of sale to the
            Other Accredited Stockholders, or (ii) the Company shall offer to
            sell an additional amount of Offered Securities to the Other
            Accredited Stockholders only in an amount and manner which provides
            the Other Accredited Stockholders with rights substantially similar
            to the rights outlined in Sections 3.1(b) and 3.1(c). The Initial
            Subscribing Stockholders or the Company, as applicable, shall offer
            to sell such Offered Securities to the Other Accredited Stockholders
            within ninety (90) days after the closing of the purchase of the
            Offered Securities by the Initial Subscribing Stockholders."

            (c) Section 3.1 of the Original Agreement shall be amended to insert
the following new paragraphs 3.1(e) and 3.1(f):

                  "(e) Notwithstanding anything to the contrary contained
            herein, if the Company issues a Preemptive Offer Notice seeking the
            commitment (an "Equity Commitment") of the Subscribing Stockholders
            to purchase Offered Securities from time to time during a specified
            period of time, then the Company shall not be obligated to issue a
            Preemptive Offer Notice for any equity Securities issued upon, or in
            connection with, the exercise of such Equity Commitment by the
            Company and any Subscribing Stockholder who has not exercised its
            rights under this Article III with respect to such Equity Commitment
            shall have no such rights under this Article III with respect to any
            equity Securities issued upon, or in connection with, the exercise
            of such Equity Commitment. If after the issuance of a Preemptive
            Offer Notice relating to an Equity Commitment (i) the terms or types
            of Securities issuable in connection with such Equity Commitment are
            materially altered or (ii) the number of Securities issuable in
            connection with such Equity Commitment are significantly increased
            or decreased, then the Company shall be required to issue a new
            Preemptive Offer Notice to the Subscribing Stockholders in
            accordance with the terms of this Agreement for such Equity
            Commitment as revised.

                  (f) For the purposes of compliance with this Article III in
            connection with a Preemptive Offer Notice issued in respect of an
            Equity Commitment, (i) the term "Offered Securities" shall be

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            deemed to include the maximum number of equity Securities which
            could be issued pursuant to an Equity Commitment (without giving
            effect to potential anti-dilution adjustments or stock splits, stock
            dividends and similar transactions) as of the day that such Equity
            Commitment shall be effective and (ii) any references to Offered
            Securities or Refused Securities being offered, issued, purchased,
            sold or disposed of (or permitted to be offered, issued, purchased,
            sold or disposed of) shall include the incurrence and assumption of
            commitments to offer, issue, purchase, sell or dispose of, such
            Securities.

            (d) Section 3.2 of the Original Agreement is amended to replace the
period at the end thereof with "; and" and insert the following new paragraph
3.2(g):

                   "(g) Securities of the Company which are issued, or may be
            issued, pursuant to (i) the 2003 Securities Purchase Agreement and
            (ii) the 2003 JPMP (BHCA) Commitment Agreement, provided that in
            each case, such Securities (or any Securities issued in full or
            partial replacement thereof) shall constitute Offered Securities and
            be subject to the requirements of Section 3.1 as if such Securities
            were issued pursuant to Section 3.1(d) on June 25, 2003.

Section 2.  Acknowledgement and Waiver.

      The Company and the Stockholders acknowledge that prior to June 25, 2003,
the provisions set forth in Section 2.2(d) (Certain Transfers), Section 2.3
(Co-Sale Rights) and Section 2.4 (Right of First Refusal) of the Original
Agreement shall not apply to the Transfer by JPMP (BHCA) of any Stockholder
Shares acquired by JPMP (BHCA) pursuant to the 2003 JPMP (BHCA) Commitment
Agreement or the 2003 Securities Purchase Agreement and the Stockholders hereby
waive their rights under Sections 2.2(d), 2.3 and 2.4 with respect to such
Stockholder Shares during such period.

Section 3.  No other Amendments.

      Except as modified by this, the Original Agreement shall remain in full
force and effect, enforceable in accordance with its terms. This Amendment is
not a consent to any waiver or modification of any other terms or conditions of
the Original Agreement or any of the instruments or documents referred to in the
Original Agreement and shall not prejudice any right or rights which the parties
thereto may now or hereafter have under or in connection with the Original
Agreement or any of the instruments or documents referred to therein.

Section 4.  Effectiveness; Counterparts

      This Amendment may be executed in two or more counterparts, all of which
shall be considered one and the same agreement and shall become effective when
one or more counterparts have been signed by the Company, the Requisite Trust
Holders and the Requisite Investor Holders (by facsimile or otherwise), it being
understood that all of the foregoing need not sign the same counterpart. Any
counterpart or other signature to this Amendment that is

                                       3

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delivered by facsimile shall be deemed for all purposes as constituting good and
valid execution and delivery by such party of this Amendment.

Section 5.  Governing Law.

      This Amendment shall be governed by and construed and enforced in
accordance with the laws of the State of New York without giving effect to any
choice or conflict of law provision or rule (whether in the State of New York or
any other jurisdiction) that would cause the application of the laws of any
jurisdiction other than the State of New York.

                                   *******

                                       4

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      IN WITNESS WHEREOF, the parties have duly executed this Amendment No. 3 to
the Stockholders' Agreement as of the date first above written.

                                       PLIANT CORPORATION

                                       By: /s/ Brian E. Johnson
                                           -------------------------------------
                                           Name:  Brian E. Johnson
                                           Title: Executive Vice President and
                                                  Chief Financial Officer

                                       SOUTHWEST INDUSTRIAL FILMS, LLC

                                       By:  J.P. Morgan Partners (BHCA), L.P.
                                            its Member

                                       By:  JPMP Master Fund Manager, L.P.,
                                            its General Partner

                                       By:  JPMP Capital Corp.,
                                            its General Partner

                                       By: /s/ Timothy Walsh
                                           -------------------------------------
                                           Name:
                                           Title:

                                       WACHOVIA CAPITAL PARTNERS, LLC

                                       By: /s/ Robert G. Calton
                                           -------------------------------------
                                           Name:  Robert G. Calton
                                           Title: Partner

                                       WACHOVIA CAPITAL PARTNERS 2001, LLC

                                        By:/s/ Robert G. Calton
                                           -------------------------------------
                                           Name:  Robert G. Calton
                                           Title: Partner

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                                       NEW YORK LIFE CAPITAL PARTNERS,
                                       L.P.

                                       By:  NYLCAP Manager LLC,
                                               its Investment Manager

                                       By:   ___________________________________
                                             Name:
                                             Title:

                                       THE NORTHWESTERN MUTUAL LIFE
                                       INSURANCE COMPANY

                                       By: /s/ David A. Barras
                                           -------------------------------------
                                           Name:  David A. Barras
                                           Title: Its Authorized Representative

                                       THE CHRISTENA KAREN H. DURHAM
                                       TRUST

                                       By: /s/ Richard P. Durham
                                           -------------------------------------
                                           Name:  Richard P. Durham
                                           Title: Trustee

                                       PERRY ACQUISITION PARTNERS-3, L.P.

                                       By:  Perry Investors-3, LLC,
                                            its General Partner

                                       By:  Perry Capital, LLC,
                                            its Managing Member

                                       By:  Perry Corp.,
                                            its Managing Member

                                       By: /s/ Randall Borkenstein
                                           -------------------------------------
                                           Name:  Randall Borkenstein
                                           Title: Managing Director and Chief
                                                  Financial Officer

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                                       PERRY ACQUISITION PARTNERS-2, L.P.

                                       By:  Perry Investors-2, LLC

                                       By: /s/ Randall Borkenstein
                                           -------------------------------------
                                           Name:  Randall Borkenstein
                                           Title: Managing Director and Chief
                                                  Financial Officer

                                       DURHAM CAPITAL, LTD.

                                       By: /s/ Richard P. Durham
                                           -------------------------------------
                                           Name:  Richard P. Durham
                                           Title: General Partner

                                       SORENSEN CAPITAL, LLC

                                       By: _____________________________________
                                           Name:
                                           Title:

                                       RONALD G. MOFFITT IRA

                                       By: _____________________________________
                                           Name:
                                           Title:

                                       /s/ Jack E. Knott
                                       -----------------------------------------
                                       Jack E. Knott

                                       /s/ Richard P. Durham
                                       -----------------------------------------
                                       Richard P. Durham

                                       _________________________________________
                                       Ronald G. Moffitt

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                                       _________________________________________
                                       Scott K. Sorensen

                                       /s/ Brian E. Johnson
                                       -----------------------------------------
                                       Brian E. Johnson<PAGE>

                                                                    Exhibit 10.8

                                             AMENDMENT NO. 2 dated as of March
                                    25, 2003 (this "Amendment"), to the
                                    REGISTRATION RIGHTS AGREEMENT dated as of
                                    May 31, 2000 (as amended, modified,
                                    supplemented or restated from time to time,
                                    the "Original Agreement"), among PLIANT
                                    CORPORATION, a Utah corporation (the
                                    "Company"), and certain of the stockholders
                                    of the Company signatory thereto.

            By executing and delivering this Amendment, the undersigned hereby
agree as set forth below. Capitalized terms used but not defined herein shall
have the respective meanings ascribed to them in the Original Agreement.

      Section 1.  Amendments.

      The definition of "Warrants" in Section 1 of the Original Agreement shall
be amended and restated in its entirety to read as set forth below.

                  "Warrants" means any warrant to purchase shares of Common
            Stock issued pursuant to the Warrant Agreement.

      Section 2.  No other Amendments or Waivers.

      Except as modified by this Amendment, the Original Agreement shall remain
in full force and effect, enforceable in accordance with its terms. This
Amendment is not a consent to any waiver or modification of any other terms or
conditions of the Original Agreement or any of the instruments or documents
referred to in the Original Agreement and shall not prejudice any right or
rights which the parties thereto may now or hereafter have under or in
connection with the Original Agreement or any of the instruments or documents
referred to therein.

      Section 3.  Effectiveness; Counterparts

      This Amendment may be executed in two or more counterparts, all of which
shall be considered one and the same agreement and shall become effective when
one or more counterparts have been signed by the Company, Requisite Investor
Stockholders, Requisite Trust Stockholders and Requisite Warrantholders (by
facsimile or otherwise) to the other party, it being understood that all parties
need not sign the same counterpart. Any counterpart or other signature to this
Amendment that is delivered by facsimile shall be deemed for all purposes as
constituting good and valid execution and delivery by such party of this
Amendment.

      Section 4.  Governing Law.

      This Amendment shall be governed by and construed and enforced in
accordance with

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the laws of the State of New York without giving effect to any choice or
conflict of law provision or rule (whether in the State of New York or any other
jurisdiction) that would cause the application of the laws of any jurisdiction
other than the State of New York.

                                   *******

<PAGE>

      IN WITNESS WHEREOF, the parties have duly executed this Amendment No. 2 to
the Registration Rights Agreement as of the date first above written.

                                       PLIANT CORPORATION

                                       By: /s/ Brian E. Johnson
                                           -------------------------------------
                                           Name:  Brian E. Johnson
                                           Title: Executive Vice President and
                                                  Chief Executive Officer

                                       SOUTHWEST INDUSTRIAL FILMS, LLC

                                       By:  J.P. Morgan Partners (BHCA), L.P.
                                            its Member

                                       By:  JPMP Master Fund Manager, L.P.,
                                            its General Partner

                                       By:  JPMP Capital Corp.,
                                            its General Partner

                                       By: /s/ Timothy Walsh
                                           -------------------------------------
                                           Name:
                                           Title:

                                       WACHOVIA CAPITAL PARTNERS, LLC

                                       By: /s/ Robert G. Calton
                                             Name:  Robert G. Calton
                                             Title:    Partner

                                       WACHOVIA CAPITAL PARTNERS 2001, LLC

                                        By: /s/ Robert G. Calton
                                           -------------------------------------
                                           Name:  Robert G. Calton
                                           Title: Partner

<PAGE>

                                       NEW YORK LIFE CAPITAL PARTNERS,
                                       L.P.

                                       By: NYLCAP Manager LLC,
                                           its Investment Manager

                                       By: _____________________________________
                                           Name:
                                           Title:

                                       THE NORTHWESTERN MUTUAL LIFE
                                       INSURANCE COMPANY

                                       By: /s/ David A. Barras
                                           -------------------------------------
                                           Name:  David A. Barras
                                           Title: Its Authorized Representative

                                       THE CHRISTENA KAREN H. DURHAM
                                       TRUST

                                       By: /s/ Richard P. Durham
                                           -------------------------------------
                                           Name:  Richard P. Durham
                                           Title: Trustee

                                       PERRY ACQUISITION PARTNERS-3, L.P.

                                       By:  Perry Investors-3, LLC,
                                               its General Partner

                                       By:  Perry Capital, LLC,
                                               its Managing Member

                                       By:  Perry Corp.,
                                               its Managing Member

                                       By:  /s/ Randall Borkenstein
                                           -------------------------------------
                                           Name:  Randall Borkenstein
                                           Title: Managing Director and
                                                  Chief Financial Officer

<PAGE>

                                       PERRY ACQUISITION PARTNERS-2, L.P.

                                       By:  Perry Investors-2, LLC

                                       By: /s/ Randall Borkenstein
                                           -------------------------------------
                                           Name:  Randall Borkenstein
                                           Title: Managing Director and
                                                  Chief Financial Officer

                                       DURHAM CAPITAL, LTD.

                                       By:  /s/ Richard P. Durham
                                             Name:  Richard P. Durham
                                             Title:    General Partner

                                       SORENSEN CAPITAL, LLC

                                       By: _____________________________________
                                           Name:
                                           Title:

                                       RONALD G. MOFFITT IRA

                                       By: _____________________________________
                                           Name:
                                           Title:

                                       /s/ Jack E. Knott
                                       -----------------------------------------
                                       Jack E. Knott

                                       /s/ Richard P. Durham
                                       -----------------------------------------
                                       Richard P. Durham

                                       _________________________________________
                                       Ronald G. Moffitt

<PAGE>

                                       -----------------------------------------
                                       Scott K. Sorensen

                                       /s/ Brian E. Johnson
                                       -----------------------------------------
                                       Brian E. Johnson

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