Document:

Form of Stock-settled Stock Appreciation Rights Agreement

 Exhibit 10.46 
 ACCO BRANDS CORPORATION 
 AMENDED AND RESTATED 2005 LONG-TERM INCENTIVE PLAN 
 STOCK-SETTLED STOCK APPRECIATION RIGHTS AGREEMENT 
 THIS AGREEMENT is made and entered into and effective                     , 20    
(the “Grant Date”) by and between ACCO Brands Corporation, a Delaware corporation (collectively with all Subsidiaries, the “Company”) and
                     (“Grantee”). 
 WHEREAS, Grantee is a Key Employee of the Company and in compensation for Grantee’s services, the Board deems it advisable to award to Grantee Stock-Settled Stock Appreciation Rights representing a right to
receive shares of the Company’s Common Stock, pursuant to the ACCO Brands Corporation Amended and Restated 2005 Long-Term Incentive Plan (“Plan”), as set forth herein. 
 NOW THEREFORE, subject to the terms and conditions set forth herein: 
 1.        Plan Governs; Capitalized Terms. This Agreement is made pursuant to the Plan, and the terms of the Plan are incorporated into this Agreement, except as
otherwise specifically stated herein. Capitalized terms used in this Agreement that are not defined in this Agreement shall have the meanings as used or defined in the Plan. References in this Agreement to any specific Plan provision shall not be
construed as limiting the applicability of any other Plan provision. 
 2.        Grant of
SSAR. The Company hereby grants to Grantee Stock-Settled Stock Appreciation Rights (“SSARs”) relating to              shares of Common Stock, with an exercise
price of $        .     per share (the “Exercise Price”), which price is the Fair Market Value of one share of Common Stock on the Grant Date. 
 THIS AWARD IS CONDITIONED ON GRANTEE SIGNING THIS AGREEMENT AND RETURNING IT TO THE COMPANY BY
                    , 20    , AND IS SUBJECT TO ALL TERMS, CONDITIONS AND PROVISIONS OF THE PLAN AND THIS
AGREEMENT, WHICH GRANTEE ACCEPTS UPON SIGNING AND DELIVERING THIS AGREEMENT TO THE COMPANY. 
 3.        VESTING, EXERCISE, EXPIRATION AND TERMINATION OF THE SSARS. 
 (a)        The SSARs shall have a term expiring on the seventh anniversary of the Grant Date (“Term”), or earlier as otherwise provided in this Section 3. 
  

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 (b)        Subject to Section 3(c), 3(d),
3(e), 3(f), 3(g), and 3(h), hereof, the SSARs shall become vested and exercisable pursuant to the following schedule: 
  

			
	 Vesting Date
	  	 Portion of SSARs that is Vested and Exercisable

	 First Anniversary of
 the Grant Date
	  	A Total of One-Third of the SSARs
		
	 Second Anniversary of
 the Grant Date
	  	A Total of Two-Thirds of the SSARs
		
	 Third Anniversary of
 the Grant Date
	  	A Total of Three-Thirds of the SSARs

 (c)        Death. Any unvested portion of the SSARs
shall fully vest and become exercisable upon termination of Grantee’s employment due to Grantee’s death while employed by the Company. 
 (d)        Disability. Any unvested portion of the SSARs shall fully vest and become exercisable upon termination of Grantee’s employment due to Grantee’s Disability, provided that
Grantee shall have been in the continuous employ of the Company for at least one year from the Grant Date through the date of such termination. 
 (e)        Other Terminations. Unless the Committee shall otherwise determine, upon a termination of Grantee’s employment for any reason, other than due to Grantee’s death, and other
than due to a termination of Grantee’s employment on or after the first anniversary of the Grant Date due to Disability, prior to the date on which the SSARs shall have fully vested, the unvested portion of the SSARs shall be immediately
forfeited and not exercisable. Any forfeited portion of the SSARs shall be automatically cancelled and shall terminate. 
 (f)        Change in Control. Immediately upon the occurrence of a Change in Control of the Company, or the involuntary termination of Grantee’s employment by the Company within 90 days
prior to a Change in Control but at the direction of any third party participating in or causing the Change in Control or otherwise in contemplation of the Change in Control, the unvested portion of the SSARs shall immediately fully vest and shall
be exercisable, without regard for any termination of Grantee’s employment within one year following the Grant Date. 
 (g)        Contrary Other Agreement. The provisions of Section 3(e) and 3(f) to the contrary notwithstanding, if Grantee and the Company have entered into an employment or
other agreement which provides for vesting treatment of Grantee’s SSARs upon a termination of Grantee’s employment with the Company (and all Affiliates) that is inconsistent with the provisions of Section 3(e) or 3(f),
the more favorable to Grantee of the terms of (i) such employment or other agreement and (ii) Section 3(e) or 3(f), as the case may be, shall control. 
  

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 (h)        Exercise Period for Vested Portion of the
SSARs. Except in the case of a termination of Grantee’s employment due to death or Disability or Retirement, upon a termination of Grantee’s employment with the Company for any reason, the vested portion of Grantee’s SSARs shall
be exercisable for a period of three months following the date of such termination. In the case of Grantee’s death, or termination of Grantee’s employment due to Disability or Retirement, the SSARs shall be exercisable for five years
following such death or termination of employment. The foregoing provisions of this Section 3(h) to the contrary notwithstanding, the SSARs shall expire and cease to be exercisable on the last day of the term of the SSAR set forth in
Section 3(a) hereof, except that, in the case of the death of Grantee during Grantee’s employment by the Company, to the extent the SSARs otherwise would expire, such expiration date shall be deemed extended for one year following
Grantee’s date of death. 
 4.        Exercise; Issuance of Shares. Grantee may exercise
the vested SSARs, or any vested portion thereof, by notice of exercise to the Company in a manner (which may include election means) approved by the Committee and communicated to Grantee. Upon exercise of the SSARs, the Grantee shall be entitled to
receive the number of shares of Common Stock determined by: 
 (a)        First, calculating the
“spread value” of the SSARs exercised, which is equal to the amount determined by multiplying the number of SSARs exercised times the excess of (i) the Fair Market Value of one share of Common Stock on the exercise date over
(ii) the Exercise Price (set forth in Section 2 above); and then 
 (b)        Dividing the “spread value” by the Fair Market Value of one share of stock on the exercise date to produce the number of whole shares to be received. 
 Upon exercise, the Grantee shall pay or make arrangements acceptable to the Company for the payment of any required withholding taxes in cash. Notwithstanding the
foregoing, the Committee may expressly require withholding, or permit the Grantee to elect to have withholding, of shares of Common Stock deliverable from the exercise having an aggregate Fair Market Value on the exercise date equal to the amount of
the required withholding taxes. The value of any shares so withheld may not be in excess of the amount of taxes required to be withheld by the Company determined by applying the applicable minimum required withholding tax rates. Upon the proper
exercise of the SSARs, and satisfaction of required withholding taxes, the Company shall issue in Grantee’s name and deliver to Grantee (or to Grantee’s permitted representative and in their name upon Grantee’s death, above), in
either book entry or certificate form (in the discretion of the Company) through the Company’s transfer agent, the number of shares acquired through the exercise (net of any shares withheld for such taxes). Grantee shall not have any rights as
a shareholder of the Company with respect to any unexercised portion of the SSARs. 
  

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 5.        Securities Laws. Grantee’s SSARs shall not
be exercised if the exercise would violate: 
 (a)        Any applicable state securities law;

 (b)        Any applicable registration or other requirements under the Securities Act of 1933, as
amended (the “Act”) the Securities Exchange Act of 1934, as amended, or the listing requirements of the NYSE; or 
 (c)        Any applicable legal requirements of any governmental authority. 
 6.        Miscellaneous. 
 (a)        Rights as a Stockholder. Neither Grantee nor Grantee’s representative shall have any rights as a stockholder with respect to any shares underlying the SSARs until the date that
the Company is obligated to deliver such shares of Common Stock to Grantee or Grantee’s representative pursuant to a timely exercise thereof. 
 (b)        No Retention Rights. Nothing in this Agreement shall confer upon Grantee any right to continue in the employment or service of the Company for any period of specific duration or
interfere with or otherwise restrict in any way the rights of the Company or of Grantee, which rights are hereby expressly reserved by each, to terminate his employment or service at any time and for any reason, with or without Cause. 
 (c)        Inconsistency. To the extent any terms and conditions herein conflict with the terms and
conditions of the Plan, the terms and conditions of the Plan shall control. 
 (d)        Notices. Any notice required by the terms of this Agreement shall be given in writing and shall be deemed effective upon personal delivery, upon deposit with the United States Postal
Service, by registered or certified mail, with postage and fees prepaid or upon deposit with a reputable overnight courier. Notice shall be addressed to the Company at its principal executive office and to Grantee at the address that he most
recently provided to the Company. 
 (e)        Entire Agreement; Amendment; Waiver. This
Agreement constitutes the entire contract between the parties hereto with regard to the subject matter hereof. This Agreement supersedes any other agreements, representations or understandings (whether oral or written and whether express or implied)
which relate to the subject matter hereof. No alteration or modification of this Agreement shall be valid except by a subsequent written instrument executed by the parties hereto. No provision of this Agreement may be waived except by a writing
executed and delivered by the party sought to be charged. Any such written waiver will be effective only with respect to the event or circumstance described therein and not with respect to any other event or circumstance, unless such waiver
expressly provides to the contrary. 
 (f)        Choice of Law. This Agreement shall be
governed by, and construed in accordance with, the laws of the State of Illinois, as such laws are applied to contracts entered into and performed in such State, without giving effect to the choice of law provisions thereof. 
  

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 (g)        Successors. 
 (i)        This Agreement is personal to Grantee and shall not be assignable by Grantee otherwise than by will or
the laws of descent and distribution, without the written consent of the Company. This Agreement shall inure to the benefit of and be enforceable by Grantee’s legal representatives. 
 (ii)        This Agreement shall inure to the benefit of and be binding upon the Company and its successors.

 (h)        Severability. If any provision of this Agreement for any reason shall be found by
any court of competent jurisdiction to be invalid, illegal or unenforceable, in whole or in part, such declaration shall not affect the validity, legality or enforceability of any remaining provision or portion thereof, which remaining provision or
portion thereof shall remain in full force and effect as if this Agreement had been adopted with the invalid, illegal or unenforceable provision or portion thereof eliminated. 
 (i)        Headings. The headings, captions and arrangements utilized in this Agreement shall not be
construed to limit or modify the terms or meaning of this Agreement. 
 (j)        Counterparts. This Agreement may be executed simultaneously in one or more counterparts, each of which shall be deemed an original, but all of which shall constitute but one and the
same instrument. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first written above.

  

			
	ACCO BRANDS CORPORATION
		
	By:	 	  

		
	Name:	 	  

		
	Its:	 	  

	
	  

	Grantee Name
	
	  

	Grantee Signature

  

 5Amendment No. 3 to Employment Letter Agreement

 EXHIBIT 10.2 
 AMENDMENT NO. 3 
 TO 
 EMPLOYMENT LETTER AGREEMENT 
 This Amendment No. 3 is made effective as of January 1, 2009, and modifies and amends the Employment Letter Agreement dated May 2, 2005, and previously amended Amendment No. 1 dated as of
January 28, 2007 and by Amendment dated as of December 21, 2007 (collectively, the “Agreement”), between NewPage Corporation (“Company”) and Daniel A. Clark
(“Executive”). Terms defined in the Agreement have the same meaning when used in this Amendment unless otherwise indicated. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, Company
and Executive agree as follows: 
  

	1.	Section 10 of the Agreement is amended in its entirety to read as follows: 

  

	 	1.	Termination: The Company may terminate Executive’s employment hereunder for any reason and at any time without prior notice. Upon a termination of the Executive’s
employment without Cause (as defined below) or by Executive with Good Reason (as defined below), and subject to the Executive’s compliance with Sections 6, 7 and 8 of this Agreement and subject to the execution by the Executive, without
revocation, of a valid employment release substantially in the form attached hereto as Exhibit A or in other form acceptable to the Company (the “Release”), the Executive shall receive from the Company (which shall be in lieu of any
payments or benefits to which the Executive may be entitled under any Company severance plan (the “Severance Plan”)): 

  

	 	I.	any unpaid Base Salary through the date of termination; 

  

	 	II.	a pro rata bonus for the year of termination, calculated as the product of (x) “Severance Bonus Amount” (as defined below) and (y) a fraction, the numerator of
which is the number of days in the current fiscal year through the date of termination and the denominator of which is 365, payable at the time that bonuses are paid after the Executive’s termination date, to similarly situated executives;

  

	 	III.	any accrued but unused vacation pay; 

  

	 	IV.	 an amount equal to two (2) times Base Salary minus an amount equal to the original purchase price paid for the Paper Class A Common Percentage Interests
pursuant to the terms of the Executive Purchase Agreement between the Executive and Maple Timber Acquisition LLC (“MTA”), dated as of May 2, 2005 (the “EPA”); provided that if such termination without Cause or with Good
Reason is within 12 months following the acquisition by NewPage Holding Corporation or its subsidiaries of the stock or assets of a business enterprise of at least substantially the same revenues and total assets as NewPage Holding Corporation and
its subsidiaries on a consolidated basis (for the avoidance of doubt, such a business enterprise shall include one of 

	 	 
the four (4) leading coated paper companies other than the Company), the amount shall be equal to three (3) times Base Salary minus an amount equal
to the original purchase price paid for the Paper Class A Common Percentage Interests pursuant to the terms of the EPA; provided, further that, if at the time of a termination of employment without Cause or with Good Reason, the aggregate
“fair market value” of the shares of common stock, par value $.01 per share, of NewPage Group Inc. (the “Exchange Shares”) issued as a distribution in respect of the Executive’s Paper Class A Common Percentage Interests
in MTA being repurchased from the Executive is less than the aggregate original purchase price paid by the Executive for such Paper Class A Common Percentage Interests, the Executive shall receive an additional cash payment equal to the
difference between (i) the aggregate original purchase price paid for such Paper Class A Common Percentage Interests by the Executive and (ii) the aggregate “fair market value” of such Exchange Shares at the time of the
termination without Cause or with Good Reason; 

  

	 	V.	continued receipt of welfare benefits for twenty-four (24) months after the Executive’s date of termination; provided, however, if the Executive becomes reemployed with
another employer and is eligible to receive welfare benefits under another employer-provided plan, the welfare benefits described in this Section 10(V) shall be secondary to those provided under such other plan; 

  

	 	VI.	outplacement services substantially similar to those provided pursuant to the terms of the Severance Plan; and 

  

	 	VII.	accrued benefits pursuant to the terms and conditions of the Company’s benefit plans and programs. 

 Upon a termination without Cause or with Good Reason, the payment in I above shall be made within 10 business days after the date of termination (unless
an earlier date is prescribed by law). 
 Upon a termination without Cause or with Good Reason, the payments in items II-IV above shall be
made in a lump sum only after the Executive has executed and delivered to the Company the Release within the period stated below and after any applicable revocation period in the Release has expired. Within forty-five (45) days after the date
of termination (the “Delivery Deadline”), the Executive shall deliver to the Company either an executed Release or a notice stating that the Executive has a good faith, bona fide dispute regarding his employment or the termination of his
employment with the Company (“Dispute Notice”). If the Executive delivers an executed Release by the Delivery Deadline, the Company shall make the payments set forth in items III and IV above on the first business day that is sixty
(60) days after the date of termination (provided that, as permitted by Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), 

 
the Company may, in its sole discretion, make such payments on any date that is no more than thirty (30) days prior to such date), and the Company shall
make the payment set forth in II above at the time that bonuses are paid to similarly situated employees (on or before March 15 of the year following the year in which the relevant services required for payment have been performed). If the
Executive delivers a Dispute Notice by the Delivery Deadline, the Company shall, as permitted by Section 409A of the Code, make the payments set forth in items II-IV above within thirty (30) days after the date that the dispute is
resolved, an executed Release is delivered and the Release becomes effective and irrevocable in accordance with its terms (the “Resolution Date”), but in no event later than the end of the calendar year in which the Resolution Date occurs
(except with respect to item II above, not sooner than the time that bonuses are paid to similarly situated employees). If the Executive fails to deliver either an executed Release or a Dispute Notice by the Delivery Deadline, the Executive will be
deemed to have waived the payments set forth in items II-IV above and the Company will have no further obligation to make those payments. 
 If the Executive’s employment terminates as a result of the Executive’s death or if the Company terminated the Executive’s employment on account of the Executive’s Disability (as defined below), the Executive, or the
Executive’s legal representatives (as appropriate), shall be entitled to receive items I, II, III, and VII listed above and if the Executive’s employment terminates with Cause or as a result of a resignation by the Executive without Good
Reason, the Executive shall only be entitled to receive items I, III and VII. The payment set forth in I and III shall be paid in a lump sum within 10 business days after termination (unless an earlier date is prescribed by law) and with respect to
II at such time that annual bonuses are paid after the Executive’s termination date to similarly situated employees. 
 The obligations
of the Company to Executive which arise upon the termination of his employment pursuant to this Section 10 shall not be subject to mitigation or offset. 
 For the purposes of this Agreement, “Cause” means (i) commission of a felony by the Executive, (ii) acts of dishonesty by the Executive resulting or intending to result in personal gain or
enrichment at the expense of the Company or its subsidiaries or affiliates, (iii) the Executive’s material breach of any provision of any policy of the Company, NewPage Holding or Maple Timber Acquisition LLC (Paper Series or Timber
Series), (iv) the Executive’s failure to follow the lawful written directions of Executive’s supervisor, the Chief Executive Officer and President of the Company or NewPage Holding, or the Holding Board, the Board of Directors of the
Company or the Board of Directors of Maple Timber Acquisition LLC (Paper Series or Timber Series), (v) conduct by the Executive in connection with Executive’s duties that is fraudulent, willful and materially injurious to the Company or
its subsidiaries or affiliates or (vi) conduct by the Executive in connection with Executive’s duties that is unlawful and materially injurious to the Company or its subsidiaries or affiliates; provided that the Executive shall have ten
(10) business days following the Company’s written notice of its intention to terminate the Executive’s employment to cure such Cause, if curable, as determined by the Holding Board, in its sole discretion. 

 For the purposes of this Agreement, “Good Reason” means, without the consent of the Executive,
(i) a reduction by the Company in the Executive’s Base Salary or in the percentage of Base Salary on which the Executive’s bonus is based; (ii) a material reduction in the aggregate benefits provided to the Executive, except for
any across-the-board reduction(s) affecting all similarly situated Executives on substantially the same proportional basis; (iii) relocation of the Executive outside of fifty (50) miles from his office location set forth in Section 2
hereof, or (iv) any failure by the Company to obtain the express written assumption of the Company’s obligations to the Executive as described herein by any successor or assign of the Company. 
 For the purposes of this Agreement, “Disability” means the determination by the Company, in accordance with applicable law, based on information
provided by a physician selected by the Company or its insurers and reasonably acceptable to the Executive that, as a result of a physical or mental injury or illness, the Executive has been unable to perform the essential functions of the
Executive’s job with or without reasonable accommodation for a period of (i) ninety (90) consecutive days or (ii) one-hundred eighty (180) days in any one-year period. 
 For the purposes of this Agreement, “Severance Bonus Amount” shall mean, in the event of a termination (i) prior to June 1st of any
calendar year, the annual performance-based bonus paid to the Executive for the calendar year prior to the termination or (ii) on or after June 1st of any calendar year, the annual performance-based bonus that would have been payable to
the Executive for the calendar year of the termination (determined as of the end of such calendar year and payable when the Company pays its annual performance-based bonuses to similarly situated employees). 
  

	2.	Section 16 of the Agreement is amended in its entirety to read as follows: 

  

	 	16	Waiver and Amendments: This Agreement may be amended, modified, superseded, canceled, renewed or extended, and the terms and conditions hereof may be waived, only by a
written instrument signed by the Company and the Executive or, in the case of a waiver, by the party waiving compliance. No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor
shall any waiver on the part of any right, power or privilege hereunder, nor any single or partial exercise of any right, power or privilege hereunder, preclude any other or further exercise thereof or the exercise of any other right, power or
privilege hereunder. This Agreement may be modified to the minimum extent necessary, as agreed upon by the Company and the Executive, to comply with the requirements of Section 409A of the Code and the regulations promulgated thereunder.

	3.	The following new Section 25 is added to the Agreement: 

  

	 	25.	Section 409A of the Code: This Agreement and all compensation derived therefrom are intended to either be exempt from, or comply with, the requirements of
Section 409A of the Code. Accordingly, notwithstanding any other provision of this Agreement, the provisions of this Agreement will be interpreted consistent with the preceding sentence. By way of illustration, to the extent required to comply
with the requirements of Section 409A of the Code, the words “termination of employment” or words or phrases to similar effect in this Agreement shall mean the Executive’s “separation from service” within the meaning of
Section 409A of the Code. Notwithstanding any provision of this Agreement to the contrary, any payments provided under Section 5.2(c)-(d) upon the separation from service of a “specified employee” (within the meaning of
Section 409A of the Code and the Company’s policy, if any, for identifying specified employees), shall be paid no earlier than the first business day of the seventh month after such specified employee’s separation from service,
together with interest from the date of separation from service to the date of payment at the applicable federal rate under Section 7872(f)(2)(A) of the Code in effect on the date of separation from service. Further, to the extent that any
in-kind benefit or reimbursement provided under this Agreement constitutes nonqualified deferred compensation, (x) the amount of any such in-kind benefit or reimbursement to which the Executive may be entitled during a calendar year will not
affect the amount to be provided in any other calendar year, (y) any such benefit or reimbursement shall not be subject to liquidation or exchange for another benefit, and (z) any such reimbursement shall be paid no later than the last day
of the calendar year following the taxable year in which the reimbursable expense, if any, was incurred. 

  

	4.	Except as modified by this Amendment, the Agreement remains in full force and effect. 

  

					
	Company:	 	Executive:
	NewPage Corporation	 	
			
	By:	 	 /s/ Douglas K. Cooper
	 	 /s/ Daniel A. Clark

	Title:	 	Vice President, General Counsel and Secretary	 	Daniel A. Clark

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