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Exhibit 4.3  

 
 

AMENDED AND RESTATED
  LIMITED LIABILITY COMPANY AGREEMENT
  OF
  TRANSMONTAIGNE GP L.L.C.
  A Delaware Limited Liability Company    
    

        This LIMITED LIABILITY COMPANY AGREEMENT OF TRANSMONTAIGNE GP L.L.C. (this "Agreement"), dated as of May 6, 2005, is adopted, executed, and agreed to by
the sole Member (as defined below). 

        1.     Formation.
TransMontaigne GP L.L.C. (the "Company") has been formed as a Delaware limited liability company under and pursuant to the Delaware Limited Liability Company
Act (the "Act"). 

        2.     Term.
The Company shall have a perpetual existence. 

        3.     Purposes.
The purposes of the Company are to carry on any lawful business, purpose, or activity for which limited liability companies may be formed under the Act. 

        4.     Sole
Member. TransMontaigne Services Inc. shall be the sole member of the Company (the "Member"). 

        5.     Contributions.
The Member has made an initial contribution to the capital of the Company in the amount of $1,000.00. Without creating any rights in favor of any third
party, the Member may, from time to time, make additional contributions of cash or property to the capital of the Company, but shall have no obligation to do so. 

        6.     Distributions.
The Member shall be entitled (a) to receive all distributions (including, without limitation, liquidating distributions) made by the Company and
(b) to enjoy all other rights, benefits, and interests in the Company. 

        7.     Management.
The powers of the Company shall be exercised by or under the authority of, and the business and affairs of the Company shall be managed under, a Board of
Directors (the "Board") to be comprised of such number of directors ("Directors") as shall be determined by the Member. The Board shall possess all rights and powers which are possessed by managers
under the Act and otherwise by law, pursuant to Section 18-402 of the Act, subject to the provisions of this Agreement. The Board may exercise all such powers of the Company and do
all such lawful acts and things as are not directed or required to be exercised or done by the Member by the Act, the Certificate of Formation of the Company or this Agreement. The number of Directors
shall initially be three; but the number of Directors may be changed by the Member. The initial Directors of the Company shall be Donald H. Anderson, William S. Dickey and Randall J. Larson. Directors
need not be residents of the State of Delaware or Members of the Company. The Board, in its discretion, may (i) elect a chairman of the Board who shall preside at any meetings of the Board and
(ii) appoint one or more officers with such power and authority as the Board may designate. 

        8.     Dissolution.
The Company shall dissolve and its affairs shall be wound up at such time, if any, as the Member may elect. No other event (including, without limitation, an
event described in Section 18-801(4) of the Act) will cause the Company to dissolve. 

        9.     Governing
Law. THIS AGREEMENT IS GOVERNED BY AND SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE (EXCLUDING ITS
CONFLICT-OF-LAWS RULES). 

[Signature
Page to Follow] 

 

        IN
WITNESS WHEREOF, the undersigned, being the sole member of the Company, has caused this Agreement to be duly executed as of the 6th day of May, 2005. 

	

 	
 	

TRANSMONTAIGNE SERVICES INC., as Sole Member
	

 	
 	

/s/  DONALD H. ANDERSON      
 Donald H. Anderson

Donald H. Anderson Authorized Person

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AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF TRANSMONTAIGNE GP L.L.C. A Delaware Limited Liability CompanyExhibit 10.4  

AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT  

        AMENDMENT
No. 1, effective as of September 30, 2004, to the certain Employment Agreement, dated as of September 25, 2001 (the "Original Agreement"), among Cellu Tissue
Holdings, Inc., a Delaware corporation, and Russell C. Taylor (the "Executive"). 

        For
good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto hereby agree that the Original Agreement is hereby amended to provide that in the first
sentence of Section 2, "September 30, 2004" shall be deleted and replaced with "September 30, 2005." 

        Except
as amended hereby, the Original Agreement shall remain unchanged and in full force and effect. 

        IN
WITNESS WHEREOF, each of the parties hereto has caused this Amendment No. 1 to be executed and delivered by its duly authorized officer on May 4, 2005. 

	

CELLU TISSUE HOLDINGS, INC.
	

By:	
 	

/s/  DIANNE M. SCHEU      
 Name: Dianne M. Scheu

Title: CFO and Sr. VP Finance	
 	

/s/  RUSSELL C. TAYLOR      
 Russell C. TaylorQuickLinks
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Exhibit 10.8    
    

 
 

CELLU TISSUE HOLDINGS, INC.
  SEVERANCE PAY PLAN    
    

(Effective as of May 24, 2005)  

 
  INTRODUCTION    
    

        The purpose of this Cellu Tissue Holdings, Inc. Severance Pay Plan is to enable the Company to offer certain protections to Participants upon a termination
of employment by the Employer without Cause or upon a termination of employment by the Participant for Good Reason. Capitalized terms and phrases used herein shall have the meanings ascribed thereto
in Article I. 

 
 

ARTICLE I.
  DEFINITIONS    
    

        1.1   "Accrued Benefits" shall mean, to the extent not theretofore paid: (a) any unpaid Base Salary through the date of
termination and any accrued vacation; (b) any unpaid bonus earned with respect to the fiscal year ending on or preceding the date of termination; and (c) reimbursement in accordance with
the Employer's policy for any unreimbursed business expenses incurred through the date of termination. 

        1.2   "Base Salary" shall mean an amount equal to a Participant's annual compensation paid by the Employer. Base Salary shall
be determined as reflected on the Employer's payroll records and shall not include bonuses, overtime pay, shift premiums, commissions, employer contributions for benefits or other additional
compensation. For purposes hereof, a Participant's Base Salary shall include any salary reduction contributions made on his or her behalf to any plan of the Employer under Section 125, 132(f)
or 401(k) of the Code. 

        1.3   "Board" shall mean the board of directors of the Company from time to time. 

        1.4   "Cause" shall mean: (a) the continued failure by the Participant substantially to perform his or her duties and
obligations to the Employer; (b) violation of law in the course of performance of the duties of Participant's employment with the Employer; (c) repeated absences from work without a
reasonable excuse, and intoxication with alcohol or illegal drugs while on the Employer's premises during regular business hours; (d) failure to perform his or her duties in accordance with the
Company's code of ethics; (e) fraud or material dishonesty against the Employer; or (f) a conviction or plea of guilty or nolo contendre for the commission of a felony or crime.
Determination of Cause shall be made by the Employer in its sole discretion. 

        1.5   "COBRA" shall mean the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended. 

        1.6   "Code" shall mean the Internal Revenue Code of 1986, as amended, and the regulations thereunder. 

        1.7   "Committee" shall mean a committee appointed by the Board from time to time to administer this Plan. Notwithstanding the
foregoing, if, and to the extent that no Committee exists which has the authority to administer this Plan, the functions of the Committee shall be exercised by the Board and all references herein to
the Committee shall be deemed to be references to the Board. 

        1.8   "Company" shall mean Cellu Tissue Holdings, Inc. and any successors as provided in Article VI hereof. 

        1.9   "Disability" shall mean a Participant's disability that would qualify as such under the Employer's long-term
disability plan without regard to any waiting periods set forth in such plan. 

        1.10 "Employer" shall mean the Company, any Parent and any Subsidiary. 

 

        1.11 "ERISA" shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time. 

        1.12 "Good Reason" shall mean the occurrence of any of the following events, without the express written consent of a
Participant, unless such events are fully corrected in all material respects by the Employer within 30 days following written notification by the Participant to the Employer that Participant
intends to terminate Participant's employment hereunder for one of the reasons set forth below: (a) any reduction or diminution (except temporarily during any period of physical or mental
incapacity) in the Participant's titles or a material reduction or diminution in the Participant's authorities, duties or responsibilities; (b) any reduction in the Participant's Base Salary
(other than an across-the-board reduction of not more than 10% of Base Salary applicable to Participants generally); (c) the Employer's material breach of this Plan or
any other written agreement with the Participant or failure to timely pay any compensation obligation to the Participant; or (d) the failure of any successor to assume the obligations
hereunder, as provided in Article VI hereof. A termination for Good Reason shall mean a termination by the Participant effected by written notice given within 60 days of the occurrence
of the Good Reason event. 

        1.13 "Parent" shall mean any parent corporation of the Company within the meaning of Section 424(e) of the Code. 

        1.14 "Participant" shall mean any salaried employee of the Employer other than (i) any employee whose employment is
governed by the terms of a collective bargaining agreement between employee representatives (within the meaning of Code Section 7701(a)(46)) and the Employer, (ii) any employee who has
entered into a written contract with the Employer, which contract provides for the payment of severance benefits upon the employee's termination of employment and has been signed and approved by the
President and Chief Executive Officer of the Company or another authorized officer or (iii) any employee whose primary place of employment with the Company is outside of the United States. 

        1.15 "Plan" shall mean the Cellu Tissue Holdings, Inc. Severance Pay Plan. 

        1.16 "Severance Benefit" shall mean a severance benefit calculated in accordance with Section 2.2 below. 

        1.17 "Severance Period" shall mean the number of months during which a participant is receiving a Severance Benefit pursuant
to Section 2.2 below. 

        1.18 "Subsidiary" shall mean any corporation that is defined as a subsidiary corporation in Section 424(f) of the
Code. 

        1.19 "Tier I Participant" shall mean a Participant (i) with the title of Corporate Director of the Company or a more
senior position and (ii) who reports directly to the President and Chief Executive Officer of the Company. 

        1.20 "Tier II Participant" shall mean a Participant who is not a Tier I Participant. 

        1.21 "Termination of Employment" shall mean a termination of employment (for reasons other than a military or personal leave
of absence granted by the Employer) of a Participant from the Employer. A Participant's transfer of employment from the Company to any affiliate (including any Subsidiary) shall not be treated as
Termination of Employment for purposes of this Plan. A Termination of Employment shall not be deemed to occur as a result of a sale or other disposition of assets or stock where a Participant is
offered comparable employment for the continued employment by the purchaser of such assets or stock (or an affiliate thereof) at the time of such sale or other disposition. Notwithstanding the
foregoing, a Participant shall not be considered to have experienced a Termination of Employment if, for purposes of Section 409A of the Code, the Participant would not be considered to have
had a "separation from service." 

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        1.22 "Year of Service" shall mean any 12 whole consecutive months since the Participant's commencement of employment with the
Company in which the Participant is paid by the Company for the performance of full-time services. After a Participant's first full Year of Service, all months of employment over six
(6) months shall be rounded up to the next highest year (and all months of service less than six months shall be disregarded). A Year of Service also shall include: (i) service in any
branch of the armed forces of the United States by any person who is a Participant on the date such service commenced, to the extent required by applicable law; and (ii) periods during which a
Participant was on an approved leave of absence or leave of absence due to a long or short-term disability. No Years of Service shall be recognized with any entity other than the Employer.
Years of Service will be determined as of the date of the Participant's Termination of Employment. 

 
 

ARTICLE II.
  BENEFITS    
    

        2.1    Eligibility for Benefits.    Upon the Participant's termination of employment by the Employer without Cause or
by the Participant for Good Reason, subject to Sections 2.3 and 2.4 below, the Employer shall pay or provide the Participant with the Severance Benefits provided in Section 2.2 hereof. A
Participant shall not be entitled to a Severance Benefit if the Participant's employment is terminated (i) by the Employer for Cause, (ii) by the Participant without Good Reason, or
(iii) on account of the Participant's retirement, death or Disability. 

        2.2    Compensation Upon Termination.    In the event that a Participant becomes entitled to Severance Benefits
pursuant to Section 2.1, then the Employer shall pay or provide the Participant with the following payments and benefits in lieu of any payments or benefits under any other severance,
termination, separation or similar plan, policy or practice of the Employer. The amounts hereunder shall reduce and be in full satisfaction of any statutory entitlement (including notice of
termination, termination pay and/or severance pay) of the Participant upon a termination of employment: 

        (a)   within
10 business days after a Participant's Termination of Employment, the Employer shall pay or provide the Participant with the Accrued Benefits, except as otherwise
provided for in any plan or program (which shall be paid at such time as specified in such plan or program) or any bonus for the fiscal year ending on or preceding the date of termination (which shall
be paid at such time as other similarly situated employees' bonuses are paid); 

        (b)   subject
to Section 2.4 below, the Employer shall pay (i) to Tier I Participants, an amount equal to the Participant's annual Base Salary and (ii) to
Tier II Participants, an amount equal to one fifty-second of the Participant's Base Salary for each Year of Service, up to a maximum of 50% of the Participant's Base Salary. Amounts payable pursuant
to this Section 2.2(b) shall be paid in equal installments payable in accordance with the Company's regular payroll practices during the Severance Period; 

        (c)   subject
to Section 2.4 below, the Employer shall pay to Tier I Participants, a pro-rata bonus, which shall be an amount equal to the product of
(i) the annual bonus that a Participant would have otherwise been entitled to receive for the fiscal year in which a Participant's Termination of Employment occurs based upon the actual results
of the Company during such fiscal year and (ii) a fraction, the numerator of which is the number of days in such fiscal year that the Participant was employed by the Employer and the
denominator of which is 365. Amounts payable pursuant to this Section 2.2(c) shall be paid when bonuses to other employees of the Employer are otherwise paid; provided, however, that such
amounts shall be paid no later than the date necessary for such amounts to be treated as "short-term deferrals" under Q&A 4(c) of Internal Revenue Service Notice 2005-1, which
Notice provides guidance under Section 409A of the Code, or other guidance issued by the Treasury Department with respect to Section 409A of the Code; 

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        (d)   subject
to Section 2.4 below and to (i) the Participant's timely election of continuation coverage under COBRA and (ii) the Participant's continued
copayment of premiums at the same level and cost to the Participant as if the Participant were an employee of the Employer (excluding, for purposes of calculating cost, an employee's ability to pay
premiums with pre-tax dollars), continued participation in the Employer's group health plan (to the extent permitted under applicable law and the terms of such plan) which covers the
Participant during the Severance Period at the Company's expense, provided that the Participant is eligible and remains eligible for COBRA coverage; provided, however, that in the event that the
Participant obtains other employment that offers substantially similar or improved group health benefits, such continuation of coverage by the Employer under this sub-section shall
immediately cease. The period during which the Participant receives continued benefits under this Section 2.2(d) shall count against and reduce the applicable COBRA continuation period; and 

        (e)   subject
to Section 2.4 below, to the extent permitted by law and the terms of such plan, a Tier I Participant shall be entitled to continued participation in the
Employer's group life insurance program (at the Employer's expense) during the Severance Period; provided, however, that in the event that the Participant obtains other employment that offers
substantially similar or improved group life insurance benefits, such continuation of coverage by the Employer under this sub-section shall immediately cease. 

        2.3    No Duty to Mitigate/Set-off.    No Participant entitled to receive a Severance Benefit hereunder
shall be required to seek other employment or to attempt in any way to reduce any amounts payable to him or her pursuant to this Plan. Further, the amount of the Severance Benefit payable hereunder
shall not be reduced by any compensation earned by the Participant as a result of employment by another employer or otherwise. Except as provided herein, the amounts payable hereunder shall not be
subject to setoff, counterclaim, recoupment, defense or other right which the Employer may have against the Participant or others, including without limitation, any severance or termination benefits
provided under any other agreement, plan, program or arrangement maintained or sponsored by the Employer. Notwithstanding the foregoing, if any termination payments made to a Participant by the
Employer are related to an actual or potential liability under the Worker Adjustment and Retraining Notification Act (WARN) or similar law, such amounts shall reduce (offset) the
Participant's Severance Benefit under this Plan. In the event of the Participant's breach of any provision hereunder, including without limitation, Section 2.4, the Company shall be entitled to
recover any payments previously made to the Participant hereunder to the maximum extent permitted by law. 

        2.4    Release Required.    Any amounts payable or benefits provided pursuant to this Plan shall only be payable or
provided if the Participant delivers to the Company a release of all claims of any kind whatsoever that the Participant has or may have against the Employer and its affiliates and their officers,
directors and employees known or unknown as of the date of his or her termination of employment (other than claims to Severance Benefits specifically provided hereunder, claims under COBRA, claims to
vested accrued benefits under the Employer's tax-qualified employee benefit plans, or rights of indemnification or contribution to which the Participant was entitled with regard to the
Participant's service as an employee, officer or director of the Employer) occurring up to the release date in such form as reasonably requested by the Company. 

 
 

ARTICLE III.
  FUNDING    
    

        This Plan shall be funded out of the general assets of the Company as and when benefits are payable under this Plan. All Participants shall be solely unsecured
creditors of the Company and, if a bankruptcy proceeding of the Company is pending, the Participants shall be solely unsecured creditors of the Company with administrative priority. If the Company
decides in its sole discretion to establish any advance accrued reserve on its books against the future expense of benefits payable hereunder, or 

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if
the Company decides in its sole discretion to fund a trust under this Plan, such reserve or trust shall not under any circumstances be deemed to be an asset of this Plan. 

 
 

ARTICLE IV.
  ADMINISTRATION OF THIS PLAN    
    

        4.1    Plan Administrator.    The general administration of this Plan on behalf of the Company (as plan administrator
under Section 3(16)(A) of ERISA) shall be placed with the Committee. 

        4.2    Reimbursement of Expenses of Plan Committee.    The Company shall pay or reimburse the members of the Committee
for all reasonable expenses incurred in connection with their duties hereunder. 

        4.3    Action by this Plan Committee.    Decisions of the Committee shall be made by a majority of its members
attending a meeting at which a quorum is present (which meeting may be held telephonically), or by written action in accordance with applicable law. Subject to the terms of this Plan and provided that
the Committee acts in good faith, the Committee shall have the authority to determine a Participant's participation and benefits under this Plan and to interpret and construe the provisions of this
Plan. 

        4.4    Decisions of Plan Committee are Binding on All Persons.    The Committee (or its designee) shall have the
exclusive right, power, and authority, in its sole discretion, to administer, apply and interpret this Plan and any other Plan documents and to decide all matters arising in connection with the
operation or administration of this Plan. Without limiting the generality of the foregoing, the Committee shall have the sole and absolute discretionary authority: (a) to take all actions and
make all decisions with respect to the eligibility for, and the amount of, Severance Benefits payable under this Plan; (b) to formulate, interpret and apply rules, regulations and policies
necessary to administer this Plan in accordance with its terms; (c) to decide questions, including legal or factual questions, relating to the calculation and payment of Severance Benefits
under this Plan; (d) to resolve and/or clarify any ambiguities, inconsistencies and omissions arising under this Plan or other Plan documents; (e) to decide for purposes of paying
benefits hereunder, whether, based on the terms of this Plan, a Termination of Employment is for Cause; and (f) except as specifically provided to the contrary in Section 4.8, to process
and approve or deny benefit claims and rule on any benefit exclusions. All interpretations, determinations and decisions made by the Committee (or any delegate) with respect to any matter arising
under this Plan and any other relevant documents shall be final, conclusive and binding on all parties. 

        4.5    Delegation of Authority.    The Committee may delegate any and all of its powers and responsibilities hereunder
to other persons by formal resolution filed with and accepted by the Board. Any such delegation shall not be effective until it is accepted by the Board and the persons designated and may be rescinded
at any time by written notice from the Committee to the person to whom the delegation is made. 

        4.6    Retention of Professional Assistance.    The Committee may employ such legal counsel, accountants and other
persons as may be required in carrying out its work in connection with this Plan. 

        4.7    Accounts and Records.    The Committee shall maintain such accounts and records regarding the fiscal and other
transactions of this Plan and such other data as may be required to carry out its functions under this Plan and to comply with all applicable laws. 

        4.8    Claims/Disputes Procedure.    

        (a)   Any
claim by a Participant or beneficiary ("Claimant") with respect to eligibility, participation, contributions, benefits or other aspects of the operation of this Plan
shall be made in writing to the Committee. The Committee shall provide the Claimant with the necessary forms and make all determinations as to the right of any person to a disputed benefit. If a
Claimant is denied 

5

 

benefits
under this Plan, the Committee or its designee shall notify the Claimant in writing of the denial of the claim within 90 days (such period may be extended to 180 days) after
this Plan receives the claim, provided that in the event of special circumstances such period may be extended. 

        (b)   If
the initial 90 day period is extended, the Committee or its designee shall, within 90 days of receipt of the claim, notify the Claimant in writing of
such extension. The written notice of extension will indicate the special circumstances requiring the extension of time and provide the date by which the Committee expects to make a determination with
respect to the claim. If the extension is required due to the Claimant's failure to submit information necessary to decide the claim, the period for making the determination will be tolled from the
date on which the extension notice is sent to the Claimant until the earlier of (i) the date on which the Claimant responds to this Plan's request for information or (ii) expiration of
the 45 day period commencing on the date that the Claimant is notified that the requested additional information must be provided. If notice of the denial of a claim is not furnished within the
required time period described herein, the claim shall be deemed denied as of the last day of such period. 

        (c)   If
the claim is wholly or partially denied, the notice to the Claimant shall set forth: 

        (i)    the
specific reason or reasons for the denial; 

        (ii)   specific
reference to pertinent Plan provisions upon which the denial is based; 

        (iii)  a
description of any additional material or information necessary for the Claimant to perfect the claim and an explanation of why such material or information is
necessary; 

        (iv)  appropriate
information as to the steps to be taken and the applicable time limits if the Claimant wishes to submit the adverse determination for review; and 

        (v)   a
statement of the Claimant's right to bring a civil action under Section 502(a) of ERISA following an adverse determination on review (collectively, the "Notice
Requirements"). 

        (d)   If
the claim has been denied, the Claimant may submit the claim for review. Any request for review of a claim must be made in writing to the Committee no later than
60 days after the Claimant receives notification of denial or, if no notification was provided, the date the claim is deemed denied. The claim will then be reviewed by the Committee. The
Claimant or his duly authorized representative may: 

        (i)    upon
request and free of charge, be provided with access to, and copies of, relevant documents, records, and other information relevant to the Claimant's claim; and 

        (ii)   submit
written comments, documents, records, and other information relating to the claim. The review of the claim determination shall take into account all comments,
documents, records, and other information submitted by the Claimant relating to the claim, without regard to whether such information was submitted or considered in the initial claim determination. 

        (e)   The
decision of the Committee shall be made within 60 days (such period may be extended to 120 days) after receipt of the Claimant's request for review,
unless special circumstances require an extension. 

        (f)    If
the initial 60 day period is extended, the Committee or its designee shall, within 60 days of receipt of the claim, notify the Claimant in writing of
such extension. The written notice of extension will indicate the special circumstances requiring the extension of time and provide the date by which the Committee expects to make a determination with
respect to the claim. If the extension is required due to the Claimant's failure to submit information necessary to decide the claim, the period for making the determination will be tolled from the
date on which the extension notice is sent to the Claimant until the earlier of (i) the date on which the Claimant responds to 

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this
Plan's request for information or (ii) expiration of the 45 day period commencing on the date that the Claimant is notified that the requested additional information must be
provided. If notice of the denial of a claim is not furnished within the required time period described herein, the claim shall be deemed denied as of the last day of such period. 

        (g)   If
an extension of time is required, the Claimant shall be notified in writing of such extension. The written notice of extension will indicate the special circumstances
requiring the extension of time and the date by which the Committee expects to make a determination with respect to the claim. If the extension is required due to the Claimant's failure to submit
information necessary to decide the claim on review, the period for making the determination will be tolled from the date on which the extension
notice is sent to the Claimant until the earlier of (i) the date on which the Claimant responds to this Plan's request for information or (ii) expiration of the 45-day period
commencing on the date that the Claimant is notified that the requested additional information must be provided. In any event, a decision shall be rendered not later than 120 days after receipt
of the request for review. If notice of the decision upon review is not furnished within the required time period described herein, the claim on review shall be deemed denied as of the last day of
such period. 

        (h)   The
Committee's decision on the Claimant's claim for review will be communicated to the Claimant in writing. If the claim on review is denied, the notice to the Claimant
shall provide a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the
claim, and also set forth the Notice Requirements (other than subsection (c)(iv)). 

        (i)    The
claims procedures set forth in this section are intended to comply with U.S. Department of Labor Regulation § 2560.503-1 and should be
construed in accordance with such regulation. In no event shall it be interpreted as expanding the rights of Claimants beyond what is required by U.S. Dept. of Labor §
2560.503-1. 

        (j)    A
Claimant shall not be required to exhaust all administrative remedies under this Section 4.8 prior to commencing any action in Federal court. 

        4.9    Indemnification.    The Committee, its members and any person designated pursuant to Section 4.5 above
shall not be liable for any action or determination made in good faith with respect to this Plan. The Company shall, to the extent permitted by law, by the purchase of insurance or otherwise,
indemnify and hold harmless each member of the Committee and each director, officer and employee of the Company for liabilities or expenses they and each of them incur in carrying out their respective
duties under this Plan, other than for any liabilities or expenses arising out of such individual's willful misconduct or fraud. 

 
 

ARTICLE V.
  AMENDMENT AND TERMINATION    
    

        The Company reserves the right to amend or terminate, in whole or in part, any or all of the provisions of this Plan by action of the Board (or a duly authorized
committee thereof) at any time, provided that any amendment reducing the benefits provided hereunder or any Plan termination may not take effect sooner than 18 months following the date on
which the Company adopts this Plan. Any termination or amendment of this Plan, however, shall not affect the Severance Benefits, if any, payable to any Participant who is entitled as a result of a
Termination of Employment to such Severance Benefits as of the date of the amendment or termination of this Plan. 

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ARTICLE VI.
  SUCCESSORS    
    

        For purposes of this Plan, the Company shall include any and all successors and assignees, whether direct or indirect, by purchase, merger, consolidation or
otherwise, to all or substantially all the business or assets of the Company and such successors and assignees shall perform the Company's obligations under this Plan, in the same manner and to the
same extent that the Company would be required to perform if no such succession or assignment had taken place. In such event, the term "Company", as used in this Plan, shall mean the Company, as
hereinbefore defined and any successor or assignee to the business or assets which by reason hereof becomes bound by the terms and provisions of this Plan. 

 
 

ARTICLE VII.
  MISCELLANEOUS    
    

        7.1    Rights of Participants.    Nothing herein contained shall be held or construed to create any liability or
obligation upon the Employer to retain any Participant in its service. All Participants shall remain subject to discharge or discipline to the same extent as if this Plan had not been put into effect. 

        7.2    Governing Law.    To the extent not governed by the Code or ERISA, this Plan shall be governed by the laws of
the State of New York (without reference to rules relating to conflicts of law). 

        7.3    Withholding.    The Employer shall have the right to make such provisions as it deems necessary or appropriate
to satisfy any obligations it may have to withhold federal, state or local income or other taxes incurred by reason of payments pursuant to this Plan. 

        7.4    Severability.    In case any provision of this Plan be deemed or held to be unlawful or invalid for any reason,
such fact shall not adversely affect the other provisions of this Plan unless such determination shall render impossible or impracticable the functioning of this Plan, and in such case, an appropriate
provision or provisions shall be adopted so that this Plan may continue to function properly. 

        7.5    Assignment and Alienation.    The benefits payable to the Participant under this Plan shall not be subject to
alienation, transfer, assignment, garnishment, execution or levy of any kind and any attempt to cause any benefits to be so subjected shall not be recognized. 

        7.6    Communications.    All announcements, notices and other communications regarding this Plan will be made by the
Employer in writing. 

        7.7    Section 409A of the Code.    To the extent applicable, payments under this Plan shall be structured in a
manner to avoid triggering adverse tax consequences to a Participant under Section 409A of the Code. Notwithstanding anything herein to the contrary, the Company may amend this Plan at any time
retroactively or otherwise to avoid triggering adverse tax consequences to a Participant under Section 409A of the Code and any provision in this Plan that is inconsistent with
Section 409A of the Code (and the regulations or other guidance thereunder) shall be deemed to be amended to comply with Section 409A (and the regulations or other guidance thereunder);
provided, however, that to the extent any provision cannot be amended to comply with Section 409A of the Code, such provision shall be null and void. 

        7.8    ERISA Plan.    This Plan is intended to be an "employee welfare benefit plan" within the meaning of
Section 3(1) of ERISA. 

        7.9    Entire Agreement.    This Plan sets forth the entire understanding of the Employer with respect to the subject
matter hereof and supersedes all existing severance plans, agreements and understandings (whether oral or written) between the Employer and the Participants with respect to the subject matter herein. 

8

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Exhibit 10.8

CELLU TISSUE HOLDINGS, INC. SEVERANCE PAY PLAN

INTRODUCTION

ARTICLE I. DEFINITIONS

ARTICLE II. BENEFITS

ARTICLE III. FUNDING

ARTICLE IV. ADMINISTRATION OF THIS PLAN

ARTICLE V. AMENDMENT AND TERMINATION

ARTICLE VI. SUCCESSORS

ARTICLE VII. MISCELLANEOUS

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