Document:

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                                                                     EXHIBIT 4.1

                                     FORM OF

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                            MeadWestvaco Corporation

                                       and

                            ------------------------

                                Rights Agreement

                          Dated as of __________, 2001

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                                TABLE OF CONTENTS
                                -----------------

                                                                       Page
                                                                      Number
                                                                      ------

Section 1.      Definitions ...........................................  1

Section 2.      Appointment of Rights Agent ...........................  6

Section 3.      Issue of Right Certificates ...........................  7

Section 4.      Form of Right Certificates ............................  8

Section 5.      Countersignature and Registration .....................  9

Section 6.      Transfer, Split Up, Combination and Exchange of
                Right Certificates; Mutilated, Destroyed, Lost or
                Stolen Right Certificates ............................. 10

Section 7.      Exercise of Rights; Purchase Price; Expiration Date
                of Rights ............................................. 11

Section 8.      Cancellation and Destruction of Right Certificates .... 13

Section 9.      Availability of Preferred Shares ...................... 13

Section 10.     Preferred Shares Record Date .......................... 14

Section 11.     Adjustment of Purchase Price, Number of Shares or
                Number of Rights ...................................... 15

Section 12.     Certificate of Adjusted Purchase Price or Number
                of Shares ............................................. 26

Section 13.     Consolidation, Merger or Sale or Transfer of Assets
                or Earning Power ...................................... 26

Section 14.     Fractional Rights and Fractional Shares ............... 28

Section 15.     Rights of Action ...................................... 30

Section 16.     Agreement of Right Holders ............................ 30

Section 17.     Right Certificate Holder Not Deemed a Stockholder ..... 31

Section 18.     Concerning the Rights Agent ........................... 32

Section 19.     Merger or Consolidation or Change of Name of
                Rights Agent .......................................... 32

                                       -i-

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                                                                       Page
                                                                      Number
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Section 20.     Duties of Rights Agent ................................ 33

Section 21.     Change of Rights Agent ................................ 36

Section 22.     Issuance of New Right Certificates .................... 38

Section 23.     Redemption ............................................ 38

Section 24.     Exchange .............................................. 40

Section 25.     Notice of Certain Events .............................. 42

Section 26.     Notices ............................................... 43

Section 27.     Supplements and Amendments ............................ 44

Section 28.     Successors ............................................ 45

Section 29.     Determinations and Actions by the Board of
                Directors, etc. ....................................... 45

Section 30.     Benefits of this Agreement ............................ 45

Section 31.     Severability .......................................... 46

Section 32.     Governing Law ......................................... 46

Section 33.     Counterparts .......................................... 46

Section 34.     Descriptive Headings .................................. 46

Signatures ............................................................ 47

Exhibit A       -    Form of Right Certificate

                                      -ii-

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          Agreement, dated as of _______________, 2001, between MW Holding
Corporation, a Delaware corporation to be renamed MeadWestvaco Corporation (the
"Company"), and ________________, as rights agent (the "Rights Agent").

          The Board of Directors of the Company has authorized and declared a
dividend of one preferred share purchase right (a "Right") for each Common Share
(as hereinafter defined) to be issued pursuant to the Amended and Restated
Agreement and Plan of Merger, dated as of October 5, 2001, among the Company,
Michael Merger Sub Corporation, William Merger Sub Corporation, The Mead
Corporation and Westvaco Corporation (the transactions provided for in such
agreement being referred to as the "Mergers"), each Right representing the right
to purchase one one-hundredth of a Preferred Share (as hereinafter defined),
upon the terms and subject to the conditions herein set forth, and has further
authorized and directed the issuance of one Right with respect to each Common
Share that shall become outstanding between the effective time of the Mergers
(the "Effective Time") and the earliest of the Distribution Date, the Redemption
Date and the Final Expiration Date (as such terms are hereinafter defined).

          Accordingly, in consideration of the premises and the mutual
agreements herein set forth, the parties hereby agree as follows:

          Section 1. Definitions. For purposes of this Agreement, the following
                     -----------
terms have the meanings indicated:

          (a) "Acquiring Person" shall mean any Person who or which, together
               ----------------
with all Affiliates and Associates of such Person, shall be the Beneficial Owner
of 15% or more of the Common Shares of the Company then outstanding, but shall
not include the Company, any Subsidiary of the Company, any employee benefit
plan of the Company or any Subsidiary of the

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Company, or any entity holding Common Shares for or pursuant to the terms of
any such plan. Notwithstanding the foregoing, no Person shall become an
"Acquiring Person" as the result of an acquisition of Common Shares by the
Company which, by reducing the number of Common Shares outstanding, increases
the proportionate number of Common Shares of the Company beneficially owned by
such Person to 15% or more of the Common Shares then outstanding; provided,
however, that, if a Person shall become the Beneficial Owner of 15% or more of
the Common Shares then outstanding by reason of share purchases by the Company
and shall, after such Person becomes aware that as a result of share purchases
by the Company such Person has become the Beneficial Owner of 15% or more of the
Common Shares then outstanding, become the Beneficial Owner of additional Common
Shares constituting more than 1% of the then outstanding Common Shares, then
such Person shall be deemed to be an "Acquiring Person." Notwithstanding the
foregoing, if the Board of Directors of the Company determines in good faith
that a Person who would otherwise be an "Acquiring Person," as defined pursuant
                                         ----------------
to the foregoing provisions of this paragraph (a), has become such
inadvertently, and such Person, if directed by the Company, divests as promptly
as practicable a sufficient number of Common Shares so that such Person would no
longer be an "Acquiring Person," as defined pursuant to the foregoing provisions
of this paragraph (a), then such Person shall not be deemed to be an "Acquiring
Person" for any purposes of this Agreement.

          (b) "Affiliate" shall have the meaning ascribed to such term in Rule
               ---------
12b-2 of the General Rules and Regulations under the Exchange Act.

          (c) "Associate" shall have the meaning ascribed to such term in Rule
               ---------
12b-2 of the General Rules and Regulations under the Exchange Act.

                                       -2-

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          (d) A Person shall be deemed the "Beneficial Owner" of and shall be
                                            ----------------
deemed to "beneficially own" any securities:
           ----------------

          (i) which such Person or any of such Person's Affiliates or Associates
       beneficially owns, directly or indirectly;

          (ii) which such Person or any of such Person's Affiliates or
       Associates has (A) the right to acquire (whether such right is
       exercisable immediately or only after the passage of time) pursuant to
       any agreement, arrangement or understanding (other than customary
       agreements with and between underwriters and selling group members with
       respect to a bona fide public offering of securities), or upon the
       exercise of conversion rights, exchange rights, rights (other than these
       Rights), warrants or options, or otherwise; provided, however, that a
                                                   --------  -------
       Person shall not be deemed the Beneficial Owner of, or to beneficially
       own, securities tendered pursuant to a tender or exchange offer made by
       or on behalf of such Person or any of such Person's Affiliates or
       Associates until such tendered securities are accepted for purchase or
       exchange; or (B) the right to vote pursuant to any agreement, arrangement
       or understanding; provided, however, that a Person shall not be deemed
                         --------  -------
       the Beneficial Owner of, or to beneficially own, any security if the
       agreement, arrangement or understanding to vote such security (1) arises
       solely from a revocable proxy or consent given to such Person in response
       to a public proxy or consent solicitation made pursuant to, and in
       accordance with, the applicable rules and regulations promulgated under
       the Exchange Act and (2) is not also then reportable on Schedule 13D
       under the Exchange Act (or any comparable or successor report); or

                                       -3-

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          (iii) which are beneficially owned, directly or indirectly, by any
       other Person with which such Person or any of such Person's Affiliates or
       Associates has any agreement, arrangement or understanding (other than
       customary agreements with and between underwriters and selling group
       members with respect to a bona fide public offering of securities) for
       the purpose of acquiring, holding, voting (except to the extent
       contemplated by the proviso to Section 1(d)(ii)(B) hereof) or disposing
       of any securities of the Company.

          Notwithstanding anything in this definition of Beneficial Ownership to
the contrary, the phrase "then outstanding," when used with reference to a
Person's Beneficial Ownership of securities of the Company, shall mean the
number of such securities then issued and outstanding together with the number
of such securities not then actually issued and outstanding which such Person
would be deemed to own beneficially hereunder.

          (e) "Business Day" shall mean any day other than a Saturday, a Sunday,
               ------------
or a day on which banking institutions in [State of Rights Agent] are authorized
or obligated by law or executive order to close.

          (f) "Close of Business" on any given date shall mean 5:00 P.M., [City
               -----------------
of Rights Agent] time, on such date; provided, however, that, if such date is
not a Business Day, it shall mean 5:00 P.M., [City of Rights Agent] time, on the
next succeeding Business Day.

          (g) "Common Shares" shall mean the shares of common stock, par value
               -------------
$.01 per share, of the Company, except that "Common Shares" when used with
reference to any Person other than the Company shall mean the capital stock (or
equity interest) with the greatest vot-

                                       -4-

<PAGE>

ing power of such other Person or, if such other Person is a Subsidiary of
another Person, the Person or Persons which ultimately control such
first-mentioned Person.

          (h) "Distribution Date" shall have the meaning set forth in Section
               -----------------
3(a) hereof.

          (i) "Effective Time" shall have the meaning set forth in the second
               --------------
paragraph hereof.

          (j) "Exchange Act" shall mean the Securities Exchange Act of 1934, as
               ------------
amended.

          (k) "Exchange Ratio" shall have the meaning set forth in Section 24(a)
               --------------
hereof.

          (l) "Final Expiration Date" shall have the meaning set forth in
               ---------------------
Section 7(a) hereof.

          (m) "Mergers" shall have the meaning set forth in the second paragraph
               -------
hereof.

          (n) "NASDAQ" shall mean the National Association of Securities
               ------
Dealers, Inc. Automated Quotation System.

          (o) "Person" shall mean any individual, firm, corporation or other
               ------
entity, and shall include any successor (by merger or otherwise) of such entity.

          (p) "Preferred Shares" shall mean shares of Series A Junior
               ----------------
Participating Preferred Stock, par value $.01 per share, of the Company having
the rights and preferences set forth in the Amended and Restated Certificate of
Incorporation of the Company.

                                       -5-

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          (q) "Purchase Price" shall have the meaning set forth in Section 4
               --------------
hereof.

          (r) "Redemption Date" shall have the meaning set forth in Section 7(a)
               ---------------
hereof.

          (s) "Redemption Price" shall have the meaning set forth in Section
               ----------------
23(a) hereof.

          (t) "Right" shall have the meaning set forth in the second paragraph
               -----
hereof.

          (u) "Right Certificate" shall have the meaning set forth in Section
               -----------------
3(a) hereof.

          (v) "Shares Acquisition Date" shall mean the first date of public
               -----------------------
announcement by the Company or an Acquiring Person that an Acquiring Person has
become such.

          (w) "Subsidiary" of any Person shall mean any corporation or other
               ----------
entity of which a majority of the voting power of the voting equity securities
or equity interest is owned, directly or indirectly, by such Person.

          (x) "Trading Day" shall have the meaning set forth in Section 11(d)
hereof.

          Section 2. Appointment of Rights Agent. The Company hereby appoints
                     ---------------------------
the Rights Agent to act as agent for the Company and the holders of the Rights
(who, in accordance with Section 3 hereof, shall, prior to the Distribution
Date, also be the holders of the Common Shares) in accordance with the terms and
conditions hereof, and the Rights Agent hereby accepts such appointment. The
Company may from time to time appoint such co-Rights Agents as it may deem
necessary or desirable.

                                       -6-

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          Section 3. Issue of Right Certificates. (a) Until the earlier of (i)
                     ---------------------------
the tenth day after the Shares Acquisition Date or (ii) the tenth Business Day
(or such later date as may be determined by action of the Board of Directors of
the Company prior to such time as any Person becomes an Acquiring Person) after
the date of the commencement by any Person (other than the Company, any
Subsidiary of the Company, any employee benefit plan of the Company or of any
Subsidiary of the Company or any entity holding Common Shares for or pursuant to
the terms of any such plan) of a tender or exchange offer the consummation of
which would result in any Person becoming the Beneficial Owner of Common Shares
aggregating 15% or more of the then outstanding Common Shares (including any
such date which is after the date of this Agreement and prior to the issuance of
the Rights; the earlier of such dates being herein referred to as the
"Distribution Date"), (x) the Rights will be evidenced (subject to the
 -----------------
provisions of Section 3(b) hereof) by the certificates for Common Shares
registered in the names of the holders thereof (which certificates shall also be
deemed to be Right Certificates) and not by separate Right Certificates, and (y)
the right to receive Right Certificates will be transferable only in connection
with the transfer of Common Shares. As soon as practicable after the
Distribution Date, the Company will prepare and execute, the Rights Agent will
countersign, and the Company will send or cause to be sent (and the Rights Agent
will, if requested, send) by first-class, insured, postage-prepaid mail, to each
record holder of Common Shares as of the Close of Business on the Distribution
Date, at the address of such holder shown on the records of the Company, a Right
Certificate, in substantially the form of Exhibit A hereto (a "Right
                                                               -----
Certificate"), evidencing one Right for each Common Share so held. As of the
-----------
Distribution Date, the Rights will be evidenced solely by such Right
Certificates.

                                       -7-

<PAGE>

          (b) Certificates for Common Shares which become outstanding
(including, without limitation, reacquired Common Shares referred to in the last
sentence of this paragraph (b)) at or after the Effective Time but prior to the
earliest of the Distribution Date, the Redemption Date or the Final Expiration
Date shall have impressed on, printed on, written on or otherwise affixed to
them the following legend:

         This certificate also evidences and entitles the holder hereof to
         certain rights as set forth in an Agreement between MeadWestvaco
         Corporation and the Rights Agent thereunder, as it may be amended from
         time to time (the "Agreement"), the terms of which are hereby
         incorporated herein by reference and a copy of which is on file at the
         principal executive offices of MeadWestvaco Corporation. Under certain
         circumstances, as set forth in the Agreement, such Rights (as defined
         in the Agreement) will be evidenced by separate certificates and will
         no longer be evidenced by this certificate. MeadWestvaco Corporation
         will mail to the holder of this certificate a copy of the Agreement
         without charge after receipt of a written request therefor. As set
         forth in the Agreement, Rights beneficially owned by any Person (as
         defined in the Agreement) who becomes an Acquiring Person (as defined
         in the Agreement) become null and void.

With respect to such certificates containing the foregoing legend, until the
Distribution Date, the Rights associated with the Common Shares represented by
such certificates shall be evidenced by such certificates alone, and the
surrender for transfer of any such certificate shall also constitute the
transfer of the Rights associated with the Common Shares represented thereby. In
the event that the Company purchases or acquires any of its Common Shares at or
after the Effective Time but prior to the Distribution Date, any Rights
associated with such Common Shares shall be deemed cancelled and retired so that
the Company shall not be entitled to exercise any Rights associated with the
Common Shares which are no longer outstanding.

     Section 4. Form of Right Certificates. The Right Certificates (and the
                --------------------------
forms of election to purchase Preferred Shares and of assignment to be printed
on the reverse thereof) shall be substantially the same as Exhibit A hereto, and
may have such marks of identification or designation and such legends, summaries
or endorsements printed thereon as the Company may

                                       -8-

<PAGE>

deem appropriate and as are not inconsistent with the provisions of this
Agreement, or as may be required to comply with any applicable law or with any
applicable rule or regulation made pursuant thereto or with any applicable rule
or regulation of any stock exchange or the National Association of Securities
Dealers, Inc., or to conform to usage. Subject to the provisions of Section 22
hereof, the Right Certificates shall entitle the holders thereof to purchase
such number of one one-hundredths of a Preferred Share as shall be set forth
therein at the price per one one-hundredth of a Preferred Share set forth
therein (the "Purchase Price"), but the number of such one one-hundredths of a
              --------------
Preferred Share and the Purchase Price shall be subject to adjustment as
provided herein.

          Section 5. Countersignature and Registration. The Right Certificates
                     ---------------------------------
shall be executed on behalf of the Company by its Chairman of the Board, its
Chief Executive Officer, its President, any of its Vice Presidents or its
Treasurer, either manually or by facsimile signature, shall have affixed thereto
the Company's seal or a facsimile thereof, and shall be attested by the
Secretary or an Assistant Secretary of the Company, either manually or by
facsimile signature. The Right Certificates shall be manually countersigned by
the Rights Agent and shall not be valid for any purpose unless countersigned. In
case any officer of the Company who shall have signed any of the Right
Certificates shall cease to be such officer of the Company before
countersignature by the Rights Agent and issuance and delivery by the Company,
such Right Certificates, nevertheless, may be countersigned by the Rights Agent
and issued and delivered by the Company with the same force and effect as though
the individual who signed such Right Certificates had not ceased to be such
officer of the Company; and any Right Certificate may be signed on behalf of the
Company by any individual who, at the actual date of the execution of
such Right Certificate, shall be a proper officer of the Company to sign such
Right Certificate, al-

                                       -9-

<PAGE>

though at the date of the execution of this Agreement any such individual was
not such an officer.

          Following the Distribution Date, the Rights Agent will keep or cause
to be kept, at its principal office, books for registration and transfer of the
Right Certificates issued hereunder. Such books shall show the names and
addresses of the respective holders of the Right Certificates, the number of
Rights evidenced on its face by each of the Right Certificates and the date of
each of the Right Certificates.

          Section 6. Transfer, Split Up, Combination and Exchange of Right
                     -----------------------------------------------------
Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates. Subject
---------------------------------------------------------------------
to the provisions of Section 14 hereof, at any time after the Close of Business
on the Distribution Date, and at or prior to the Close of Business on the
earlier of the Redemption Date or the Final Expiration Date, any Right
Certificate or Right Certificates (other than Right Certificates representing
Rights that have become void pursuant to Section 11(a)(ii) hereof or that have
been exchanged pursuant to Section 24 hereof) may be transferred, split up,
combined or exchanged for another Right Certificate or Right Certificates
entitling the registered holder to purchase a like number of one one-hundredths
of a Preferred Share as the Right Certificate or Right Certificates, surrendered
then entitled such holder to purchase. Any registered holder desiring to
transfer, split up, combine or exchange any Right Certificate or Right
Certificates shall make such request in writing delivered to the Rights Agent,
and shall surrender the Right Certificate or Right Certificates to be
transferred, split up, combined or exchanged at the principal office of the
Rights Agent. Thereupon the Rights Agent shall countersign and deliver to the
Person entitled thereto a Right Certificate or Right Certificates, as the case
may be, as so requested. The Company may require

                                       -10-

<PAGE>

payment of a sum sufficient to cover any tax or governmental charge that may be
imposed in connection with any transfer, split up, combination or exchange of
Right Certificates.

          Upon receipt by the Company and the Rights Agent of evidence
reasonably satisfactory to them of the loss, theft, destruction or mutilation of
a Right Certificate, and, in case of loss, theft or destruction, of indemnity or
security reasonably satisfactory to them, and, at the Company's request,
reimbursement to the Company and the Rights Agent of all reasonable expenses
incidental thereto, and upon surrender to the Rights Agent and cancellation of
the Right Certificate if mutilated, the Company will make and deliver a new
Right Certificate of like tenor to the Rights Agent for delivery to the
registered holder in lieu of the Right Certificate so lost, stolen, destroyed or
mutilated.

          Section 7. Exercise of Rights; Purchase Price; Expiration Date of
                     ------------------------------------------------------
Rights. (a) The registered holder of any Right Certificate may exercise the
------
Rights evidenced thereby (except as otherwise provided herein), in whole or in
part, at any time after the Distribution Date upon surrender of the Right
Certificate, with the form of election to purchase on the reverse side thereof
duly executed, to the Rights Agent at the principal office of the Rights Agent,
together with payment of the Purchase Price for each one one-hundredth of a
Preferred Share as to which the Rights are exercised, at or prior to the
earliest of (i) the Close of Business on the tenth anniversary of the date of
this Agreement (the "Final Expiration Date"), (ii) the time at which the Rights
                     ---------------------
are redeemed as provided in Section 23 hereof (the "Redemption Date"), or (iii)
                                                    ---------------
the time at which such Rights are exchanged as provided in Section 24 hereof.

          (b) The Purchase Price for each one one-hundredth of a Preferred Share
purchasable pursuant to the exercise of a Right shall initially be $[__], and
shall be subject to ad-

                                       -11-

<PAGE>

justment from time to time as provided in Section 11 or 13 hereof, and shall be
payable in lawful money of the United States of America in accordance with
paragraph (c) below.

          (c) Upon receipt of a Right Certificate representing exercisable
Rights, with the form of election to purchase duly executed, accompanied by
payment of the Purchase Price for the shares to be purchased and an amount equal
to any applicable transfer tax required to be paid by the holder of such Right
Certificate in accordance with Section 9 hereof by certified check, cashier's
check or money order payable to the order of the Company, the Rights Agent shall
thereupon promptly (i) (A) requisition from any transfer agent of the Preferred
Shares certificates for the number of Preferred Shares to be purchased and the
Company hereby irrevocably authorizes any such transfer agent to comply with all
such requests, or (B) requisition from the depositary agent depositary receipts
representing such number of one one-hundredths of a Preferred Share as are to be
purchased (in which case certificates for the Preferred Shares represented by
such receipts shall be deposited by the transfer agent of the Preferred Shares
with such depositary agent) and the Company hereby directs such depositary agent
to comply with such request; (ii) when appropriate, requisition from the Company
the amount of cash to be paid in lieu of issuance of fractional shares in
accordance with Section 14 hereof; (iii) promptly after receipt of such
certificates or depositary receipts, cause the same to be delivered to or upon
the order of the registered holder of such Right Certificate, registered in such
name or names as may be designated by such holder; and (iv) when appropriate,
after receipt, promptly deliver such cash to or upon the order of the registered
holder of such Right Certificate.

          (d) In case the registered holder of any Right Certificate shall
exercise less than all the Rights evidenced thereby, a new Right Certificate
evidencing Rights equivalent to the Rights remaining unexercised shall be issued
by the Rights Agent to registered holder of

                                       -12-

<PAGE>

such Right Certificate or to such holder's duly authorized assigns, subject to
the provisions of Section 14 hereof.

          Section 8. Cancellation and Destruction of Right Certificates. All
                     -------------------------------------
Right Certificates surrendered for the purpose of exercise, transfer, split up,
combination or exchange shall, if surrendered to the Company or to any of its
agents, be delivered to the Rights Agent for cancellation or in cancelled form,
or, if surrendered to the Rights Agent, shall be cancelled by it, and no Right
Certificates shall be issued in lieu thereof except as expressly permitted by
any of the provisions of this Agreement. The Company shall deliver to the Rights
Agent for cancellation and retirement, and the Rights Agent shall so cancel and
retire, any other Right Certificate purchased or acquired by the Company
otherwise than upon the exercise thereof. The Rights Agent shall deliver all
cancelled Right Certificates to the Company, or shall, at the written request of
the Company, destroy such cancelled Right Certificates, and, in such case, shall
deliver a certificate of destruction thereof to the Company.

          Section 9. Availability of Preferred Shares. The Company covenants and
                     --------------------------------
agrees that it will cause to be reserved and kept available out of its
authorized and unissued Preferred Shares or any Preferred Shares held in its
treasury the number of Preferred Shares that will be sufficient to permit the
exercise in full of all outstanding Rights in accordance with Section 7 hereof.
The Company covenants and agrees that it will take all such action as may be
necessary to ensure that all Preferred Shares delivered upon exercise of Rights
shall, at the time of delivery of the certificates for such Preferred Shares
(subject to payment of the Purchase Price), be duly and validly authorized and
issued and fully paid and nonassessable shares.

                                       -13-

<PAGE>

          The Company further covenants and agrees that it will pay when due and
payable any and all federal and state transfer taxes and charges which may be
payable in respect of the issuance or delivery of the Right Certificates or of
any Preferred Shares upon the exercise of Rights. The Company shall not,
however, be required to pay any transfer tax which may be payable in respect of
any transfer or delivery of Right Certificates to a Person other than, or the
issuance or delivery of certificates or depositary receipts for the Preferred
Shares in a name other than that of, the registered holder of the Right
Certificate evidencing Rights surrendered for exercise or to issue or to deliver
any certificates or depositary receipts for Preferred Shares upon the exercise
of any Rights until any such tax shall have been paid (any such tax being
payable by the holder of such Right Certificate at the time of surrender) or
until it has been established to the Company's reasonable satisfaction that no
such tax is due.

          Section 10. Preferred Shares Record Date. Each Person in whose name
                      ----------------------------
any certificate for Preferred Shares is issued upon the exercise of Rights shall
for all purposes be deemed to have become the holder of record of the Preferred
Shares represented thereby on, and such certificate shall be dated, the date
upon which the Right Certificate evidencing such Rights was duly surrendered and
payment of the Purchase Price (and any applicable transfer taxes) was made;
provided, however, that, if the date of such surrender and payment is a date
--------  -------
upon which the Preferred Shares transfer books of the Company are closed, such
Person shall be deemed to have become the record holder of such shares on, and
such certificate shall be dated, the next succeeding Business Day on which the
Preferred Shares transfer books of the Company are open. Prior to the exercise
of the Rights evidenced thereby, the holder of a Right Certificate shall not be
entitled to any rights of a holder of Preferred Shares for which the Rights
shall be exercisable, including, without limitation, the right to vote, to
receive dividends or other distribu-

                                       -14-

<PAGE>

tions or to exercise any preemptive rights, and shall not be entitled to receive
any notice of any proceedings of the Company, except as provided herein.

          Section 11. Adjustment of Purchase Price, Number of Shares or Number
                       -------------------------------------------------------
of Rights. The Purchase Price, the number of Preferred Shares covered by each
---------
Right and the number of Rights outstanding are subject to adjustment from time
to time as provided in this Section 11.

          (a) (i) In the event the Company shall at any time after the date of
this Agreement (A) declare a dividend on the Preferred Shares payable in
Preferred Shares, (B) subdivide the outstanding Preferred Shares, (C) combine
the outstanding Preferred Shares into a smaller number of Preferred Shares or
(D) issue any shares of its capital stock in a reclassification of the Preferred
Shares (including any such reclassification in connection with a consolidation
or merger in which the Company is the continuing or surviving corporation),
except as otherwise provided in this Section 11(a), the Purchase Price in effect
at the time of the record date for such dividend or of the effective date of
such subdivision, combination or reclassification, and the number and kind of
shares of capital stock issuable on such date, shall be proportionately adjusted
so that the holder of any Right exercised after such time shall be entitled to
receive the aggregate number and kind of shares of capital stock which, if such
Right had been exercised immediately prior to such date and at a time when the
Preferred Shares transfer books of the Company were open, such holder would have
owned upon such exercise and been entitled to receive by virtue of such
dividend, subdivision, combination or reclassification; provided, however, that
                                                        --------  -------
in no event shall the consideration to be paid upon the exercise of one Right be
less than the aggregate par value of the shares of capital stock of the Company
issuable upon exercise of one Right.

                                       -15-

<PAGE>

                    (ii) Subject to Section 24 hereof, in the event any Person
          becomes an Acquiring Person, each holder of a Right shall thereafter
          have a right to receive, upon exercise thereof at a price equal to the
          then current Purchase Price multiplied by the number of one
          one-hundredths of a Preferred Share for which a Right is then
          exercisable, in accordance with the terms of this Agreement and in
          lieu of Preferred Shares, such number of Common Shares as shall equal
          the result obtained by (A) multiplying the then current Purchase Price
          by the number of one one-hundredths of a Preferred Share for which a
          Right is then exercisable and dividing that product by (B) 50% of the
          then current per share market price of the Common Shares (determined
          pursuant to Section 11(d) hereof) on the date of the occurrence of
          such event. In the event that any Person shall become an Acquiring
          Person and the Rights shall then be outstanding, the Company shall not
          take any action which would eliminate or diminish the benefits
          intended to be afforded by the Rights.

                    From and after the occurrence of such event, any Rights that
          are or were acquired or beneficially owned by any Acquiring Person (or
          any Associate or Affiliate of such Acquiring Person) shall be void,
          and any holder of such Rights shall thereafter have no right to
          exercise such Rights under any provision of this Agreement. No Right
          Certificate shall be issued pursuant to Section 3 hereof that
          represents Rights beneficially owned by an Acquiring Person whose
          Rights would be void pursuant to the preceding sen-

                                       -16-

<PAGE>

          tence or any Associate or Affiliate thereof; no Right Certificate
          shall be issued at any time upon the transfer of any Rights to an
          Acquiring Person whose Rights would be void pursuant to the preceding
          sentence or any Associate or Affiliate thereof or to any nominee of
          such Acquiring Person, Associate or Affiliate; and any Right
          Certificate delivered to the Rights Agent for transfer to an Acquiring
          Person whose Rights would be void pursuant to the preceding sen- tence
          shall be cancelled.

                    (iii) In the event that there shall not be sufficient Common
          Shares issued but not outstanding or authorized but unissued to permit
          the exercise in full of the Rights in accordance with subparagraph
          (ii) above, the Company shall take all such action as may be necessary
          to authorize additional Common Shares for issuance upon exercise of
          the Rights. In the event the Company shall, after good faith effort,
          be unable to take all such action as may be necessary to authorize
          such additional Common Shares, the Company shall (A) substitute, for
          each Common Share that would otherwise be issuable upon exercise of a
          Right, a number of Preferred Shares or fraction thereof such that the
          current per share market price of one Preferred Share multiplied by
          such number or fraction is equal to the current per share market price
          of one Common Share as of the date of issuance of such Preferred
          Shares or fraction thereof and/or (B) reduce the number of Common
          Shares issuable upon exercise of each Right (but in no event more than
          50% of the Common Shares otherwise issuable), and make a reduction in
          the Purchase Price by an amount equal to the product of (i) the
          current per share market price of the Common Shares utilized in
          determining the number of Common Shares otherwise issuable pursuant to
          Section 11(a)(ii) and (ii) the number of Common Shares by which the
          total number of Common Shares otherwise issuable upon exercise of a
          Right has been reduced.

                                       -17-

<PAGE>

          (b) In case the Company shall fix a record date for the issuance of
rights, options or warrants to all holders of Preferred Shares entitling them
(for a period expiring within 45 calendar days after such record date) to
subscribe for or purchase Preferred Shares (or shares having the same rights,
privileges and preferences as the Preferred Shares ("equivalent preferred
shares")) or securities convertible into Preferred Shares or equivalent
preferred shares at a price per Preferred Share or equivalent preferred share
(or having a conversion price per share, if a security convertible into
Preferred Shares or equivalent preferred shares) less than the then current per
share market price of the Preferred Shares (as defined in Section 11(d)) on such
record date, the Purchase Price to be in effect after such record date shall be
determined by multiplying the Purchase Price in effect immediately prior to such
record date by a fraction, the numerator of which shall be the number of
Preferred Shares outstanding on such record date plus the number of Preferred
Shares which the aggregate offering price of the total number of Preferred
Shares and/or equivalent preferred shares so to be offered (and/or the aggregate
initial conversion price of the convertible securities so to be offered) would
purchase at such current market price and the denominator of which shall be the
number of Preferred Shares outstanding on such record date plus the number of
additional Preferred Shares and/or equivalent preferred shares to be offered for
subscription or purchase (or into which the convertible securities so to be
offered are initially convertible); provided, however, that in no event shall
                                    --------  -------
the consideration to be paid upon the exercise of one Right be less than the
aggregate par value of the shares of capital stock of the Company issuable upon
exercise of one Right. In case such subscription price may be paid in a
consideration part or all of which shall be in a form other than cash, the value
of such consideration shall be as determined in good faith by the Board of
Directors of the Company, whose determination shall be described in a statement
filed with the Rights Agent and shall be binding on

                                       -18-

<PAGE>

the Rights Agent and holders of the Rights. Preferred Shares owned by or held
for the account of the Company shall not be deemed outstanding for the purpose
of any such computation. Such adjustment shall be made successively whenever
such a record date is fixed; and, in the event that such rights, options or
warrants are not so issued, the Purchase Price shall be adjusted to be the
Purchase Price which would then be in effect if such record date had not been
fixed.

          (c) In case the Company shall fix a record date for the making of a
distribution to all holders of the Preferred Shares (including any such
distribution made in connection with a consolidation or merger in which the
Company is the continuing or surviving corporation) of evidences of indebtedness
or assets (other than a regular quarterly cash dividend or a dividend payable in
Preferred Shares) or subscription rights or warrants (excluding those referred
to in Section 11(b) hereof), the Purchase Price to be in effect after such
record date shall be determined by multiplying the Purchase Price in effect
immediately prior to such record date by a fraction, the numerator of which
shall be the then-current per share market price of the Preferred Shares on such
record date, less the fair market value (as determined in good faith by the
Board of Directors of the Company, whose determination shall be described in a
statement filed with the Rights Agent and shall be binding on the Rights Agent
and holders of the Rights) of the portion of the assets or evidences of
indebtedness so to be distributed or of such subscription rights or warrants
applicable to one Preferred Share and the denominator of which shall be such
then-current per share market price of the Preferred Shares on such record date;
provided, however, that in no event shall the consideration to be paid upon the
--------  -------
exercise of one Right be less than the aggregate par value of the shares of
capital stock of the Company to be issued upon exercise of one Right. Such
adjustments shall be made successively whenever such a record date is fixed;

                                       -19-

<PAGE>

and, in the event that such distribution is not so made, the Purchase Price
shall again be adjusted to be the Purchase Price which would then be in effect
if such record date had not been fixed.

          (d) (i) For the purpose of any computation hereunder, the "current per
share market price" of any security (a "Security" for the purpose of this
                                        --------
Section 11(d)(i)) on any date shall be deemed to be the average of the daily
closing prices per share of such Security for the 30 consecutive Trading Days
immediately prior to such date; provided, however, that, in the event that the
                                --------  -------
current per share market price of the Security is determined during a period
following the announcement by the issuer of such Security of (A) a dividend or
distribution on such Security payable in shares of such Security or Securities
convertible into such shares, or (B) any subdivision, combination or
reclassification of such Security and prior to the expiration of 30 Trading Days
after the ex-dividend date for such dividend or distribution, or the record date
for such subdivision, combination or reclassification, then, and in each such
case, the current per share market price shall be appropriately adjusted to
reflect the current market price per share equivalent of such Security. The
closing price for each day shall be the last sale price, regular way, reported
at or prior to 4:00 P.M. Eastern time or, in case no such sale takes place on
such day, the average of the bid and asked prices, regular way, reported as of
4:00 P.M. Eastern time, in either case, as reported in the principal
consolidated transaction reporting system with respect to securities listed or
admitted to trading on the New York Stock Exchange or, if the Security is not
listed or admitted to trading on the New York Stock Exchange, as reported in the
principal consolidated transaction reporting system with respect to securities
listed on the principal national securities exchange on which the Security is
listed or admitted to trading or, if the Security is not listed or admitted to
trading on any national securities exchange, the last quoted price reported at
or prior to 4:00 P.M. Eastern time or, if not so quoted, the average of the high
bid and low asked prices in

                                       -20-

<PAGE>

the over-the-counter market, as reported as of 4:00 P.M. Eastern time
by NASDAQ or such other system then in use, or, if on any such date the Security
is not quoted by any such organization, the average of the closing bid and asked
prices as furnished by a professional market maker making a market in the
Security selected by the Board of Directors of the Company. The term "Trading
                                                                      -------
Day" shall mean a day on which the principal national securities exchange on
---
which the Security is listed or admitted to trading is open for the transaction
of business, or, if the Security is not listed or admitted to trading on any
national securities exchange, a Business Day.

                    (ii) For the purpose of any computation hereunder, the
          "current per share market price" of the Preferred Shares shall be
          determined in accordance with the method set forth in Section
          11(d)(i). If the Preferred Shares are not publicly traded, the
          "current per share market price" of the Preferred Shares shall be
          conclusively deemed to be the current per share market price of the
          Common Shares as determined pursuant to Section 11(d)(i) hereof
          (appropriately adjusted to reflect any stock split, stock dividend or
          similar transaction occurring after the date hereof), multiplied by
          one hundred. If neither the Common Shares nor the Preferred Shares are
          publicly held or so listed or traded, "current per share market price"
          shall mean the fair value per share as determined in good faith by the
          Board of Directors of the Company, whose determination shall be
          described in a statement filed with the Rights Agent.

          (e) No adjustment in the Purchase Price shall be required unless such
adjustment would require an increase or decrease of at least 1% in the Purchase
Price; provided, however, that any adjustments which by reason of this Section
       --------  -------
11(e) are not required to be made shall be carried forward and taken into
account in any subsequent adjustment. All calculations under

                                       -21-

<PAGE>

this Section 11 shall be made to the nearest cent or to the nearest one
one-millionth of a Preferred Share or one ten-thousandth of any other share or
security as the case may be. Notwithstanding the first sentence of this Section
11(e), any adjustment required by this Section 11 shall be made no later than
the earlier of (i) three years from the date of the transaction which requires
such adjustment or (ii) the date of the expiration of the right to exercise any
Rights.

          (f) If, as a result of an adjustment made pursuant to Section 11(a)
hereof, the holder of any Right thereafter exercised shall become entitled to
receive any shares of capital stock of the Company other than Preferred Shares,
thereafter the number of such other shares so receivable upon exercise of any
Right shall be subject to adjustment from time to time in a manner and on terms
as nearly equivalent as practicable to the provisions with respect to the
Preferred Shares contained in Section 11(a) through (c) hereof, inclusive, and
the provisions of Sections 7, 9, 10 and 13 hereof with respect to the Preferred
Shares shall apply on like terms to any such other shares.

          (g) All Rights originally issued by the Company subsequent to any
adjustment made to the Purchase Price hereunder shall evidence the right to
purchase, at the adjusted Purchase Price, the number of one one-hundredths of a
Preferred Share purchasable from time to time hereunder upon exercise of the
Rights, all subject to further adjustment as provided herein.

          (h) Unless the Company shall have exercised its election as provided
in Section 11(i) hereof, upon each adjustment of the Purchase Price as a result
of the calculations made in Sections 11(b) and (c) hereof, each Right
outstanding immediately prior to the making of such adjustment shall thereafter
evidence the right to purchase, at the adjusted Purchase Price, that number of
one one-hundredths of a Preferred Share (calculated to the nearest one
one-millionth

                                       -22-

<PAGE>

of a Preferred Share) obtained by (A) multiplying (x) the number of one
one-hundredths of a share covered by a Right immediately prior to this
adjustment by (y) the Purchase Price in effect immediately prior to such
adjustment of the Purchase Price and (B) dividing the product so obtained by the
Purchase Price in effect immediately after such adjustment of the Purchase
Price.

          (i) The Company may elect, on or after the date of any adjustment of
the Purchase Price, to adjust the number of Rights in substitution for any
adjustment in the number of one one-hundredths of a Preferred Share purchasable
upon the exercise of a Right. Each of the Rights outstanding after such
adjustment of the number of Rights shall be exercisable for the number of one
one-hundredths of a Preferred Share for which a Right was exercisable
immediately prior to such adjustment. Each Right held of record prior to such
adjustment of the number of Rights shall become that number of Rights
(calculated to the nearest one ten-thousandth) obtained by dividing the Purchase
Price in effect immediately prior to adjustment of the Purchase Price by the
Purchase Price in effect immediately after adjustment of the Purchase Price. The
Company shall make a public announcement of its election to adjust the number of
Rights, indi cating the record date for the adjustment, and, if known at the
time, the amount of the adjustment to be made. This record date may be the date
on which the Purchase Price is adjusted or any day thereafter, but, if the Right
Certificates have been issued, shall be at least 10 days later than the date of
the public announcement. If Right Certificates have been issued, upon each
adjustment of the number of Rights pursuant to this Section 11(i), the Company
shall, as promptly as practicable, cause to be distributed to holders of record
of Right Certificates on such record date Right Certificates evidencing, subject
to Section 14 hereof, the additional Rights to which such holders shall be
entitled as a result of such adjustment, or, at the option of the Company, shall
cause to be distributed to such holders of record in substitution and
replacement for the Right Certificates

                                       -23-

<PAGE>

held by such holders prior to the date of adjustment, and upon surrender
thereof, if required by the Company, new Right Certificates evidencing all the
Rights to which such holders shall be entitled after such adjustment. Right
Certificates so to be distributed shall be issued, executed and countersigned in
the manner provided for herein, and shall be registered in the names of the
holders of record of Right Certificates on the record date specified in the
public announcement.

          (j) Irrespective of any adjustment or change in the Purchase Price or
in the number of one one-hundredths of a Preferred Share issuable upon the
exercise of the Rights, the Right Certificates theretofore and thereafter issued
may continue to express the Purchase Price and the number of one one-hundredths
of a Preferred Share which were expressed in the initial Right Certificates
issued hereunder.

          (k) Before taking any action that would cause an adjustment reducing
the Purchase Price below one one-hundredth of the then par value, if any, of the
Preferred Shares issuable upon exercise of the Rights, the Company shall take
any corporate action which may, in the opinion of its counsel, be necessary in
order that the Company may validly and legally issue fully paid and
nonassessable Preferred Shares at such adjusted Purchase Price.

          (l) In any case in which this Section 11 shall require that an
adjustment in the Purchase Price be made effective as of a record date for a
specified event, the Company may elect to defer until the occurrence of such
event the issuing to the holder of any Right exercised after such record date of
the Preferred Shares and other capital stock or securities of the Company, if
any, issuable upon such exercise over and above the Preferred Shares and other
capital stock or securities of the Company, if any, issuable upon such exercise
on the basis of the Purchase Price in effect prior to such adjustment; provided,
                                                                       --------
however, that the Company shall deliver
-------

                                       -24-

<PAGE>

to such holder a due bill or other appropriate instrument evidencing such
holder's right to receive such additional shares upon the occurrence of the
event requiring such adjustment.

          (m) The Company covenants and agrees that, after the Distribution
Date, it will not, except as permitted by Section 23 or Section 27 hereof, take
(or permit any Subsidiary to take) any action if at the time such action is
taken it is reasonably foreseeable that such action will diminish substantially
or otherwise eliminate the benefits intended to be afforded by the Rights.

          (n) Anything in this Section 11 to the contrary notwithstanding, the
Company shall be entitled to make such reductions in the Purchase Price, in
addition to those adjustments expressly required by this Section 11, as and to
the extent that it, in its sole discretion, shall determine to be advisable in
order that any consolidation or subdivision of the Preferred Shares, issuance
wholly for cash of any Preferred Shares at less than the current market price,
issuance wholly for cash of Preferred Shares or securities which by their terms
are convertible into or exchangeable for Preferred Shares, dividends on
Preferred Shares payable in Preferred Shares or issuance of rights, options or
warrants referred to in Section 11(b) hereof, hereafter made by the Company to
holders of the Preferred Shares shall not be taxable to such stockholders.

          (o) In the event that, at any time after the date of this Agreement
and prior to the Distribution Date, the Company shall (i) declare or pay any
dividend on the Common Shares payable in Common Shares, or (ii) effect a
subdivision, combination or consolidation of the Common Shares (by
reclassification or otherwise than by payment of dividends in Common Shares)
into a greater or lesser number of Common Shares, then, in any such case, (A)
the number of one one-hundredths of a Preferred Share purchasable after such
event upon proper exer-

                                       -25-

<PAGE>

cise of each Right shall be determined by multiplying the number of one
one-hundredths of a Preferred Share so purchasable immediately prior to such
event by a fraction, the numerator of which is the number of Common Shares
outstanding immediately before such event and the denominator of which is the
number of Common Shares outstanding immediately after such event, and (B) each
Common Share outstanding immediately after such event shall have issued with
respect to it that number of Rights which each Common Share outstanding
immediately prior to such event had issued with respect to it. The adjustments
provided for in this Section 11(o) shall be made successively whenever such a
dividend is declared or paid or such a subdivision, combination or consolidation
is effected.

          Section 12. Certificate of Adjusted Purchase Price or Number of
                      ---------------------------------------------------
Shares. Whenever an adjustment is made as provided in Section 11 or 13 hereof,
------
the Company shall promptly (a) prepare a certificate setting forth such
adjustment and a brief statement of the facts accounting for such adjustment,
(b) file with the Rights Agent and with each transfer agent for the Common
Shares or the Preferred Shares and the Securities and Exchange Commission a copy
of such certificate and (c) if such adjustment occurs at any time after the
Distribution Date, mail a brief summary thereof to each holder of a Right
Certificate in accordance with Section 25 hereof.

          Section 13. Consolidation, Merger or Sale or Transfer of Assets or
                      ------------------------------------------------------
Earning Power. In the event, directly or indirectly, at any time after a Person
-------------
has become an Acquiring Person, (a) the Company shall consolidate with, or merge
with and into, any other Person, (b) any Person shall consolidate with the
Company, or merge with and into the Company and the Company shall be the
continuing or surviving corporation of such merger and, in connection with such
merger, all or part of the Common Shares shall be changed into or exchanged for
stock

                                       -26-

<PAGE>

or other securities of any other Person (or the Company) or cash or any
other property, or (c) the Company shall sell or otherwise transfer (or one or
more of its Subsidiaries shall sell or otherwise transfer), in one or more
transactions, assets or earning power aggregating 50% or more of the assets or
earning power of the Company and its Subsidiaries (taken as a whole) to any
other Person other than the Company or one or more of its wholly-owned
Subsidiaries, then, and in each such case, proper provision shall be made so
that (i) each holder of a Right (except as otherwise provided herein) shall
thereafter have the right to receive, upon the exercise thereof at a price equal
to the then current Purchase Price multiplied by the number of one
one-hundredths of a Preferred Share for which a Right is then exercisable, in
accordance with the terms of this Agreement and in lieu of Preferred Shares,
such number of Common Shares of such other Person (including the Company as
successor thereto or as the surviving corporation) as shall equal the result
obtained by (A) multiplying the then current Purchase Price by the number of one
one-hundredths of a Preferred Share for which a Right is then exercisable and
dividing that product by (B) 50% of the then current per share market price of
the Common Shares of such other Person (determined pursuant to Section 11(d)
hereof) on the date of consummation of such consolidation, merger, sale or
transfer; (ii) the issuer of such Common Shares shall thereafter be liable for,
and shall assume, by virtue of such consolidation, merger, sale or transfer, all
the obligations and duties of the Company pursuant to this Agreement; (iii) the
term "Company" shall thereafter be deemed to refer to such issuer; and (iv) such
issuer shall take such steps (including, but not limited to, the reservation of
a sufficient number of its Common Shares in accordance with Section 9 hereof) in
connection with such consummation as may be necessary to assure that the
provisions hereof shall thereafter be applicable, as nearly as reasonably may
be, in relation to the Common Shares thereafter deliverable upon the exercise of
the Rights. The Company shall

                                       -27-

<PAGE>

not consummate any such consolidation, merger, sale or transfer unless, prior
thereto, the Company and such issuer shall have executed and delivered to the
Rights Agent a supplemental agreement so providing. The Company shall not enter
into any transaction of the kind referred to in this Section 13 if at the time
of such transaction there are any rights, warrants, instruments or securities
outstanding or any agreements or arrangements which, as a result of the
consummation of such transaction, would eliminate or substantially diminish the
benefits intended to be afforded by the Rights. The provisions of this Section
13 shall similarly apply to successive mergers or consolidations or sales or
other transfers.

          Section 14. Fractional Rights and Fractional Shares. (a) The Company
                      ---------------------------------------
shall not be required to issue fractions of Rights or to distribute Right
Certificates which evidence fractional Rights. In lieu of such fractional
Rights, there shall be paid to the registered holders of the Right Certificates
with regard to which such fractional Rights would otherwise be issuable, an
amount in cash equal to the same fraction of the current market value of a whole
Right. For the purposes of this Section 14(a), the current market value of a
whole Right shall be the closing price of the Rights for the Trading Day
immediately prior to the date on which such fractional Rights would have been
otherwise issuable. The closing price for any day shall be the last sale price,
regular way, or, in case no such sale takes place on such day, the average of
the closing bid and asked prices, regular way, in either case, as reported in
the principal consolidated transaction reporting system with respect to
securities listed or admitted to trading on the New York Stock Exchange or, if
the Rights are not listed or admitted to trading on the New York Stock Exchange,
as reported in the principal consolidated transaction reporting system with
respect to securities listed on the principal national securities exchange on
which the Rights are listed or admitted to trading or, if the Rights are not
listed or admitted to trading on any national securities exchange,

                                       -28-

<PAGE>

the last quoted price or, if not so quoted, the average of the high bid and low
asked prices in the over-the-counter market, as reported by NASDAQ or such other
system then in use or, if on any such date the Rights are not quoted by any such
organization, the average of the closing bid and asked prices as furnished by a
professional market maker making a market in the Rights selected by the Board of
Directors of the Company. If on any such date no such market maker is making a
market in the Rights, the fair value of the Rights on such date as determined in
good faith by the Board of Directors of the Company shall be used.

          (b) The Company shall not be required to issue fractions of Preferred
Shares (other than fractions which are integral multiples of one one-hundredth
of a Preferred Share) upon exercise of the Rights or to distribute certificates
which evidence fractional Preferred Shares (other than fractions which are
integral multiples of one one-hundredth of a Preferred Share). Fractions of
Preferred Shares in integral multiples of one one-hundredth of a Preferred Share
may, at the election of the Company, be evidenced by depositary receipts,
pursuant to an appropriate agreement between the Company and a depositary
selected by it; provided that such agreement shall provide that the holders of
such depositary receipts shall have all the rights, privileges and preferences
to which they are entitled as beneficial owners of the Preferred Shares
represented by such depositary receipts. In lieu of fractional Preferred Shares
that are not integral multiples of one one-hundredth of a Preferred Share, the
Company shall pay to the registered holders of Right Certificates at the time
such Rights are exercised as herein provided an amount in cash equal to the same
fraction of the current market value of one Preferred Share. For the purposes of
this Section 14(b), the current market value of a Preferred Share shall be the
closing price of a Preferred Share (as determined pursuant to the second
sentence of Section 11(d)(i) hereof) for the Trading Day immediately prior to
the date of such exercise.

                                       -29-

<PAGE>

          (c) The holder of a Right, by the acceptance of the Right, expressly
waives such holder's right to receive any fractional Rights or any fractional
shares upon exercise of a Right (except as provided above).

          Section 15. Rights of Action. All rights of action in respect of this
                      ----------------
Agreement, excepting the rights of action given to the Rights Agent under
Section 18 hereof, are vested in the respective registered holders of the Right
Certificates (and, prior to the Distribution Date, the registered holders of the
Common Shares); and any registered holder of any Right Certificate (or, prior to
the Distribution Date, of the Common Shares), without the consent of the Rights
Agent or of the holder of any other Right Certificate (or, prior to the
Distribution Date, of the Common Shares), may, in such holder's own behalf and
for such holder's own benefit, enforce, and may institute and maintain any suit,
action or proceeding against the Company to enforce, or otherwise act in respect
of, such holder's right to exercise the Rights evidenced by such Right
Certificate in the manner provided in such Right Certificate and in this
Agreement. Without limiting the foregoing or any remedies available to the
holders of Rights, it is specifically acknowledged that the holders of Rights
would not have an adequate remedy at law for any breach of this Agreement, and
will be entitled to specific performance of the obligations under, and
injunctive relief against actual or threatened violations of the obligations of
any Person subject to, this Agreement.

          Section 16. Agreement of Right Holders. Every holder of a Right, by
                      --------------------------
accepting the same, consents and agrees with the Company and the Rights Agent
and with every other holder of a Right that:

                                       -30-

<PAGE>

          (a) prior to the Distribution Date, the Rights will be transferable
only in connection with the transfer of the Common Shares;

          (b) after the Distribution Date, the Right Certificates are
transferable only on the registry books of the Rights Agent if surrendered at
the principal office of the Rights Agent, duly endorsed or accompanied by a
proper instrument of transfer; and

          (c) the Company and the Rights Agent may deem and treat the person in
whose name the Right Certificate (or, prior to the Distribution Date, the
associated Common Shares certificate) is registered as the absolute owner
thereof and of the Rights evidenced thereby (notwithstanding any notations of
ownership or writing on the Right Certificate or the associated Common Shares
certificate made by anyone other than the Company or the Rights Agent) for all
purposes whatsoever, and neither the Company nor the Rights Agent shall be
affected by any notice to the contrary.

          Section 17. Right Certificate Holder Not Deemed a Stockholder. No
                      -------------------------------------------------
holder, as such, of any Right Certificate shall be entitled to vote, receive
dividends or be deemed for any purpose the holder of the Preferred Shares or any
other securities of the Company which may at any time be issuable on the
exercise of the Rights represented thereby, nor shall anything contained herein
or in any Right Certificate be construed to confer upon the holder of any Right
Certificate, as such, any of the rights of a stockholder of the Company or any
right to vote for the election of directors or upon any matter submitted to
stockholders at any meeting thereof, or to give or withhold consent to any
corporate action, or to receive notice of meetings or other actions affecting
stockholders (except as provided in Section 25 hereof), or to receive dividends
or sub-

                                       -31-

<PAGE>

scription rights, or otherwise, until the Right or Rights evidenced by such
Right Certificate shall have been exercised in accordance with the provisions
hereof.

          Section 18. Concerning the Rights Agent. The Company agrees to pay to
                      ---------------------------
the Rights Agent reasonable compensation for all services rendered by it
hereunder, and, from time to time, on demand of the Rights Agent, its reasonable
expenses and counsel fees and other disbursements incurred in the administration
and execution of this Agreement and the exercise and performance of its duties
hereunder. The Company also agrees to indemnify the Rights Agent for, and to
hold it harmless against, any loss, liability, or expense incurred without
negligence, bad faith or willful misconduct on the part of the Rights Agent, for
anything done or omitted by the Rights Agent in connection with the acceptance
and administration of this Agreement, including the costs and expenses of
defending against any claim of liability in the premises.

          The Rights Agent shall be protected and shall incur no liability for,
or in respect of any action taken, suffered or omitted by it in connection with,
its administration of this Agreement in reliance upon any Right Certificate or
certificate for the Preferred Shares or Common Shares or for other securities of
the Company, instrument of assignment or transfer, power of attorney,
endorsement, affidavit, letter, notice, direction, consent, certificate,
statement, or other paper or document believed by it to be genuine and to be
signed, executed and, where necessary, verified or acknowledged, by the proper
person or persons, or otherwise upon the advice of counsel as set forth in
Section 20 hereof.

          Section 19. Merger or Consolidation or Change of Name of Rights Agent.
                      ---------------------------------------------------------
Any corporation into which the Rights Agent or any successor Rights Agent may be
merged or with which it may be consolidated, or any corporation resulting from
any merger or consolida-

                                       -32-

<PAGE>

tion to which the Rights Agent or any successor Rights Agent shall be a party,
or any corporation succeeding to the stock transfer or corporate trust powers of
the Rights Agent or any successor Rights Agent, shall be the successor to the
Rights Agent under this Agreement without the execution or filing of any paper
or any further act on the part of any of the parties hereto; provided that such
                                                             --------
corporation would be eligible for appointment as a successor Rights Agent under
the provisions of Section 21 hereof. In case at the time such successor Rights
Agent shall succeed to the agency created by this Agreement, any of the Right
Certificates shall have been countersigned but not delivered, any such successor
Rights Agent may adopt the countersignature of the predecessor Rights Agent and
deliver such Right Certificates so countersigned; and, in case at that time any
of the Right Certificates shall not have been countersigned, any successor
Rights Agent may countersign such Right Certificates either in the name of the
predecessor Rights Agent or in the name of the successor Rights Agent; and, in
all such cases, such Right Certificates shall have the full force provided in
the Right Certificates and in this Agreement.

          In case at any time the name of the Rights Agent shall be changed and
at such time any of the Right Certificates shall have been countersigned but not
delivered, the Rights Agent may adopt the countersignature under its prior name
and deliver Right Certificates so countersigned; and, in case at that time any
of the Right Certificates shall not have been countersigned, the Rights Agent
may countersign such Right Certificates either in its prior name or in its
changed name; and, in all such cases, such Right Certificates shall have the
full force provided in the Right Certificates and in this Agreement.

          Section 20. Duties of Rights Agent. The Rights Agent undertakes the
                      ----------------------
duties and obligations imposed by this Agreement upon the following terms and
conditions, by all of

                                       -33-

<PAGE>

which the Company and the holders of Right Certificates, by their acceptance
thereof, shall be bound:

          (a) The Rights Agent may consult with legal counsel (who may be legal
counsel for the Company), and the opinion of such counsel shall be full and
complete authorization and protection to the Rights Agent as to any action taken
or omitted by it in good faith and in accordance with such opinion.

          (b) Whenever in the performance of its duties under this Agreement the
Rights Agent shall deem it necessary or desirable that any fact or matter be
proved or established by the Company prior to taking or suffering any action
hereunder, such fact or matter (unless other evidence in respect thereof be
herein specifically prescribed) may be deemed to be conclusively proved and
established by a certificate signed by any one of the Chairman of the Board, the
Chief Executive Officer, the President, any Vice President, the Treasurer or the
Secretary of the Company and delivered to the Rights Agent; and such certificate
shall be full authorization to the Rights Agent for any action taken or suffered
in good faith by it under the provisions of this Agreement in reliance upon such
certificate.

          (c) The Rights Agent shall be liable hereunder to the Company and any
other Person only for its own negligence, bad faith or willful misconduct.

          (d) The Rights Agent shall not be liable for or by reason of any of
the statements of fact or recitals contained in this Agreement or in the Right
Certificates (except its countersignature thereof) or be required to verify the
same, but all such statements and recitals are and shall be deemed to have been
made by the Company only.

                                       -34-

<PAGE>

          (e) The Rights Agent shall not be under any responsibility in respect
of the validity of this Agreement or the execution and delivery hereof (except
the due execution hereof by the Rights Agent) or in respect of the validity or
execution of any Right Certificate (except its countersignature thereof); nor
shall it be responsible for any breach by the Company of any covenant or
condition contained in this Agreement or in any Right Certificate; nor shall it
be responsible for any change in the exercisability of the Rights (including the
Rights becoming void pursuant to Section 11(a)(ii) hereof) or any adjustment in
the terms of the Rights (including the manner, method or amount thereof)
provided for in Section 3, 11, 13, 23 or 24 hereof, or the ascertaining of the
existence of facts that would require any such change or adjustment (except with
respect to the exercise of Rights evidenced by Right Certificates after actual
notice that such change or adjustment is required); nor shall it by any act
hereunder be deemed to make any representation or warranty as to the
authorization or reservation of any Preferred Shares to be issued pursuant to
this Agreement or any Right Certificate or as to whether any Preferred Shares
will, when issued, be validly authorized and issued, fully paid and
nonassessable.

          (f) The Company agrees that it will perform, execute, acknowledge and
deliver or cause to be performed, executed, acknowledged and delivered all such
further and other acts, instruments and assurances as may reasonably be required
by the Rights Agent for the carrying out or performing by the Rights Agent of
the provisions of this Agreement.

          (g) The Rights Agent is hereby authorized and directed to accept
instructions with respect to the performance of its duties hereunder from any
one of the Chairman of the Board, the Chief Executive Officer, the President,
any Vice President, the Secretary or the Treasurer of the Company, and to apply
to such officers for advice or instructions in connection with its duties, and
it shall not be liable for any action taken or suffered by it in good faith in
ac-

                                       -35-

<PAGE>

cordance with instructions of any such officer or for any delay in acting while
waiting for those instructions.

          (h) The Rights Agent and any stockholder, director, officer or
employee of the Rights Agent may buy, sell or deal in any of the Rights or other
securities of the Company or become pecuniarily interested in any transaction in
which the Company may be interested, or contract with or lend money to the
Company or otherwise act as fully and freely as though it were not Rights Agent
under this Agreement. Nothing herein shall preclude the Rights Agent from acting
in any other capacity for the Company or for any other legal entity.

          (i) The Rights Agent may execute and exercise any of the rights or
powers hereby vested in it or perform any duty hereunder either itself or by or
through its attorneys or agents, and the Rights Agent shall not be answerable or
accountable for any act, default, neglect or misconduct of any such attorneys or
agents or for any loss to the Company resulting from any such act, default,
neglect or misconduct, provided that reasonable care was exercised in the
selection and continued employment thereof.

          Section 21. Change of Rights Agent. The Rights Agent or any successor
                      ----------------------
Rights Agent may resign and be discharged from its duties under this Agreement
upon 30 days' notice in writing mailed to the Company and to each transfer agent
of the Common Shares or Preferred Shares by registered or certified mail, and to
the holders of the Right Certificates by first-class mail. The Company may
remove the Rights Agent or any successor Rights Agent upon 30 days' notice in
writing, mailed to the Rights Agent or successor Rights Agent, as the case may
be, and to each transfer agent of the Common Shares or Preferred Shares by
registered or certified mail, and to the holders of the Right Certificates by
first-class mail. If the Rights

                                       -36-

<PAGE>

Agent shall resign or be removed or shall otherwise become incapable of acting,
the Company shall appoint a successor to the Rights Agent. If the Company shall
fail to make such appointment within a period of 30 days after giving notice of
such removal or after it has been notified in writing of such resignation or
incapacity by the resigning or incapacitated Rights Agent or by the holder of a
Right Certificate (which holder shall, with such notice, submit such holder's
Right Certificate for inspection by the Company), then the registered holder of
any Right Certificate may apply to any court of competent jurisdiction for the
appointment of a new Rights Agent. Any successor Rights Agent, whether appointed
by the Company or by such a court, shall be a corporation organized and doing
business under the laws of the United States or of the State of [State of Rights
Agent] (or of any other state of the United States so long as such corporation
is authorized to do business as a banking institution in the State of [State of
Rights Agent]), in good standing, having an office in the State of [State of
Rights Agent], which is authorized under such laws to exercise corporate trust
or stock transfer powers and is subject to supervision or examination by federal
or state authority and which has at the time of its appointment as Rights Agent
a combined capital and surplus of at least $50 million. After appointment, the
successor Rights Agent shall be vested with the same powers, rights, duties and
responsibilities as if it had been originally named as Rights Agent without
further act or deed; but the predecessor Rights Agent shall deliver and transfer
to the successor Rights Agent any property at the time held by it hereunder, and
execute and deliver any further assurance, conveyance, act or deed necessary for
the purpose. Not later than the effective date of any such appointment, the
Company shall file notice thereof in writing with the predecessor Rights Agent
and each transfer agent of the Common Shares or Preferred Shares, and mail a
notice thereof in writing to the registered holders of the Right Certificates.
Failure to give any notice provided for in this Section

                                       -37-

<PAGE>

21, however, or any defect therein, shall not affect the legality or validity of
the resignation or removal of the Rights Agent or the appointment of the
successor Rights Agent, as the case may be.

          Section 22. Issuance of New Right Certificates. Notwithstanding any of
                      ----------------------------------
the provisions of this Agreement or of the Rights to the contrary, the Company
may, at its option, issue new Right Certificates evidencing Rights in such form
as may be approved by the Board of Directors of the Company to reflect any
adjustment or change in the Purchase Price and the number or kind or class of
shares or other securities or property purchasable under the Right Certificates
made in accordance with the provisions of this Agreement. In addition, in
connection with the issuance or sale of Common Shares following the Distribution
Date and prior to the redemption or expiration of the Rights, the Company (a)
shall, with respect to Common Shares so issued or sold pursuant to the exercise
of stock options or under any employee plan or arrangement, granted or awarded
as of the Distribution Date, or upon the exercise, conversion or exchange of
securities hereinafter issued by the Company, and (b) may, in any other case, if
deemed necessary or appropriate by the Board of Directors of the Company, issue
Rights Certificates representing the appropriate number of Rights in connection
with such issuance or sale; provided, however, that (i) no such Rights
Certificate shall be issued if, and to the extent that, the Company shall be
advised by counsel that such issuance would create a significant risk of
material adverse tax consequences to the Company or the Person to whom such
Rights Certificate would be issued, and (ii) no such Rights Certificate shall be
issued if, and to the extent that, appropriate adjustment shall otherwise have
been made in lieu of the issuance thereof.

          Section 23. Redemption. (a) The Board of Directors of the Company may,
                      ----------
at its option, at any time prior to the earlier of (i) the close of business on
the tenth Business Day

                                       -38-

<PAGE>

following the Shares Acquisition Date, (ii) the effective time of a merger
pursuant to Section 253 of the Delaware General Corporation Law between the
Company and a Person owning at least 90% of the Common Shares, or (iii) the
Final Expiration Date, redeem all but not less than all the then outstanding
Rights at a redemption price of $.01 per Right, appropriately adjusted to
reflect any stock split, stock dividend or similar transaction occurring after
the date hereof (such redemption price being hereinafter referred to as the
"Redemption Price"). The redemption of the Rights by the Board of Directors of
 ----------------
the Company may be made effective at such time, on such basis and with such
conditions as the Board of Directors of the Company, in its sole discretion, may
establish. Notwithstanding anything in this Agreement to the contrary, the
Rights shall not be exercisable after the first occurrence of an event described
in Section 11(a)(ii) herein until such time as the Company's right of redemption
hereunder has expired. The Company may, at its option, pay the Redemption Price
in cash, Common Shares (based on the current per share market price, as
determined in accordance with Section 11(d) hereof, of the Common Shares at the
time of redemption) or any other form of consideration deemed appropriate by the
Board of Directors.

          (b) Immediately upon the action of the Board of Directors of the
Company ordering the redemption of the Rights pursuant to paragraph (a) of this
Section 23, and without any further action and without any notice, the right to
exercise the Rights will terminate and the only right thereafter of the holders
of Rights shall be to receive the Redemption Price. The Company shall promptly
give public notice of any such redemption; provided, however, that the failure
                                           --------  -------
to give, or any defect in, any such notice shall not affect the validity of such
redemption. Promptly after such action of the Board of Directors of the Company
ordering the redemption of the Rights, the Company shall mail a notice of
redemption to all the holders of the then out-

                                       -39-

<PAGE>

standing Rights at their last addresses as they appear upon the registry books
of the Rights Agent or, prior to the Distribution Date, on the registry books of
the transfer agent for the Common Shares. Any notice which is mailed in the
manner herein provided shall be deemed given, whether or not the holder receives
the notice. Each such notice of redemption will state the method by which the
payment of the Redemption Price will be made. Neither the Company nor any of its
Affiliates or Associates may redeem, acquire or purchase for value any Rights at
any time in any manner other than that specifically set forth in this Section 23
or in Section 24 hereof, and other than in connection with the purchase of
Common Shares prior to the Distribution Date.

          Section 24. Exchange. (a) The Board of Directors of the Company may,
                      --------
at its option, at any time after any Person becomes an Acquiring Person,
exchange all or part of the then outstanding and exercisable Rights (which shall
not include Rights that have become void pursuant to the provisions of Section
11(a)(ii) hereof) for Common Shares at an exchange ratio of one Common Share per
Right, appropriately adjusted to reflect any adjustment in the number of Rights
pursuant to Section 11(i) (such exchange ratio being hereinafter referred to as
the "Exchange Ratio"). Notwithstanding the foregoing, the Board of Directors of
     --------------
the Company shall not be empowered to effect such exchange at any time after any
Person (other than the Company, any Subsidiary of the Company, any employee
benefit plan of the Company or any such Subsidiary, or any entity holding Common
Shares for or pursuant to the terms of any such plan), together with all
Affiliates and Associates of such Person, becomes the Beneficial Owner of 50% or
more of the Common Shares then outstanding.

          (b) Immediately upon the action of the Board of Directors of the
Company ordering the exchange of any Rights pursuant to paragraph (a) of this
Section 24 and without any

                                       -40-

<PAGE>

further action and without any notice, the right to exercise such Rights shall
terminate and the only right thereafter of a holder of such Rights shall be to
receive that number of Common Shares equal to the number of such Rights held by
such holder multiplied by the Exchange Ratio. The Company shall promptly give
public notice of any such exchange; provided, however, that the failure to give,
                                    --------  -------
or any defect in, such notice shall not affect the validity of such exchange.
The Company promptly shall mail a notice of any such exchange to all of the
holders of such Rights at their last addresses as they appear upon the registry
books of the Rights Agent. Any notice which is mailed in the manner herein
provided shall be deemed given, whether or not the holder receives the notice.
Each such notice of exchange will state the method by which the exchange of the
Common Shares for Rights will be effected, and, in the event of any partial
exchange, the number of Rights which will be exchanged. Any partial exchange
shall be effected pro rata based on the number of Rights (other than Rights
which have become void pursuant to the provisions of Section 11(a)(ii) hereof)
held by each holder of Rights.

          (c) In the event that there shall not be sufficient Common Shares
issued but not outstanding or authorized but unissued to permit any exchange of
Rights as contemplated in accordance with this Section 24, the Company shall
take all such action as may be necessary to authorize additional Common Shares
for issuance upon exchange of the Rights. In the event the Company shall, after
good faith effort, be unable to take all such action as may be necessary to
authorize such additional Common Shares, the Company shall substitute, for each
Common Share that would otherwise be issuable upon exchange of a Right, a number
of Preferred Shares or fraction thereof such that the current per share market
price of one Preferred Share multiplied by such number or fraction is equal to
the current per share market price of one Common Share as of the date of
issuance of such Preferred Shares or fraction thereof.

                                       -41-

<PAGE>

          (d) The Company shall not be required to issue fractions of Common
Shares or to distribute certificates which evidence fractional Common Shares. In
lieu of such fractional Common Shares, the Company shall pay to the registered
holders of the Right Certificates with regard to which such fractional Common
Shares would otherwise be issuable an amount in cash equal to the same fraction
of the current market value of a whole Common Share. For the purposes of this
paragraph (d), the current market value of a whole Common Share shall be the
closing price of a Common Share (as determined pursuant to the second sentence
of Section 11(d)(i) hereof) for the Trading Day immediately prior to the date of
exchange pursuant to this Section 24.

          Section 25. Notice of Certain Events. (a) In case the Company shall,
                      ------------------------
at any time after the Distribution Date, propose (i) to pay any dividend payable
in stock of any class to the holders of the Preferred Shares or to make any
other distribution to the holders of the Preferred Shares (other than a regular
quarterly cash dividend), (ii) to offer to the holders of the Preferred Shares
rights or warrants to subscribe for or to purchase any additional Preferred
Shares or shares of stock of any class or any other securities, rights or
options, (iii) to effect any reclassification of the Preferred Shares (other
than a reclassification involving only the subdivision of outstanding Preferred
Shares), (iv) to effect any consolidation or merger into or with, or to effect
any sale or other transfer (or to permit one or more of its Subsidiaries to
effect any sale or other transfer), in one or more transactions, of 50% or more
of the assets or earning power of the Company and its Subsidiaries (taken as a
whole) to, any other Person, (v) to effect the liquidation, dissolution or
winding up of the Company, or (vi) to declare or pay any dividend on the Common
Shares payable in Common Shares or to effect a subdivision, combination or
consolidation of the Common Shares (by reclassification or otherwise than by
payment of dividends in

                                       -42-

<PAGE>

Common Shares), then, in each such case, the Company shall give to each holder
of a Right Certificate, in accordance with Section 26 hereof, a notice of such
proposed action, which shall specify the record date for the purposes of such
stock dividend, or distribution of rights or warrants, or the date on which such
reclassification, consolidation, merger, sale, transfer, liquidation,
dissolution, or winding up is to take place and the date of participation
therein by the holders of the Common Shares and/or Preferred Shares, if any such
date is to be fixed, and such notice shall be so given in the case of any action
covered by clause (i) or (ii) above at least 10 days prior to the record date
for determining holders of the Preferred Shares for purposes of such action,
and, in the case of any such other action, at least 10 days prior to the date of
the taking of such proposed action or the date of participation therein by the
holders of the Common Shares and/or Preferred Shares, whichever shall be the
earlier.

          (b) In case the event set forth in Section 11(a)(ii) hereof shall
occur, then the Company shall, as soon as practicable thereafter, give to each
holder of a Right Certificate, in accordance with Section 26 hereof, a notice of
the occurrence of such event, which notice shall describe such event and the
consequences of such event to holders of Rights under Section 11(a)(ii) hereof.

          Section 26. Notices. Notices or demands authorized by this Agreement
                      -------
to be given or made by the Rights Agent or by the holder of any Right
Certificate to or on the Company shall be sufficiently given or made if sent by
first-class mail, postage prepaid, addressed (until another address is filed in
writing with the Rights Agent) as follows:

                  MeadWestvaco Corporation
                  One High Ridge Park
                  Stamford, CT  06905
                  Attention:  Corporate Secretary

                                       -43-

<PAGE>

Subject to the provisions of Section 21 hereof, any notice or demand authorized
by this Agreement to be given or made by the Company or by the holder of any
Right Certificate to or on the Rights Agent shall be sufficiently given or made
if sent by first-class mail, postage prepaid, addressed (until another address
is filed in writing with the Company) as follows:

                  [Name of Rights Agent]
                  ----------------------

                  -----------------------------
                  Attention:

Notices or demands authorized by this Agreement to be given or made by the
Company or the Rights Agent to the holder of any Right Certificate shall be
sufficiently given or made if sent by first-class mail, postage prepaid,
addressed to such holder at the address of such holder as shown on the registry
books of the Company.

          Section 27. Supplements and Amendments. The Company may from time to
                      --------------------------
time supplement or amend this Agreement without the approval of any holders of
Right Certificates in order to cure any ambiguity, to correct or supplement any
provision contained herein which may be defective or inconsistent with any other
provisions herein, or to make any other provisions with respect to the Rights
which the Company may deem necessary or desirable, any such supplement or
amendment to be evidenced by a writing signed by the Company and the Rights
Agent; provided, however, that, from and after such time as any Person becomes
       --------  -------
an Acquiring Person, this Agreement shall not be amended in any manner which
would adversely affect the interests of the holders of Rights.

                                       -44-

<PAGE>

          Section 28. Successors. All the covenants and provisions of this
                      ----------
Agreement by or for the benefit of the Company or the Rights Agent shall bind
and inure to the benefit of their respective successors and assigns hereunder.

          Section 29. Determinations and Actions by the Board of Directors, etc.
                      ---------------------------------------------------------
For all purposes of this Agreement, any calculation of the number of Common
Shares outstanding at any particular time, including for purposes of determining
the particular percentage of such outstanding Common Shares of which any Person
is the Beneficial Owner, shall be made in accordance with the last sentence of
Rule 13d-3(d)(1)(i) of the General Rules and Regulations under the Exchange Act.
The Board of Directors of the Company shall have the exclusive power and
authority to administer this Agreement and to exercise all rights and powers
specifically granted to the Board or to the Company, or as may be necessary or
advisable in the administration of this Agreement, including, without
limitation, the right and power to (i) interpret the provisions of this
Agreement, and (ii) make all determinations deemed necessary or advisable for
the administration of this Agreement (including a determination to redeem or not
redeem the Rights or to amend the Agreement). All such actions, calculations,
interpretations and determinations (including, for purposes of clause (y) below,
all omissions with respect to the foregoing) which are done or made by the Board
in good faith, shall (x) be final, conclusive and binding on the Company, the
Rights Agent, the holders of the Rights and all other parties, and (y) not
subject to the Board, or any of the directors on the Board to any liability to
the holders of the Rights.

          Section 30. Benefits of this Agreement. Nothing in this Agreement
                      --------------------------
shall be construed to give to any Person other than the Company, the Rights
Agent and the registered holders of the Right Certificates (and, prior to the
Distribution Date, the Common Shares) any legal or equitable right, remedy or
claim under this Agreement; but this Agreement shall be for

                                       -45-

<PAGE>

the sole and exclusive benefit of the Company, the Rights Agent and the
registered holders of the Right Certificates (and, prior to the Distribution
Date, the Common Shares).

          Section 31. Severability. If any term, provision, covenant or
                      ------------
restriction of this Agreement is held by a court of competent jurisdiction or
other authority to be invalid, void or unenforceable, the remainder of the
terms, provisions, covenants and restrictions of this Agreement shall remain in
full force and effect and shall in no way be affected, impaired or invalidated.

          Section 32. Governing Law. This Agreement and each Right Certificate
                      -------------
issued hereunder shall be deemed to be a contract made under the laws of the
State of Delaware and for all purposes shall be governed by and construed in
accordance with the laws of such state applicable to contracts to be made and
performed entirely within such state.

          Section 33. Counterparts. This Agreement may be executed in any number
                      ------------
of counterparts and each of such counterparts shall for all purposes be deemed
to be an original, and all such counterparts shall together constitute but one
and the same instrument.

          Section 34. Descriptive Headings. Descriptive headings of the several
                      --------------------
Sections of this Agreement are inserted for convenience only and shall not
control or affect the meaning or construction of any of the provisions hereof.

                                       -46-

<PAGE>

          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed and attested, all as of the day and year first above written.

Attest:                                 MEADWESTVACO CORPORATION

By                                      By
   ------------------------                -------------------------
   Name:                                   Name:
   Title:                                  Title

Attest:                                 [Rights Agent]

By                                      By
   ------------------------                -------------------------
   Name:                                   Name:
   Title:                                  Title

                                       -47-

<PAGE>

                            Form of Right Certificate

Certificate No. R-                                                      Rights
                                                                     ---

          NOT EXERCISABLE AFTER ____, 2011 OR EARLIER IF REDEMPTION OR EXCHANGE
          OCCURS. THE RIGHTS ARE SUB- JECT TO REDEMPTION AT $.01 PER RIGHT AND
          TO EXCHANGE ON THE TERMS SET FORTH IN THE AGREEMENT.

                                Right Certificate

                            MeadWestvaco Corporation

          This certifies that _____, or registered assigns, is the registered
owner of the number of Rights set forth above, each of which entitles the owner
thereof, subject to the terms, provisions and conditions of the Agreement, dated
as of _____, 2001 (the "Agreement"), between MeadWestvaco Corporation, a
Delaware corporation (the "Company"), and __________ (the "Rights Agent"), to
purchase from the Company at any time after the Distribution Date (as such term
is defined in the Agreement) and prior to 5:00 P.M., [City of Rights Agent]
time, on ____, 2011 at the principal office of the Rights Agent, or at the
office of its successor as Rights Agent, one one-hundredth of a fully paid
non-assessable share of Series A Junior Participating Preferred Stock, par value
$0.01 per share, of the Company (the "Preferred Shares"), at a purchase price of
$[__] per one one-hundredth of a Preferred Share (the "Purchase Price"), upon
presentation and surrender of this Right Certificate with the Form of Election
to Purchase duly executed. The number of Rights evidenced by this Right
Certificate (and the number of one one-hundredths of a Preferred Share which may
be purchased upon exercise hereof) set forth above, and the Purchase Price set
forth above, are the number and Purchase Price as of ____, 2001, based on the
Preferred Shares as constituted at such date. As provided in the Agreement, the
Purchase Price and the number of one one-hundredths of a Preferred Share which
may be purchased upon the exercise of the Rights evidenced by this Right
Certificate are subject to modification and adjustment upon the happening of
certain events.

          This Right Certificate is subject to all of the terms, provisions and
conditions of the Agreement, which terms, provisions and conditions are hereby
incorporated herein by reference and made a part hereof and to which Agreement
reference is hereby made for a full description of the rights, limitations of
rights, obligations, duties and immunities hereunder of the Rights Agent, the
Company and the holders of the Right Certificates. Copies of the Agreement are
on file at the principal executive offices of the Company and the offices of the
Rights Agent.

          This Right Certificate, with or without other Right Certificates, upon
surrender at the principal office of the Rights Agent, may be exchanged for
another Right Certificate or Right Certificates of like tenor and date
evidencing Rights entitling the holder to purchase a like aggregate number of
Preferred Shares as the Rights evidenced by the Right Certificate or Right Cer-

                                       A-1

<PAGE>

tificates surrendered shall have entitled such holder to purchase. If this Right
Certificate shall be exercised in part, the holder shall be entitled to receive
upon surrender hereof another Right Certificate or Right Certificates for the
number of whole Rights not exercised.

          Subject to the provisions of the Agreement, the Rights evidenced by
this Right Certificate (i) may be redeemed by the Company at a redemption price
of $.01 per Right or (ii) may be exchanged in whole or in part for Preferred
Shares or shares of the Company's Common Stock, par value $.01 per share.

          No fractional Preferred Shares will be issued upon the exercise of any
Right or Rights evidenced hereby (other than fractions which are integral
multiples of one one-hundredth of a Preferred Share, which may, at the election
of the Company, be evidenced by depositary receipts), but, in lieu thereof, a
cash payment will be made, as provided in the Agreement.

          No holder of this Right Certificate shall be entitled to vote or
receive dividends or be deemed for any purpose the holder of the Preferred
Shares or of any other securities of the Company which may at any time be
issuable on the exercise hereof, nor shall anything contained in the Agreement
or herein be construed to confer upon the holder hereof, as such, any of the
rights of a stockholder of the Company or any right to vote for the election of
directors or upon any matter submitted to stockholders at any meeting thereof,
or to give or withhold consent to any corporate action, or to receive notice of
meetings or other actions affecting stockholders (except as provided in the
Agreement), or to receive dividends or subscription rights, or otherwise, until
the Right or Rights evidenced by this Right Certificate shall have been
exercised as provided in the Agreement.

          This Right Certificate shall not be valid or obligatory for any
purpose until it shall have been countersigned by the Rights Agent.

          WITNESS the facsimile signature of the proper officers of the Company
and its corporate seal. Dated as of _____, _____.

ATTEST:                                         MEADWESTVACO CORPORATION

                                                By
------------------------                          -------------------------
Name:                                             Name:
Title:                                            Title:
Countersigned:

[Rights Agent]

By
  ----------------------
  Name:
  Title:

                    Form of Reverse Side of Right Certificate

                                       A-2

<PAGE>

                               FORM OF ASSIGNMENT
                               ------------------

                (To be executed by the registered holder if such
                holder desires to transfer the Right Certificate.)

          FOR VALUE RECEIVED                    hereby sells, assigns and
                             ------------------
transfers unto
               -----------------------------------------------------------------

--------------------------------------------------------------------------------
                  (Please print name and address of transferee)

--------------------------------------------------------------------------------
this Right Certificate, together with all right, title and interest therein, and
does hereby irrevocably constitute and appoint Attorney, to transfer the within
Right Certificate on the books of the within-named Company, with full power of
substitution.

Dated:
       -------------------

                                    -------------------
                                    Signature

Signature Guaranteed:

          All Guarantees must be made by a financial institution (such as a bank
or broker) which is a participant in the Securities Transfer Agents Medallion
Program ("STAMP"), the New York Stock Exchange, Inc. Medallion Signature Program
("MSP"), or the Stock Exchanges Medallion Program ("SEMP") and must not be
dated. Guarantees by a notary public are not acceptable.

          The undersigned hereby certifies that the Rights evidenced by this
Right Certificate are not beneficially owned by an Acquiring Person or an
Affiliate or Associate thereof (as defined in the Agreement).

                                    -------------------
                                    Signature

              Form of Reverse Side of Right Certificate - continued

                                       A-3

<PAGE>

                          FORM OF ELECTION TO PURCHASE
                          ----------------------------

                 (To be executed if holder desires to exercise
                 Rights represented by the Right Certificate.)

To:  MeadWestvaco Corporation

          The undersigned hereby irrevocably elects to exercise __________Rights
represented by this Right Certificate to purchase the Preferred Shares issuable
upon the exercise of such Rights and requests that certificates for such
Preferred Shares be issued in the name of:

Please insert social security
or other identifying number

--------------------------------------------------------------------------------
                         (Please print name and address)

--------------------------------------------------------------------------------

If such number of Rights shall not be all the Rights evidenced by this Right
Certificate, a new Right Certificate for the balance remaining of such Rights
shall be registered in the name of and delivered to:

Please insert social security
or other identifying number

--------------------------------------------------------------------------------
                         (Please print name and address)

--------------------------------------------------------------------------------

Dated:
        ------------
                                                    ----------------------------
                                                    Signature

Signature Guaranteed:

          All Guarantees must be made by a financial institution (such as a bank
or broker) which is a participant in the Securities Transfer Agents Medallion
Program ("STAMP"), the New York Stock Exchange, Inc. Medallion Signature Program
("MSP"), or the Stock Exchanges Medallion Program ("SEMP") and must not be
dated. Guarantees by a notary public are not acceptable.

                                       A-4

<PAGE>

          The undersigned hereby certifies that the Rights evidenced by this
Right Certificate are not beneficially owned by an Acquiring Person or an
Affiliate or Associate thereof (as defined in the Agreement).

                                                    ----------------------------
                                                    Signature

                                     NOTICE
                                     ------

          The signature in the Form of Assignment or Form of Election to
Purchase, as the case may be, must conform to the name as written upon the face
of this Right Certificate in every particular, without alteration or enlargement
or any change whatsoever.

          In the event the certification set forth above in the Form of
Assignment or the Form of Election to Purchase, as the case may be, is not
completed, the Company and the Rights Agent will deem the beneficial owner of
the Rights evidenced by this Right Certificate to be an Acquiring Person or an
Affiliate or Associate thereof (as defined in the Agreement) and such Assignment
or Election to Purchase will not be honored.

                                       A-5<PAGE>

                                                                    EXHIBIT 10.1

                                     FORM OF
                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT ("Agreement") is made as of _______ __, 2001,
by and among Jerome F. Tatar, The Mead Corporation, an Ohio corporation
("Mead"), and MW Holding Corporation, a Delaware corporation (the "Company").

         WHEREAS, Mead and Mr. Tatar are parties to a Letter Agreement dated as
of January 1, 2000, as amended as of June 22, 2000 (as so amended, the "Prior
Agreement") and;

         WHEREAS, during the course of Mr. Tatar's employment with Mead, he has
performed outstanding services for Mead; and

         WHEREAS, Mead has entered into an Agreement and Plan of Merger dated as
of August __, 2001, with Company, Michael Merger Sub Corporation, Westvaco
Corporation, a Delaware corporation ("Westvaco"), and Westvaco Merger Sub
Corporation (the "Merger Agreement"); and

         WHEREAS, it is deemed by Mead and the Company to be in their best
interests to assure continuation of Mr. Tatar's employment; and

         WHEREAS, Mead, the Company and Mr. Tatar have determined to enter into
this Agreement pursuant to which, upon and after the Effective Date (as defined
in the Merger Agreement), the Company will employ Mr. Tatar on the terms and
conditions set forth herein;

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained, the parties hereto agree as follows:

     1.  Defined Terms. The definitions of capitalized terms used in this
         -------------
Agreement (if not provided where a capitalized term initially appears) are
provided in the last Section hereof.

     2. Employment. Mr. Tatar (the "Chairman") shall serve as Chairman of the
         ----------
Board of Directors of the Company (the "Board") during the period of his
employment (the "Employment Period") hereunder, on the terms and conditions
hereinafter set forth. During the Employment Period, the Chairman shall be an
employee and an executive officer of the Company. The Chairman's service as
Chairman of the Board shall commence on the first day of the Term of the
Agreement

<PAGE>

(as defined in Section 3 hereof), and the Board shall propose the Chairman for
re-election to the Board and for the positions specified above throughout his
Employment Period. The Chairman shall retire on December 31, 2004 or at such
earlier time as the Board and the Chairman mutually agree that the transition
and integration of Mead and Westvaco are successfully completed.

     3. Term.
        ----

         (a) The "Term" of this Agreement shall begin upon the day on which the
Effective Time occurs as defined in the Merger Agreement, which day shall be the
"Effective Date" of this Agreement. The Term shall end on December 31, 2004.
Unless earlier terminated as provided in Section 2 or Section 7 hereof, the
Chairman's employment with the Company under this Agreement shall commence at
the Effective Date and shall end on the final day of the Term. Nothing in this
Section shall limit the right of the Company or the Chairman to terminate the
Chairman's employment hereunder on the terms and conditions set forth in Section
2 or Section 7 hereof.

         (b) Upon the Effective Time, this Agreement shall supersede the Prior
Agreement in its entirety and the Prior Agreement shall be null and void and of
no further force or effect. If the Merger Agreement is terminated in accordance
with its terms before the Effective Time, this Agreement shall be null and void
and of no further force or effect and the Prior Agreement shall continue in
effect in accordance with its terms.

     4.  Duties and Responsibilities; Other Directorships. During the
         ------------------------------------------------
Employment Period, the Chairman shall have such duties and responsibilities as
are set forth on attached Exhibit A. The Chairman may serve as a director on the
                          ---------
boards of such companies and organizations as he may reasonably determine to be
appropriate, provided that such service does not violate Section 13 hereof or
significantly interfere with the performance of the Chairman's duties as an
employee of the Company in accordance with this Agreement. It is expressly
understood and agreed that to the extent that any such activities have been
conducted by the Chairman prior to the Effective Time, the continued conduct of
such activities (or the conduct of activities similar in nature and scope
thereto) subsequent to the Effective Time shall not thereafter be deemed to
interfere with the performance of the Chairman's responsibilities to the
Company.

     5.  Place of Performance. During the Employment Period the Chairman shall
         --------------------
maintain offices in Dayton, Ohio, and Stamford, Connecticut.

                                       2

<PAGE>

     6.  Compensation and Related Matters.
         --------------------------------

         (a) Base Salary. As compensation for the performance by the Chairman of
             -----------
the Chairman's duties hereunder, during the Employment Period the Company shall
pay the Chairman an annual base salary no less than $854,904 (such annual
amount, as it may be increased from time to time, is hereinafter referred to as
"Base Salary"). The Chairman's Base Salary shall be reviewed at least annually
for possible increase by the Board throughout the Employment Period. If the Base
Salary is increased, it shall not be subsequently decreased.

         (b) Incentive Plans and Stock-based Plans. During the Employment
             -------------------------------------
Period, the Chairman shall be eligible to participate in an annual incentive
plan, any long-term incentive plans, and stock option and other stock-based
plans, in each case, substantially at the same level as the Chief Executive
Officer (as defined on Exhibit A hereto) participates in such plans and subject
to such terms, conditions and criteria as the committee of the Board responsible
for executive compensation (the "Compensation Committee") determines to be
appropriate. The Chairman's level of participation in such plans shall be at
least as favorable as his participation in Mead's corresponding plans
immediately prior to the Effective Time. If the Chairman retires in the first
six months of any calendar year during the Term, he shall receive a prorated
annual bonus for such year based on his target annual incentive. If the Chairman
retires in the last six months of any calendar year during the Term, he shall
receive a prorated annual bonus for such year based on actual performance as
determined by the Compensation Committee. At the end of the Chairman's
Employment Period, in addition to the foregoing incentive compensation, if the
integration of Westvaco and Mead has been successfully accomplished and the
platform for growth of the Company has been established, the Board, in its
discretion, may recognize the Chairman's contributions with a completion bonus.

         (c) Benefit Plans; Welfare Benefits; Perquisites. During the Employment
             --------------------------------------------
Period, the Chairman shall be eligible for participation in all supplemental
retirement, deferred compensation and other benefit plans and arrangements
provided by the Company (including all welfare benefits) at substantially the
same level as the Chief Executive Officer and he shall be provided with fringe
benefits and perquisites no less favorable than those provided to the Chief
Executive Officer. The Chairman's level of participation in such plans and
arrangements shall be at least as favorable as his level of participation in
Mead's corresponding plans and arrangements immediately prior to the Effective
Time. More specifically, with respect to the Chairman's non-tax-qualified
supplemental defined benefit pension benefits, the Chairman's accrued and vested
benefit upon any termination of employment (whether or not a Qualifying
Termination, as defined in

                                       3

<PAGE>

Section 7(a)hereof) shall be no less than his accrued benefit would have been
under Mead's corresponding benefit plans (including Mead's Supplemental
Executive Retirement Plan (the "Mead SERP")) determined as of his employment
termination date as if his employment by Mead had continued to such date, but
calculated using the provisions of the Mead plans in effect (and the actuarial
assumptions and methods being used) immediately prior to the Effective Date or,
if more favorable to the Chairman, as in effect as of his date of termination of
employment. Notwithstanding the provisions of any Mead or Company plan, the
Chairman's accrued and vested non-tax-qualified pension benefit shall be paid to
him subject to all of the payment options which the Chairman may have under the
Mead SERP, including lump sum payment, with the amount and timing of such
payment(s) determined by applying the actuarial assumptions and methods utilized
for such purpose under the Mead Retirement Plan immediately prior to the
Effective Date or, if more favorable to the Chairman, as in effect as of his
date of termination of employment.

         (d) Expenses. The Company shall reimburse the Chairman for all
             --------
reasonable business expenses incurred during the Employment Period, subject to
the applicable and reasonable policies and procedures of the Company in force
from time to time. In addition, the Company shall reimburse the Chairman for all
reasonable after-tax costs incurred with respect to his travel to and from the
Stamford office and his meals and lodging while working there, upon presentation
of proper documentation thereof in accordance with Company procedures.

         (e) Office Facilities and Services Furnished. During the Employment
             ----------------------------------------
Period, the Company shall furnish the Chairman with appropriate office space and
such other facilities and services as shall be suitable to the Chairman's
position and adequate for the performance of the Chairman's duties as set forth
in Section 4 hereof (including, without limitation, secretarial services and
furniture, telephone, telefax and work station equipment), such office space and
other facilities and services to be furnished at the locations set forth in
Section 5 hereof.

     7.  Termination. The Employment Period hereunder shall end upon any
         -----------
termination of the Chairman's employment.

         (a) Qualifying Terminations of Employment. The following terminations
             -------------------------------------
of employment during the Term shall be considered "Qualifying Terminations" for
purposes of determining the obligations of the Company under Section 8 hereof:

                                       4

<PAGE>

         (i)      The Chairman terminates his employment with the consent of the
                  Board (including, without limitation, pursuant to the last
                  sentence of Section 2 hereof);

         (ii)     The Company terminates the Chairman's employment without Cause
                  or for Disability or the Chairman's employment terminates as a
                  result of his death;

         (iii)    The Chairman terminates his employment following a material
                  breach of the Agreement by the Company that has not been cured
                  by the Company within thirty (30) days after receipt of notice
                  from the Chairman; or

         (iv)     Any termination of employment during the calendar year 2004
                  (other than for Cause), provided that, in the case of any
                  voluntary termination of employment by the Chairman, the
                  Chairman shall either give the Company at least six months'
                  notice (which may be given before or after January 1, 2004) or
                  shall terminate his employment on December 31, 2004. Such
                  notice shall not be required in the event of termination as a
                  result of death, Disability or pursuant to Section 7(a)(i)
                  hereof.

         (b) Termination for Cause. The Company may terminate the Chairman's
             ---------------------
employment hereunder for Cause (as defined in the last Section hereof and only
pursuant to the procedures described in Section 7(d) hereof). Upon such a
termination, the Chairman shall become entitled to the payments and benefits
provided in Section 8(a) hereof in accordance with the terms of such Section.

         (c) Voluntary Termination by the Chairman before 2004. The Chairman may
             -------------------------------------------------
voluntarily terminate the Chairman's employment hereunder prior to January 1,
2004, upon giving notice of one month to the Company. In the event of such a
termination, the Chairman shall comply with any reasonable request of the
Company to assist in providing for an orderly transition of authority, but such
assistance shall not delay the Chairman's termination of employment longer than
six months beyond the giving of the Chairman's Notice of Termination. Upon such
a termination, the Chairman shall become entitled to the payments and benefits
provided in Section 8(a) hereof in accordance with the terms of such Section.

         (d) Notice of Termination. Any termination of the Chairman's employment
             ---------------------
hereunder (other than termination as a result of the Chairman's death during the
Term) shall be communicated by written Notice of Termination between

                                       5

<PAGE>

the Chairman and the Company in accordance with Section 17 hereof. For purposes
of this Agreement, a "Notice of Termination" shall mean a notice that shall
indicate the specific termination provision in this Agreement relied upon and
shall set forth in reasonable detail the facts and circumstances claimed to
provide a basis for termination of the Chairman's employment under the provision
so indicated. Further, a Notice of Termination for Cause based on clause (i) or
(ii) of the definition of Cause herein is required to include a copy of a
resolution duly adopted by the affirmative vote of not less than the minimum
percentage of the entire membership of the Board as may be required by the
Company's by-laws, as amended from time to time, at a meeting of the Board which
was called and held for the purpose of considering such termination. No such
meeting of the Board may be held until reasonable notice of such meeting has
been given to the Chairman and the Chairman has had an opportunity, together
with the Chairman's counsel, to be heard before the Board. The Chairman may not
be terminated by the Board for Cause unless the Board finds that, in the good
faith opinion of the Board, the Chairman was guilty of conduct set forth in
clause (i) or (ii) of the definition of Cause herein, and specifies the
particulars thereof in detail.

         (e) Date of Termination. For purposes of this Agreement, "Date of
             -------------------
Termination" shall mean the following: (i) if the Chairman's employment is
terminated by the Chairman's death, the date of the Chairman's death; (ii) if
the Chairman's employment is terminated for Disability pursuant to Section
7(a)(ii) hereof, thirty (30) days after the Notice of Termination is given
(provided that the Chairman shall not have returned to the full-time performance
of the Chairman's duties during such thirty-(30)-day period); (iii) if the
Chairman's employment is terminated for Cause pursuant to Section 7(b) hereof,
the date specified in the Notice of Termination; (iv) if the Chairman's
employment is terminated pursuant to Section 7(c) hereof, the date determined in
accordance with said Section, and (v) if the Chairman's employment is terminated
for any other reason, the date specified in the Notice of Termination (which, in
the case of a termination by the Company, shall not be less than thirty (30)
days and, in the case of a termination by the Chairman, shall not be less than
fifteen (15) days nor more than sixty (60) days, respectively, from the date
such Notice of Termination is given).

         8.  Compensation Upon Termination.

         (a) Any Termination of Employment. Upon any termination of the
             -----------------------------
Chairman's employment (including, without limitation, for Cause) during the
Term, the Company shall pay the Chairman's Base Salary to the Chairman through
the Date of

                                       6

<PAGE>

Termination at the highest rate in effect during the Term (making such payment
within the five (5) business days immediately following the Date of Termination)
and the Company shall pay to the Chairman the Chairman's normal post-termination
compensation and benefits as such payments become due. Such post-termination
compensation and benefits shall be determined under, and paid in accordance
with, (i) the Company's pension, retirement, insurance and other compensation or
benefit plans, programs and arrangements as in effect immediately prior to the
Date of Termination or (ii) if more favorable to the Chairman with respect to
any plan, program or arrangement, Mead's corresponding pension, retirement,
insurance and other compensation or benefit plan, program or arrangement as in
effect immediately prior to the Effective Date; provided, that such benefits
shall not include any pay or benefits under any severance, separation, or
similar plan, program or policy (collectively, "Severance Benefits").

         (b) Qualifying Termination of Employment. Upon a Qualifying Termination
             ------------------------------------
of the Chairman's employment during the Term, the Company will pay the following
amounts to, and provide the following benefits to, the Chairman:

         (i)      in lieu of any further salary or bonus payments as severance
                  to the Chairman for periods subsequent to the Date of
                  Termination and in lieu of any Severance Benefit otherwise
                  payable to the Chairman, lump sum severance amount equal to
                  three and one-half (3-1/2) times the sum of (A) the Chairman's
                  highest rate of Base Salary in effect at any time during the
                  Employment Period and (B) the greater of (x) the highest
                  amount of the Chairman's actual annual incentive and long-term
                  incentive awards earned in respect of any one of the three
                  most recent performance periods ending immediately preceding
                  the fiscal year in which such Qualifying Termination occurs,
                  and (y) the highest amount of the Chairman's target annual and
                  long-term incentive awards established for any one of the
                  three most recent performance periods ending immediately
                  preceding the fiscal year in which such Qualifying Termination
                  occurs; provided, however, that the lump sum severance amount
                  so paid shall be no less than the amount which would result
                  from applying the foregoing formula to the salary and award
                  amounts which would be relevant if the Qualifying Termination
                  occurred during 2001; the Company has agreed in a separate
                  writing to the calculation made by the Chairman of a minimum
                  amount; and

         (ii)     pension enhancement (subject to all of the payment options
                  which the Chairman may have under the Mead SERP, including
                  lump sum payment) computed by calculating the benefit under
                  each tax-qualified pension, non-qualified supplemental pension
                  or excess

                                       7

<PAGE>

                  benefit pension plan (and any other plan or agreement designed
                  to provide the Chairman with retirement benefits) sponsored by
                  the Company or Mead or any of their respective Affiliates in
                  which the Chairman participates immediately prior to the Date
                  of Termination using an additional three years of age and
                  service credit and treating the "Compensation" for each of
                  such three years as equal to one-third of the lump sum
                  severance amount calculated in Section 8(b)(i) hereof. The
                  pension enhancement shall not be less than that which would be
                  calculated under Mead's plans in the same manner as the
                  minimum non-tax-qualified pension amount is to be calculated
                  pursuant to Section 6(c)hereof; and

         (iii)    financial and tax planning services, at the Company's expense
                  (but not to exceed $20,000 per year), from and after his Date
                  of Termination until he attains age 65; and

         (iv)     provision, at the Company's expense, of the medical and dental
                  benefits being provided to the Company's active employees from
                  time to time to (A) the Chairman and his "Spouse" until each
                  of them is eligible for Medicare and (B) the Chairman's
                  children who would be eligible for coverage under the
                  Company's applicable plans if the Chairman had continued in
                  employment with the Company for the remainder of such
                  eligibility period thereunder. If such medical and dental
                  benefit programs provide for different levels of benefits and
                  coverage, the benefits and coverage provided pursuant to this
                  Section 8(b)(iv) shall be the most comprehensive benefits and
                  coverage available. For purposes of this Section 8(b)(iv),
                  "Spouse" shall refer to the Chairman's spouse immediately
                  prior to the termination of the Chairman's employment with the
                  Company; and

         (v)      the vesting upon the Date of Termination of all stock options
                  held by the Chairman immediately prior to such Qualifying
                  Termination (including any options granted after the Effective
                  Date). The post-termination exercise period of such options
                  shall be determined in accordance with each option's terms,
                  treating such Qualifying Termination as a "retirement" of the
                  Chairman (to the extent "retirement" is relevant to such
                  determination).

     9.  Excise Tax Gross-Up Payment.
         ---------------------------

                                       8

<PAGE>

         (a) Whether or not the Chairman becomes entitled to any payment
pursuant to Section 8(b)(i) hereof, if any of the payments or benefits received
or to be received by the Chairman in connection with the transactions
contemplated by the Merger Agreement or any Change in Control which occurs
during the Term hereof or any termination of the Chairman's employment which
occurs during the Term hereof (whether such payments or benefits are received
pursuant to the terms of this Agreement or any other plan, arrangement or
agreement with Mead, the Company, any other party to the Merger Agreement, any
Person whose actions result in a Change in Control or any Person affiliated with
Mead, the Company or such Person)(such payments or benefits (excluding the
payment or payments to be made pursuant to this Section 9) being hereinafter
referred to as the "Total Payments") will be subject to the Excise Tax, the
Company shall pay to the Chairman an additional amount (the "Gross-Up Payment")
such that the net amount retained by the Chairman, after deduction of any Excise
Tax on the Total Payments and any federal, state and local income and employment
taxes and Excise Tax upon the payment or payments provided by this Section 9,
shall be equal to the Total Payments.

         (b) For purposes of determining whether any of the Total Payments will
be subject to the Excise Tax and the amount of such Excise Tax, (i) all of the
Total Payments shall be treated as "parachute payments" (within the meaning of
section 280G(b)(2) of the Code) unless, in the opinion of tax counsel ("Tax
Counsel") reasonably acceptable to the Chairman and selected by the accounting
firm which was, immediately prior to the Effective Time, Mead's independent
auditor (the "Auditor"), such payments or benefits (in whole or in part) do not
constitute parachute payments, including by reason of section 280G(b)(4)(A) of
the Code, (ii) all "excess parachute payments" within the meaning of section
280G(b)(l) of the Code shall be treated as subject to the Excise Tax unless, in
the opinion of Tax Counsel, such excess parachute payments (in whole or in part)
represent reasonable compensation for services actually rendered (within the
meaning of section 280G(b)(4)(B) of the Code) in excess of the Base Amount
allocable to such reasonable compensation, or are otherwise not subject to the
Excise Tax, and (iii) the value of any noncash benefits or any deferred payment
or benefit shall be determined by the Auditor in accordance with the principles
of sections 280G(d)(3) and (4) of the Code. For purposes of determining the
amount of the Gross-Up Payment, the Chairman shall be deemed to pay federal
income tax at the highest marginal rate of federal income taxation in the
calendar year in which the Gross-Up Payment is to be made and state and local
income taxes at the highest marginal rate of taxation in the state and locality
of the Chairman's residence on the Date of Termination (or if there is no Date
of Termination, then the date on which the Gross-Up Payment is calculated for
purposes of this Section 9), net of the maximum reduction in federal income
taxes which could be obtained from deduction of such state and local taxes.

                                       9

<PAGE>

         (c) In the event that the Excise Tax is finally determined to be less
than the amount taken into account hereunder in calculating the Gross-Up
Payment, the Chairman shall repay to the Company, within the five (5) business
days immediately following the date that the amount of such reduction in the
Excise Tax is finally determined, the portion of the Gross-Up Payment
attributable to the amount of such reduction (including the Excise Tax component
and the federal, state and local income and employment tax components of the
Gross-Up Payment) to the extent that such repayment results in a reduction in
the Excise Tax and a dollar-for-dollar reduction in the Chairman's taxable
income and wages for purposes of federal, state and local income and employment
taxes, plus interest on the amount of such repayment at 120% of the rate
provided in section 1274(b)(2)(B) of the Code. In the event that the Excise Tax
is determined to exceed the amount taken into account hereunder in calculating
the Gross-Up Payment (including by reason of any payment the existence or amount
of which cannot be determined at the time of the Gross-Up Payment), the Company
shall make an additional Gross-Up Payment in respect of such excess (plus any
interest, penalties or additions payable by the Chairman with respect to such
excess) within the five (5) business days immediately following the date that
the amount of such excess is finally determined.

         (d) The Chairman shall notify the Company in writing of any claim by
the Internal Revenue Service that, if successful, would require the payment by
the Company of an additional Gross-Up Payment. Such notification shall be given
no later than ten (10) business days after the Internal Revenue Service issues
to the Chairman either a written notice proposing imposition of the Excise Tax
or a statutory notice of deficiency with respect thereto, and the Chairman shall
apprise the Company of the nature of such claim and the date on which such claim
is requested to be paid. The Chairman shall not pay such claim prior to the
expiration of the thirty (30) day period following the date on which the
Chairman gives such notice to the Company (or such shorter period ending on the
date that any payment of taxes with respect to such claim is due). If the
Company notifies the Chairman in writing prior to the expiration of such period
that it desires to contest such claim, the Chairman shall: (w) give the Company
any information reasonably requested by the Company relating to such claim; (x)
take such action in connection with contesting such claim as the Company shall
reasonably request in writing from time to time, including, without limitation,
accepting legal representation with respect to such claim by an attorney
reasonably selected by the Company; (y) cooperate with the Company in good faith
in order to effectively contest such claim; and (z) permit the Company to
participate in any proceedings relating to such claim; provided however, that
the Company shall directly bear and pay all costs and expenses (including
additional interest and penalties) incurred in connection with such contest and
shall

                                       10

<PAGE>

indemnify and hold the Chairman harmless, on an after-tax basis, for any Excise
Tax, income and employment tax, including interest and penalties with respect
thereto, imposed as a result of such representation and payment of costs and
expenses. Without limitation of the foregoing, the Company shall control all
proceedings taken in connection with such contest and, at its sole option, may
pursue or forego any and all administrative appeals, proceeding, hearings, and
conferences with the taxing authority in respect of such claim.

     10.  Time of Certain Payments. The payments provided to the Chairman or
          ------------------------
for the Chairman's benefit in Sections 9 and 8(b)(i) hereof (and Section
8(b)(ii) hereof if made in a lump sum) shall be made not later than the tenth
(10th) business day following the Date of Termination (or, if earlier, in the
case of payments provided in Section 9 hereof, not later than the tenth (10th)
business day following the Chairman's receipt of an excess parachute payment,
within the meaning of section 4999 of the Code); provided, however, that if the
amounts of such payments cannot be finally determined on or before such day, the
Company shall pay to the Chairman on such day an estimate of the payments under
Section 8(b)(i) (and Section 8(b)(ii) if applicable), as determined in good
faith by the Chairman, and an estimate of the payments under Section 9 hereof,
as determined in accordance with Section 9 hereof, the estimate in each case to
be of the minimum amount of such payments to which the Chairman is clearly
entitled, and shall pay the remainder of such payments (together with interest
on the unpaid remainder (or on all such payments to the extent the Company fails
to make such payments when due) at the rate provided in section 1274(b)(2)(B) of
the Code) as soon as the amount thereof can be determined but in no event later
than the thirtieth (30th) day after the Date of Termination (or, if earlier, the
thirtieth (30th) day after the date of the Chairman's receipt of an excess
parachute payment). In the event that the amount of the estimated payments
exceeds the amount subsequently determined to have been due, such excess shall
constitute a loan by the Company to the Chairman, payable on the fifth (5th)
business day after demand by the Company (together with interest at the rate
provided in section 1274(b)(2)(B) of the Code). At the time that payments are
made under this Agreement, the Company shall provide the Chairman with a written
statement setting forth the manner in which such payments were calculated and
the basis for such calculations including, without limitation, any opinions or
other advice the Company has received from Tax Counsel, the Auditor or other
advisors or consultants (and any such opinions or advice which are in writing
shall be attached to the statement).

     11.  Legal and Arbitration Fees and Expenses. The Company also shall pay
          ---------------------------------------
to the Chairman all reasonable legal fees, arbitration fees and expenses
incurred by the Chairman in disputing in good faith any issue arising under or
in connection with this Agreement (unless the Chairman's position is determined
by the arbitrator

                                       11

<PAGE>

to be frivolous) or in connection with any tax audit or proceeding to the extent
attributable to the application of section 4999 of the Code to any payment or
benefit provided hereunder. Such payments shall be made within five (5) business
days after delivery of the Chairman's written requests for payment accompanied
with such evidence of fees and expenses incurred as the Company reasonably may
require.

     12. No Mitigation; Limited Offset. The Company agrees that, if the
         -----------------------------
Chairman's employment with the Company terminates during the Term, the Chairman
is not required to seek other employment or to attempt in any way to reduce any
amounts payable to the Chairman by the Company pursuant to Section 7(h) or 8
hereof. Further, the amount of any payment or benefit provided for in this
Agreement shall not be reduced by any compensation earned by the Chairman as the
result of employment by another employer, by retirement benefits, by offset
against any amount claimed to be owed by the Chairman to the Company (unless
such amount is evidenced by a promissory note signed by the Chairman), or
otherwise, except as otherwise specifically provided for in this Agreement.

     13. Confidentiality, Noncompetition and Nonsolicitation.

         (a) Confidentiality. The Chairman will not, at any time during or after
             ---------------
the Chairman's employment by Company, make any unauthorized disclosure of any
confidential business information or trade secrets of Company, or make any use
thereof, for the Chairman's benefit or for the benefit of others, except in the
carrying out of the Chairman's employment responsibilities hereunder. Upon
termination of the employment relationship for any reason, the Chairman shall
promptly deliver to the Company all documents and things containing Company
trade secrets or confidential information. The Chairman may disclose those
aspects of the Company's confidential information as to which disclosure is
necessary under applicable federal, state, local, or foreign law or other
regulations applicable to the Chairman (including, without limitation, any
confidential information that the Chairman is legally compelled to disclose as a
result of depositions, interrogatories, request for documents, subpoenas, civil
investigative demands, or similar processes).

         (b) Noncompetition. It is acknowledged by the Company and the Chairman
             --------------
that by virtue of the position he has held with Mead, and of the position he
will hold with the Company hereunder, he will learn, have access to and/or
develop, trade secrets or confidential information of the Company or its
Affiliates; and/or will be entrusted with business opportunities of the Company
or its Affiliates; and/or will be placed in a position to develop business good
will on behalf of the Company or its Affiliates. As part of the consideration
for the compensation and benefits to be paid to the Chairman hereunder, to
protect the trade secrets and confidential information

                                       12

<PAGE>

of the Company or its subsidiaries or Affiliates or their customers or clients
that have been and will in the future be disclosed or entrusted to the Chairman,
the business good will of the Company or its subsidiaries or Affiliates that has
been and will in the future be developed in the Chairman, or the business
opportunities that have been and will in the future be disclosed or entrusted to
the Chairman by the Company or its subsidiaries or Affiliates; and as an
additional incentive for the Company to enter into this Agreement, the Chairman
agrees to the non-competition obligations hereunder. While the Chairman
continues to be an employee of the Company and for the two-year period
immediately following the Chairman's Date of Termination, the Chairman shall
not, within any geographic region in which the Company (or any Affiliate) then
conducts business or in which the Company (or any Affiliate) plans to conduct
business pursuant to a business strategy adopted by the Board before the
Chairman's termination of employment, except as permitted by the Company upon
its prior written consent, (i) enter, directly or indirectly, into the employ
of, or render or engage in, directly or indirectly, any services to any person,
firm or corporation which directly competes with the Company (or any Affiliate)
with respect to any business then conducted by the Company (or any Affiliate) or
any business which the Company (or any Affiliate) plans to enter pursuant to a
business strategy adopted by the Board before the Chairman's termination of
employment (a "Competitor"), or (ii) become interested, directly or indirectly,
in any such Competitor as an individual, partner, shareholder, creditor,
director, officer, principal, agent, employee, trustee, consultant, advisor or
in any other relationship or capacity. The ownership of up to three percent (3%)
of any class of the outstanding securities of any publicly traded corporation,
even though such corporation may be a Competitor, shall not be deemed as
constituting an interest in such Competitor which violates clause (ii) of the
immediately preceding sentence.

         (c) While the Chairman continues to be an employee of the Company and
for the two-year period immediately following the Chairman's Date of
Termination, the Chairman shall not, except as permitted by the Company upon its
prior written consent, (i) attempt, directly or indirectly, to induce any
employee employed by or performing services for the Company (or any Affiliate)
to be employed or perform services elsewhere, or (ii) solicit, directly or
indirectly, the customers of the Company (or any Affiliate), the suppliers of
the Company (or any Affiliate) or entities or individuals having other business
relationships with the Company (or any Affiliate) for the purpose of encouraging
them to terminate (or reduce or detrimentally alter) their respective
relationships with the Company (or any Affiliate).

         (d) The Company shall have the right and remedy to have the provisions
of this Section 13 specifically enforced, including by temporary and/or

                                       13

<PAGE>

permanent injunction, it being acknowledged and agreed that any such violation
may cause irreparable injury to the Company and that money damages will not
provide an adequate remedy to the Company.

     14. Independence and Severability of Section 13 Provisions. Each of the
         ------------------------------------------------------
rights and remedies enumerated in Section 13 hereof shall be independent of the
others and shall be severally enforceable and all of such rights and remedies
shall be in addition to, and not in lieu of, any other rights and remedies
available to the Company under law or in equity. If any of the covenants
contained in Section 13 hereof or if any of the rights or remedies enumerated in
Section 13 hereof, or any part of any of them, is hereafter construed to be
invalid or unenforceable, the same shall not affect the remainder of the
covenant or covenants or rights or remedies which shall be given full effect
without regard to the invalid portions. If any of the covenants contained in
Section 13 is held to be unenforceable because of the duration of such provision
or the area covered thereby, the parties agree that the court making such
determination shall have the authority to reduce the duration and/or area of
such provision, and in its reduced form said provision shall then be
enforceable.

     15. Indemnification. The Company shall indemnify the Chairman to the full
         ---------------
extent authorized by law and the Charter and By-Laws of the Company, as
applicable, for all expenses, costs, liabilities and legal fees which the
Chairman may incur in the discharge of the Chairman's duties hereunder. The
Chairman shall be insured under the Company's directors' and officers' liability
insurance policy as in effect from time to time. Any termination of the
Chairman's employment or of this Agreement shall have no effect on the
continuing operation of this Section 15.

     16. Successors; Binding Agreement.

         (a) In addition to any obligations imposed by law upon any successor to
the Company, the Company will require any successor (whether direct or indirect,
by purchase, merger, consolidation or otherwise) to all or substantially all of
the business and/or assets of the Company to expressly assume and agree to
perform this Agreement in the same manner and to the same extent that the
Company would be required to perform it if no such succession had taken place.
Failure of the Company to obtain such assumption and agreement prior to the
effectiveness of any such succession shall be a breach of this Agreement and
shall entitle the Chairman to compensation from the Company in the same amount
and on the same terms as a Qualifying Termination, except that, for purposes of
implementing the foregoing, the date on which any such succession becomes
effective shall be deemed the Date of Termination.

                                       14

<PAGE>

         (b) This Agreement shall inure to the benefit of and be enforceable by
the Chairman's personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees. If the Chairman shall
die while any amount would still be payable to the Chairman hereunder (other
than amounts which, by their terms, terminate upon the death of the Chairman) if
the Chairman had continued to live, each such amount, unless otherwise provided
herein, shall be paid in accordance with the terms of this Agreement to the
executors, personal representatives or administrators of the Chairman's estate.

     17. Notices. For the purpose of this Agreement, notices and all other
         -------
communications provided for in the Agreement shall be in writing and shall be
deemed to have been duly given when delivered or mailed by United States
registered mail, return receipt requested, postage prepaid, addressed, if to the
Chairman, to the address inserted below the Chairman's signature on the final
page hereof and, if to the Company, to the address set forth below, or to such
other address as either party may have furnished to the other in writing in
accordance herewith, except that notice of change of address shall be effective
only upon actual receipt:

                           To the Company:

                           MW Holding Corporation

                           [________________]
                           [________________]
                           Attention:  General Counsel

     18. Miscellaneous. No provision of this Agreement may be modified, waived
         -------------
or discharged unless such waiver, modification or discharge is agreed to in
writing and signed by the Chairman and such officer as may be specifically
designated by the Board. No waiver by either party hereto at any time of any
breach by the other party hereto of, or of any lack of compliance with, any
condition or provision of this Agreement to be performed by such other party
shall be deemed a waiver of similar or dissimilar provisions or conditions at
the same or at any prior or subsequent time. As of the Effective Date, this
Agreement shall supersede any other agreements or representations, oral or
otherwise, express or implied, with respect to the subject matter hereof which
have been made by either party, including, without limitation, any employment
memorandum, memorandum of understanding, or severance agreement (including,
without limitation, the Prior Agreement). Captions and Section headings in this
Agreement are provided merely for convenience and shall not affect the
interpretation of any of the provisions herein. The validity, interpretation,
construction and performance of this Agreement shall be

                                       15

<PAGE>

governed by the laws of the State of Ohio. All references to sections of the
Exchange Act or the Code shall be deemed also to refer to any successor
provisions to such sections. Any payments provided for hereunder shall be paid
net of any applicable withholding required under federal, state or local law and
any additional withholding to which the Chairman has agreed. In addition,
notwithstanding any other provision of Agreement, the Company may, in its sole
discretion, withhold and pay over to the Internal Revenue Service or any other
applicable taxing authority, for the benefit of the Chairman, all or any portion
of any Gross-Up Payment, and the Chairman hereby consents to such withholding.
The obligations of the Company and the Chairman under this Agreement which by
their nature may require either partial or total performance after the
expiration of the Term (including, without limitation, those under Sections 8, 9
and 13 hereof) shall survive such expiration.

     19. Validity. The invalidity or unenforceability of any provision of this
         --------
Agreement shall not affect the validity or enforceability of any other provision
of this Agreement, which shall remain in full force and effect.

     20. Counterparts. This Agreement may be executed in several counterparts,
         ------------
each of which shall be deemed to be an original but all of which together will
constitute one and the same instrument.

     21. Settlement of Disputes; Arbitration.
         ------------------------------------

         (a) Except for equitable relief as specified in Section 21(b) hereof
and except for any claim by the Chairman under any Mead or Company benefit or
compensation plans, programs, arrangements or awards (whether heretofore or
hereafter established) which have a claim or dispute resolution procedure
specifically applicable thereto, any dispute or controversy arising under or in
connection with this Agreement shall be settled exclusively by arbitration in
Dayton, Ohio in accordance with the rules of the American Arbitration
Association then in effect. Judgment may be entered on the arbitration award by
any federal or state court having jurisdiction.

         (b) Notwithstanding any provision of this Agreement to the contrary, in
the event of a breach or threatened breach by the Chairman of any of the
covenants set forth in Section 13 hereof, the Company shall be entitled to seek
equitable relief, including an injunction, in any court of proper jurisdiction
to maintain the status quo pending the resolution of the dispute by binding
arbitration as provided above.

     22. Definitions. For purposes of this Agreement, the following terms shall
         -----------
have the meanings indicated below:

                                       16

<PAGE>

         (a) "Affiliate" shall have the meaning set forth in Rule 12b-2
promulgated under Section 12 of the Exchange Act.

         (b) "Auditor" shall have the meaning set forth in Section 9(b) hereof.

         (c) "Base Amount" shall have the meaning set forth in section
280G(b)(3) of the Code.

         (d) "Beneficial Owner" shall have the meaning set forth in Rule 13d-3
under the Exchange Act.

         (e) "Board" shall mean the Board of Directors of the Company.

         (f) "Cause" for termination by the Company of the Chairman's
employment shall mean (i) the willful and continued failure by the Chairman to
substantially perform his duties described in Section 4 hereof, after a demand
for substantial performance is delivered to the Chairman that specifically
identifies the manner in which the Company believes that he has not
substantially performed his duties, and the Chairman has failed to resume
substantial performance of his duties on a continuous basis within fourteen (14)
days of receiving such demand, (ii) the willful engaging by the Chairman in
conduct which is demonstrably and materially injurious to the Corporation,
monetarily or otherwise, or (iii) the conviction of the Chairman for the
commission of a felony or the commission of a misdemeanor which impairs the
Chairman's ability substantially to perform his duties described in Section 4
hereof. For purposes of this paragraph, no act, or failure to act, on the
Chairman's part shall be deemed "willful" unless done, or omitted to be done, by
the Chairman not in good faith and without reasonable belief that the Chairman's
action or omission was in the best interest of the Company.

         (g) A "Change in Control" shall be deemed to have occurred if the
event set forth in any one of the following paragraphs shall have occurred:

                  (I) any Person is or becomes the Beneficial Owner, directly
         or indirectly, of securities of the Company (not including in the
         securities beneficially owned by such Person any securities acquired
         directly from the Company or its Affiliates) representing twenty-five
         percent (25%) or more of the combined voting power of the Company's
         then outstanding securities, excluding any Person who

                                       17

<PAGE>

         becomes such a Beneficial Owner in connection with a transaction
         described in clause (i) of paragraph (III) below; or

                  (II) the following individuals cease for any reason to
         constitute a majority of the number of directors then serving:
         individuals who, on the date hereof, constitute the Board and any new
         director (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 the Company) whose appointment or election by the Board or
         nomination for election by the Company's shareholders was approved or
         recommended by a vote of at least two-thirds (2/3) of the directors
         then still in office who either were directors on the date hereof or
         whose appointment, election or nomination for election was previously
         so approved or recommended; or

                  (III) there is consummated a merger or consolidation of the
         Company or any direct or indirect subsidiary of the Company with any
         other corporation, other than (i) a merger or consolidation which would
         result in the voting securities of the Company outstanding immediately
         prior to such merger or consolidation continuing to represent (either
         by remaining outstanding or by being converted into voting securities
         of the surviving entity or any parent thereof), in combination with the
         ownership of any trustee or other fiduciary holding securities under an
         employee benefit plan of the Company or any subsidiary of the Company,
         at least fifty-one percent (51%) of the combined voting power of the
         securities of the Company or such surviving entity or any parent
         thereof outstanding immediately after such merger or consolidation, or
         (ii) a merger or consolidation effected to implement a recapitalization
         of the Company (or similar transaction) in which no Person is or
         becomes the Beneficial Owner, directly or indirectly, of securities of
         the Company representing twenty-five percent (25%) or more of the
         combined voting power of the Company's then outstanding securities; or

                  (IV) the shareholders of the Company approve a plan of
         complete liquidation or dissolution of the Company or there is
         consummated an agreement for the sale or disposition by the Company of
         all or substantially all of the Company's assets, other than a sale or
         disposition by the Company of all or substantially all of the
         Company's assets to an entity, at least fifty-one percent (51%) of the

                                       18

<PAGE>

         combined voting power of the voting securities of which are owned by
         shareholders of the Company in substantially the same proportions as
         their ownership of the Company immediately prior to such sale.

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 the Company 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 the Company
immediately following such transaction or series of transactions.

         (h) "Code" shall mean the Internal Revenue Code of 1986, as amended
from time to time.

         (i) "Company" shall mean MW Holding Corporation, a Delaware corporation
and, except in determining under Section 22(g) hereof whether or not any Change
in Control of the Company has occurred, shall include any successor to its
business and/or assets which assumes and agrees to perform this Agreement by
operation of law, or otherwise.

         (j) "Date of Termination" shall have the meaning set forth in Section
7(f) hereof.

         (k) "Disability" shall be deemed the reason for the termination by the
Company of the Chairman's employment, if, as a result of the Chairman's
incapacity due to physical or mental illness, the Chairman shall have been
absent from the full-time performance of the Chairman's duties with the Company
for a period of six (6) consecutive months, the Company shall have given the
Chairman a Notice of Termination for Disability, and the Chairman shall not have
returned to the full-time performance of the Chairman's duties within thirty
(30) days after such Notice of Termination is given.

         (l) "Employment Period", as described in Section 2 hereof, shall mean
the period (which may end earlier than the Term pursuant to Section 7 hereof)
during which Chairman has an obligation to render services under the Agreement,
as described in Section 4 hereof.

         (m) "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended from time to time.

                                       19

<PAGE>

         (n) "Excise Tax" shall mean any excise tax imposed under section 4999
of the Code.

         (o) "Chairman" shall mean the individual named in the first paragraph
of this Agreement.

         (p) "Gross-Up Payment" shall have the meaning set forth in Section 9
hereof.

         (q) "Notice of Termination" shall have the meaning set forth in Section
7(d) hereof.

         (r) "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) the Company or any of its subsidiaries,
(ii) a trustee or other fiduciary holding securities under an employee benefit
plan of the Company 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 the Company in
substantially the same proportions as their ownership of stock of the Company.

         (s) "Tax Counsel" shall have the meaning set forth in Section 9 hereof.

         (t) "Term" shall mean the period of time described in Section 3 hereof.

         (u) "Total Payments" shall mean those payments so described in Section
9 hereof.

                                            THE MEAD CORPORATION

                                            By:
                                               -------------------------------
                                               Name:
                                               Title:

                                       20

<PAGE>

                                            MW HOLDING CORPORATION

                                            By:
                                               -------------------------------
                                               Name:
                                               Title:

                                            ----------------------------------
                                            Jerome F. Tatar

                                            Address:

                                            ----------------------------------

                                            ----------------------------------

                                            ----------------------------------
                                            (Please print carefully)

                                       21

<PAGE>

                                    EXHIBIT A

Duties and Responsibilities - During the Employment Period, subject to the
---------------------------
direction of the Board, the Chairman and the Chief Executive Officer of the
Company (the "Chief Executive Officer") shall work together generally on matters
of significance to the Company and have shared responsibilities with respect to:

         o        transition matters and the integration of the two
                  organizations into a single operation;

         o        investor relations;

         o        restructuring initiatives; and

         o        such other matters as may be mutually agreed upon by the
                  Chairman and the Chief Executive Officer.

In addition, as part of his duties, the Chairman shall have primary
responsibility for defining information technology strategies and approaches for
the combined organization.

The executives of the Company shall report to the Chairman and/or the Chief
Executive Officer as follows (except as otherwise mutually agreed upon by the
Chairman and the Chief Executive Officer from time to time):

                                                               The Chairman
                                                               and the Chief
 The Chairman              The Chief Executive Officer         Executive Officer
 ------------              ---------------------------         -----------------
 Information
 Resources                 Chief Financial Officer             Human Resources

                           Fine Paper                          General Counsel

                           Packaging                           Integration

                           Consumer Packaging                  Technology

                           Chemicals

                           Consumer and Office

                           Products

                           Forest Resources

                           Strategic Planning

                           Other

                                       22

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