Document:

EXHIBIT 10(d)

 

BEMIS RETIREMENT PLAN

 

(Amended and Restated Effective as of December 31,
2005)

 

 

BEMIS RETIREMENT PLAN

 

Table of Contents

 

	
  ARTICLE I            GENERAL

  	
   

  	
  1

  
	
  Sec. 1.1

  	
  Name of Plan

  	
   

  	
  1

  
	
  Sec. 1.2

  	
  Purpose

  	
   

  	
  1

  
	
  Sec. 1.3

  	
  History of the Plan

  	
   

  	
  1

  
	
  Sec. 1.4

  	
  Plan Year

  	
   

  	
  1

  
	
  Sec. 1.5

  	
  Company

  	
   

  	
  1

  
	
  Sec. 1.6

  	
  Participating Employer

  	
   

  	
  1

  
	
  Sec. 1.7

  	
  Construction and Applicable Law

  	
   

  	
  2

  
	
  Sec. 1.8

  	
  Benefits Determined Under Provisions in Effect at Termination of
  Employment

  	
   

  	
  2

  
	
  Sec. 1.9

  	
  Transition Rules

  	
   

  	
  2

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II            MISCELLANEOUS
  DEFINITIONS

  	
   

  	
  3

  
	
  Sec. 2.1

  	
  Accrued Monthly Pension

  	
   

  	
  3

  
	
  Sec. 2.2

  	
  Accumulated Interest

  	
   

  	
  3

  
	
  Sec. 2.3

  	
  Active Participant

  	
   

  	
  3

  
	
  Sec. 2.4

  	
  Actuarial Equivalent

  	
   

  	
  3

  
	
  Sec. 2.5

  	
  Actuarial Value

  	
   

  	
  3

  
	
  Sec. 2.6

  	
  Actuary

  	
   

  	
  3

  
	
  Sec. 2.7

  	
  Administrator

  	
   

  	
  3

  
	
  Sec. 2.8

  	
  Affiliate

  	
   

  	
  3

  
	
  Sec. 2.9

  	
  Bemis Elapsed Time

  	
   

  	
  3

  
	
  Sec. 2.10

  	
  Beneficiary

  	
   

  	
  3

  
	
  Sec. 2.11

  	
  Board

  	
   

  	
  4

  
	
  Sec. 2.12

  	
  Code

  	
   

  	
  4

  
	
  Sec. 2.13

  	
  Common Control

  	
   

  	
  4

  
	
  Sec. 2.14

  	
  Credited Service

  	
   

  	
  4

  
	
  Sec. 2.15

  	
  Disability Retirement

  	
   

  	
  4

  
	
  Sec. 2.16

  	
  Early Retirement

  	
   

  	
  5

  
	
  Sec. 2.17

  	
  Elapsed Time

  	
   

  	
  5

  
	
  Sec. 2.18

  	
  Eligibility Computation Period

  	
   

  	
  5

  
	
  Sec. 2.19

  	
  Employment Commencement Date

  	
   

  	
  5

  
	
  Sec. 2.20

  	
  ERISA

  	
   

  	
  5

  
	
  Sec. 2.21

  	
  Final Average Earnings

  	
   

  	
  5

  
	
  Sec. 2.22

  	
  Fund

  	
   

  	
  5

  
	
  Sec. 2.23

  	
  Funding Agency

  	
   

  	
  5

  
	
  Sec. 2.24

  	
  Group A Participant

  	
   

  	
  5

  
	
  Sec. 2.25

  	
  Group B Participant

  	
   

  	
  5

  

 

i

 

	
  Sec. 2.26

  	
  Hour of Service

  	
   

  	
  5

  
	
  Sec. 2.27

  	
  Leased Employee

  	
   

  	
  5

  
	
  Sec. 2.28

  	
  Long-Term Disability Plan

  	
   

  	
  6

  
	
  Sec. 2.29

  	
  Monthly Earnings

  	
   

  	
  6

  
	
  Sec. 2.30

  	
  Named Fiduciary

  	
   

  	
  6

  
	
  Sec. 2.31

  	
  Normal Retirement

  	
   

  	
  6

  
	
  Sec. 2.32

  	
  Normal Retirement Age

  	
   

  	
  6

  
	
  Sec. 2.33

  	
  Normal Retirement Date

  	
   

  	
  7

  
	
  Sec. 2.34

  	
  Participant

  	
   

  	
  7

  
	
  Sec. 2.35

  	
  Present Value

  	
   

  	
  7

  
	
  Sec. 2.36

  	
  Primary Social Security Benefit

  	
   

  	
  7

  
	
  Sec. 2.37

  	
  Qualified Employee

  	
   

  	
  7

  
	
  Sec. 2.38

  	
  Qualified Military Service

  	
   

  	
  9

  
	
  Sec. 2.39

  	
  Recognized Break In Service

  	
   

  	
  9

  
	
  Sec. 2.40

  	
  Service Ratio

  	
   

  	
  9

  
	
  Sec. 2.41

  	
  Termination of Employment

  	
   

  	
  9

  
	
  Sec. 2.42

  	
  USERRA

  	
   

  	
  9

  
	
  Sec. 2.43

  	
  Vested Termination

  	
   

  	
  9

  
	
  Sec. 2.44

  	
  Year of Eligibility Service

  	
   

  	
  9

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III            SERVICE
  PROVISIONS

  	
   

  	
  10

  
	
  Sec. 3.1

  	
  Employment Commencement Date

  	
   

  	
  10

  
	
  Sec. 3.2

  	
  Termination of Employment

  	
   

  	
  10

  
	
  Sec. 3.3

  	
  Recognized Break In Service

  	
   

  	
  10

  
	
  Sec. 3.4

  	
  Elapsed Time

  	
   

  	
  10

  
	
  Sec. 3.5

  	
  Credited Service

  	
   

  	
  12

  
	
  Sec. 3.6

  	
  Eligibility Computation Period

  	
   

  	
  15

  
	
  Sec. 3.7

  	
  Year of Eligibility Service

  	
   

  	
  15

  
	
  Sec. 3.8

  	
  Hour of Service

  	
   

  	
  15

  
	
  Sec. 3.9

  	
  Service Rules at Columbus, Indiana Facility

  	
   

  	
  17

  
	
  Sec. 3.10

  	
  Bemis Elapsed Time

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV            BENEFIT
  DEFINITIONS

  	
   

  	
  18

  
	
  Sec. 4.1

  	
  Normal Retirement

  	
   

  	
  18

  
	
  Sec. 4.2

  	
  Early Retirement

  	
   

  	
  18

  
	
  Sec. 4.3

  	
  Disability Retirement

  	
   

  	
  18

  
	
  Sec. 4.4

  	
  Vested Termination

  	
   

  	
  18

  
	
  Sec. 4.5

  	
  Accrued Monthly Pension

  	
   

  	
  18

  
	
  Sec. 4.6

  	
  Service Ratio

  	
   

  	
  20

  
	
  Sec. 4.7

  	
  Monthly Earnings

  	
   

  	
  21

  
	
  Sec. 4.8

  	
  Final Average Earnings

  	
   

  	
  23

  
	
  Sec. 4.9

  	
  Primary Social Security Benefit

  	
   

  	
  24

  
	
  Sec. 4.10

  	
  Actuarial Equivalent, Actuarial Value, Present Value

  	
   

  	
  26

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V            PLAN
  PARTICIPATION

  	
   

  	
  28

  
	
  Sec. 5.1

  	
  Eligibility for Participation

  	
   

  	
  28

  

 

ii

 

	
  Sec. 5.2

  	
  Duration of Participation

  	
   

  	
  28

  
	
  Sec. 5.3

  	
  No Guarantee of Employment

  	
   

  	
  28

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI            PENSION
  BENEFITS

  	
   

  	
  29

  
	
  Sec. 6.1

  	
  Pension on Normal Retirement

  	
   

  	
  29

  
	
  Sec. 6.2

  	
  Pension on Early Retirement

  	
   

  	
  29

  
	
  Sec. 6.3

  	
  Pension on Disability Retirement

  	
   

  	
  29

  
	
  Sec. 6.4

  	
  Pension on Vested Termination

  	
   

  	
  30

  
	
  Sec. 6.5

  	
  Deduction for Other Pension Payments

  	
   

  	
  30

  
	
  Sec. 6.6

  	
  Amendments Affecting Pension Rights

  	
   

  	
  31

  
	
  Sec. 6.7

  	
  Suspension of Benefits and Effect of Reemployment

  	
   

  	
  31

  
	
  Sec. 6.8

  	
  Family Income Coverage

  	
   

  	
  32

  
	
  Sec. 6.9

  	
  Effect of Participation in Variable Annuity Fund Prior to January 1,
  1969

  	
   

  	
  32

  
	
  Sec. 6.10

  	
  Preservation of Benefits Under Pre-1972 Formula

  	
   

  	
  33

  
	
  Sec. 6.11

  	
  Preservation of Benefits Under Pre-1997 Formula

  	
   

  	
  33

  
	
  Sec. 6.12

  	
  Special Vested Termination Provisions For Employees At Certain
  Discontinued Operations

  	
   

  	
  35

  
	
  Sec. 6.13

  	
  Special Enhanced Benefit for Certain Employees at Stow, Ohio

  	
   

  	
  36

  
	
  Sec. 6.14

  	
  Increase in Benefits for Persons Whose Benefits Commenced Prior to January 1,
  1990

  	
   

  	
  38

  
	
  Sec. 6.15

  	
  Special Enhanced Benefit for Certain Employees at Bemis Clysar, Inc.

  	
   

  	
  38

  
	
  Sec. 6.16

  	
  Special Provisions Applicable to Employees at Murphysboro, Union
  City, and Nellis

  	
   

  	
  39

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VII            SURVIVOR’S
  BENEFITS

  	
   

  	
  41

  
	
  Sec. 7.1

  	
  Qualified Preretirement Survivor Annuity

  	
   

  	
  41

  
	
  Sec. 7.2

  	
  Qualified Joint and Survivor Annuity

  	
   

  	
  43

  
	
  Sec. 7.3

  	
  Election Procedure

  	
   

  	
  43

  
	
  Sec. 7.4

  	
  Optional Settlements

  	
   

  	
  44

  
	
  Sec. 7.5

  	
  Other Death Benefits

  	
   

  	
  45

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VIII            MISCELLANEOUS
  BENEFIT PROVISIONS

  	
   

  	
  46

  
	
  Sec. 8.1

  	
  Commencement Date for Pension Payments

  	
   

  	
  46

  
	
  Sec. 8.2

  	
  Payment of Small Amounts and Certain Consequences Thereof

  	
   

  	
  47

  
	
  Sec. 8.3

  	
  No Other Benefits

  	
   

  	
  47

  
	
  Sec. 8.4

  	
  Source of Benefits

  	
   

  	
  47

  
	
  Sec. 8.5

  	
  Incompetent Payee

  	
   

  	
  47

  
	
  Sec. 8.6

  	
  Assignment or Alienation of Benefits

  	
   

  	
  47

  
	
  Sec. 8.7

  	
  Payment of Taxes

  	
   

  	
  48

  
	
  Sec. 8.8

  	
  Conditions Precedent

  	
   

  	
  48

  
	
  Sec. 8.9

  	
  Company Directions to Funding Agency

  	
   

  	
  48

  
	
  Sec. 8.10

  	
  Benefits Not Increased by Actuarial Gains

  	
   

  	
  49

  
	
  Sec. 8.11

  	
  Pensions Not Decreased on Account of Certain Social Security
  Increases

  	
   

  	
  49

  
	
  Sec. 8.12

  	
  Maximum Limitations on Benefits

  	
   

  	
  49

  
	
  Sec. 8.13

  	
  Distributions Made in Accordance with Code § 401(a)(9)

  	
   

  	
  50

  

 

iii

 

	
  Sec. 8.14

  	
  Deemed Cash-Out Upon Termination of Employment for Unvested
  Participants

  	
   

  	
  51

  
	
  Sec. 8.15

  	
  Rollovers and Transfers to Other Qualified Plans

  	
   

  	
  51

  
	
  Sec. 8.16

  	
  Special Benefit Limitation

  	
   

  	
  52

  
	
  Sec. 8.17

  	
  Benefits of Reemployed Veterans

  	
   

  	
  52

  
	
  Sec. 8.18

  	
  Retroactive Annuity Starting Dates

  	
   

  	
  53

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IX            FUND

  	
   

  	
  55

  
	
  Sec. 9.1

  	
  Composition

  	
   

  	
  55

  
	
  Sec. 9.2

  	
  Funding Agency

  	
   

  	
  55

  
	
  Sec. 9.3

  	
  Compensation and Expenses of Funding Agency

  	
   

  	
  55

  
	
  Sec. 9.4

  	
  Securities and Property of Participating Employers

  	
   

  	
  55

  
	
  Sec. 9.5

  	
  No Diversion

  	
   

  	
  56

  
	
  Sec. 9.6

  	
  Employer Contributions

  	
   

  	
  56

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE X            ACTUARY

  	
   

  	
  57

  
	
  Sec. 10.1

  	
  Appointment

  	
   

  	
  57

  
	
  Sec. 10.2

  	
  Responsibilities

  	
   

  	
  57

  
	
  Sec. 10.3

  	
  Compensation

  	
   

  	
  57

  
	
  Sec. 10.4

  	
  Resignation, Removal, and Successor

  	
   

  	
  57

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XI            ADMINISTRATION
  OF PLAN

  	
   

  	
  58

  
	
  Sec. 11.1

  	
  Administration by Company

  	
   

  	
  58

  
	
  Sec. 11.2

  	
  Certain Fiduciary Provisions

  	
   

  	
  58

  
	
  Sec. 11.3

  	
  Evidence

  	
   

  	
  59

  
	
  Sec. 11.4

  	
  Correction of Errors

  	
   

  	
  59

  
	
  Sec. 11.5

  	
  Records

  	
   

  	
  59

  
	
  Sec. 11.6

  	
  Claims Procedure

  	
   

  	
  59

  
	
  Sec. 11.7

  	
  Bonding

  	
   

  	
  60

  
	
  Sec. 11.8

  	
  Waiver of Notice

  	
   

  	
  60

  
	
  Sec. 11.9

  	
  Agent For Legal Process

  	
   

  	
  60

  
	
  Sec. 11.10

  	
  Indemnification

  	
   

  	
  60

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XII            AMENDMENT,
  TERMINATION, MERGER

  	
   

  	
  61

  
	
  Sec. 12.1

  	
  Amendment

  	
   

  	
  61

  
	
  Sec. 12.2

  	
  Reorganization of Participating Employer

  	
   

  	
  61

  
	
  Sec. 12.3

  	
  Termination

  	
   

  	
  61

  
	
  Sec. 12.4

  	
  Partial Termination

  	
   

  	
  63

  
	
  Sec. 12.5

  	
  Merger, Consolidation, or Transfer of Plan Assets

  	
   

  	
  64

  
	
  Sec. 12.6

  	
  Deferral of Distributions

  	
   

  	
  64

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XIII            MISCELLANEOUS
  PROVISIONS

  	
   

  	
  65

  
	
  Sec. 13.1

  	
  Headings

  	
   

  	
  65

  
	
  Sec. 13.2

  	
  Capitalized Definitions

  	
   

  	
  65

  
	
  Sec. 13.3

  	
  Gender

  	
   

  	
  65

  
	
  Sec. 13.4

  	
  Use of Compounds of Word

  	
   

  	
  65

  

 

iv

 

	
  Sec. 13.5

  	
  Construed as a Whole

  	
   

  	
  65

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XIV            TOP-HEAVY
  PLAN PROVISIONS

  	
   

  	
  66

  
	
  Sec. 14.1

  	
  Key Employee Defined

  	
   

  	
  66

  
	
  Sec. 14.2

  	
  Determination of Top-Heavy Status

  	
   

  	
  66

  
	
  Sec. 14.3

  	
  Minimum Accrued Benefit

  	
   

  	
  68

  
	
  Sec. 14.4

  	
  Vesting Schedule

  	
   

  	
  69

  
	
  Sec. 14.5

  	
  Definition of Employer

  	
   

  	
  70

  
	
  Sec. 14.6

  	
  Exception For Collective Bargaining Unit

  	
   

  	
  70

  
	
   

  	
   

  	
   

  	
   

  
	
  Schedule A

  	
   

  	
   

  	
  71

  
	
  Appendix A

  	
   

  	
   

  	
  73

  
	
  Appendix B

  	
   

  	
   

  	
  77

  
	
  Appendix C

  	
   

  	
   

  	
  79

  
	
  Appendix D

  	
   

  	
   

  	
  82

  
	
  Appendix E

  	
   

  	
   

  	
  86

  
	
  Appendix F

  	
   

  	
   

  	
  87

  
	
  Appendix G

  	
   

  	
   

  	
  88

  
	
  Appendix H

  	
   

  	
   

  	
  90

  
	
  Appendix I

  	
   

  	
   

  	
  91

  
	
  Appendix J

  	
   

  	
   

  	
  92

  

 

v

 

BEMIS RETIREMENT PLAN

(Amended and Restated Effective as of January 1,
2006)

 

ARTICLE I

 

GENERAL

 

Sec. 1.1  Name
of Plan. The name
of the pension plan set forth herein is “Bemis Retirement Plan”. It is
sometimes herein referred to as the “Plan”.

 

Sec. 1.2  Purpose. The Plan has been established so that
eligible employees will have a source of retirement income in addition to the
other sources of retirement income available to them.

 

Sec. 1.3  History
of the Plan. The
Company on December 21, 1945 established the Bemis Bro. Bag Company
Retirement Income Plan and Trust (sometimes referred to as “S&RIP”), under
which retirement benefits were to be provided for eligible employees. Subsequently,
on March 12, 1958 the Company established the Bemis Bro. Bag Company
Supplemental Pension Plan (sometimes referred to as “SPP”). Thereafter, the two
plans were amended and combined into one plan, the Bemis Retirement Plan, said
amendment being effective as of December 31, 1961 for the S&RIP and as
of January 1, 1962 for the SPP. Subsequently, the Plan was amended from
time to time.

 

Sec. 1.4  Plan
Year. A “Plan
Year” is the 12-consecutive-month period commencing on January 1 and is
the year on which records of the Plan are kept.

 

Sec. 1.5  Company. The “Company” is Bemis Company, Inc.,
a Missouri corporation.

 

Sec. 1.6  Participating
Employer. The
Company is a Participating Employer in the Plan. With the consent of the
Company, any other employer may also become a Participating Employer
effective as of a date specified by it in its adoption of the Plan. Also with
such consent, any such adopting employer may modify the provisions of the
Plan as they shall be applicable to its employees. The other Participating
Employers on January 1, 2006 are:

 

(a)           Banner Packaging, Inc., a Wisconsin
corporation.

 

(b)           Bemis Clysar, Inc. a Minnesota
corporation.

 

(c)           Bemis Longview, Inc., a Texas
corporation.

 

(d)           Bemis Shelbyville, Inc., a Tennessee
corporation.

 

(e)           Curwood, Inc. a Delaware corporation.

 

(f)            Electronic Printing Products, Inc., an
Ohio corporation.

 

1

 

(g)           MACtac Engineered Products, Inc., an
Ohio corporation.

 

(h)           Milprint, Inc., a Wisconsin corporation.

 

(i)            Morgan Adhesives Company, an Ohio
corporation.

 

(j)            Perfecseal, Inc., a Delaware
corporation.

 

Sec. 1.7  Construction
and Applicable Law. The
Plan is intended to meet the requirements for qualification under Code § 401(a).
The Plan is also intended to be in full compliance with applicable requirements
of ERISA. The Plan shall be administered and construed consistent with said
intent. It shall also be construed and administered according to the internal,
substantive laws of the State of Minnesota (without regard to the conflict of
law rules of the State of Minnesota or of any other jurisdiction) to the
extent that such laws are not preempted by the laws of the United States of
America. All controversies, disputes, and claims arising hereunder shall be
submitted to the United States District Court for the District of Minnesota.

 

Sec. 1.8  Benefits
Determined Under Provisions in Effect at Termination of Employment. Except as may be specifically provided
herein to the contrary, with respect to a Participant whose Termination of
Employment has occurred, benefits under the Plan attributable to service prior
to his or her Termination of Employment shall be determined and paid in
accordance with the provisions of the Plan as in effect on the date the
Participant’s Termination of Employment occurred unless he or she becomes an
Active Participant after that date and such active participation causes a
contrary result under the provisions hereof.

 

Sec.
1.9  Transition Rules. The
Plan has been amended from time to time. Each such amendment is effective as of
the date specified in the amendment.

 

2

 

ARTICLE II

 

MISCELLANEOUS DEFINITIONS

 

Sec. 2.1  Accrued
Monthly Pension.  “Accrued Monthly Pension” is defined in Sec.
4.5.

 

Sec. 2.2  Accumulated
Interest. “Accumulated
Interest” respecting employee contributions made prior to their discontinuance
effective January 1, 1972 and respecting the cash value of certain annuity
contracts purchased in 1962 shall be determined as follows:

 

(a)           Accumulated
Interest for years prior to 1976 shall be determined according to the
provisions of the Plan as in effect on December 31, 1975.

 

(b)           Accumulated Interest for years after 1975 and
prior to 1988 shall be computed at the annual rate of 5% per year, compounded
annually.

 

(c)           Accumulated Interest for years after 1987
shall be computed at an annual rate equal to 120% of the federal mid-term rate
for January of the particular plan year.

 

Accumulated Interest shall be determined to the first day of the month
in which said determination is to be made, but not later than the date as of
which benefits with respect to the Participant commence under the Plan. If a
retroactive pension payment is made with respect to a Participant, Accumulated
Interest will not accrue after the first day of the earliest month with respect
to which the retroactive payment is made.

 

Sec. 2.3  Active
Participant. An
employee is an “Active Participant” only while both a Participant and a
Qualified Employee.

 

Sec. 2.4.  Actuarial
Equivalent.  “Actuarial Equivalent” is defined in Sec.
4.10.

 

Sec. 2.5  Actuarial
Value.  “Actuarial Value” is defined
in Sec. 4.10.

 

Sec. 2.6  Actuary.
“Actuary” means the individual, partnership, corporation, or other organization
appointed and acting as such from time to time pursuant to Article X.

 

Sec. 2.7  Administrator. The Company is the “Administrator” of the
Plan for purposes of ERISA.

 

Sec. 2.8  Affiliate. “Affiliate” means any trade or business
entity under Common Control with a Participating Employer.

 

Sec. 2.9  Bemis
Elapsed Time. “Bemis
Elapsed Time” is defined in Sec. 3.10.

 

Sec. 2.10  Beneficiary. A “Beneficiary” is the person or persons,
natural or otherwise, designated by a Participant to receive any death benefit
payable under Sec. 7.4(a) (life and 120

 

3

 

months
certain) or 7.5 (other death benefits). Participants covered by certain
Appendices to the Plan may also designate a Beneficiary to receive death
benefits provided by the Appendices, as follows: (i) Appendix A – Sec.
7.4, (ii) Appendix C – Sec. 7, Appendix D – Sec. 6, and Appendix J – Sec.
2. A Participant who has designated a Beneficiary may, without the consent of
such Beneficiary, alter or revoke such designation. To be effective, any such
designation, alteration, or revocation shall be in writing, in such form as
the Company may prescribe, and shall be filed with the Company prior to
the Participant’s death. If at the time a death benefit becomes payable there
is not on file with the Company a fully effectual designation of Beneficiary,
or if the designated Beneficiary does not survive the Participant, the
Beneficiary shall be the person or persons surviving the Participant in the
first of the following classes in which there is a survivor, share and share
alike:

 

(a)           the Participant’s spouse;

 

(b)           the Participant’s children, except that if
any children predecease the Participant but leave issue surviving the
Participant such issue shall take by right of representation the share their
parent would have taken if living;

 

(c)           the Participant’s parents;

 

(d)           the Participant’s brothers and sisters;

 

(e)           the Participant’s personal representative or
representatives (executors or administrators).

 

Determination
of who the Beneficiary is in each case shall be made by the Company.

 

Sec. 2.11  Board.
The “Board” is the
board of directors of the Company, and includes any executive committee thereof
authorized to act for said board of directors.

 

Sec. 2.12  Code.
“Code” means the
Internal Revenue Code of 1986 as from time to time amended.

 

Sec. 2.13  Common
Control. A trade
or business entity (whether a corporation, partnership, sole proprietorship or
otherwise) is under “Common Control” with another trade or business entity (i) if
both entities are corporations which are members of a controlled group of
corporations as defined in Code § 414(b), or (ii) if both entities
are trades or businesses (whether or not incorporated) which are under common
control as defined in Code § 414(c), or (iii) if both entities are
members of an affiliated service group as defined in Code § 414(m), or (iv) if
both entities are required to be aggregated pursuant to regulations under Code § 414(o).
In applying the preceding sentence for purposes of Sec. 8.12, the provisions of
Code § 414(b) and (c) are deemed to be modified as provided in
Code § 415(h).

 

Sec. 2.14  Credited
Service.  “Credited Service” is defined in Sec. 3.5.

 

Sec. 2.15  Disability
Retirement.  “Disability Retirement” is defined in Sec.
4.3.

 

4

 

Sec. 2.16  Early
Retirement.  “Early Retirement” is defined in Sec. 4.2.

 

Sec. 2.17  Elapsed
Time.  “Elapsed Time” is defined in Sec. 3.4.

 

Sec. 2.18  Eligibility
Computation Period.  “Eligibility Computation Period” is defined in
Sec. 3.6.

 

Sec. 2.19  Employment
Commencement Date.
 “Employment Commencement Date” is
defined in Sec. 3.1.

 

Sec. 2.20  ERISA. “ERISA” means the Employee Retirement
Income Security Act of 1974 as from time to time amended.

 

Sec. 2.21  Final
Average Earnings.  “Final Average Earnings” is defined in Sec.
4.8.

 

Sec. 2.22  Fund.
“Fund” means the
aggregate of assets described in Sec. 9.1.

 

Sec. 2.23  Funding
Agency. “Funding
Agency” is a trustee or trustees or an insurance company appointed and acting
from time to time in accordance with the provisions of Sec. 9.2 for the purpose
of holding, investing, and disbursing all or a part of the Fund.

 

Sec. 2.24  Group
A Participant.  “Group A Participant” means a Participant who
meets the requirements of (a) and (b):

 

(a)         On December 31, 2005, he or she was 40
or older.

 

(b)         On December 31, 2005, the sum of the
following amounts is 60 or more:

 

(1)             The Participant’s age on December 31,
2005, which is the Participant’s age on his or her 2005 birthday, plus a
fractional year of age equal 1/365 of a year for each day after said birthday
and prior to January 1, 2006.

 

(2)             The Participant’s Bemis Elapsed Time on December 31,2005,
which also is expressed in terms of whole and fractional years through December 31,
2005.

 

Sec. 2.25  Group
B Participant. “Group
B Participant” means any Participant who does not meet the requirements to be a
Group A Participant as set forth in Sec. 2.24.

 

Sec. 2.26  Hour
of Service.  “Hour of Service” is defined in Sec. 3.8.

 

Sec. 2.27  Leased
Employee. “Leased
Employees” within the meaning of Code § 414(n)(2) and individuals who
would meet those requirements but for failure to complete a year of leased
service shall be counted as employees for purposes of determining Elapsed Time,
but not for purposes of determining Credited Service. Leased Employees may not
become

 

5

 

Participants
or accrue benefits under the Plan. “Leased Employee” means any person (other
than an employee of the recipient) who, pursuant to an agreement between the
recipient and any other person (“leasing organization”), has performed services
for the recipient (or for the recipient and related persons determined in
accordance with Code § 414(n)(6)) on a substantially full-time basis for a
period of at least one year, and such services are performed under primary
direction or control by the recipient. Contributions or benefits provided a
leased employee by the leasing organization which are attributable to service
performed for the recipient employer shall be treated as provided by the
recipient employer.

 

Sec. 2.28  Long-Term
Disability Plan.
“Long Term Disability Plan” for purposes of this Plan means the long-term
disability insurance which covers most salaried and office clerical employees
of the Participating Employers, the premiums for which are paid in part by
the Participating Employers, which on January 1, 2005 is being provided
through CIGNA long-term disability policy LK 6337 (Class 1). “Long-Term
Disability Plan” for purposes of this Plan does not include the long-term
disability insurance offered initially in 2005 to certain non-exempt plant
employees through CIGNA long-term policy LK 6337 (Class 3), premiums for
which are fully payable by the employees.

 

Sec. 2.29  Monthly
Earnings.  “Monthly Earnings” is defined in Sec. 4.7.

 

Sec. 2.30  Named
Fiduciary. The
Company is a “Named Fiduciary” for purposes of ERISA with authority to control
or manage the operation and administration of the Plan, including control or
management of the assets of the Plan. Other persons are also Named Fiduciaries
if so provided by ERISA or if so identified by the Company. Such other person
or persons shall have such authority to control or manage the operation and
administration of the Plan, including control or management of the assets of
the Plan, as may be provided by ERISA or as may be allocated by the
Company.

 

Sec. 2.31  Normal
Retirement.  “Normal Retirement” is defined in Sec. 4.1.

 

Sec. 2.32  Normal
Retirement Age. A
Participant’s “Normal Retirement Age” shall be determined as follows:

 

(a)           Except as provided in (b) and (c), a
Participant’s Normal Retirement Age shall be determined from the following
table according to his or her year of birth:

 

	
  Year of Birth

  	
   

  	
  Normal Retirement Age

  
	
  Before
  1943

  	
   

  	
  65

  
	
  1943
  - 1959

  	
   

  	
  66

  
	
  1960
  and after

  	
   

  	
  67

  

 

(b)           However, if a Participant’s earliest
Employment Commencement Date is on or after March 1, 2000 and is on or
after the date the Participant attains age 62, his or her Normal Retirement Age
is not earlier than the third annual anniversary of his or her date of hire. For
example, if a Participant is hired July 1, 2003, and is 68

 

6

 

on
the date of hire, “Normal Retirement Age” is July 1, 2006, three years
after the date of hire.

 

(c)         For Participants who are “Eligible Employees”
as defined in Sec. 6.11(a), Normal Retirement Age is age 65, regardless of year
of birth.

 

Sec. 2.33  Normal
Retirement Date. “Normal
Retirement Date” is the last day of the month in which a person attains Normal
Retirement Age.

 

Sec. 2.34  Participant.
A “Participant”
is an individual described as such in Article V.

 

Sec. 2.35  Present
Value.  “Present Value” is defined in Sec. 4.10.

 

Sec. 2.36  Primary
Social Security Benefit.  “Primary Social Security Benefit”
is defined in Sec. 4.9.

 

Sec. 2.37  Qualified
Employee. “Qualified
Employee” means each employee described in (1), (2), (3) or (4) of
subsection (a), subject to the provisions of subsections (b) through
(h):

 

(a)           Qualified Employee
includes:

 

(1)           Employees of a Participating
Employer who are compensated in whole or in part on a regular stated
salary basis.

 

(2)           Employees who are paid hourly, for regular
straight time at a Covered Location listed in Schedule A, provided, however,
that an hourly paid employee at a location listed in Schedule A is not a
Qualified Employee prior to the effective date shown in Schedule A for the
particular location.

 

(3)           Hourly paid employees of a Participating
Employer who are employed in an office clerical or supervisory position, but
only for service after December 31, 1999. (Prior to 2000, such employees
participated in the Bemis Company, Inc. Retirement Plan for Bemis Hourly
Employees.)

 

(4)           Hourly paid non-bargaining unit employees of
a Participating Employer at bargaining unit locations, but only for service
after December 31, 1999.

 

(b)             Except as to employees of the Company, an
employee is not a Qualified Employee prior to the date as of which his or her
employer becomes a Participating Employer.

 

(c)             A non-resident alien while not receiving
earned income (within the meaning of Code § 911(d)(2)) from a
Participating Employer which constitutes income from sources within the United
States (within the meaning of Code § 861(a)(3)) is not a Qualified
Employee.

 

7

 

(d)             Eligibility of employees in a collective
bargaining unit to participate in the Plan shall be subject to negotiations
with the representative of that unit. During any period that an employee is
covered by the provisions of a collective bargaining agreement between a
Participating Employer and such representative he or she shall not be
considered a Qualified Employee for purposes of this Plan unless such agreement
expressly so provides. For purposes of this section only, such an
agreement shall be deemed to continue after its formal expiration during
collective bargaining negotiations pending the execution of a new agreement.

 

(e)             An employee shall be deemed to be a Qualified
Employee during a period of absence from active service which does not result
from Termination of Employment, provided he or she is a Qualified Employee at
the commencement of such period of absence.

 

(f)              A salaried, office clerical, or supervisory
employee is not a Qualified Employee during any period of employment prior to January 1,
1997 at a location listed in this subsection. However, this exclusion does not
apply to service at these locations on or after January 1, 1997. Also,
this exclusion does not apply in cases where the Plan as in effect prior to
1997 recognized service at one of these locations as Credited Service because
the individual transferred to the location after attaining age 35.

 

(1)           Bemis Custom Products (formerly Paramount
Texas).

 

(2)           Banner Oshkosh.

 

(3)           Fremont.

 

(4)           Hazleton.

 

(5)           MACtac Scranton.

 

(6)           Milprint Corporate - Oshkosh.

 

(7)           Milprint Denmark.

 

(8)           Milprint Lancaster.

 

(9)           Milprint Lebanon.

 

(10)         Perfecseal Philadelphia.

 

(g)           The Plan as in
effect prior to January 1, 1997 excluded employees at the following
locations. Effective as of January 1, 1997, employees at these locations
are no longer excluded. Service prior to January 1, 1997 is recognized as
provided:

 

8

 

(1)           Non-exempt employees at the Nellis, Nevada
plant of Morgan Adhesives, Inc. are Qualified Employees from the date of
hire.

 

(2)           Salaried employees at Perfecseal Oshkosh
(formerly Cur-Med) are Qualified Employees from the date of hire or date of
acquisition by the Company, if later.

 

(h)           An employee is
not a Qualified Employee during any period of employment prior to January 1,
1998 at Bemis Custom Products Shelbyville (formerly Paramount Tennessee). This
exclusion does not apply to service at this location on or after January 1,
1998.

 

(i)            An employee is not a Qualified Employee
during any period of employment at one of the following locations:

 

(1)           Enterprise Software, Inc.

 

(2)           Paramount Chalfont.

 

(j)            An employee
whose permanent assignment is outside the United States is not a Qualified
Employee during a period when he or she is on temporary assignment within the
United States.

 

Sec.
2.38  Qualified Military Service.
“Qualified Military Service” is defined in Sec. 8.17.

 

Sec. 2.39  Recognized
Break In Service.  “Recognized Break In Service” is defined in
Sec. 3.3.

 

Sec. 2.40  Service
Ratio  “Service Ratio” is defined in Sec. 4.6.

 

Sec. 2.41  Termination
of Employment  “Termination of Employment” is defined in
Sec. 3.2.

 

Sec. 2.42  USERRA. “USERRA” is defined in Sec. 8.17, which outlines
certain special benefit provisions applicable to employees returning following
Qualified Military Service.

 

Sec. 2.43  Vested
Termination  “Vested
Termination” is defined in Sec. 4.4.

 

Sec. 2.44  Year
of Eligibility Service  “Year of Eligibility Service”
is defined in Sec. 3.7.

 

9

 

ARTICLE III

 

SERVICE PROVISIONS.

 

Sec. 3.1     Employment
Commencement Date. “Employment
Commencement Date” means the date on which a person first becomes an employee
of a Participating Employer (whether before or after the Participating Employer
becomes such) or an Affiliate.

 

Sec. 3.2  Termination
of Employment. The
“Termination of Employment” of an employee for purposes of the Plan shall be
deemed to occur on the date of resignation, discharge, retirement, death,
failure to return to active work at the end of an authorized leave of absence
or the authorized extension or extensions thereof, failure to return to work
when duly called following a temporary layoff, or upon the happening of any
other event or circumstance which, under the policy of his or her employer as
in effect from time to time, results in the termination of the
employer-employee relationship; provided, however, that “Termination of
Employment” shall not be deemed to occur upon a transfer between any
combination of Participating Employers and Affiliates. If a Participant becomes
eligible to receive benefits under the Long-Term Disability Plan, Termination
of Employment for purposes of the Plan will be deemed not to have occurred
until termination of the Participant’s benefits under the Long-Term Disability
Plan. The preceding sentence does not apply in cases where a Participant is
receiving long-term disability benefits from a source other than the Long-Term
Disability Plan.

 

Sec. 3.3  Recognized
Break In Service. A
“Recognized Break in Service” is a period of at least 12 consecutive months
duration which begins on the day on which an individual’s Termination of
Employment occurs. A Recognized Break In Service ends, if ever, on the day on
which the individual again becomes an employee of a Participating Employer, an
Affiliate or a Predecessor Employer.

 

(a)           If an
individual is absent from work for maternity or paternity reasons, the 12-month
period beginning with the first day of such absence shall not be included in a
Recognized Break In Service.

 

(b)           For purposes of this paragraph, an absence
from work for maternity or paternity reasons means an absence (i) by
reason of the pregnancy of the individual, (ii) by reason of a birth of a
child of the individual, (iii) by reason of the placement of a child with
the individual in connection with the adoption of such a child by such
individual, or (iv) for purposes of caring for such child for a period
beginning immediately following such birth or placement.

 

Sec. 3.4  Elapsed
Time. A
Participant’s “Elapsed Time” is equal to the aggregate time elapsed between his
or her Employment Commencement Date and his or her most recent Termination of
Employment or any other date as of which a determination of Elapsed Time is to
be made, expressed in years and days, reduced as follows:

 

10

 

(a)           All Recognized
Breaks In Service shall be subtracted. Any periods that would have been
included in a Recognized Break In Service if Sec. 3.3(a) did not apply
shall also be subtracted.

 

(b)           With respect to employers participating in
the Plan on December 31, 1969, service rendered by an employee prior to
the date his or her employer adopted the Plan shall be recognized as Elapsed
Time only to the extent service with the employer was recognized as continuous
service under the Plan as in effect on December 31, 1969; provided,
however, that service with Jaite Paper Bag Company; Claremont Paper Mills, Inc.;
W. T. Winn Company; Cello-Vision Corporation; Clear Bag-Winnpak, Inc.; and
Mountain Paper Products Corporation shall be included in Elapsed Time.

 

(c)           Except as otherwise specifically provided
herein, service with an employer prior to the date it becomes a Participating
Employer or Affiliate shall not be included in an employee’s Elapsed Time. However,
if a Participant was an employee of any entity listed in this subsection immediately
prior to the acquisition of that entity or some or all of its assets by the
Company or an Affiliate, the Participant’s Elapsed Time for purposes of
determining vesting under the Plan and for purposes of determining eligibility
for an Early Retirement benefit, Disability Retirement benefit, or Qualified
Preretirement Survivor Annuity shall include continuous service beginning on
the Participant’s last date of hire prior to such acquisition date. However,
the pre-acquisition service is not recognized as Credited Service. Preacquisition
service at locations acquired before 1981 is recognized to the extent provided
in Sec. 3.4(c) of the Plan as in effect on January 1, 1994.

 

(1)           Milprint, Inc.,
acquired September 28, 1990.

 

(2)           Princeton Packaging Co., from which the
Company acquired certain plants on February 4, 1993.

 

(3)           Fitchburg Coated Products, a division of
Technographics, Inc., from which the MACtac Scranton facility was acquired
on January 3, 1994.

 

(4)           Hargro Health Care Packaging, acquired January 20,
1994.

 

(5)           Banner Packaging, Inc., acquired October 5,
1995 and the predecessor corporation which operated the Banner plant before
acquisition by Bemis.

 

(6)           Paper Manufacturers Company (PMCO), from
which the Perfecseal operations of the Company were acquired April 29,
1996.

 

(7)           Paramount Packaging Corporation, acquired January 1,
1997.

 

(8)           MACtac Electronic Printing Products, Inc.
and its predecessor, Gum Products of America, acquired March 17, 1997.

 

11

 

(9)           Viskase Companies, Inc., from which the
Curwood Shrink Packaging locations of Centerville, Iowa and Pauls Valley,
Oklahoma were acquired September 1, 2000.

 

(10)         Arrow Industries, from which certain
operations and assets were acquired in 2000.

 

(11)         Kanzaki Specialty Papers, Inc., from
which certain operations and assets were acquired in 2000.

 

(12)         Weskote, Inc., from which certain assets
were leased and employees hired and from which the MACtac Los Angeles location
was acquired February 7, 2001.

 

(13)         Duralam, Inc., from which Curwood
Appleton and Curwood Neenah were acquired September 8, 2001.

 

(14)         E. I. Dupont De Nemours & Company,
from which certain operations and assets were acquired and from which the Bemis
Clysar location was acquired July 31, 2002.

 

(d)           If an employee
has a Termination of Employment and is later rehired by a Participating
Employer or Affiliate, his or her Elapsed Time prior to said Termination of
Employment shall not be disregarded by reason of said Termination of
Employment.

 

(e)           Elapsed Time includes service in Brazil as an
employee of ITAP/BEMIS, Ltda.

 

(f)            Solely for purposes of determining whether a
Participant’s attained age and Elapsed Time totals 65 or more so that the
individual satisfies the requirements of Sec. 6.16(b), an individual placed on
leave of absence due to closing of the Murphysboro, Illinois and Union City,
California locations in September, 2003, or due to closing of the Nellis,
Nevada facility in March, 2004 will be credited with Elapsed Time for the
period of said leave of absence. Such additional Elapsed Time will not be
recognized as Credited Service.

 

Sec. 3.5  Credited
Service. A
Participant’s “Credited Service” shall be equal to his or her Elapsed Time,
subject to the following:

 

(a)           Credited
Service does not include service when the employee was not a Qualified
Employee, except as follows:

 

(1)           An employee who was a
Qualified Employee on January 1, 1976 shall be deemed to be a Qualified
Employee during periods of service prior to said date during which he or she
would have been a Qualified Employee but

 

12

 

for the fact he or she was neither
compensated in whole or in part on a regular stated salary basis nor
employed in an office clerical position. Credited Service for the period prior
to January 1, 1976 shall be adjusted to reflect such additional service as
a Qualified Employee.

 

(2)           If a former employee was not an employee of a
Participating Employer or Affiliate on January 1, 1976 but subsequently
was re-employed and became a Qualified Employee upon re-employment, he or she shall
be deemed to be a Qualified Employee during periods of service prior to January 1,
1976 during which he or she would have been a Qualified Employee but for the
fact he or she was neither compensated in whole or in part on a regular
stated salary basis nor employed in an office clerical position; provided,
however, that he or she shall not be deemed to be a Qualified Employee for any
such additional period with respect to which he or she is eligible to receive a
vested benefit pursuant to any other pension plan that meets the requirements
of Code § 401(a). Credited Service for the period prior to January 1,
1976 shall be adjusted to reflect such additional service as a Qualified
Employee.

 

(3)           Except as provided in the following sentence,
service in Canada as an employee of a Participating Employer or Affiliate is
not recognized as Credited Service. However, if an employee of MACtac-Canada
Limited transferred to a position as a Qualified Employee in the United States,
and the transfer occurred on or after January 1, 1994 and on or before July 1,
1996, the service in Canada will be included in Credited Service, subject to
the limitations in (b) and (e).

 

(4)           If a Participant is a Qualified Employee on December 31,
1986 and during the period January 1, 1976 through December 31, 1986
he or she transferred from an hourly paid position with Lustour Corporation or
with Lustour’s MacKay Engraving operation to a position as a Qualified Employee
of Lustour or MacKay, his or her Credited Service shall include service as an
hourly paid employee of Lustour or MacKay from the later of (i) the date
the Company acquired Lustour (which was on or about August 1, 1968) or (ii) the
individual’s last Employment Commencement Date preceding the date of transfer. However,
said additional Credited Service is subject to the limitations in subsections (b) and
(e).

 

(5)           If an employee was an Active Participant on April 30,
1997, his or her Credited Service will include Elapsed Time as an employee of
Master Palletizer Systems, Inc. on or after June 18, 1985.

 

(6)           If a Participant transfers from a position as
a Qualified Employee in the United States to a position in Brazil as an
employee of ITAP/BEMIS Ltda., later returns to a position as a Qualified
Employee in the United States, and remains a Qualified Employee for at least 12
months after the

 

13

 

transfer
back to the United States, his or her service in Brazil will be recognized as
Credited Service. Except as provided in the preceding sentence, service as an
employee of ITAP/Bemis Ltda. is not Credited Service.

 

(b)           A Participant
whose Termination of Employment occurs on or before June 30, 1999, will
not accrue Credited Service for a Plan Year prior to 1985 if he or she did not
attain age 25 on or before the last day of the Plan Year. The foregoing
exclusion is not applicable in any case where the Participant’s Termination of
Employment occurs on or after July 1, 1999.

 

(c)           Service with an employer prior to the date it
becomes a Participating Employer is not included in Credited Service, except as
follows:

 

(1)           Such service prior to January 1, 1976
shall be included in Credited Service to the extent provided in the Plan as in
effect on December 31, 1975.

 

(2)           Such service shall be included in Credited
Service to the extent provided in any applicable appendix to the Plan.

 

(3)           In the case of any Participant who was an
employee of Arnoldware-Rogers, Inc., a Vermont corporation, immediately
prior to the acquisition of said corporation by the Company in 1980 and who was
a Qualified Employee on January 1, 1987, Credited Service shall include
continuous service beginning on his or her last date of hire prior to said
acquisition date and ending on said acquisition date. However, said additional
Credited Service shall be limited to service as a salaried, office clerical, or
supervisory employee, and is subject to the limitations in subsection (b).

 

(4)           If a Participant is a Qualified Employee on October 31,
1996, and had service as a salaried, office clerical, or supervisory employee
of Sackner Products, Inc. (“Sackner”) on or after June 30, 1966 (the
date the Company acquired Sackner) and prior to January 1, 1982 (the date
Sackner became a Participating Employer), his or her Credited Service shall include
such service, subject to subsection (b), which excludes certain service
before the Plan Year the Participant attains age 25.

 

(d)           If a leave of
absence or layoff continues for longer than 365 calendar days, the period of
such leave of absence or layoff in excess of 365 calendar days shall not be
counted as Credited Service. However, the foregoing limitation does not apply
to periods while the Participant is receiving benefits under the Long Term
Disability Plan.

 

(e)           If a Participant withdrew employee
contributions or received a single sum distribution in lieu of a monthly
pension, his or her Credited Service will be

 

14

 

disregarded
if so provided in the Plan provision pursuant to which the withdrawal or
distribution occurred.

 

(f)            For Group B Participants, Credited Service
excludes any service after December 31, 2005.

 

(g)           If a Group A Participant has a Termination of
Employment after December 31, 2005 and is later rehired by a Participating
Employer, no additional Credited Service will accrue during the period of
reemployment.

 

Sec. 3.6  Eligibility
Computation Period. An
employee’s first Eligibility Computation Period is the 12-consecutive-month
period beginning on his or her Employment Commencement Date. His or her second
Eligibility Computation Period is the Plan Year commencing in said 12-consecutive-month
period. Each subsequent Plan Year prior to the end of the Plan Year in which
the employee has a 1-Year Break in Service is an Eligibility Computation
Period. If subsequent to a 1-Year Break in Service the employee had another
Employment Commencement Date, Eligibility Computation Periods for the period
beginning on such date shall be computed as though such date were the first
Employment Commencement Date.

 

Sec. 3.7  Year
of Eligibility Service. A “Year of Eligibility Service” means an Eligibility Computation
Period in which an employee completes 1000 or more Hours of Service. If an
employee has a Termination of Employment and is later rehired by a Participating
Employer or Affiliate, Years of Eligibility Service prior to said Termination
of Employment shall not be disregarded by reason of said Termination of
Employment. If a period of preacquisition service at a location is recognized
as Elapsed Time for vesting under Sec. 3.4, Hours of Service during that period
will also be recognized for purposes of determining Years of Eligibility
Service.

 

Sec. 3.8  Hour
of Service. An “Hour
of Service” or “Hours of Service” are determined according to the following
subsections with respect to each applicable computation period:

 

(a)           Hours of Service are computed only with
respect to service with Participating Employers (for service both before and
after the Participating Employer becomes such) and Affiliates and are
aggregated for service with all such employers.

 

(b)           For any portion of a computation period
during which an individual is within a classification for which a record of
hours for the performance duties is maintained, Hours of Service shall be
credited as follows:

 

(1)           Each hour for which the employee is paid, or
entitled to payment, for the performance of duties for his or her employer
during the applicable computation period is an Hour of Service.

 

(2)           Each hour for which the employee is paid, or
entitled to payment, by his or her employer on account of a period of time
during which no duties are performed (irrespective of whether the employment
relationship has

 

15

 

terminated) due to vacation, holiday, illness, incapacity (including
disability), layoff, jury duty, military duty, or leave of absence, is an Hour
of Service, subject to the following:

 

(A)          An hour for which the employee is directly or
indirectly paid, or entitled to payment, on account of a period during which no
duties are performed shall not be credited to the employee if such payment is
made or due under a plan maintained solely for the purpose of complying with
applicable worker’s compensation, unemployment compensation, or disability
insurance laws.

 

(B)          Hours of Service shall not be credited for a
payment which solely reimburses the individual for medical or medically related
expenses.

 

(C)           For purposes of this paragraph a payment
shall be deemed to be made by or due from an employer regardless of whether
such payment is made by or due from the employer directly, or indirectly
through, among others, a trust fund or insurer to which the employer
contributes or pays premiums and regardless of whether contributions made or
due to the trust fund, insurer, or other entity are for the benefit of
particular employees or are on behalf of a group of employees in the aggregate.

 

(3)           Each hour for which back pay, irrespective of
mitigation of damages, is either awarded or agreed to by the employer is an
Hour of Service. Crediting of Hours of Service for back pay awarded or agreed
to with respect to periods described in paragraph (2) shall be subject to
the limitations set forth in that paragraph. Such Hours of Service shall be
credited to the computation period or periods to which the award or agreement
for back pay pertains, rather than to the computation period in which the
award, agreement or payment is made.

 

(4)           Hours under this subsection shall be
calculated and credited pursuant to section 2530.200b-2 of the Department
of Labor Regulations, which are incorporated herein by this reference.

 

(5)           The Company may use any record to
determine Hours of Service which it considers an accurate reflection of the
actual facts.

 

(c)           For any portion of a computation period
during which an employee is within a classification for which a record of hours
for the performance of duties is not maintained, he or she shall be credited
with 190 Hours of Service for each month for which he or she would otherwise be
credited with at least one Hour of Service under subsection (b).

 

16

 

(d)           If an employee becomes eligible to receive
benefits under a sickness and accident program sponsored by his or her
employer, his or her Hours of Service, when aggregated with the Hours of
Service to which he or she is entitled with respect to said period of absence
pursuant to the foregoing provisions of this section, shall be equal to 190
Hours of Service for each month for which sickness and accident benefits are
paid.

 

(e)           Nothing in this section shall be
construed as denying an employee credit for an Hour of Service if credit is
required by any federal law other than ERISA. The nature and extent of such
credit shall be determined under such other law.

 

(f)            In no event shall duplicate credit as an Hour
of Service be given for the same hour.

 

Sec. 3.9  Service
Rules at Columbus, Indiana Facility. Certain individuals working at Morgan
Adhesives Company’s Columbus, Indiana facility will be employed initially by a
temporary staffing agency and will become employees of Morgan Adhesives Company
after completing approximately 480 hours or 90 days of service with the agency.
In such cases, the individual’s service with the agency at Morgan’s Columbus
facility will be recognized under this Plan for purposes of determining Years
of Eligibility Service, Elapsed Time and Credited Service.

 

Sec. 3.10.  Bemis
Elapsed Time.  “Bemis Elapsed Time” means a Participant’s
whole and fractional years of Elapsed Time through December 31, 2005
determined under Sec. 3.4 but disregarding the pre-acquisition service referred
to in Sec. 3.4(c). That is to say, Bemis Elapsed Time is limited to service
with the Company, Affiliates of the Company (but only during the period while
the Affiliate is under Common Control with the Company), and with ITAP/Bemis
Ltda. Service after 2005 is not included in Bemis Elapsed Time.

 

17

 

ARTICLE IV

 

BENEFIT DEFINITIONS

 

Sec. 4.1  Normal
Retirement. “Normal
Retirement” means Termination of Employment of a Participant (except
termination by his or her death) occurring on or after the date he or she
attains Normal Retirement Age.

 

Sec. 4.2  Early
Retirement. “Early
Retirement” means any Termination of Employment of a Participant (except
termination by his or her death) (i) after he or she has both attained age
55 and completed 10 years of Elapsed Time and (ii) before he or she
attains Normal Retirement Age.

 

Sec. 4.3  Disability
Retirement. If
the Company determines upon the basis of competent medical advice that a
Participant’s Termination of Employment occurred because he or she is
permanently disabled by bodily injury or disease from performing the regular
duties of his or her position with a Participating Employer, and if at the time
of such Termination of Employment the Participant has attained age 50 and
completed 10 years of Elapsed Time, such Termination of Employment shall be
considered to be a “Disability Retirement.” 
Notwithstanding any provision of the Plan to the contrary, if a
Participant becomes eligible to receive benefits under the Long-Term Disability
Plan, his or her Termination of Employment will be deemed not to have occurred
until the termination of such benefits. Prior to the termination of such
benefits, he or she shall be considered to be a Qualified Employee and Monthly
Earnings shall be deemed to remain the same as last determined.

 

Sec. 4.4  Vested
Termination. “Vested
Termination” means any Termination of Employment of a Participant (except
termination by his or her death) that occurs after he or she completes 5 years
of Elapsed Time and that is not defined herein as a form of retirement.

 

Sec. 4.5  Accrued
Monthly Pension.
A Participant’s “Accrued Monthly Pension” is the amount in (a) or (b),
whichever is applicable, but not less than any minimum amount for which the
Participant is eligible under (c), (d), (e), or (f):

 

(a)           A Group A
Participant’s Accrued Monthly Pension is the amount in (1) or (2),
whichever is applicable:

 

(1)           If the Group A
Participant’s Termination of Employment occurs before he or she has both
attained age 55 and completed 10 or more years of Elapsed Time, the Accrued
Monthly Pension is the product of (A), (B) and (C):

 

(A)          50% of the
Participant’s Final Average Earnings minus 50% of his or her Primary Social
Security Benefit.

 

(B)           The amount in (i) divided by the amount
in (ii):

 

18

 

(i)            The Participant’s actual years of Credited
Service as of the date of his or her most recent Termination of Employment plus
the deemed additional years of Credited Service the Participant would have
completed if the period from the most recent Termination of Employment to his
or her Normal Retirement Date was Credited Service. However, the sum of the
actual and deemed years in the preceding sentence may not exceed 30 years.

 

(ii)           30 years.

 

(C)           The Participant’s
Service Ratio.

 

(2)           If the Group A
Participant’s Termination of Employment occurs after he or she has both
attained age 55 and completed 10 or more years of Elapsed Time, the Accrued
Monthly Pension is the product of (A) and (B):

 

(A)          50% of the
Participant’s Final Average Earnings minus 50% of his or her Primary Social
Security Benefit.

 

(B)           The Participant’s actual years of Credited
Service determined as of the date of his or her Termination of Employment (but
not more than 30 years), divided by 30.

 

(b)           A Group B Participant’s Accrued Monthly
Pension is the amount in (1) or (2), whichever is applicable:

 

(1)           If the Group B Participant’s Termination of
Employment occurs before he or she has both attained age 55 and completed 10 or
more years of Elapsed Time, the Accrued Monthly Pension is the product of (A) and
(B):

 

(A)          50% of the Participant’s Final Average
Earnings minus 50% of his or her Primary Social Security Benefit.

 

(B)           The Participant’s years of Credited Service
through December 31, 2005, divided by the amount in (i) or (ii),
whichever is greater.

 

(i)            30 years

 

(ii)           The Participant’s years of Credited Service
through December 31, 2005 plus 1/12 of a year for each month during the
period beginning on January 1, 2006 and ending on his or her Normal
Retirement Date.

 

19

 

(2)           If Group B Participant’s Termination of Employment
occurs after he or she has both attained age 55 and completed 10 or more years
of Elapsed Time, the Accrued Monthly Pension is the product of (A) and
(B):

 

(A)          50% of the Participant’s Final Average
Earnings minus 50% of his or her Primary Social Security Benefit.

 

(B)           The Participant’s years of Credited Service
through December 31, 2005 (but not more than 30 years), divided by 30.

 

(c)           A Participant’s Accrued Monthly Pension shall
not be less than $75, provided he or she has completed at least one year of
Credited Service. However, in any case where an Appendix to the Plan provides
that a Participant’s Accrued Monthly Pension includes amounts earned under a
prior plan, said $75 minimum applies to the Participant’s total combined
benefit under the Appendix and this section. (However, the $75 minimum does not
apply in cases where an individual’s benefit is computed solely by reference to
the prior plan and the individual did not have at least one year of Credited
Service recognized under this Plan.)

 

(d)           If a
Participant is listed in Appendix E, his or her Accrued Monthly Pension shall
not be less than the amount shown in said Appendix multiplied by his or her
years of Credited Service through December 31, 2005, but not more than 30
years. For purposes of this subsection, Credited Service after 2005 shall be
disregarded.

 

(e)           A Participant’s Accrued Monthly Pension shall
not be less than $6 multiplied by his or her years of Credited Service through February 29,
2000, disregarding (i) any Credited Service in excess of 30 years and (ii) any
Credited Service after February 29, 2000.

 

(f)            In no event shall a Participant’s Accrued
Monthly Pension as of any January 1 be less than his or her Accrued
Monthly Pension as of the preceding January 1.

 

Sec. 4.6  Service
Ratio. A
Participant’s “Service Ratio” is the amount in (a) divided by the amount
in (b):

 

(a)           The Participant’s
actual years of Credited Service.

 

(b)           The Participant’s actual years of Credited
Service plus the additional years of Credited Service he or she would have had
if the period from his or her most recent Termination of Employment to his or
her Normal Retirement Date was Credited Service.

 

The
number of years in (a) and (b) shall exclude any period prior to the
individual’s most recent Termination of Employment which was not recognized in
Credited Service (e.g., breaks in
service occurring before the individual’s most recent Termination of Employment
or periods while the individual was in a job category not covered by the Plan).

 

20

 

Sec. 4.7  Monthly
Earnings. The “Monthly
Earnings” of an employee whose Termination of Employment occurs on or after January 1,
1997 shall be determined as follows:

 

(a)           If an employee
is paid on a salaried or commission basis on the earliest date in a Plan Year
on which he is a Qualified Employee, Monthly Earnings for said Plan Year is
equal to the greater of:

 

(1)           An amount equal to his or
her regular monthly salary as in effect on January 1 of said Plan Year
plus, where applicable, an amount equal to the total commissions paid to him or
her during the preceding Plan Year divided by 12. In any case where an employee
was not a Qualified Employee on January 1 of a Plan Year, but transferred
to a position as a Qualified Employee on a later date in said Plan Year,
Monthly Earnings for said Plan Year shall be determined according to the
preceding sentence except that said amount shall be based on salary in effect
immediately following said transfer. Said amount shall not exceed one-twelfth
the annual limit under Code § 401(a)(17) in effect on said January 1.
For example, Monthly Earnings determined under this paragraph on the basis of a
Participant’s January 1, 2005 salary rate may not exceed $17,500,
reflecting the 2005 Code § 401(a)(17) limit.

 

(2)           One-twelfth of the sum of the following
amounts:

 

(A)          The total compensation (other than the
annual, non-discretionary bonus) paid to the employee during the preceding Plan
Year.

 

(B)           The annual, non-discretionary bonus, if any,
the employee earned during the preceding Plan Year. Such bonuses will be
recognized for the Plan Year in which earned, even if the bonus is actually
paid after the close of that Plan Year or payment is deferred to a later date.

 

However, if the employee was never a Qualified Employee at any time
during the preceding Plan Year, this paragraph (2) shall not be applicable
and Monthly Earnings shall be determined pursuant to paragraph (1). Said sum
shall not exceed the limit under Code § 401(a)(17) for the preceding Plan
Year. For example, Monthly Earnings determined under this paragraph for 2005 on
the basis of 2004 total compensation and earned bonus may not exceed
$17,083.33, which is one-twelfth of the 2004 Code § 401(a)(17) limit.

 

(b)           If an employee
is hourly paid on the earliest date in a Plan Year on which he or she is a
Qualified Employee, Monthly Earnings for said Plan Year is equal to the greater
of:

 

21

 

(1)           173 1/3 multiplied by the
employee’s base hourly pay rate as in effect on January 1 of said Plan
Year (or on the earliest date he or she is a Qualified Employee, if later). Said
amount shall not exceed one-twelfth of the annual limit in effect under Code § 401(a)(17)
on said January 1.

 

(2)           One-twelfth of the employee’s
total compensation during the preceding Plan Year. However, if the employee was
never a Qualified Employee at any time during the preceding Plan Year, this
paragraph (2) shall not be applicable and Monthly Earnings shall be
determined pursuant to paragraph (1). Monthly Earnings determined under this
paragraph shall not exceed one twelfth of the limit under Code § 401(a)(17)
for the preceding Plan Year.

 

(c)           Notwithstanding the foregoing:

 

(1)           No Monthly Earnings shall be
determined for an employee for a Plan Year unless he or she was a Qualified
Employee during part or all of that Plan Year. However, if a Participant
who was age 34 or younger transferred on or after September 28, 1990, and
before January 1, 1997, from a position as a Qualified Employee to a
position in which the individual was a salaried, office clerical, or
supervisory employee at a location listed in Sec. 2.37(f) or at an
Affiliate which is not a Participating Employer, Monthly Earnings will continue
to be determined for each Plan Year during all or any part of which the
individual was a salaried, office clerical, or supervisory employee. The
preceding sentence does not apply if the individual is not a Qualified Employee
due to application of Sec. 2.37(c) (relating to non-resident aliens) or
Sec. 2.37(d) (relating to bargaining unit employees), or during any period
while the individual’s principal place of employment is outside the United
States.

 

(2)           Allowances or reimbursements for expenses,
payments or contributions to or for the benefit of the employee under any
profit sharing, insurance, workers’ compensation or other employee benefit
plan, income derived from receipt or exercise of stock options, phantom stock
awards, or benefits in the form of property or the use of property shall
not be included in computing Monthly Earnings.

 

(3)           An employee’s Monthly Earnings for any Plan
Year before 1992 will be determined pursuant to the Plan as in effect prior to
the amendment effective January 1, 1997.

 

(4)           If an employee elects to defer salary or
bonus pursuant to a non-qualified deferred compensation plan, Monthly Earnings
will be determined without regard to said deferral. For example, monthly salary
under (a)(1) is the monthly salary rate in effect before any voluntary
deferral. Similarly, the annual bonus under (a)(2)(B) is the amount earned
without regard to any

 

22

 

election
to defer receipt. When the deferred compensation later is paid to the employee,
it will not be included in Monthly Earnings at the time of payment.

 

(d)           Monthly
Earnings is the gross amount, before any reduction pursuant to Code §§ 125,
132(f)(4), or 401(k).

 

(e)           For any period while a Participant is absent
from work and receiving benefits under the Long-Term Disability Plan, his or
her Monthly Earnings will be deemed to remain at the same level last determined
prior to the period of absence. However, the preceding sentence does not apply
in cases where a Participant is receiving long-term disability benefits from a
source other than the Long-Term Disability Plan.

 

(f)            Notwithstanding any other provision of this section to
the contrary, if a Participant’s service in Brazil with ITAP/BEMIS, Ltda. is
recognized as Credited Service pursuant to Sec. 3.5(a)(6), Monthly Earnings for
each Plan Year beginning after his or her transfer to Brazil and ending before
his or her return to the United States shall be equal to the average of his or
her last Monthly Earnings rate before the transfer and first Monthly Earnings
rate after the return.

 

(g)           Monthly Earnings shall be determined for
periods while an individual was a salaried employee of a Participating Employer
or Affiliate in Canada. Said determination will be made in accordance with this
section, but Monthly Earnings expressed in Canadian dollars as of any January 1
will be converted to U.S. dollars using the rate of exchange on the last
business day of the preceding December as reported in the Exchange Rate
Table as published in the Wall Street Journal.

 

(h)           The Code § 401(a)(17) limit referred to
in (a) and (b) is $200,000 for 2002 and all prior Plan Years, and is
subject to a cost of living adjustment for Plan Years after 2002. The limit for
2006 is $220,000.

 

(i)            If a Group A or Group B Participant formerly
employed by the Company or its Affiliates is rehired by the Company or an
Affiliate on or after January 1, 2006, amounts paid during the period of
reemployment will be disregarded for purposes of determining his or her Monthly
Earnings.

 

Sec. 4.8  Final
Average Earnings.  A Participant’s “Final Average Earnings” is
the highest average Monthly Earnings for any five consecutive years out of the
last 15 consecutive years for which Monthly Earnings was determined under Sec.
4.7, or the average for all such years if five or less.  Years for which no Monthly Earnings was
determined are disregarded in determining this average, and the years used to
determine the average may be interspersed with the years for which there
was no Monthly Earnings.

 

23

 

Sec. 4.9  Primary
Social Security Benefit.. “Primary Social Security Benefit” for purposes of the Plan is an amount
estimated by the Company as of the date of an employee’s Termination of
Employment to be the Social Security Act primary monthly old-age insurance
benefit to which such employee is entitled on the basis of his or her
employment record, with benefit payments commencing for the month in which he
or she attains Normal Retirement Age or in which his or her Termination of Employment
occurs, if later. In making such estimate, recognition shall be given to any
adjustment in the benefit that is retroactive to the month in which he or she
attains Normal Retirement Age or the month in which his or her Termination of
Employment occurs, if later. Such estimate shall be made as follows:

 

(a)           The employee’s
compensation while employed by the Company shall be determined on either or a
combination of the following bases:

 

(1)           On the basis of the employee’s actual wage
history as set forth in the Company’s books and records, except that the
employee may elect to supply the Company with actual wage history as
provided in subsection (d).

 

(2)           On the basis of an estimate
of compensation while employed by the Company, subject to the following:

 

(A)          The employee has the right to elect to supply
the Company with his or her actual wage history as provided in subsection (d).

 

(B)           If the employee does not elect to supply the
Company with actual wage history, the estimate is consistent with subsection (c).

 

(b)           The employee’s
wage history prior to his or her Employment Commencement Date shall be
determined as follows:

 

(1)           The employee has the right
to elect to supply the Company with his or her actual wage history as provided
in subsection (d).

 

(2)           If the employee does not elect to supply the
Company with his or her actual wage history, an estimate of wage history prior
to his or her Employment Commencement Date shall be made in a manner consistent
with subsection (c).

 

(c)           If an employee
does not elect to supply the Company with actual wage history, any estimate of
wage history prior to his or her Termination of Employment or Employment
Commencement Date shall be made by applying a salary scale, projected
backwards, to the employee’s annual rate of compensation as in effect
immediately after the period for which the estimate is being made. Said scale
is the actual percentage change in average wages from year to year as
determined by the Social Security Administration.

 

24

 

 

(d)           If the employee so elects, in lieu of the
Company estimating his or her wage history as provided in (c), he or she may
direct the Company to estimate the Primary Social Security Benefit on the basis
of the employee’s actual wage history as furnished by the Social Security
Administration or such other source as the Company deems to be reliable. The
employee must, however, supply the Company with satisfactory documentation of
the actual wage history within a reasonable period of time following the later of
his or her Termination of Employment and the date the Company notifies him or
her of the benefit, if any, that he or she is entitled to receive under the
Plan.

 

(e)           Estimates under this section shall be
based on the assumption that the Social Security Act as in effect on the December 31
immediately preceding the employee’s Termination of Employment will remain
unchanged thereafter.

 

(f)            Estimates under this section shall be
based on the assumption that after the December 31 immediately preceding
the employee’s Termination of Employment, there will be no benefit or wage base
changes under the Social Security Act resulting from changes in the cost of
living.

 

(g)           Estimates under this section shall be
based on the assumption that the employee will be in covered employment under
the Social Security Act until attainment of Normal Retirement Age and will
continue to receive compensation that would be treated as wages for purposes of
the Social Security Act at the same annual rate as he or she received such compensation
for the Plan Year ending on the December 31 coincident with or immediately
preceding Termination of Employment.

 

(h)           If an employee’s Termination of Employment
occurs immediately after a period during which he or she was eligible to
receive benefits under the Long-Term Disability Plan, the following will be
applicable:

 

(1)           It shall be assumed that
during the period while receiving such benefits the Participant was receiving
compensation that would be treated as wages for purposes of the Social Security
Act in the same amount as he or she received such compensation for the Plan
Year ending on the December 31 immediately preceding the date as of which
he or she became eligible to receive such benefits.

 

(2)           After the later of (i) December 31,
1975 or (ii) the December 31 immediately preceding the date as of
which he or she became eligible to receive such benefits, there will be no
benefits or wage base changes under the Social Security Act resulting from
changes in the cost of living.

 

This subsection is not applicable in (i) any case where an
employee returns to active employment with a Participating Employer or
Affiliate after a period of long term disability, or (ii) in any case
where an employee is receiving long-term disability benefits from a source
other than the Long-Term Disability Plan.

 

25

 

(i)            Estimates under
this section shall be based on the assumption that the employee will make
timely application to receive a Social Security Act primary monthly old-age
insurance benefit with payments commencing for the month in which he or she
attains Normal Retirement Age, or the month in which Termination of Employment
occurs, if later, and will not be disqualified from receiving said payments by
employment, self-employment, or in any other way.

 

Sec. 4.10  “Actuarial
Equivalent”, “Actuarial Value”, “Present Value”.  Each “Actuarial
Equivalent”, “Actuarial Value”, or “Present Value” shall be determined as
follows:

 

(a)           For
determinations involving benefits payable pursuant to the sections listed
below, the amount of such benefit shall equal the Participant’s Accrued Monthly
Pension multiplied by the appropriate factor as set forth in the following
table:

 

	
  Form of Benefit

  	
   

  	
  Factor

  
	
   

  	
   

  	
   

  
	
  Sec.
  7.2 (Qualified Joint and Survivor Annuity) and Sec. 7.4 (Joint and 1⁄2 Survivor
  Annuity)

  	
   

  	
  90%
  increased by 3/4 of 1% for each year that the Participant’s spouse or
  designated joint annuitant is older than the Participant and decreased by 3/4
  of 1% for each year that the Participant’s spouse or designated joint
  annuitant is younger than the Participant; provided, however, that such
  factor shall never exceed 100%.

  
	
   

  	
   

  	
   

  
	
  Sec.
  7.4 (Joint and 3/4 Survivor Annuity)

  	
   

  	
  85%
  increased by 88/100 of 1% for each year that the Participant’s designated
  joint annuitant is older than the Participant and decreased by 88/100 of 1%
  for each year that the Participant’s designated joint annuitant is younger
  than the Participant; provided, however, that such factor shall never exceed
  100%.

  
	
   

  	
   

  	
   

  
	
  Sec.
  7.4 (Joint and Full Survivor Annuity)

  	
   

  	
  80%
  increased by 1% for each year that the Participant’s designated joint
  annuitant is older than the Participant and decreased by 1% for each year
  that the Participant’s designated joint annuitant is younger than the
  Participant; provided, however, that such factor shall never exceed 100%.

  
	
   

  	
   

  	
   

  
	
  Sec.
  7.4 (Life and 10 Years Certain)

  	
   

  	
  91%

  

 

26

 

For the purposes of the above table, the difference in age between the
Participant and the Participant’s spouse or designated joint annuitant, as the
case may be, shall be measured in whole years, and partial years shall be
disregarded.

 

(b)           For
determinations pursuant to Sec. 8.12, each “Actuarial Equivalent” or “Present
Value” shall be determined as follows:

 

(1)           For purposes of adjusting
the Code § 415 limits under Sec. 8.12 in cases where a Participant’s
benefit begins before age 62, or in cases where the benefit is paid in a form
other than a life annuity or qualified joint and survivor annuity, the interest
rate will be 5% and the mortality table referred to in Sec. 4.10(c)(2) will
be used.

 

(2)           The Code § 415 limit in cases where a
Participant’s benefit begins after the Participant reaches age 65 is the same
as the limit at age 65 (subject to any applicable cost of living increase).

 

(c)           For
determinations of lump sum payment of benefits which would otherwise be payable
as monthly annuities, each Actuarial Equivalent shall be determined on the
basis of the following actuarial assumptions:

 

(1)           The interest rate used to calculate any lump
sum paid during a Plan Year will be the annual interest rate on 30-year
treasury securities as specified by the Commissioner of Internal Revenue for October of
the Plan Year preceding the Plan Year in which the payment is made.

 

(2)           The mortality table used for such
calculations is the “applicable mortality table” referred to in Income Tax Reg.
1.417(e)-1T(d)(2), or any successor to said regulation.

 

Said assumptions shall also be used (i) for purposes of Sec. 8.6
in determining the present value of accrued benefits which are to be paid under
a qualified domestic relations order, (ii) for purposes of the adjustment
in Sec. 7.3 of Appendix A if a Hayssen Plan Participant withdraws his or her
Prior Service Benefit, (iii) for purposes of determining whether the Plan
is “top heavy” under Sec. 14.2, and (iv) for all purposes for which
Actuarial Equivalents must be determined under the plan except as specifically
provided elsewhere in the Plan.

 

(d)           Each determination
involving an Actuarial Equivalent shall be made in accordance with any
applicable regulation promulgated by the Secretary of Labor or the Secretary of
the Treasury.

 

27

 

ARTICLE V

 

PLAN PARTICIPATION.

 

Sec. 5.1  Eligibility
for Participation.  No employee shall become a Participant after December 31,
2005.  Prior to January 1, 2006, an
employee of a Participating Employer became a Participant in the Plan on the
earliest date, on or after the date the Plan became effective with respect to
his or her Participating Employer, on which he or she both (i) was a
Qualified Employee and (ii) had completed one Year of Eligibility
Service.  Because employees with
Employment Commencement Dates during 2005 will not complete a year of
Eligibility Service before January 1, 2006, such individuals are not
eligible to become Participants.

 

Sec. 5.2  Duration
of Participation.  A Participant shall continue to be such until
the later of:

 

(a)           His or her
Termination of Employment.

 

(b)           The date all benefits, if any, to which he or
she is entitled hereunder have been distributed from the Fund.

 

Sec. 5.3  No
Guarantee of Employment.  Participation in the Plan does
not constitute a guarantee or contract of employment with the employee’s
Participant Employer.  Such participation
shall in no way interfere with any rights the Participating Employer would have
in the absence of such participation to determine the duration of the employee’s
employment with the Participating Employer.

 

28

 

ARTICLE VI

 

PENSION BENEFITS.

 

Sec. 6.1  Pension on
Normal Retirement.  On Normal Retirement a Participant shall be
entitled to a pension payable monthly for life, the first payment to be made as
of the first day of the month following the Normal Retirement (if he or she is
living on said first day of the month) and the last payment to be made as of
the first day of the month in which his or her death occurs, in a monthly
amount equal to his or her Accrued Monthly Pension.  The pension payable under this section is
subject to all the provisions of the Plan, and in this regard special reference
is to be made to the provisions of Articles VI, VII, and VIII.

 

Sec. 6.2  Pension on
Early Retirement.  On Early Retirement, a Participant shall be
entitled to a pension payable monthly for life, the first payment to be made on
the first day of the month following his or her Normal Retirement Date (if he
or she is living on said first day of the month) and the last payment to be
made as of the first day of the month in which his or her death occurs, in a
monthly amount equal to his or her Accrued Monthly Pension. However, he or she
may elect a monthly pension which is in lieu of the aforesaid pension, the
first payment to be made as of the first day of any month he or she elects
which is after the Early Retirement and prior to his or her Normal Retirement
Date (if he or she is living on the commencement date so elected) and the last
payment to be made as of the first day of the month in which his or her death
occurs, in a monthly amount equal to his or her Accrued Monthly Pension,
reduced by 5/12 of 1% for each of the first 60 months and by 1/3 of 1% for each
additional month by which the pension commencement date precedes his or her
Normal Retirement Date.

 

The
election shall be made by requesting the appropriate form from the Company and
completing, signing and filing the form with the Company before the
commencement date elected.  The pension
payable under this section is subject to all the provisions of the Plan,
and in this regard special reference is to be made to the provisions of
Articles VI, VII and VIII.

 

Sec. 6.3  Pension on
Disability Retirement.  On Disability Retirement, a
Participant shall be entitled to a pension payable monthly for life, the first
payment to be made as of the first day of the month following his or her
Termination of Employment, if the Participant is then living, and the last as
of the first day of the month in which his or her death occurs.  The monthly amount of said pension shall be
determined as follows:

 

(a)           If the
Participant has attained age 55 when the Disability Retirement occurs, the
monthly amount of the Disability Retirement pension shall be determined in the
same manner as an Early Retirement pension under Sec. 6.2.

 

(b)           If the Participant’s Disability Retirement
occurs prior to the date he or she attains age 55, the monthly pension amount
shall be his or her Accrued Monthly Pension, reduced by 5/9 of 1% for each of
the first 60 months and 5/18 of 1% for each additional month by which the
commencement date precedes his or her Normal Retirement Date.

 

29

 

The
pension payable under this section is subject to all the provisions of the
Plan, and in this regard special reference is to be made to the provisions of
Articles VI, VII, and VIII.

 

Sec. 6.4  Pension on
Vested Termination.  On a Vested Termination, a Participant shall
be entitled to a pension payable monthly for life, the first payment to be made
as of the first day of the month next following his or her Normal Retirement
Date, if he or she is then living, and the last as of the first day of the
month in which his or her death occurs. 
The monthly amount of said pension shall equal the Participant’s Accrued
Monthly Pension.  However, if the
Participant has completed 10 years of Elapsed Time, he or she may elect to
receive a monthly pension which is in lieu of the aforesaid pension, the first
payment to be made as of the first day of any month after the month in which
the Participant attains age 55 but not later than the first day of the month
after his or her Normal Retirement Date (if the Participant is living on the
commencement date so elected) and the last payment to be made as of the first
day of the month in which his or her death occurs.  The monthly amount of such pension shall be
the monthly amount otherwise payable following his or her Normal Retirement
Date reduced by 5/9 of 1% for each of the first 60 months and 5/18 of 1 % for
each additional month by which the pension commencement date precedes his or
her Normal Retirement Date.

 

The
election shall be made by requesting the appropriate form from the Company and
completing, signing, and filing the form with the Company before the
commencement date elected.  A Participant
who has fewer than 10 years of Elapsed Time may not elect to have his or her
pension commence prior to his or her Normal Retirement Date.  The pension payable under this section is
subject to all the provisions of the Plan, and in this regard special reference
is to be made to the provisions of Articles VI, VII, and VIII.

 

Sec. 6.5  Deduction
for Other Pension Payments. Notwithstanding the foregoing provisions, the monthly amounts
otherwise payable thereunder shall be reduced by the amount (expressed on a
comparable basis that is an Actuarial Equivalent) of the monthly pension, if
any, to which the Participant is entitled under any other pension plan that
meets the requirements of Code § 401(a) and that is financed in whole
or in part by a Participating Employer, but only to the extent such other
pension is attributable to employer contributions and to the same period of
service for which the pension is being paid under this Plan.  Said reduction is subject to the following:

 

(a)           In cases where service outside the United
States is recognized as Credited Service under this Plan, said reduction also
shall apply with respect to any benefits a Participant accrued under a
retirement plan financed in whole or in part by a Participating Employer or
Affiliate outside the U.S. for the benefit of employees working outside the
U.S.

 

(b)           If an individual Participant transfers to or
from a position covered by the Bemis Company, Inc. Retirement Plan for
Bemis Hourly Employees (the “BHRP”), any benefit accrued under this Plan for
the Plan Year the transfer occurred will not be offset by benefits accrued for
the same year under the BHRP.  The
preceding sentence only applies to individual transfers; if a location or group
of employees transfers from the BHRP to this Plan or vice versa, and the same
period of service

 

30

 

is recognized under both plans, benefits earned under this Plan for
such service will be offset by benefits earned under the BHRP for the same
service.

 

Sec. 6.6  Amendments
Affecting Pension Rights.  Notwithstanding the foregoing
provisions, in the event of an amendment to the Plan, the following shall be
applicable:

 

(a)           The amendment
shall not reduce the accrued benefit, within the meaning of Code § 411(d)(6),
of a Participant determined at the time of such amendment except in conformity
with said section.

 

(b)           If the amendment to the Plan should change
the vesting schedule of the Plan, each Participant having not less than
three years of Elapsed Time by the end of the election period with respect to
such amendment shall be permitted within such election period to elect in
writing to have his or her vested percentage computed under the Plan without
regard to such amendment.  The election
period shall be a reasonable period determined by the Company commencing not
later than the date the amendment is adopted. 
However, the Company need not provide such an election for any
Participant whose vested percentage under the Plan, as amended, at any time
cannot be less than such percentage determined without regard to such
amendment.

 

Sec. 6.7  Suspension
of Benefits and Effect of Reemployment.  If a
Participant has a Termination of Employment and is subsequently reemployed by a
Participating Employer, or if a Participant’s employment with a Participating
Employer continues after he or she attains Normal Retirement Age, the following
shall be applicable:

 

(a)           If a
Participant is reemployed by a Participating Employer, pension payments shall
continue through the month the Participant completes 1000 Hours of Service
following said reemployment.  After said
month and prior to the month following the Participant’s subsequent Termination
of Employment, pension payments he or she would otherwise be entitled to
receive for the following calendar months shall be permanently withheld:

 

(1)           Each calendar month ending
on or before the Participant’s Normal Retirement Date in which he or she
completes one or more Hours of Service.

 

(2)           Each calendar month ending after the
Participant’s Normal Retirement Date in which he or she completes 40 or more
Hours of Service.

 

(b)           If a
Participant’s employment with a Participating Employer continues after his or
her Normal Retirement Date, pension payments will be permanently withheld for
each calendar month in which he or she completes 40 or more Hours of Service.

 

(c)           If a monthly pension payment is made for a
calendar month and it later is determined that such payment was subject to
permanent withholding, the amount

 

31

 

of
such payment shall be applied as an offset against subsequent monthly payments
unless the Participant has previously repaid the overpayment.  However, the amount of any such offset shall
not exceed, in any one month after the Participant attains Normal Retirement
Age, 25 percent of the monthly total benefit payment that would have been paid
but for the offset.

 

(d)           The Company shall notify a Participant of any
suspension under subsection (a)(2) or (b).  The notice shall conform to the requirements
of Section 2530.203-3(b)(4) of the Department of Labor Regulations.

 

(e)           When a Participant’s benefit payments resume
following any period of suspension under subsection (a), the pension shall
be paid under the same form as previously in effect and shall be in a monthly
amount equal to the sum of (i) the monthly amount payable prior to the
suspension plus (ii) any additional amount based on service during the
period of reemployment.  However, notwithstanding
any other provision of the Plan to the contrary, no additional amount will be
accrued for any Plan Year during the period of reemployment prior to the
earliest Plan Year therein during which the Participant completes 1000 or more
Hours of Service.

 

(f)            “Hour of Service” for purposes of this section is
as defined in Sections 2530.200b-2(a)(1) and (2) of the Labor
Department regulations.

 

(g)           The provisions of this section shall be
administered in accordance with section 2530.203-3 of the Department of
Labor Regulations.

 

(h)           If the reemployment date is after December 31,
2005:

 

(1)           Pay received during the period of
reemployment will be disregarded for purposes of determining the individual’s
Monthly Earnings.

 

(2)           Service during the period of reemployment
will be disregarded for purposes of determining the individual’s Credited
Service.

 

Sec. 6.8  Family
Income Coverage.  Section 12.04 of the Plan as in effect
on December 31, 1968, relating to continuation of family income coverage
comparable to that provided under the S&RIP prior to 1962, shall be deemed
to continue in effect for Participants who had elected to continue such
coverage.  However, for purposes of all
other provisions of the Plan as set forth herein, contributions made by a
Participant and benefits paid to his or her Beneficiary in connection with said
family income coverage shall be deemed to be unrelated to this Plan.

 

Sec. 6.9  Effect of
Participation in Variable Annuity Fund Prior to January 1, 1969. Pursuant to Article 9 of the Plan as in
effect prior to the revision of the Plan effective January 1, 1969,
members could elect to have a portion of their accrued benefits funded through
a “Variable Annuity Fund.” Effective as of January 1, 1969, said elections
were no longer effective and said Variable Annuity Fund was discontinued with
respect to Participants hereunder. 
However, a Participant in the Plan on or after January 1, 1969 who
made such election under the prior

 

32

 

provisions
of the Plan shall be deemed to have made a contribution in support of the Plan
on December 31, 1968 in an amount equal to the increase in value as of
that date of all contributions on his behalf that were allocated to said
Variable Annuity Fund, to the extent such increase is attributable to the
investment experience of the Variable Annuity Fund in excess of the assumed
yield rate for said Variable Annuity Fund. 
The Actuary shall determine the amount to be so credited to each such
Participant as of December 31, 1968 in a manner consistent with the
provisions of said Article 9 of the Plan as previously in effect.  At such time as a Participant who made such
an election under the prior provisions of the Plan becomes entitled to a
benefit under the foregoing provisions of this Article VI, he or she shall
be entitled to a supplemental benefit, which shall be in the same form as the
benefit under said provisions.  Said
supplemental benefit shall be the Actuarial Equivalent of the amount deemed to
be an employee contribution pursuant to this section, together with Accumulated
Interest from the year 1968.

 

Sec. 6.10  Preservation
of Benefits Under Pre-1972 Formula.  The
pension payable to any person who became a Participant on or before January 1,
1972 shall not be less than the amount provided under Article XV of the
Plan as in effect on December 31, 1988.

 

 Sec.
6.11  Preservation of Benefits Under
Pre-1997 Formula.  For
each Participant who is an “Eligible Employee” as defined in subsection (a),
the benefit provisions of subsection (b) will be applicable.  These provisions preserve certain features of
the Plan as in effect on December 31, 1996.  Also, for each person who was a Participant
on March 31, 1997, regardless of whether he or she is an Eligible
Employee, his or her benefit under the Plan will not be less than the amount
determined under subsection (c):

 

(a)           Definition of Eligible Employee.  A
Participant is an “Eligible Employee” for purposes of this section if he
or she meets the requirements of (1) and (2):

 

(1)           The requirements of this paragraph (1) are
met if he or she had an Employment Commencement Date prior to January 1,
1992.  For this purpose, if he or she
first became an employee of the Company or a subsidiary of the Company through
an acquisition, and the acquisition occurred before July 1, 1996, the
individual’s Employment Commencement Date is his or her most recent date of
hire by the acquired company.  Persons
who became employees of the Company or a Company subsidiary through
acquisitions on or after July 1, 1996 do not satisfy the
requirements of this paragraph, and therefore are not Eligible
Employees.

 

(2)           The requirements of this paragraph (2) are
met if any one of the following requirements is satisfied:

 

(A)          The individual was an Active Participant on December 31,
1996.

 

(B)           The individual was an active employee on January 1,
1997 in a group that became eligible to participate in the Plan on said date,
and if the individual became an employee of the Company or a Company subsidiary
through an acquisition, the acquisition

 

33

 

occurred
before July 1, 1996.  (Individuals
who became employees of the Company or its subsidiaries through acquisitions on
or after July 1, 1996 do not satisfy this requirement.)

 

(C)           He or she had an Early Retirement prior to December 31,
1996, but becomes a Qualified Employee after said date.

 

Also, a Participant employed at Bemis Packaging Machinery Company,
Hayssen Manufacturing Company, or Accraply, Inc. immediately prior to sale
of these units on May 6, 1997 is an Eligible Employee regardless of
whether he or she meets the requirements of (1) and (2).  In addition, Patricia Stone (Employee ID
108484) and Gary Vacek (Employee ID 103002) are Eligible Employees regardless
of whether they meet the requirements of (1) and (2).

 

(b)           Pre-1997 Benefit Provisions Which Are
Preserved for Eligible Employees.  The following benefit
provisions that were in effect on December 31, 1996 are preserved for
Eligible Employees.  For Eligible
Employees, these preserved benefit provisions apply to the individual’s entire
pension, not just the amount accrued through the date these provisions were
deleted from the Plan:

 

(1)           Normal Retirement Age.  For
Eligible Employees, Normal Retirement Age under the Plan is age 65, regardless
of the year of the Participant’s birth.

 

(2)           Early Retirement Reduction Factors.  If an
Eligible Employee has an Early Retirement and elects to have his or her pension
begin before Normal Retirement Age, the monthly amount of said pension shall be
equal to his or her Accrued Monthly Pension, multiplied by the early retirement
factor determined from the table set forth below according to the Participant’s
age when payments commence:

 

	
  Attained Age on Due Date

  	
   

  	
  Early

  
	
  of First Monthly Payment

  	
   

  	
  Retirement Factor

  
	
   

  	
   

  	
   

  
	
  64

  	
   

  	
  98%

  
	
  63

  	
   

  	
  96%

  
	
  62

  	
   

  	
  94%

  
	
  61

  	
   

  	
  90%

  
	
  60

  	
   

  	
  86%

  
	
  59

  	
   

  	
  82%

  
	
  58

  	
   

  	
  78%

  
	
  57

  	
   

  	
  74%

  
	
  56

  	
   

  	
  70%

  
	
  55

  	
   

  	
  66%

  

 

34

 

(A proportionate intermediary percentage will be applied for each completed
month after the given age is attained.)

 

(3)           Disability Retirement.  The
early retirement factors in (2) also apply if an Eligible Employee has a
Disability Retirement after attaining age 55. 
If the Eligible Employee’s Disability Retirement occurs after the
Participant attains age 50 but before he attains age 55, the reduction factor
is 5/9 of 1% for each of the first 60 months and 5/18 of 1% for each additional
month by which the benefit commencement date precedes age 65.

 

(4)           Social Security Supplement.  If
an Eligible Employee has an Early Retirement and elects to have his or her
pension begin before age 65, in addition to the reduced monthly pension as
provided in (b)(2), with each monthly payment prior to age 65, the Eligible
Employee shall receive a supplemental benefit equal to (i) 50% of his or
her Primary Social Security Benefit; multiplied by (ii) the fraction
described in Sec. 4.5(a)(2)(B) (if the Eligible Employee is a Group A
Participant) or the fraction in Sec. 4.5 (b)(2)(B) (if the Eligible
Employee is a Group B Participant); multiplied by (iii) the early
retirement factor determined from the table set forth in (b)(2) of this section according
to the Participant’s age when payments commence.

 

(c)           Benefits Will Not Be Less Than Amount Accrued
Through March 31, 1997 Under Plan As Then In Effect.  For
any person who was a Participant on March 31, 1997, and who qualifies for
a benefit under Sec. 6.1, 6.2, 6.3 or 6.4, his or her monthly pension will not
be less than an amount determined as follows:

 

(1)           For purposes of calculating said minimum
pension, the Participant’s Accrued Monthly Pension will be based solely upon
Monthly Earnings and Credited Service through March 31, 1997; Monthly
Earnings and Credited Service after said date will be disregarded.

 

(2)           The Participant’s Normal Retirement Age for
purposes of determining said minimum pension is age 65, regardless of his or
her date of birth.

 

(3)           The minimum pension under this subsection does
not include the Social Security Supplement in (b)(4).  The Social Security Supplement will only be
paid if the individual is an Eligible Employee under subsection (a).

 

Sec. 6.12  Special
Vested Termination Provisions For Employees At Certain Discontinued Operations.
 If a Participant was employed immediately
prior to his or her Termination of Employment at a location listed in subsection (a),
the Termination of Employment occurred on or after the date specified in subsection (a) for
the Participant’s location, and the Participant meets the requirements of subsection (b),
his or her pension on Vested Termination will be calculated as provided in subsection (c):

 

35

 

(a)           Locations and dates covered:

 

(1)           Hayssen Manufacturing
Company, Accraply, Inc., and Bemis Packaging Machinery Company (a division
of Bemis Company, Inc.), but only if the Participant’s Termination of
Employment occurred on or after May 1, 1997.

 

(2)           Pepperell, Massachusetts plant, but only if
Participant’s Termination of Employment occurred on or after January 1,
1998.

 

(b)           A Participant
meets the requirements of this subsection (b) only if all of the
following requirements are met:

 

(1)           The Participant’s Employment
Commencement Date was prior to the date the Participant attained age 35.

 

(2)           The Participant’s Termination of Employment
occurred on or after the date the Participant attained age 45, but before he or
she attained age 55.

 

 (3)          The Participant completed 10 or more years of
Credited Service prior to his or her Termination of Employment.

 

(c)           If a
Participant meets the foregoing requirements, the monthly pension on Vested
Termination payable under Sec. 6.4 on a life only basis beginning the month
following the Participant’s attainment of age 65 will not be determined under
Sec. 4.5(a)(1), but rather will be determined under Sec. 4.5(a)(2).  If the Participant elects to have the pension
begin after he or she attains age 55, but before age 65, it will be subject to
the reduction factors specified in Sec. 6.4.

 

Sec. 6.13  Special
Enhanced Benefit for Certain Employees at Stow, Ohio.  A
Participant who has satisfied the eligibility requirements of subsection (a) shall
be entitled to an enhanced benefit determined as provided in subsection (b):

 

(a)           Eligibility.  To be eligible for the special
enhanced benefit under this section, a Participant must have satisfied the
requirements of (1), (2), (3) and (4):

 

(1)           On July 1, 1998, the
Participant was employed by Morgan Adhesives Company at its Stow, Ohio
facility, and was working in a job category designated by the Company as
eligible to elect this benefit.

 

(2)           The Participant attained age 55 and completed
10 or more years of Elapsed Time prior to July 1, 1998.

 

(3)           The Participant elected Termination of
Employment during a window period established by the Company, the last day of
which shall be not later than October 31, 1998.  A Participant may make such an election by

 

36

 

executing
and submitting to the Company such forms and releases as the Company
requires.  The special enhanced benefit
will not be payable if the Participant (i) fails to execute the proper
forms or releases or (ii) subsequently rescinds the election in accordance
with procedures specified by the Company.

 

(4)           The Participant’s Termination of Employment
occurs on or about a date approved by the Company, which generally will not be
later than December 31, 1998, but which may be later (but not later than June 30,
1999) if the Company reasonably determines that the Participant’s continued
services are necessary during a longer transition period.

 

(b)           Benefit Amount.  If a
Participant satisfies the foregoing eligibility requirements, his benefit under
the Plan will be enhanced as follows:

 

(1)           The Participant will receive one “point” for
each five years of Credited Service he or she will have under Sec. 3.5 as of
the date of Termination of Employment, determined without regard to any
enhanced Credited Service provided under this section.  Participants will receive whole points only,
and will not receive fractional points for years of Credited Service fewer than
five years.  For example, a Participant
with 28.5 years of Credited Service under Sec. 3.5 will receive five points
based on 25 years of Credited Service, and the remaining three and one-half
years of Credited Service will be disregarded.

 

(2)           For each “point” awarded in (1), the
Participant will receive one additional year of Credited Service.  However, the Participant’s total Credited
Service, enhanced as provided by this paragraph, may not exceed 30 years, nor
may it exceed the years the Participant would have had at age 65 if he or she
had continued working.  If the number of
full and fractional years of additional Credited Service which may be awarded
due to the limitations in the preceding sentence is less than the number of
points granted in (1), the remaining points will be applied as provided in
(3).  For example, if the Participant
referred to in (1) is age 61 and has 28.5 years of Credited Service
without regard to this section, 1.5 of his points will be used to give him an
additional 1.5 years of Credited Service (bringing him to 30 years of Credited
Service) and the remaining 3 full points will be applied as provided in (3).

 

(3)           Any full points which were not applied to
increase Credited Service will be converted to full years of age and applied to
increase the Participant’s deemed age for purposes of calculating the benefit
on Early Retirement.  (Only full points
will be used for this purpose; fractional points will be disregarded.)  The reduction factor for early commencement
in Sec. 6.2 and Sec. 6.11(b)(2) will be based on the Participant’s deemed
age rather than his or her actual age. 
For example, the remaining 3 full points of the

 

37

 

61
year old Participant referred to in (1) and (2) would be converted to
3 years of age, bringing him to a deemed age of 64 for purposes of determining
his early retirement reduction factor.  A
Participant’s deemed age after such enhancement shall not be more than 65.

 

Sec. 6.14  Increase
in Benefits for Persons Whose Benefits Commenced Prior to January 1, 1990. 
Effective as of July 1, 2000, benefits under the Plan shall be
increased by the percentage or amount determined from the following table:

 

	
  Benefit Commencement Date

  	
   

  	
  Increase

  
	
  Before
  January 1, 1970

  	
   

  	
  40%,
  but not less than $50 and not more than $200

  
	
   

  	
   

  	
   

  
	
  After
  December 31, 1969 and

  prior to January 1, 1975

  	
   

  	
  30%,
  but not less than $50 and

  not more than $200

  
	
   

  	
   

  	
   

  
	
  After
  December 31, 1974 and

  prior to January 1, 1980

  	
   

  	
  20%,
  but not less than $50 and

  not more than $200

  
	
   

  	
   

  	
   

  
	
  After
  December 31, 1979 and

  prior to January 1, 1990

  	
   

  	
  10%,
  but not less than $50

  and not more than $200

  
	
   

  	
   

  	
   

  
	
  After December 31,
  1989

  	
   

  	
  No increase

  

 

For
purposes of determining the amount of the increase applicable with respect to a
surviving spouse, contingent annuitant, or Beneficiary of a deceased
Participant, the “Benefit Commencement Date” is the earlier of (i) the
date benefit payments to the deceased Participant commenced or (ii) the
date benefit payments to the surviving spouse, contingent annuitant, or
Beneficiary commenced.  In the case of
any living Participant who qualifies for the increase, the increased amount of
the Participant’s pension shall be taken into account in determining benefits,
if any, payable to the Participant’s surviving spouse, contingent annuitant, or
Beneficiary.

 

However, said benefit increase does not apply with respect to any
individual who participated in a plan which was merged into this Plan and whose
Termination of Employment occurred prior to said merger, nor to the surviving
spouse, contingent annuitant, or Beneficiary of such an individual.

 

Sec. 6.15  Special
Enhanced Benefit for Certain Employees at Bemis Clysar, Inc.   The following provisions apply
to former employees of E. I. Dupont De Nemours & Company or its
subsidiaries who became employees of Bemis Clysar, Inc. on or about July 30,
2002 and who are referred to in this section as “Bemis Clysar Participants”.

 

(a)           A Bemis Clysar Participant whose Termination
of Employment occurs after he or she attains age 60 will be entitled to a
pension payable monthly for life, the first payment to be made as of the first
day of the month following his or her

 

38

 

Termination
of Employment and the last as of the first day of the month in which his or her
death occurs, in a monthly amount equal to his or her Accrued Monthly Pension.

 

(b)           If a Bemis Clysar Participant’s Termination
of Employment occurs after he or she attains age 55 but before age 60 and the
individual has completed 10 or more years of Elapsed Time:

 

(1)           The individual will be entitled to a pension
payable monthly for life, the first payment to be made as of the first day of
the month following the month in which he or she attains age 60 and the last as
of the first day of the month in which his or her death occurs, in a monthly
amount equal to his or her Accrued Monthly Pension.

 

(2)           In lieu of the pension in (1), he or she may
elect a reduced pension beginning as of the first day of any month after his or
her Termination of Employment and prior to his or her attainment of age 60, in
a monthly amount equal to his or her Accrued Monthly Pension, reduced by 5/12
of 1% for each month by which the pension commencement date precedes for the
first day of the month following the month in which the individual will attain
age 60.

 

(c)           If a Bemis Clysar Participant has a
Termination of Employment after completing at least five years of Elapsed Time
but under circumstances where neither (a) nor (b) is applicable (i.e., termination before age 55 regardless
of length of service, or between ages 55 and 60 with fewer than 10 years of
Elapsed Time), his or her pension will be determined under Sec. 6.4.

 

Sec. 6.16  Special Provisions Applicable to Employees at Murphysboro, Union City,
and Nellis.   If a
Participant employed at a location listed in subsection (a) has a
Termination of Employment due to the closing of said locations, and he or she
meets the requirements of subsection (b), his or her pension will be
calculated as provided in subsection (c):

 

(a)           This section applies to employees who
terminated employment due to closing of the following locations:

 

(1)           Murphysboro, Illinois –
closed September 2003.

 

(2)           Union City, California – closed September 2003.

 

(3)           Nellis, Nevada – closed March 2004.

 

(b)           A Participant meets the requirements of this
subsection if he or she is not eligible for Normal Retirement or Early
Retirement and satisfies either of the following requirements on the date of
Termination of Employment:

 

(1)           He or she has attained age 50 and completed
10 or more years of Elapsed Time.

 

39

 

(2)           The sum of his or her attained age and Elapsed
Time totals 65 or more.

 

(c)           If a
Participant meets the requirements of subsection (b), his or her Accrued
Monthly Pension upon Vested Termination will not be determined under Sec.
4.5(a)(1), but rather will be determined under Sec. 4.5(a)(2).  In all other respects, the Participant’s
pension will remain subject to the usual terms applicable under Sec. 6.4 to
pensions upon Vested Termination, including the requirement that a Participant
must have completed at least 10 years of Elapsed Time in order to elect to have
his or her pension commence after attainment of age 55 but prior to Normal
Retirement Age, and the early commencement reduction factors in Sec. 6.4.  Such Participants are not eligible for the
Social Security Supplement under Sec. 6.11(b)(4).

 

40

 

ARTICLE VII

 

SURVIVOR’S BENEFITS.

 

Sec. 7.1  Qualified
Preretirement Survivor Annuity.  A Qualified Preretirement
Survivor Annuity shall be payable to a Participant’s surviving qualified spouse
following the Participant’s death, subject to the following:

 

(a)           A Qualified
Preretirement Survivor Annuity shall be payable only if all of the following
conditions are satisfied:

 

(1)           Immediately prior to the
Participant’s death he or she had a nonforfeitable right to a pension under the
Plan.

 

(2)           The Participant’s death occurred before the
due date of his or her first pension payment.

 

(3)           The Participant is survived by a qualified
spouse. A person is a “qualified spouse” of a Participant if, and only if, such
person and the Participant have been married to each other throughout the
one-year period ending on the date of the Participant’s death.

 

(4)           The Participant had Elapsed Time on or after August 23,
1984.

 

(5)           No waiver of the Qualified Preretirement
Survivor Annuity is in effect under subsection (e).

 

(b)           If the
Participant’s death occurs on or after the earliest retirement date, the
Qualified Preretirement Survivor Annuity shall be the same as the annuity that
would have been payable to the Participant’s qualified spouse if the
Participant had retired with a benefit commencing immediately prior to the date
of death in a form determined under subsection (d).

 

(c)           If the Participant’s death occurs before the
earliest retirement date, the Qualified Preretirement Survivor Annuity shall be
the same as the annuity that would have been payable to the Participant’s
qualified spouse under the following circumstances:

 

(1)           The Participant’s
Termination of Employment occurred on the date of death, or on actual date of
Termination of Employment, if earlier.

 

(2)           The Participant survived to the earliest
retirement date.

 

(3)           The Participant commenced receiving a pension
on the earliest retirement date in a form determined under subsection (d).

 

41

 

(4)           The Participant died on the day after the
earliest retirement date.

 

(d)           For purposes of
subsection (b) and subsection (c)(3), the applicable form of
benefit shall be a benefit payable under the option described in Sec. 7.4(b) if
the Participant’s death occurs after he or she has completed ten years of
Elapsed Time and attained age 55 and either (i) he or she was an Active
Participant immediately prior to his or her death or (ii) his or her
Termination of Employment had occurred after he or she attained age 55.  In all other cases, the applicable form of
benefit shall be a Qualified Joint and Survivor Annuity.

 

(e)           A Participant may waive coverage under the
Qualified Preretirement Survivor Annuity with respect to periods described in
paragraph (1). If he or she does not waive such coverage, the Accrued Monthly
Pension will be reduced.  The following
provisions apply to such waivers and reductions.

 

(1)           A Participant may waive the
Qualified Preretirement Survivor Annuity with respect to periods after his or
her Termination of Employment and prior to his or her pension commencement
date.  However, he or she may not waive
said annuity if such accruals have ceased due to Normal or Early Retirement.

 

(2)           On or about the date a Participant becomes
eligible to waive the Qualified Preretirement Survivor Annuity, the Company
will notify the Participant with regard to the election procedure under Sec.
7.3 and the effect of said waiver.

 

(3)           The Participant’s Accrued Monthly Pension
will be reduced by 25/1000 of 1% for each full month that he or she was
eligible to waive the Qualified Preretirement Survivor Annuity but failed to do
so. However, no such reduction will be imposed for any month throughout which
the Participant did not have a spouse to whom he or she had been married for at
least one year.

 

(4)           If a Qualified Preretirement Survivor Annuity
becomes payable under this section, the reduction in (e)(3) will not be
applicable.  The reduction in (e)(3) is
applicable only if the Participant is living on the pension commencement date.

 

(f)            For purposes of
this section, the “earliest retirement date” with respect to a Participant
means:

 

(1)           If the Participant has
completed ten Years of Elapsed Time, the first day of the month following the
month he or she attains (or would have attained) age 55.

 

42

 

(2)           If the Participant has completed less than
ten years of Elapsed Time, the first day of the month following his or her
Normal Retirement Date.

 

Sec. 7.2  Qualified
Joint and Survivor Annuity.  Notwithstanding the provisions
of Article VI, a pension otherwise payable to a Participant for life only
shall instead be paid in the form of a Qualified Joint and Survivor Annuity
unless the Participant elects otherwise, subject to all of the following:

 

(a)           A “Qualified
Joint and Survivor Annuity” is a pension commencing at the same time as the
life-only pension would commence, with monthly payments for the life of the
Participant, and, if the Participant dies after the date for commencement of
pension payments, with monthly payments for the life of the spouse of the
Participant after the Participant’s death which are each one-half the amount of
the monthly payment made to the Participant during his or her lifetime.

 

(b)           The Company, within a reasonable period of
time before the due date for the Participant’s first pension payment (and
consistent with such regulations as the Secretary of the Treasury may
prescribe), shall furnish the Participant with a written explanation of (i) the
Qualified Joint and Survivor Annuity, (ii) the election and revocation
procedures in Sec. 7.3, and (iii) the effect of an election or revocation.

 

(c)           A Participant who elects not to receive his
or her pension in the form of a Qualified Joint and Survivor Annuity will
receive a pension for life only unless he or she elects an optional settlement
under Sec. 7.4.

 

(d)           The provisions of this section shall not
be applicable unless the Participant and spouse are married to each other on the
due date for the first pension payment to the Participant.  References to “spouse” in this section are
to such spouse.

 

(e)           The benefit, if any, payable under Sec.
6.11(b)(4) is not payable as a Qualified Joint and Survivor Annuity.

 

Sec. 7.3  Election Procedure. 
Elections under Sec. 7.1 and Sec. 7.2 are subject to the following
requirements:

 

(a)           The “election
period” for waiver of the Qualified Preretirement Survivor Annuity begins on
the earlier of (i) the first day of the Plan Year in which the Participant
attains age 35 or (ii) the date of the Participant’s Termination of
Employment and ends on the date of his or her death.  The “election period” for the Qualified Joint
and Survivor Annuity is the 90 day period ending on the due date of the
Participant’s first pension payment.

 

(b)           An election under Sec. 7.1 or Sec. 7.2 may be
revoked in writing during the election period, and after such revocation
another written election may be made during the election period.

 

43

 

(c)           All elections and revocations shall be made
on the appropriate form available from the Company and shall be effective only
upon completing, signing, and filing of the form with the Company during the
election period.

 

(d)           A Participant’s election to waive the
Qualified Joint and Survivor Annuity or Qualified Preretirement Survivor
Annuity shall not take effect unless all of the following conditions are
satisfied:

 

(1)           The Participant’s spouse
consents in writing to the election.

 

(2)           If the election pertains to a Qualified Joint
and Survivor Annuity, the Participant’s election designates a specific form of
benefit payment (i.e., life annuity or an optional form of settlement under
Sec. 7.4) and a specific beneficiary or contingent annuitant, if applicable in
connection with such form of benefit payment, which designations may not be
changed without further spousal consent (unless the spouse’s initial consent
expressly permits future designations by the Participant without any further
spousal consent.)

 

(3)           The spouse’s consent acknowledges the effect
of the Participant’s election.

 

(4)           The spouse’s consent is witnessed by a Plan
representative or notary public.

 

However, the above requirements will be deemed to be
satisfied if it is established to the satisfaction of a Plan representative
that the spouse’s consent may not be obtained because there is no spouse,
because the spouse cannot be located, or because of such other circumstances as
the Secretary of the Treasury may by regulations prescribe.  Any consent by a spouse, or establishment
that the consent of a spouse may not be obtained, shall be effective only with
respect to such spouse.  A consent by a
spouse is not revocable by that spouse.

 

Sec. 7.4  Optional
Settlements.  In lieu of the amount and form of pension
payable under the preceding sections of this Article, a Participant with
respect to whom the Qualified Preretirement Survivor Annuity under Sec. 7.1 or
the Qualified Joint and Survivor Annuity under Sec. 7.2 is not payable may, under
such rules and regulations as the Company may prescribe which are in
accord with the advice of the Actuary, elect to have a pension which is the
Actuarial Equivalent of his or her life-only pension payable under one of the
following options:

 

(a)           An option
providing a reduced monthly pension payable to the Participant commencing on
the same date as that upon which payments would otherwise commence and
terminating with the last monthly payment before his death.  If his or her death occurs on or after the
due date of the first monthly payment under the option and before 120 monthly
payments have been made, such benefit shall be

 

44

 

continued to his or her
Beneficiary until a total of 120 monthly payments have been made to the
Participant and Beneficiary.

 

(b)           An option providing a reduced monthly pension
payable to the Participant for his or her lifetime commencing on the same date
as that upon which payments would otherwise commence, with provision for continuance
upon his or her death of monthly payments of 100% of such reduced amount to his
or her spouse for life if the spouse survives the Participant.  (The “spouse” referred to in the preceding
sentence is the spouse to whom the Participant was married on the date the
Participant’s pension commenced.)

 

(c)           An option providing a reduced monthly pension
payable to the Participant for his lifetime commencing on the same date as that
upon which payments would otherwise commence, with provision for continuance
upon the Participant’s death of monthly payments of 100%, 75% or 50% of such
reduced amount, as he shall have designated, to the person designated by the
Participant as joint annuitant, if such joint annuitant survives the
Participant, with such monthly payments to continue for the lifetime of the
joint annuitant.  An election of this
option shall be automatically cancelled if either the person electing the
option or the joint annuitant dies before the due date of the first monthly
payment under the option.

 

Election
of an option may be made at any time prior to commencement of pension payments.

 

Sec. 7.5  Other
Death Benefits.  Upon the death of a Participant, his or her
Beneficiary shall be entitled to receive a single sum payment equal to the
amount by which the total amount of benefit payments hereunder, if any,
theretofore paid to the deceased (including payments to his or her spouse under
Sec. 7.1) is less than the sum of (i) the cash value as of the surrender
date in 1962 of any contracts on his or her life originally purchased under the
S&RIP and subsequently surrendered to the insurance carrier by the trustees
of said plan, with Accumulated Interest thereon, and (ii) the
contributions made by the Participant after 1961 (including any amount deemed
to have been contributed pursuant to Sec. 6.7 of the Plan as in effect on December 31,
1975) and prior to the cessation of contributions, with Accumulated Interest;
subject to the following:

 

(a)           If a benefit is
payable with respect to the Participant pursuant to Sec. 7.2 or Sec. 7.4, this section shall
not be applicable and all death benefits, if any, shall be payable under the
terms of whichever of said sections is applicable.

 

(b)           If a benefit is payable to the Participant’s
spouse pursuant to Sec. 7.1, the benefit, if any, payable pursuant to this section shall
be determined and paid after the death of said spouse.

 

45

 

ARTICLE VIII

 

MISCELLANEOUS BENEFIT PROVISIONS.

 

Sec. 8.1  Commencement
Date for Pension Payments.  Pension payments under this
Plan shall be subject to the following rules:

 

(a)           Pension
payments shall commence at the earlier of the times specified in paragraph (1) or
(2) as follows:

 

(1)           As soon as administratively
feasible after the date specified by the applicable Plan provision for the
commencement of pension payments.

 

(2)           The 60th day after the close of the Plan Year
in which the Participant reaches age 65 or has a Termination of Employment,
whichever is later; provided, however, that if the amount of the payment to be
made cannot be determined by the later of said dates, a payment retroactive to
such date may be made no later than 60 days after the earliest date on which
the amount of such payment can be ascertained.

 

(b)           Pension
payments must commence not later than April 1 following the later of:

 

(1)           The calendar year in which
the Participant attains age 701⁄2.

 

(2)           The calendar year in which the Participant
has a Termination of Employment.

 

If a Participant’s pension commences after April 1 following the
Plan Year he or she attains age 701⁄2, the monthly pension amount will be
increased by an amount which is the Actuarial Equivalent of the additional
amount he or she would have received if (i) his or her pension had
commenced April 1 following the Plan Year he or she attained age 701⁄2, and (ii) the
monthly pension amount was adjusted each January 1 thereafter to reflect
additional benefit accruals.

 

(c)           However, if (i) the
Participant is a 5% owner as defined in Code § 416 or (ii) the
Participant attained age 701⁄2 prior to January 1, 2000, his or her pension
shall commence not later than April 1 following the calendar year he or
she attains age 701⁄2, regardless of whether Termination of Employment has yet
occurred.  In such cases, the calculation
of the initial pension amount shall be based on the assumption that Termination
of Employment occurred on December 31 of the Plan Year in which the
Participant attains age 701⁄2.  The amount
of the monthly payments in each Plan Year following the Plan Year in which
payments commence shall be adjusted to reflect any additional benefit accrued
through December 31 of the preceding Plan Year.

 

46

 

Sec. 8.2  Payment of
Small Amounts and Certain Consequences Thereof.  If
the Actuarial Equivalent present value of an individual’s entire benefit is
$5,000 or less ($3,500 or less for Participants who had Terminations of
Employment before January 1, 1998 and for Participants at the Pepperell,
Massachusetts and Memphis, Tennessee facilities, regardless of termination
date), the benefit shall be paid in a single lump sum as soon as
administratively feasible following the Participant’s Termination of
Employment, subject to the following:

 

(a)           Service
performed by the Participant with respect to which a lump sum distribution of
his or her entire accrued benefit was made shall be disregarded in determining
his or her Years of Credited Service under the Plan if the Participant is
reemployed, provided such distribution was made not later than the close of the
second Plan Year following the Plan Year in which his or her Termination of
Employment occurred.

 

(b)           If the requirements of subsection (a) are
not met, and the Participant is later reemployed, his or her Accrued Monthly
Pension upon termination of said period of reemployment will be reduced by the
amount of Accrued Monthly Pension that was cashed out under the foregoing
provisions of this section.

 

(c)           If a Participant dies under circumstances
such that a death benefit is payable under the Plan, the death benefit will be
cashed out if the Actuarial Equivalent present value is $5,000 or less.

 

(d)           Certain distributions pursuant to this section are
subject to automatic rollover pursuant to Sec. 8.15(d).

 

Sec. 8.3  No Other
Benefits.  No benefits other than those specifically
provided for herein are to be provided under the Plan.

 

Sec. 8.4  Source of
Benefits.  All benefits to which persons become entitled
hereunder shall be provided only out of the Fund and only to the extent that the
Fund is adequate therefor.  No benefits
are provided under the Plan except those expressly described herein.

 

Sec. 8.5  Incompetent
Payee.  If in the opinion of the Company a person
entitled to payments hereunder is disabled from caring for his or her affairs
because of mental condition, physical condition, or age, payment due such
person may be made to such person’s guardian, conservator, or other legal
personal representative upon furnishing the Company with evidence satisfactory
to the Company of such status.  Prior to
the furnishing of such evidence, the Company may cause payments due the person
under disability to be made, for such person’s use and benefit, to any person
or institution then in the opinion of the Company caring for or maintaining the
person under disability.  The Company
shall have no liability with respect to payments so made.  The Company shall have no duty to make
inquiry as to the competence of any person entitled to receive payments
hereunder.

 

Sec. 8.6  Assignment
or Alienation of Benefits.  Except as otherwise expressly
permitted by the Plan or required by law, the interests of persons entitled to
benefits under the

 

47

 

Plan
may not in any manner whatsoever be assigned or alienated, whether voluntarily
or involuntarily, or directly or indirectly, subject to the following:

 

(a)           Once a
Participant, beneficiary, or contingent annuitant begins receiving benefits
under the Plan, he or she may assign or alienate the right to future benefit
payments provided that the assignments or alienations (i) are voluntary
and revocable, (ii) do not in the aggregate exceed 10% of any benefit
payment, and (iii) are neither for the purpose, nor have the effect of
defraying plan administration costs.

 

(b)           An arrangement whereby a Participant,
beneficiary, or contingent annuitant directs the Plan to pay all or any portion
of a Plan benefit to a third party (including but not limited to a
Participating Employer) will not constitute an “assignment or alienation” for
purposes of this section if (i) it is revocable at any time by the
Participant, beneficiary, or contingent annuitant, and (ii) the third
party files a written acknowledgement with the Company stating that the third
party has no enforceable right in, or to, any plan benefit payment or portion
thereof (except to the extent of payments actually received pursuant to the
arrangement).  The written
acknowledgement must be filed with the Company not later than 90 days after the
arrangement is entered into.

 

(c)           The Plan shall comply with the provisions of
any court order which the Company determines is a qualified domestic relations
order as defined in Code § 414(p). 
Where payments are to be made under a qualified domestic relations order
before payments commence to the Participant, the present value of the benefits
actually accrued for the Participant shall be determined on an Actuarial
Equivalent basis.  All benefits otherwise
payable under the Plan with respect to a Participant shall be adjusted to the extent
necessary to comply with a qualified domestic relations order.  The Company may defer pension payments
subject to a domestic relations order pending determination that the order is
qualified.

 

Sec. 8.7  Payment of
Taxes.  The Funding Agency may pay any estate,
inheritance, income, or other tax, charge, or assessment attributable to any
benefit payable hereunder which in the Funding Agency’s opinion it shall be or
may be required to pay out of such benefit. 
The Funding Agency may require, before making any payment, such release
or other document from any taxing authority and such indemnity from the
intended payee as the Funding Agency shall deem necessary for its protection.

 

Sec. 8.8  Conditions
Precedent.  No person shall be entitled to a benefit hereunder
until his or her right thereto has finally been determined by the Company or
until he or she has submitted to the Company relevant data reasonably requested
by the Company, including, but not limited to, proof of birth or death.

 

Sec. 8.9  Company Directions
to Funding Agency.  The Company shall issue such written
directions to the Funding Agency as are necessary to accomplish distributions
to the Participants and Beneficiaries in accordance with the provisions of the
Plan.

 

48

 

Sec. 8.10  Benefits
Not Increased by Actuarial Gains. Forfeitures arising from severance of employment, death, or for any
other reason shall not be applied to increase the benefits that any person
would otherwise receive under the Plan.

 

Sec. 8.11  Pensions
Not Decreased on Account of Certain Social Security Increases.  Notwithstanding any provisions of the Plan to
the contrary, if a Participant has a Termination of Employment and does not
subsequently again become eligible to accrue benefits under the Plan, any
pension to which he or his beneficiary is entitled under the Plan shall not be
decreased by reason of any post-Termination of Employment social security
increase effective after his Termination of Employment.  If a Participant has a Termination of
Employment and subsequently again becomes eligible to accrue benefits under the
Plan, no post-Termination of Employment social security benefit increase
effective before he again becomes eligible to accrue benefits under the Plan shall
be applied to reduce his pension under the Plan to less than the pension to
which he would have been entitled had he not again become eligible to accrue
benefits under the Plan.  For purposes of
this section, “post-Termination of Employment social security benefit increase”
means an increase in a benefit level or wage base under Title II of the Social
Security Act occurring after the later of (i) the Participant’s
Termination of Employment or (ii) September 2, 1974.

 

Sec.  8.12  Maximum Limitations on Benefits. 
Notwithstanding any provision of the Plan to the contrary, a Participant’s
benefit under the Plan shall not exceed the maximum amount permitted under Code
§ 415. For purposes of the preceding sentence:

 

(a)           A Participant’s
annual pension for any Plan Year may not exceed the lesser of:

 

(1)           The amount permitted by Code
§ 415(b)(1)(A), which is $175,000 for 2006 and is subject to a cost of
living adjustment for years after 2005.

 

(2)           100% of the Participant’s average
Compensation for his high three consecutive years of employment.

 

(b)           If a
Participant’s benefit is paid in any form other than a straight life annuity or
a qualified joint and survivor annuity (as defined in Code § 417(b)), such
benefit shall be converted on an Actuarial Equivalent basis to a straight life
annuity beginning at the same age for purposes of applying the limit in (a).

 

(c)           The limit in (a)(1) applies to benefits
beginning at or after attainment of age 62. 
If a Participant’s benefit commences before age 62, the limit in (a)(1) shall
be reduced so that it is the Actuarial Equivalent of a $175,000 annual benefit
commencing at age 62.

 

(d)           If a Participant has less than ten years of
participation in this Plan, the limit in (a)(1) shall be reduced by
multiplying it by a fraction, the numerator of which is the number of years (or
part thereof) of participation (not to exceed ten and not to be less than one)
in this Plan and the denominator of which is ten.

 

49

 

(e)           If a Participant has less than ten years of
service with the Company and its Affiliates, the limit in (a)(2) shall be
reduced by multiplying it by a fraction, the numerator of which is the number
of years (or part thereof) of service (not to exceed ten and not to be less than
one) and the denominator of which is ten.

 

(f)            If a Participant is or has been covered under
more than one defined benefit plan maintained by a Participating Employer or an
Affiliate, the sum of the Participant’s annual benefits under all such plans may
not exceed the maximum amount permitted under this section.  To the extent necessary to comply with such
limit, the benefits under all such plans shall be reduced on a pro rata basis.

 

(g)           If a former employee receives a single sum
payment from his or her employer of the Actuarial Equivalent of his or her
benefit in excess of the limits under this section, cost of living adjustments
under subsection (a)(1) will not have the effect of increasing the
benefit under this Plan to an amount higher than the amount upon which said
single sum payment was predicated.

 

(h)           For purposes of this section, “Compensation”
means a Participant’s earned income, wages, salaries, and fees for professional
services and other amounts received for personal services actually rendered in
the course of employment with the Participating Employers and Affiliates
(including, but not limited to, commissions, compensation for services on the
basis of a percentage of profits and bonuses), subject to the following:

 

(1)           Compensation means the gross
amount before any reduction pursuant to Code §§ 125, 132(f)(4) or
401(k).

 

(2)           Compensation excludes amounts by which an
employee’s pay is reduced pursuant to an unfunded non-qualified plan of
deferred compensation.  However, payments
received pursuant to such a plan are Compensation in the year such amounts are
includable in the employee’s gross income.

 

(3)           Compensation excludes amounts realized from
the exercise of a nonqualified stock option, or from the disposition of stock
acquired under an incentive stock option, or when restricted stock (or
property) held by the Participant either becomes transferable or is no longer
subject to a substantial risk of forfeiture.

 

(4)           Compensation recognized for an employee for a
Plan Year shall not exceed the amount permitted by Code § 401(a)(17),
which is $220,000 for 2006 and is subject to a cost of living adjustment for
years after 2006.

 

Sec. 8.13  Distributions
Made in Accordance with Code § 401(a)(9) . 
Distributions hereunder shall be made in accordance with the
requirements of Code § 401(a)(9) and regulations thereunder,
including Treasury Regulation Section 1.401(a)(9)-1 through 9.  Any

 

50

 

provisions
of the Plan that are inconsistent with Code § 401(a)(9) and the
regulations thereunder shall be deemed inoperative.

 

Sec. 8.14  Deemed
Cash-Out Upon Termination of Employment for Unvested Participants.  A
Participant who is zero percent vested and experiences a Termination of
Employment is deemed upon his or her Termination of Employment to have received
an immediate cash-out of his or her Accrued Monthly Pension under the Plan and
to have forfeited the unvested portion of his or her Accrued Monthly Pension
under the Plan.

 

Sec. 8.15  Rollovers
and Transfers to Other Qualified Plans. 
Notwithstanding any provision of the Plan to the contrary that would
otherwise limit a distributee’s election under this section, a distributee may
elect, at the time and in the manner prescribed by the Company, to have any
portion of an eligible rollover distribution paid directly to an eligible
retirement plan specified by the distributee. The following definitions shall
be used in administering the provisions of this section.

 

(a)           Eligible rollover distribution:  For
purposes of this section, an eligible rollover distribution is a distribution
paid in a single lump sum pursuant to Sec. 8.2 or pursuant to any Appendix to
the Plan.

 

(b)           Eligible retirement plan:  An
eligible retirement plan is an individual retirement account described in Code § 408(a),
an individual retirement annuity described in Code § 408(b), an annuity
plan described in Code § 403(a), an eligible deferred compensation plan
described in Code § 457(b) maintained by a governmental entity which
agrees to separately account for amounts transferred from this Plan, and a tax
sheltered annuity contract described in Code § 403(b) that accepts
the distributee’s eligible rollover distribution.

 

(c)           Distributee:  A distributee means a
Participant, a Participant’s surviving spouse, or a former spouse who is the
alternate payee under a qualified domestic relations order, as defined in Code § 414(p).  Individuals other than those named in this
subsection are not permitted to roll over distributions from the Plan.

 

(d)           Automatic rollovers:  On
or after March 28, 2005, each lump sum distribution made to a Participant
under Sec. 8.2 which is in excess of $1,000 shall be automatically rolled over
to an individual retirement account selected by the Company unless the
Participant directs that the distribution be paid directly to the distributee
or rolled over to another eligible retirement plan.  Automatic rollovers are subject to Code § 401(a)(31)
and any applicable Treasury Department or Labor Department guidance
interpreting the automatic rollover requirements. However, the automatic
rollover requirement does not apply to the following types of lump sum
distributions:

 

(a)           Death benefits distributed to a surviving
spouse or other Beneficiary.

 

(b)           Distributions to a Participant who has
attained Normal Retirement Age.

 

51

 

Sec. 8.16  Special
Benefit Limitation.  Notwithstanding any other provision of the
Plan to the contrary, the payment of benefits under the conditions set forth in
this section shall be limited as follows:

 

(a)           Upon
termination of the Plan, the benefit of any Participant who is either a “highly
compensated employee” or a “highly compensated former employee” shall be
limited to a benefit that is nondiscriminatory under Code § 401(a)(4).

 

(b)           The annual benefit payable under the Plan to
any Participant described in subsection (c) of this section shall
not exceed an amount equal to the payments which would be made to him in that
year under a straight life annuity that is the Actuarial Equivalent of the
nonforfeitable benefit to which he is entitled under the Plan; provided that
the restrictions set forth in this subsection (b) shall not apply if:

 

(1)           after payment to the
Participant of his benefit under the Plan, the value of the Plan’s assets
equals or exceeds 110% of the value of the Plan’s current liabilities; or

 

(2)           the value of such Participant’s benefit under
the Plan is less than 1% of the value of such current liabilities; or

 

(3)           the Actuarial Equivalent value of the
Participant’s benefit is $5,000 or less.

 

(c)           The restriction
set forth in subsection (b) shall apply to benefits payable under the
Plan for any Plan Year to any Participant who is either a “highly compensated
employee” or “highly compensated former employee” with respect to such Plan
Year; provided, that if the number of such highly compensated employees and
highly compensated former employees for any Plan Year exceeds 25, the
restriction set forth in subsection (b) shall apply for the Plan Year
only to the 25 such highly compensated employees and highly compensated former
employees with the greatest Compensation (as defined in Sec. 8.12(j)) for the
current or any prior Plan Year.

 

(d)           For purposes of this section, the terms “highly
compensated employee” and “highly compensated former employee” shall have the
meanings ascribed to such terms in Code §§ 414(q)(1) and 414(q)(6),
respectively.

 

Sec. 8.17  Benefits
of Reemployed Veterans.  Notwithstanding any provision of this Plan to
the contrary, contributions, benefits and service credit with respect to
Qualified Military Service will be provided in accordance with Code § 414(u).  For this purpose:

 

(a)           As provided by Code § 414(u), “Qualified
Military Service” means service in the uniformed services (as defined in
Chapter 43 of Title 38, United States Code) by

 

52

 

an
individual if he or she is qualified under such chapter to reemployment rights
with the Company or an Affliate following such military service.

 

(b)           “USERRA” means the Uniformed Services
Employment and Reemployment Rights Act of 1994 as amended.

 

(c)           If an individual returns to employment with
the Company or an Affiliate following a period of Qualified Military Service
under circumstances and that he or she has reemployment rights under USERRA,
and the individual reports for said reemployment within the time frame required
by USERRA, the following provisions shall apply:

 

(1)           The Qualified Military Service shall be
recognized as Elapsed Time, Credited Service, Years of Eligibility Service, and
Bemis Elapsed Time to the same extent as it would have been if the employee had
remained continuously employed with the Company or an Affiliate rather than
going in the military.

 

(2)           Monthly Earnings shall be determined for the
individual as of each January 1 during the period of Qualified Military
Service.  The amount of Monthly Earnings
shall be determined by the Company consistent with the requirements of the
USERRA, and shall reflect the Company’s best estimate of the earnings the
individual would have received but for the Qualified Military Service.

 

(3)           If the individual received a lump sum cashout
of the benefits accrued under the Plan prior to the Qualified Military Service,
he or she may repay said lump sum with interest as provided in Sec.
8.2(d).  However, any such repayment may
be made within five years after the individual’s reemployment date, rather than
the two Plan Year deadline normally applicable under Sec. 8.2(d).

 

(d)           The foregoing provisions are intended to
provide the benefits required by USERRA, and are not intended to provide any
other benefits.  This section shall
be construed consistently with said intent.

 

Sec. 8.18  Retroactive
Annuity Starting Dates.  A Participant may elect to have
his or her pension begin as of a “retroactive annuity starting date”, subject
to the following:

 

(a)           “Retroactive annuity starting date” means a
date elected by a Participant which is prior to the date the written
explanation of qualified joint and survivor annuity required by Code § 417(a)(3) is
provided to the Participant.

 

(b)           The retroactive annuity starting date may be
the first day of any month on or after the earliest date the Participant was
eligible to receive a pension.  However,
if the pension is being paid under Sec. 6.2 or 6.4 as of a date prior to the
Participant’s

 

53

 

Normal
Retirement Date, the retroactive annuity starting date may not be earlier than
the date the Participant notified the Company that he or she would like the
pension to commence.  If the pension is
being paid under Sec. 6.3, the retroactive annuity starting date may not be
earlier than 12 months before the date the Participant establishes to the
Company’s satisfaction that the Participant is eligible for a Disability
Retirement.

 

(c)           The monthly pension amount payable under this
section will be equal to the amount that would have been payable if the
Participant’s pension had begun on the retroactive annuity starting date.

 

(d)           A Participant who elects a pension with a
retroactive annuity starting date shall receive a makeup payment reflecting any
missed payments from the retroactive annuity starting date through the date the
makeup payment is paid.  The makeup
payment shall include interest on each missed payment for the period beginning
on the date the missed payment would have been paid if the pension had
commenced on the retroactive annuity starting date and ending on the date the
makeup payment is paid.  Interest shall
be determined using the interest rate for lump sums payable in the Plan Year
the makeup payment is paid, as provided in Sec. 4.12(c)(1).  For example, if a pension has a retroactive
annuity starting date of May 1, 2004 and the makeup payment is paid April 1,
2005, interest on the missed payments will be at the 2005 rate (i.e., the October 2004
30-year Treasury rate).

 

(e)           If the Participant has a spouse on the date
the first pension payment is actually paid, the Participant’s election is
subject to the consent of said spouse. 
However, said spouse’s consent is not required if the Participant elects
to receive the retroactive pension as a Qualified Joint and Survivor Annuity
and the death benefit payable to said spouse is at least equal to the death
benefit the spouse would have received if the benefit commenced on the date the
first pension payment actually is paid and in the form of a Qualified Joint and
50% Survivor Annuity.

 

(f)            If the Participant was married on the
Retroactive Annuity Starting Date, but is no longer married to that spouse on
the date the first pension payment actually is paid, the consent of the former
spouse is not required except to the extent provided in any applicable
qualified domestic relations order.

 

54

 

ARTICLE IX

 

FUND.

 

Sec. 9.1  Composition.  All sums of money and all securities and other
property received by the Funding Agency for purposes of the Plan, together with
all investment made therewith, the proceeds thereof, and all earnings and
accumulations thereon, and the part from time to time remaining shall
constitute the “Fund”.  The Company may
cause the Fund to be divided into any number of parts for investment purposes
or any other purposes necessary or advisable for the proper administration of the
Plan.  If for any purpose it is necessary
to determine the value of an asset in the Fund for which fair market value is
not available, the value of such asset shall be its fair value as determined in
good faith by the Company or other Named Fiduciary assigned such function, or
if the asset is held in trust and the trust agreement so provides, as
determined in good faith by the trustee.

 

Sec. 9.2  Funding
Agency.   The Fund may be held and invested as one fund
or may be divided into any number of parts for investment purposes.  Each part of the Fund, or the entire Fund if
it is not divided into parts for investment purposes, shall be held and
invested by one or more trustees or by an insurance company.  The trustee or trustees or the insurance
company so acting with respect to any part of the Fund is referred to herein as
the Funding Agency with respect to such part of the Fund.  The selection and appointment of each Funding
Agency shall be made by the Company, by action of the Board.  The Company, by action of the Board, shall
have the right at any time to remove a Funding Agency and appoint a successor
thereto, subject only to the terms of any applicable trust agreement or group
annuity contract.  The Company shall have
the right to determine the form and substance of each trust agreement and group
annuity contract under which any part of the Fund is held, subject only to the
requirement that they are not inconsistent with the provisions of the
Plan.  Any such trust agreement may
contain provisions pursuant to which the trustee will make investments on
direction of a third party.

 

Sec. 9.3  Compensation
and Expenses of Funding Agency. The Funding Agency shall be entitled to receive reasonable
compensation for its services as may be agreed upon with the Company.  The Funding Agency shall also be entitled to
reimbursement for all reasonable and necessary costs, expenses, and
disbursements incurred by it in the performance of its services.  Such compensation and reimbursements shall be
paid from the Fund if not paid directly by the Participating Employers in such
proportions as the Company shall determine.

 

Sec. 9.4  Securities
and Property of Participating Employers.  An
agreement with a Funding Agency may provide that the Fund may be invested in
qualifying employer securities or qualifying employer real property, as those
terms are used in ERISA, and to the extent permitted by ERISA.  If qualifying employer securities or
qualifying employer real property are purchased or sold as an investment of the
Fund from or to a disqualified person or party in interest, as those terms are
used in ERISA, and if there is no generally recognized market for such
securities or property, the purchase shall be for not more than fair market
value and the sale shall be for not less than fair market value, as determined
in good faith by the Company or other Named Fiduciary assigned such function,
or if such assets are held in trust and the trust agreement so provides, as
determined in good faith by the trustee.

 

55

 

Sec. 9.5  No
Diversion.  The Fund shall be for the exclusive purpose
of providing benefits to Participants and their beneficiaries and defraying
reasonable expenses of administering the Plan. 
Such expenses may include premiums for the bonding of Plan officials
required by ERISA and may also include premiums payable to the Pension Benefit
Guaranty Corporation.  No part of the
Fund may be used for, or diverted to, purposes other than for the exclusive
benefit of employees of the Participating Employers or their
beneficiaries.  Notwithstanding the
foregoing:

 

(a)                                  If any contribution or
portion thereof is made by a Participating Employer by a mistake of fact, the
Funding Agency shall, upon written request of the Company, return such
contribution or portion thereof to the Participating Employer within one year
after the payment of the contribution to the Funding Agency; however, earnings
attributable to such contribution or portion thereof shall not be returned to
the Participating Employer but shall remain in the Fund, and the amount
returned to the Participating Employer shall be reduced by any losses
attributable to such contribution or portion thereof.

 

(b)                                 Contributions by the Participating Employers
are conditioned upon the deductibility of each contribution under Code § 404.
To the extent the deduction is disallowed, the Funding Agency shall, upon
written request of the Company, return such contribution to the Participating
Employer within one year after the disallowance of the deduction; however,
earnings attributable to such contribution (or disallowed portion thereof)
shall not be returned to the Participating Employer but shall remain in the
Fund, and the amount returned to the Participating Employer shall be reduced by
any losses attributable to such contribution (or disallowed portion thereof).

 

(c)                                  If, in the case of termination of the Plan,
any residual assets remain in the Fund after all liabilities of the Plan to
Participants and their beneficiaries have been satisfied, such residual assets
shall be returned to the Participating Employers in such proportions as the
Company may determine.

 

Sec. 9.6  Employer
Contributions.  The Participating Employers shall make such
contributions to the Fund from time to time as they consider advisable.

 

56

 

ARTICLE X

 

ACTUARY.

 

Sec. 10.1  Appointment.  The Company shall appoint as Actuary hereunder
an individual who is an enrolled actuary as defined in ERISA or a partnership,
corporation, or other organization which has as a partner or employee thereof
such an enrolled actuary.

 

Sec. 10.2  Responsibilities.
 The Actuary shall have the responsibilities
expressly allocated to it hereunder and shall have such other responsibilities
with respect to the Plan as may be agreed upon by the Company and the Actuary.

 

Sec. 10.3  Compensation.  The
Actuary shall receive such reasonable compensation for its services hereunder
as may be agreed upon by the Company and the Actuary.  To the extent not paid from the Fund, such
compensation shall be paid by the Participating Employers in such proportions
as the Company shall determine.

 

Sec. 10.4  Resignation,
Removal, and Successor.  Any agreement between the
Company and the Actuary for services hereunder may be terminated by either
party on 30 days written notice to the other. 
In the event of a vacancy in the office of Actuary, the Company shall
appoint a successor.

 

57

 

ARTICLE XI

 

ADMINISTRATION OF PLAN.

 

Sec. 11.1  Administration
by Company.  The Company is the “administrator” of the
Plan for purposes of ERISA.  Except as
expressly otherwise provided herein, the Company shall control and manage the
operation and administration of the Plan and make all decisions and
determinations incident thereto.  In
carrying out its Plan responsibilities, the Company shall have discretionary
authority to construe the terms of the Plan. 
Except in cases where the Plan expressly provides to the contrary,
action on behalf of the Company may be taken by any of the following:

 

(a)                                  The Board.

 

(b)                                 The chief executive officer of the Company.

 

(c)                                  Any person or persons, natural or otherwise,
or committee, to whom responsibilities for the operation and administration of
the Plan are allocated by the Company, by resolution of the Board or by written
instrument executed by the chief executive officer of the Company and filed
with its permanent records, but action of such person or persons or committee
shall be within the scope of said allocation.

 

Sec. 11.2  Certain
Fiduciary Provisions.  For purposes of the Plan:

 

(a)                                  Any person or group of
persons may serve in more than one fiduciary capacity with respect to the Plan.

 

(b)                                 A Named Fiduciary, or a fiduciary designated
by a Named Fiduciary pursuant to the provisions of the Plan, may employ one or
more persons to render advice with regard to any responsibility such fiduciary
has under the Plan.

 

(c)                                  To the extent permitted by any applicable
trust agreement or group annuity contract a Named Fiduciary with respect to
control or management of the assets of the Plan may appoint an investment
manager or managers, as defined in ERISA, to manage (including the power to
acquire and dispose of) any assets of the Plan.

 

(d)                                 At any time that the Plan has more than one
Named Fiduciary, if pursuant to the Plan provisions fiduciary responsibilities
are not already allocated among such Named Fiduciaries, the Company, by action
of the Board or chief executive officer, may provide for such allocation; except
that such allocation shall not include any responsibility, if any, in a trust
agreement to manage or control the assets of the Plan other than a power under
the trust agreement to appoint an investment manager as defined in ERISA.

 

58

 

(e)                                  Unless expressly prohibited in the
appointment of a Named Fiduciary which is not the Company acting as provided in
Sec. 11.1, such Named Fiduciary by written instrument may designate a person or
persons other than such Named Fiduciary to carry out any or all of the
fiduciary responsibilities under the Plan of such Named Fiduciary; except that
such designation shall not include any responsibility, if any, in a trust
agreement to manage or control the assets of the Plan other than a power under
the trust agreement to appoint an investment manager as defined in ERISA.

 

(f)                                    A person who is a fiduciary with respect to
the Plan, including a Named Fiduciary, shall be recognized and treated as a
fiduciary only with respect to the particular fiduciary functions as to which
such person has responsibility.

 

Each
Named Fiduciary (other than the Company), each other fiduciary, each person
employed pursuant to subsection (b) above, and each investment
manager shall be entitled to receive reasonable compensation for services
rendered, or for the reimbursement of expenses properly and actually incurred
in the performance of their duties with the Plan and to payment therefor from
the Fund if not paid directly by the Participating Employers in such
proportions as the Company shall determine. 
However, no person so serving who already receives full-time pay from a
Participating Employer shall receive compensation from the Plan, except for
reimbursement of expenses properly and actually incurred.

 

Sec. 11.3  Evidence. 
Evidence required of anyone under this Plan may be by certificate,
affidavit, document, or other instrument which the person acting in reliance
thereon considers to be pertinent and reliable and to be signed, made, or
presented by the proper party.

 

Sec. 11.4  Correction
of Errors.  It is recognized that in the operation and
administration of the Plan certain mathematical and accounting errors may be
made or mistakes may arise by reason of factual errors in information supplied
to the Company or Funding Agency.  The
Company shall have power to cause such equitable adjustments to be made to
correct for such errors as the Company in its discretion considers appropriate.  Such adjustments shall be final and binding
on all persons.

 

Sec. 11.5  Records.
 Each Participating Employer, each fiduciary
with respect to the Plan, and each other person performing any functions in the
operation or administration of the Plan or the management or control of the
assets of the Plan shall keep such records as may be necessary or appropriate
in the discharge of their respective functions hereunder, including records
required by ERISA or any other applicable law. 
Records shall be retained as long as necessary for the proper
administration of the Plan and at least for any period required by said Act or
other applicable law.

 

Sec. 11.6  Claims
Procedure.  The Company shall establish a claims
procedure consistent with the requirements of ERISA.  Such claims procedure shall provide adequate
notice in writing to any Participant or beneficiary whose claim for benefits
under the Plan has been denied, setting forth the specific reasons for such
denial, written in a manner calculated to be understood by the claimant and
shall afford a reasonable opportunity to a claimant whose claim for benefits
has been denied for a full and fair review by the appropriate Named Fiduciary
of the

 

59

 

decision
denying the claim.  No person claiming a
benefit under the Plan may initiate a civil action regarding the claim until
all steps under the claims procedure (including appeals) have been completed.

 

Sec. 11.7  Bonding.  Plan
personnel shall be bonded to the extent required by ERISA.  Premiums for such bonding may, in the sole
discretion of the Company, be paid in whole or in part from the Fund.  Such premiums may also be paid in whole or in
part by the Participating Employers in such proportions as the Company shall
determine.  The Company may provide by
agreement with any person that the premium for required bonding shall be paid
by such person.

 

Sec. 11.8  Waiver of
Notice.  Any notice required hereunder may be waived
by the person entitled thereto.

 

Sec. 11.9  Agent For
Legal Process.  The Company shall be the agent for service of
legal process with respect to any matter concerning the Plan, unless and until
the Company designates some other person as such agent.

 

Sec. 11.10  Indemnification.  In
addition to any other applicable provisions for indemnification, the
Participating Employers jointly and severally agree to indemnify and hold
harmless, to the extent permitted by law, each director, each officer, and each
employee (collectively referred to as the “Indemnitee”) of the Participating
Employers against any and all liabilities, losses, costs, or expenses
(including legal fees) of whatsoever kind and nature which may be imposed on,
incurred by, or asserted against such person at any time by reason of such
person’s services as a fiduciary in connection with the Plan, but only if such
person did not act dishonestly, or in bad faith, or in willful violation of the
law or regulations under which such liability, loss, cost, or expense
arises.  The Company shall have the
right, but not the obligation, to select counsel and control the defense and
settlement of any action against the Indemnitee for which the Indemnitee may be
entitled to indemnification.

 

60

 

ARTICLE XII

 

AMENDMENT, TERMINATION, MERGER.

 

Sec. 12.1  Amendment.
 Subject to the non-diversion provisions of
Sec. 9.5, the Company, by action of the Board, or by action of a person or
committee so authorized by resolution of the Board, may amend the Plan at any
time and from time to time.  No amendment
of the Plan shall have the effect of changing the rights, duties, and
liabilities of any Funding Agency without its written consent.  The Company agrees that promptly upon the
adoption of any amendment to the Plan it will furnish a copy of the amendment together
with a certificate evidencing its adoption to each Funding Agency then acting.

 

Sec. 12.2                           Reorganization of
Participating Employers.  If two or more Participating Employers are
consolidated or merged or if one or more Participating Employers acquire the
assets of another Participating Employer, the Plan shall be deemed to have
continued, without termination and without a complete discontinuance of
contributions, as to all the Participating Employers involved in such
reorganization and their employees.  In
such event, in administering the Plan, the corporation resulting from the
consolidation, the surviving corporation in the merger, or the employer
acquiring the assets shall be considered as a continuation of all of the
Participating Employers involved in the reorganization.

 

Sec. 12.3                           Termination.  The
Plan may be terminated by the Company, by action of the Board.  Any such termination shall be made in
compliance with all applicable provisions of ERISA.  The Plan may also be terminated by action of
the Pension Benefit Guaranty Corporation pursuant to the provisions of
ERISA.  Upon termination of the Plan, the
following shall be applicable:

 

(a)                                  No further benefits shall accrue, and the
rights of each employee to benefits accrued to the date of such termination, to
the extent then funded, shall be nonforfeitable; provided, however, that the
sole recourse for satisfaction of such rights shall be to the Fund and, where
applicable, to the Pension Benefit Guaranty Corporation.

 

(b)                                 The Funding Agency shall receive for the Fund
any amount recovered under § 4045 of ERISA.

 

(c)                                  The Funding Agency shall deduct from the Fund
its compensation, expenses properly chargeable thereto, and any and all taxes
that may be imposed upon the Fund by virtue of the Plan termination or
otherwise; provided, however, that the Funding Agency may accept such
reasonable indemnity therefor from the Participating Employers as the Funding
Agency shall specify.

 

(d)                                 If adequate the Fund shall then be applied to
provide, in accordance with the provisions of the Plan as in effect at the time
of such termination, all benefits accrued to the date of such termination
whether vested or not.

 

61

 

(e)                                  If the Fund is not adequate to provide all
benefits accrued to the date of termination, the assets of the Fund shall be
allocated to provide benefits in the following order of priority subject to any
applicable regulations promulgated by the Pension Benefit Guaranty Corporation
or the Secretary of the Treasury:

 

(1)                                  To provide that portion of each individual’s
accrued benefit that is derived from the Participant’s contributions to the
Fund, if any.

 

(2)                                  In the case of benefits payable as an
annuity:

 

(A)                              In the case of the benefit of a Participant or beneficiary which was in
pay status as of the beginning of the 3-year period ending on the termination
date of the Plan, to provide each such benefit, based on the provisions of the
Plan (as in effect during the 5-year period ending on such date) under which
such benefit would be the least.  The lowest
benefit in pay status during the 3-year period shall be considered the benefit
in pay status for such period.

 

(B)                                In the case of the benefit of a Participant or beneficiary (other than
a benefit described in subparagraph (A) above) which would have been in
pay status as of the beginning of the 3-year period ending on the termination
date of the Plan if the Participant had retired prior to the beginning of the 3-year
period and if his benefits had commenced as a life only annuity as of the
beginning of such period, to provide each such benefit based on the provisions
of the Plan (as in effect during the 5-year period ending on such date) under
which such benefit would be the least.

 

(3)                                  To provide all other benefits, if any, of
individuals under the Plan guaranteed under ERISA (determined without regard to
ERISA § 4022(b)(5)), and the additional benefits, if any, which would be
so provided if ERISA § 4022(b)(6) did not apply.  In determining such benefits, ERISA § 4021
shall be applied without regard to subsection (c) thereof.

 

(4)                                  To provide all other nonforfeitable benefits
under the Plan.  If the assets available
are not sufficient to satisfy in full such benefits:

 

(A)                              The assets shall be allocated to provide individuals with such benefits
accrued under the Plan as in effect at the beginning of the 5-year period
ending on the date of Plan termination.

 

(B)                                If the assets available for allocation under subparagraph (A) above
are sufficient to satisfy in full the benefits described therein (without
regard to this subparagraph (B)), then for purposes of subparagraph (A),
benefits of individuals thereunder shall be

 

62

 

determined
on the basis of the Plan as amended by the most recent Plan amendment effective
during such 5-year period under which the assets available for allocation are
sufficient to satisfy in full the benefits of such individuals, and any assets
remaining to be allocated shall be allocated on the basis of the Plan as
amended by the next succeeding Plan amendment effective during such period.

 

(5)                                  To provide all other accrued benefits under
the Plan.

 

The
amount allocated under any of paragraphs (1) through (5) above with
respect to any benefit shall be properly adjusted for any allocation of assets
with respect to that benefit under any of the preceding of said
paragraphs.  Except as otherwise provided
in paragraph (4) above, if the assets available for allocation under any
of said paragraphs are insufficient to satisfy in full the benefits to be
provided individuals under such paragraph, the assets shall be allocated pro
rata among such individuals on the basis of the present value, as of the
termination date of the plan, of their respective benefits described in such
paragraph.  If the Secretary of the
Treasury determines that the allocation made pursuant to this subsection results
in discrimination prohibited by Code § 401(a)(4) then, if required to
prevent the disqualification of the Plan, the assets shall be reallocated to
the extent necessary to avoid such discrimination but only to the extent
permitted by ERISA.

 

(f)                                    If all liabilities of the Plan to
Participants and their beneficiaries have been satisfied, any residual assets
of the Plan shall be returned to the Participating Employers if such
distribution does not contravene any provision of law; provided, however, that
if any asset of the Plan attributable to employee contributions should remain
after all liabilities of the Plan to Participants and their beneficiaries have
been satisfied, such assets shall be equitably distributed to the employees who
made such contributions (or their beneficiaries) in accordance with their rate
of contributions.

 

(g)                                 If the Actuarial Equivalent present value of
an individual’s entire benefit is $5,000 or less, the benefit shall be paid in
a single sum promptly after termination of the Plan; provided, however, that
payment may be deferred as provided in Sec. 12.6.  In all other cases, benefits following
termination of the Plan shall be provided through purchase of an annuity
contract from an insurance company offering the same settlement options and
payment terms as are provided under the Plan.

 

(h)                                 In the event of the termination of the Plan,
all Plan provisions and any agreements with Funding Agencies relating to the
Plan shall continue to have effect for the purpose of completing distributions
in accordance with this section.

 

Sec. 12.4  Partial
Termination.   If there is a partial termination of the
Plan, either by operation of law, by amendment of the Plan, or for any other
reason, which partial termination shall be confirmed by the Company, the right
to benefits of each Participant with respect to

 

63

 

whom
the Plan is partially terminated, to the extent then funded, shall be fully
vested and nonforfeitable.

 

Sec. 12.5  Merger,
Consolidation, or Transfer of Plan Assets.  In the
case of any merger or consolidation of the Plan with any other plan, or in the
case of the transfer of assets or liabilities of the Plan to any other plan,
provision shall be made so that each Participant and beneficiary would (if such
other plan then terminated) receive a benefit immediately after the merger,
consolidation, or transfer which is equal to or greater than the benefit he would
have been entitled to receive immediately before the merger, consolidation, or
transfer (if the Plan had then terminated). 
No such merger, consolidation, or transfer shall be effected until such
statements with respect thereto, if any, required by ERISA to be filed in
advance thereof have been filed.

 

Sec. 12.6  Deferral
of Distributions.   Notwithstanding any provisions of the Plan to
the contrary, in the case of a complete or partial termination of the Plan, the
Company or the Funding Agency may (but is not required to) defer any
distribution of benefit payments to Participants and beneficiaries with respect
to which such termination applies until after the following have occurred:

 

(a)                                  Receipt of a final determination from the
Treasury Department or any court of competent jurisdiction regarding the effect
of such termination on the qualified status of the Plan under Code § 401(a).

 

(b)                                 Appropriate
adjustment of the Fund to reflect taxes, costs, and expenses, if any, incident
to such termination.

 

64

 

ARTICLE XIII

 

MISCELLANEOUS PROVISIONS.

 

Sec. 13.1  Headings. 
Headings at the beginning of articles and sections hereof are for
convenience of reference, shall not be considered a part of the text of the Plan,
and shall not influence its construction.

 

Sec. 13.2  Capitalized
Definitions.  Capitalized terms used in the Plan shall have
their meaning as defined in the Plan unless the context clearly indicates to
the contrary.

 

Sec. 13.3  Gender.  Any
references to the masculine gender include the feminine and vice versa.

 

Sec. 13.4  Use
of Compounds of Word “Here” .  Use of the words “hereof”, “here”, “hereunder”,
or similar compounds of the word “here” shall mean and refer to the entire Plan
unless the context clearly indicates to the contrary.

 

Sec. 13.5  Construed
as a Whole.  The provisions of the Plan shall be construed
as a whole in such manner as to carry out the provisions thereof and shall not
be construed separately without relation to the context.

 

65

 

ARTICLE XIV

 

TOP-HEAVY PLAN PROVISIONS.

 

Sec. 14.1  Key
Employee Defined.  “Key Employee” means any employee or former
employee (including any deceased employee) who at any time during the Plan Year
that includes the determination date was an officer of the Company or an
Affiliate having annual Compensation greater than $135,000 (as adjusted under
Code § 416(i)(1) for Plan Years after 2005), a five-percent owner of
the Company or of an Affiliate, or a one-percent owner of the Company having
annual Compensation of more than $150,000. 
“Compensation” for this purpose is as defined in Sec. 8.12(h).  The determination of who is a key employee
will be made in accordance with Code § 416(i)(1) and the applicable
regulations and other guidance of general applicability issued thereunder.

 

Sec. 14.2  Determination
of Top-Heavy Status.  The top-heavy status of the Plan shall be
determined according to the following standards and definitions:

 

(a)                                  The Plan is a Top-Heavy Plan
for a Plan Year if either of the following applies:

 

(1)                                  If this Plan is
not part of a required aggregation group and the top-heavy ratio for this Plan
exceeds 60 percent.

 

(2)                                  If this Plan is part of a required
aggregation group of plans and the top-heavy ratio for the group of plans
exceeds 60 percent.

 

Notwithstanding paragraphs (1) and (2) above, the Plan is not
a Top-Heavy Plan with respect to a Plan Year if it is part of a permissive
aggregation group of plans for which the top-heavy ratio does not exceed 60
percent.

 

(b)                                 The “top-heavy ratio” shall
be determined as follows:

 

(1)                                  If the ratio is
being determined only for this Plan or if the aggregation group only includes
defined benefit pension plans, the top-heavy ratio is a fraction, the numerator
of which is the sum of the present values of the accrued benefits of all Key
Employees under the Plan or plans as of the determination date (including any
part of any accrued benefit distributed in the one-year period ending on the
determination date), and the denominator of which is the sum of the present
value of all accrued benefits (including any part of any accrued benefit
distributed in the one-year period ending on the determination date) of all
employees under the Plan or plans as of the determination date.  (The “plans” referred to in the preceding
sentence are the plans in the required or permissive aggregation group.)

 

(2)                                  If the determination is being made for a
required or permissive aggregation group which includes one or more defined
contribution plans,

 

66

 

the
top-heavy ratio is a fraction, the numerator of which is the sum of account
balances of all Key Employees under the defined contribution plans and the
present value of accrued benefits under the defined benefit plans for all Key
Employees as of the determination date (including any part of any account
balance or accrued benefit distributed in the one-year period ending on the
determination date), and the denominator of which is the sum of the account
balances under the defined contribution plans for all employees and the present
value of accrued benefits under the defined benefit plans for all employees as
of the determination date (including any part of any account balance or accrued
benefit distributed in the one-year period ending on the determination
date).  (The “plans” referred to in the
preceding sentence are the plans in the required or permissive aggregation
group.) Both the numerator and denominator of the top-heavy ratio shall be
adjusted to reflect any contribution due but unpaid as of the determination
date.

 

(3)                                  In the case of any distribution made for a
reason other than separation from service, death or disability, paragraphs (1) and
(2) shall be applied by substituting “five-year period” for “one-year
period”.

 

(4)                                  For purposes of paragraphs (1) and (2),
the value of account balances and the present value of accrued benefits will be
determined as of the most recent valuation date that falls within the 12-month
period ending on the determination date. 
The calculation of the top-heavy ratio and the extent to which
distributions, rollovers, and transfers are taken into account will be made in
accordance with Code § 416 and the regulations thereunder.  When aggregating plans, the value of account
balances and accrued benefits will be calculated with reference to the
determination dates that fall within the same calendar year.

 

(c)                                  “Required aggregation group”
means (i) each qualified plan of the employer in which at least one Key Employee
participates, and (ii) any other qualified plan of the Employer that
enables a plan described in (i) to meet the requirements of Code §§ 401(a)(4) and
410.

 

(d)                                 “Permissive aggregation group” means the
required aggregation group of plans plus any other plan or plans of the
employer which, when consolidated as a group with the required aggregation
group, would continue to satisfy the requirements of Code §§ 401(a)(4) and
410.

 

(e)                                  “Determination date” for any Plan Year means
the last day of the preceding Plan Year.

 

(f)                                    The “valuation date” is the
last day of each Plan Year and is the date as of which account balances or
accrued benefits are valued for purposes of calculating the top-heavy ratio.

 

67

 

(g)                                 If an individual has not performed services
for the employer during the one-year period ending on the determination date
with respect to a Plan Year, any account balance or accrued benefit for such
individual shall not be taken into account for such Plan Year.

 

Sec.   14.3  Minimum Accrued Benefit.  If
the Plan is a Top-Heavy Plan, notwithstanding any other provisions of this
Plan, each Participant who is not a Key Employee shall have a minimum accrued
benefit (to be provided by employer contributions and expressed as a single
life annuity, with no ancillary benefits, commencing at age 65) equal to the
applicable percentage of the Participant’s average monthly compensation for
years in the testing period.

 

(a)                                  For purposes of this
section:

 

(1)                                  The “applicable
percentage” is the lesser of 2 percent multiplied by the Participant’s number
of years of service with the employer, or 20 percent. For purposes of this
paragraph (1), a Participant has a year of service for each Plan Year in which
he completes 1000 Hours of Service; provided, however, that the following years
shall not be taken into account:

 

(A)                              Plan Years commencing before January 1, 1984.

 

(B)                                Plan Years in which the Plan is not a Top-Heavy Plan.

 

(C)                                Plan Years in which the Participant is a Key Employee.

 

(D)                               Plan Years that end before the Participant attains age 18.

 

(E)                                 Plan Years during which the employer did not
maintain the Plan or a predecessor plan.

 

(2)                                  “Compensation”
is defined in Sec. 8.12(h).

 

(3)                                  “Hour of Service” is defined in Sec. 6.7(f).

 

(4)                                  A Participant’s “testing period” comprises
the five consecutive Plan Years during which the Participant had the greatest
aggregate compensation from the employer, subject to the following:

 

(A)                              The Plan Years taken into account for purposes of this paragraph shall
be adjusted for years not included in years of service for purposes of
paragraph (1) above, as provided in Code § 416(c)(1)(D)(ii).

 

(B)                                Any Plan Year commencing after the last Plan Year in which the Plan was
a Top-Heavy Plan shall be disregarded for purposes of

 

68

 

this
paragraph if by disregarding such Plan Year the Participant’s average monthly
compensation for years in the testing period will be reduced.

 

(b)                                 If a Participant becomes entitled
to a benefit under the Plan, and (i) if the form of the benefit is other
than a single life annuity and/or (ii) if the benefit commences at an age
other than age 65, the benefit payable to the Participant must be at least the
Actuarial Equivalent of the minimum single life annuity benefit commencing at
age 65.

 

(c)                                  A Participant’s minimum accrued benefit
required under this section, to the extent required to be nonforfeitable under
Sec. 14.4, shall not be subject to suspension of payment under Sec. 6.7(a)(2).

 

(d)                                 This section shall not apply to any
Participant who is covered under any other defined benefit plan of the employer
to the extent the minimum benefit requirement otherwise applicable under this
Plan will be satisfied by such other plan.

 

Sec. 14.4  Vesting
Schedule.  If a Participant’s Termination of Employment
occurs under such circumstances that he is not entitled to a benefit under
Sections 6.1-6.4, and if he was an Active Participant during a Plan Year for
which the Plan was a Top-Heavy Plan, he shall be entitled to a benefit under
this section.  Except as modified by this
section, such benefit shall be payable under the terms and conditions that
would be applicable to a Vested Termination benefit under Sec. 6.4.

 

(a)                                  The monthly amount of the
benefit under this section shall be an amount equal to the Participant’s
Accrued Monthly Pension multiplied by the vested percentage determined
according to the number of his years of Elapsed Time, as follows:

 

	
  Years of Elapsed Time

  	
   

  	
  Vested Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Less than 2

  	
   

  	
  0

  	
  %

  
	
  2 but less than 3

  	
   

  	
  20

  	
  %

  
	
  3 but less than 4

  	
   

  	
  40

  	
  %

  
	
  4 but less than 5

  	
   

  	
  60

  	
  %

  
	
  5 or more

  	
   

  	
  100

  	
  %

  

 

(b)                                 This section shall not
apply to a Participant who has no Elapsed Time after the Plan becomes a
Top-Heavy Plan.

 

(c)                                  If the Plan ceases to be a Top-Heavy Plan and
continues to be a non-Top-Heavy Plan until the Participant’s Termination of
Employment, the benefit to which the Participant is entitled under this section shall
not exceed the benefit to which he would have been entitled if his Termination
of Employment had occurred on the date of such cessation. However, the
preceding sentence shall not apply to any

 

69

 

Participant
who has completed three years of Elapsed Time by the end of the last Plan Year
for which the Plan was a Top-Heavy Plan.

 

Sec. 14.5  Definition
of Employer.  For purposes of this Article XIV, the
term “employer” means the Company and any trade or business entity under Common
Control with the Company.

 

Sec. 14.6  Exception
For Collective Bargaining Unit. Sections 14.3 and 14.4 shall not apply with respect to any employee
included in a unit of employees covered by an agreement which the Secretary of
Labor finds to be a collective bargaining agreement between employee representatives
and one or more employers if there is evidence that retirement benefits were
the subject of good faith bargaining between such employee representative and
such employer or employers.

 

70

 

Schedule A

 

BEMIS
RETIREMENT PLAN

 

Locations Where Hourly Paid Employees Are

Qualified Employees (Plan Sec. 2.37(a)(2))

 

1.                                       Effective as of January 20, 1994:

 

(a)                                  Perfecseal Oshkosh, Wisconsin.

 

2.                                       Effective as of January 1, 1997:

 

(a)                                  Curwood Fremont, Ohio.

 

(b)                                 Curwood Bemistape Oshkosh, Wisconsin.

 

(c)                                  Curwood Weldon Oshkosh, Wisconsin.

 

(d)                                 Milprint Lancaster, Wisconsin.

 

(e)                                  CSF Lebanon, Pennsylvania (formerly Milprint
Lebanon).

 

(f)                                    MACtac Scranton, Pennsylvania.

 

(g)                                 Nellis, Nevada.

 

(h)                                 MACtac Kansas City.

 

(i)                                     Bemis Hazleton, Pennsylvania (non-bargaining
unit employees only).

 

(j)                                     MACtac Stow (non-bargaining unit employees
only).

 

3.                                       Effective as of January 1, 1998:

 

(a)                                  Banner Oshkosh, Wisconsin.

 

(b)                                 Bemis Shelbyville, Tennessee (formerly Bemis
Custom Products and Paramount Tennessee).

 

4.                                       Effective as of January 1, 1999:

 

(a)                                  Bemis Longview, Texas (formerly Bemis Custom
Products and Paramount Texas).

 

(b)                                 Morgan Adhesives Company — Columbus, Indiana

 

71

 

5.                                       Effective as of January 1, 2000:

 

(a)                                  Curwood New London, Wisconsin (non-bargaining
unit employees only).

 

(c)                                  Terre Haute, Indiana (non-bargaining unit
employees only).

 

6.                                       Effective as of September 1, 2000:

 

(a)                                  Curwood Shrink Packaging, Centerville, Iowa.

 

(b)                                 Curwood Shrink Packaging, Paul’s Valley,
Oklahoma.

 

7.                                       Effective as of January 1, 2001:

 

(a)                                  Bemis Specialty Films — Oshkosh, Wisconsin

 

(b)                                 Bemis Converter Films — Oshkosh, Wisconsin

 

(c)                                  Curwood Snack Films — Oshkosh, Wisconsin

 

8.                                       Effective as of September 8, 2001:

 

(a)                                  Curwood Appleton, Wisconsin

 

(b)                                 Curwood Neenah, Wisconsin

 

9.                                       Effective as of July 30, 2002:  Bemis Clysar, Inc.

 

10.                                 Effective as of date employer became a
Participating Employer:

 

(a)                                  Morgan Adhesives Company — Lawrenceville, Georgia.

 

Note:                   An hourly paid employee at a location listed in “1” through “9” above
is not a Qualified Employee with regard to service prior to the effective date
shown for that location.  Hourly paid
employees at Lawrenceville Georgia are eligible to be Qualified Employees
retroactive to the date Morgan Adhesives Company became a Participating
Employer.

 

72

 

Appendix A

 

BEMIS
RETIREMENT PLAN

 

Modifications Applicable to Certain

Employees and Former Employees of

Hayssen Manufacturing Company

 

Prior to April 1, 1980,
Hayssen Manufacturing Company (“Hayssen”) maintained the Hayssen Retirement
Plan as a separate plan for the benefit of its eligible employees.  Effective as of April 1, 1980, the
Hayssen Retirement Plan was merged with and into the Bemis Retirement
Plan.  The following modifications of the
Bemis Retirement Plan are applicable in determining benefits payable with
respect to persons who were participants in the Hayssen Retirement Plan and who
terminated employment on or after January 1, 1989. Such persons are
hereafter referred to as “Hayssen Plan Participants”.  This Appendix is also applicable in
determining the pension payable to any person who was a salaried employee of
Hayssen and who transferred to a position as a salaried employee of Bemis
Company, Inc. prior to July 1, 1976, and such a person is considered
to be a “Hayssen Plan Participant”, provided he is a Qualified Employee on January 1,
1980 and has a Termination of Employment on or after January 1, 1989.

 

1.

 

Hayssen is a Participating Employer effective as of April 1, 1980.

 

2.

 

A Hayssen Plan Participant
shall be deemed to have been a Qualified Employee during his employment with
Hayssen prior to April 1, 1980, subject to the provisions of Sec. 2.39
other than Sec. 2.39(a). However, in the case of any person who became a
participant in the Hayssen Retirement Plan on or before January 1, 1980,
service with Hayssen prior to January 1, 1980 in capacities other than as
an employee compensated in whole or in part on a regular stated salary basis or
employed in an office clerical or supervisory position shall not be excluded
from service as a Qualified Employee, except to the extent provided in Sec.
2.39(c).

 

3.

 

A Hayssen Plan Participant’s years of Elapsed Time shall be determined
under Sec. 3.4; subject to the following:

 

(a)                                  A Hayssen Plan Participant shall not have
fewer years of Elapsed Time for service prior to January 1, 1981 than his
years of vesting service for such service

 

73

 

as defined in Section 1.01(z) of the Hayssen Retirement Plan as in
effect prior to the Merger Date.

 

(b)                                 If a Hayssen Plan Participant either (i) has
an Employment Commencement Date which is prior to January 1, 1976 or (ii) has,
on January 1, 1981, at least five years of vesting service as defined in Section 1.01(z)
of the Hayssen Retirement Plan, his years of Elapsed Time shall not be less
than the years of vesting service he would have had under Section 1.01(z)
of the Hayssen Retirement Plan if said plan had remained in effect until his
Termination of Employment.

 

4.

 

For purposes of determining
his Credited Service under Sec. 3.5, a Hayssen Plan Participant’s Credited
Service with respect to service as an employee of Hayssen prior to January 1,
1976 shall be equal to his Credited Service prior to January 1, 1976 as
determined under the Hayssen Retirement Plan as in effect on June 30,
1976; provided, however, that all service as a Qualified Employee as defined in
‘2’ of this Appendix shall be recognized in computing said benefit if he became
a participant in the Hayssen Retirement Plan on or before January 1,
1980.  However, in the case of any person
referred to in the last sentence of the preamble to this Appendix, his Credited
Service prior to January 1, 1976 shall be equal to the Credited Service he
would have had under the Bemis Retirement Plan if Hayssen had been a
Participating Employer on and after the person’s Employment Commencement Date.

 

5.

 

Each Hayssen Plan
Participant shall be a Participant in the Plan as of April 1, 1980.

 

6.

 

The following sentences shall be added at the end of Sec. 6.5:

 

In the case of any person who became a participant in the Hayssen
Retirement Plan prior to January 1, 1980 and who was formerly a
Participant in the Hayssen Manufacturing Company Retirement Plan for
Production, Maintenance and Nonsupervisory Engineering Employees, said
reduction of his monthly benefit shall be based on the amount (expressed on a
comparable basis that is an Actuarial Equivalent) he would have been eligible
to receive under said plan.  Said amount
shall be the monthly benefit payable under said plan plus any additional
benefit attributable to his account balance under Hayssen Manufacturing Company
Employees’ Trust Number 2.

 

7.

 

7.1  Prior Service Benefit
Described.  Prior to establishment of
the Hayssen Retirement Plan, Hayssen maintained a profit sharing plan for the
benefit of certain employees.  That plan
was named Hayssen Manufacturing Company Employees’ Trust Number 1 (“Trust

 

74

 

Number
1”). Hayssen discontinued contributions to Trust Number 1 for calendar years
1972 and following.  Amounts held in
Trust Number 1 for the benefit of persons who became participants in the
Hayssen Retirement Plan, to the extent such amounts were attributable to
employer contributions, were transferred to the Hayssen Retirement Plan as of December 31,
1972. Certain benefits under the Hayssen Retirement Plan were based on the amounts
so transferred plus interest.

 

7.2  Definition of Prior
Service Benefit.  A Hayssen Plan
Participant’s “Prior Service Benefit” is the value of his individual account in
Trust Number 1 determined as of December 31, 1972 plus accumulated
interest thereon, determined as follows:

 

(a)                                  For the period from December 31, 1972
though December 31, 1984, accumulated interest shall be computed at the
annual rate of 5%, compounded annually.

 

(b)                                 For the period commencing January 1,
1985, accumulated interest shall be compounded annually, as of each December 31,
with interest for a particular Plan Year to be credited at the same annual rate
as was used as the interest rate in the actuarial valuation of the Plan for the
actuarial valuation date occurring within that Plan Year.  However, no interest will be credited for
periods after the Participant’s death or the date as of which his pension
commences, whichever first occurs.  For
the year in which an event referred to in the preceding sentence occurs,
interest on the Participant’s Prior Service Benefit will be credited up to said
event based on the interest rate used at the end of the preceding Plan Year for
the year end adjustment of Prior Service Benefits.

 

7.3  Election to Receive Prior
Service Benefit.  Upon Termination of
Employment, any Hayssen Plan Participant may elect to receive his Prior Service
Benefit.  A Hayssen Plan Participant who
continues to be employed by a Participating Employer after attaining age 65 may
also elect to receive his Prior Service Benefit.  Said elections shall be made in accordance
with rules prescribed by the Company. 
Said rules may prescribe the method of so electing and the deadline
by which the election must be filed with the Company.  If a Participant makes such an election, an
amount equal to his Prior Service Benefit shall be paid to him in one sum as
soon as practicable after his election, provided he is living on the payment
date.  If a Participant’s Prior Service
Benefit is paid to him pursuant to this section, his benefit under the Plan
shall be reduced by an amount which is the Actuarial Equivalent of the Prior
Service Benefit.

 

If a Participant’s death occurs prior to the date payment of his Prior
Service Benefit would be made under this section, no payment shall be made under
this section, but his Beneficiary may be entitled to a benefit under 7.4 of
this Appendix.

 

7.4  Other Death Benefits.  After all benefits payable with respect to a
Participant have been paid (including any benefits payable to the Participant
during his lifetime plus any death benefits payable under Sec. 7.1, 7.2, or
7.4), his Beneficiary shall be entitled to receive a single sum payment equal
to the amount, if any, by which (a) exceeds (b):

 

(a)                                  The Participant’s
Prior Service Benefit.

 

75

 

(b)                                 All benefits paid to the Participant during
his lifetime (including monthly pension benefits and also including any refund
of his Prior Service Benefit pursuant to the foregoing provisions of this
Appendix) plus any death benefits payable under Sec. 7.1, 7.2, or 7.4.

 

7.5  Distributions Prior to July 1,
1976. In any case where a Hayssen Plan Participant’s benefit under Trust
Number 1 was paid to him prior to July 1, 1976 upon his transfer from
employment with Hayssen to a position as a salaried employee of Bemis Company, Inc.,
said payment shall not result in any reduction of his Accrued Monthly Pension.

 

76

 

Appendix B

 

BEMIS
RETIREMENT PLAN

 

Modifications Applicable to Certain

Employees and Former Employees of

Perfecseal

 

On April 29, 1996,
Perfecseal, Inc. (“Perfecseal”), a wholly owned subsidiary of the Company,
acquired certain assets from Paper Manufacturers Company.  Paper Manufacturers Company sponsored the
Pension Plan of Paper Manufacturers Company (the “PMCO Plan”) for the benefit
of its salaried employees.  Salaried
employees of Perfecseal continued accruing benefits under the PMCO Plan through
December 31, 1996.  Effective as of January 1,
1997, these employees became participants in the Bemis Retirement Plan.  Effective as of February 28, 1997,
certain assets and liabilities of the PMCO Plan were transferred to this
Plan.  The following modifications of the
Bemis Retirement Plan are applicable in determining benefits payable with
respect to persons who were participants in the PMCO Plan and who terminated
employment on or after January 1, 1997. 
Such persons are hereafter referred to as “PMCO Plan Participants”.

 

1.

 

Perfecseal is a
Participating Employer effective as of January 1, 1997.

 

2.

 

A PMCO Plan Participant’s
years of Elapsed Time shall be determined under Sec. 3.4; subject to the
following:

 

(a)                                  A PMCO Plan Participant’s Elapsed Time for
service prior to April 29, 1996 for purposes of determining vesting under
the Plan shall include continuous service with Paper Manufacturers Company and
its affiliates beginning on the Participant’s last date of hire prior to April 29,
1996.

 

(b)                                 A PMCO Plan Participant’s Elapsed Time for
purposes of determining vesting under the Plan shall not be less than the Years
of Vesting Service he would have had if the PMCO Plan, as in effect on December 31,
1996, had remained in effect until his Termination of Employment.

 

77

 

3.

 

Each PMCO Plan Participant
shall be a Participant in the Plan as of January 1, 1997 (or as of the
date he completes one Year of Eligibility Service, if later).

 

4.

 

A PMCO Plan Participant shall be eligible for Early Retirement as
defined by Sec. 4.2 of this Plan after he has attained age 55 and completed 5
years of Elapsed Time and before he attains Normal Retirement Age.  Similarly, the provisions of Sec. 7.1, which
normally require 10 years of Elapsed Time for early commencement of the
Qualified Pre-retirement Survivor Annuity, are modified to instead require five
years.

 

5.

 

For purposes of determining
a PMCO Plan Participant’s Accrued Monthly Pension under Sec. 4.5, a Perfecseal
Plan Participant’s Accrued Monthly Pension shall be the sum of (a) plus
(b):

 

(a)                                  His Accrued Benefit as of December 31,
1996 calculated in accordance with Sec. 3.1 of the PMCO Plan in effect before
the Merger.  For purposes of calculating
said Accrued Benefit, pay and service after December 31, 1996 will be
disregarded.

 

(b)                                 His Accrued Monthly Pension calculated under
Sec. 4.5 of this Plan, based solely upon pay and service after December 31,
1996.

 

6.

 

If assets and liabilities of
the PMCO Plan with respect to a Participant whose Termination of Employment
occurred prior to January 1, 1997 are transferred to this Plan, and such
Participant does not have service under this Plan after December 31, 1996,
his or her benefits will be determined under the PMCO Plan, but will be paid by
this Plan.

 

78

 

Appendix C

 

BEMIS
RETIREMENT PLAN

 

Modifications Applicable to Certain

Employees and Former Employees of

Paramount Packaging Corporation -Tennessee

 

On January 1, 1997, the Company acquired Paramount Packaging
Corporation and its subsidiaries, including Paramount Packaging Corporation -
Tennessee (“Paramount Tennessee”), a Tennessee corporation.  Paramount Tennessee sponsored the Pension
Plan for Salaried and Clerical Employees of Paramount Packaging Corporation
(Tennessee) (the “Paramount Salaried Plan”), and the Pension Plan for
Production and Maintenance Employees of Paramount Packaging Corporation
(Tennessee), (the “Paramount Hourly Plan”), for the benefit of its
employees.  These plans are sometimes
collectively referred to as the “Paramount Plans”.  The Paramount Plans were merged into the
Bemis Retirement Plan effective as of December 31, 1997.

 

Benefits payable with respect to participants in the Paramount Plans
who terminated employment prior to December 31, 1997 will be paid by this
Plan, but will be determined according to the terms of the Paramount Salaried
Plan or Paramount Hourly Plan, whichever is applicable, as in effect at the
time the individual terminated employment. 
However, Sec. 8.2 and 4.10(c) of this Plan regarding lump sum
payment of pensions having a present value of $5,000 or less applies to said
individuals, and the $5,000 amount applies regardless of the individual’s
termination date.

 

Benefits payable with
respect to persons who are employees of Paramount Tennessee on or after December 31,
1997 (hereafter referred to as “Paramount Plan Participants”) will be
determined under this Plan, subject to the following terms of this Appendix:

 

1.

 

Paramount Tennessee is a
Participating Employer effective as of January 1, 1998.

 

2.

 

A Paramount Plan Participant’s
years of Elapsed Time shall be determined under Sec. 3.4, but shall include
service with Paramount Tennessee and its affiliates prior to January 1,
1998, on the same basis as if they had then been under Common Control with the
Company.

 

79

 

3.

 

Each Paramount Plan
Participant shall be a Participant in the Plan as of January 1, 1998 (or
as of the date he completes one Year of Eligibility Service, if later).

 

4.

 

If a person who was an
employee of Paramount Tennessee on December 31, 1997 has a Termination of
Employment after he has completed three but fewer than four years of Elapsed
Time, he will be 20% vested, and if his Termination of Employment occurs after
he has completed four but fewer than five years of Elapsed Time, he shall be
40% vested.  In such cases the
Participant will be eligible for a benefit under Sec. 6.4, but the benefit
amount will be adjusted to reflect the vested percentage.  The foregoing special vesting rule applies
to the individual’s entire benefit, not just the portion accrued before 1998.

 

5.

 

A Paramount Plan Participant’s
Accrued Monthly Pension under Sec. 4.5 shall be the sum of (a) plus (b):

 

(a)                                  His Accrued Monthly Pension as of December 31,
1997 calculated in accordance with Sec. 1.1 of the Paramount Salaried Plan or
Paramount Hourly Plan, whichever is applicable, as in effect immediately before
the merger of the Paramount Plans into this Plan.  For purposes of calculating said Accrued
Monthly Pension, service after December 31, 1997 will be disregarded.

 

(b)                                 His Accrued Monthly Pension calculated under
Sec. 4.5 of this Plan, based solely upon pay and service after December 31,
1997.

 

6.

 

A Paramount Plan Participant’s
monthly pension will not be less than his “Minimum Monthly Pension” determined
as follows:

 

(a)                                  The amount of said Minimum Monthly Pension
will be the Participant’s Accrued Monthly Pension as of December 31, 1997,
calculated in accordance with Sec. 1.1 of the Paramount Salaried Plan or
Paramount Hourly Plan, whichever is applicable, adjusted as provided in (b),
(c), and (d).  For purposes of
calculating said Minimum Monthly Pension, service after December 31, 1997
will be disregarded.

 

(b)                                 If the Participant’s pension begins before he
attains age 65, the Minimum Monthly Pension will be reduced by 5/9 of 1% for
each month by which the commencement date precedes the end of the month in
which he attains age 65.  Said reduction
does not apply if the Participant’s pension begins after he attains age 65.

 

80

 

(c)                                  The Minimum Monthly Pension will be
multiplied by a fraction, the numerator of which is 100 and the denominator of
which is 97, to reflect the value of the life and 60 months certain normal form
of payment under the Paramount Plans.

 

(d)                                 If the Participant’s pension is being paid in
a form other than life only, the Minimum Monthly Pension will be adjusted as
provided in Sec. 4.12(a) of this Plan or Section 7 of this Appendix
to reflect the payment form elected.

 

(e)                                  For purposes of determining whether a
Paramount Plan Participant’s benefit will be paid in a single sum pursuant to
Sec. 8.2 of this Plan, and for purposes of determining the amount of the single
sum payment, the lump sum benefit will be the amount in (i) or the amount
in (ii), whichever is greater:

 

(i)                                     The Actuarial Equivalent present value of a
monthly pension for the Participant’s lifetime beginning the first day of the
month following his attainment of age 65 (or following his Termination of
Employment if after he attains age 65), in a monthly amount equal to the amount
in (a) of section 5 of this Appendix, adjusted as provided in (c) of
section 6 of this Appendix to reflect the value of the life and 60-months-certain
normal form of payment under the Paramount Plan.

 

(ii)                                  The Actuarial Equivalent present value of a
monthly pension for the Participant’s lifetime beginning the first day of the
month following the date he attains Normal Retirement Age (as defined in Sec.
2.15 of this Plan) or following his Termination of Employment if after he
attains Normal Retirement Age, in a monthly amount equal to the sum of the
amounts in (a) and (b) of section 5 of this Appendix.

 

The Actuarial Equivalent factors in Sec. 4.12(c) of
this Plan will be used to calculate said present values.  If either amount is more than $5,000, no lump
sum payment will be made, and the Participant will instead receive a monthly
pension.

 

7.

 

In addition to the optional
settlements listed in Sec. 7.4 of the Plan, a Paramount Plan Participant may
elect an option providing a reduced monthly pension payable to the Participant
commencing on the same date as that upon which payments would otherwise
commence and terminating with the last monthly payment before his death.  If his death occurs on or after the due date
of the first monthly payment under the option and before 60 monthly payments
have been made to him, such benefit shall be continued to his Beneficiary until
a total of 60 monthly payments have been made to him and his Beneficiary.  If the Participant elects this option, his
monthly pension will be 97% of the amount otherwise payable.

 

81

 

Appendix D

 

BEMIS
RETIREMENT PLAN

 

Modifications Applicable to Certain

Employees and Former Employees of

Paramount Packaging Corporation -Texas

 

On January 1, 1997, the
Company acquired Paramount Packaging Corporation and its subsidiaries,
including Paramount Packaging Corporation - Texas (“Paramount Texas”), a Texas
corporation with operations at Longview, Texas. 
Paramount Texas sponsored the Pension Plan for Longview Employees of
Paramount Packaging Corporation (Texas) (the “Paramount Texas Plan”), for the
benefit of its salaried and hourly employees. 
On December 31, 1997, the Paramount Texas Plan was merged into the
Bemis Company, Inc. Retirement Plan for Bemis Hourly Employees (the “BHRP”).  Effective as of December 31, 1998,
assets and liabilities of the BHRP with respect to the following individuals at
Longview, Texas were transferred to this Plan:

 

(i)                                     Hourly employees hired before January 1,
1998 who were active employees on January 1, 1999 (“Paramount Hourly
Employees”).

 

(ii)                                  Salaried employees hired before January 1,
1997 who were active employees on January 1, 1999, or who terminated
employment during 1997 or 1998 (“Paramount Salaried Employees”).  However, if such an individual terminated
employment and received a lump sum cash distribution from this Plan prior to
the date the assets were transferred from the BHRP, his or her remaining
benefit will remain in the BHRP and will not be transferred to this Plan.

 

Benefits payable with respect to such persons will be determined under
this Plan, subject to the terms of this Appendix.  Benefits for other participants in the
Paramount Texas Plan (i.e.,
hourly employees who terminated before January 1, 1999 or salaried
employees who terminated before January 1, 1997) will be paid by the BHRP.

 

1.

 

Such an individual’s Elapsed
Time includes service with Paramount Texas and its affiliates prior to January 1,
1997 on the same basis as if they had then been under Common Control with the
Company.

 

2.

 

Such employees will be
eligible to participate in this Plan as of whichever of the following dates is
applicable:

 

(1)                                  For Paramount Salaried Employees, January 1,
1997.

 

82

 

(2)                                  For Paramount Hourly Employees, January 1,
1999.

 

3.

 

If a person who was a
participant in the Paramount Texas Plan on December 31, 1997 has a
Termination of Employment after he has completed three, but fewer than four
years of Elapsed Time, he will be 20% vested, and if his Termination of
Employment occurs after he has completed four, but fewer than five years of
Elapsed Time, he shall be 40% vested.  In
such cases, the Participant will be eligible for a benefit under Sec. 6.4, but
the benefit amount will be adjusted to reflect the vested percentage.  The foregoing special vesting rule applies
to the individual’s entire benefit.

 

4.

 

For Paramount Salaried Employees, the Accrued Monthly Pension under
Sec. 4.5 means the sum of (a) plus (b):

 

(a)                                  $15 multiplied by his credited service
through December 31, 1996 determined under the Paramount Texas Plan.

 

(b)                                 His Accrued Monthly Pension calculated under
Sec. 4.5 of this Plan, based solely upon pay and service after December 31,
1996.

 

For Paramount Hourly Employees, the Accrued Monthly Pension under Sec.
4.5 means the sum of (c) plus (d) plus (e):

 

(c)                                  $15 multiplied by his credited service
through December 31, 1997 determined under the Paramount Texas Plan.

 

(d)                                 $15 multiplied by his credited service during
1998 determined under the BHRP.

 

(e)                                  His Accrued Monthly Pension calculated under
Sec. 4.5 of this Plan, based solely upon pay and service after December 31,
1998.

 

5.

 

Such an employee’s monthly pension will not be less than his “Minimum
Monthly Pension” determined as follows:

 

(a)                                  The amount of said Minimum Monthly Pension
will be the Participant’s Accrued Monthly Pension as of December 31, 1997,
calculated in accordance with Sec. 1.1 of the Paramount Texas Plan, adjusted as
provided in (b), (c), and (d).  For
purposes of calculating said Minimum Monthly Pension, service after December 31,
1997 will be disregarded.

 

83

 

(b)                                 If the Participant’s pension begins before he
attains age 65, the Minimum Monthly Pension will be reduced by 5/9 of 1% for
each month by which the commencement date precedes the end of the month in
which he attains age 65.  Said reduction
does not apply if the Participant’s pension begins after he attains age 65.

 

(c)                                  The Minimum Monthly Pension will be
multiplied by a fraction, the numerator of which is 100 and the denominator of
which is 97, to reflect the value of the life and 60 months certain normal form
of payment under the Paramount Texas Plan.

 

(d)                                 If the Participant’s pension is being paid in
a form other than life only, the Minimum Monthly Pension will be adjusted as
provided in Sec. 4.12(a) of this Plan or Section 6 of this Appendix
to reflect the payment form elected.

 

(e)                                  For purposes of determining whether the
benefit will be paid in a single sum pursuant to Sec. 8.2 of this Plan, and for
purposes of determining the amount of the single sum payment, the lump sum
benefit will be the amount in (i) or the amount in (ii), whichever is
greater:

 

(i)                                     The Actuarial Equivalent present value of a
monthly pension for the Participant’s lifetime beginning the first day of the
month following his attainment of age 65 (or following his Termination of Employment
if after he attains age 65), in a monthly amount equal to the amount in (a) adjusted
as provided in (c) to reflect the value of the life and 60-months-certain
normal form of payment under the Paramount Texas Plan.

 

(ii)                                  The Actuarial Equivalent present value of a
monthly pension for the Participant’s lifetime beginning the first day of the
month following the date he attains Normal Retirement Age (as defined in Sec.
2.15 of this Plan) or following his Termination of Employment if after he
attains Normal Retirement Age, in a monthly amount determined under Section 4
of this Appendix.

 

The Actuarial Equivalent factors in Sec. 4.12(c) of this Plan will
be used to calculate said present values. 
If either amount is more than $5,000, no lump sum payment will be made,
and the Participant will instead receive a monthly pension.

 

6.

 

In addition to the optional
settlements listed in Sec. 7.4 of the Plan, Paramount Salaried Employees and
Paramount Hourly Employees may elect an option providing a reduced monthly pension
payable to the Participant commencing on the same date as that upon which
payments would otherwise commence and terminating with the last monthly payment
before his death.  If his death occurs on
or after the due date of the first monthly payment under the option and before
60 monthly payments have been made to him, such benefit shall be continued to
his Beneficiary

 

84

 

until a total of 60 monthly payments have
been made to him and his Beneficiary.  If
the Participant elects this option, his monthly pension will be 97% of the
amount otherwise payable.

 

85

 

Appendix E

 

BEMIS
RETIREMENT PLAN

 

Amounts referred to in Sec. 4.5(d)

 

	
  Name
  of Employee

  	
   

  	
  Date of Birth

  	
   

  	
  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Curler, Jeffrey

  	
   

  	
  09/03/50

  	
   

  	
  $

  	
  666.67

  	
   

  
	
  Emenecker, Timothy F.

  	
   

  	
  08/03/46

  	
   

  	
  $

  	
  250.00

  	
   

  
	
  Martin, Christopher C.

  	
   

  	
  08/14/49

  	
   

  	
  $

  	
  250.00

  	
   

  
	
  Sall, Thomas

  	
   

  	
  08/04/44

  	
   

  	
  $

  	
  666.67

  	
   

  
	
  Seashore, Eugene H. Jr.

  	
   

  	
  12/27/49

  	
   

  	
  $

  	
  375.00

  	
   

  
	
  Stone, Gary V.

  	
   

  	
  09/22/46

  	
   

  	
  $

  	
  541.67

  	
   

  
	
  Theisen, Henry

  	
   

  	
  09/09/53

  	
   

  	
  $

  	
  375.00

  	
   

  
	
  Unton, Theodore F.

  	
   

  	
  11/09/44

  	
   

  	
  $

  	
  291.67

  	
   

  
	
  Wulf, Gene C.

  	
   

  	
  10/15/50

  	
   

  	
  $

  	
  375.00

  	
   

  

 

86

 

Appendix F

 

BEMIS RETIREMENT PLAN

 

Modifications Applicable to Certain

Employees at the Company’s Custom Resins
Division

 

Prior
to September 1, 1984, employees of the Company’s Custom Resins division
were not eligible to participate in the Plan. 
Such employees instead participated in the Bemis Custom Resins Division
Employees’ Pension Plan (the “Custom Resins Plan”).  Effective as of September 1, 1984,
employees of the Custom Resins division are eligible to participate in this
Plan, subject to the following special provisions applicable to Participants
who were employees of said division prior to said date:

 

1.

 

Each
such employee shall be deemed to have been a Qualified Employee during his
employment with the Custom Resins division after December 31, 1976 and
prior to September 1, 1984, subject to the definition of Qualified
Employee in Sec. 2.19, other than subsection (a) thereof.  As a result, service and earnings during said
period may be taken into account in determining Years of Credited Service and
Final Average Salary.

 

2.

 

Each
such employee who was an employee of Custom Resins, Inc. immediately prior
to acquisition of said corporation by the Company in December, 1976 shall have
years of Elapsed Time for his uninterrupted service with Custom Resins, Inc.
from his last date of hire by said corporation until December 31,
1976.  Each such employee shall have
years of Elapsed Time for service on and after January 1, 1977 as
determined under Sec. 3.4.

 

3.

 

Each such employee’s Accrued
Monthly Pension is equal to the amount determined under Sec. 4.5, less an
offset reflecting his Regular Account under the Custom Resins Plan, said offset
to be determined under the following table:

 

	
  Name
  of Employee

  	
   

  	
  Monthly Offset Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  E.
  J. Gentry

  	
   

  	
  $

  	
  175.98

  	
   

  
	
  W.
  J. Bridwell

  	
   

  	
  218.17

  	
   

  
	
  W.
  M. Warner

  	
   

  	
  987.33

  	
   

  
	
  A.
  Lasswell

  	
   

  	
  36.90

  	
   

  
	
  G.
  L. Stanley

  	
   

  	
  205.66

  	
   

  
	
  W.
  Littlepage

  	
   

  	
  254.29

  	
   

  
					

 

NOTE:  Section references in this Appendix are
to the Bemis Retirement Plan in effect as of January 1, 1994.

 

87

 

Appendix G

 

BEMIS RETIREMENT PLAN

 

Modifications Applicable to

Employees of Mankato Division of

Harrison & Smith Company, Inc.

 

1.

 

Sec. 1.3 is modified by adding the following
paragraphs thereto:

 

Harrison &
Smith Company, Inc. (a Delaware corporation) adopted this Plan for the
benefit of its eligible employees and became a Participating Employer hereunder
as of January 1, 1969.  At that
time, Mankato Corporation (a Minnesota corporation) was a wholly-owned
subsidiary of Harrision & Smith Company, Inc.  Subsequently, on December 31, 1969, Mankato
Corporation (a Minnesota corporation) was liquidated into Harrison &
Smith, Inc. and become an operating division thereof known as the Mankato
Division of Harrison & Smith Company, Inc. (hereinafter referred
to as the “Mankato Division”).  Mankato Corporation
(a Minnesota Corporation) was never a Participating Employer hereunder.

 

The
Mankato Division maintains the Mankato Retirement Plan (hereinafter referred to
as the “Mankato Plan”) for the benefit of its eligible employees.  The Mankato Plan is embodied in a group
annuity contract issued by The Prudential Insurance Company of America.  Effective as of January 1, 1971,
Harrison & Smith Company, Inc. amended the Mankato Plan so as to
discontinue the further accrual of benefits thereunder by salaried and
office-clerical employees of the Mankato Division and simultaneously adopted
this Appendix to provide for the participation of such employees under this
Plan.  Persons formerly employed by the
Mankato Division later became employees of Mankato Corporation, a Delaware
corporation, which became a Participating Employer.  The participation of such employees under
this Plan shall be governed by the provisions of this Appendix.

 

2.

 

Sec.
6.5 is amended in its entirety to read as follows:

 

Sec.
6.5  Benefits Under Mankato Plan.  Benefits accrued under the Mankato Plan shall
be provided under the conditions, at the times, in the manner, and in the
amounts provided by such Mankato Plan, and the provisions of the other sections
contained in this Article VI shall not apply to benefits payable under the
Mankato Plan.  Nevertheless, pension
benefits payable under this Plan to former Participants who were participants
in the Mankato Plan prior to January 1,

 

NOTE:  Section references in this Appendix are
to the Bemis Retirement Plan in effect as of January 1, 1994.

 

88

 

1971 and to the
Beneficiaries of such former Participants shall be paid only in accordance with
the following terms and conditions:

 

(a)                                  Each monthly
pension benefit otherwise payable to such a former Participant under Sec. 6.1,
Sec. 6.2, Sec. 6.3, or Sec. 6.4 shall be reduced by the monthly amount of the
normal retirement annuity accrued on his behalf on December 31, 1970 under
the Mankato Plan as in effect on December 31, 1970; provided, however,
that if benefits under this Plan commence prior to his Normal Retirement Date,
the monthly amount of the normal retirement annuity accrued under the Mankato
Plan on December 31, 1970 shall be converted by the Actuary (without
giving effect to any death benefit payable under the Mankato Plan) to the
monthly amount that would be payable under an actuarially equivalent benefit
commencing on the same date and in the same form as his benefit under this
Plan.

 

(b)                                 Any optional form of pension elected by such
a former Participant pursuant to the terms of Sec. 7.4 shall be applicable only
to the net amount of the monthly pension benefit payable after making the
reduction provided for in paragraph (a) of this section.

 

3.

 

Sec.
7.5 is deleted in its entirety.

 

4.

 

Actuarial
Equivalents for this Appendix will be determined under Sec. 4.10.

 

89

 

Appendix H 

 

BEMIS RETIREMENT PLAN

 

Modifications
Applicable to Certain Employees of Ross & Roberts, Inc. and Ross &
Roberts Sales Co., Inc.

 

The
Company sold its share of Ross & Roberts, Inc. and Ross &
Roberts Sales Co., Inc. (collectively referred to herein as “Ross &
Roberts”) on September 1, 1987.  The
following provisions apply with regard to each Participant who is an employee
of Ross & Roberts on September 1, 1987:

 

1.

 

Each
such Participant is fully vested regardless of his length of service.

 

2.

 

Service
with Ross & Roberts after September 1, 1987 shall not be included
in such a Participant’s Credited Service or Elapsed Time.

 

3.

 

Such
a Participant shall be deemed to have had a Termination of Employment on September 1,
1987.  Compensation from and service with
Ross & Roberts or any successor of Ross & Roberts after September 1,
1987 shall be disregarded for purposes of determining whether such a
Participant is eligible for a pension and for purposes of determining the
amount of that pension.

 

4.

 

Ross &
Roberts ceases to be a Participating Employer as of September 1, 1987.

 

NOTE:  Terms used in this Appendix are defined as
provided in the Bemis Retirement Plan in effect as of September 1, 1987.

 

90

 

Appendix I

 

BEMIS RETIREMENT PLAN

 

Modifications Applicable to Certain Employees of

Western Litho Plate & Supply Co.

 

The
Company sold its shares of Western Litho Plate & Supply Co. (“Western
Litho”) on April 30, 1987.  The
following provisions apply with regard to each Participant who is an employee
of Western Litho on April 30, 1987:

 

1.

 

Each
such Participant is fully vested regardless of his length of service.

 

2.

 

Service
with Western Litho after April 30, 1987 shall not be included in such a
Participant’s Credited Service or Elapsed Time.

 

3.

 

Such
a Participant shall be deemed to have had a Termination of Employment on April 30,
1987.  Compensation from and service with
Western Litho or any successor of Western Litho after April 30, 1987 shall
be disregarded for purposes of determining whether such a Participant is
eligible for a pension and for purposes of determining the amount of that
pension.

 

4.

 

Western
Litho ceases to be a Participating Employer as of April 30, 1987.

 

NOTE:  Terms used in this Appendix are defined as
provided in the Bemis Retirement Plan in effect as of September 1, 1987.

 

91

 

Appendix J

 

BEMIS RETIREMENT PLAN

 

Modifications Applicable to

Employees of Western Litho

Plate and Supply Company

 

1.

 

Sec.
1.3 is modified by adding the following paragraph thereto:

 

Prior
to January 1, 1969, Western Litho Plate and Supply Company (a Delaware
corporation) maintained the Western Litho Plate and Supply Company, Inc.
Employees’ Pension Trust (herein referred to as the “Western Plan”).  Effective January 1, 1969, Western Litho
Plate and Supply Company adopted this Plan and immediately thereafter amended
the Western Plan as it applied to employees eligible to participate hereunder
by merging it into this Plan.  With
respect to said employees, the Western Plan shall be deemed to continue as this
Plan.

 

2.

 

Sec.
7.5 is modified to read as follows:

 

Sec.
7.5  Other Death Benefits.  Upon the death of a Participant or former
Participant, his Beneficiary shall be entitled to receive a single sum payment
equal to the amount by which the total amount of benefit payments hereunder, if
any, theretofore paid to the deceased (including payments to his spouse
pursuant to Sec. 7.1) is less than the cash value as of December 31, 1968
of any contracts on his life originally purchased under the Western Litho Plate
and Supply Company, Inc. Employees’ Pension Trust and subsequently
surrendered to the insurance carrier by the trustees of said plan, with
Accumulated Interest thereon; subject to the following:

 

(a)                                  If a benefit is payable with respect to the
Participant pursuant to Sec. 7.2 or Sec. 7.4 this section shall not be
applicable and all death benefits, if any, shall be payable under the terms of
whichever of said sections is applicable.

 

(b)                                 If a benefit is payable to the Participant’s
spouse pursuant to Sec. 7.1, the benefit, if any, payable pursuant to this section shall
be determined and paid after the death of said spouse.

 

NOTE:  Section references in this Appendix are to
the Bemis Retirement Plan in effect as of January 1, 1984.

 

92

 

3.

 

A
new Sec. 15.2 is added to the Plan to read as follows:

 

Sec.
15.2  Minimum Benefit.  Notwithstanding the provisions of Article VI,
with respect to a Participant who was a participant in the Western Litho Plate
and Supply Company, Inc. Employees’ Pension Trust on December 31,
1968, the monthly amount of any pension (i) payable under Sec. 6.1, or
6.2, or (ii) otherwise payable under Sec. 6.4 as if said section contained
no requirements as to age or service for vesting shall not be less than the
minimum benefit determined in accordance with this section.  The “minimum benefit” referred to herein
shall be the Actuarial Equivalent of:

 

(a)                                  the cash value as of December 31, 1968
of any contracts on his life originally purchased under the Western Plan and
subsequently surrendered to the insurance carrier by the trustees of said plan,
with Accumulated Interest thereon, plus

 

(b)                                 the value of a benefit payable for life
commencing at Normal Retirement Date in a monthly amount equal to (i) 1/30th
of an amount equal to 45% of his Final Average Salary minus 75% of his Primary
Social Security Benefit, (ii) multiplied by his years of Credited Service
after 1968 (but not more than 30 years), and (iii) if said benefit
commences prior to his Normal Retirement Date, also multiplied by the
applicable early retirement factor set forth in the table in Sec. 6.2.

 

In determining the monthly amount of such minimum
benefit, the death benefit described in Sec. 7.5 shall be taken into consideration.

 

NOTE:  Section references in this Appendix are
to the Plan in effect as of January 1, 1984.

 

93EXHIBIT 10(l)

 

BEMIS INVESTMENT INCENTIVE PLAN

 

(Amended and Restated Effective as of January 1,
2006)

 

 

BEMIS INVESTMENT INCENTIVE PLAN

 

Table of Contents

 

	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE I

  	
  GENERAL

  	
   

  	
  1

  
	
  Sec. 1.1

  	
  Plan History and Purpose

  	
   

  	
  1

  
	
  Sec. 1.2

  	
  Construction and Applicable Law

  	
   

  	
  1

  
	
  Sec. 1.3

  	
  Transition Rules

  	
   

  	
  2

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
  MISCELLANEOUS DEFINITIONS

  	
   

  	
  3

  
	
  Sec. 2.1

  	
  Account

  	
   

  	
  3

  
	
  Sec. 2.2

  	
  Administrator

  	
   

  	
  3

  
	
  Sec. 2.3

  	
  Affiliate

  	
   

  	
  3

  
	
  Sec. 2.4

  	
  Bemis Stock

  	
   

  	
  3

  
	
  Sec. 2.5

  	
  Beneficiary

  	
   

  	
  3

  
	
  Sec. 2.6

  	
  Board

  	
   

  	
  3

  
	
  Sec. 2.7

  	
  Certified Earnings

  	
   

  	
  3

  
	
  Sec. 2.8

  	
  Code

  	
   

  	
  3

  
	
  Sec. 2.9

  	
  Common Control

  	
   

  	
  4

  
	
  Sec. 2.10

  	
  Company

  	
   

  	
  4

  
	
  Sec. 2.11

  	
  Disability Retirement

  	
   

  	
  4

  
	
  Sec. 2.12

  	
  Employment Commencement Date

  	
   

  	
  4

  
	
  Sec. 2.13

  	
  ERISA

  	
   

  	
  4

  
	
  Sec. 2.14

  	
  Forfeitures

  	
   

  	
  4

  
	
  Sec. 2.15

  	
  Group A Participant

  	
   

  	
  4

  
	
  Sec. 2.16

  	
  Group B Participant

  	
   

  	
  4

  
	
  Sec. 2.17

  	
  Highly Compensated Employee

  	
   

  	
  4

  
	
  Sec. 2.18

  	
  Hour of Service

  	
   

  	
  5

  
	
  Sec. 2.19

  	
  Investment Fund

  	
   

  	
  6

  
	
  Sec. 2.20

  	
  Named Fiduciary

  	
   

  	
  6

  
	
  Sec. 2.21

  	
  Normal Retirement

  	
   

  	
  7

  
	
  Sec. 2.22

  	
  Participant

  	
   

  	
  7

  
	
  Sec. 2.23

  	
  Participating Employer

  	
   

  	
  7

  
	
  Sec. 2.24

  	
  Plan Year

  	
   

  	
  7

  
	
  Sec. 2.25

  	
  Predecessor Employer

  	
   

  	
  7

  
	
  Sec. 2.26

  	
  Qualified Employee

  	
   

  	
  8

  
	
  Sec. 2.27

  	
  Qualified Military Service

  	
   

  	
  8

  
	
  Sec. 2.28

  	
  Termination of Employment

  	
   

  	
  8

  
	
  Sec. 2.29

  	
  Testing Wages

  	
   

  	
  9

  
	
  Sec. 2.30

  	
  Trust Fund

  	
   

  	
  9

  
	
  Sec. 2.31

  	
  Trustee

  	
   

  	
  9

  
	
  Sec. 2.32

  	
  USERRA

  	
   

  	
  9

  
	
  Sec. 2.33

  	
  Valuation Date

  	
   

  	
  9

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
  SERVICE PROVISIONS

  	
   

  	
  10

  
	
  Sec. 3.1

  	
  Eligibility Computation Period

  	
   

  	
  10

  
	
  Sec. 3.2

  	
  Year of Eligibility Service

  	
   

  	
  10

  

 

ii

 

	
  Sec. 3.3

  	
  1-Year Break In Service

  	
   

  	
  10

  
	
  Sec. 3.4

  	
  Period of Continuous Service

  	
   

  	
  10

  
	
  Sec. 3.5

  	
  Aggregate Continuous Service

  	
   

  	
  11

  
	
  Sec. 3.6

  	
  Recognized Break In Service

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
  PLAN PARTICIPATION

  	
   

  	
  12

  
	
  Sec. 4.1

  	
  Eligibility

  	
   

  	
  12

  
	
  Sec. 4.2

  	
  Duration of Participation

  	
   

  	
  12

  
	
  Sec. 4.3

  	
  No Guarantee of Employment

  	
   

  	
  12

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
  DEPOSITS AND CONTRIBUTIONS

  	
   

  	
  13

  
	
  Sec. 5.1

  	
  Deposit Amounts

  	
   

  	
  13

  
	
  Sec. 5.2

  	
  After Tax Deposit

  	
   

  	
  13

  
	
  Sec. 5.3

  	
  Date By Which Deposits Must Be Forwarded to Trustee

  	
   

  	
  13

  
	
  Sec. 5.4

  	
  Rollover Deposits

  	
   

  	
  14

  
	
  Sec. 5.5

  	
  Matching Contributions

  	
   

  	
  14

  
	
  Sec. 5.6

  	
  BIPSP-Retirement Contributions

  	
   

  	
  15

  
	
  Sec. 5.7

  	
  Forfeitures Credited Against Employer Contributions

  	
   

  	
  16

  
	
  Sec. 5.8

  	
  Limitation on Annual Additions

  	
   

  	
  16

  
	
  Sec. 5.9

  	
  Limit on Before Tax Deposits

  	
   

  	
  17

  
	
  Sec. 5.10

  	
  Return of Excess Deferrals

  	
   

  	
  18

  
	
  Sec. 5.11

  	
  Adjustment of Employer Contributions If Required by Code § 401(k)

  	
   

  	
  18

  
	
  Sec. 5.12

  	
  Adjustment of Matching Contributions and After Tax Deposits Required by
  Code § 401(m)

  	
   

  	
  21

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
  INVESTMENT FUNDS AND ACCOUNTS

  	
   

  	
  24

  
	
  Sec. 6.1

  	
  Accounts for Participants

  	
   

  	
  24

  
	
  Sec. 6.2

  	
  Valuation of Accounts

  	
   

  	
  24

  
	
  Sec. 6.3

  	
  Investment of Accounts

  	
   

  	
  24

  
	
  Sec. 6.4

  	
  Transfers From Other Plans

  	
   

  	
  25

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
  DESIGNTION OF BENEFICIARY

  	
   

  	
  26

  
	
  Sec. 7.1

  	
  Persons Eligible to Designate

  	
   

  	
  26

  
	
  Sec. 7.2

  	
  Form and Method of Designation

  	
   

  	
  26

  
	
  Sec. 7.3

  	
  No Effective Designation

  	
   

  	
  26

  
	
  Sec. 7.4

  	
  Beneficiary May Not Designate

  	
   

  	
  26

  
	
  Sec. 7.5

  	
  Special Requirements for Married Participants

  	
   

  	
  27

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  	
  BENEFIT REQUIREMENTS

  	
   

  	
  28

  
	
  Sec. 8.1

  	
  Benefits on Retirement or Disability

  	
   

  	
  28

  
	
  Sec. 8.2

  	
  Other Termination of Employment

  	
   

  	
  28

  
	
  Sec. 8.3

  	
  Death

  	
   

  	
  29

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IX

  	
  DISTRIBUTION OF BENEFITS

  	
   

  	
  30

  
	
  Sec. 9.1

  	
  Time and Method of Payment

  	
   

  	
  30

  
	
  Sec. 9.2

  	
  Accounts Totaling $5,000 or Less

  	
   

  	
  31

  
	
  Sec. 9.3

  	
  Form of Distribution

  	
   

  	
  31

  
	
  Sec. 9.4

  	
  Dividend Withdrawals

  	
   

  	
  32

  

 

iii

 

	
  Sec. 9.5

  	
  Withdrawals

  	
   

  	
  32

  
	
  Sec. 9.6

  	
  Loans to Participants

  	
   

  	
  34

  
	
  Sec. 9.7

  	
  Accounting Following Termination of Employment

  	
   

  	
  35

  
	
  Sec. 9.8

  	
  Reemployment

  	
   

  	
  35

  
	
  Sec. 9.9

  	
  Source of Benefits

  	
   

  	
  36

  
	
  Sec. 9.10

  	
  Incompetent Payee

  	
   

  	
  36

  
	
  Sec. 9.11

  	
  Benefits May Not Be Assigned or Alienated

  	
   

  	
  36

  
	
  Sec. 9.12

  	
  Payment of Taxes

  	
   

  	
  36

  
	
  Sec. 9.13

  	
  Conditions Precedent

  	
   

  	
  36

  
	
  Sec. 9.14

  	
  Rollovers and Transfers to Other Qualified Plans

  	
   

  	
  36

  
	
  Sec. 9.15

  	
  Nonterminable ESOP Protections

  	
   

  	
  37

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE X

  	
  TRUST FUND

  	
   

  	
  38

  
	
  Sec. 10.1

  	
  Composition

  	
   

  	
  38

  
	
  Sec. 10.2

  	
  Trustee

  	
   

  	
  38

  
	
  Sec. 10.3

  	
  Compensation and Expenses of Trustee

  	
   

  	
  38

  
	
  Sec. 10.4

  	
  Investment in Company Stock

  	
   

  	
  38

  
	
  Sec. 10.5

  	
  No Diversion

  	
   

  	
  38

  
	
  Sec. 10.6

  	
  Voting Bemis Stock

  	
   

  	
  39

  
	
  Sec. 10.7

  	
  Tender or Exchange Offers Regarding Bemis Stock

  	
   

  	
  39

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XI

  	
  ADMINISTRATION OF PLAN

  	
   

  	
  41

  
	
  Sec. 11.1

  	
  Administration by Company

  	
   

  	
  41

  
	
  Sec. 11.2

  	
  Certain Fiduciary Provisions

  	
   

  	
  41

  
	
  Sec. 11.3

  	
  Evidence

  	
   

  	
  42

  
	
  Sec. 11.4

  	
  Correction of Errors

  	
   

  	
  42

  
	
  Sec. 11.5

  	
  Records

  	
   

  	
  42

  
	
  Sec. 11.6

  	
  Claims Procedure

  	
   

  	
  42

  
	
  Sec. 11.7

  	
  Bonding

  	
   

  	
  42

  
	
  Sec. 11.8

  	
  Waiver of Notice

  	
   

  	
  43

  
	
  Sec. 11.9

  	
  Agent For Legal Process

  	
   

  	
  43

  
	
  Sec. 11.10

  	
  Indemnification

  	
   

  	
  43

  
	
  Sec. 11.11

  	
  Benefits of Reemployed Veterans

  	
   

  	
  43

  
	
  Sec. 11.12

  	
  Leased Employees

  	
   

  	
  44

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XII

  	
  AMENDMENT, TERMINATION, MERGER

  	
   

  	
  46

  
	
  Sec. 12.1

  	
  Amendment

  	
   

  	
  46

  
	
  Sec. 12.2

  	
  Amendment to Vesting Schedule

  	
   

  	
  46

  
	
  Sec. 12.3

  	
  Reorganizations of Participating Employers

  	
   

  	
  46

  
	
  Sec. 12.4

  	
  Permanent Discontinuance of Contributions

  	
   

  	
  46

  
	
  Sec. 12.5

  	
  Compensation and Expenses of Trustee

  	
   

  	
  46

  
	
  Sec. 12.6

  	
  Partial Termination

  	
   

  	
  47

  
	
  Sec. 12.7

  	
  Merger, Consolidation, or Transfer of Plan Assets

  	
   

  	
  47

  
	
  Sec. 12.8

  	
  Deferral of Distributions

  	
   

  	
  47

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XIII

  	
  TOP-HEAVY PLAN PROVISIONS

  	
   

  	
  48

  
	
  Sec. 13.1

  	
  Key Employee Defined

  	
   

  	
  48

  
	
  Sec. 13.2

  	
  Determination of Top-Heavy Status

  	
   

  	
  48

  
	
  Sec. 13.3

  	
  Minimum Contribution Requirement

  	
   

  	
  50

  

 

iv

 

	
  Sec. 13.4

  	
  Definition of Employer

  	
   

  	
  50

  
	
  Sec. 13.5

  	
  Collective Bargaining Exception

  	
   

  	
  50

  
	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE A

  	
   

  	
   

  	
  51

  
	
  APPENDIX A

  	
   

  	
   

  	
  52

  
	
  APPENDIX B

  	
   

  	
   

  	
  53

  
	
  APPENDIX C

  	
   

  	
   

  	
  54

  
	
  APPENDIX D

  	
   

  	
   

  	
  55

  
	
  APPENDIX E

  	
   

  	
   

  	
  56

  
	
  APPENDIX F

  	
   

  	
   

  	
  57

  
	
  APPENDIX G

  	
   

  	
   

  	
  58

  
	
  APPENDIX H

  	
   

  	
   

  	
  60

  
	
  APPENDIX I

  	
   

  	
   

  	
  61

  

 

v

 

BEMIS INVESTMENT INCENTIVE PLAN

(Amended and Restated Effective as of January 1, 2006)

 

ARTICLE I

 

GENERAL

 

Sec. 1.1                  Plan History and Purpose. The name of the plan set forth herein is “Bemis
Investment Incentive Plan.”  It is
sometimes herein referred to as the “Plan.” 
The Plan was established July 1, 1970. The purposes of the Plan are
to provide a means for employees to adopt a regular savings program, to provide
retirement income, and to provide an ownership interest in the Company. This
Plan provides for Participant deposits under Code § 401(k) as well as
employer Matching and Retirement Contributions. Certain provisions applicable
at particular locations are specified in Appendices which are a part of the
Plan.

 

Sec. 1.2                  Construction and Applicable
Law. The Plan is
intended to meet the requirements for qualification as both a profit sharing
plan and stock bonus plan under Code § 401(a) with an employee stock
ownership (“ESOP”) feature under Code § 4975(e)(7). The stock bonus and
employee stock ownership portion of the Plan is comprised of Matching
Contribution Accounts and is designed to invest primarily in qualifying
employer securities meeting the requirements of Code §§ 4975(e)(8) and
409(1). Contributions under the profit sharing portion of the Plan (which is
comprised of all Accounts other than Matching Contribution Accounts) are not
contingent upon the Participating Employers’ current or accumulated earnings
and profits. The profit sharing portion of the Plan contains a salary reduction
feature intended to meet the requirements of Code § 401(k). The Plan is
intended to be in full compliance with applicable requirements of ERISA. The
Plan shall be administered and construed consistent with said intent. It shall
also be construed and administered according to the laws of Minnesota to the
extent that such laws are not preempted by the laws of the United States of
America. All controversies, disputes, and claims arising hereunder shall be
submitted to the United States District Court for the District of Minnesota. The
Plan shall be construed in accordance with the following rules:

 

(a)           Headings at the beginning of articles and
sections hereof are for convenience of reference, shall not be considered a
part of the text of the Plan, and shall not influence its construction.

 

(b)           Capitalized terms used in the Plan shall have
their meaning as defined in the Plan unless the context clearly indicates to
the contrary.

 

(c)           Any references to the masculine gender
include the feminine and vice versa.

 

(d)           Use of the words “hereof”, “herein”, “hereunder”,
or similar compounds of the word “here” shall mean and refer to the entire Plan
unless the context clearly indicates to the contrary.

 

(e)           The provisions of the Plan shall be construed
as a whole in such manner as to carry out the intent thereof and shall not be
construed separately without relation to the context.

 

1

 

Sec. 1.3                  Transition Rules. In general, the Plan as set forth herein is
effective as of January 1, 2006. However:

 

(a)           The Plan reflects certain provisions of the
Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”), is
intended as good-faith compliance with EGTRRA, and is to be construed in
accordance with EGTRRA and guidance issued thereunder. Except as otherwise
provided herein, the EGTRRA amendments are effective January 1, 2002.

 

(b)           The Plan reflects the provisions of the
Community Renewal Tax Relief Act of 2000 regarding elective reductions for
qualified transportation fringe benefits. These provisions are effective January 1,
2001.

 

(c)           Sec. 5.1 regarding automatic enrollment is
effective January 1, 2005.

 

(d)           Sec. 9.14(f) regarding automatic
rollovers is effective as of March 28, 2005.

 

2

 

ARTICLE II

 

MISCELLANEOUS DEFINITIONS

 

Sec. 2.1                  Account. “Account” means a Participant’s or
Beneficiary’s interest in the Trust Fund of any of the types described in Sec.
6.1.

 

Sec. 2.2                  Administrator. The Company is the “Administrator” of the
Plan for purposes of ERISA.

 

Sec. 2.3                  Affiliate. “Affiliate” means any trade or business entity
under Common Control with a Participating Employer, or under Common Control
with a Predecessor Employer while it is such.

 

Sec. 2.4                  Bemis Stock. “Bemis Stock” means common stock of the
Company.

 

Sec. 2.5                  Beneficiary. “Beneficiary” means the person or persons
designated as such pursuant to Article VII who survive the Participant.

 

Sec. 2.6                  Board. The “Board” is the Board of Directors of
the Company and includes any committee thereof authorized to act for such body.

 

Sec. 2.7                  Certified Earnings. A Participant’s “Certified Earnings” means
his or her regular pay, overtime pay, sick pay, shift differential, and
commissions, subject to the following:

 

(a)           Certified Earnings is the gross amount,
before any reduction pursuant to Code § 125, 132(f)(4), or 401(k), but
after any reduction pursuant to a non-qualified deferred compensation plan.

 

(b)           Certified Earnings for a Plan Year may not
exceed the limit under Code § 401(a)(17), which is $220,000 for 2006 and
is subject to a cost of living adjustment for Plan Years after 2006.

 

(c)           Commissions are Certified Earnings when paid.

 

(d)           Bonuses, stock options, stock awards, and the
like are not included in Certified Earnings.

 

(e)           Certified Earnings excludes any amount paid
after a Participant transfers to a position other than as a Qualified Employee.

 

(f)            Certified Earnings includes sick pay paid by
an employer, but not long-term disability or workers compensation benefits.

 

(g)           Severance pay is not included in Certified
Earnings.

 

Sec. 2.8                  Code. All references herein to the “Internal
Revenue Code” or “Code” are to the Internal Revenue Code of 1986 as from time
to time amended.

 

3

 

Sec. 2.9                  Common Control. A trade or business entity (whether a
corporation, partnership, sole proprietorship or otherwise) is under “Common
Control” with another trade or business entity (i) if both entities are
corporations which are members of a controlled group of corporations as defined
in Code § 414(b), (ii) if both entities are trades or businesses
(whether or not incorporated) which are under common control as defined in Code
§ 414(c), (iii) if both entities are members of an affiliated service
group as defined in Code § 414(m), or (iv) if both entities are
required to be aggregated pursuant to regulations under Code § 414(o).

 

Sec. 2.10               Company. The “Company” is Bemis Company, Inc.,
a Missouri corporation.

 

Sec. 2.11               Disability Retirement. “Disability Retirement” means a Termination
of Employment due to a medical condition such that the individual qualifies for
a Social Security disability award or for long term disability benefits under a
Participating Employer’s long term disability plan.

 

Sec. 2.12               Employment Commencement Date. “Employment Commencement Date” means the
date on which an employee first performs an Hour of Service for a Participating
Employer (whether before or after the Participating Employer becomes such), an
Affiliate, or a Predecessor Employer and the date on which an employee first
performs such an Hour of Service after any 1-Year Break In Service.

 

Sec. 2.13               ERISA.  All
references herein to the “Employee Retirement Income Security Act” or “ERISA”
are to the Employee Retirement Income Security Act of 1974 as from time to time
amended.

 

Sec. 2.14               Forfeitures  “Forfeitures”
means that part of the Trust Fund which is forfeited pursuant to Sec. 5.10(e),
Sec. 5.11(g), 5.12(e) or Sec. 8.2(b).

 

Sec. 2.15               Group A Participant.   “Group A Participant” means a Participant who meets the requirements of
(a) and (b):

 

(a)           On December 31, 2005 he or she was 40 or
older.

 

(b)           On December 31, 2005, the sum of the
following amounts is 60 or more:

 

(1)           The Participant’s
age on December 31, 2005, which is the Participant’s age on his or her
2005 birthday, plus a fractional year of age equal 1/365 of a year for each day
after said birthday and prior to January 1, 2006.

 

(2)          The Participant’s
Bemis Elapsed Time (as defined in the Bemis Retirement Plan) on December 31,
2005, which also is expressed in terms of whole and fractional years through December 31,
2005.

 

Sec. 2.16               Group B Participant.   “Group
B Participant” means any Participant who does not meet the requirements to be a
Group A Participant as set forth in Sec. 2.15.

 

Sec. 2.17               Highly Compensated Employee. “Highly Compensated Employee” means an
employee described in (a) or (b):

 

4

 

(a)           The employee at any time during the current
or prior Plan Year was a 5% owner as defined in Code § 416(i)(1).

 

(b)           The employee received Testing Wages of $80,000
or more for the prior Plan Year, subject to the following:

 

(1)           The $80,000 limit shall be indexed as
provided in Code § 414(q). (The limit for 2006 is $100,000, which means
that an individual whose 2006 Testing Wages equaled or exceeded $100,000 is a
Highly Compensated Employee for 2007.)

 

(2)           The Company may elect to treat employees who
received Testing Wages of $80,000 or more (as indexed) but who are not among
the top paid 20% of all employees as non-Highly Compensated Employees.

 

Sec. 2.18               Hour of Service. An “Hour of Service” or “Hours of Service” are determined according
to the following subsections with respect to each applicable computation
period:

 

(a)           Hours of Service are computed only with
respect to service with Participating Employers (for service both before and
after the Participating Employer becomes such), Affiliates, and Predecessor
Employers and are aggregated for service with all such employers.

 

(b)           For any portion of a computation period
during which an individual is within a classification for which a record of
hours for the performance of duties is maintained, Hours of Service shall be
credited as follows:

 

(1)           Each hour for which the employee is paid, or
entitled to payment, for the performance of duties during the applicable computation
period is an Hour of Service.

 

(2)           Each hour for which the employee is paid, or
entitled to payment, by an employer on account of a period of time during which
no duties are performed (irrespective of whether the employment relationship
has terminated) due to vacation, holiday, illness, incapacity (including
disability), layoff, jury duty, military duty, or leave of absence, is an Hour
of Service, subject to the following:

 

(A)          An hour for which the employee is directly or
indirectly paid, or entitled to payment, on account of a period during which no
duties are performed shall not be credited to the employee if such payment is
made or due under a plan maintained solely for the purpose of complying with
applicable workmen’s compensation, unemployment compensation, or disability
insurance laws.

 

(B)           Hours of Service shall not be credited for a
payment which solely reimburses the individual for medical or medically related
expenses.

 

5

 

(C)           For purposes of this paragraph a payment
shall be deemed to be made by or due from an employer regardless of whether
such payment is made by or due from the employer directly, or indirectly
through, among others, a trust fund or insurer to which the employer contributes
or pays premiums and regardless of whether contributions made or due to the
trust fund, insurer, or other entity are for the benefit of particular
employees or are on behalf of a group of employees in the aggregate.

 

(3)           Each hour for which back pay, irrespective of
mitigation of damages, is either awarded or agreed to by the employer is an
Hour of Service. Crediting of Hours of Service for back pay awarded or agreed
to with respect to periods described in paragraph (2) shall be subject to
the limitations set forth in that paragraph. Such Hours of Service shall be
credited to the computation period or periods to which the award or agreement
for back pay pertains, rather than to the computation period in which the
award, agreement or payment is made.

 

(4)           Hours under this subsection shall be
calculated and credited pursuant to section 2530.200b-2 of the Department
of Labor Regulations, which are incorporated herein by this reference.

 

(5)           The Company may use any records to determine
Hours of Service which it considers an accurate reflection of the actual facts.

 

(c)           For any portion of a computation period
during which an employee is within a classification for which a record of hours
for the performance of duties is not maintained, he or she shall be credited
with 190 Hours of Service for each month for which he would otherwise be
credited with at least one Hour of Service under subsection (b).

 

(d)           If an employee becomes eligible to receive
benefits under an employer’s sickness and accident program, his or her Hours of
Service, when aggregated with the Hours of Service with respect to said period
of absence determined pursuant to the foregoing provisions of this section,
shall be equal to 190 Hours of Service for each month for which sickness and
accident benefits are paid.

 

(e)           Nothing in this section shall be
construed as denying an employee credit for an Hour of Service if credit is
required by any federal law other than ERISA. The nature and extent of such
credit shall be determined under such other law.

 

(f)            In no event shall duplicate credit as an Hour
of Service be given for the same hour.

 

Sec. 2.19               Investment Fund. “Investment Fund” means any of the funds for investment of Plan
assets described in Article VI.

 

Sec. 2.20               Named Fiduciary. The Company is a “Named Fiduciary” for purposes of ERISA with
authority to control or manage the operation and administration of the Plan,
including control or management of the assets of the Plan. Other persons are
also Named Fiduciaries under

 

6

 

ERISA
if so provided by ERISA or if so identified by the Company. Such other person
or persons shall have such authority to control or manage the operation and
administration of the Plan, including control or management of the assets of
the Plan, as may be provided by ERISA or as may be allocated by the Company.

 

Sec. 2.21               Normal Retirement. “Normal Retirement” means any Termination
of Employment after the Participant has attained age 65, regardless of length
of service.

 

Sec. 2.22               Participant. A “Participant” is an individual described as such in Article IV.

 

Sec. 2.23               Participating Employer. The Company is a Participating Employer in
the Plan. With the consent of the Company, any other employer under Common
Control with the Company may also become a Participating Employer in the Plan
effective as of a date specified by it in its adoption of the Plan. The
Participating Employers are listed on Schedule A.

 

Sec. 2.24               Plan Year. The Plan Year is the calendar year.

 

Sec. 2.25               Predecessor Employer. Any corporation, partnership, firm, or
individual, a substantial part of the assets and employees of which are
acquired by a Participating Employer, Affiliate, or another Predecessor
Employer, is a “Predecessor Employer” if named in this section and subject
to any conditions and limitations with respect thereto imposed by this section.
As of January 1, 2006, the Predecessor Employers are:

 

(a)           Princeton Packaging Co., but only with
respect to service back to an employee’s most recent date of hire prior to the
acquisition date.

 

(b)           Hargro Health Care Packaging Company, but
only with respect to service back to an employee’s most recent date of hire
prior to the acquisition date.

 

(c)           Service at the Scranton plant back to the
most recent date of hire preceding the acquisition date.

 

(d)           Viskase Company, Inc., but only with
respect to service back to an employee’s most recent date of hire prior to the
acquisition.

 

(e)           Arrow Industries, but only with respect to
service back to an employee’s most recent date of hire prior to the
acquisition.

 

(f)            Kanzaki Specialty Papers, Inc., but only
with respect to service back to an employee’s most recent date of hire prior to
the acquisition.

 

(g)           Weskote, Inc., but only with respect to
service back to an employee’s most recent date of hire prior to the
acquisition.

 

(h)           Predecessor service with these employees is
recognized to the extent provided in the applicable Appendix:

 

(1)           Banner Packaging, Inc.—Appendix B

 

7

 

(2)           Enterprise Software, Inc.—Appendix D

 

(3)           Duralam, Inc.—Appendix F

 

(4)           Bemis Clysar, Inc.—Appendix G

 

Sec. 2.26               Qualified Employee. “Qualified Employee” means each employee of
the Participating Employers, subject to the following:

 

(a)           An employee is not a Qualified Employee prior
to the date as of which his or her employer becomes a Participating Employer.

 

(b)           An employee at a location or operation
acquired by a Participating Employer is not a Qualified Employee prior to the
date the Company authorizes participation in the Plan by employees at that
location or operation.

 

(c)           Eligibility of employees in a collective
bargaining unit to participate in the Plan shall be subject to negotiations
with the representative of that unit. During any period that an employee is
covered by the provisions of a collective bargaining agreement between his
Participating Employer and such representative he or she shall not be
considered a Qualified Employee for purposes of this Plan unless such agreement
expressly so provides. For purposes of this section only, such an
agreement shall be deemed to continue after its formal expiration during
collective bargaining negotiations pending the execution of a new agreement.

 

(d)           A non-resident alien while not receiving
earned income (within the meaning of Code § 911(d)(2)) from a
Participating Employer which constitutes income from sources within the United
States (within the meaning of Code § 861(a)(3), is not a Qualified
Employee.

 

(e)           An employee is not a Qualified Employee unless
his or her services are performed within the continental United States
(including Alaska or Hawaii) or the principal base of operations to which the
employee frequently returns is within the United States (including Alaska or
Hawaii).

 

(f)            An employee whose permanent assignment is
outside the United States is not a Qualified Employee during a period when he
or she is on temporary assignment within the United States.

 

Sec. 2.27               Qualified Military Service.   “Qualified Military Service” is defined in
Sec. 11.11.

 

Sec. 2.28               Termination of Employment  . The
“Termination of Employment” of an employee for purposes of the Plan shall be
deemed to occur on the date of his or her resignation, discharge, retirement,
death, failure to return to active work at the end of an authorized leave of
absence or the authorized extension or extensions thereof, failure to return to
work when duly called following a temporary layoff, or upon the happening of
any other event or circumstance which, under the policy of his or her employer
as in effect from time to time, results in the termination of the employer-employee
relationship, subject to the following:

 

8

 

(a)           “Termination of Employment” shall not be
deemed to occur upon a transfer between any combination of Participating
Employers, Affiliates, and Predecessor Employers.

 

(b)           If an employer has been sold and ceases to be
a Participating Employer because it is no longer an Affiliate, each employee of
that employer will be deemed to have a Termination of Employment as of the date
said employer ceases to be a Participating Employer.

 

(c)           If a Participant becomes eligible to receive
benefits under a Participating Employer’s long term disability program,
Termination of Employment for purposes of the Plan will be deemed to have
occurred as of the date of the first benefit payment under such program.

 

Sec. 2.29               Testing Wages. A Participant’s “Testing Wages” for a Plan Year means the Participant’s
wages for the Plan Year as defined for purposes of federal income tax
withholding, subject to the following:

 

(a)           For purposes of the limitations of Sections
5.11 and 5.12, the Company may limit a Participant’s Testing Wages to
remuneration received while the employee is a Participant, or may modify the
definition of Testing Wages in any other way permitted by the applicable
regulations.

 

(b)           Testing Wages is the gross amount, before any
reduction pursuant to Code § 125, 132(f)(4), or 401(k), but after any
reduction pursuant to a non-qualified deferred compensation plan.

 

(c)           Testing Wages shall not include amounts
realized from the exercise of a non-qualified stock option, or when restricted
stock (or property) held by the Participant either becomes freely transferable
or is no longer subject to a substantial risk of forfeiture, or from the sale,
exchange, or other disposition of stock acquired under an incentive stock
option.

 

(d)           Testing Wages shall not exceed the limit
under Code § 401(a)(17), which is $220,000 for 2006 and is subject to a
cost of living adjustment for Plan Years after 2006.

 

Sec. 2.30               Trust Fund  . The “Trust Fund” is the fund
provided for in Sec. 10.1.

 

Sec. 2.31               Trustee. “Trustee” is a trustee appointed and acting from time to time in
accordance with Sec. 10.2 for the purpose of holding, investing, and disbursing
the Trust Fund.

 

Sec. 2.32               USERRA.  “USERRA” is defined in Sec.
11.11.

 

Sec. 2.33               Valuation Date. “Valuation Date” means the date on which the Trust Fund and Accounts
are valued as provided in Article VI. Effective November 1, 1999,
each business day of the Plan Year is a Valuation Date. Previously, the last
day of each month was a Valuation Date.

 

9

 

ARTICLE III

 

SERVICE PROVISIONS

 

A.            Service Provisions Relating
to Eligibility to Enter the Plan

 

Sec. 3.1                  Eligibility Computation
Period. An employee’s
first Eligibility Computation Period is the 12-consecutive-month period
beginning on his or her Employment Commencement Date. His or her second
Eligibility Computation Period is the Plan Year commencing in said 12-consecutive-month
period. Each subsequent Plan Year prior to the end of the Plan Year in which
the employee has a 1-Year Break In Service is an Eligibility Computation Period.
If subsequent to a 1-Year Break In Service he or she had another Employment
Commencement Date, Eligibility Computation Periods for the period beginning on
such date shall be computed as though such date were the individual’s first
Employment Commencement Date.

 

Sec. 3.2                  Year of Eligibility Service. A “Year of Eligibility Service” means an
Eligibility Computation Period in which an employee completes 1000 or more
Hours of Service. If an employee has a Termination of Employment and is later
rehired by a Participating Employer or Affiliate, Years of Eligibility Service
prior to said Termination of Employment shall not be disregarded by reason of
said Termination of Employment.

 

Sec. 3.3                  1-Year Break In Service. “1-Year Break In Service” means a Plan Year
in which (i) the employee has no Hours of Service and (ii) an
employer-employee relationship with a Participating Employer, Affiliate, or
Predecessor Employer is not in effect at any time. The 1-Year Break In Service
shall be recognized as such on the last day of such Plan Year.

 

(a)           For purposes of determining whether a 1-Year
Break In Service has occurred, an individual who is absent from work for
maternity or paternity reasons shall receive credit for the Hours of Service
which would otherwise have been credited to such individual but for such absence,
or in any case in which such hours cannot be determined 8 Hours of Service per
day of such absence; provided, however, that the total number of Hours of
Service recognized under this subsection shall not exceed 501 hours. The
Hours of Service credited under this subsection shall be credited in the
Plan Year in which the absence begins if the crediting is necessary to prevent
a 1-Year Break In Service in that Plan Year or, in all other cases, in the
following Plan Year.

 

(b)           For purposes of subsection (a), an
absence from work for maternity or paternity reasons means an absence (i) by
reason of the pregnancy of the individual, (ii) by reason of a birth of a
child of the individual, (iii) by reason of the placement of a child with
the individual in connection with the adoption of such child by such
individual, or (iv) for purposes of caring for such child for a period
beginning immediately following such birth or placement.

 

B.            Service Provisions Relating
to Vesting

 

Sec. 3.4                  Period of Continuous Service. A “Period of Continuous Service” is the
period beginning on an employee’s Employment Commencement Date and ending on
the day before

 

10

 

the
day on which the employee begins a Recognized Break In Service. The duration of
a Period of Continuous Service is measured in years and days.

 

Sec. 3.5                  Aggregate Continuous Service. An employee’s “Aggregate Continuous Service”
is equal to the aggregate duration of his or her Periods of Continuous Service.
However, except as provided in any Appendix to the Plan, service with an
employer prior to the date it became an Affiliate shall be disregarded for
purposes of determining Aggregate Continuous Service.

 

Sec. 3.6                  Recognized Break In Service. A “Recognized Break In Service” is a period
of at least a 12 consecutive month duration which begins on the day on which an
individual’s Termination of Employment occurs. A Recognized Break In Service
ends, if ever, on the day on which the individual again performs an Hour of
Service for a Participating Employer, an Affiliate or a Predecessor Employer. However,
if an individual is absent from work for maternity or paternity reasons, the 12-month
period beginning with the first day of such absence shall not be included in a
Recognized Break In Service. Whether an absence from work is for maternity or
paternity reasons will be determined under Sec. 3.3(b).

 

11

 

ARTICLE IV

 

PLAN PARTICIPATION

 

Sec. 4.1                  Eligibility. Each person shall become a Participant in
the Plan on the earliest date he or she meets all of the following
requirements:

 

(a)           He or she is a Qualified Employee.

 

(b)           He or she has attained age 18.

 

(c)           For employees who are classified by their
Participating Employer as temporary employees, he or she has completed a Year
of Eligibility Service. The preceding sentence does not apply to employees who
are not temporary employees.

 

If
a former Participant is reemployed, he or she shall again become a Participant
on the date he or she resumes service as a Qualified Employee.

 

Sec. 4.2                  Duration of Participation. A Participant shall continue to be such
whether or not contributions are made in his or her behalf under Article V
until the later of (i) his or her Termination of Employment or (ii) the
date all benefits, if any, to which he or she is entitled hereunder have been
distributed from the Trust Fund.

 

Sec. 4.3                  No Guarantee of Employment. Participation in the Plan does not
constitute a guarantee or contract of employment with the employee’s
Participating Employer. Such participation shall in no way interfere with any
rights the Participating Employer would have in the absence of such
participation to determine the duration of the employee’s employment with the
Participating Employer.

 

12

 

ARTICLE V

 

DEPOSITS AND CONTRIBUTIONS

 

A.            Participant Deposits

 

Sec. 5.1                  Before Tax Deposits. “Before Tax Deposits” are amounts
contributed by a Participating Employer pursuant to Code § 401(k), subject
to the following:

 

(a)           On and after January 1, 2005, when an
individual qualifies as a Participant under Sec. 4.1, he or she shall
automatically be enrolled in Before Tax Deposits equal to 3% of the Participant’s
Certified Savings. Such a Participant may modify said contribution rate as
provided in subsection (c).

 

(b)           On January 1, 2006, each Participant
whose most recent rate of Before Tax Deposits was less than 3% shall
automatically be enrolled in Before Tax Deposits equal to 3% of the Participant’s
Certified Earnings. Such a Participant may modify said rate as provided in subsection (c).

 

(c)           A Participant may at any time modify his or
her rate of Before Tax Deposits, discontinue making such deposits, or resume
making such deposits. If a Participant elects to make Before Tax Deposits, the
deposit rate must be a whole percentage at least 1%.

 

(d)           A Participant’s current compensation shall be
reduced by the amount of his or her Before Tax Deposits.

 

(e)           A Participant’s aggregate Before and After
Tax Deposits (not including any “catch-up” Before Tax Deposits under Sec.
5.9(b)) may not exceed 50% of Certified Earnings. The Company may in its sole
discretion establish a lower limit on Before and After Tax Deposits for Highly
Compensated Employees. The Company is free to adjust said limit from time to
time. Subject to the applicable minimum, the Participant may choose which
percentage will be before tax and which will be after tax.

 

Sec. 5.2                  After Tax Deposits.   “After
Tax Deposits” are amounts contributed by a Participant through payroll
deduction on or after tax basis (not under Code § 401(k)). After Tax
Deposits are not matched by employer Matching Contributions. A Participant may
at any time begin making After Tax Deposits, change the rate of such Deposits,
discontinue such Deposits, or resume making them. If a Participant elects to
make After Tax Deposits, the deposit rate must be a whole percentage of
Certified Earnings at least 1%. After Tax Deposits are subject to the limit in
Sec. 5.1(e).

 

Sec. 5.3                  Date By Which Deposits Must Be Forwarded to Trustee.  The
Participating Employers shall forward Before Tax Deposits and After Tax
Deposits to the Trustee promptly after they are withheld from Participant
paychecks, and in any event no later than the fifteenth business day after the
end of the month the Deposits are withheld.

 

13

 

Sec. 5.4                  Rollover Deposits  With
the consent of the Company, which shall be granted in its sole discretion and
only if it determines the amount to be transferred constitutes a Rollover
Deposit, a Participant may transfer to the Trust Fund an amount that
constitutes a Rollover Deposit. (“Rollover Deposit” means an amount from
another qualified plan or from a Code § 403(b) tax-sheltered annuity
or from a Code § 457(b) eligible deferred compensation plan sponsored
by a unit of state or local government. However, this Plan will not accept
Rollover Deposits from individual retirement accounts.)  A Rollover Account shall be established for
each Participant who makes a Rollover Deposit. In no event will any hardship
distributions (consisting of amounts deferred from taxation under Code § 401(k)
or otherwise) or after-tax distributions be accepted.

 

B.            Employer Contributions

 

Sec. 5.5                  Matching Contributions. Matching Contributions shall be determined
as follows:

 

(a)           For each pay period, a Participant’s
Participating Employer shall make a Matching Contribution on the Participant’s
behalf equal to the sum of the following amounts:

 

(1)           50% of the Participant’s Before Tax Deposits
for that pay period to the extent they do not exceed 2% of the Participant’s
Certified Earnings for that pay period.

 

(2)           25% of the Participant’s Before Tax Deposits
for that pay period to the extent they exceed 2% but do not exceed 8% of the
Participant’s Certified Earnings for that pay period.

 

Before
Tax Deposits to the extent they exceed 8% of Certified Earnings shall not be
matched.

 

(b)           In the case of any Participant who is an
employee of a Participating Employer on the last day of the Plan Year, Matching
Contributions as determined under (a) shall be increased to the extent
necessary so that aggregate Matching Contributions for the Plan Year (including
any Matching Contributions made under (a)) equals the sum of the following amounts:

 

(1)           50% of the Participant’s Before Tax Deposits
to the extent they do not exceed 2% of his Certified Earnings for the Plan
Year.

 

(2)           25% of the Participant’s Before Tax Deposits
to the extent they exceed 2% but do not exceed 8% of his Certified Earnings for
the Plan Year.

 

The
Participating Employer may pay said additional amount to the Trustee after the
close of the Plan Year. Before Tax Deposits referred to in (1) and (2) are
the amounts eligible to remain in the Trust Fund after any adjustment required
under Part C of this Article V.

 

(c)           “Catch-up” Before Tax Deposits referred to in
Sec. 5.9(b) are eligible for matching on the same basis as all other
Before Tax Deposits.

 

14

 

Sec. 5.6                  BIPSP-Retirement Contributions.  Beginning with the 2006 Plan Year, Retirement
Contributions shall be made for Eligible Group B Participants pursuant to this
section. The program through which such contributions are provided is sometimes
referred to as the Bemis Investment Profit Sharing Plan (“BIPSP”). No
Retirement Contributions shall be made for Group A Participants.

 

(a)           A basic Retirement Contribution shall be made
for each Eligible Group B Participant in an amount equal to 2% of his or her
Adjusted Certified Earnings.

 

(b)           A supplemental Retirement Contribution
(sometimes referred to as a “profit sharing contribution”) may be made for each
Eligible Group B Participant in an amount up to 3% of his or her Adjusted
Certified Earnings. Whether such a contribution will be made and the amount
thereof shall be determined by the Company in its sole discretion.

 

(c)           To be considered an “Eligible Group B
Participant” for a Plan Year and therefore eligible to share in that year’s
basic and supplemental Retirement Contributions a Participant must meet all
four of the following requirements:

 

(1)           He or she is a Group B Participant.

 

(2)           He or she is a Qualified Employee on December 31
of the Plan Year. No Retirement Contribution will be allocated to a Participant
for a Plan Year if he or she had a Termination of Employment prior to the end
of the Plan Year, or transferred to a position such that he or she was not a
Qualified Employee at the end of the Plan Year.

 

(3)           He or she made Before Tax Deposits equal to
at least 3% of Certified Earnings throughout the Plan Year. However, a
Participant’s failure to make Before Tax Deposits for any of the following
reasons will not cause him or her to fail to meet the requirements of this
paragraph, provided he or she makes Before Tax Deposits of at least 3% of
Certified Earnings during all other portions of the Plan Year.

 

(A)          Individual was on unpaid leave of absence.

 

(B)           Individual has already contributed maximum
amount permitted by Sec. 5.9.

 

(C)           Individual was on military leave.

 

(D)          Individual was not a Qualified Employee.

 

(E)           Individual’s Before Tax Deposits were
suspended during the six month period following a hardship withdrawal.

 

(4)           He or she completed at least 1000 Hours of
Service during said Plan Year:

 

15

 

(d)           Basic and
supplemental Retirement Contributions with respect to a Plan Year shall be made
by the Participating Employers after the close of that Plan Year.

 

(e)           An individual’s “Adjusted Certified Earnings”
for purposes of allocating Retirement Contributions means his or her Certified
Earnings but disregarding pay during the six month period following a hardship
withdrawal under Sec. 9.5.

 

C.            Limitations on Contributions
and Deposits

 

Sec. 5.7                  Forfeitures Credited Against Employer Contributions. When a Forfeiture occurs by virtue of the
provisions of Sec. 5.10(e), Sec. 5.11(g), Sec. 5.12(e), or Sec. 8.2, the
amount forfeited shall be applied to reduce the amount the Participating
Employers are required to contribute.

 

Sec. 5.8                  Limitation on Annual Additions. Notwithstanding the other provisions of
this Article, allocations to Participants under the Plan shall not exceed the
maximum amount permitted under Code § 415. For purposes of the preceding
sentence:

 

(a)           The Annual Addition to a Participant’s
Accounts in any Plan Year shall not exceed the lesser of:

 

(1)           The limit under Code § 415(c)(1)(A),
which is $44,000 for 2006 and is subject to a cost of living adjustment
pursuant to Code § 415(d) for Plan Years after 2006.

 

(2)           100% of the Participant’s Testing Wages for
such Plan Year.

 

(b)           If a Participant is also a Participant in one
or more other defined contribution plans maintained by a Participating Employer
or an Affiliate, and if the amount of the employer contributions and forfeitures
otherwise allocated to the Participant for a Plan Year must be reduced to
comply with the limitations under Code § 415, such allocations under this
Plan shall be reduced to the extent necessary to comply with said limitations.

 

(c)           If for any Plan Year the limitation described
in subsection (a) would otherwise be exceeded due to a reasonable
error in estimating a Participant’s Certified Earnings or in determining the
amount of Before Tax Deposits that may be made under Code § 402(g)(3), the
Participant’s After Tax Deposits shall be refunded to the extent necessary to
reduce Annual Additions to the level permitted in subsection (a):

 

(d)           For purposes of this section, “Annual
Additions” means the sum of the following amounts allocated to a Participant
for a Plan Year under this Plan and all comparable amounts allocated under
other defined contribution plans maintained by a Participating Employer or
Affiliate:

 

(1)           Before Tax Deposits, before any reduction
under Sec. 5.11, but reduced by any amount distributed under Sec. 5.10. However,
catch-up contributions under Sec. 5.9(b) are not Annual Additions.

 

16

 

(2)           Matching Contributions, after any forfeiture
under Sec. 5.10(e) or Sec. 5.11(g), and before any reduction under Sec.
5.12.

 

(3)           Retirement Contributions, before any
reduction under Sec. 5.12.

 

(4)           After Tax Deposits, after any reduction under
Sec. 5.12.

 

(5)           Forfeitures allocated in lieu of employer
contributions.

 

An
Annual Addition with respect to a Participant’s Accounts shall be deemed
credited thereto with respect to a Plan Year if it is allocated to the
Participant’s Accounts under the terms of the Plan as of any date within such
Plan Year.

 

Sec. 5.9                  Limit on Before Tax Deposits. Before Tax Deposits for a Participant for a
Plan Year shall not exceed the maximum annual amount permitted for that Plan
Year under subsection (a) plus any additional amount permitted by
subsections (b):

 

(a)           Except as provided in subsection (b), a
Participant’s Before Tax Deposits for any Plan Year may not exceed the amount
determined from the following table:

 

	
  Year

  	
   

  	
  Maximum Amount

  	
   

  
	
  2002

  	
   

  	
  $11,000

  	
   

  
	
  2003

  	
   

  	
  $12,000

  	
   

  
	
  2004

  	
   

  	
  $13,000

  	
   

  
	
  2005

  	
   

  	
  $14,000

  	
   

  
	
  2006 and after

  	
   

  	
  $15,000 (adjusted for cost of living after            2006)

  	
   

  

 

(b)           If a Participant is 50 or older on the last
day of a Plan Year, and has contributed the full amount permitted under Sec.
5.1 and subsection (a), he or she may make additional “catch-up” Before
Tax Deposits not in excess of the amount determined from the following table:

 

	
  Year

  	
   

  	
  Maximum Amount

  	
   

  
	
  2002

  	
   

  	
  $1,000

  	
   

  
	
  2003

  	
   

  	
  $2,000

  	
   

  
	
  2004

  	
   

  	
  $3,000

  	
   

  
	
  2005

  	
   

  	
  $4,000

  	
   

  
	
  2006 and after

  	
   

  	
  $5,000 (adjusted for cost of living after            2006)

  	
   

  

 

17

 

Sec. 5.10               Return of Excess Deferrals. Notwithstanding any other provisions of the
Plan, Excess Deferrals for a calendar year and any income allocable thereto may
be distributed at any time after the Excess Deferrals are received but in no
case will the Excess Deferrals be distributed later than the following April 15
to Participants who claim such Excess Deferrals, subject to the following:

 

(a)           For purposes of this section, “Excess
Deferrals” means the amount of Before Tax Deposits for a calendar year that the
Participant claims pursuant to the procedure in subsection (b) because
the total amount deferred for the calendar year under this Plan and any other
plan exceeds the limit under Code § 402(g).

 

(b)           The Participant’s written claim, specifying
the Participant’s Excess Deferral for the preceding calendar year, shall be
submitted to the Company no later than March 1. The claim shall include
the Participant’s written statement that if such amounts are not distributed,
such Excess Deferrals, when added to amounts deferred under other plans or
arrangements described in Code § 401(k), 403(b), or 408(k), exceed the
limit imposed on the Participant by Code § 402(g) for the year in
which the deferral occurred.

 

(c)           Excess Deferrals distributed to a Participant
with respect to a calendar year shall be adjusted to include income or losses
allocable thereto. The amount of income or loss shall be the pro-rata portion
of the income or loss for the year for which the contributions were made and
the year of distribution which is determined by the Trustee to fairly reflect
the portion of the Plan’s aggregate income or loss for said years properly
attributable to the Excess Deferrals.

 

(d)           The amount of Excess Deferrals and income
allocable thereto which would otherwise be distributed pursuant to this section shall
be reduced, in accordance with regulations, by the amount of excess Before Tax
Deposits and income allocable thereto previously distributed to the Participant
pursuant to Sec. 5.11.

 

(e)           No Matching Contributions will be provided
with respect to Excess Deferrals. Any Matching Contributions made with respect
to Before Tax Deposits which are later determined to be Excess Deferrals shall
be forfeited and applied as provided in Sec. 5.7. The amount forfeited shall be
adjusted for income or losses attributable thereto, determined as provided in
Sec. 5.11(f).

 

Sec. 5.11               Adjustment of Employer Contributions If Required by
Code § 401(k) . If
necessary to satisfy the requirements of Code § 401(k), Before Tax
Deposits shall be adjusted as follows:

 

(a)           If the requirements of either paragraph (1) or
(2) are satisfied with respect to a Plan Year, then no further action is
needed under this section:

 

(1)           The average deferral percentage of Highly
Compensated Employees for the current Plan Year is not more than 1.25 times the
average deferral percentage of non-Highly Compensated Employees for the
immediately preceding Plan Year.

 

18

 

(2)           The excess of the average deferral percentage
of Highly Compensated Employees for the current Plan Year over the average
deferral percentage of non-Highly Compensated Employees for the immediately
preceding Plan Year is not more than two percentage points, and the average
deferral percentage of Highly Compensated Employees for the current Plan Year
is not more than 2 times the average deferral percentage of non-Highly
Compensated Employees for the immediately preceding Plan Year.

 

(b)           The Company may elect to apply subsection (a) by
using the average deferral percentage of non-Highly Compensated Employees for
the current Plan Year (rather than the preceding Plan Year). Any such election
shall be made in accordance with procedures prescribed by the Internal Revenue
Service and will be irrevocable except in accordance with those procedures.

 

(c)           Average deferral percentages will be
determined as follows:

 

(1)           A Participant’s deferral percentage for a
Plan Year is his Before Tax Deposits for said Plan Year (including any Excess
Deferrals distributed under Sec. 5.10 but excluding any catch-up Before Tax
Deposits made pursuant to Sec. 5.9(b)), divided by his or her Testing Wages for
said Plan Year.

 

(2)           The average deferral percentage for Highly
Compensated Employees or non-Highly Compensated Employees for a Plan Year is the
average of the individual percentages for all such employees who were eligible
to make Before Tax Deposits during that Plan Year.

 

(3)           The average deferral percentage for
non-Highly Compensated Employees for the preceding Plan Year will take into
account all individuals who were eligible to make Before Tax Deposits and were
non-Highly Compensated Employees during the preceding Plan Year, regardless of
whether the individual is eligible to make Before Tax Deposit and/or is a
non-Highly Compensated Employee for the current Plan Year.

 

(4)           The individual and average deferral
percentages shall be calculated to the nearest one-hundredth of one percent.

 

(d)           If neither of the requirements of subsection (a) is
satisfied, then the Before Tax Deposits with respect to Highly Compensated
Employees shall be reduced as follows:

 

(1)           Determine excess amount with respect to each
Highly Compensated Employee.
The Company will determine the maximum individual deferral percentage which
could be allowed and still satisfy (a)(1) or (a)(2). For each Highly
Compensated Employee whose actual deferral percentage was higher than the
maximum individual percentage, the Company will determine the amount of excess
Before Tax Deposits (i.e. the
amount by which the individual’s actual Before Tax Deposits exceeds what the
individual’s Before Tax Deposits would have been if he or she had contributed
the maximum

 

19

 

permitted
deferral percentage).

 

(2)           Add up excess amount for all Highly Compensated
Employees. Rather than
distributing the amounts determined in (1) to the individuals whose Before
Tax Deposits exceeded the maximum permitted deferral percentage, these amounts
will be added together to determine an aggregate amount of excess deferrals.

 

(3)           Reduce Before Tax Deposits. Reduce Before Tax Deposits of the Highly
Compensated Employee who contributed the highest dollar amount by the amount
required to cause Before Tax Deposits to equal the amount contributed by the
Highly Compensated Employee with the next highest dollar amount. Continue
making such reductions until the aggregate amount of reductions equals the
total determined in (2).

 

(e)           At any time during the Plan Year, the Company
may make an estimate of the amount of Before Tax Deposits by Highly Compensated
Employees that will be permitted under this section for the year and may
limit the Before Tax Deposits for such Employees to the extent the Company
determines in its sole discretion to be necessary to satisfy at least one of
the requirements in subsection (a).

 

(f)            The amount by which Before Tax Deposits with
respect to Highly Compensated Employees are reduced pursuant to subsection (e) shall
be applied as follows:

 

(1)           Such reductions for
Highly Compensated Employees who were age 50 or older by the last day of the
Plan Year for which the contribution was made will be recharacterized as
catch-up contributions, but only to the extent that the recharacterized amount,
when added to any other catch-up contributions previously made by the
Participant, do not exceed the applicable limit under Sec. 5.9(b).

 

(2)           Any remaining
reduction amount for employees age 50 or older, and the full reduction amount
for employees younger than age 50 (in either case adjusted for income or losses
allocable thereto) shall be distributed to Participants on whose behalf such
excess contributions were made no later than December 31 of the following
Plan Year. Furthermore, the Company shall attempt to distribute such amount by March 15
of the following Plan Year to avoid the imposition on the Company of an excise
tax under Code § 4979. Income or losses allocable to contributions which
are being distributed shall be the pro-rata portion of the income or loss for
the year for which the contributions were made and the year of distribution
which is determined by the Trustee to fairly reflect the portion of the Plan’s
aggregate income or loss for said years properly attributable to such
contributions  The amount which would
otherwise be distributed pursuant to this subsection shall be reduced by
the amount previously distributed to the Participant pursuant to Sec. 5.10 for
the same Plan Year.

 

(g)           No Matching
Contributions will be provided with respect to excess Before Tax Deposits that
are distributed pursuant to paragraph (2) of subsection (f). However,

 

20

 

excess Before Tax Deposits which
are recharacterized as catch-up deposits will remain eligible for matching. Any
Matching Contributions made with respect to Before Tax Deposits which are
distributed because they exceed the limitations under this section shall
be forfeited and applied as provided in Sec. 5.7. The amount forfeited shall be
adjusted for income or losses attributable thereto, determined as provided in
subsection (f).

 

Sec. 5.12               Adjustment of Matching Contributions, After Tax
Deposits, and Retirement Contributions Required by Code § 401(m). If necessary to satisfy the requirements of
Code § 401(m), Matching Contributions, Retirement Contributions, and After
Tax Deposits shall be adjusted as follows:

 

(a)           If the requirements of either paragraph (1) or
(2) are satisfied, then no further action is needed under this section:

 

(1)           The average contribution percentage of Highly
Compensated Employees for the current Plan Year is not more than 1.25 times the
average contribution percentage of non-Highly Compensated Employees for the
immediately preceding Plan Year.

 

(2)           The excess of the average contribution
percentage of Highly Compensated Employees for the current Plan Year over the
average contribution percentage of non-Highly Compensated Employees for the
immediately preceding Plan Year is not more than two percentage points, and the
average contribution percentage of Highly Compensated Employees for the current
Plan Year is not more than 2 times the average contribution percentage of
non-Highly Compensated Employees for the immediately preceding Plan Year.

 

(b)           The Company may elect to apply subsection (a) by
using the average contribution percentage of non-Highly Compensated Employees
for the current Plan Year (rather than the preceding Plan Year). Any such
election shall be made in accordance with procedures prescribed by the Internal
Revenue Service and will be irrevocable except in accordance with those
procedures.

 

(c)           Average contribution percentages will be
determined as follows:

 

(1)           A Participant’s contribution percentage for a
Plan Year is the amount in (A) divided by the amount in (B):

 

(A)          The Participant’s Matching Contributions,
Retirement Contributions, and After-Tax Deposits for that Plan Year, reduced by
any Matching Contributions forfeited under Sec. 5.10(e) or Sec. 5.11(g).

 

(B)           The Participant’s Testing Wages for said Plan
Year.

 

(2)           The average contribution percentage for
Highly Compensated Employees or non-Highly Compensated Employees for a Plan
Year is the average of the individual percentages for all such employees who
were eligible to make Before Tax Deposits during that Plan Year.

 

21

 

(3)           The average contribution percentage for
non-Highly Compensated Employees for the preceding Plan Year will take into
account all individuals who were eligible to make Before Tax Deposits and were
non-Highly Compensated Employees during the preceding Plan Year, regardless of
whether the individual is eligible to make 
Before Tax Deposits and/or is a non-Highly Compensated Employee for the
current Plan Year.

 

(4)           The individual and average contribution
percentages shall be calculated to the nearest one-hundredth of one percent.

 

(d)           If neither of the requirements of subsection (a) is
satisfied, then Matching Contributions, Retirement Contributions, and After Tax
Deposits with respect to Highly Compensated Employees shall be reduced as
follows:

 

(1)           Determine excess amount with respect to each
Highly Compensated Employee.
The Company will determine the maximum individual contribution percentage which
could be allowed and still satisfy (a)(1) or (a)(2). For each Highly
Compensated Employee whose actual contribution percentage was higher than the
maximum individual percentage, the Company will determine the amount of excess
contributions (i.e. the amount by
which the individual’s actual After Tax Deposits, Retirement Contributions, and
Matching Contributions exceeds what they would have been if limited to the
maximum permitted contribution percentage).

 

(2)           Add up excess amount for Highly Compensated
Employees. Rather than
distribute amounts determined in (1) to the individuals whose After Tax
Deposits, Retirement Contributions, and Matching Contributions exceeded the
maximum permitted contribution percentage, these amounts will be added together
to determine an aggregate amount of excess contributions.

 

(3)           Distribute Excess Contributions. Reduce After Tax Deposits, Retirement
Contributions, and Matching Contributions of the Highly Compensated Employee
who received the highest dollar amount to the amount contributed for the Highly
Compensated Employee with the next highest dollar amount. Continue making such
reductions until the aggregate amount of reductions equals the total determined
in (2). To the extent possible, the reduction shall be accomplished by reducing
After Tax Deposits, and then by reducing Matching Contributions.

 

(e)           Amounts by which a Participant’s After Tax Deposits,
Matching Contributions, and Retirement Contributions are reduced pursuant to (d) shall
be adjusted for income or loss as provided in Sec. 5.11(f) and applied as
follows:

 

(1)           Any excess After Tax Deposits and the vested
portion of any excess Matching Contributions and Retirement Contributions will
be distributed to the Participant. For this purpose, the vested percentage will
be the percent that would have been vested if the Participant’s Termination of
Employment had occurred on December 31 of the Plan Year for which the
excess amounts

 

22

 

were
contributed.

 

(2)           The non-vested portion of the excess Matching
Contributions and Retirement Contributions shall be forfeited and applied as
provided in Sec. 5.7.

 

(f)            Reductions, distributions, and Forfeitures
required by this section for any Plan Year shall occur no later than December 31
of the following Plan Year. Furthermore, the Company shall attempt to complete
such adjustments by March 15 of the following Plan Year to avoid
imposition on the Company of an excise tax under Code § 4979.

 

(g)           At any time during the Plan Year, the Company
may estimate of the amount of Matching Contributions and After Tax Deposits for
Highly Compensated Employees that will be permitted under this section and
may reduce Matching Contributions and After Tax Deposits for Highly Compensated
Employees to the extent the Company determines in its sole discretion to be
necessary to satisfy at least one of the requirements in subsection (a).

 

23

 

ARTICLE VI

 

INVESTMENT FUNDS AND ACCOUNTS

 

Sec. 6.1                  Accounts for Participants. The following Accounts may be established
under the Plan for a Participant:

 

(a)           A Before Tax Deposit Account, to which Before
Tax Deposits shall be credited.

 

(b)           A Matching Contribution Account, to which
Matching Contributions shall be credited.

 

(c)           A Retirement Account, to which Retirement
Contributions for Group B Participants shall be credited.

 

(d)           An After Tax Deposit Account, to which After
Tax Deposits shall be credited.

 

(e)           A Basic Contribution Account, to which Basic
Contributions were credited in the past.

 

(f)            A Rollover Account, to which Rollover
Deposits shall be credited.

 

Multiple
such Accounts may be established for a Participant if deemed advisable by the
Company.

 

Sec. 6.2                  Valuation of Accounts. As of each Valuation Date, each Account
shall be adjusted to reflect the effect of investment gains or losses, income,
contributions, distributions, forfeitures, transfers, loans and all other
transactions with respect to that Account since the next preceding Valuation
Date.

 

Sec. 6.3                  Investment of Accounts. Accounts shall be invested as follows:

 

(a)           Matching Contribution Accounts shall be
invested in the Bemis Stock Fund. The Bemis Stock Fund shall be invested
primarily in shares of Bemis Stock, but the Trustee may maintain a portion in
cash, cash equivalents, or other investments. At any time after completing
three years of Aggregate Continuous Service, a Participant may elect that all
or any part of his or her Matching Contribution Account or future Matching
Contributions be invested in other Investment Funds. A Participant may make
multiple such elections. Such amounts will then be subject to the investment provisions
in subsection (b), and may not be transferred back to the Bemis Stock
Fund.

 

(b)           The Company shall determine the Investment
Funds which shall be available for investment of Before Tax Deposit Accounts,
After Tax Deposit Accounts, Retirement Accounts, Basic Contribution Accounts,
Rollover Accounts, and any amounts transferred out of the Bemis Stock Fund
pursuant to subsection (a). The Company may add or delete Investment Funds
from time to time. Participants may direct how these Accounts will be allocated
among the Investment Funds.

 

24

 

(c)           All investment directions shall be in
accordance with such rules and regulations as the Company, Trustee, or
recordkeeper may establish from time to time for this purpose. Each investment
election shall be in effect until a new investment election is made by the
Participant. If a Participant fails to provide directions as to the investment
of said Accounts, the Company may designate an investment vehicle to be used.

 

Sec. 6.4                  Transfers From Other Plans. If a person who was formerly a participant
in another qualified defined contribution plan sponsored by a Participating
Employer transfers to a position as a Qualified Employee under this Plan, the
Company may but is not required to arrange for transfer of his or her accounts
under the other plan to the Trust Fund for this Plan. Amounts transferred from
an account under another such plan will be credited to the comparable Account
under this Plan (as determined by the Company in its sole discretion) and
thereafter will be subject to the provisions of this Plan with regard to the
successor Account.

 

25

 

ARTICLE VII

 

DESIGNATION OF BENEFICIARY

 

Sec. 7.1                  Persons Eligible to Designate. Any Participant may designate a Beneficiary
to receive any amount payable from the Trust Fund as a result of the
Participant’s death. The Beneficiary may be one or more persons, natural or
otherwise. By way of illustration, but not by way of limitation, the
Beneficiary may be an individual, trustee, executor, or administrator. A
Participant may also change or revoke a designation previously made, without
the consent of any Beneficiary named therein.

 

Sec. 7.2                  Form and Method of
Designation. Any designation
or a revocation of a prior designation of Beneficiary shall be in writing on
such form as the Company may prescribe and shall be filed with the Company. The
Company and all other parties involved in making payment to a Beneficiary may
rely on the latest Beneficiary designation on file with the Company at the time
of payment or may make payment pursuant to Sec. 7.3 if an effective designation
is not on file, shall be fully protected in doing so, and shall have no
liability whatsoever to any person making claim for such payment under a
subsequently filed designation of Beneficiary or for any other reason.

 

Sec. 7.3                  No Effective Designation. If there is not on file with the Company an
effective designation of Beneficiary by a deceased Participant, the Beneficiary
shall be the person or persons surviving the Participant in the first of the
following classes in which there is a survivor, share and share alike:

 

(a)           The Participant’s spouse.

 

(b)           The Participant’s children, except that if
any children predecease the Participant but leave issue surviving the
Participant, such issue shall take by right of representation the share their
parent would have taken if living.

 

(c)           The Participant’s parents.

 

(d)           The Participant’s brothers and sisters.

 

(e)           The Participant’s personal representative
(executor or administrator).

 

Determination
of the identity of the Beneficiary in each case shall be made by the Company.

 

Sec. 7.4                  Beneficiary May Not
Designate. No
Beneficiary may designate a successor Beneficiary. If a Beneficiary of a
deceased Participant dies before receiving all benefits to which the
Beneficiary is entitled, the remaining benefits shall be paid to the personal
representative (executor or administrator) of the deceased Beneficiary. However,
an alternate payee under a Qualified Domestic Relations Order may designate a
Beneficiary to receive benefits in the event of the alternate payee’s death.

 

26

 

Sec. 7.5                                                     Special Requirements for
Married Participants. Notwithstanding
the provisions of Sec. 7.1, if a Participant is married at the time of the
Participant’s death, the Participant’s Beneficiary shall be his or her spouse
unless the spouse has consented in writing to the designation of a different
Beneficiary, the spouse’s consent acknowledges the effect of such designation,
and the spouse’s consent is witnessed by a representative of the Plan or a
notary public. The previous sentence shall not apply if it is established to
the satisfaction of the Company that such consent cannot be obtained because
there is no spouse, because the spouse cannot be located, or because of such
other circumstances as may be prescribed by federal regulations. Any consent of
a spouse under this section shall be irrevocable.

 

27

 

ARTICLE VIII

 

BENEFIT REQUIREMENTS

 

Sec. 8.1                                                     Benefits on Retirement or
Disability. If a
Participant’s Termination of Employment is due to Normal Retirement or
Disability Retirement, the Participant shall receive the value of his or her
Accounts. The benefits shall be paid at the times and in the manner determined
under Article IX.

 

Sec. 8.2                                                     Other Termination of
Employment. If a
Participant’s Termination of Employment occurs (for any reason other than his
death) under circumstances such that he or she is not entitled to a benefit
under Sec. 8.1, he or she shall be entitled to a benefit equal to the vested
percentage of the value of his or her Matching Contribution Account, Retirement
Account, and Basic Contribution Account and the total value of his or her other
Accounts, subject to the following:

 

(a)                                  If a Participant’s Termination of Employment
occurs on or after January 1, 2002, the vested percentage shall depend on
the number of his or her Years of Aggregate Continuous Service at the time of
the Termination of Employment, as follows:

 

Vesting Schedule

 

	
  Years
  of Aggregate

  	
   

  	
   

  	
   

  
	
  Continuous
  Service

  	
   

  	
  Vested Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Less than 3 years

  	
   

  	
  0%

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  3 years or more

  	
   

  	
  100%

  	
   

  

 

(b)                                 That part of a Matching Contribution Account,
Retirement Account, or Basic Contribution Account which is not vested shall be
forfeited as soon as administratively practicable after a Participant’s
Termination of Employment and applied as a credit against employer
contributions thereafter falling due as provided in Sec. 5.7. Amounts so
forfeited are referred to herein as “Forfeitures”.

 

(c)                                  If a Participant whose Account was forfeited
under subsection (b) is subsequently reemployed and completes a Year
of Aggregate Continuous Service before incurring a Recognized Break In Service
of at least 60 months duration, on or about the last Valuation Date of the Plan
Year in which he or she completes such Year of Aggregate Continuous Service, a
Matching Contribution Account, Retirement Account, and Basic Contribution
Account shall be reinstated, to which he or she shall be entitled if and to the
extent vested in accordance with the provisions of this Article upon
subsequent Termination of Employment. The initial value of such Matching
Contribution Account, Retirement Account, or Basic Contribution Account as of
such Valuation Date shall be equal to the amount forfeited under subsection (b).

 

(d)                                 The amount required to reinstate an Account
pursuant to subsection (c) as of the last day of a Plan Year shall be
provided from the following sources in the priority indicated:

 

28

 

(1)                                  Amounts forfeited under subsection (b) for
the Plan Year.

 

(2)                                  Employer contributions.

 

(e)                                  The benefit under this section shall be
paid at the times and in the manner determined under Article IX.

 

Sec. 8.3                                                     Death. If a Participant’s Termination of
Employment is the result of his or her death, the Participant’s Beneficiary shall
be entitled to a benefit equal to the value of the sum of the Participant’s
Accounts. If a Participant’s death occurs after Termination of Employment, the
Participant’s Beneficiary shall be entitled to such benefit as the Participant
would have been entitled thereafter from the Trust Fund had the Participant
lived. Benefits to which Beneficiaries become entitled under this section shall
be paid at the times and in the manner determined under Article IX.

 

29

 

ARTICLE IX

 

DISTRIBUTION OF BENEFITS

 

Sec. 9.1                                                     Time and Method of Payment. Except as provided in Sec. 9.2, the benefit
to which a Participant or Beneficiary may become entitled under Article VIII
shall be distributed in a single sum or in installments at such time and
according to such method as he or she elects, subject to the following:

 

(a)                                  Distributions to which a Participant is
entitled may begin at any time after his or her Termination of Employment, but
must begin not later than his required beginning date, subject to the
following:

 

(1)                                  Distribution may be made in (i) a single
sum, or (ii) annual or more frequent installments (or a combination
thereof) as elected by the Participant.

 

(2)                                  Pursuant to Code § 401(a)(14),
a Participant has the right to receive distributions from the Plan at age 65
(or at Termination of Employment, if later). Such distributions will be made
upon receipt of proper instructions from the Participant.

 

(3)                                  A Participant’s “required beginning date” is April 1
of the Plan Year following the later of (i) the Plan Year in which the
Participant attains age 701⁄2, or (ii) the Plan Year in which the
Participant’s Termination of Employment occurs. However, if the Participant is
a 5% owner, as described in Code § 416, the required beginning date is April 1
following the Plan Year he or she reaches age 701⁄2, regardless of whether he or
she has had a Termination of Employment.

 

(b)                                 For distributions made for calendar years
beginning on or after January 1, 2003, the Plan will apply the minimum
distribution and incidental death benefit requirements of Code § 401(a)(9) in
accordance with Treas. Reg. §1.401(a)(9)-1 through 1.401(a)(9)-9. These
requirements will override any distribution options in the Plan that are
inconsistent with § 401(a)(9). (Distributions during 2002 were determined
under Code § 401(a)(9) regulations proposed on January 17,
2002.)

 

(c)                                  The amount distributed to a Participant
for the calendar year preceding his or her required beginning date and for each
subsequent calendar year shall not be less than the amount required by Treas.
Reg. 1.401(a)(9)-5. The distribution for the calendar year preceding the
individual’s required beginning date must be paid not later than the required
beginning date. The distribution for each subsequent year must be paid not
later than December 31st of that year.

 

(d)                                 If the Participant dies after his or her
required beginning date and after beginning to receive payments in
installments, the remaining payments shall be made to the Beneficiary in annual
amounts at least equal to the minimum amount required by Treas. Reg.
1.401(a)(9)-5.

 

30

 

(e)                                  If the Participant dies before his or her
required beginning date, the Participant’s Accounts shall be distributed to the
Beneficiary not later than December 31 of the year containing the fifth
anniversary of the Participant’s death, subject to the following:

 

(1)                                  Distributions to a Beneficiary may extend
beyond five years from the death of the Participant if they are in the form of
installment payments over a period not exceeding the Beneficiary’s life
expectancy, provided such payments begin not later than December 31 of the
year following the year in which the Participant’s death occurred.

 

(2)                                  If a Beneficiary is the surviving spouse
of the Participant, payments to that surviving spouse pursuant to paragraph (1) need
not commence until December 31 of the year in which the Participant would
have reached age 701⁄2.

 

(f)                                    If a Beneficiary of a deceased Participant
dies before receiving all benefits to which the Beneficiary is entitled under
the Plan, any remaining amount shall be paid to the personal representative
(executor or administrator) of the deceased Beneficiary promptly after the
Beneficiary’s death.

 

(g)                                 If more than one Beneficiary is entitled to
benefits following the Participant’s death, the interest of each Beneficiary
shall be segregated into a separate Account for purposes of applying this
section.

 

(h)                                 If distributions are made in installments,
the amount to be distributed each calendar year, beginning with the first
calendar year for which payments are required pursuant to Code § 401(a)(9),
must be at least equal to the quotient obtained by dividing the entire interest
of the individual on the most recent Valuation Date preceding the calendar year
(adjusted as may be required by Treasury regulations) by the applicable
distribution period determined under Treas. Reg. 1.401(a)(9)-5.

 

(i)                                     Distributions shall be made in accordance
with the requirements of Code § 401(a)(9), including the incidental death
benefit requirements of Code § 401(a)(9)(G) and the regulations
thereunder. No distribution option otherwise permitted under this Plan will be
available to a Participant or Beneficiary if such distribution option does not
meet the requirements of Code § 401(a)(9), including paragraph (G) thereof.

 

Sec. 9.2                                                     Accounts Totaling $5,000 or
Less. If the total value
of the Accounts of a Participant (or a Beneficiary following the Participant’s
death) is $5,000 or less prior to the time distributions are to commence, a
single-sum distribution shall be made to the Participant (or Beneficiary) as
soon as administratively feasible following the Participant’s Termination of
Employment or death. Certain distributions pursuant to this section are
subject to automatic rollover pursuant to Sec. 9.14(f).

 

Sec. 9.3                                                     Form of Distribution. Single sum distributions from Matching
Contribution Accounts and Retirement Accounts shall be distributed in shares of
Company Stock or in cash, as elected by the recipient. If a Participant so
elects, any portion of his or her Matching Contribution Account that was
transferred from the Bemis Stock Fund to other investment funds will be
reinvested in shares of Bemis Stock immediately prior to distribution, and the
shares distributed in

 

31

 

kind
as part of the single sum distribution. Installment distributions from Matching
Contribution Accounts and Retirement Accounts shall be made in cash. All
distributions from other Accounts shall be made in cash.

 

Sec. 9.4                                                     Dividend Withdrawals. A Participant who has completed three or more
years of Aggregate Continuous Service may elect each Plan Year to withdraw
dividends on Bemis Stock held in his or her Matching Contribution Account. Such
withdrawals are subject to the following:

 

(a)                                  Elections shall be made annually during an
election period designated by the Company, and will remain in effect until
modified in a subsequent election period.

 

(b)                                 If a Participant elects such withdrawals, the
dividends will be distributed on (or shortly after) the dividend payment date. Such
distributions may be made by the Trustee or directly by the Company.

 

(c)                                  If a Participant elects not to withdraw
dividends (or does not make any election), dividends will remain in the Trust
Fund where they will be reinvested in the Bemis Stock Fund.

 

(d)                                 Such elections may also be made by
Participants who are former employees and Beneficiaries of deceased
Participants.

 

Sec. 9.5                                                     Withdrawals. A Participant may
request a cash withdrawal prior to his or her Termination of Employment in
accordance with the following:

 

(a)                                  A Participant may at
any time withdraw all or any part of his or her After-Tax Deposit Account or
Rollover Account. A Participant may not make more than one such withdrawal in
any one Plan Year. Hardship withdrawals under subsection (b) shall
not be permitted unless the Participant has previously withdrawn or
concurrently withdraws the entire amount held in his or her After-Tax Deposit
Account and Rollover Account.

 

(b)                                 A withdrawal may be made from his or her
Before-Tax Deposit Account only to meet a financial hardship.

 

(1)                                  A hardship withdrawal will be permitted to
the extent that the Company deems (from the hardship withdrawal request
information) that both of the following requirements are met:

 

(A)                              The distribution must be made on account of one of the following
reasons:

 

(i)                                     Medical expenses described in Code § 213(d) incurred
or to be incurred by the Participant, the Participant’s spouse, or any
dependents of the Participant, as defined in Code § 152.

 

(ii)                                  Purchase (excluding mortgage payments) of the
principal residence of the Participant.

 

32

 

(iii)                               Payment of tuition, related educational fees, and room and board
expenses for the next 12 months of post-secondary education for the
Participant, or for his or her spouse, children or dependents.

 

(iv)                              The need to prevent eviction of the Participant from his or her
principal residence or mortgage foreclosure on such residence.

 

(v)                                 Payments for burial or funeral expenses for
the Participant’s deceased parent, spouse, children, or dependents (as defined
in Code § 152 but without regard to Code § 152(d)(1)(B)).

 

(vi)                              Expenses for the repair of damage to the Participant’s primary
residence that would qualify for the casualty deduction under Code § 165
(determined without regard to whether the loss exceeds 10% of adjusted gross
income).

 

(B)                                All of the following requirements must be satisfied:

 

(i)                                     The amount of the distribution cannot exceed
the amount of the immediate and heavy financial need of the Participant,
including any amount required to cover taxes the Participant can reasonably be
expected to incur in connection with the distribution. The Plan recordkeeper
may reasonably rely on the Participant’s representation as to that amount.

 

(ii)                                  The Participant must have obtained all
distributions, other than hardship distributions, and all nontaxable loans
currently available under all plans maintained by the Company or any Affiliate.

 

(iii)                               The Participant’s Before-Tax Deposits and After-Tax Deposits under the
Plan and all elective contributions and employee contributions under all other
qualified and non-qualified plans of deferred compensation maintained by the
Company or any Affiliate will be suspended for at least six months after the
receipt of the hardship distribution.

 

(2)                                  Earnings credited to the Participant’s
Before-Tax Deposit Account cannot be withdrawn under this subsection.

 

(c)                                  Requests for withdrawals under this section shall
be submitted to the Plan recordkeeper in such form as the Company has
authorized for this purpose. Payment of withdrawals under this section shall
be made promptly after the Plan recordkeeper has received and reviewed the form
for completeness, meaning that upon such review the hardship withdrawal shall
be deemed to be authorized and approved by the Company. The Company shall
review and resolve any issues that the Plan recordkeeper identifies with
respect to any such request.

 

33

 

Sec. 9.6                                                     Loans to Participants. The Company may authorize a loan to a
Participant who makes application therefor. Each such loan shall be subject to
the following provisions:

 

(a)                                  In no event shall the Company authorize a
loan to a Participant which, together with the unpaid principal and accrued
interest of any other outstanding loan to such Participant, exceeds whichever
of the following amounts is least:

 

(1)                                  50% of the aggregate value of all of the
Participant’s Accounts, to the extent vested.

 

(2)                                  The value of the Participant’s Before Tax
Deposit Account and Rollover Account.

 

(3)                                  $50,000, reduced by the excess, if any, of (i) the
highest outstanding loan balance during the year ending the day before the loan
is made over (ii) the outstanding loan balance on the date the loan is
made.

 

(b)                                 No loan may be for an amount less than $1,000.
If the amount available for a loan is limited under subsection (a) to
an amount less than $1,000, then no loan may be made.

 

(c)                                  A Participant may not have more than two
loans outstanding at any point in time.

 

(d)                                 Each loan to a Participant shall be supported
by a promissory note payable to the Trustee. Each such loan shall be adequately
secured by the Participant’s Accounts. A loan shall be considered adequately
secured if the loan amount does not exceed one-half of the Participant’s vested
balance in all Accounts on the date the loan is made.

 

(e)                                  Each loan shall bear a reasonable rate of
interest as determined by the Company.

 

(f)                                    Each loan shall provide for the payment of
accrued interest and principal in substantially equal installments no less
frequently than quarterly over a stated term not to exceed five years. All
loans shall be repaid through payroll deductions. The Participant shall execute
any documents required to authorize payroll deductions.

 

(g)                                 A Participant may prepay a loan anytime at
least six months after the loan is made by paying the Trustee the full
remaining principal balance and any accrued interest. Partial prepayments are
not permitted. No prepayment may be made during the first six months after a
loan was made.

 

(h)                                 In accordance with the foregoing standards
and requirements, loans shall be available to all Participants on a reasonably
equivalent basis. All loans shall be governed by such rules and
regulations as the Company may adopt, and applications for loans shall be made
on such forms as the Company may provide or approve for such purpose.

 

34

 

(i)                                     The Company or Trustee shall cause to be
furnished to any individual receiving a loan any information required to be
furnished pursuant to the Federal Truth in Lending Act, if applicable, or
pursuant to any other applicable law.

 

(j)                                     Loans to a Participant will come from his or
her Before Tax Deposit Account and/or Rollover Account. Interest the
Participant pays on the loan will be credited to said Account, and the Account
will be reduced to reflect any loss incurred due to the Participant’s failure
to repay the loan.

 

(k)                                  Failure to pay any installment of interest or
principal on a loan by the end of the calendar quarter following the calendar
quarter in which the payment was due, shall constitute a default on the unpaid
balance of the loan. Notwithstanding the foregoing, if a Participant is on an
unpaid leave of absence, no default will occur for a period of up to one year
(or until the end of the leave of absence, if shorter). This grace period will
not extend the original repayment period of the loan, however, and the unpaid
loan balance must be reamortized over the remaining portion of the original
repayment period following the end of the leave of absence. If a Participant is
performing military service for the United States, however, loan repayments
shall be suspended as permitted under Code § 414(u)(4) and no
reamortization will be required. Events of a default shall also include any
other events identified as such in the Participant’s Note. Upon a default, the
entire loan balance will be declared to be in default to the extent required by
(and in accordance with) applicable Treasury Regulations. In the event of a
default on a loan, foreclosure on the Note and application of the Participant’s
Account to satisfy the Note will not occur until the earliest date on which the
Participant or Participant’s Beneficiary is eligible to receive payment of
benefits under Article VIII.

 

(l)                                     The Company may require that upon a
Participant’s Termination of Employment, or at any time thereafter, any
outstanding loan will be satisfied by a reduction of his or her Before Tax
Deposit Account or Rollover Account. Also, if a benefit is payable Participant,
and a loan to that Participant is outstanding, the benefit may be paid in whole
or in part by distributing the promissory note relating to said loan. The value
of the promissory note shall be deemed to equal the unpaid principal amount on
the note. The Company also may require repayment of an outstanding loan at any
time after the borrower’s Termination of Employment.

 

(m)                               No loan may be made to a former employee or
to an employee who is not a Qualified Employee.

 

Sec. 9.7                                                     Accounting Following
Termination of Employment.
The Participant’s Accounts shall continue to be invested and valued as provided
in Article VI until distributed.

 

Sec. 9.8                                                     Reemployment. Distributions from the Trust Fund shall
cease upon reemployment of a Participant in a regular position by a
Participating Employer, and shall recommence in accordance with the provisions
of this Article upon his or her subsequent Termination of Employment.

 

35

 

Sec. 9.9                                                     Source of Benefits. All benefits to which persons become
entitled hereunder shall be provided only out of the Trust Fund and only to the
extent that the Trust Fund is adequate therefor. No benefits are provided under
the Plan except those expressly described herein.

 

Sec. 9.10                                              Incompetent Payee. If in the opinion of the Company a person
entitled to payments hereunder is disabled from caring for his or her affairs
because of mental condition, physical condition, or age, payment due such
person may be made to such person’s guardian, conservator, or other legal
personal representative upon furnishing the Company with evidence satisfactory
to the Company of such status. Prior to the furnishing of such evidence, the
Company may cause payments due the person under disability to be made, for such
person’s use and benefit, to any person or institution then in the opinion of
the Company caring for or maintaining the person under disability. The Company
shall have no liability with respect to payments so made. The Company shall
have no duty to make inquiry as to the competence of any person entitled to
receive payments hereunder.

 

Sec. 9.11                                              Benefits May Not Be
Assigned or Alienated.
Except as otherwise expressly permitted by the Plan or required by law, the
interests of persons entitled to benefits under the Plan may not in any manner
whatsoever be assigned or alienated, whether voluntarily or involuntarily, or
directly or indirectly. However, the Plan shall comply with the provisions of
any court order which the Company determines is a qualified domestic relations
order as defined in Code § 414(p). Notwithstanding any provisions in the
Plan to the contrary, an individual who is entitled to payments from the Plan
as an “Alternate Payee” pursuant to a Qualified Domestic Relations Order may
receive a lump-sum payment from the Plan as soon as administratively feasible,
whether or not the Participant is an active employee, after the Company’s
determination that the order is a Qualified Domestic Relations Order, unless
the order specifically provides for payment to be made at a time later, or in a
different form than permitted, under Sec. 9.1. The Company may defer
distributions from an account subject to a domestic relations order pending
determination that the order is qualified.

 

Sec. 9.12                                              Payment of Taxes. The Trustee may pay any estate,
inheritance, income, or other tax, charge, or assessment attributable to any
benefit payable hereunder which in the Trustee’s opinion it shall be or may be
required to pay out of such benefit. The Trustee may require, before making any
payment, such release or other document from any taxing authority and such
indemnity from the intended payee as the Trustee shall deem necessary for its
protection.

 

Sec. 9.13                                              Conditions Precedent. No person shall be entitled to a benefit
hereunder until his or her right thereto has been finally determined by the
Company nor until he or she has submitted to the Company or Trustee relevant
data and forms they reasonably request, including, but not limited to, proof of
birth or death.

 

Sec. 9.14                                              Rollovers and Transfers to
Other Qualified Plans. A
distributee may elect, at the time and in the manner prescribed by the Company,
to have any portion of an eligible rollover distribution equal to or greater
than $200 paid directly to another eligible retirement plan specified by the
distributee in a direct rollover. The following definitions shall be used in administering
the provisions of this Section.

 

(a)                                  Eligible rollover distribution:  An
eligible rollover distribution is any distribution of all or any portion of the
balance to the credit of the distributee, except that an eligible rollover
distribution does not include:  any
distribution that is one of a series of substantially equal periodic payments
(not less frequently than annually) made for the life (or life expectancy) of
the distributee or the joint lives (or joint life expectancies) of the distributee
and the distributee’s designated Beneficiary, or for a

 

36

 

specified
period of ten years or more; and any distribution to the extent such
distribution is required under Code § 401(a)(9).

 

(b)                                 Eligible retirement plan:  An
eligible retirement plan is an individual retirement account described in Code § 408(a),
an individual retirement annuity described in Code § 408(b), an annuity
plan described in Code § 403(a), a qualified trust described in Code § 401(a),
an eligible deferred compensation plan described in Code § 457(b) maintained
by a governmental entity such as a state, political subdivision of a state, or
agency or instrumentality of a state or political subdivision of a state which
agrees to separately account for amounts transferred from this Plan, and a tax
sheltered annuity contract described in Code § 403(b) that accepts
the distributee’s eligible rollover distribution.

 

(c)                                  Distributee:  A distributee includes an
employee or former employee. In addition, the employee’s or former employee’s
surviving spouse or former spouse who is the alternate payee under a qualified
domestic relations order, as defined in Code § 414(p), are distributees
with regard to the interest of the spouse or former spouse.

 

(d)                                 Direct rollover:  A
direct rollover is a payment by the Trustee to the eligible retirement plan
specified by the distributee.

 

(e)                                  After-Tax Distributions: Notwithstanding (b), an eligible rollover
distribution of After-Tax Deposits can only be made to an individual retirement
account or annuity, or to another defined contribution plan qualified under
Code § 401(a) or 403(a) which separately accounts for the
After-Tax Deposits, in a direct trustee-to-trustee transfer.

 

(f)                                    Automatic rollovers: On or after March 28, 2005, each lump
sum distribution made to a Participant under Sec. 8.2 which is in excess of
$1,000 shall be automatically rolled over to an individual retirement account
selected by the Company unless the Participant directs that the distribution be
paid directly to the distributee or rolled over to another eligible retirement
plan. Automatic rollovers are subject to Code § 401(a)(31) and any
applicable Treasury Department or Labor Department guidance interpreting the
automatic rollover requirements. However, the automatic rollover requirement
does not apply to the following types of lump sum distributions:

 

(a)                                  Death benefits distributed to a surviving
spouse or other Beneficiary.

 

(b)                                 Distributions to a Participant who has
attained Normal Retirement Age.

 

Sec. 9.15                                              Nonterminable ESOP
Protections. Because Company
Stock is readily tradable on an established market, the put provisions referred
to in Code § 409(h) are not applicable to such stock. If such stock
ceases to be readily tradable on an established market, said provisions shall
become and remain applicable until such time as such stock resumes being
readily tradable on an established market.

 

37

 

ARTICLE X

 

TRUST FUND

 

Sec. 10.1                                              Composition. All sums of money and all securities and
other property received by the Trustee for purposes of the Plan, together with
all investments made therewith, the proceeds thereof, and all earnings and
accumulations thereon, and the part from time to time remaining shall
constitute the “Trust Fund”. The Company may cause the Trust Fund to be divided
into any number of parts for investment purposes or any other purposes
necessary or advisable for the proper administration of the Plan.

 

Sec. 10.2                                              Trustee. The Trust Fund shall be held and invested
by the Trustee. The selection and appointment of the Trustee shall be made by
the Company. The Company shall have the right at any time to remove the Trustee
and appoint a successor thereto, subject only to the terms of any applicable
trust agreement. The Company shall have the right to determine the form and
substance of the trust agreement under which the Trust Fund is held, subject
only to the requirement that it is not inconsistent with the provisions of the
Plan. Any such trust agreement may contain provisions pursuant to which the
Trustee will make investments on direction of a third party.

 

Sec. 10.3                                              Compensation and Expenses of
Trustee. The Trustee
shall be entitled to receive such reasonable compensation for its services as
may be agreed upon with the Company. The Trustee shall also be entitled to
reimbursement for all reasonable and necessary costs, expenses, and
disbursements incurred by it in the performance of its services. Such
compensation and reimbursements shall be paid from the Trust Fund if not paid
directly by the Participating Employers in such proportions as the Company
shall determine.

 

Sec. 10.4                                              Investment in Company Stock. Subject to any applicable limitations in
Sec. 6.3, all or part of the Fund may be invested in Company Stock. As required
by Treas. Reg. 54.4975-11(b), the portion of the Plan which is an employee
stock ownership plan (i.e. the portion comprised of Matching Contribution
Accounts) shall be invested primarily in Company Stock. The Plan permits
Participants who have completed 3 years of Aggregate Continuous Service to
diversify their Accounts in the ESOP portion of the Plan into other investments.
These diversification provisions are intended to satisfy the diversification
requirements of Code § 401(a)(28)(B), but they give Participants more
investment flexibility than is required by that Code section. Subject to the
foregoing provisions of this section, the Trustee may hold a portion of the
Company Stock fund in cash, cash equivalents, or investments other than Company
Stock.

 

Sec. 10.5                                              No Diversion. The Trust Fund shall be for the exclusive
purpose of providing benefits to Participants under the Plan and their
Beneficiaries and defraying reasonable expenses of maintaining and
administering the Plan. By way of illustration and not by limitation, such
expenses may include (i) premiums for the bonding of Plan officials
required by ERISA and (ii) reasonable compensation and reimbursement of
expenses of the Trust Fund’s, accountants, legal counsel, and other service
providers unrelated to the Company or the Participating Employers, relating to
the establishment and administration of the Plan and the Trust Fund or keeping
the Plan in compliance with legal requirements. No part of the corpus or income
of the Trust Fund may be used for, or diverted to, purposes other than the
exclusive benefit of employees of the Participating Employers or their
Beneficiaries. Notwithstanding the foregoing:

 

38

 

(a)                                  If any contribution or portion thereof is
made by a Participating Employer by a mistake of fact, the Trustee shall, upon
written request of the Company, return such contribution or portion thereof to
the Participating Employer within one year after the payment of the
contribution to the Trustee. However, earnings attributable to such
contribution or portion thereof shall not be returned to the Participating
Employer, but shall remain in the Trust Fund, and the amount returned to the
Participating Employer shall be reduced by any losses attributable to such
contribution or portion thereof.

 

(b)                                 Contributions by the Participating Employers
are conditioned upon the deductibility of each contribution under Code § 404.
To the extent the deduction is disallowed, the Trustee shall, upon written
request of the Company, return such contribution to the Participating Employer
within one year after the disallowance of the deduction. However, earnings
attributable to such contribution (or disallowed portion thereof) shall not be
returned to the Participating Employer, but shall remain in the Trust Fund, and
the amount returned to the Participating Employer shall be reduced by any
losses attributable to such contribution (or disallowed portion thereof).

 

In
the case of any such return of contribution, the Company shall cause such
adjustments to be made to the Accounts of Participants as it considers fair and
equitable under the circumstances resulting in the return of such contribution.

 

Sec. 10.6                                              Voting Bemis Stock. Before each meeting of stockholders of the
Company, the Company shall cause to be sent to each Participant who has an
Account in the Bemis Stock Fund as of a Valuation Date selected by the Company,
copies of the proxy materials sent to stockholders of record of the Company. Each
such Participant shall have the right to instruct the Trustee confidentially on
a form prescribed by the Company as to the method of voting on the propositions
submitted to stockholders. Each such Participant shall have a number of votes
with respect to his Matching Contribution Account and Retirement Account in the
same proportion to the number of full shares of Bemis Stock held in the Bemis
Stock Fund as the value of the portion of the Participant’s Matching
Contribution Account invested in the Bemis Stock Fund bears to the value of
said Fund, all determined as of said Valuation Date. Under no circumstances
will the Trustee permit a Participating Employer or a representative thereof to
see any confidential voting instructions given by a Participant to the Trustee.
The Trustee shall tabulate the instructions, determine the number of votes for
and against each proposition, and vote the shares in proportion to the ratio of
votes for and against such proposition. The Company may establish a deadline by
which individual Participants must give the Trustee such directions. The
Company may require verification of the Trustee’s compliance with voting
instructions received from Participants by an independent auditor selected by
the Company.

 

Sec. 10.7                                              Tender or Exchange Offers
Regarding Bemis Stock. As
soon as practicable after the commencement of a tender or exchange offer (an “Offer”)
for shares of Bemis Stock, the Company shall use its best efforts to cause each
Participant who has an Account invested in the Bemis Stock Fund to be advised
in writing of the terms of the Offer, and to be provided with forms by which
the Participant may instruct the Trustee, or revoke such instruction, to tender
shares of Bemis Stock, to the extent permitted under the terms of such Offer. The
Trustee shall follow the directions of each Participant. The Trustee shall not
tender shares for which no instructions are received. In advising Participants
of the terms of the Offer, the Company may include statements from the Board setting
forth its position with respect to the Offer. The giving of instructions by a

 

39

 

Participant
to the Trustee to tender shares and the tender thereof shall not be deemed a
withdrawal or suspension from the Plan or a forfeiture of any portion of such
Participant’s interest in the Plan solely by reason of the giving of such
instructions and the Trustee’s compliance therewith. The number of shares as to
which a Participant may provide instructions shall be in the same proportion to
the total number of shares of Bemis Stock in the Bemis Stock Fund as the value
of the Participant’s Matching Contribution Account invested in the Bemis Stock
Fund (whether or not vested) bears to the total value of said Fund, all
determined as of the close of business on the day preceding the date on which
the Offer is commenced or such earlier date as shall be designated by the
Company as the Company, in its sole discretion, deems appropriate for reasons
of administrative convenience. Any securities received by the Trustee as a
result of a tender of shares of Bemis Stock shall be held, and any cash so
received shall be invested in short-term investments, for the account of the
Participant with respect to whom shares were tendered pending any reinvestment
by the Trustee, as it may deem appropriate, consistent with the purposes of the
Plan.

 

40

 

ARTICLE XI

 

ADMINISTRATION OF PLAN

 

Sec. 11.1                                              Administration by Company. Except as expressly otherwise provided
herein, the Company shall control and manage the operation and administration
of the Plan and make all decisions and determinations incident thereto. In
carrying out its Plan responsibilities, the Company shall have discretionary
authority to construe the terms of the Plan. Except in cases where the Plan
expressly requires action on behalf of the Company to be taken by its board of
directors, action on behalf of the Company may be taken by any of the
following:

 

(a)                                  The Board.

 

(b)                                 The chief executive officer of the Company.

 

(c)                                  Any person or persons, natural or otherwise,
or committee, to whom responsibilities for the operation and administration of
the Plan are allocated by the Company, by resolution of the Board, but action
of such person or persons, or committee shall be within the scope of said
allocation.

 

(d)                                 Any person or persons, natural or otherwise,
or committee, to whom responsibilities for the operation and administration of
the Plan are allocated by the Company, by written instrument executed by the
chief executive officer of the Company, but action of such person or persons or
committee shall be within the scope of said allocation.

 

Sec. 11.2                                              Certain Fiduciary Provisions. For purposes of the Plan:

 

(a)                                  Any person or group of persons may serve in
more than one fiduciary capacity with respect to the Plan.

 

(b)                                 A Named Fiduciary, or a fiduciary designated
by a Named Fiduciary pursuant to the provisions of the Plan, may employ one or
more persons to render advice with regard to any responsibility such fiduciary
has under the Plan.

 

(c)                                  To the extent permitted by any applicable
trust agreement or group annuity contract a Named Fiduciary with respect to
control or management of the assets of the Plan may appoint an investment
manager or managers, as defined in ERISA, to manage (including the power to
acquire and dispose of) any assets of the Plan.

 

(d)                                 At any time that the Plan has more than one
Named Fiduciary, if pursuant to the Plan provisions fiduciary responsibilities
are not already allocated among such Named Fiduciaries, the Company may provide
for such allocation; except that such allocation shall not include any
responsibility, if any, in a trust agreement to manage or control the assets of
the Plan other than a power under the trust agreement to appoint an investment
manager as defined in ERISA.

 

(e)                                  Unless expressly prohibited in the
appointment of a Named Fiduciary which is not the Company acting as provided in
Sec. 11.1, such Named Fiduciary by written

 

41

 

instrument
may designate a person or persons other than such Named Fiduciary to carry out
any or all of the fiduciary responsibilities under the Plan of such Named
Fiduciary; except that such designation shall not include any responsibility,
if any, in a trust agreement to manage or control the assets of the Plan other
than a power under the trust agreement to appoint an investment manager as
defined in ERISA.

 

(f)                                    A person who is a fiduciary with respect to
the Plan, including a Named Fiduciary, shall be recognized and treated as a
fiduciary only with respect to the particular fiduciary functions as to which
such person has responsibility.

 

Each
Named Fiduciary, each other fiduciary, each person employed pursuant to subsection (b) above,
and each investment manager shall be entitled to receive reasonable
compensation for services rendered, or for the reimbursement of expenses
properly and actually incurred in the performance of their duties with the Plan
and to payment therefor from the Trust Fund if not paid directly by the
Participating Employers in such proportions as the Company shall determine. However,
neither the Company nor any person serving as a fiduciary who already receives
full-time pay from any employer or association of employers whose employees are
Participants, or from an employee organization whose members are Participants,
shall receive compensation from the Plan, except for reimbursement of expenses
properly and actually incurred.

 

Sec. 11.3                                              Evidence. Evidence required of anyone under this Plan
may be by certificate, affidavit, document, or other instrument which the
person acting in reliance thereon considers to be pertinent and reliable and to
be signed, made, or presented to the proper party.

 

Sec. 11.4                                              Correction of Errors. It is recognized that in the operation and
administration of the Plan certain mathematical and accounting errors may be
made or mistakes may arise by reason of factual errors in information supplied
to the Company or Trustee. The Company shall have power to cause such equitable
adjustments to be made to correct for such errors as the Company in its
discretion considers appropriate. Such adjustments shall be final and binding
on all persons.

 

Sec. 11.5                                              Records. Each Participating Employer, each fiduciary
with respect to the Plan, and each other person performing any functions in the
operation or administration of the Plan or the management or control of the
assets of the Plan shall keep such records as may be necessary or appropriate
in the discharge of their respective functions hereunder, including records
required by ERISA or any other applicable law. Records shall be retained as
long as necessary for the proper administration of the Plan and at least for
any period required by ERISA or other applicable law.

 

Sec. 11.6                                              Claims Procedure. The Company shall establish a claims
procedure consistent with the requirements of ERISA. Such claims procedure
shall provide adequate notice in writing to any Participant or beneficiary
whose claim for benefits under the Plan has been denied, setting forth the
specific reasons for such denial, written in a manner calculated to be
understood by the claimant and shall afford a reasonable opportunity to a
claimant whose claim for benefits has been denied for a full and fair review by
the appropriate Named Fiduciary of the decision denying the claim. No person
claiming a benefit under the Plan may initiate a civil action regarding a claim
until all steps under the Company’s claims procedure, including appeals, have
been completed.

 

Sec. 11.7                                              Bonding. Plan personnel shall be bonded to the
extent required by ERISA. Premiums for such bonding may, in the sole discretion
of the Company, be paid in whole or in part

 

42

 

from
the Trust Fund. Such premiums may also be paid in whole or in part by the
Participating Employers in such proportions as the Company shall determine. The
Company may provide by agreement with any person that the premium for required
bonding shall be paid by such person.

 

Sec. 11.8                                              Waiver of Notice. Any notice required hereunder may be waived
by the person entitled thereto.

 

Sec. 11.9                                              Agent For Legal Process. The Company shall be the agent for service
of legal process with respect to any matter concerning the Plan, unless and
until the Company designates some other person as such agent.

 

Sec. 11.10                                       Indemnification. In addition to any other applicable
provisions for indemnification, the Participating Employers jointly and
severally agree to indemnify and hold harmless, to the extent permitted by law,
each member of the governing body, director, officer, and employee
(collectively referred to herein as “Indemnitee”) of the Participating
Employers against any and all liabilities, losses, costs or expenses (including
legal fees) of whatever kind and nature which may be imposed on, reasonable
incurred by, or asserted against such person at any time by reason of such
person’s services as a fiduciary in connection with the Plan, but only if such
person did not act dishonestly, or in bad faith, or in willful violation of the
law or regulations under which such liability, loss, cost, or expense arises. The
Participating Employers shall have the right, but not the obligation, to select
and control the defense and settlement of any action against the Indemnitee for
which the Indemnitee may be entitled to indemnification under this provision.

 

Sec. 11.11                                       Benefits of Reemployed
Veterans.         Notwithstanding any provision of this Plan to the contrary,
contributions, benefits and service credit with respect to Qualified Military
Service will be provided in accordance with Code § 414(u). For this
purpose:

 

(a)                                  As provided by Code § 414(u), “Qualified
Military Service” means service in the uniformed services (as defined in Chapter
43 of Title 38, United States Code) by an individual if he or she is qualified
under such chapter to reemployment rights with the Company or an Affiliate
following such military service.

 

(b)                                 “USERRA” means the Uniformed Services
Employment and Reemployment Rights Act of 1994 as amended.

 

(c)                                  If an individual returns to employment with
the Company or an Affiliate following a period of Qualified Military Service
under circumstances such that he or she has reemployment rights under USERRA,
and the individual reports for said reemployment within the time frame required
by USERRA, the following provisions shall apply:

 

(1)                                  The Qualified Military Service shall be
recognized as Aggregate Continuous Service, Years of Eligibility Service, and
Bemis Elapsed Time to the same extent as it would have been if the employee had
remained continuously employed with the Company or an Affiliate rather than
going in the military.

 

(2)                                  If the individual received a distribution of
the benefits accrued under the Plan prior to the Qualified Military Service, he
or she may repay said amount to

 

43

 

the
Plan. Any such repayment must be made not later than five years after the
individual’s reemployment date.

 

(3)                                  The individual may make Before Tax Deposits
in an amount equivalent to the contributions that would have been permitted if
he or she had remained at the Company or an Affiliate during the period of
Qualified Military Service. Any such contributions must be made not later than
five years after the individual’s reemployment date. If the individual returns
to the Company or an Affiliate and has a subsequent Termination of Employment
before making part or all of the contributions permitted by this subsection, he
or she may make the remaining contributions on an after tax basis.

 

(4)                                  The Participating Employers will match
contributions made under paragraph (3) on the same basis as if the
individual had made them during the period while he or she was in the military.

 

(5)                                  If the individual is a Group B Participant
and the period of Qualified Military Service is in 2006 or later, the
Participating Employers will make Retirement Contributions on the same basis as
if the individual had remained with a Participating Employer rather than going
in the military.

 

(6)                                  Contributions permitted or required by
paragraphs (3), (4), and (5) shall be determined on the basis of the
Certified Earnings the individual would have received (including reasonable
cost of living adjustments) during the period of Qualified Military Service.

 

(7)                                  If the individual had an outstanding loan
from the Plan at the time he or she entered military service:

 

(A)                              Loan payments are not required during the period of Qualified Military
Service.

 

(B)                                Upon reemployment, loan payments resume at the rate effect before the
Qualified Military Service.

 

(C)                                The loan term is extended, so that it is equal to the original loan
term plus the period of Qualified Military Service.

 

(D)                               If the Participant so requests, the interest rate on the loan will be
limited to 6%.

 

(d)                                 The foregoing provisions are intended to
provide the benefits required by USERRA, and are not intended to provide any
other benefits. This section shall be construed consistently with said
intent.

 

Sec. 11.12                                       Leased Employees. “Leased Employees” within the meaning of Code
§ 414(n)(2) and individuals who would meet those requirements but for
failure to complete a year of leased service shall be counted as employees for
purposes of determining Years of Eligibility Service and Aggregate Continuous
Service. Leased Employees may not become Participants or accrue

 

44

 

benefits
under the Plan. “Leased Employee” means any person (other than an employee of
the recipient) who, pursuant to an agreement between the recipient and any
other person (“leasing organization”), has performed services for the recipient
(or for the recipient and related persons determined in accordance with Code § 414(n)(6))
on a substantially full-time basis for a period of at least one year, and such
services are performed under primary direction or control by the recipient. Contributions
or benefits provided a leased employee by the leasing organization which are
attributable to service performed for the recipient employer shall be treated
as provided by the recipient employer.

 

45

 

ARTICLE XII

 

AMENDMENT, TERMINATION, MERGER

 

Sec. 12.1                                              Amendment. Subject to the non-diversion provisions of
Sec. 10.5, the Company, by action of the Board, or by action of a person or
persons so authorized by resolution of the Board, may amend the Plan at any
time and from time to time. No amendment of the Plan shall have the effect of
changing the rights, duties, and liabilities of any Trustee without its written
consent. Also, no amendment shall divest a Participant or Beneficiary of
Accounts accrued prior to the amendment.

 

Sec. 12.2                                              Amendment to Vesting
Schedule. If an
amendment to the Plan changes the vesting schedule of the Plan, each Participant
having not less than three years of Aggregate Continuous Service by the end of
the election period with respect to such amendment shall be permitted within
such election period to elect to have his or her vested percentage computed
under the Plan without regard to such amendment. Each such election shall be
made in writing by filing with the Company within the election period a form
available from the Company for the purpose. The election period shall be a
reasonable period determined by the Company commencing not later than the date
the amendment is adopted and shall be in conformance with any applicable
regulation prescribed by the Secretary of Labor or the Secretary of the
Treasury. However, no election need be provided for any Participant whose
vested percentage under the Plan, as amended, cannot at any time be less than
his vested percentage determined without regard to such amendment.

 

Sec. 12.3                                              Reorganizations of
Participating Employers.
In the event two or more Participating Employers are consolidated or merged or
in the event a Participating Employer acquires the assets of another
Participating Employer, the Plan shall be deemed to have continued, without
termination and without a complete discontinuance of contributions, as to all
the Participating Employers involved in such reorganization and their employees.
In such event, in administering the Plan the corporation resulting from the
consolidation, the surviving corporation in the merger, or the employer
acquiring the assets shall be considered as a continuation of all of the
Participating Employers involved in the reorganization.

 

Sec. 12.4                                              Permanent Discontinuance of
Contributions. The
Company, by action of the Board, may direct the complete discontinuance of all
Contributions and Deposits by all Participating Employers and Participants
under the Plan. In such event, notwithstanding any provisions of the Plan to
the contrary, (i) no employee shall become a Participant after such
discontinuance and (ii) each Participant in the employ of a Participating
Employer at the time of such discontinuance shall be 100% vested in his or her
Accounts. Subject to the foregoing, all of the provisions of the Plan shall
continue in effect, and upon entitlement thereto distributions shall be made in
accordance with the provisions of Article IX. This section is not
applicable if one Participating Employer discontinues its contributions while
one or more other Participating Employers continue contributing.

 

Sec. 12.5                                              Termination. The Company may terminate the Plan as
applicable to all Participating Employers and their employees. After such
termination no employee shall become a Participant, and no Contributions or
Deposits shall be made. Each Participant in the employ of a Participating
Employer at the time of such termination shall be 100% vested in his or her
Accounts, and shall be entitled to a benefit equal to the value of those
Accounts. Distributions shall be made

 

46

 

promptly
after the Plan termination. In preparation for said distributions, the Company
may arrange for liquidation of the Investment Funds. The Plan and any related
trust agreement or group annuity contract shall continue in force for the
purpose of making such distributions.

 

Sec. 12.6                                              Partial Termination. If there is a partial termination of the
Plan, by operation of law, by amendment of the Plan, or for any other reason,
which partial termination shall be confirmed by the Company, each Participant
with respect to whom the partial termination applies shall be 100% vested in
his or her Accounts. Subject to the foregoing, all of the provisions of the
Plan shall continue in effect as to each such Participant, and upon entitlement
thereto distributions shall be made in accordance with the provisions of Article IX.

 

Sec. 12.7                                              Merger, Consolidation, or
Transfer of Plan Assets.
In the case of any merger or consolidation of the Plan with any other plan, or
in the case of the transfer of assets or liabilities of the Plan to any other
plan, provision shall be made so that each Participant and Beneficiary would
(if such other plan then terminated) receive a benefit immediately after the
merger, consolidation, or transfer which is equal to or greater than the
benefit he would have been entitled to receive immediately before the merger,
consolidation, or transfer (if the Plan had then terminated). No such merger,
consolidation, or transfer shall be effected until such statements with respect
thereto, if any, required by ERISA to be filed in advance thereof have been
filed.

 

Sec. 12.8                                              Deferral of Distributions. Notwithstanding any provisions of the Plan
to the contrary, in the case of a complete discontinuance of contributions to
the Plan, or of a complete or partial termination of the Plan, the Company or
the Trustee may defer any distribution of benefit payments to Participants and
Beneficiaries with respect to which such discontinuance or termination applies
until after the following have occurred:

 

(a)                                  Receipt of a final determination from the
Treasury Department or any court of competent jurisdiction regarding the effect
of such discontinuance or termination on the qualified status of the Plan under
Code § 401(a).

 

(b)                                 Appropriate adjustment of Accounts to reflect
taxes, costs, and expenses, if any, incident to such discontinuance or
termination.

 

47

 

ARTICLE XIII

 

TOP-HEAVY PLAN PROVISIONS

 

Sec. 13.1                                              Key Employee Defined. “Key Employee” means any employee or former
employee (including any deceased employee) who at any time during the Plan Year
that includes the determination date was an officer of the Company or an
Affiliate having annual compensation greater than $130,000 (as adjusted under
Code § 416(i)(1) for Plan Years beginning after December 31,
2002), a five-percent owner of the Company or an Affiliate, or a one-percent
owner of the Company having annual compensation of more than $150,000. For this
purpose, annual compensation means compensation within the meaning of Code § 415(c)(3).
The determination of who is a key employee will be made in accordance with Code
§ 416(i)(1) and the applicable regulations and other guidance of
general applicability issued thereunder.

 

Sec. 13.2                                              Determination of Top-Heavy
Status. The top-heavy
status of the Plan shall be determined according to the following standards and
definitions:

 

(a)                                  The Plan is a Top-Heavy Plan for a Plan Year
if either of the following applies:

 

(1)                                  If this Plan is not part of a required
aggregation group and the top-heavy ratio for this Plan exceeds 60 percent.

 

(2)                                  If this Plan is part of a required
aggregation group of plans and the top-heavy ratio for the group of plans
exceeds 60 percent.

 

Notwithstanding
paragraphs (1) and (2) above, the Plan is not a Top-Heavy Plan with
respect to a Plan Year if it is part of a permissive aggregation group of plans
for which the top-heavy ratio does not exceed 60 percent.

 

(b)                                 The “top-heavy ratio” shall be determined as
follows:

 

(1)                                  If the ratio is being determined only for
this Plan or if the aggregation group includes only defined contribution plans,
the top-heavy ratio is a fraction, the numerator of which is the sum of the
account balances of all Key Employees as of the determination date increased by
the distributions made with respect to Key Employees under the Plan and any
plan aggregated with the Plan under Code § 416(g)(2) during the
one-year period ending on the determination date, and the denominator of which
is the sum of all account balances increased by the distributions made with
respect to all Employees under this Plan and any plan aggregated with the Plan
under Code § 416(g)(2) during the one-year period ending on the
determination date of all employees; both computed in accordance with Code § 416
and the regulations thereunder. The preceding provisions shall also apply to
distributions under a terminated plan which, had it not been terminated, would
have been aggregated with the Plan under Code § 416(g)(2)(A)(i). Both the
numerator and denominator of the top-heavy ratio shall be adjusted to reflect
any contribution not actually made as of the determination date but which is
required to be taken into account on that date under Code § 416 and

 

48

 

the
regulations thereunder. In the case of a distribution made for a reason other
than separation from service, death or disability, the one-year period referred
to above shall be applied by substituting “five-year period” for “one-year
period”.

 

(2)                                  If the ratio is being determined for an
aggregation group which includes one or more defined benefit plans, the
top-heavy ratio is a fraction, the numerator of which is the sum of the account
balances of all Key Employees under the defined contribution plan or plans,
determined in accordance with paragraph (1), and the present value of accrued
benefits under the defined benefit plan or plans for all Key Employees as of
the determination date, and the denominator of which is the sum of the account
balances under the defined contribution plan or plans for all employees,
determined in accordance with paragraph (1), and the present value of accrued
benefits under the defined benefit plan or plans for all employees as of the
determination date, all determined in accordance with Code § 416 and the
regulations thereunder. The accrued benefits under a defined benefit plan in
both the numerator and denominator of the top-heavy ratio shall be adjusted for
any distribution of an accrued benefit made in the one-year period ending on
the determination date, subject to the special aggregation rule for
terminated plans in (1).

 

(3)                                  For purposes of paragraphs (1) and (2),
the value of account balances and the present value of accrued benefits will be
determined as of the most recent valuation date that falls within the 12-month
period ending on the determination date, except as provided in Code § 416
and regulations thereunder for the first and second plan years of a defined
benefit plan. The account balances and accrued benefits of an employee who is
not a Key Employee but who was a Key Employee in a prior year will be
disregarded. The calculation of the top-heavy ratio and the extent to which
distributions, rollovers, and transfers are taken into account will be made in
accordance with Code § 416 and the regulations thereunder. When aggregating
plans, the value of account balances and accrued benefits will be calculated
with reference to the determination dates that fall within the same calendar
year.

 

(c)                                  “Required aggregation group” means (i) each
qualified plan of the employer in which at least one Key Employee participates,
and (ii) any other qualified plan of the employer that enables a plan
described in (i) to meet the requirements of Code § 401(a)(4) and
410.

 

(d)                                 “Permissive aggregation group” means the
required aggregation group of plans plus any other plan or plans of the
employer which, when consolidated as a group with the required aggregation
group, would continue to satisfy the requirements of Code § 401(a)(4) and
410.

 

(e)                                  “Determination date” for any Plan Year means December 31
of the preceding Plan Year.

 

49

 

(f)                                    The “valuation date” is the last day of each
Plan Year and is the date as of which account balances or accrued benefits are
valued for purposes of calculating the top-heavy ratio.

 

(g)                                 For purposes of establishing the “present
value” of benefits under a defined benefit plan to compute the top-heavy ratio,
any benefit shall be discounted only for mortality and interest based on the
interest rate and mortality table specified in the defined benefit plan for
this purpose.

 

(h)                                 If an individual has not performed any
services for the employer at any time during the one-year period ending on the
determination date with respect to a Plan Year, any account balance or accrued
benefit for such individual shall not be taken into account for such Plan Year.

 

Sec. 13.3                                              Minimum Contribution
Requirement. For any
Plan Year with respect to which the Plan is a Top-Heavy Plan, the employer
contributions (including Matching Contributions) allocated to each Qualified
Employee who is not a Key Employee and whose Termination of Employment has not
occurred prior to the end of such Plan Year shall not be less than the minimum
amount determined in accordance with the following:

 

(a)                                  The minimum amount shall be the amount equal
to that percentage of the Participant’s Testing Wages for the Plan Year which
is the smaller of (i) 3 percent, or (ii) the percentage which is the
largest percentage of Testing Wages allocated to any Key Employee from employer
contributions (including Matching Contributions) and Forfeitures for such Plan
Year.

 

(b)                                 For purposes of this section, any employer
contribution attributable to a salary reduction or similar arrangement shall be
taken into account with respect to Key Employees but not with respect to other
employees.

 

(c)                                  This section shall not apply to any
Participant who is covered under any other plan of the employer under which the
minimum contribution or minimum benefit requirement applicable to Top-Heavy
Plans will be satisfied.

 

Sec. 13.4                                              Definition of Employer. For purposes of this Article XIII, the
term “employer” means all Participating Employers and any trade or business
entity under Common Control with a Participating Employer.

 

Sec. 13.5                                              Collective Bargaining Unit
Exception. Sections 13.3
and 13.4 shall not apply with respect to any employee included in a unit of
employees covered by an agreement which the Secretary of Labor finds to be a
collective bargaining agreement between employee representatives and one or
more employers if there is evidence that retirement benefits were the subject
of good faith bargaining between such employee representative and such employer
or employers.

 

50

 

SCHEDULE A

 

Participating Employers as of January 1, 2006

 

1.                                       Banner Packaging, Inc., a Wisconsin
corporation

2.                                       Bemis Clysar, Inc.

3.                                       Bemis Company, Inc. a Missouri
corporation

4.                                       Bemis Longview, Inc., a Texas
corporation

5.                                       Bemis Shelbyville, Inc. a Tennessee
corporation

6.                                       Curwood, Inc., a Delaware corporation

7.                                       Electronic Printing Products, Inc., an
Ohio corporation

8.                                       MACtac Engineered Products, Inc., an
Ohio corporation

9.                                       Milprint, Inc., a Wisconsin corporation

10.                                 Morgan Adhesives Company, an Ohio corporation

11.                                 Perfecseal, Inc., a Delaware corporation

 

51

 

APPENDIX A

 

PROVISIONS APPLICABLE TO EMPLOYEES

AT MILPRINT, INC

 

Prior
to December 31, 1992, Milprint, Inc. (“Milprint”) maintained the
Milprint, Inc. Profit Sharing and Savings Plan (the “Milprint Plan”) as a
separate plan for the benefit of its eligible employees. Effective as of December 31,
1992, the Milprint Plan was merged with and into the Bemis Investment Incentive
Plan (the “Plan”). For vesting purposes under this Plan, each Participant who
was a Milprint employee before January 1, 1992 is fully vested in all of
his or her Accounts under the Plan without regard to length of service. Any
Participant who did not have service as a Milprint employee prior to January 1,
1992 is subject to the normal vesting requirements under Article VIII of
the Plan.

 

52

APPENDIX B

 

PROVISIONS APPLICABLE TO EMPLOYEES

OF BANNER PACKAGING, INC

 

Prior
to June 30, 1997, Banner Packaging, Inc. (“Banner”) maintained the
Banner Packaging, Inc. Profit Sharing Plan (the “Banner Plan”) as a
separate plan for the benefit of its eligible employees. Effective as of July 1,
1997, the Banner Plan was merged with and into the Plan. The following
provisions apply to employees of Banner. Certain provisions apply only to
persons who were Banner employees before July 1, 1997, and relate to
benefits and other rights arising out of the Banner Plan.

 

(a)                                  Vesting. For vesting purposes under this Plan, each Participant at Banner who
was hired before July 1, 1997, will have their vested percentage under
Sec. 8.2(a) determined in accordance with the following:

 

	
  Years
  of Vesting

  	
   

  	
  Vested

  
	
  Service

  	
   

  	
  Percentage

  
	
   

  	
   

  	
   

  
	
  Less
  than 3

  	
   

  	
  0%

  
	
  3
  or more

  	
   

  	
  100%

  

 

For
this purpose, a Participant receives one Year of Vesting Service for each Plan
Year in which he or she completes 1,000 or more Hours of Service. If a
Participant’s Termination of Employment occurs after attainment of age 60, his
or her vested percentage is 100% regardless of length of service.

 

(b)                                 Recognition of Service Prior to Acquisition
Date. For Participants who
were employees of Banner on October 5, 1995, Years of Vesting Service
includes service with any predecessor of said corporation to the extent
recognized by the Banner Plan.

 

53

 

APPENDIX C

 

PROVISIONS APPLICABLE TO EMPLOYEES

OF PERFECSEAL, INC

 

Perfecseal, Inc.,
a wholly owned subsidiary of the Company, acquired certain operations from
Paper Manufacturers Company on April 29, 1996. The following provisions
are applicable to employees of Perfecseal, Inc.

 

(a)                                  Vesting. Each individual who became an employee of Perfecseal, Inc. on
the acquisition date, April 29, 1996 or an individual who had his accounts
transferred from the Prior Plan to this Plan, will be 100% vested in all his
Accounts. Individuals hired after April 29, 1996 are subject to the
vesting schedule found at Sec. 8.2(a).

 

(b)                                 Distributions. In addition to the provisions of the Plan
governing the timing of distributions, Salaried Employees who had an account
balance in the Prior Plan that was transferred to this Plan may receive an
in-service distribution of all or any portion of their Accounts under the Plan
upon attaining age 59 1⁄2.

 

54

 

APPENDIX D

 

PROVISIONS APPLICABLE TO EMPLOYEES

AT ENTERPRISE SOFTWARE, INC

 

Enterprise
Software, Inc. became a Participating Employer June 1, 1996. Aggregate
Continuous Service begins with service as of an individual’s most recent hire
date with Enterprise Software, Inc., provided that such date may in no
case be earlier than May 22, 1996.

 

55

 

APPENDIX E

 

PROVISIONS APPLICABLE TO EMPLOYEES

OF BEMIS PACKAGING MACHINERY, HAYSSEN, AND ACCRAPLY

 

The
following provisions are applicable to employees of Bemis Packaging Machinery
(a division of Bemis Company, Inc.), Accraply, Inc. and Hayssen
Manufacturing Company who have Terminations of Employment as a result of sale
of these operations to Barry-Wehmiller Group, Inc. on or about May 4,
1997:

 

1.                                       Notwithstanding any provision of the Plan to
the contrary, their Vested Percentage is 100%, regardless of their length of
service.

 

2.                                       Any such employee who has a loan outstanding
on May 4, 1997 may elect to have the note rolled over to a successor plan.

 

56

 

APPENDIX F

 

PROVISIONS APPLICABLE TO EMPLOYEES

OF DURALAM, INC

 

The
following provisions are applicable to employees of Duralam, Inc. (“Duralam
Employees”) the stock of which was acquired by the Company on or about September 8,
2001.

 

1.                                       Participating Employer. Duralam, Inc. shall become a
Participating Employer effective as of September 10, 2001(the start of the
first full payroll period after the closing date).

 

2.                                       Eligibility for Matching Contributions. Certain Duralam Employees are eligible to
receive Matching Contributions on 401(k) salary deferrals earned from September 10,
2001 through December 16, 2001 and made to the Duralam, Inc. Profit
Sharing and 401(k) Retirement Savings Plan (“Duralam 401(k) Plan”) at a rate of
100% of the individual’s salary deferrals, to the extent they do not exceed 3%
of the individual’s Certified Earnings earned during said period. These
Matching Contributions will be made to the Bemis Stock Fund after year-end. Section 5.4
shall apply in connection with 401(k) salary deferrals earned after December 16,
2001. Only those Duralam Employees who are employed by the Company on December 31,
2001 and who completed at least 1000 Hours of Service for the Plan Year are
entitled to receive Matching Contributions.

 

3.                                       Eligibility and Vesting Service. The service of Duralam Employees prior to September 8,
2001 is recognized for purposes of eligibility and vesting service from the individual’s
most recent date of hire, but only if he or she was employed by Duralam, Inc.
on September 8, 2001.

 

4.                                       Plan Merger. The Duralam 401(k) Plan will be merged into this Plan as of December 31,
2001.

 

5.                                       Vesting. All assets merged into this Plan from the Duralam 401(k) Plan will be
fully vested on the merger date. Matching Contributions referred to in
paragraph b as well as subsequent Matching Contributions are subject to the
vesting schedule in Sec. 8.2(a).

 

6.                                       Before Tax Deposits. Duralam Employees are eligible to make
Before Tax Deposits in respect to Certified Earnings earned on and after December 17,
2001.

 

7.                                       After Tax Deposits. Duralam Employees are eligible to make
After Tax Deposits in respect to Certified Earnings earned on and after December 17,
2001.

 

8.                                       Distribution of Benefits. Distributions to Duralam Employees may be
made in either of the forms provided under Sec. 9.1(a)(1).

 

57

 

APPENDIX G

 

PROVISIONS
APPLICABLE TO EMPLOYEES OF

BEMIS CLYSAR,
INC.

 

The
following provisions are applicable to employees of Bemis Clysar, Inc. (“Clysar
Employees”) the assets of which were acquired by the Company on or about July 30,
2002.

 

(a)                                  Participating Employer. Bemis Clysar, Inc. shall become a
Participating Employer effective as of August 1, 2002.

 

(b)                                 Eligibility and Vesting Service. The service of Clysar Employees prior to July 30,
2002 is recognized for purposes of eligibility and vesting from the individual’s
most recent date of hire, but only if he or she was employed by Clysar, Inc.
on July 30, 2002.

 

(c)                                  Plan Participation. Clysar Employees who satisfy the
eligibility requirements of Sec. 4.1 on August 1, 2002 are eligible for
all aspects of the Plan as of said date, including electing to make Before Tax
Deposits and After Tax Deposits and being eligible for Matching Contributions.

 

(d)                                 Special Contributions. The Company shall make special
contributions to Clysar Employees subject to the terms below:

 

1.                                       Each non-exempt Qualified Employee shall
receive $3,000.

 

2.                                       Each exempt Qualified Employee shall receive
20% of 2002 annual base pay, as established by the Company. Said contribution
will be allocated in two parts, half made on or about September 30, 2002
and the remainder on or about December 31, 2002.

 

3.                                       The term “non-exempt” employee means those
whom the Company classifies as generally subject to the wage and hour
requirements of the Fair Labor Standards Act and “exempt” employee means those
whom the Company classifies as generally exempt from said Act’s requirements.

 

4.                                       The contribution shall be nonforfeitable,
without regard to the eligible Participant’s otherwise applicable vested
percentage.

 

5.                                       Such contribution may not exceed the amount
permitted by Code § 415.

 

(e)                                  Loans. Notwithstanding Sec. 9.4(c), a Clysar Employee may transfer all
outstanding loans from the DuPont Savings Investment Plan under such terms and
conditions as may be established by the Company on a uniform and
non-discriminatory basis, including the deadline within which to elect to
transfer the loan. Clysar Employees who transfer two or more loans to this Plan
may not take another loan until only one or fewer loans remain outstanding.

 

58

 

(f)                                    Rollover Deposits. Clysar Employees shall be given the
limited, one-time opportunity to make Rollover Deposits of their total account
balance in the Dupont Plan, including after-tax amounts, under the terms and
conditions established by the Company on a uniform and non-discriminatory basis.
After the expiration of the time period given to make this election, Clysar
Employees are subject to the provisions of Sec. 5.3, including the inability to
roll over after-tax amounts.

 

59

 

APPENDIX H

 

PROVISIONS APPLICABLE TO EMPLOYEES

AT MURPHYSBORO, PRATTVILLE, AND UNION CITY

 

This
Appendix is applicable to employees at Murphysboro, Illinois; Prattville,
Alabama; and Union City, California who have Terminations of Employment on or
after September 1, 2003 due to closing of said locations. Notwithstanding
any provisions of the Plan to the contrary, their Vested Percentage is 100%,
regardless of their length of service.

 

60

 

APPENDIX I

 

PROVISIONS APPLICABLE TO EMPLOYEES

AT NELLIS

 

This
Appendix is applicable to employees at Nellis, Nevada who have Terminations of
Employment on or after March 1, 2004 due to closing of said location. Notwithstanding
any provisions of the Plan to the contrary, their Vested Percentage is 100%,
regardless of their length of service.

 

61

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