EX-10.21
from 10-K
~1
page
I Am Writing to Confirm the Arrangements That the Compensation Committee of the Appleton Papers Inc. (“Appleton” or the “Company”) Board of Directors (“Board”) Has Agreed Will Apply in the Event of a Potential Transaction, as Defined Herein, and Effective as of the Date Written Above. as Part of Appleton’s Strategic Planning, a Number of Corporate Level Transactions Are Being Explored to Improve the Debt to Equity Ratio of the Company and/or Provide Liquidity Such That the Company Can Reach Its Full Potential. a Potential Transaction May Include One or More of the Following Transactions or Series of Transactions: A Sale of All or Substantially All of the Assets of the Company or the Company’s Parent, Paperweight Development Corp. (“Paperweight”); the Issuance of Equity Securities by the Company or Paperweight in Connection With an Acquisition; a Merger or Business Combination With Another Unrelated Entity, Including but Not Limited to a Merger With a Special Purpose Acquisition Company; the Sale of Equity in a Private Placement or Public Offering; an Exchange of the Company’s Debt Securities for Equity in the Company or Paperweight; or Any Combination of the Foregoing Transactions (“Potential Transaction”). the Compensation Committee Recognizes That a Potential Transaction Will Require Significant Time and Effort From Certain Appleton Employees to Successfully Close the Transaction. Accordingly, in Order to Retain Such Appleton Employees During the Process of Identifying, Negotiating, Closing and Transitioning a Potential Transaction, the Compensation Committee Is Implementing Certain Retention Payments (The “Plan”) Under the Terms Outlined Below. the Terms of the Plan Are as Follows
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