Badger Paper Mills Inc Watch

from 8-K ~5 pages December 20, 2004 Paul M. Bouthilet 3540 Fayette Lane Green Bay, Wi 54311 Dear Paul: It Is With Great Pleasure That I Confirm With You Our Offer of Employment With Badger Paper Mills, Inc. We Feel Confident in Your Ability to Fulfill All the Requirements Associated With This Position and Look Forward to You Joining the Badger Organization. the Employment Offer Is as Follows: 1. Your Position With the Company Will Be Vice President, Chief Financial Officer, Secretary and Treasurer, and You Will Report to Ron Swanson, President/Chief Executive Officer. 2. Your Starting Exempt Salary as a Permanent Employee Will Be at the Rate of $11,250.00 Per Month. a Permanent Classification Does Not Affect Your At-Will Status. Enclosed Is a Copy of Our Salaried “At-Will” Policy. 3. Bonus Is Based on Profitability of Badger. as an Example $3 Million Equates to $16,000 Bonus. 4. You Will Participate in the Executive Management Stock Option Plan. the Initial Options Granted Will Be 2,000 Shares. Details of the Plan Will Be Provided for You in a Separate Letter

from 10-K ~10 pages Master Lease Agreement Dated as of November 17, 2003

from 10-Q ~5 pages Employment Agreement

from 10-Q ~5 pages Executive Employement Agreement

from 10-K/A ~5 pages Employment Agreement Effective April 1, 2002

from 10-Q ~5 pages Employment Agreement

from 10-Q ~20 pages Material contract

from 10-Q ~10 pages Material contract

from 10-Q ~5 pages Form of Stock Option Agreement

from 10-Q ~10 pages Stock Option Plan

from 10-Q ~5 pages Material contract

from 10-Q ~5 pages Material contract

from 10-Q 1 page Material contract

from 10-K405 1 page Exhibit 10(v) Health Insurance Retirement Benefit