Amendment No. 1 to Employment Letter Agreement between NewPage Corporation and George F. Martin
This amendment updates the employment agreement between NewPage Corporation and George F. Martin, effective January 28, 2007. It revises the terms regarding Mr. Martin's annual bonus, specifying that he will participate in the company's management incentive plan with a target bonus of 50% of his base salary, with no cap on the bonus amount. The bonus will be paid by March 15 following the year in which the services were performed. All other terms of the original agreement remain unchanged.
EXHIBIT 10.31
AMENDMENT NO. 1
TO
EMPLOYMENT LETTER AGREEMENT
This Amendment No. 1 is made effective as of January 28, 2007, and modifies and amends the Employment Letter Agreement dated May 2, 2005 (“Agreement”) between NewPage Corporation (“Company”) and George F. Martin (“Executive”). Terms defined in the Agreement have the same meaning when used in this Amendment unless otherwise indicated. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, Company and Executive agree as follows:
| 1. | Section 2(c) of the Agreement is amended in its entirety to read as follows: |
“(c) Annual Bonus. For performance periods during the Term, Executive will be entitled to participate in the NewPage Corporation management incentive or bonus plan or plans approved annually by the Board of Directors of the Company (the “Annual Incentive Plan”). Executive’s target bonus will be 50% of Base Salary for achieving targets set annually pursuant to the terms the Annual Incentive Plan. Each annual bonus (“Annual Bonus”) will be paid on or before March 15th of the year following the tax year in which the relevant services required for payment have been performed. There will be no cap on the amount of any Annual Bonus.”
| 2. | Except as modified by this Amendment, the Agreement remains in full force and effect. |
| Company: | Executive: | |||
| NewPage Corporation | ||||
| By: | /s/ Mark A. Suwyn | /s/ George F. Martin | ||
| George F. Martin | ||||
| Title: | Chairman and CEO | |||
