Term Note Between Joe Baksha and Outlook Group Corp. Dated December 20, 2001

Summary

This agreement is a term note in which Joe Baksha promises to repay Outlook Group Corp. $60,000 plus 5% interest. The full amount, including interest, is due in one year unless Baksha leaves the company, in which case payment is due sooner. If Baksha resigns, the note is due immediately; if terminated for cause, payment is due within 60 days. Any earned bonus may be used to offset the amount owed. Late payments incur an additional 3% interest. The agreement also covers legal fees if collection is necessary.

EX-10.8(C) 4 c71531exv10w8xcy.txt TERM NOTE DATED AS OF DECEMBER 20, 2001 EXHIBIT 10.8(c) TERM NOTE $ 60,000 December 20, 2001 Neenah, Wisconsin FOR VALUE RECEIVED, Joe Baksha, an Illinois resident individual (the "Borrower"), hereby promises to pay to the order of OUTLOOK GROUP CORP. ("OGC") the principal sum of sixty thousand dollars ($60,000). The outstanding unpaid principal balance of this Note shall be paid in a single installment one year from the date of the scheduled draw, unless accelerated as provided herein, on which date the outstanding unpaid principal balance of this Note shall be paid in full. The unpaid principal balance of this Note shall bear interest at the rate of five and zero one hundreds percent (5.0 %). Interest is accrued from the date of this note and is payable along with the principal one year from the anniversary date. Notwithstanding the foregoing, the outstanding principal balance and any accrued interest, shall be due and payable: upon the last day of Borrower's employment in the event the Borrower voluntarily terminates his employment with OGC; and 60 days after any termination of the Borrower's employment by OGC for cause. The full amount of the note or any portion, thereof, can also be offset by any bonus earned by the Borrower and payable by OGC to the borrower. In the event that any amount of the principal of, or interest on, this Note is not paid on the date when due (whether at stated maturity, by acceleration or otherwise), in addition to the rate of interest otherwise payable with respect to this Note and to the extent permitted by law, the entire principal amount outstanding under this Note shall bear interest at the applicable rate set forth above plus 3% until all such overdue amounts have been paid in full; without limiting the generality of the foregoing, all overdue interest on this Note shall be payable ON DEMAND. All interest and other amounts payable under this Note shall be computed for the actual number of days elapsed on the basis of a 360 -- day year. Payments of principal, interest and other amounts due hereunder are to be made in lawful money of the United States of America to OGC, 1180 American Drive, Neenah, Wisconsin, or at such other place as the holder shall designate in writing to the Borrower. Presentment, demand, notice of dishonor and protest are hereby waived. Borrower hereby agrees (to the extent permitted by Law) to pay all reasonable fees and expenses incurred by OGC or any subsequent holder, including the reasonable fees of counsel, in connection with the protection and enforcement of the rights of OGC or an subsequent holder under this Note, including without limitation the collection of any amounts due under this Note and the protection and enforcement of such rights in any bankruptcy, reorganization or insolvency proceeding involving the Borrower. Signature: /s/ Joseph Baksha Date: 12/20/01