SMURFIT STONE CONTAINER CORP
EX-10.1
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<TYPE>EX-10.1
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<FILENAME>a06-21622_1ex10d1.htm
<DESCRIPTION>EX-10.1
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<p align="right" style="margin:0pt 0pt 12.0pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;<b><u style="font-weight:bold;">Exhibit 10.1</u></b></font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">JEFFERSON SMURFIT
CORPORATION<br>
SUPPLEMENTAL INCOME PENSION PLAN II</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE I<br>
<u>ESTABLISHMENT AND PURPORSE</u></font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Establishment</u>.&#160; Smurfit-Stone Container Enterprises, Inc.,
the successor by merger and name change to Jefferson Smurfit Corporation (U.S.)
(the &#147;Company&#148;) established the Jefferson Smurfit Corporation Supplemental
Income Pension Plan effective as of July 28, 1988, and the Jefferson Smurfit
Corporation Supplemental Income Pension Plan II effective as of January 1,
1993.&#160; Effective April 1, 1996, the
Jefferson Smurfit Corporation Supplemental Income Pension Plan was merged into
the Jefferson Smurfit Corporation Supplemental Income Pension Plan II (the &#147;Supplemental
Plan&#148;) and the Supplemental Plan was amended in its entirety.&#160; Effective October 1, 2006 (the &#147;Effective
Date&#148;), the Supplemental Plan is amended and restated in its entirety, with
respect to eligible individuals who are in the employ of an Employer adopting
the Supplemental Plan from and after the Effective Date, in the form set forth
herein.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Purpose</u>.&#160; The Supplemental Plan is intended to provide
certain unfunded deferred compensation benefits to individuals who are selected
to become Participants in the Supplemental Plan by the Board of Directors.</p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE II<br>
<u>DEFINITIONS</u></font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#147;Accrued Benefit&#148; means, as of a
specified date, a monthly benefit commencing at Normal Retirement which equals
1/12th of the sum of (1) and (2):</p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For
service earned prior to January 1, 2007:&#160;
the sum of X plus Y, where X equals 2.5% of a Participant&#146;s Final
Average Earnings multiplied by the Participant&#146;s Years of Service up to a
maximum of 20 and Y equals 1% of a Participant&#146;s Final Average Earnings
multiplied by the Participant&#146;s Years of Service in excess of 20. This amount
shall be reduced by the same portion of such Participant&#146;s estimated primary
social security benefit as was calculated for purposes of offsetting such
Participant&#146;s accrued benefit under the Pension Plan.</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2)&#160;&#160;&#160;&#160; For service earned after December 31, 2006: Benefit determined
under (1) based on service after December 31, 2006 and then prorated by the
ratio of the benefit under the Universal Plan Document formula to the benefit
under the Pension Plan had the formula not been changed to the Universal Plan
Document formula. All benefits in this calculation are based solely on service
earned after December 31, 2006.</font></p>

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<p style="margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The amount determined
above shall be reduced by any benefit payable to the Participant under the
terms of the Pension Plan and the Universal Plan Document computed as of the
Participant&#146;s Normal Retirement Date, or if later as of the date the individual
retires, determined under the Normal Form.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#147;Actuarial
Equivalent&#148; means a benefit or benefits which are of equal value at the date of
determination to the benefits for which they are to be substituted.&#160; For purposes of the Supplemental Plan,
Actuarial Equivalence shall be based on the same factors used in connection
with the Pension Plan.&#160; For purposes of
determining the Five Annual Payments Option, mortality and interest shall be
based on the mortality and interest assumptions used for determining an
Actuarial Equivalent single sum cash settlement in the Pension Plan.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#147;Affiliate&#148;
means a Smurfit Group Company as defined in the Pension Plan as in effect from
time to time.&#160; A business entity is an
Affiliate only while a member of such group.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#147;Annual
Earnings&#148; means a Participant&#146;s basic annual salary, any compensation which the
Participant elects to defer as a contribution under any program qualified under
Sections 401(k) or 125 of the Code, and any award under the Smurfit-Stone
Container Corporation Management Incentive Plan for any year, excluding &#147;Premium
Amounts&#148; under any such plan.&#160; Such award
shall be included in Annual Earnings for the year in which the service is performed.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Annual Earnings shall not include deferred and
acquisition bonuses when earned or paid; income from stock options and stock
appreciation rights; payments or reimbursements of expenses; and incentive
payments under (i) any long term incentive programs, or (ii) an employment
contract.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Annual Earnings for 1988 shall be adjusted by
subtracting therefrom any eligible compensation paid on January 1, 1988.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Participant&#146;s Annual Earnings during any period of
disability (as defined in the Pension Plan or Universal Plan Document as
applicable) shall be deemed to be his Annual Earnings during the calendar year
next preceding the date he ceased active employment with the Employer or the
average for the five years preceding the date of his disability, whichever is
greater.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#147;Board&#148;
or &#147;Board of Directors&#148; means the Board of Directors of Smurfit-Stone Container
Enterprises, Inc.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#147;Code&#148;
means the Internal Revenue Code of 1986.&#160;
Reference to a section of the Code shall include that section and any
comparable section or sections of any future legislation that amends,
supplements or supersedes such section.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#147;Employer&#148;
means the Company and any Affiliate which has adopted the Supplemental Plan
with the approval of the Board of Directors.</font></p>


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<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;
&#147;Final Average Earnings&#148; shall mean the average of a Participant&#146;s
highest five consecutive completed calendar years&#146; Annual Earnings (including
the calendar year during which the Participant retires or terminates) received
while accruing Years of Service during the ten completed calendar years counted
in Years of Service prior to the first day on which a benefit becomes payable
to the Participant under the Pension Plan, or the date on which he terminates
employment with all Employers and Affiliates, if earlier.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;
&#147;Normal Retirement Date&#148; shall have the meaning ascribed to that phrase
in the Pension Plan and Universal Plan Document as applicable as in effect from
time to time.&#160; In the event of
termination of the Pension Plan, Normal Retirement Date shall mean the same as
was defined in the Pension Plan on the date of termination of such plan.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;
&#147;Participant&#148; means a Participant in the Supplemental Plan on the
Effective Date, and any individual who, on or after the Effective Date, is
designated to participate in the Supplemental Plan by the Board.&#160; An individual so designated will become a
Participant on the day the Board approves that individual&#146;s participation.&#160; Notwithstanding the foregoing, an individual
who is covered solely under the Universal Plan Document shall not be eligible
to participate in the Supplemental Plan.&#160;
Exhibit A attached hereto sets forth a list of those individuals who are
Participants, together with the date of Board approval.&#160; The Board may terminate the participation of
any Participant in the Supplemental Plan for any reason, or for no reason.&#160; In addition, a Participant who terminates
employment with all Employers and Affiliates terminates participation in the
Supplemental Plan.&#160; If a termination of
participation occurs, other than by reason of the termination of the
Supplemental Plan in accordance with Article VIII, the Participant&#146;s Accrued
Benefit calculated as of the date of termination shall be frozen, and will
become payable in accordance with the provisions of Article III.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;
&#147;Plan Year&#148; means the 12-month period beginning each January 1 and
ending on December 31 of that year.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;
&#147;Pension Plan&#148; shall mean the Smurfit-Stone Container Corporation
Pension Plan for Salaried Employees Jefferson Smurfit Corporation Pension Plan
for Salaried Employees document, as amended from time to time.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#147;Universal
Plan Document&#148; means the Smurfit-Stone Container Corporation Pension Plan for
Salaried Employees Smurfit-Stone Container Corporation Universal Salaried
Retirement Plan Document, as amended from time to time.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;
&#147;Years of Service&#148; means the greater of the continuous service used for
benefit calculation purposes under the Pension Plan and Universal Plan Document
as applicable, or the period of elapsed years and fractions thereof counted
from the Participant&#146;s date of hire up through and including the Participant&#146;s
date of termination of employment with all Employers and Affiliates.</font></p>


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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE III<br>
<u>BENEFITS</u></font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Normal
Retirement Benefit</u>.&#160; The amount of
Normal Retirement Benefit payable on the Participant&#146;s Normal Retirement Date
shall equal the Participant&#146;s Accrued Benefit on that date and shall be payable
in accordance with Section 3.4.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Late
Retirement Benefit</u>.&#160; In the case of a
Participant who works beyond his Normal Retirement Date, payment of benefits
shall not commence until such Participant terminates employment with all
Employers and Affiliates.&#160; A Participant&#146;s
Late Retirement Date shall be the first of the month coincident with or next
following the date the Participant terminates employment with all Employers and
Affiliates following his Normal Retirement Date.&#160; The amount of the Late Retirement Benefit
payable on such Late Retirement Date shall equal the Participant&#146;s Accrued
Benefit on that date, and shall be payable in accordance with Section 3.4.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.3</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Early
Retirement Benefit</u>. A Participant who has attained age 55 and completed at
least five Years of Service, or who has completed at least 25 Years of Service,
and who terminates employment with all Employers and Affiliates before his
Normal Retirement Date, shall receive benefits under the Supplemental Plan
commencing on his Early Retirement Date. The amount of the Participant&#146;s Early
Retirement Benefit shall be equal to the sum of (a) and (b):</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-.7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>For
service earned prior to January 1, 2007: the portion of the Participant&#146;s
Accrued Benefit determined under Section 2.1(a)(1), calculated as of his Normal
Retirement Date, reduced by 5/12% (5% annually) for each full or partial month
during which the Participant will receive payments from the Supplemental Plan
which precedes: (1) the date on which he reaches his Normal Retirement Date, if
he has less than 10 Years of Service; or (2) the date on which the Participant
reaches age 62, if he has at least 10 Years of Service.</p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For service earned after December 31,
2006: Benefit determined under (a) based on service after December&nbsp;31,
2006 and then prorated by the ratio of the early retirement benefit under the
Universal Plan Document formula to the early retirement benefit under the
Pension Plan had the formula not been changed to the Universal Plan Document
formula.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The amount determined above shall be reduced by any
benefit payable to the Participant under the terms of the Pension Plan and
Universal Plan Document computed as of the Participant&#146;s Early Retirement Date
rather than the Participant&#146;s Normal Retirement Date.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Participant&#146;s Early
Retirement Date shall be the first day of the first month coincident with or
next following the date on which the Participant terminates employment with all
</font></p>


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<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employers and Affiliates,
provided the Participant has either completed at least 25 Years of Service or
attained age 55 and completed at least five Years of Service.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Early Retirement Date
of a Participant who terminates employment with all Employers and Affiliates
before age 55 and after completing at least 5 Years of Service but less than 25
Years of Service shall be the first day of the first month coincident with or
next following the date on which the Participant attains age 55.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.4</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Time
and Form of Payment</u>.&#160; Subject to the
provisions of Section 3.5, the benefits payable under Sections 3.1, 3.2 and 3.3
of the Supplemental Plan shall, at the election of the Participant, be paid in
any one of the following forms:</p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Life Only Option</u>.&#160; A Participant electing the Life Only Option
shall receive equal monthly installments commencing on the first day of the
first month following the Participant&#146;s retirement, which payments shall
terminate with the monthly payment coincident with or immediately preceding the
death of the Participant.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Designated Survivor Option</u>.&#160; A Participant electing the Designated
Survivor Option shall receive a reduced retirement benefit which will be paid
in equal monthly installments commencing on the first day of the first month
following the Participant&#146;s retirement and continuing in the same amount up
through and including the monthly payment which immediately precedes, or is
coincident with, the Participant&#146;s death.&#160;
If a designated beneficiary survives the Participant, payments will be
further continued, with monthly installments paid to the surviving beneficiary
in an amount equal to 50%, 66 2/3% or 100% of the amount of the monthly
installment payable to the Participant during his lifetime, as elected by the Participant
in accordance with the provisions of Section 3.5.&#160; Equal monthly installments based on the
percentage elected by the Participant shall continue to be paid to the
designated beneficiary, and shall terminate with the monthly payment coincident
with, or immediately preceding, the death of the designated beneficiary.&#160; For this purpose, the designated beneficiary
shall be the individual specified in writing by the Participant in accordance
with Section 9.7.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Ten-Year Certain Option</u>.&#160; A Participant electing the Ten Year Certain
Option shall receive a reduced retirement benefit which will be paid in equal
monthly installments commencing on the first day of the first month following
the Participant&#146;s retirement and terminating with the monthly payment coincident
with or immediately preceding the death of the Participant; provided, however,
that if such death occurs within ten years of the date payments from the
Supplemental Plan commenced, monthly installments will be continued until a
total of the 120 monthly installments have been paid to the Participant and the
beneficiary designated in accordance with the provisions of Section 9.7.&#160; If the beneficiary so designated does not
survive to receive all such installments, the Actuarial Equivalent lump sum value
of the unpaid installments will be paid to the estate of the last to die of the
Participant and such beneficiary.</font></p>


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<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Lump Sum Option</u>.&#160; A Participant electing the Lump Sum Option
shall receive a single payment equal to the present value Actuarial Equivalent
of the Participant&#146;s Accrued Benefit.&#160; Following
payment of the Lump Sum Option, no further benefits shall be payable under the
terms of the Plan.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Five Annual Payments Option</u>.&#160; A Participant electing the Five Annual
Payments Option shall receive a single annual payment during each of five consecutive
years.&#160; Each annual payment shall be
equal to the Actuarial Equivalent of the Participant&#146;s benefit determined under
Article III payable in 5 equal payments.&#160;
Following payment of the fifth such annual payment, no further benefits
shall be payable under the terms of the Plan.&#160;
If the Participant&#146;s death occurs prior to payment of five annual
payments, the remainder of the annual payments shall be paid to the Participant&#146;s
beneficiary designated in accordance with Section 9.7.&#160; If the beneficiary so designated does not
survive to receive all such payments, the Actuarial Equivalent lump sum value
of the remaining payments will be paid to the estate of the last to die of the
Participant and such beneficiary.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.5</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Election
of Payment Form</u>.&#160; Prior to each
Participant&#146;s retirement date, the Plan Administrator will provide an election
form on which such individual shall indicate the form in which payment of his
benefit should be made from the Supplement Plan.&#160; The form of payment selected by the Participant
may, but need not, be the same form of payment in which the Participant has
elected to receive payment of his benefits from the Pension Plan and Universal
Plan Document.&#160; Regardless of the form of
payment actually elected by the Participant, the Participant&#146;s Accrued Benefit
will be determined on the basis of the payment option described in Section
3.4(a), with the Actuarial Equivalent of such amount determined on the basis of
the form of payment actually selected by the Participant.</p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any election made by a Participant may be changed by
filing a new election form with the Plan Administrator, but only if such
election is received before the date on which payments to the Participant from
the Supplemental Plan commence.&#160; If the
individual designated as the beneficiary by a Participant in accordance with
Section 9.7 of the Supplemental Plan dies before payments from the Supplemental
Plan commence, any election made in accordance with this Section 3.5 shall be
automatically revoked.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If a Participant fails to make the election required
by this Section 3.5, or if the beneficiary properly designated dies before
payments from the Supplemental Plan commence, and no new beneficiary
designation is made by the Participant, the Participant shall be deemed to have
elected payment of his retirement benefit from the Supplemental Plan in the
Life Only Option, as described in Section 3.4 (a), if he is not married on the
date payments from the Supplemental Plan commence, and in the 50% Designated
Survivor Option with </font></p>


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<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">his spouse as the beneficiary, as described in Section
3.4(b), if he is married on the date payments from the Supplemental Plan
commence.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The preceding paragraphs of this Section 3.5 shall
apply only to Participants who left the employ of all Employers and Affiliates
prior to October 1, 2006.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following paragraphs of this Section 3.5 shall
apply only to Participants who are in the employ of an Employer or Affiliate on
October 1, 2006.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Participant who will have a benefit commencement
date in 2007 must complete an election form no later than December 31, 2006
indicating the form in which payment of his benefit will be made from the
Supplemental Plan.&#160; A Participant who
will have a benefit commencement date after 2007 must complete an election form
no later than December 31, 2007 indicating the form in which payment of his
benefit will be made from the Supplemental Plan.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Regardless of the form of payment actually elected by
the Participant, the Participant&#146;s Accrued Benefit will be determined on the
basis of the payment option described in Section 3.4(a), with the Actuarial
Equivalent of such amount determined on the basis of the form of payment
actually selected by the Participant.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any election made by a
Participant may be changed by filing a new election form with the Plan
Administrator, but only if such election is received before the due dates
specified above for completion of the form.&#160;
When the due dates specified above have passed, the most-recently
submitted election shall become irrevocable.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If a Participant fails to
submit a valid election form on or before the applicable due date specified
above, payment of his benefit from the Supplemental Plan shall be made in the
form of a Lump Sum as described in Section 3.4(d).</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.6</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Pre-Retirement
Death Benefit</u>.&#160; If the Participant
dies before retiring from the employ of all Employers and Affiliates, has at
least five Years of Service or has attained age 65, the Participant&#146;s
beneficiary designated in accordance with Section 9.7 shall receive a Death
Benefit equal to the benefit such beneficiary would have received if the
Participant elected to receive payment of his benefit in accordance with
Section 3.4(b) in the 50% form.&#160; If a
married Participant has not designated a beneficiary as provided under Section
9.7, his beneficiary for purposes of this Section 3.6 shall be understood to be
his current lawful spouse.&#160; If the
Participant dies after reaching his Normal Retirement Date, the amount of the
Death Benefit payable in accordance with this Section 3.6 will be determined as
if he had retired and begun receiving payments on the day prior to his
death.&#160; If the Participant dies before
reaching his Normal Retirement Date, the amount of the Death Benefits will be
determined as if his employment with all Employers and Affiliates terminated on
the date of his death, the Participant survived until his Normal Retirement
Date, and died immediately.&#160; However, the
Participant&#146;s beneficiary may elect to receive an actuarially reduced benefit
prior to the Participant&#146;s Normal </p>


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<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Retirement Date, provided that if the Participant did
not have 25 Years of Service, such benefit may not commence earlier than the
date on which the Participant would have attained age 55.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In any event, Death Benefits payable in accordance
with this Section 3.6 shall be paid in equal monthly installments commencing as
determined in the preceding paragraph and ending with the monthly payment
coinciding with or next preceding the death of such beneficiary.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any elections with regard to commencement of payments
by a beneficiary shall be made in writing on a form satisfactory to the Plan
Administrator and returned to the Plan Administrator.</font></p>

<p style="margin:0pt 36.0pt 12.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the
foregoing, </font></u></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In
the case of a Participant whose employment with all Employers and Affiliates
terminates after December 31, 2004 and before October 1, 2006, payment of the
Death Benefit described above to such Participant&#146;s beneficiary shall begin on
the first day of the first month coincident with or next following the date on
which the Participant died; provided that, in the case of a Participant who did
not have 25 Years of Service, such benefit may not commence earlier than the
first day of the month coincident or next following the date on which the
Participant would have attained age 55. Payment shall be actuarially reduced
for commencement prior to age 65 or age 62, as applicable.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In
the case of a Participant who is in the employ of an Employer or Affiliate on
October 1, 2006,</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If the Participant is eligible for
Early Retirement under Section 3.3 on the date of his death, the Death Benefit
payable to such Participant&#146;s beneficiary shall be a single lump sum payment
that is the Actuarial Equivalent of the monthly payment that the beneficiary
would have received if the Participant had commenced payment of his
Supplemental Plan benefit in the 50% Form on the day before his death. Payment
to the beneficiary shall be made as of the first day of the first month
coincident with or next following the date on which the Participant died.</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If
the Participant is not eligible for Early Retirement <u>under </u>Section 3.3
on the date of his death, the Death Benefit payable to such Participant&#146;s
beneficiary shall be a single lump sum payment that is the Actuarial Equivalent
of the monthly payment that the beneficiary would have received if the
Participant had survived to his Normal Retirement Date, commenced payment of
his Supplemental Plan benefit in the 50% Form on his Normal Retirement Date and
died immediately. Payment to the beneficiary shall be made as of the first day
of the first month coincident with or next following the date on which the
Participant died.</font></p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.7</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Payment
Commencement Date for Specified Employee</u>.&#160;
Notwithstanding any provision of the Supplemental Plan to the contrary,
in the case of payment made to a Participant who is a &#147;specified employee&#148; as
defined in Code Section 409A and the regulations and other official guidance
issued thereunder, and as determined in accordance with procedures established
by the Plan Administrator, on account of such Participant&#146;s termination of
employment for reasons other than death shall begin on the later of (a) the
first day of the month coincident with or next following the date that is six
months after the date of such Participant&#146;s termination of employment with the
Employer and all Affiliates and (b) the commencement date otherwise specified
in this Plan.</p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE IV<br>
<u>VESTING</u></font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Vesting</u>.&#160; A Participant&#146;s right to receive benefits
under the Supplemental Plan shall become nonforfeitable, subject to the
provisions of Article V, upon the Participant&#146;s completion of five Years of
Service, or upon the Participant&#146;s attainment of age 65.&#160; If one of the conditions described in the
previous sentence has not been satisfied at the time the individual&#146;s
employment with all Employers and Affiliates is terminated, then such
Participant shall forfeit the right to receive any benefit under the
Supplemental Plan.&#160; Notwithstanding the
foregoing provisions of this Section 4.1, but subject to the acceleration
permitted in Section 4.2, a Participant listed on Exhibit B attached hereto
will be vested in one-third of his Accrued Benefit for each of the first three
years of participation in the Supplemental Plan, provided he has at least five
Years of Service.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Acceleration</u>.&#160; Notwithstanding anything herein contained to
the contrary, the Plan Administrator may, at its discretion, at any time
accelerate the vesting of any Participant in his benefits under the
Supplemental Plan, in whole or in part.</p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE V<br>
<u>SOURCES OF PAYMENTS</u></font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Benefits payable
under the Supplemental Plan shall be paid by the respective Employer of each
Participant out of its general assets.&#160;
Obligations to pay benefits due Participants under the Supplemental Plan
shall be the obligation of the respective Employers and not the obligation of
the Company or any other entity that is a shareholder of an Employer.&#160; A Participant shall not have any rights with
respect to benefits under the Supplemental Plan other than the unsecured right
to receive payments from his Employer as provided herein.&#160; An Employer shall not be obligated to set
aside, earmark or escrow any funds or other assets to satisfy its obligation
hereunder.&#160; Any benefit payable in
accordance with the terms of this Supplemental Plan shall not be represented by
a note or any evidence of indebtedness other than the promises contained in the
Supplemental Plan.</font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If any Participant
is entitled to receive a benefit from this Supplemental Plan as the result of
employment with more than one of the Employers, then each such Employer shall
pay that portion of the benefit payable from the Supplemental Plan that bears
the same ratio to the total benefit payable from the Supplemental Plan as the
Pension Plan and Universal Plan Document benefit accrued by such Participant
while in the employment of such Employer bears to the total benefits accrued
under the Pension Plan and Universal Plan Document; provided, however, that the
portion of a Participant&#146;s benefit payable under the Supplemental Plan
attributable to service with an Employer (or Employers) which is no longer a
member of the controlled group that includes Smurfit-Stone Container
Enterprises, Inc. as defined in Section 414(b), (c) and (m) of the Code, or by
an Affiliate which is not an Employer, at the time such individual terminates
employment with all members of such group, shall be paid by the Company.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE VI<br>
<u>PLAN ADMINISTRATOR</u></font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Supplemental
Plan shall be administered by the same Committee appointed by the Company to be
Plan Administrator of the Pension Plan.&#160;
The Plan Administrator so appointed shall have all of the authority,
rights and duties to administer the Supplemental Plan as is assigned to the
Committee to administer the Pension Plan; provided, however, that such
Committee may adopt such rules as it may deem necessary, desirable and
appropriate to administer the Supplemental Plan.&#160; The decisions of the Committee, including but
not limited to interpretations and determinations of amounts due under the
Supplemental Plan, shall be final and binding on all parties.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE VII<br>
<u>NONALIENATION OF BENEFITS</u></font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The interest of
Participants and their beneficiaries under the Supplemental Plan are not
subject to the claims of their creditors and may not be voluntarily or
involuntarily sold, transferred, alienated, assigned, pledged, anticipated, or
encumbered.&#160; Any attempt by a
Participant, his beneficiary, or any other person to sell, transfer, alienate,
assign, pledge, anticipate, encumber, charge or otherwise dispose of any right
to benefits payable hereunder shall be void.&#160;
An Employer may cancel and refuse to pay any portion of a benefit which
is sold, transferred, alienated, assigned, pledged, anticipated or
encumbered.&#160; Additionally, the benefits
which a Participant may accrue under this Supplemental Plan are not subject to
the terms of any domestic relations order (as that term is defined in Section
414(q) of the Code) with respect to any Participant, nor shall the Plan
Administrator, the Company, or any Employer be required to comply with the
terms of such order in connection with this Supplemental Plan.</font></p>


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<div>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE VIII<br>
<u>AMENDMENT AND TERMINATION</u></font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company
reserves the right to amend, alter or discontinue this Supplemental Plan at any
time.&#160; Such action may be taken by any
officer of the Company who has been duly authorized by the Board of Directors
to perform acts of such kind.&#160; A
Participant&#146;s Accrued Benefit earned as of the time of any change shall not be
reduced; a reduction in the Pension Plan formula shall be reflected
proportionately on a prospective basis in the Supplemental Plan.&#160; Regardless of the termination of this
Supplemental Plan, those Participants who have earned a right to an Accrued
Benefit in accordance with Section 4.1 or whose payment of benefits hereunder
has already commenced in accordance with Article III, and only those
individuals (or their beneficiary), shall be entitled to benefits hereunder,
until the total amount due them as determined under the Supplemental Plan has
been paid in full.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE IX<br>
<u>GENERAL PROVISIONS</u></font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Facility
of Payment</u>.&#160; When a person entitled
to a distribution under the Supplemental Plan is under a legal disability, or,
in the opinion of the Plan Administrator, is in any way incapacitated so as to
be unable to manage his financial affairs, the Plan Administrator may direct
that the distribution to which such person otherwise would be entitled shall be
made to such person&#146;s legal representative(s) or to a relative or friend of
such person for such person&#146;s benefit, or the Plan Administrator may direct the
application of such distribution for the benefit of such person in such manner
as the Plan Administrator considers advisable.&#160;
Any payment made in good faith in accordance with provisions of this
Section 9.1 shall be a complete discharge of any liability for the making of such
payment under the provisions of the Supplemental Plan.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Plan
Not a Contract of Employment</u>.&#160; The
Supplemental Plan does not constitute a contract of employment, and
participation in the Supplemental Plan will not give any Participant the right
to be retained in the employment of any of the Employers.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.3</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Construction
of Terms</u>.&#160; Words of gender shall
include persons and entities of any gender, the plural shall include the
singular, and the singular shall include the plural.&#160; Section headings exist for reference purposes
only, and shall not be construed as part of the Supplemental Plan.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.4</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Successors</u>.&#160; The provisions of the Supplemental Plan shall
be finding upon the Employers and their successors and assigns and upon every
Participant and his heirs, beneficiaries, estates and legal representatives.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.5</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Required
Notification to Plan Administrator</u>.&#160;
Each Participant entitled to benefits hereunder shall file with the Plan
Administrator from time to time in writing his post </p>


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<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">office address and each
change of post office address, and any check representing payment hereunder and
any communication addressed to a Participant or a former Participant hereunder
at his last address filed with the Plan Administrator, or if no such address
has been filed, then at his last address as indicated on the records of the
Company shall be binding on such person for all purposes of the Supplemental
Plan, and neither the Plan Administrator nor the Company nor any Employer or
other payor shall be obliged to search for or ascertain the location of any
such person.&#160; If the Plan Administrator
for any reason is in doubt as to the address of any Participant entitled to
benefits hereunder or as to whether benefit payments are being received by the
person entitled thereto, it shall, by registered mail addressed to the person
concerned at his address last known to the Plan Administrator, notify such
person that:</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All unmailed and future retirement
income payments shall be henceforth withheld until he provides the Plan
Administrator with evidence of his continued life and his proper mailing
address; and</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; His right to any retirement income
whatsoever shall, at the option of the Plan Administrator, be canceled forever,
if, at the expiration of five years from the date of such mailing, he shall not
have provided the Plan Administrator with evidence of his continued life and
his proper mailing address.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.6</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Required
Information to Plan Administrator</u>.&#160;
Each person entitled to benefits hereunder shall furnish to the Plan
Administrator such information as the Plan Administrator may reasonably require
for purposes of administering the Supplemental Plan, and the provisions of the
Supplemental Plan respecting any payments hereunder are conditional upon such
person furnishing promptly such true, full and complete information as the Plan
Administrator may require.&#160; Each person
entitled to benefits hereunder will submit proof of his age to the Plan
Administrator at such time as required by the Plan Administrator.&#160; The Plan Administrator will, if such proof of
age is not submitted as required, use as conclusive evidence thereof such
information as is deemed by it to be reliable, regardless of the lack of proof,
or&#160; the misstatement of the age of person
entitled to benefits hereunder, by the Participant or otherwise.&#160; Any notice or information which, according to
the terms of the Plan or the rules of the Plan Administrator, must be filed
with the Plan Administrator, shall be deemed so filed if addressed and either
delivered in person or mailed to and received by the Plan Administrator, in care
of the Company at</p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Smurfit-Stone
Container Corporation<br>
8182 Maryland<br>
St. Louis, Missouri&#160; 63105</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.7</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Designation
of a Beneficiary</u>.&#160; Each Participant
shall specifically designate, by name, on forms provided by the Administrator,
the beneficiary who shall receive any benefits which might be payable after his
death.&#160; Such designation may be made at
any time satisfactory to the Administrator.&#160;
A designation of a beneficiary may be changed or revoked without the
consent of the beneficiary at any time or from time to time in such </p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">12</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">manner as may be provided by the Company, and
the Company shall have no duty to notify any person designated as a beneficiary
of any change in any such designation which might affect such person&#146;s present
or future rights hereunder.&#160; If no
designated beneficiary survives the Participant, the Participant&#146;s beneficiary
shall be his estate.</font></h2>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 36.0pt 12.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.8</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Claims
Procedure</u>.</p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each
person eligible for a benefit under the Plan will make a claim for his or her
benefit by submitting an appropriate form to the Plan Administrator.&#160; Each such person will also furnish the Plan
Administrator with such documents, evidence, data, or information in support of
his or her claim as the Plan Administrator considers necessary or desirable.</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If
the Plan Administrator determines that a claim for benefits should be denied in
whole or in part, the Plan Administrator will, in writing, notify the claimant
within 90 days (180 days if special circumstances require) of receipt of such
claim that his or her claim has been denied.&#160;
The notice of denial will be written in a manner calculated to be
understood by the claimant and will include the following information: (i) the
specific reason or reasons for the denial; (ii) reference to the specific Plan
provisions on which denial is based; (iii) a description of any additional
material or information necessary to perfect the claim and an explanation of
why the material or information is necessary; and (iv) a description of the
Plan&#146;s review procedures, the time limits applicable to those procedures,
including a statement of the claimant&#146;s right to bring a civil action under
Section 502(a) of ERISA following the denial of his or her claim on review.</font></h2>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If
a claim for benefits is denied, the claimant, or his or her authorized representative,
may request a review by the Plan Administrator of the decision denying the
claim by filing a written notice with the Plan Administrator within 60 days
after receipt of the notice from the Plan Administrator denying such claim.&#160; The claimant may submit written comments,
documents, records and other information relating to his or her claim, whether
or not those comments, documents, records or other information were submitted
in connection with the initial claim.&#160;
The claimant may also request that the Plan provide, free of charge,
copies of all documents, records or other information relevant to his or her
claim.&#160; If the claimant fails to request
such a review within such 60 day period, it will be conclusively determined for
all purposes of this Plan that the denial of such claim by the Plan
Administrator is correct.&#160; After such
review, the Plan Administrator will determine whether the denial of the claim
was correct and will notify the claimant in writing of its determination within
60 days of receipt of the claimant&#146;s request for review (120 days if special
circumstances require).&#160; In the case of a
claim denied on review, the notice will be written in a manner calculated to be
understood by the claimant and will include the following information: (A) the
specific reason or reasons for the denial; (B) reference to the specific Plan
provisions on which denial is based; (C) a statement that the claimant is
entitled to receive, upon written request and free of charge, reasonable access
to and copies of all documents, records and other information relevant to his
or her claim for benefits; and (D) a statement of any voluntary </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">13</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">appeal procedures offered by the Plan and the claimant&#146;s
right to obtain information about the procedures and to bring a civil action
under Section 502(a) of ERISA.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.9</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Official
Actions</u>.&#160; Any action required to be
taken by the Board of Directors pursuant to the Supplemental Plan may be
performed by any person or persons, including a committee, to which the Board
of Directors has delegated the authority to take actions of that kind.&#160; Whenever under the terms of this Supplemental
Plan any other corporation is permitted or required to take some action, such
action may be taken by an officer of the corporation who has been duly
authorized by the board of directors of such corporation to take actions of
that kind.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.10</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Controlling
State Law</u>.&#160; To the extent not
superseded by the laws of the United States, the laws of the State of Missouri
shall be controlling in all matters relating to the Supplemental Plan.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.11</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Severability</u>.&#160; In case any provision of the Supplemental
Plan shall be held illegal or invalid for any reason, such illegality or
invalidity shall not affect the remaining provisions of the Supplemental Plan,
and the Supplemental Plan shall be construed and enforced as if such illegal
and invalid provisions had never been set forth.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">14</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS
WHEREOF, SMURFIT-STONE CONTAINER ENTERPRISES, INC. has adopted the foregoing
instrument this 2nd day of October, 2006.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.7%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SMURFIT-STONE CONTAINER ENTERPIRSES, INC.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Charles A. Hinrichs</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By: Charles A. Hinrichs</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ATTEST:</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="36%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:36.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Craig A.
  Hunt</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="36%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:36.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Craig A. Hunt</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">15</font></p>
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