Another executive leaves NewPage

On July 2, 2010, the boards of directors of NewPage Holding Corporation and NewPage Corporation accepted the resignation of Michael L. Marziale as senior vice president, marketing, strategy and general management, effective July 2, 2010.

Under the terms of his separation agreement with NewPage Corporation and NewPage Group Inc. dated July 2, 2010, Mr. Marziale is entitled to receive a severance payment equal to $512,248, payment of $645,138 by NewPage Group to purchase his NewPage Group common stock, payment of $278,466 representing a pro rata portion of his performance and service awards granted pursuant to the LTIP, payment for accrued but unused vacation in 2010 equal to $14,769, continued health and welfare benefits through July 2, 2012 (comprised of medical, dental, life insurance and accidental death and dismemberment insurance benefits) with a total aggregate cost to us of approximately $18,100 and outplacement services with a cost to us of approximately $10,500. Mr. Marziale will also remain eligible for a prorated bonus payment for performance in 2010. Mr. Marziale remains subject to certain non−competition and non−solicitation restrictions through July 2, 2011.

Source: NewPage