WAUSAU-MOSINEE PAPER CORPORATION
INCENTIVE COMPENSATION PLAN
Executive officers are entitled to receive incentive compensation with respect to the 2004 fiscal year upon
achievement of targeted company or personal objectives. The following table sets forth, as a percentage of base
salary, the maximum 2004 incentive compensation opportunity for executive officers.
(1)The Company believes the earnings per share and Group operating profit targets represent confidential
business information, the disclosure of which would adversely affect the Company and has determined that it is
not in the best interests of the Company to disclose such information. For purposes of this plan, "earnings per
share" means earnings per share as reported in the Company's audited financial statements, as adjusted for
accruals on SAR's, bonus expense, and other extraordinary items as determined in the discretion of the
(2)Incentive bonuses will be 0% of base salary if earnings are at the bottom of the targeted range of earnings per
share and will increase on a pro rata basis to the officer's maximum of percentage of base salary at the top of the
(3)Incentive bonuses will be 0% of base salary if earnings are at the bottom of the targeted range for the officer's
respective Group's targeted operating profit and will increase on a pro rata basis to the officer's maximum
percentage of 60% of base salary at the top of the targeted range.
(4)Individual performance objectives established at the beginning of the year by the Compensation Committee for
the CEO and by the CEO for other executive officers.
Earnings Operating Individual Total
Per Share(1)(2) Profit(1)(3) Objectives (4)Maximum