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Exhibit 10.31
Summary of MeadWestvaco
Corporation Long-Term Incentive Plan under 2005 Performance
Incentive Plan, as amended
Under the MeadWestvaco Corporation
Long-Term Incentive Plan (the “Plan”), which is a part
of the 2005 Performance Incentive Plan, the Compensation and
Organization Development Committee (the “Committee”) of
the Board of Directors annually awarded each executive a long-term
incentive award that is payable partially in the form of
performance-based prior to 2009, restricted stock units and
partially in the form of non-qualified stock options. For 2009 an
executive’s long-term award is payable partially in the form
of time-based restricted stock units and partially in the form of
non-qualified stock options. The size of each executive
officer’s long-term incentive award is determined by
application of his or her long-term incentive target expressed as a
percentage of base salary, which the Committee examines annually to
confirm that the target is reasonable when viewed against external
competitive market data, peer group and general industry trends,
over multiple years.
The Committee generally establishes
a three year period for performance-based restricted stock units
awarded under the Plan. Performance-based restricted stock unit
awards a
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