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<TITLE>PAPERWEIGHT DEVELOPMENT CORP.</TITLE>
<META NAME="author" CONTENT="godfrey &amp; kahn">
<META NAME="date" CONTENT="09/21/2004">
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<P style="margin:0pt; font-family:Times New Roman" align=right>Registration No. 333-_______</P>
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<P style="margin:0pt; font-family:Times New Roman" align=center>As filed with the Securities and Exchange Commission on September 22, 2004</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Washington, D.C. 20549</P>
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<P style="margin:0pt; line-height:17pt; font-family:Times New Roman; font-size:15pt" align=center><B>FORM S-8</B></P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>REGISTRATION STATEMENT</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Under</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>The Securities Act of 1933</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:8pt"><BR></P>
<P style="margin:0pt; line-height:18pt; font-family:Times New Roman; font-size:16pt" align=center><B>PAPERWEIGHT DEVELOPMENT CORP.</B></P>
<P style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=center>(Exact Name of Registrant as Specified in its Charter)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:8pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD valign=top width=316.467><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Wisconsin</B></P>
</TD><TD valign=top width=316.467><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>39-2014992</B></P>
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<TR><TD valign=top width=316.467><P style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=center>(State or Other Jurisdiction of Incorporation or Organization)</P>
</TD><TD valign=top width=316.467><P style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=center>(I.R.S. Employer Identification No.)</P>
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<TR><TD valign=top width=316.467>&nbsp;</TD><TD valign=top width=316.467>&nbsp;</TD></TR>
<TR><TD valign=top width=316.467><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>825 East Wisconsin Avenue</B></P>
</TD><TD valign=top width=316.467>&nbsp;</TD></TR>
<TR><TD valign=top width=316.467><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>P.O. Box 359</B></P>
</TD><TD valign=top width=316.467>&nbsp;</TD></TR>
<TR><TD valign=top width=316.467><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Appleton, Wisconsin</B></P>
</TD><TD valign=top width=316.467><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>54912-0359</B></P>
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<TR><TD valign=top width=316.467><P style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=center>(Address of Principal Executive Offices)</P>
</TD><TD valign=top width=316.467><P style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=center>(Zip Code)</P>
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<P style="margin:0pt; font-family:Times New Roman" align=center>_______________</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:8pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>APPLETON PAPERS RETIREMENT SAVINGS AND EMPLOYEE STOCK OWNERSHIP PLAN</B></P>
<P style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=center>(Full title of the plan)</P>
<P style="margin:0pt; font-family:Times New Roman" align=center>_______________</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>Paul J. Karch</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>Paperweight Development Corp.</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>825 East Wisconsin Avenue</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>P.O. Box 359</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>Appleton, Wisconsin 54912-0359</B></P>
<P style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=center>(Name and address of agent for service)</P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>(920) 734-9841</B></P>
<P style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=center>(Telephone number, including area code, of agent for service)</P>
<P style="margin:0pt; font-family:Times New Roman" align=center>_______________</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:6pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Copy to:</P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>Christopher B. Noyes</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>Godfrey &amp; Kahn, S.C.</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>780 North Water Street</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>Milwaukee, Wisconsin 53202</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>(414) 273-3500</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>_______________</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:8pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=633.933 colspan=5><P style="margin:0pt; font-family:Times New Roman" align=center><B>CALCULATION OF REGISTRATION FEE</B></P>
</TD></TR>
<TR><TD valign=top width=127.8>&nbsp;</TD><TD valign=top width=118.2>&nbsp;</TD><TD valign=top width=138.933>&nbsp;</TD><TD valign=top width=146.667>&nbsp;</TD><TD valign=top width=102.333>&nbsp;</TD></TR>
<TR><TD valign=top width=127.8><P style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=center>Title of Securities</P>
</TD><TD valign=top width=118.2><P style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=center>Amount to</P>
</TD><TD valign=top width=138.933><P style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=center>Proposed Maximum</P>
</TD><TD valign=top width=146.667><P style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=center>Proposed Maximum</P>
</TD><TD valign=top width=102.333><P style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=center>Amount of</P>
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<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=127.8><P style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=center>to be Registered</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=118.2><P style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=center>be Registered</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=138.933><P style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=center>Offering Price Per Share</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=146.667><P style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=center>Aggregate Offering Price</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=102.333><P style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=center>Registration Fee</P>
</TD></TR>
<TR><TD valign=top width=127.8><P style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman" align=center>Common Stock,</P>
</TD><TD valign=top width=118.2>&nbsp;</TD><TD valign=top width=138.933>&nbsp;</TD><TD valign=top width=146.667>&nbsp;</TD><TD valign=top width=102.333>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=127.8><P style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman" align=center>$.01 par value (1)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=118.2><P style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman" align=center>2,000,000</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=138.933><P style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman" align=center>$9.07 (2)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=146.667><P style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman" align=center>$18,140,000</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=102.333><P style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman" align=center>$2,298.34</P>
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<P style="margin-top:0pt; margin-bottom:-10pt; padding-left:18pt; text-indent:-18pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=justify>(1)</P>
<P style="margin:0pt; padding-left:18pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=justify>In addition, pursuant to Rule 416(c) under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), this registration statement also covers an indeterminate amount of interests to be offered or sold pursuant to the employee benefit plan described herein.</P>
<P style="margin-top:0pt; margin-bottom:-10pt; padding-left:18pt; text-indent:-18pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=justify>(2)</P>
<P style="margin:0pt; padding-left:18pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=justify>The registration fee was calculated pursuant to Rule 457(h)(1) under the Securities Act, based upon the book value per share of the common stock of Paperweight Development Corp. (&#147;Paperweight Development&#148;) as of July 4, 2004.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
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<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=center><B>PART II</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=center><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify><B>Item 3.</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman" align=justify><B><U>Incorporation of Documents by Reference</U></B></P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman" align=justify>The following documents are incorporated by reference in this Registration Statement:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=31.2><P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-36pt; font-family:Times New Roman" align=justify>(a)</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; font-family:Times New Roman" align=justify><BR></P>
</TD><TD valign=top width=510><P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=justify>Registrant&#146;s prospectus filed pursuant to Rule 424(b) of the Securities Act dated September 22, 2004; and</P>
</TD></TR>
<TR><TD valign=top width=31.2>&nbsp;</TD><TD valign=top width=510>&nbsp;</TD></TR>
<TR><TD valign=top width=31.2><P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-36pt; font-family:Times New Roman" align=justify>(b)</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; font-family:Times New Roman" align=justify><BR></P>
</TD><TD valign=top width=510><P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=justify>The Annual Report on Form 11-K for the fiscal year ended December 31, 2003 of the Appleton Papers Retirement Savings and Employee Stock Ownership Plan (the &#147;KSOP&#148;).</P>
</TD></TR>
<TR><TD valign=top width=31.2>&nbsp;</TD><TD valign=top width=510>&nbsp;</TD></TR>
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<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman" align=justify>All documents subsequently filed by the Registrant or the KSOP pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended, prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such documents.</P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify><B>Item 4.</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman" align=justify><B><U>Description of Securities</U></B></P>
<P style="margin-top:0pt; margin-bottom:8.35pt; text-indent:36pt; font-family:Times New Roman" align=justify>Paperweight Development&#146;s authorized capital stock consists of 30,000,000 shares of common stock, par value $.01 per share, 11,727,584 shares of which were issued and outstanding as of August 16, 2004. &nbsp;The common stock is held by the employee stock ownership plan component of the KSOP, which we refer to as the ESOP or Company Stock Fund, for the benefit of ESOP participants. &nbsp;The shares are validly issued, fully paid and non-assessable, except to the extent provided in Section 180.0622(2)(b) of the Wisconsin Business Corporation Law (the &#147;WBCL&#148;). &nbsp;Under Section 180.0622(2)(b) of the WBCL, holders of common stock are liable up to the amount equal to the par value of the common stock owned by holders of common stock for all debts owing to Paperweight Development&#146;s employees for services performed for Paperweight Development, but not exceeding six months&#146; service in any one case. &nbsp;Certain Wisconsin courts have interpreted &#147;par value&#148; to mean the full amount paid upon the purchase of shares of common stock.</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman" align=justify><I>Voting Rights.</I> &nbsp;As a participant in the ESOP designated as a named fiduciary under ERISA, ESOP participants have the right to direct the ESOP trustee to vote shares of common stock allocated to their ESOP accounts either for or against the following major corporate events relating to Paperweight Development:</P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD valign=top width=31.2><P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; text-indent:-18pt; font-family:Symbol" align=justify>&#183;</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:18pt; font-family:Symbol" align=justify><BR></P>
</TD><TD valign=top width=541.2><P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=justify>Mergers and consolidations;</P>
</TD></TR>
<TR><TD valign=top width=31.2>&nbsp;</TD><TD valign=top width=541.2>&nbsp;</TD></TR>
<TR><TD valign=top width=31.2><P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; text-indent:-18pt; font-family:Symbol" align=justify>&#183;</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:18pt; font-family:Symbol" align=justify><BR></P>
</TD><TD valign=top width=541.2><P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=justify>Sale of all or substantially all of Paperweight Development&#146;s assets, or stock, including, for this purpose, all of the stock Paperweight Development owns in Appleton Papers Inc. (&#147;Appleton&#148;);</P>
</TD></TR>
<TR><TD valign=top width=31.2>&nbsp;</TD><TD valign=top width=541.2>&nbsp;</TD></TR>
<TR><TD valign=top width=31.2><P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; text-indent:-18pt; font-family:Symbol" align=justify>&#183;</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:18pt; font-family:Symbol" align=justify><BR></P>
</TD><TD valign=top width=541.2><P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=justify>Recapitalizations and reclassifications; and</P>
</TD></TR>
<TR><TD valign=top width=31.2>&nbsp;</TD><TD valign=top width=541.2>&nbsp;</TD></TR>
<TR><TD valign=top width=31.2><P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; text-indent:-18pt; font-family:Symbol" align=justify>&#183;</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:18pt; font-family:Symbol" align=justify><BR></P>
</TD><TD valign=top width=541.2><P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=justify>Liquidations and dissolutions.</P>
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<TR><TD valign=top width=31.2>&nbsp;</TD><TD valign=top width=541.2>&nbsp;</TD></TR>
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<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman" align=justify>For all other shareholder votes, including the election of directors, the ESOP trustee, as a named fiduciary under ERISA, will vote all shares of common stock held by the ESOP as directed by the ESOP committee. &nbsp;The ESOP committee is appointed by the board of directors of Appleton and is responsible for the administration of the KSOP and the financial management of the Company Stock Fund.</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman" align=justify><I>Transfer Restrictions.</I> &nbsp;Employees who participate in the ESOP will acquire a beneficial interest in Paperweight Development common stock held in the ESOP. &nbsp;ESOP participants will not directly own the common stock allocated to their accounts. &nbsp;The ESOP trustee is the legal title holder of the common stock and holds the common stock in the name of the ESOP. &nbsp;Because the common stock is held by the ESOP trustee and not by individual participants, individual participants will not be able to sell, pledge or otherwise transfer the shares of common stock allocated to their accounts. &nbsp;As long as Paperweight Development is an S corporation for federal income tax purposes, any shares of Paperweight Development common stock distributed to participants must be immediately sold back to Paperweight Development at the then current fair market value as determined by an independent, third party appraiser selected by the ESOP trustee in accordance with the terms of the ESOP. &nbsp;There is not currently a public market for the common stock and it is unlikely that there will ever be a public market for the common stock. &nbsp;Furthermore, interests in common stock may not be transferred except upon death or pursuant to a qualified domestic relations order, which is a judicial order issued to divide property in the event of a divorce or separation.</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman" align=justify><I>Dividends</I>. &nbsp;The ESOP is entitled to receive dividends when, as and if declared by the board of directors of Paperweight Development in its discretion out of funds legally available for the payment of dividends. &nbsp;Paperweight Development is subject to covenants restricting its ability to pay dividends to the ESOP under the terms of agreements governing its senior credit facility, senior notes and senior subordinated notes. &nbsp;Paperweight Development has an obligation under ERISA to make distributions to former ESOP participants to satisfy its repurchase liability or to ESOP participants who have exercised their diversification rights.</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman" align=justify><I>Other Rights</I>. &nbsp;In the event of a liquidation or dissolution of Paperweight Development, the ESOP will be entitled to assets remaining for distribution to shareholders. &nbsp;The ESOP does not have any preemptive or other subscription rights and the shares of outstanding common stock held by the ESOP are not subject to further calls or assessment by Paperweight Development. &nbsp;There are no conversion rights or sinking fund provisions applicable to the shares of common stock.</P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman"><B>Authorized but Unissued Shares</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman" align=justify>Wisconsin law does not require shareholder approval for any issuance of authorized shares. &nbsp;These additional shares may be used for a variety of corporate purposes, including future public or private offerings to raise additional capital or to facilitate corporate acquisitions.</P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman"><B>Wisconsin Law and Certain Articles and Bylaw Provisions</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman"><I>Number of Directors; Vacancies; Removal</I>. &nbsp;Paperweight Development&#146;s bylaws provide that Paperweight Development&#146;s board of directors consists of seven members. &nbsp;The board of directors is authorized to create new directorships and to fill the positions it creates. &nbsp;The board of directors, or its remaining members, even though less than a quorum, is also empowered to fill vacancies on the board of directors occurring for any reason. &nbsp;Any director appointed to fill a vacancy or to a newly created directorship will hold office until the next annual shareholders&#146; meeting. &nbsp;The ESOP trustee may only remove directors for cause by the affirmative vote of the holders of a majority of Paperweight Development&#146;s outstanding shares of capital stock entitled to be cast in an election of directors.</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman"><I>Shareholder Action by Written Consent; Special Meetings</I>. &nbsp;Paperweight Development&#146;s bylaws provide that the ESOP trustee may act by unanimous written consent, however, the ESOP trustee will take actions as a shareholder of Paperweight Development at the direction of the ESOP committee, unless it determines that any such action would be a breach of its fiduciary duties to ESOP participants. &nbsp;The chairman of the board, the chief executive officer, the president or a majority of the board of directors may call a special meeting of the shareholders and are required to call a special meeting upon written demand by the ESOP trustee.</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman"><I>Amendments to the Articles of Incorporation</I>. &nbsp;The WBCL allows Paperweight Development to amend its articles of incorporation at any time to add or change a provision that is required or permitted to be included in the articles of incorporation or to delete a provision that is not required to be included in the articles of incorporation. &nbsp;The board of directors may propose one or more amendments to Paperweight Development&#146;s articles of incorporation for submission to the ESOP and may condition its submission of the proposed amendment on any basis if the board of directors notifies the ESOP, whether or not entitled to vote, of the related shareholders&#146; meeting and includes certain information regarding the proposed amendment in that meeting notice.</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman"><I>Amendments to the Bylaws</I>. &nbsp;Paperweight Development&#146;s articles of incorporation and bylaws both provide that the ESOP trustee, subject to the direction of the ESOP committee and its fiduciary duties, has the power to adopt, amend, alter or repeal the bylaws. &nbsp;Paperweight Development&#146;s articles of incorporation and bylaws also provide that the board of directors may amend, alter or repeal the existing bylaws and adopt new bylaws by the vote of at least a majority of the entire board of directors then in office. &nbsp;However, the board of directors may not amend, repeal or readopt any bylaw amended, repealed or adopted by the ESOP, as sole shareholder, if that bylaw so provides, and the board of directors may not amend, alter or repeal a bylaw adopted or amended by the ESOP, as sole shareholder, that fixes a greater or lower quorum requirement or a greater voting requirement for the board of directors unless the bylaw expressly provides that it may be amended, altered or repealed by a specified vote of the board of directors. &nbsp;Action by the board of directors that changes the quorum or voting requirement for the board of directors must meet the same quorum requirement and be adopted by the same vote required to take action under the quorum and voting requirement then in effect, except where a different voting requirement is specified in the bylaws. &nbsp;In addition, the board of directors may not amend, alter or repeal a bylaw if the articles of incorporation, the particular bylaw or the WBCL reserve this power exclusively to the shareholders.</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman"><I>Constituency or Stakeholder Provision</I>. &nbsp;Under Section 180.0827 of the WBCL, in discharging his or her duties to Paperweight Development and in determining what he or she believes to be in the best interests of Paperweight Development, a director or officer may, in addition to considering the effects of any action on the ESOP participants, consider the effects of the action on employees, suppliers, customers, the communities in which Paperweight Development operates and any other factors that the director or officer considers pertinent. &nbsp;This provision may conflict with the short-term maximization of shareholder value.</P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman"><B>Security Holders Agreements</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman">The board of directors of Paperweight Development consists of seven members. &nbsp;Paperweight Development has entered into a security holders agreement with the ESOP trust which sets forth the manner in which the ESOP trust will vote its shares of Paperweight Development common stock in connection with the election of directors. &nbsp;Under the agreement, the ESOP trust has agreed to vote all of its shares of Paperweight Development common stock to give effect to the following composition of Paperweight Development&#146;s board of directors:</P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD valign=top width=31.2><P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; text-indent:-18pt; font-family:Symbol" align=justify>&#183;</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:18pt; font-family:Symbol" align=justify><BR></P>
</TD><TD valign=top width=541.2><P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=justify>prior to January 1, 2003, three individuals nominated by the ESOP trust, three individuals nominated by Paperweight Development&#146;s chief executive officer and one individual proposed by the ESOP trust and acceptable to the chief executive officer, which we refer to as a joint nomination;</P>
</TD></TR>
<TR><TD valign=top width=31.2>&nbsp;</TD><TD valign=top width=541.2>&nbsp;</TD></TR>
<TR><TD valign=top width=31.2><P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; text-indent:-18pt; font-family:Symbol" align=justify>&#183;</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:18pt; font-family:Symbol" align=justify><BR></P>
</TD><TD valign=top width=541.2><P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=justify>between January 1, 2003 and December 31, 2003, two individuals nominated by the ESOP trust, three individuals nominated by Paperweight Development&#146;s chief executive officer and two individuals jointly nominated by the ESOP trust and the chief executive officer;</P>
</TD></TR>
<TR><TD valign=top width=31.2>&nbsp;</TD><TD valign=top width=541.2>&nbsp;</TD></TR>
<TR><TD valign=top width=31.2><P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; text-indent:-18pt; font-family:Symbol" align=justify>&#183;</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:18pt; font-family:Symbol" align=justify><BR></P>
</TD><TD valign=top width=541.2><P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=justify>between January 1, 2004 and December 31, 2004, one individual nominated by the ESOP trust, three individuals nominated by Paperweight Development&#146;s chief executive officer and three individuals jointly nominated by the ESOP trust and the chief executive officer; and</P>
</TD></TR>
<TR><TD valign=top width=31.2>&nbsp;</TD><TD valign=top width=541.2>&nbsp;</TD></TR>
<TR><TD valign=top width=31.2><P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; text-indent:-18pt; font-family:Symbol" align=justify>&#183;</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:18pt; font-family:Symbol" align=justify><BR></P>
</TD><TD valign=top width=541.2><P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=justify>on and after January 1, 2005, four individuals nominated by Paperweight Development&#146;s chief executive officer and three individuals jointly nominated by the ESOP trust and the chief executive officer.</P>
</TD></TR>
<TR><TD valign=top width=31.2>&nbsp;</TD><TD valign=top width=541.2>&nbsp;</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman">The ESOP trust has agreed that any vote taken to remove a director or to fill vacancies on the board of directors is subject to the provisions described above. &nbsp;The agreement also provides that directors nominated by joint nomination may only be removed by mutual agreement of the ESOP trust and Paperweight Development&#146;s chief executive officer. &nbsp;In addition to the election of directors, the agreement prohibits Paperweight Development from issuing capital stock to any person other than the ESOP trust or making, or permitting any of its subsidiaries to make, any acquisition in a single transaction or series of related transactions with a fair market value in excess of $100 million, in each case without the prior written consent of the ESOP trust.</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman">Paperweight Development has entered into a security holders agreement with Appleton on terms substantially similar to those described above to provide for the manner in which Paperweight Development will vote its shares of Appleton&#146;s common stock in connection with the election of directors. &nbsp;In addition to the election of directors, the agreement prohibits Appleton from issuing capital stock to any person other than Paperweight Development or making, or permitting any of Appleton&#146;s subsidiaries to make, any acquisition in a single transaction or series of related transactions with a fair market value in excess of $100 million, in each case without the prior written consent of Paperweight Development.</P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify><B>Item 6.</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman" align=justify><B><U>Indemnification of Directors and Officers</U></B></P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman" align=justify>Paperweight Development is a Wisconsin corporation. &nbsp;Sections 180.0850 to 180.0859 of the WBCL require a corporation to indemnify a director or officer who is a party to any threatened, pending or completed civil, criminal, administrative or investigative action, suit, arbitration or other proceeding, whether formal or informal, which involves foreign, federal, state or local law and which is brought by or in the right of the corporation or by any other person. &nbsp;A corporation&#146;s obligation to indemnify any such person includes the obligation to pay any judgment, settlement, penalty, assessment, forfeiture or fine, including any excise tax assessed with respect to an employee benefit plan, and all reasonable expenses including fees, costs, charges, disbursements, attorneys&#146; and other expenses, except in those cases in which liability was incurred as a result of the breach or failure to perform a duty which the director or officer owes to the corporation and the breach or failure to perform constitutes: (i) a willful failure to deal fairly with the corporation or its shareholders in connection with a matter in which the director or officer has a material conflict of interest; (ii) a violation of criminal law, unless the person has reasonable cause to believe his conduct was lawful or had no reasonable cause to believe his conduct was unlawful; (iii) a transaction from which the person derived an improper personal profit; or (iv) willful misconduct.</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman" align=justify>Unless otherwise provided in a corporation&#146;s articles of incorporation or bylaws, or by written agreement, an officer or director seeking indemnification is entitled to indemnification if approved in any of the following manners: (i) by majority vote of a disinterested quorum of the board of directors, or if such quorum of disinterested directors cannot be obtained, by a majority vote of a committee of two or more disinterested directors; (ii) by independent legal counsel; (iii) by a panel of three arbitrators; (iv) by affirmative vote of shareholders; (v) by a court; or (vi) with respect to any additional right to indemnification granted, by any other method permitted in Section 180.0858 of the WBCL.</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman" align=justify>Reasonable expenses incurred by a director or officer who is a party to a proceeding may be reimbursed by a corporation at such time as the director or officer furnishes to the corporation a written affirmation of his good faith belief that he has not breached or failed to perform his duties and a written undertaking to repay any amounts advanced if it is determined that indemnification by the corporation is not required.</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman" align=justify>The indemnification provisions of Sections 180.0850 to 180.0859 are not exclusive. &nbsp;A corporation may expand an officer&#146;s or director&#146;s rights to indemnification: (i) in its articles of incorporation or bylaws; (ii) by written agreement; (iii) by resolution of its board of directors; or (iv) by resolution of a majority of all of the corporation&#146;s voting shares then issued and outstanding.</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman" align=justify>As permitted by Section 180.0851, Paperweight Development has adopted indemnification provisions in its bylaws which closely track the statutory indemnification provisions with certain exceptions. &nbsp;In particular, Section 7.1 of the amended and restated bylaws of Paperweight Development, among other items, provides that (i) an individual shall be indemnified unless it is proven by final adjudication that indemnification is prohibited and (ii) payment or reimbursement of expenses, subject to certain limitations, will be mandatory rather than permissive. &nbsp;Paperweight Development has purchased directors&#146; and officers&#146; liability insurance which insures Paperweight Development&#146;s officers and directors against certain liabilities which may arise under the Securities Act.</P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify><B>Item 8.</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman" align=justify><B><U>Exhibits</U></B></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD valign=top width=42><P style="margin:0pt; font-family:Times New Roman" align=justify>&nbsp;4.1</P>
</TD><TD valign=top width=541.2><P style="margin:0pt; font-family:Times New Roman" align=justify>Appleton Papers Retirement Savings and Employee Stock Ownership Plan, as amended through July 31, 2002, incorporated by reference to the Registrant&#146;s Quarterly Report on Form 10-Q for the quarter ended April 4, 2004.</P>
</TD></TR>
<TR><TD valign=top width=42>&nbsp;</TD><TD valign=top width=541.2>&nbsp;</TD></TR>
<TR><TD valign=top width=42><P style="margin:0pt; font-family:Times New Roman" align=justify>&nbsp;4.2</P>
</TD><TD valign=top width=541.2><P style="margin:0pt; font-family:Times New Roman" align=justify>Amendment to Appleton Papers Retirement Savings and Employee Stock Ownership Plan effective January 1, 2003, incorporated by reference to the Registrant&#146;s Quarterly Report on Form 10-Q for the quarter ended April 4, 2004.</P>
</TD></TR>
<TR><TD valign=top width=42>&nbsp;</TD><TD valign=top width=541.2>&nbsp;</TD></TR>
<TR><TD valign=top width=42><P style="margin:0pt; font-family:Times New Roman" align=justify>&nbsp;4.3</P>
</TD><TD valign=top width=541.2><P style="margin:0pt; font-family:Times New Roman" align=justify>Amendment to Appleton Papers Retirement Savings and Employee Stock Ownership Plan effective January 1, 2001, incorporated by reference to the Registrant&#146;s Quarterly Report on Form 10-Q for the quarter ended July 4, 2004.</P>
</TD></TR>
<TR><TD valign=top width=42>&nbsp;</TD><TD valign=top width=541.2>&nbsp;</TD></TR>
<TR><TD valign=top width=42><P style="margin:0pt; font-family:Times New Roman" align=justify>&nbsp;5.1</P>
</TD><TD valign=top width=541.2><P style="margin:0pt; font-family:Times New Roman" align=justify>Opinion of Godfrey &amp; Kahn, S.C.</P>
</TD></TR>
<TR><TD valign=top width=42>&nbsp;</TD><TD valign=top width=541.2>&nbsp;</TD></TR>
<TR><TD valign=top width=42><P style="margin:0pt; font-family:Times New Roman" align=justify>23.1</P>
</TD><TD valign=top width=541.2><P style="margin:0pt; font-family:Times New Roman" align=justify>Consent of PricewaterhouseCoopers LLP (United States).</P>
</TD></TR>
<TR><TD valign=top width=42>&nbsp;</TD><TD valign=top width=541.2>&nbsp;</TD></TR>
<TR><TD valign=top width=42><P style="margin:0pt; font-family:Times New Roman" align=justify>23.2</P>
</TD><TD valign=top width=541.2><P style="margin:0pt; font-family:Times New Roman" align=justify>Consent of PricewaterhouseCoopers LLP (United Kingdom).</P>
</TD></TR>
<TR><TD valign=top width=42>&nbsp;</TD><TD valign=top width=541.2>&nbsp;</TD></TR>
<TR><TD valign=top width=42><P style="margin:0pt; font-family:Times New Roman" align=justify>23.3</P>
</TD><TD valign=top width=541.2><P style="margin:0pt; font-family:Times New Roman" align=justify>Consent of Wipfli LLP.</P>
</TD></TR>
<TR><TD valign=top width=42>&nbsp;</TD><TD valign=top width=541.2>&nbsp;</TD></TR>
<TR><TD valign=top width=42><P style="margin:0pt; font-family:Times New Roman" align=justify>23.4</P>
</TD><TD valign=top width=541.2><P style="margin:0pt; font-family:Times New Roman" align=justify>Consent of Virchow Krause &amp; Co. LLP.</P>
</TD></TR>
<TR><TD valign=top width=42>&nbsp;</TD><TD valign=top width=541.2>&nbsp;</TD></TR>
<TR><TD valign=top width=42><P style="margin:0pt; font-family:Times New Roman" align=justify>23.5</P>
</TD><TD valign=top width=541.2><P style="margin:0pt; font-family:Times New Roman" align=justify>Consent of Godfrey &amp; Kahn, S.C. (included in Exhibit 5.1).</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman" align=justify>An opinion of counsel regarding ERISA matters has been omitted in accordance with Item 8(b) of Form S-8. &nbsp;The Registrant has submitted the ESOP and will submit all amendments thereto to the Internal Revenue Service that are required to be submitted in a timely manner and will make all changes required by the Internal Revenue Service in order to qualify the ESOP.</P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify><B>Item 9.</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman" align=justify><B><U>Undertakings</U></B>*</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman" align=justify>The Registrant hereby undertakes:</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-18pt; font-family:Times New Roman" align=justify>(a)</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; font-family:Times New Roman" align=justify>(1)</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; text-indent:18pt; font-family:Times New Roman" align=justify>To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=37.2><P style="margin-top:0pt; margin-bottom:-12pt; padding-left:108pt; text-indent:-36pt; font-family:Times New Roman" align=justify>(i)</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:108pt; font-family:Times New Roman" align=justify><BR></P>
</TD><TD valign=top width=481.2><P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=justify>To include any prospectus required by section 10(a)(3) of the Securities Act;</P>
</TD></TR>
<TR><TD valign=top width=37.2>&nbsp;</TD><TD valign=top width=481.2>&nbsp;</TD></TR>
<TR><TD valign=top width=37.2><P style="margin-top:0pt; margin-bottom:-12pt; padding-left:108pt; text-indent:-36pt; font-family:Times New Roman" align=justify>(ii)</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:108pt; font-family:Times New Roman" align=justify><BR></P>
</TD><TD valign=top width=481.2><P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=justify>To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. &nbsp;Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &#147;Calculation of Registration Fee&#148; table in the effective Registration Statement;</P>
</TD></TR>
<TR><TD valign=top width=37.2>&nbsp;</TD><TD valign=top width=481.2>&nbsp;</TD></TR>
<TR><TD valign=top width=37.2><P style="margin-top:0pt; margin-bottom:-12pt; padding-left:108pt; text-indent:-36pt; font-family:Times New Roman" align=justify>(iii)</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:108pt; font-family:Times New Roman" align=justify><BR></P>
</TD><TD valign=top width=481.2><P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=justify>To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;</P>
</TD></TR>
<TR><TD valign=top width=37.2>&nbsp;</TD><TD valign=top width=481.2>&nbsp;</TD></TR>
<TR><TD valign=top width=37.2>&nbsp;</TD><TD valign=top width=481.2><P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=justify>Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.</P>
</TD></TR>
<TR><TD valign=top width=37.2>&nbsp;</TD><TD valign=top width=481.2>&nbsp;</TD></TR>
</TABLE><P style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; font-family:Times New Roman" align=justify>(2)</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; text-indent:18pt; font-family:Times New Roman" align=justify>That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; font-family:Times New Roman" align=justify>(3)</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; text-indent:18pt; font-family:Times New Roman" align=justify>To remove from registration by means of a post-effective amendment any of the securities being registered that remain unsold at the termination of the offering.</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-18pt; font-family:Times New Roman" align=justify>(b)</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; font-family:Times New Roman" align=justify>That, for the purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, each filing of the Plan&#146;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-18pt; font-family:Times New Roman" align=justify>(h)</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; font-family:Times New Roman" align=justify>Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the provisions described in Item 6 of this Registration Statement, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. &nbsp;In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>_________________</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>* Paragraphs correspond to Item 512 of Reg. S-K.</P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=center><B>SIGNATURES</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman" align=justify>Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Appleton, State of Wisconsin, on September 22, 2004.</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; text-indent:225pt; font-family:Times New Roman" align=justify>PAPERWEIGHT DEVELOPMENT CORP.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; text-indent:225pt; font-family:Times New Roman" align=justify>By: &nbsp;<U>/s/ Douglas P. Buth&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0pt; text-indent:315pt; font-family:Times New Roman" align=justify>Douglas P. Buth</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:252pt; font-family:Times New Roman" align=justify>Chairman, President and Chief Executive Officer</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman" align=justify>Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the date indicated:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=211.2><P style="margin:0pt; font-family:Times New Roman" align=center><B><U>Signature</U></B></P>
</TD><TD valign=top width=268.8><P style="margin:0pt; font-family:Times New Roman" align=center><B><U>Title</U></B></P>
</TD><TD valign=top width=144><P style="margin:0pt; font-family:Times New Roman" align=center><B><U>Date</U></B></P>
</TD></TR>
<TR><TD valign=top width=211.2>&nbsp;</TD><TD valign=top width=268.8>&nbsp;</TD><TD valign=top width=144>&nbsp;</TD></TR>
<TR><TD valign=top width=211.2><P style="margin:0pt; font-family:Times New Roman"><U>/s/ Douglas P. Buth&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Douglas P. Buth</P>
</TD><TD valign=top width=268.8><P style="margin:0pt; font-family:Times New Roman">Chairman, President, Chief Executive Officer and a Director (Principal Executive Officer)</P>
</TD><TD valign=top width=144><P style="margin:0pt; font-family:Times New Roman" align=center>September 22, 2004</P>
</TD></TR>
<TR><TD valign=top width=211.2>&nbsp;</TD><TD valign=top width=268.8>&nbsp;</TD><TD valign=top width=144>&nbsp;</TD></TR>
<TR><TD valign=top width=211.2><P style="margin:0pt; font-family:Times New Roman"><U>/s/ Dale E. Parker&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Dale E. Parker</P>
</TD><TD valign=top width=268.8><P style="margin:0pt; font-family:Times New Roman">Chief Financial Officer and a Director (Principal Financial Officer)</P>
</TD><TD valign=top width=144><P style="margin:0pt; font-family:Times New Roman" align=center>September 22, 2004</P>
</TD></TR>
<TR><TD valign=top width=211.2>&nbsp;</TD><TD valign=top width=268.8>&nbsp;</TD><TD valign=top width=144>&nbsp;</TD></TR>
<TR><TD valign=top width=211.2><P style="margin:0pt; font-family:Times New Roman"><U>/s/ Stephen G. Kula&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Stephen G. Kula</P>
</TD><TD valign=top width=268.8><P style="margin:0pt; font-family:Times New Roman">Controller (Principal Accounting Officer)</P>
</TD><TD valign=top width=144><P style="margin:0pt; font-family:Times New Roman" align=center>September 22, 2004</P>
</TD></TR>
<TR><TD valign=top width=211.2>&nbsp;</TD><TD valign=top width=268.8>&nbsp;</TD><TD valign=top width=144>&nbsp;</TD></TR>
<TR><TD valign=top width=211.2><P style="margin:0pt; font-family:Times New Roman"><U>/s/ Stephen P. Carter&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Stephen P. Carter</P>
</TD><TD valign=top width=268.8><P style="margin:0pt; font-family:Times New Roman">Director</P>
</TD><TD valign=top width=144><P style="margin:0pt; font-family:Times New Roman" align=center>September 22, 2004</P>
</TD></TR>
<TR><TD valign=top width=211.2>&nbsp;</TD><TD valign=top width=268.8>&nbsp;</TD><TD valign=top width=144>&nbsp;</TD></TR>
<TR><TD valign=top width=211.2><P style="margin:0pt; font-family:Times New Roman"><U>/s/ Ronald Pace&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Ronald Pace</P>
</TD><TD valign=top width=268.8><P style="margin:0pt; font-family:Times New Roman">Director</P>
</TD><TD valign=top width=144><P style="margin:0pt; font-family:Times New Roman" align=center>September 22, 2004</P>
</TD></TR>
<TR><TD valign=top width=211.2>&nbsp;</TD><TD valign=top width=268.8>&nbsp;</TD><TD valign=top width=144>&nbsp;</TD></TR>
<TR><TD valign=top width=211.2><P style="margin:0pt; font-family:Times New Roman"><U>/s/ Kathi P. Seifert&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Kathi P. Seifert</P>
</TD><TD valign=top width=268.8><P style="margin:0pt; font-family:Times New Roman">Director</P>
</TD><TD valign=top width=144><P style="margin:0pt; font-family:Times New Roman" align=center>September 22, 2004</P>
</TD></TR>
<TR><TD valign=top width=211.2>&nbsp;</TD><TD valign=top width=268.8>&nbsp;</TD><TD valign=top width=144>&nbsp;</TD></TR>
<TR><TD valign=top width=211.2><P style="margin:0pt; font-family:Times New Roman"><U>/s/ Susan Scherbel&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Susan Scherbel</P>
</TD><TD valign=top width=268.8><P style="margin:0pt; font-family:Times New Roman">Director</P>
</TD><TD valign=top width=144><P style="margin:0pt; font-family:Times New Roman" align=center>September 22, 2004</P>
</TD></TR>
<TR><TD valign=top width=211.2>&nbsp;</TD><TD valign=top width=268.8>&nbsp;</TD><TD valign=top width=144>&nbsp;</TD></TR>
<TR><TD valign=top width=211.2><P style="margin:0pt; font-family:Times New Roman"><U>/s/ Paul J. Karch&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Paul J. Karch</P>
</TD><TD valign=top width=268.8><P style="margin:0pt; font-family:Times New Roman">Director</P>
</TD><TD valign=top width=144><P style="margin:0pt; font-family:Times New Roman" align=center>September 22, 2004</P>
</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=center><B>SIGNATURES</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman" align=justify>Pursuant to the requirements of the Securities Act of 1933, the Appleton Papers Retirement Savings and Employee Stock Ownership Plan has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Appleton, State of Wisconsin, on September 22, 2004.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=211.2><P style="margin:0pt; font-family:Times New Roman" align=center><B><U>Signature</U></B></P>
</TD><TD valign=top width=268.8><P style="margin:0pt; font-family:Times New Roman" align=center><B><U>Title</U></B></P>
</TD><TD valign=top width=144><P style="margin:0pt; font-family:Times New Roman" align=center><B><U>Date</U></B></P>
</TD></TR>
<TR><TD valign=top width=211.2>&nbsp;</TD><TD valign=top width=268.8>&nbsp;</TD><TD valign=top width=144>&nbsp;</TD></TR>
<TR><TD valign=top width=211.2><P style="margin:0pt; font-family:Times New Roman"><U>/s/ Douglas P. Buth&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Douglas P. Buth</P>
</TD><TD valign=top width=268.8><P style="margin:0pt; font-family:Times New Roman">Member, ESOP Committee</P>
</TD><TD valign=top width=144><P style="margin:0pt; font-family:Times New Roman" align=center>September 22, 2004</P>
</TD></TR>
<TR><TD valign=top width=211.2>&nbsp;</TD><TD valign=top width=268.8>&nbsp;</TD><TD valign=top width=144>&nbsp;</TD></TR>
<TR><TD valign=top width=211.2><P style="margin:0pt; font-family:Times New Roman"><U>/s/ Dale E. Parker&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Dale E. Parker</P>
</TD><TD valign=top width=268.8><P style="margin:0pt; font-family:Times New Roman">Member, ESOP Committee</P>
</TD><TD valign=top width=144><P style="margin:0pt; font-family:Times New Roman" align=center>September 22, 2004</P>
</TD></TR>
<TR><TD valign=top width=211.2>&nbsp;</TD><TD valign=top width=268.8>&nbsp;</TD><TD valign=top width=144>&nbsp;</TD></TR>
<TR><TD valign=top width=211.2><P style="margin:0pt; font-family:Times New Roman"><U>/s/ Paul J. Karch&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Paul J. Karch</P>
</TD><TD valign=top width=268.8><P style="margin:0pt; font-family:Times New Roman">Member, ESOP Committee</P>
</TD><TD valign=top width=144><P style="margin:0pt; font-family:Times New Roman" align=center>September 22, 2004</P>
</TD></TR>
<TR><TD valign=top width=211.2>&nbsp;</TD><TD valign=top width=268.8>&nbsp;</TD><TD valign=top width=144>&nbsp;</TD></TR>
<TR><TD valign=top width=211.2><P style="margin:0pt; font-family:Times New Roman"><U>/s/ Rick Fantini&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Rick Fantini</P>
</TD><TD valign=top width=268.8><P style="margin:0pt; font-family:Times New Roman">Member, ESOP Committee</P>
</TD><TD valign=top width=144><P style="margin:0pt; font-family:Times New Roman" align=center>September 22, 2004</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman" align=center><B>EXHIBIT INDEX</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman"><B><U>Exhibits</U></B></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD valign=top width=52.8><P style="margin:0pt; font-family:Times New Roman">&nbsp;4.1</P>
</TD><TD valign=top width=546><P style="margin:0pt; padding-right:9pt; font-family:Times New Roman">Appleton Papers Retirement Savings and Employee Stock Ownership Plan, as amended through July 31, 2002, incorporated by reference to the Registrant&#146;s Quarterly Report on Form 10-Q for the quarter ended April 4, 2004.</P>
</TD></TR>
<TR><TD valign=top width=52.8>&nbsp;</TD><TD valign=top width=546>&nbsp;</TD></TR>
<TR><TD valign=top width=52.8><P style="margin:0pt; font-family:Times New Roman">&nbsp;4.2</P>
</TD><TD valign=top width=546><P style="margin:0pt; padding-right:9pt; font-family:Times New Roman">Amendment to Appleton Papers Retirement Savings and Employee Stock Ownership Plan effective January 1, 2003, incorporated by reference to the Registrant&#146;s Quarterly Report on Form 10-Q for the quarter ended April 4, 2004.</P>
</TD></TR>
<TR><TD valign=top width=52.8>&nbsp;</TD><TD valign=top width=546>&nbsp;</TD></TR>
<TR><TD valign=top width=52.8><P style="margin:0pt; font-family:Times New Roman">&nbsp;4.3</P>
</TD><TD valign=top width=546><P style="margin:0pt; padding-right:9pt; font-family:Times New Roman">Amendment to Appleton Papers Retirement Savings and Employee Stock Ownership Plan effective January 1, 2001, incorporated by reference to the Registrant&#146;s Quarterly Report on Form 10-Q for the quarter ended July 4, 2004.</P>
</TD></TR>
<TR><TD valign=top width=52.8>&nbsp;</TD><TD valign=top width=546>&nbsp;</TD></TR>
<TR><TD valign=top width=52.8><P style="margin:0pt; font-family:Times New Roman">&nbsp;5.1</P>
</TD><TD valign=top width=546><P style="margin:0pt; padding-right:9pt; font-family:Times New Roman">Opinion of Godfrey &amp; Kahn, S.C.</P>
</TD></TR>
<TR><TD valign=top width=52.8>&nbsp;</TD><TD valign=top width=546>&nbsp;</TD></TR>
<TR><TD valign=top width=52.8><P style="margin:0pt; font-family:Times New Roman">23.1</P>
</TD><TD valign=top width=546><P style="margin:0pt; padding-right:36pt; font-family:Times New Roman">Consent of PricewaterhouseCoopers LLP (United States).</P>
</TD></TR>
<TR><TD valign=top width=52.8>&nbsp;</TD><TD valign=top width=546>&nbsp;</TD></TR>
<TR><TD valign=top width=52.8><P style="margin:0pt; font-family:Times New Roman">23.2</P>
</TD><TD valign=top width=546><P style="margin:0pt; padding-right:36pt; font-family:Times New Roman">Consent of PricewaterhouseCoopers LLP (United Kingdom).</P>
</TD></TR>
<TR><TD valign=top width=52.8>&nbsp;</TD><TD valign=top width=546>&nbsp;</TD></TR>
<TR><TD valign=top width=52.8><P style="margin:0pt; font-family:Times New Roman">23.3</P>
</TD><TD valign=top width=546><P style="margin:0pt; padding-right:36pt; font-family:Times New Roman">Consent of Wipfli LLP.</P>
</TD></TR>
<TR><TD valign=top width=52.8>&nbsp;</TD><TD valign=top width=546>&nbsp;</TD></TR>
<TR><TD valign=top width=52.8><P style="margin:0pt; font-family:Times New Roman">23.4</P>
</TD><TD valign=top width=546><P style="margin:0pt; padding-right:36pt; font-family:Times New Roman">Consent of Virchow Krause &amp; Co. LLP.</P>
</TD></TR>
<TR><TD valign=top width=52.8>&nbsp;</TD><TD valign=top width=546>&nbsp;</TD></TR>
<TR><TD valign=top width=52.8><P style="margin:0pt; font-family:Times New Roman">23.5</P>
</TD><TD valign=top width=546><P style="margin:0pt; padding-right:36pt; font-family:Times New Roman">Consent of Godfrey &amp; Kahn, S.C. (included in Exhibit 5.1).</P>
</TD></TR>
</TABLE>
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<P style="margin:0pt; font-family:Times New Roman; font-size:8pt"><BR></P>
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{"company-data": {"conformed-name": "PAPERWEIGHT DEVELOPMENT CORP", "cik": "0001166365", "assigned-sic": "2670", "irs-number": "392014992", "state-of-incorporation": "WI", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-119186", "film-number": "041041197"}, "business-address": {"street1": "825 EAST WISCONSIN AVENUE", "city": "APPLETON", "state": "WI", "zip": "54912-0359", "phone": "9207349841"}}
PAPERWEIGHT DEVELOPMENT CORP.
Registration No. 333-_______
As filed with the Securities and Exchange Commission on September 22, 2004
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
Under
The Securities Act of 1933
PAPERWEIGHT DEVELOPMENT CORP.
(Exact Name of Registrant as Specified in its Charter)
Wisconsin
39-2014992
(State or Other Jurisdiction of Incorporation or Organization)
(I.R.S. Employer Identification No.)
825 East Wisconsin Avenue
P.O. Box 359
Appleton, Wisconsin
54912-0359
(Address of Principal Executive Offices)
(Zip Code)
_______________
APPLETON PAPERS RETIREMENT SAVINGS AND EMPLOYEE STOCK OWNERSHIP PLAN
(Full title of the plan)
_______________
Paul J. Karch
Paperweight Development Corp.
825 East Wisconsin Avenue
P.O. Box 359
Appleton, Wisconsin 54912-0359
(Name and address of agent for service)
(920) 734-9841
(Telephone number, including area code, of agent for service)
_______________
Copy to:
Christopher B. Noyes
Godfrey & Kahn, S.C.
780 North Water Street
Milwaukee, Wisconsin 53202
(414) 273-3500
_______________
CALCULATION OF REGISTRATION FEE
Title of Securities
Amount to
Proposed Maximum
Proposed Maximum
Amount of
to be Registered
be Registered
Offering Price Per Share
Aggregate Offering Price
Registration Fee
Common Stock,
$.01 par value (1)
2,000,000
$9.07 (2)
$18,140,000
$2,298.34
(1)
In addition, pursuant to Rule 416(c) under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement also covers an indeterminate amount of interests to be offered or sold pursuant to the employee benefit plan described herein.
(2)
The registration fee was calculated pursuant to Rule 457(h)(1) under the Securities Act, based upon the book value per share of the common stock of Paperweight Development Corp. ("Paperweight Development") as of July 4, 2004.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by Reference
The following documents are incorporated by reference in this Registration Statement:
(a)
Registrant's prospectus filed pursuant to Rule 424(b) of the Securities Act dated September 22, 2004; and
(b)
The Annual Report on Form 11-K for the fiscal year ended December 31, 2003 of the Appleton Papers Retirement Savings and Employee Stock Ownership Plan (the "KSOP").
All documents subsequently filed by the Registrant or the KSOP pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended, prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such documents.
Item 4.
Description of Securities
Paperweight Development's authorized capital stock consists of 30,000,000 shares of common stock, par value $.01 per share, 11,727,584 shares of which were issued and outstanding as of August 16, 2004.  The common stock is held by the employee stock ownership plan component of the KSOP, which we refer to as the ESOP or Company Stock Fund, for the benefit of ESOP participants.  The shares are validly issued, fully paid and non-assessable, except to the extent provided in Section 180.0622(2)(b) of the Wisconsin Business Corporation Law (the "WBCL").  Under Section 180.0622(2)(b) of the WBCL, holders of common stock are liable up to the amount equal to the par value of the common stock owned by holders of common stock for all debts owing to Paperweight Development's employees for services performed for Paperweight Development, but not exceeding six months' service in any one case.  Certain Wisconsin courts have interpreted "par value" to mean the full amount paid upon the purchase of shares of common stock.
Voting Rights.
As a participant in the ESOP designated as a named fiduciary under ERISA, ESOP participants have the right to direct the ESOP trustee to vote shares of common stock allocated to their ESOP accounts either for or against the following major corporate events relating to Paperweight Development:
·
Mergers and consolidations;
·
Sale of all or substantially all of Paperweight Development's assets, or stock, including, for this purpose, all of the stock Paperweight Development owns in Appleton Papers Inc. ("Appleton");
·
Recapitalizations and reclassifications; and
·
Liquidations and dissolutions.
For all other shareholder votes, including the election of directors, the ESOP trustee, as a named fiduciary under ERISA, will vote all shares of common stock held by the ESOP as directed by the ESOP committee.  The ESOP committee is appointed by the board of directors of Appleton and is responsible for the administration of the KSOP and the financial management of the Company Stock Fund.
Transfer Restrictions.
Employees who participate in the ESOP will acquire a beneficial interest in Paperweight Development common stock held in the ESOP.  ESOP participants will not directly own the common stock allocated to their accounts.  The ESOP trustee is the legal title holder of the common stock and holds the common stock in the name of the ESOP.  Because the common stock is held by the ESOP trustee and not by individual participants, individual participants will not be able to sell, pledge or otherwise transfer the shares of common stock allocated to their accounts.  As long as Paperweight Development is an S corporation for federal income tax purposes, any shares of Paperweight Development common stock distributed to participants must be immediately sold back to Paperweight Development at the then current fair market value as determined by an independent, third party appraiser selected by the ESOP trustee in accordance with the terms of the ESOP.  There is not currently a public market for the common stock and it is unlikely that there will ever be a public market for the common stock.  Furthermore, interests in common stock may not be transferred except upon death or pursuant to a qualified domestic relations order, which is a judicial order issued to divide property in the event of a divorce or separation.
Dividends
.  The ESOP is entitled to receive dividends when, as and if declared by the board of directors of Paperweight Development in its discretion out of funds legally available for the payment of dividends.  Paperweight Development is subject to covenants restricting its ability to pay dividends to the ESOP under the terms of agreements governing its senior credit facility, senior notes and senior subordinated notes.  Paperweight Development has an obligation under ERISA to make distributions to former ESOP participants to satisfy its repurchase liability or to ESOP participants who have exercised their diversification rights.
Other Rights
.  In the event of a liquidation or dissolution of Paperweight Development, the ESOP will be entitled to assets remaining for distribution to shareholders.  The ESOP does not have any preemptive or other subscription rights and the shares of outstanding common stock held by the ESOP are not subject to further calls or assessment by Paperweight Development.  There are no conversion rights or sinking fund provisions applicable to the shares of common stock.
Authorized but Unissued Shares
Wisconsin law does not require shareholder approval for any issuance of authorized shares.  These additional shares may be used for a variety of corporate purposes, including future public or private offerings to raise additional capital or to facilitate corporate acquisitions.
Wisconsin Law and Certain Articles and Bylaw Provisions
Number of Directors; Vacancies; Removal
.  Paperweight Development's bylaws provide that Paperweight Development's board of directors consists of seven members.  The board of directors is authorized to create new directorships and to fill the positions it creates.  The board of directors, or its remaining members, even though less than a quorum, is also empowered to fill vacancies on the board of directors occurring for any reason.  Any director appointed to fill a vacancy or to a newly created directorship will hold office until the next annual shareholders' meeting.  The ESOP trustee may only remove directors for cause by the affirmative vote of the holders of a majority of Paperweight Development's outstanding shares of capital stock entitled to be cast in an election of directors.
Shareholder Action by Written Consent; Special Meetings
.  Paperweight Development's bylaws provide that the ESOP trustee may act by unanimous written consent, however, the ESOP trustee will take actions as a shareholder of Paperweight Development at the direction of the ESOP committee, unless it determines that any such action would be a breach of its fiduciary duties to ESOP participants.  The chairman of the board, the chief executive officer, the president or a majority of the board of directors may call a special meeting of the shareholders and are required to call a special meeting upon written demand by the ESOP trustee.
Amendments to the Articles of Incorporation
.  The WBCL allows Paperweight Development to amend its articles of incorporation at any time to add or change a provision that is required or permitted to be included in the articles of incorporation or to delete a provision that is not required to be included in the articles of incorporation.  The board of directors may propose one or more amendments to Paperweight Development's articles of incorporation for submission to the ESOP and may condition its submission of the proposed amendment on any basis if the board of directors notifies the ESOP, whether or not entitled to vote, of the related shareholders' meeting and includes certain information regarding the proposed amendment in that meeting notice.
Amendments to the Bylaws
.  Paperweight Development's articles of incorporation and bylaws both provide that the ESOP trustee, subject to the direction of the ESOP committee and its fiduciary duties, has the power to adopt, amend, alter or repeal the bylaws.  Paperweight Development's articles of incorporation and bylaws also provide that the board of directors may amend, alter or repeal the existing bylaws and adopt new bylaws by the vote of at least a majority of the entire board of directors then in office.  However, the board of directors may not amend, repeal or readopt any bylaw amended, repealed or adopted by the ESOP, as sole shareholder, if that bylaw so provides, and the board of directors may not amend, alter or repeal a bylaw adopted or amended by the ESOP, as sole shareholder, that fixes a greater or lower quorum requirement or a greater voting requirement for the board of directors unless the bylaw expressly provides that it may be amended, altered or repealed by a specified vote of the board of directors.  Action by the board of directors that changes the quorum or voting requirement for the board of directors must meet the same quorum requirement and be adopted by the same vote required to take action under the quorum and voting requirement then in effect, except where a different voting requirement is specified in the bylaws.  In addition, the board of directors may not amend, alter or repeal a bylaw if the articles of incorporation, the particular bylaw or the WBCL reserve this power exclusively to the shareholders.
Constituency or Stakeholder Provision
.  Under Section 180.0827 of the WBCL, in discharging his or her duties to Paperweight Development and in determining what he or she believes to be in the best interests of Paperweight Development, a director or officer may, in addition to considering the effects of any action on the ESOP participants, consider the effects of the action on employees, suppliers, customers, the communities in which Paperweight Development operates and any other factors that the director or officer considers pertinent.  This provision may conflict with the short-term maximization of shareholder value.
Security Holders Agreements
The board of directors of Paperweight Development consists of seven members.  Paperweight Development has entered into a security holders agreement with the ESOP trust which sets forth the manner in which the ESOP trust will vote its shares of Paperweight Development common stock in connection with the election of directors.  Under the agreement, the ESOP trust has agreed to vote all of its shares of Paperweight Development common stock to give effect to the following composition of Paperweight Development's board of directors:
·
prior to January 1, 2003, three individuals nominated by the ESOP trust, three individuals nominated by Paperweight Development's chief executive officer and one individual proposed by the ESOP trust and acceptable to the chief executive officer, which we refer to as a joint nomination;
·
between January 1, 2003 and December 31, 2003, two individuals nominated by the ESOP trust, three individuals nominated by Paperweight Development's chief executive officer and two individuals jointly nominated by the ESOP trust and the chief executive officer;
·
between January 1, 2004 and December 31, 2004, one individual nominated by the ESOP trust, three individuals nominated by Paperweight Development's chief executive officer and three individuals jointly nominated by the ESOP trust and the chief executive officer; and
·
on and after January 1, 2005, four individuals nominated by Paperweight Development's chief executive officer and three individuals jointly nominated by the ESOP trust and the chief executive officer.
The ESOP trust has agreed that any vote taken to remove a director or to fill vacancies on the board of directors is subject to the provisions described above.  The agreement also provides that directors nominated by joint nomination may only be removed by mutual agreement of the ESOP trust and Paperweight Development's chief executive officer.  In addition to the election of directors, the agreement prohibits Paperweight Development from issuing capital stock to any person other than the ESOP trust or making, or permitting any of its subsidiaries to make, any acquisition in a single transaction or series of related transactions with a fair market value in excess of $100 million, in each case without the prior written consent of the ESOP trust.
Paperweight Development has entered into a security holders agreement with Appleton on terms substantially similar to those described above to provide for the manner in which Paperweight Development will vote its shares of Appleton's common stock in connection with the election of directors.  In addition to the election of directors, the agreement prohibits Appleton from issuing capital stock to any person other than Paperweight Development or making, or permitting any of Appleton's subsidiaries to make, any acquisition in a single transaction or series of related transactions with a fair market value in excess of $100 million, in each case without the prior written consent of Paperweight Development.
Item 6.
Indemnification of Directors and Officers
Paperweight Development is a Wisconsin corporation.  Sections 180.0850 to 180.0859 of the WBCL require a corporation to indemnify a director or officer who is a party to any threatened, pending or completed civil, criminal, administrative or investigative action, suit, arbitration or other proceeding, whether formal or informal, which involves foreign, federal, state or local law and which is brought by or in the right of the corporation or by any other person.  A corporation's obligation to indemnify any such person includes the obligation to pay any judgment, settlement, penalty, assessment, forfeiture or fine, including any excise tax assessed with respect to an employee benefit plan, and all reasonable expenses including fees, costs, charges, disbursements, attorneys' and other expenses, except in those cases in which liability was incurred as a result of the breach or failure to perform a duty which the director or officer owes to the corporation and the breach or failure to perform constitutes: (i) a willful failure to deal fairly with the corporation or its shareholders in connection with a matter in which the director or officer has a material conflict of interest; (ii) a violation of criminal law, unless the person has reasonable cause to believe his conduct was lawful or had no reasonable cause to believe his conduct was unlawful; (iii) a transaction from which the person derived an improper personal profit; or (iv) willful misconduct.
Unless otherwise provided in a corporation's articles of incorporation or bylaws, or by written agreement, an officer or director seeking indemnification is entitled to indemnification if approved in any of the following manners: (i) by majority vote of a disinterested quorum of the board of directors, or if such quorum of disinterested directors cannot be obtained, by a majority vote of a committee of two or more disinterested directors; (ii) by independent legal counsel; (iii) by a panel of three arbitrators; (iv) by affirmative vote of shareholders; (v) by a court; or (vi) with respect to any additional right to indemnification granted, by any other method permitted in Section 180.0858 of the WBCL.
Reasonable expenses incurred by a director or officer who is a party to a proceeding may be reimbursed by a corporation at such time as the director or officer furnishes to the corporation a written affirmation of his good faith belief that he has not breached or failed to perform his duties and a written undertaking to repay any amounts advanced if it is determined that indemnification by the corporation is not required.
The indemnification provisions of Sections 180.0850 to 180.0859 are not exclusive.  A corporation may expand an officer's or director's rights to indemnification: (i) in its articles of incorporation or bylaws; (ii) by written agreement; (iii) by resolution of its board of directors; or (iv) by resolution of a majority of all of the corporation's voting shares then issued and outstanding.
As permitted by Section 180.0851, Paperweight Development has adopted indemnification provisions in its bylaws which closely track the statutory indemnification provisions with certain exceptions.  In particular, Section 7.1 of the amended and restated bylaws of Paperweight Development, among other items, provides that (i) an individual shall be indemnified unless it is proven by final adjudication that indemnification is prohibited and (ii) payment or reimbursement of expenses, subject to certain limitations, will be mandatory rather than permissive.  Paperweight Development has purchased directors' and officers' liability insurance which insures Paperweight Development's officers and directors against certain liabilities which may arise under the Securities Act.
Item 8.
Exhibits
4.1
Appleton Papers Retirement Savings and Employee Stock Ownership Plan, as amended through July 31, 2002, incorporated by reference to the Registrant's Quarterly Report on Form 10-Q for the quarter ended April 4, 2004.
4.2
Amendment to Appleton Papers Retirement Savings and Employee Stock Ownership Plan effective January 1, 2003, incorporated by reference to the Registrant's Quarterly Report on Form 10-Q for the quarter ended April 4, 2004.
4.3
Amendment to Appleton Papers Retirement Savings and Employee Stock Ownership Plan effective January 1, 2001, incorporated by reference to the Registrant's Quarterly Report on Form 10-Q for the quarter ended July 4, 2004.
5.1
Opinion of Godfrey & Kahn, S.C.
23.1
Consent of PricewaterhouseCoopers LLP (United States).
23.2
Consent of PricewaterhouseCoopers LLP (United Kingdom).
23.3
Consent of Wipfli LLP.
23.4
Consent of Virchow Krause & Co. LLP.
23.5
Consent of Godfrey & Kahn, S.C. (included in Exhibit 5.1).
An opinion of counsel regarding ERISA matters has been omitted in accordance with Item 8(b) of Form S-8.  The Registrant has submitted the ESOP and will submit all amendments thereto to the Internal Revenue Service that are required to be submitted in a timely manner and will make all changes required by the Internal Revenue Service in order to qualify the ESOP.
Item 9.
Undertakings
*
The Registrant hereby undertakes:
(a)
(1)
To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
(i)
To include any prospectus required by section 10(a)(3) of the Securities Act;
(ii)
To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement.  Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective Registration Statement;
(iii)
To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;
Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.
(2)
That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3)
To remove from registration by means of a post-effective amendment any of the securities being registered that remain unsold at the termination of the offering.
(b)
That, for the purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, each filing of the Plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(h)
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the provisions described in Item 6 of this Registration Statement, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.  In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
_________________
* Paragraphs correspond to Item 512 of Reg. S-K.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Appleton, State of Wisconsin, on September 22, 2004.
PAPERWEIGHT DEVELOPMENT CORP.
By:
/s/ Douglas P. Buth
Douglas P. Buth
Chairman, President and Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the date indicated:
Signature
Title
Date
/s/ Douglas P. Buth
Douglas P. Buth
Chairman, President, Chief Executive Officer and a Director (Principal Executive Officer)
September 22, 2004
/s/ Dale E. Parker
Dale E. Parker
Chief Financial Officer and a Director (Principal Financial Officer)
September 22, 2004
/s/ Stephen G. Kula
Stephen G. Kula
Controller (Principal Accounting Officer)
September 22, 2004
/s/ Stephen P. Carter
Stephen P. Carter
Director
September 22, 2004
/s/ Ronald Pace
Ronald Pace
Director
September 22, 2004
/s/ Kathi P. Seifert
Kathi P. Seifert
Director
September 22, 2004
/s/ Susan Scherbel
Susan Scherbel
Director
September 22, 2004
/s/ Paul J. Karch
Paul J. Karch
Director
September 22, 2004
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Appleton Papers Retirement Savings and Employee Stock Ownership Plan has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Appleton, State of Wisconsin, on September 22, 2004.
Signature
Title
Date
/s/ Douglas P. Buth
Douglas P. Buth
Member, ESOP Committee
September 22, 2004
/s/ Dale E. Parker
Dale E. Parker
Member, ESOP Committee
September 22, 2004
/s/ Paul J. Karch
Paul J. Karch
Member, ESOP Committee
September 22, 2004
/s/ Rick Fantini
Rick Fantini
Member, ESOP Committee
September 22, 2004
EXHIBIT INDEX
Exhibits
4.1
Appleton Papers Retirement Savings and Employee Stock Ownership Plan, as amended through July 31, 2002, incorporated by reference to the Registrant's Quarterly Report on Form 10-Q for the quarter ended April 4, 2004.
4.2
Amendment to Appleton Papers Retirement Savings and Employee Stock Ownership Plan effective January 1, 2003, incorporated by reference to the Registrant's Quarterly Report on Form 10-Q for the quarter ended April 4, 2004.
4.3
Amendment to Appleton Papers Retirement Savings and Employee Stock Ownership Plan effective January 1, 2001, incorporated by reference to the Registrant's Quarterly Report on Form 10-Q for the quarter ended July 4, 2004.
5.1
Opinion of Godfrey & Kahn, S.C.
23.1
Consent of PricewaterhouseCoopers LLP (United States).
23.2
Consent of PricewaterhouseCoopers LLP (United Kingdom).
23.3
Consent of Wipfli LLP.
23.4
Consent of Virchow Krause & Co. LLP.
23.5
Consent of Godfrey & Kahn, S.C. (included in Exhibit 5.1).