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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549



FORM 11-K

(Mark One):  

ý

ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the fiscal year ended December 31, 2004

OR

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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from                             to                              

Commission file number 001-32240

        A.    Full title of the plan and the address of the plan, if different from that of the issuer named below:

NEENAH PAPER RETIREMENT CONTRIBUTION PLAN

        B.    Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

NEENAH PAPER, INC.
3460 Preston Ridge Road
Suite 600
Alpharetta, Georgia 30005





REQUIRED INFORMATION

Financial Statements and Supplemental Schedule


NEENAH PAPER RETIREMENT CONTRIBUTION PLAN

Financial Statements as of and for the
period ended December 31, 2004



NEENAH PAPER RETIREMENT CONTRIBUTION PLAN

Table of Contents

 
  Pages
Financial Statements    

Statements of Net Assets Available for Plan Benefits

 

1

Statement of Changes in Net Assets Available for Plan Benefits

 

2

Notes to Financial Statements

 

3

Supplemental Schedules

 

 

Schedule of Assets Held for Investment Purposes at End of Year

 

5

Schedule of Reportable Transactions

 

6

Note:

 

Other schedules required by 29 CFR 2520.103-10 of the Department of Labor's Rules and Regulations for Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.


Vanguard Fiduciary Trust Company

Certification Statement For Neenah Paper Retirement Contribution Plan

March 23, 2005

Vanguard Fiduciary Trust Company hereby certifies that the accompanying financial statements and supplementary information for Neenah Paper Retirement Contribution Plan for the period ended December 31, 2004*, furnished pursuant to 29-CFR 2520.103-5(c), are complete and accurate.


/s/  
FRANCINE JACOBY      
Francine Jacoby, Authorized Signer

 

 

*The period covered by these financial statements is December 1, 2004 through December 31, 2004



NEENAH PAPER RETIREMENT CONTRIBUTION PLAN

Statement of Net Assets Available for Benefits

 
   
  As of
December 31, 2004

Investments, at fair value          
Registered investment companies:          
  Vanguard 500 Index Fund Investor Shares   *   $ 572,867.26
  Vanguard Growth Index Fund Investor Shares   *     365,844.15
  Vanguard LifeStrategy Conservative Growth Fund         256.70
  Vanguard LifeStrategy Growth Fund   *     299,143.77
  Vanguard LifeStrategy Moderate Growth Fund         172,743.14
  Vanguard Small-Cap Index Fund Investor Shares         178,987.93
  Vanguard Total Bond Market Index Fund   *     219,852.84
  Vanguard Total International Stock Index Fund         175,175.04
  Vanguard Value Index Fund Investor Shares         187,121.41
       
          2,171,992.24
Vanguard Retirement Savings Trust   *     1,117,800.10

K-C Company Stock

 

*

 

 

792,899.68

N-P Company Stock

 

 

 

 

21,217.18

Vanguard brokerage option:

 

 

 

 

 
Common corporate stock         49,961.98
Registered investment companies         3,221.90
       
          53,183.88
       
      Total investments         4,157,093.08
       
Receivables          
Employer contributions         104,593.60
       
NET ASSETS AVAILABLE FOR BENEFITS       $ 4,261,686.68
       

* Represents 5% or more of net assets available for benefits.

The accompanying notes are an integral part of the financial statements.

1



NEENAH PAPER RETIREMENT CONTRIBUTION PLAN

Statement of Changes in Net Assets Available for Benefits

 
  Period Ended
December 31, 2004

ADDITIONS      

Investment income:

 

 

 
  Interest and dividend income, investments   $ 23,763.67
  Net appreciation (depreciation) in fair value of investments     46,356.47
   
      70,120.14
   

Contributions:

 

 

 
  Employer     180,187.14
   
Asset transfers in     4,011,379.40
   
      Total additions     4,261,686.68
   

Net increase (decrease)

 

 

4,261,686.68

NET ASSETS AVAILABLE FOR PLAN BENEFITS:

 

 

 
  Beginning of period    
   
  End of period   $ 4,261,686.68
   

The accompanying notes are an integral part of the financial statements.

2



NEENAH PAPER RETIREMENT CONTRIBUTION PLAN

Notes to Financial Statements

NOTE 1—DESCRIPTION OF PLAN

        The following description of the Neenah Paper Retirement Contribution Plan ("Plan") provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions.

        Background.    Effective as of December 1, 2004 (the "Distribution Date"), a spin-off of Neenah Paper, Inc. (the "Company"), then a subsidiary of Kimberly-Clark Corporation ("KC"), was effectuated by the distribution of Company shares to KC's shareholders. In connection with the spin-off transaction, the Company agreed to establish a plan similar to the Kimberly-Clark Corporation Retirement Contribution Plan (the "KC RCP") for the benefit of employees who were hired by the Company. Effective as of the Distribution Date, the Plan accepted a transfer of assets and liabilities from the KC RCP representing the account balances of all active employees who were hired by the Company as of the Distribution Date.

        Type of Plan.    The Plan is intended to qualify as an age-weighted profit sharing plan under Section 401(a) of the Internal Revenue Code of 1986, as amended (the "Code"), and is to be interpreted in a manner consistent with the requirements of Code Section 401(a). The Trust related to the Plan is intended to meet the requirement for tax exemption under Code Section 501(a).

        Purpose of the Plan.    The purpose of the Plan is to permit Eligible Employees to accumulate savings for retirement.

        Effective Date.    The effective date of the Plan is December 1, 2004.

NOTE 2—SUMMARY OF ACCOUNTING POLICIES

        The following accounting policies, which conform with generally accepted accounting principles, have been used consistently in the preparation of the Plan's financial statements:

Basis of Accounting

        The financial statements of the Plan are prepared under the accrual method of accounting.

Use of Estimates

        The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of additions and deductions during the reporting period. Actual results could differ from those estimates.

Investment Valuation and Income Recognition

        The Plan's investments are stated at fair value. Shares of registered investment companies are valued at quoted market prices which represent the net asset value of shares held by the Plan at year-end. Units of the Retirement Savings Trust are valued at net asset value at year-end. The Company stock fund(s) is valued at its year-end unit closing price (comprised of year-end market price plus uninvested cash position). Equities are valued at last quoted sales price as of the close of trading at year-end; such securities not traded on the year-end date are valued at the last quoted bid prices. Fixed income securities are valued using the last quoted bid price.

3



        Purchases and sales of investments are recorded on a trade-date basis. Interest income is accrued when earned. Dividend income is recorded on the ex-dividend date. Capital gain distributions are included in dividend income.

Payment of Benefits
Benefits are recorded when paid.

NOTE 3—RELATED PARTY TRANSACTIONS

        The Plan invests in shares of mutual funds managed by an affiliate of Vanguard Fiduciary Trust Company ("VFTC"). VFTC acts as trustee for only those investments as defined by the Plan. Transactions in such investments qualify as party-in-interest transactions which are exempt from the prohibited transaction rules.

4


Schedule I


NEENAH PAPER RETIREMENT CONTRIBUTION PLAN

        Schedule of Assets Held for Investment Purposes at End of Year—Attachment for Schedule H, Line 4i
As of December 31, 2004

Neenah Paper Retirement Contribution Plan, EIN 20-1308307

Attachment to Form 5500, Schedule H, Line 4(i):

Identity of Issue

  Investment Type
  Cost
  Current Value
* Vanguard 500 Index Inv   Registered Investment Company   $ 566,499.51   $ 572,867.26
* Vanguard Growth Index Inv   Registered Investment Company     361,966.89     365,844.15
* Vanguard LifeSt Conserv Growth   Registered Investment Company     257.13     256.70
* Vanguard LifeSt Growth Fund   Registered Investment Company     296,823.21     299,143.77
* Vanguard LifeSt Mod Growth   Registered Investment Company     172,039.87     172,743.14
* Vanguard Sm-Cap Index Inv   Registered Investment Company     176,851.60     178,987.93
* Vanguard Total Bond Mkt Index   Registered Investment Company     218,695.39     219,852.84
* Vanguard Total Int'l Stock Idx   Registered Investment Company     173,020.38     175,175.04
* Vanguard Value Index Inv   Registered Investment Company     184,046.10     187,121.41
* VGI Brokerage Option   Vanguard Brokerage Option     56,893.00     53,183.88
* Vanguard Retire Savings Trust   Common/Collective Trust     1,117,800.10     1,117,800.10
* K-C Company Stock   Company Stock Fund     704,785.96     792,899.68
* N-P Company Stock   Company Stock Fund     22,092.81     21,217.18
       
 
TOTAL ASSETS HELD FOR INVESTMENT PURPOSES   $ 4,051,771.95   $ 4,157,093.08
       
 
       
 

*Party in Interest

5


Schedule II


NEENAH PAPER RETIREMENT CONTRIBUTION PLAN

Schedule of Reportable Transactions—Attachment for Schedule H, Line 4j
Period Ended December 31, 2004

Neenah Paper Retirement Contribution Plan, EIN 20-1308307

Attachment to Form 5500, Schedule H, Line 4(j):

Identity of Party
Involved

  Description of Asset (include interest rate and maturity in the case of a loan)
  Purchase Price
  Selling Price
  Historical
Cost of Asset

  Current Value
of Asset on Transaction Date

  Historical
Gain (Loss)

 
The Vanguard Group   Vanguard 500 Index Inv   $ 569,927.84               $ 569,927.84        
The Vanguard Group   Vanguard 500 Index Inv         $ 3,461.64   $ 3,428.33     3,461.64   $ 33.31  
The Vanguard Group   Vanguard Growth Index Inv     383,695.01                 383,695.01        
The Vanguard Group   Vanguard Growth Index Inv           21,875.94     21,728.12     21,875.94     147.82  
The Vanguard Group   Vanguard LifeSt Growth Fund     306,316.73                 306,316.73        
The Vanguard Group   Vanguard LifeSt Growth Fund           9,612.68     9,493.52     9,612.68     119.16  
The Vanguard Group   Vanguard Total Bond Mkt Index     218,721.22                 218,721.22        
The Vanguard Group   Vanguard Total Bond Mkt Index           25.73     25.83     25.73     (0.10 )
The Vanguard Group   Vanguard Retire Savings Trust     1,157,067.85                 1,157,067.85        
The Vanguard Group   Vanguard Retire Savings Trust           39,267.75     39,267.75     39,267.75      
The Vanguard Group   K-C Company Stock     794,299.68                 794,299.68        
The Vanguard Group   K-C Company Stock           29,500.28     26,486.77     29,500.28     3,013.51  

6



SIGNATURE

        Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this Annual Report to be signed on its behalf by the undersigned hereunto duly authorized.

    NEENAH PAPER RETIREMENT CONTRIBUTION PLAN

 

 

By:

 

/s/  
RICHARD F. READ      
Richard F. Read
Member, Neenah Paper 401(k) Retirement Plan Administrative Committee

Date: June 30, 2005




QuickLinks

REQUIRED INFORMATION
NEENAH PAPER RETIREMENT CONTRIBUTION PLAN Table of Contents
Vanguard Fiduciary Trust Company
NEENAH PAPER RETIREMENT CONTRIBUTION PLAN Statement of Net Assets Available for Benefits
NEENAH PAPER RETIREMENT CONTRIBUTION PLAN Statement of Changes in Net Assets Available for Benefits
NEENAH PAPER RETIREMENT CONTRIBUTION PLAN Notes to Financial Statements
NEENAH PAPER RETIREMENT CONTRIBUTION PLAN
NEENAH PAPER RETIREMENT CONTRIBUTION PLAN
SIGNATURE