EX-4.2




 Exhibit 4.2 

EXECUTION VERSION 
  

 
  

 
  

FIRST SUPPLEMENTAL INDENTURE 

Dated as of October 25, 2021 

to 
 INDENTURE 

Dated as of October 25, 2021 
  

 
 GLATFELTER
CORPORATION, 
 as Issuer 
 THE
GUARANTORS PARTY HERETO 
 and 

WILMINGTON TRUST, NATIONAL ASSOCIATION 

as Trustee 
  

 
  











 TABLE OF CONTENTS 

 

					
	 	  	PAGE	 
	ARTICLE I	  	 	 
		
	DEFINITIONS	  	 	1	 
		
	 SECTION 1.01.  Definitions
	  	 	1	 
	 SECTION 1.02.  Other Definitions
	  	 	5	 
		
	ARTICLE II	  			
		
	DESIGNATION AND TERMS OF THE NOTES	  	 	5	 
		
	 SECTION 2.01.  Title and Aggregate Principal Amount
	  	 	5	 
	 SECTION 2.02.  Execution
	  	 	5	 
	 SECTION 2.03.  Other Terms and Form of the Notes
	  	 	5	 
	 SECTION 2.04.  Further Issues
	  	 	5	 
	 SECTION 2.05.  Interest and Principal
	  	 	5	 
	 SECTION 2.06.  Place of Payment
	  	 	6	 
	 SECTION 2.07.  Form and Dating
	  	 	6	 
	 SECTION 2.08.  Euroclear and Clearstream Procedures Applicable
	  	 	6	 
	 SECTION 2.09.  Depositary; Registrar
	  	 	7	 
	 SECTION 2.10.  Optional Redemption
	  	 	7	 
	 SECTION 2.11.  Special Mandatory Redemption
	  	 	8	 
		
	ARTICLE III	  			
		
	TRANSFER AND EXCHANGE	  	 	8	 
		
	 SECTION 3.01.  Transfer and Exchange of Global Notes
	  	 	8	 
	 SECTION 3.02.  Transfer and Exchange of Beneficial Interests in the Global
Notes
	  	 	9	 
	 SECTION 3.03.  Transfer or Exchange of Beneficial Interests for Definitive
Notes
	  	 	11	 
	 SECTION 3.04.  Transfer and Exchange of Definitive Notes for Beneficial
Interests
	  	 	13	 
	 SECTION 3.05.  Transfer and Exchange of Definitive Notes for Definitive
Notes
	  	 	15	 
	 SECTION 3.06.  Legends
	  	 	16	 
	 SECTION 3.07.  Cancellation and/or Adjustment of Global Notes
	  	 	19	 
	 SECTION 3.08.  General Provisions Relating to Transfers and Exchanges
	  	 	20	 













					
	ARTICLE IV	  	 	 
		
	 LEGAL DEFEASANCE, COVENANT DEFEASANCE AND SATISFACTION AND DISCHARGE
	  	 	21	 
		
	 SECTION 4.01.  Legal Defeasance, Covenant Defeasance and Satisfaction and
Discharge
	  	 	21	 
		
	ARTICLE V	  	 	 
		
	EVENTS OF DEFAULT	  	21	 
		
	 SECTION 5.01.  Events of Default
	  	 	21	 
		
	ARTICLE VI	  	 	 
		
	MISCELLANEOUS	  	22	 
		
	 SECTION 6.01.  Ratification of Original Indenture; Supplemental Indenture Part of
Original Indenture
	  	 	22	 
	 SECTION 6.02.  Concerning the Trustee
	  	 	22	 
	 SECTION 6.03.  Multiple Originals; Electronic Signatures
	  	 	22	 
	 SECTION 6.04.  GOVERNING LAW
	  	 	22	 

  

			
	Exhibit A	  	Form of 4.750% Senior Note due 2029
	Exhibit B	  	Form of Certificate of Transfer
	Exhibit C	  	Form of Certificate of Exchange
	Exhibit D	  	Form of Notice of Special Mandatory Redemption

  











 EXECUTION VERSION 

FIRST SUPPLEMENTAL INDENTURE, dated as of October 25, 2021 (this “First Supplemental Indenture”), to the Indenture,
dated as of October 25, 2021 (the “Original Indenture”), among GLATFELTER CORPORATION, a Pennsylvania corporation (the “Company”), each of the subsidiary guarantors party hereto or that becomes a guarantor
pursuant to the terms of the Original Indenture (the “Guarantors”) and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association organized under the laws of the United States, as trustee (the
“Trustee”). 
 WHEREAS, the Company, the Guarantors and the Trustee have heretofore executed and delivered the Original
Indenture to provide for the issuance from time to time of Notes (as defined in the Original Indenture) of the Company, to be issued in one or more Series; 

WHEREAS, the Original Indenture provides, among other things, that the Company and the Trustee may enter into indentures supplemental to the
Original Indenture for, among other things, the purpose of establishing the form and terms of Notes of any Series pursuant to the Original Indenture; 

WHEREAS, the Company (i) desires the issuance of a Series of Notes to be designated as hereinafter provided and (ii) has requested
the Trustee to enter into this First Supplemental Indenture for the purpose of establishing the form and terms of the Notes of such Series; 

WHEREAS, the Company has duly authorized the creation of an issue of its 4.750% Senior Notes Due 2029 (the “Notes”), which
expression includes any further Notes issued pursuant to Section 2.04 hereof forming a single Series therewith; and 
 WHEREAS, all
action on the part of the Company necessary to authorize the issuance of the Notes under the Original Indenture and this First Supplemental Indenture (the Original Indenture, as supplemented by this First Supplemental Indenture, being hereinafter
called the “Indenture”) has been duly taken; 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

That, in order to establish the form and terms of the Notes and in consideration of the acceptance of the Notes by the Holders thereof and of
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 SECTION 1.01. Definitions. 

(a) Capitalized terms used herein and not otherwise defined herein shall have the respective meanings ascribed thereto in the Original
Indenture. 

  
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 (b) The rules of interpretation set forth in the Original Indenture shall be applied hereto
as if set forth in full herein. 
 (c) For all purposes of this First Supplemental Indenture, except as otherwise expressly provided or
unless the context otherwise requires, the following terms shall have the following meanings: 
 “144A Global Note” means a
Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee issued in a denomination equal
to the outstanding principal amount of the Notes sold in reliance on Rule 144A. 
 “Applicable Premium” means, as
calculated by the Company with respect to any Note on any Redemption Date, the greater of: 
 (1) 1.0% of the principal amount of such Note;
and 
 (2) the excess, if any, of (a) the present value at such Redemption Date of (i) the redemption price of such Note at
November 15, 2024 (such redemption price being set forth in the table appearing in Section 2.10(d)), plus (ii) all required interest payments due on such Note through November 15, 2024 (excluding accrued but unpaid interest if any, to the Redemption Date), computed using a discount rate equal to the Treasury Rate as of such Redemption Date plus 50 basis points; over (b) the principal amount of such Note. 

For the avoidance of doubt, the Trustee shall have no duty or obligation to confirm or verify any such calculation made by the Company. 

“Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any
Global Note, the rules and procedures of DTC, Euroclear and Clearstream that apply to such transfer or exchange. 

“Clearstream” means Clearstream Banking, société anonyme, or any successor thereto. 

“Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with
Article III hereof substantially in the form of Exhibit A hereto, except that such Notes shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto. 

“Equity Offering” means any public or private sale of common stock or Preferred Stock of the Company (excluding Disqualified
Stock), other than: 
 (1) public offerings with respect to the Company’s common stock registered on Form S-8; and 

  
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 (2) issuances to any Subsidiary of the Company or to any management
equity plan or stock option plan or any other management or employee benefit plan or agreement of the Company. 

“Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear system, or any successor thereto. 

“Global Note Legend” means the legend set forth in Section 3.06(b), which is required to be placed on all Global Notes
issued hereunder. 
 “Global Notes” means, individually and collectively, each of the Restricted
Global Notes and the Unrestricted Global Notes deposited with or on behalf of and registered in the name of the Depositary or its nominee, substantially in the form of Exhibit A and that bears the Global Note Legend and that has the
“Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with Section 2.14 of the Original Indenture and Section 2.07 hereof. 

“Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 

“Initial Purchasers” means the initial purchasers identified as such in the “Plan of Distribution” section of the
Offering Memorandum. 
 “Jacob Holm Acquisition” means the acquisition, pursuant to the Jacob Holm Share Purchase
Agreement, by PHG Tea Leaves, Inc., a Subsidiary of the Company, of 100% of the total share capital of PMM Holding (Luxembourg) AG, the parent of Jacob Holm & Sons AG, from Ammon AG. 

“Jacob Holm Share Purchase Agreement” means that certain Share Purchase Agreement, dated as of July 22, 2021, between
Ammon AG and PHG Tea Leaves, Inc., as such agreement may be amended, supplemented or otherwise modified from time to time. 
 “Non-U.S. Person” means a Person who is not a “U.S. person”, as defined in Regulation S. 

“Participant” means, with respect to the Depositary, a Person who has an account with the Depositary (and, with respect to
DTC, other indirect participants in The Depository Trust Company serving a similar function, including Euroclear and Clearstream). 

“Private Placement Legend” means the legend set forth in Section 3.06(a), to be placed on all Notes issued under this
Indenture except where otherwise permitted by the provisions of this Indenture. 
 “QIB” means any “qualified
institutional buyer”, as defined in Rule 144A under the Securities Act. 

  
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 “Regulation S” means Regulation S under the Securities Act. 

“Regulation S Global Note” means a Global Note substantially in the form of Exhibit A bearing the Global Note Legend and the
Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Regulation S. 

“Restricted Definitive Note” means a Definitive Note bearing a Private Placement Legend. 

“Restricted Global Note” means a Global Note bearing a Private Placement Legend. 

“Rule 144” means Rule 144 under the Securities Act. 

“Rule 144A” means Rule 144A under the Securities Act. 

“Rule 903” means Rule 903 under the Securities Act. 

“Rule 904” means Rule 904 under the Securities Act. 

“Treasury Rate” means, as of any Redemption Date, the yield to maturity as of such Redemption Date of United States Treasury
securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 that has become publicly available at least two Business Days prior to the Redemption Date (or in connection with a discharge,
two Business Days prior to the date of deposit with the Trustee or Paying Agent, as applicable) (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the
Redemption Date to November 15, 2024; provided, however, that if the period from the Redemption Date to November 15, 2024 is less than one year, the weekly average yield on actually traded United States Treasury securities
adjusted to a constant maturity of one year will be used. 
 “Unrestricted Definitive Note” means one or more Definitive
Notes that do not bear and are not required to bear any Private Placement Legend. 
 “Unrestricted Global Note” means a
Global Note substantially in the form of Exhibit A attached hereto that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, and that is deposited with or on behalf of and
registered in the name of the Depositary, representing a Series of Notes that do not bear any Private Placement Legend. 

  
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 SECTION 1.02. Other Definitions. 

 

					
	Term	  	Defined in Section	 
	“Interest Payment Date”	  	 	2.05	 
	 “Record Date”
	  	 	2.05	 
	 “Redemption Date”
	  	 	2.10	 
	 “Special Mandatory Redemption Event”
	  	 	2.11	 
	 “Special Mandatory Redemption Price”
	  	 	2.11	 
	 “Special Mandatory Redemption Date”
	  	 	2.11	 

 ARTICLE II 

DESIGNATION AND TERMS OF THE NOTES 

SECTION 2.01. Title and Aggregate Principal Amount. There is hereby created one Series of Notes designated: 4.750% Senior Notes Due
2029 in an initial aggregate principal amount of $500,000,000. 
 SECTION 2.02. Execution. The Notes may forthwith be executed by the
Company and delivered to the Trustee for authentication and delivery by the Trustee in accordance with the provisions of Section 2.04 of the Original Indenture. 

SECTION 2.03. Other Terms and Form of the Notes. The Notes shall have and be subject to such other terms as provided in the Original
Indenture and this First Supplemental Indenture and shall be evidenced by one or more Global Notes in the form of Exhibit A hereof and as set forth in Section 2.07 hereof. 

SECTION 2.04. Further Issues. The Company may from time to time, without the consent of the Holders of the Notes and in accordance with
the Original Indenture and this First Supplemental Indenture, create and issue further notes having the same terms and conditions as the Notes in all respects (or in all respects except for the first payment of interest) so as to form a single
Series with the Notes. The Notes and any such further notes shall be treated as a single class for all purposes under this Indenture; provided that if any such further notes are not fungible with the Notes for U.S. Federal income tax
purposes, such further notes will have a separate CUSIP number, if applicable. Unless the context otherwise requires, all references to the Notes shall include any such further notes. 

SECTION 2.05. Interest and Principal. The Notes will mature on November 15, 2029 and will bear interest at the rate of 4.750% per
annum. The Company will pay interest on the Notes on each May 15 and November 15, or if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment Date”), beginning on May 15,
2022, to the Holders of record on the immediately preceding May 1 or November 1 (each, a “Record Date”), respectively. Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no
interest has been paid, from the date of issuance. Payments of the principal of and interest on the Notes shall be made in Dollars, and the Notes shall be denominated in Dollars. 

  
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 SECTION 2.06. Place of Payment. The place of payment where the Notes issued in the
form of Definitive Notes may be presented or surrendered for payment, where the principal of and interest and any other payments due on the Notes issued in the form of Definitive Notes are payable and where the Notes may be surrendered for
registration of transfer or exchange shall be the office or agency of the Company maintained for that purpose pursuant to Section 2.05 of the Original Indenture, and the office or agency maintained by the Company for such purpose shall
initially be the Corporate Trust Office of the Trustee. All payments on Notes issued in the form of Global Notes shall be made by wire transfer of immediately available funds to the Depositary and, at the option of the Company, payment of interest
on the Notes issued in the form of Definitive Notes may be made by check mailed to registered Holders. 
 SECTION 2.07. Form and
Dating.  
 (a) General. The Notes will be substantially in the form of Exhibit A hereto. The terms and provisions
contained in the Notes will constitute, and are hereby expressly made, a part of this First Supplemental Indenture and the Company and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and
to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 

(b) Global Notes. Notes issued in global form will be substantially in the form of Exhibit A attached hereto (including the Global Note
Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form will be substantially in the form of Exhibit A attached hereto (but without the Global Note Legend thereon
and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding principal amount of the Notes as will be specified therein and each shall provide that it
represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to
reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made by the Trustee or the Custodian, at the
direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Article III hereof. 
 SECTION 2.08.
Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of
Clearstream Banking” and “Customer Handbook” of Clearstream, in each case, as in effect from time to time, shall be applicable to transfers of beneficial interests in the Regulation S Global Note that are held by Participants through
Euroclear or Clearstream. The Trustee shall have no duty, responsibility, liability or obligation with respect to any such procedures. 

  
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 SECTION 2.09. Depositary; Registrar. The Company hereby appoints DTC to act as
initial Depositary with respect to the Global Notes. The Company hereby appoints the Trustee to act as the Registrar and the Paying Agent with respect to the Notes. 

SECTION 2.10. Optional Redemption. 

(a) Except as set forth in Section 2.10(b) or 2.10(c), the Company shall not be entitled to redeem the Notes at its option prior to
November 15, 2024. 
 (b) At any time prior to November 15, 2024, the Company may redeem all or a part of the Notes, upon not less
than 10 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount of Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any, to, but excluding, the date of redemption (the
“Redemption Date”), subject to the rights of Holders on the relevant record date to receive interest due on the relevant interest payment date. 

(c) At any time prior to November 15, 2024, the Company may, at its option, on one or more occasions, redeem up to 40% of the aggregate
principal amount of Notes at a redemption price equal to 104.750% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon, if any, to, but excluding, the Redemption Date, subject to the right of Holders of Notes of record
on the relevant record date to receive interest due on the relevant interest payment date, with the net cash proceeds of one or more Equity Offerings; provided that: 

(1) at least 60% of the aggregate principal amount of the Notes originally issued under the Indenture (calculated after giving
effect to any issuance of Additional Notes) remains outstanding immediately after the occurrence of each such redemption (except to the extent otherwise repurchased or redeemed or to be repurchased or redeemed and for which a notice of repurchase or
redemption has been issued at or about such time in accordance with the terms of the Indenture); and 
 (2) each such
redemption occurs within 180 days of the date of closing of each such Equity Offering. 
 (d) On and after November 15, 2024, the
Company may redeem the Notes, in whole or in part, upon not less than 10 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth below, plus accrued and unpaid
interest thereon, if any, to, but excluding, the Redemption Date, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date, if redeemed beginning on November 15 of the
years indicated below: 
  

					
	 Date
	  	Percentage	 
	 2024
	  	 	102.375	% 
	 2025
	  	 	101.188	% 
	 2026 and thereafter
	  	 	100.000	% 


  
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 (e) Any redemption made pursuant to this Section 2.10 shall be made in accordance with
Article III of the Original Indenture, except as expressly set forth in this Section 2.10. 
 SECTION 2.11. Special Mandatory
Redemption. 
 (a) If (i) the Jacob Holm Acquisition has not become effective on or prior to April 22, 2022, or (ii) prior
to becoming effective, the Jacob Holm Acquisition lapses, is withdrawn or otherwise terminates in accordance with the terms of the Jacob Holm Share Purchase Agreement (the earliest of either such date under clause (i) or (ii), a “Special
Mandatory Redemption Event”), then the Company shall be required to redeem all outstanding Notes on the Special Mandatory Redemption Date (as defined below) at a redemption price equal to 100.0% of the principal amount of such Notes (the
“Special Mandatory Redemption Price”), plus accrued and unpaid interest on the principal amount of such Notes (if any) to, but not including, the Special Mandatory Redemption Date. Notwithstanding the foregoing, installments of interest on
Notes that are due and payable on interest payment dates falling on or prior to the Special Mandatory Redemption Date will be payable on such interest payment dates to the Holders of such Notes as of the close of business on the relevant record
dates in accordance with the terms of the Notes and this Supplemental Indenture. The Company shall cause any notice of special mandatory redemption pursuant to this Section 2.11(a) to be transmitted to each Holder of the Notes at its registered
address, with a copy to the Trustee, promptly, but in any event not later than three Business Days after the Special Mandatory Redemption Event. The “Special Mandatory Redemption Date” shall be the date that is five Business Days following
any Special Mandatory Redemption Event and shall be specified in the notice of special mandatory redemption sent to Holders of the Notes. At the Company’s request, the Trustee shall give notice of special mandatory redemption to the Holders of
the Notes, provided such request is made at least two Business Days prior to the date the notice is to be sent (or such shorter time as the Trustee may agree) and is accompanied by the notice of special mandatory redemption to be given, such notice
to be substantially in the form set forth in Exhibit D hereto. 
 (b) If funds sufficient to pay the Special Mandatory Redemption Price
of the Notes on the Special Mandatory Redemption Date are deposited with the Trustee or a Paying Agent on or before 11:00 a.m., New York City time, on such Special Mandatory Redemption Date, then, on and after such Special Mandatory Redemption Date,
such Notes shall cease to bear interest. 
 ARTICLE III 

TRANSFER AND EXCHANGE 

SECTION 3.01. Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except by the Depositary to a
nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes shall
be exchangeable pursuant to Section 2.08 of the Original Indenture for Definitive Notes if: 

  
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 (a) the Company delivers to the Trustee notice from the Depositary that it is unwilling or
unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 90 days after the date of such notice from the
Depositary; 
 (b) the Company in its sole discretion determines that the Global Notes (in whole but not in part) should be exchanged for
Definitive Notes and delivers a written notice to such effect to the Trustee; or 
 (c) an Event of Default with respect to the Notes
represented by such Global Note shall have occurred and be continuing and the Holders of a majority in principal amount of the Notes have requested the Company to issue Definitive Notes. 

Upon the occurrence of any of the preceding events in (a), (b) or (c) above, Definitive Notes shall be issued in such names as the
Depositary shall instruct the Company and the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.09 and 2.11 of the Original Indenture. A Global Note may not be exchanged for another Note other
than as provided in this Section 3.01; provided, however, that beneficial interests in a Global Note may be transferred and exchanged as provided in Section 3.02 or 3.03 hereof. 

SECTION 3.02. Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in
the Global Notes will be effected through the Depositary, in accordance with the provisions of this First Supplemental Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes will be subject to restrictions on
transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also will require compliance with either subparagraph (a) or (b) below, as applicable, as well as
one or more of the other following subparagraphs, as applicable: 
 (a) Transfer of Beneficial Interests in the Same Global Note.
Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private
Placement Legend. Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required
to be delivered to the Registrar to effect the transfers described in this Section 3.02(a). 

  
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 (b) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In
connection with all transfers and exchanges of beneficial interests that are not subject to Section 3.02(a) above, the transferor of such beneficial interest must deliver to the Registrar either: 

(A) both: 

(1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to
be credited with such increase; or 
 (B) both: 

(1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such
Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above. 
 Upon satisfaction of all of the
requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 3.07 hereof. 

(c) Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be
transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of Section 3.02(b) above and the Registrar receives the following: 

(A) if the transferee will take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must
deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; and 
 (B) if
the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof. 

  
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 (d) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for
Beneficial Interests in an Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes
delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 3.02(b) above and the Registrar receives the following: 

(A) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a
beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 

(B) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in the case of clauses (d)(A) and (d)(B), an Opinion of Counsel stating that such exchange or transfer is in compliance with the Securities Act and that
the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

If any such transfer is effected at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt
of a Company Order in accordance with Section 2.04 of the Original Indenture, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests
transferred. Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Note. 

SECTION 3.03. Transfer or Exchange of Beneficial Interests for Definitive Notes. 

(a) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. Subject to the terms hereof, if any holder of a
beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive
Note, then, upon receipt by the Registrar of the following documentation: 
 (A) if the holder of such beneficial interest in
a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof; 

(B) if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (1) thereof; 

  
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 (C) if such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 

(D) if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E) if such beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
 (F) if such beneficial interest is
being transferred pursuant to an effective registration statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c), 

the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 3.07 hereof, and the
Company shall execute and the Trustee, upon a Company Order, shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial
interest in a Restricted Global Note pursuant to this Section 3.03(a) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through
instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial
interest in a Restricted Global Note pursuant to this Section 3.03(a) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein. 

(b) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. Subject to the terms hereof, a holder of a
beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note
only if the Registrar receives the following: 
 (A) if the holder of such beneficial interest in a Restricted Global Note
proposes to exchange such beneficial interest for a Definitive Note that does not bear the Private Placement Legend, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 

(B) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

  
 12 












 and, in the case of clauses (b)(A) and (b)(B), an Opinion of Counsel stating that such exchange or transfer
is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

(c) Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. Subject to the terms hereof, if any holder of a
beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon
satisfaction of the conditions set forth in Section 3.02(b) hereof, the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 3.07 hereof, and the Company will execute
and the Trustee, upon a Company Order, will authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to
this Section 3.03(c) will be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and the
Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 3.03(c)
will not bear the Private Placement Legend. 
 SECTION 3.04. Transfer and Exchange of Definitive Notes for Beneficial Interests. 

(a) Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. Subject to the terms of hereof, if any Holder of a
Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a
Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 
 (A) if the Holder of such
Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof; 

(B) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect
set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such Restricted Definitive
Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in
item (2) thereof; 

  
 13 












 (D) if such Restricted Definitive Note is being transferred pursuant to an
exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E) if such Restricted Definitive Note is being transferred to the Company or any of its Subsidiaries, a certificate to the
effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
 (F) if such Restricted
Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 

the Trustee will cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of the applicable Global Note. 

(b) Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Definitive Note may
exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if the Registrar
receives the following: 
 (A) if the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial
interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 

(B) if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the
form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in the case of clauses (b)(A) and (b)(B), an Opinion of Counsel stating that such exchange or transfer is in compliance with the Securities Act and that
the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. Upon satisfaction of the conditions of any of the subparagraphs in this
Section 3.04(b), the Trustee will cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 

(c) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive Note may
exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a
request for such an exchange or transfer, the 

  
 14 












 
Trustee will cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. 

If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraph (b) or (c) above at a time when an
Unrestricted Global Note has not yet been issued, the Company will issue and, upon receipt of a Company Order in accordance with Section 2.04 of the Original Indenture, the Trustee will authenticate one or more Unrestricted Global Notes in an
aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 
 SECTION 3.05. Transfer and Exchange of
Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 3.05, the Registrar will register the transfer or exchange of Definitive Notes. Prior
to such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed
by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder must provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this
Section 3.05. 
 (a) Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be
transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 

(A) if the transfer will be made pursuant to Rule 144A under the Securities Act, then the transferor must deliver a certificate
in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
 (B) if the transfer will be made
pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 

(C) if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then
the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 

(b) Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by the Holder thereof
for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if the Registrar receives the following: 

(A) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a
certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 

  
 15 












 (B) if the Holder of such Restricted Definitive Notes proposes to transfer
such Notes to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in the case of clauses (b)(A) and (b)(B), an Opinion of Counsel stating that such exchange or transfer is in compliance with the Securities Act and that
the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

(c) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to
a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder
thereof. 
 SECTION 3.06. Legends. The following legends will appear on the face of all Global Notes and Definitive Notes issued
under this First Supplemental Indenture unless specifically stated otherwise in the applicable provisions of this First Supplemental Indenture. 

(a) Private Placement Legend. 

(A) Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in
exchange therefor or substitution thereof) shall bear the legend in substantially the following form: 
 (1) For Notes sold
in reliance on Rule 144A and other Notes bearing the Private Placement Legend not sold in reliance on Regulation S: 
 “THIS SECURITY HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, RESOLD,
ASSIGNED, PLEDGED, ENCUMBERED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN, BY ITS
ACCEPTANCE HEREOF OR THEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS ACQUIRED SECURITIES, TO OFFER, RESELL OR OTHERWISE TRANSFER THIS SECURITY OR SUCH INTEREST OR PARTICIPATION, PRIOR TO THE DATE (THE
“RESALE RESTRICTION TERMINATION DATE”) THAT IS ONE YEAR AFTER THE LATER OF THE ISSUE DATE HEREOF OR ANY OTHER ISSUE DATE IN RESPECT OF A FURTHER ISSUANCE OF DEBT SECURITIES OF THE SAME SERIES AS THIS SECURITY AND THE LAST DATE ON
WHICH GLATFELTER CORPORATION 

  
 16 












 
(THE “COMPANY”) OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY OR SUCH INTEREST OR PARTICIPATION (OR ANY PREDECESSOR THEREOF), ONLY (A) TO THE COMPANY OR ANY
SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A) THAT IS ACQUIRING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS IN OFFSHORE TRANSACTIONS WITHIN THE MEANING OF
REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER
PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION
TERMINATION DATE. 
 BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS AND AGREES FOR THE BENEFIT OF THE COMPANY THAT (1) IT IS (A) A
QUALIFIED INSTITUTIONAL BUYER THAT IS ACQUIRING THIS SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A OR (B) A NON-U.S. PERSON THAT IS ACQUIRING THIS SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN IN AN OFFSHORE TRANSACTION WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT AND (2) IT WILL NOTIFY ANY
PURCHASER OF THIS NOTE FROM IT OF THE RESALE AND OTHER TRANSFER RESTRICTION REFERRED TO ABOVE AND THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT, THAT SUCH PURCHASER SHALL BE DEEMED TO HAVE REPRESENTED AS TO THE MATTERS IN CLAUSE
(1) OF THIS SENTENCE AND THAT SUCH PURCHASER SHALL BE DEEMED TO HAVE AGREED TO NOTIFY ITS SUBSEQUENT TRANSFEREES AS TO THE FOREGOING.” 

  
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 (2) For Notes sold in reliance on Regulation S: 

“THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF
ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, PLEDGED, ENCUMBERED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT
FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS ACQUIRED
SECURITIES, TO OFFER, RESELL OR OTHERWISE TRANSFER THIS SECURITY OR SUCH INTEREST OR PARTICIPATION, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS 40 DAYS AFTER THE LATER OF THE COMMENCEMENT OF THE OFFERING OF
DEBT SECURITIES WHICH THIS SECURITY IS A PART AND THE ISSUE DATE HEREOF, ONLY (A) TO GLATFELTER CORPORATION (THE “COMPANY”) OR ANY SUBSIDIARY OF THE COMPANY, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED
EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL
BUYER” (AS DEFINED IN RULE 144A) THAT IS ACQUIRING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS IN OFFSHORE TRANSACTIONS WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN
OPINION OF COUNSEL, CERTIFICATION OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. 

BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS AND AGREES FOR THE BENEFIT OF THE COMPANY THAT (1) IT IS (A) A QUALIFIED INSTITUTIONAL BUYER
THAT IS ACQUIRING THIS SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A OR (B) A
NON-U.S. PERSON THAT IS ACQUIRING THIS SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN IN AN OFFSHORE TRANSACTION WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT AND (2) IT WILL NOTIFY ANY
PURCHASER OF THIS NOTE FROM IT OF THE RESALE AND OTHER TRANSFER RESTRICTION REFERRED TO ABOVE AND THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT, THAT SUCH PURCHASER SHALL BE DEEMED TO HAVE REPRESENTED AS TO THE MATTERS IN CLAUSE
(1) OF THIS SENTENCE AND THAT SUCH PURCHASER SHALL BE DEEMED TO HAVE AGREED TO NOTIFY ITS SUBSEQUENT TRANSFEREES AS TO THE FOREGOING.” 

  
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 (B) Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to
Sections 3.02(d), 3.03(b), 3.03(c), 3.04(b), 3.04(c), 3.05(b) or 3.05(c) of this Article III (and all Notes issued in exchange therefor or substitution thereof) will not bear the Private Placement Legend. 

(b) Global Note Legend. Each Global Note will bear a legend in substantially the following form: 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN
PART PURSUANT TO ARTICLE III OF THE FIRST SUPPLEMENTAL INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE ORIGINAL INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO
A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM,
THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENTS
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.” 
 SECTION 3.07. Cancellation and/or Adjustment of Global Notes. 

At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed,
repurchased or canceled in whole and not in part, each such Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.12 of the Original Indenture. At any time prior to such cancellation, if any
beneficial interest in a Global Note is 

  
 19 












 
exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes
represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being
exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased accordingly and an endorsement will be made on such Global Note by the
Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 
 SECTION 3.08. General Provisions Relating to
Transfers and Exchanges. 
 (a) To permit registrations of transfers and exchanges, the Company will execute and the Trustee will
authenticate Global Notes and Definitive Notes upon receipt of a Company Order in accordance with Section 2.04 of the Original Indenture. 

(b) No service charge will be made to a Holder of a Global Note or to a Holder of a Definitive Note for any registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or
transfer pursuant to Sections 2.11, 3.06 and 9.04 of the Original Indenture). 
 (c) The Registrar will not be required to register the
transfer of or exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 

(d) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will be the
valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 

(e) The Company will not be required: 

(A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 30 days
before the day of any selection of Notes for redemption under Section 3.02 of the Original Indenture and ending at the close of business on the day of selection; 

(B) to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed
portion of any Note being redeemed in part; or 
 (C) to register the transfer of or to exchange a Note between a Record Date
and the next succeeding Interest Payment Date. 

  
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 (f) Prior to due presentment for the registration of a transfer of any Note, the Trustee,
any Agent and the Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes, and none of
the Trustee, any Agent or the Company shall be affected by notice to the contrary. 
 (g) The Trustee will authenticate Global Notes and
Definitive Notes in accordance with the provisions of Section 2.04 of the Original Indenture. 
 (h) All certifications, certificates
and Opinions of Counsel required to be submitted to the Registrar pursuant to Article III to effect a registration of transfer or exchange may be submitted by facsimile. 

(i) Each Holder agrees to indemnify the Company, the Registrar and the Trustee (acting in any capacity hereunder) against any liability that
may result from the transfer, exchange or assignment of such Holder’s Note in violation of any provision of this Indenture and/or applicable United States federal or state securities law. Neither the Trustee nor the Registrar shall have any
obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note other than to require delivery of
such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express
requirements hereof. 
 ARTICLE IV 

LEGAL DEFEASANCE, COVENANT DEFEASANCE 

AND SATISFACTION AND DISCHARGE 

SECTION 4.01. Legal Defeasance, Covenant Defeasance and Satisfaction and Discharge. Article VIII of the Original Indenture shall be
applicable to the Notes. 
 ARTICLE V 

EVENTS OF DEFAULT 

SECTION 5.01. Events of Default. Section 6.01 of the Original Indenture is hereby modified to add the following Event of Default
with regard to the Notes issued on the Issue Date: 
 (9) the failure by the Company to consummate the Special Mandatory Redemption, to the
extent required, pursuant to Section 2.11 of the First Supplemental Indenture. 

  
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 ARTICLE VI 

MISCELLANEOUS 
 SECTION
6.01. Ratification of Original Indenture; Supplemental Indenture Part of Original Indenture. Except as expressly amended hereby, the Original Indenture, including Sections 11.10 and 11.13 thereof regarding submission to jurisdiction and
waiver of jury trial, respectively, are in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This First Supplemental Indenture shall form a part of the Original Indenture
for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 
 SECTION 6.02.
Concerning the Trustee. The recitals contained herein and in the Notes, except with respect to the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for
the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this First Supplemental Indenture or of the Notes. 

SECTION 6.03. Multiple Originals; Electronic Signatures. This First Supplemental Indenture may be executed in any number of
counterparts, each of which when so executed shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. The exchange of copies of this First Supplemental Indenture and of signature pages by
facsimile or PDF transmission shall constitute effective execution and delivery of this First Supplemental Indenture as to the parties hereto and may be used in lieu of the original First Supplemental Indenture for all purposes. Signatures of the
parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. The words “execution”, “signed”, “signature” and words of like import in this First Supplemental Indenture
relating to the execution and delivery of this First Supplemental Indenture and any documents to be delivered in connection herewith shall be deemed to include electronic signatures, which shall be of the same legal effect, validity or
enforceability as a manually executed signature to the extent and as provided in any applicable law, including the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law
(e.g. www.docusign.com). 
 SECTION 6.04. GOVERNING LAW. THIS FIRST SUPPLEMENTAL INDENTURE AND EACH NOTE OF THE SERIES
CREATED HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 [Signature Page
Follows] 

  
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 IN WITNESS WHEREOF, the parties have caused this First Supplemental Indenture to be duly
executed by their respective officers thereunto duly authorized as of the date first above written. 
  

			
	GLATFELTER CORPORATION
		
	By:	 	 /s/ Samuel L. Hillard

		 	Name: Samuel L. Hillard
		 	Title: Senior Vice President, Chief Financial Officer
	
	 GUARANTORS:
  

PHG TEA LEAVES, INC.
 MOLLANVICK, INC.

GLATFELTER COMPOSITE FIBERS NA, INC.
 GLATFELTER DIGITAL
SOLUTIONS, LLC

		
	By:	 	 /s/ Paul G. Wolfram

		 	Name: Paul G. Wolfram
		 	Title: Treasurer
	
	GLATFELTER HOLDINGS, LLC
		
	By:	 	 /s/ Paul G. Wolfram

		 	Name: Paul G. Wolfram
		 	Title: Assistant Treasurer
	
	 GLATFELTER MT. HOLLY LLC
 GLATFELTER
ADVANCED MATERIALS N.A., LLC

		
	By:	 	 /s/ Jill L. Urey

		 	Name: Jill L. Urey
		 	Title: Secretary













 
			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Barry D. Somrock

		 	Name: Barry D. Somrock
		 	Title: Vice President













 EXHIBIT A 

[Face of Note] 
 [Insert the Global Note
Legend, if applicable pursuant to the provisions of the Indenture] 
 [Insert the 144A or Regulation S Private Placement Legend, if applicable
pursuant to the provisions of the Indenture] 
  
  

CUSIP/ISIN [                ] 

 
 4.750% Senior Notes Due 2029 

 

			
	No. [ ]	 	$[                ]

 GLATFELTER CORPORATION promises to pay to
[                 ] or registered assigns, the principal sum of [                ]
Dollars on November 15, 2029, or such greater or lesser amount as may be indicated in Schedule A hereto. 
 Interest Payment Dates: May 15 and
November 15 
 Record Dates: May 1 and November 1 

Additional provisions of this Note are set forth on the other side of this Note. 

  
 A-1 












 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

			
	GLATFELTER CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:



  
 A-2 












 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This Note is one of 4.750% Senior Notes Due 2029 referred to in the within-mentioned Indenture. 

Dated: _______________________ 
 WILMINGTON TRUST, NATIONAL
ASSOCIATION as Trustee 
  

	
	By: _______________________
	      Authorized Signatory


  
 A-3 












 [Reverse of Note] 

4.750% Senior Notes Due 2029 
 1.
Indenture 
 This Note is one of a duly authorized issue of Notes of the Company, designated as its 4.750% Senior Notes Due 2029
(herein called the “Notes”, which expression includes any further notes issued pursuant to Section 2.04 of the First Supplemental Indenture (as hereinafter defined) and forming a single Series therewith), issued and to be
issued under an indenture, dated as of October 25, 2021 (herein called the “Original Indenture”), as supplemented by a first supplemental indenture, dated as of October 25, 2021 (the “First Supplemental
Indenture”, and together with the Original Indenture, the “Indenture”), among GLATFELTER CORPORATION, a Pennsylvania corporation (the “Company”), each of the Company’s subsidiaries signatory thereto or
that becomes a Guarantor pursuant to the terms of the Indenture (the “Subsidiary Guarantors”) and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association organized under the laws of the United States, as trustee (the
“Trustee”). Reference is hereby made to the Indenture and all indentures supplemental thereto relevant to the Notes for a complete description of the rights, limitations of rights, obligations, duties and immunities thereunder of
the Trustee, the Company and the Holders of the Notes. Capitalized terms used but not defined in this Note shall have the meanings ascribed to them in the Indenture. 

Each Note is subject to, and qualified by, all such terms as set forth in the Indenture certain of which are summarized herein and each Holder
of a Note is referred to the corresponding provisions of the Indenture for a complete statement of such terms. To the extent that there is any inconsistency between the summary provisions set forth in the Notes and the Indenture, the provisions of
the Indenture shall govern. 
 2. Interest 

The Company promises to pay interest on the principal amount of this Note at the rate per annum shown above. The Company will pay interest
semi-annually in arrears on May 15 and November 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day, commencing May 15, 2022, to Holders of record on the immediately preceding May 1 and
November 1, as applicable. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from October 25, 2021. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 
 3. Paying Agent and Registrar 

Initially, the Trustee will act as paying agent and registrar. The Company may appoint and change any paying agent, the transfer agent or
registrar without notice. The Company or any of its Subsidiaries may act as paying agent or registrar. 

  
 A-4 












 4. Defaults and Remedies; Waiver 

Article VI of the Original Indenture and Article V of the First Supplemental Indenture set forth the Events of Default and related remedies
applicable to the Notes. 
 5. Amendment 

Article IX of the Original Indenture sets forth the terms by which the Notes and the Indenture may be amended. 

6. Change of Control 
 Section 4.13
of the Original Indenture sets forth the terms by which the Company will be required to make an offer to purchase the Notes if a Change of Control occurs. 

7. Obligations Absolute 
 No reference
herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligations of the Company, which are absolute and unconditional, to pay the principal of and any premium and interest on this Note at the place, at
the respective times, at the rate and in the coin or currency herein prescribed. 
 8. Sinking Fund 

The Notes will not have the benefit of any sinking fund. 

9. Denominations; Transfer; Exchange 
 The
Notes are issuable in registered form without coupons in denominations of $2,000 principal amount and any integral multiple of $1,000 in excess thereof. When Notes are presented to the Registrar with a request to register a transfer or to exchange
them for an equal principal amount of Notes of the same Series, the Registrar shall register the transfer or make the exchange in the manner and subject to the limitations provided in the Indenture, without payment of any service charge but with
payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.11, 3.06
and 9.04 of the Original Indenture). 
 The Company and the Registrar shall not be required (a) to issue, register the transfer of or
to exchange any Notes during a period beginning at the opening of business 30 days before the day of any selection of Notes for redemption under Section 3.02 of the Original Indenture and ending at the close of business on the day of selection;
(b) to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part; or (c) to register the transfer of or to exchange a Note between a
Record Date and the next succeeding Interest Payment Date. 

  
 A-5 












 10. Further Issues 

The Company may from time to time, without the consent of the Holders of the Notes and in accordance with the Indenture, create and issue
further notes having the same terms and conditions as the Notes in all respects (or in all respects except for the first payment of interest) so as to form a single Series with the Notes. 

11. Optional Redemption 
 The Notes are
subject to redemption at the option of the Company, as described in Section 2.10 of the First Supplemental Indenture. 
 12. Special Mandatory
Redemption 
 The Notes are subject to special mandatory redemption as described in Section 2.11 of the First Supplemental
Indenture. 
 13. Persons Deemed Owners 

The ownership of Notes shall be proved by the register maintained by the Registrar. 

14. No Personal Liability of Directors, Officers, Employees and Stockholders 

No present, past or future director, officer, employee, member, partner, incorporator or equityholder of the Company, any Guarantor or any
Subsidiary of the Company or any of their respective direct or indirect parent companies (except for the Company or any Subsidiary in its capacity as obligor or guarantor in respect of the Notes and not in its capacity as equityholder of any
Subsidiary Guarantor) shall have any liability for any obligations of the Company or the Guarantors under the Notes, the Guarantees, this Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation. Each
Holder by accepting the Notes waives and releases all such liability. This waiver and release are part of the consideration for issuance of the Notes. 

15. Discharge and Defeasance 
 Subject to
certain conditions set forth in the Indenture, the Company at any time may terminate some or all of its obligations under the Notes and the Indenture if it deposits with the Trustee money and/or certain specified government securities for the
payment of principal of, premium, if any, and interest on the Notes to redemption or maturity, as the case may be. 

  
 A-6 












 16. Unclaimed Money 

Subject to applicable law, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of
the principal of, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest has become due and payable shall be paid to the Company on its request or, if then held by the
Company, shall be discharged from such trust. Thereafter, the Holder of such Note shall look only to the Company for payment thereof as general creditors, unless an applicable abandoned property law designated another person, and all liability of
the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease, to the fullest extent permitted by applicable law. 

17. Trustee Dealings with the Company 

The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or its
Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar or co-paying agent may do the same with like rights. 

18. Abbreviations 
 Customary
abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and
U/G/M/A (=Uniform Gift to Minors Act). 
 19. CUSIP Numbers 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers
to be printed on the Notes and have directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
 19. Governing Law 

THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

The Company will furnish to any Holder of Notes upon written request and without charge to the Holder a copy of the Indenture. 

  
 A-7 












 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

(I) or (we) assign and transfer this Note to ______________________________________________________________________________________ 

(Insert assignee’s legal name) 
  

	
	  


 (Insert assignee’s soc. sec. or tax I.D. no.) 

 

	
	  


  

	
	  


  

	
	  


  

	
	  


 (Print or type assignee’s name, address and zip code) 

and irrevocably appoint to transfer this Note on the books of the Company. The agent may substitute another to act for him or her. 

Date: ______________________________________ 
  

	
	Your Signature:
                                         
                 
	 (Sign exactly as your name appears on the face of this Note)



 Signature Guarantee*: 

 

	* 	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 



  
 A-8 












 Option of Holder to Elect Purchase 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or Section 4.13 of the Original Indenture, check the
appropriate box below: 
 ☐
Section 4.10                                      
                      ☐ Section 4.13 

If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.10 or Section 4.13 of the Original Indenture,
state the amount you elect to have purchased: 
 $_______________ 

Date: 
 Your Signature:
                                        
                                         
                                        

(Sign exactly as your name appears on the face of this Note) 

Tax Identification No.:
                                        
                     
 Signature
Guarantee*:                                       
                      
  

	* 	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 



  
 A-9 












 Schedule A 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another
Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	  	Amount of decrease
in Principal Amount of
this Global Note	  	Amount of increase
in Principal Amount
of this Global Note	  	Principal Amount
of this Global Note
following such
decrease or
increase	  	Signature of
authorized
signatory of Trustee
or Custodian


 

	* 	 This schedule should be included only if the Note is issued in Global Form. 



  
 A-10 












 EXHIBIT B 

FORM OF CERTIFICATE OF TRANSFER 
 Glatfelter
Corporation 
 4350 Congress Street, Suite 600 
 Charlotte, NC
28209 
 Wilmington Trust, National Association 

  50 South Sixth Street, Suite 1290 

  Minneapolis, MN 55402 
   Attention:
Glatfelter Corporation, Administrator 
  

	Re:	 Glatfelter Corporation Senior Notes 



4.750% Senior Notes Due 2029 
 Reference
is hereby made to the Indenture, dated as of October 25, 2021 (the “Original Indenture”), as supplemented by a first supplemental indenture, dated as of October 25, 2021 (the “First Supplemental
Indenture”, and together with the Original Indenture, the “Indenture”), and as further amended from time to time, between, inter alios, Glatfelter Corporation (the “Company”) and Wilmington Trust,
National Association, as Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                     (the
“Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of
$             in such Note[s] or interests (the “Transfer”), to
                 (the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor
hereby certifies that: 
 [CHECK ALL THAT APPLY] 

1. ☐ Check if Transferee will take delivery of a beneficial interest in the 144A Global Note or a Restricted Definitive Note pursuant to Rule
144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the
beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believed and believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to
which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is
in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be
subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Definitive Note and in the Indenture and the Securities Act. 

  
 B-1 












 2. ☐ Check if Transferee will take delivery of a beneficial interest in the Regulation S Global
Note or a Restricted Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that
(i) the Transfer is not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed
and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows
that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii) the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S.
Person or for the account or benefit of a U.S. Person (other than the Initial Purchasers). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be
subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act. 

3. ☐ Check and complete if Transferee will take delivery of a beneficial interest in a Restricted Definitive Note pursuant to any provision of the
Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to
and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one): 

(a) ☐ such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act; 

or 
 (b) ☐ such Transfer is
being effected to Holdings or a Subsidiary thereof; 
 or 

(c) ☐ such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with the
prospectus delivery requirements of the Securities Act; 

  
 B-2 












 4. ☐ Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global
Note or of an Unrestricted Definitive Note. 
 (a) ☐ Check if Transfer is pursuant to Rule 144. (i) The Transfer is
being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and
(ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of
the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in
the Indenture. 
 (b) ☐ Check if Transfer is Pursuant to Regulation S. (i) The Transfer is being effected pursuant to and
in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions
on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 

(c) ☐ Check if Transfer is Pursuant to Other Exemption. (i) The Transfer is being effected pursuant to and in compliance with
an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of
the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in
accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted
Definitive Notes and in the Indenture. 
 This certificate and the statements contained herein are made for your benefit and the benefit of the Company.


  
 B-3 












  

[Insert Name of Transferor] 
  

			
	By:	 	  

		 	Name:
		 	Title:
	
	Dated:

 Signature Guarantee*:
                                         
                    

  
 B-4 












 ANNEX A TO CERTIFICATE OF TRANSFER 

 

	1.	 The Transferor owns and proposes to transfer the following: 



[CHECK ONE OF (a) OR (b)] 
  

	 	(a)	 ☐ a beneficial interest in the: 



 

	 	(i)	 ☐ 144A Global Note (CUSIP
                ), or 


  

	 	(ii)	 ☐ Regulation S Global Note (CUSIP
                ), or 


  

	 	(b)	 ☐ a Restricted Definitive Note. 



 

	2.	 After the Transfer the Transferee will hold: 



[CHECK ONE] 
  

	 	(a)	 ☐ a beneficial interest in the: 



 

	 	(i)	 ☐ 144A Global Note (CUSIP
                ), or 


  

	 	(ii)	 ☐ Regulation S Global Note (CUSIP
                ), or 


  

	 	(iii)	 ☐ Unrestricted Global Note (CUSIP
                ); or 


  

	 	(b)	 ☐ a Restricted Definitive Note; or 



 

	 	(c)	 ☐ an Unrestricted Definitive Note, 



in accordance with the terms of the Indenture. 

  
 B-5 












 EXHIBIT C 

FORM OF CERTIFICATE OF EXCHANGE 
 Glatfelter
Corporation 
 4350 Congress Street, Suite 600 
 Charlotte, NC
28209 
 Wilmington Trust, National Association 

  50 South Sixth Street, Suite 1290 

  Minneapolis, MN 55402 
   Attention:
Glatfelter Corporation, Administrator 
  

	Re:	 Glatfelter Corporation Senior Notes 



4.750% Senior Notes Due 2029 
 Reference
is hereby made to the Indenture, dated as of October 25, 2021 (the “Original Indenture”), as supplemented by a first supplemental indenture, dated as of October 25, 2021 (the “First Supplemental
Indenture”, and together with the Original Indenture, the “Indenture”), and as further amended from time to time, between, inter alios, Glatfelter Corporation (the “Company”) and Wilmington Trust,
National Association, as Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                       
  (the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of
$                 in such Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies
that: 
 [CHECK ALL THAT APPLY] 
 1.
Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note 

(a) ☐ Check if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global
Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial
interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and pursuant to and in


  
 C-1 












 
accordance with the Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are
not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.

 (b) ☐ Check if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted Definitive
Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for the Owner’s own
account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on
transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities
laws of any state of the United States. 
 (c) ☐ Check if Exchange is from Restricted Definitive Note to beneficial
interest in an Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is being
acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act,
(iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with
any applicable blue sky securities laws of any state of the United States. 
 (d) ☐ Check if Exchange is from
Restricted Definitive Note to Unrestricted Definitive Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is
being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities
Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in
compliance with any applicable blue sky securities laws of any state of the United States. 

  
 C-2 













	2.	 Exchange of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted
Definitive Notes or Beneficial Interests in Restricted Global Notes 


 (a) ☐ Check if Exchange
is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal
amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted
Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 

(b) ☐ Check if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note. In
connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] ☐ 144A Global Note or ☐ Regulation S Global Note, the Owner hereby
certifies that (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes
and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture,
the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act. 

This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 

 
  

[Insert Name of Transferor] 
  

			
	By:	 	  

		 	Name:
		 	Title:
	
	Dated

 Signature Guarantee*:
                                         
                

  
 C-3 












 EXHIBIT D 

[FORM OF NOTICE OF SPECIAL MANDATORY REDEMPTION] 

NOTICE OF FULL SPECIAL MANDATORY REDEMPTION 

TO THE HOLDERS OF 
 GLATFELTER
CORPORATION 
 4.750% SENIOR NOTES DUE 2029 

(CUSIP No. 377320 AA4 / Reg S: US377320AA45) 

(ISIN No. U3764P AA9 / Reg S: USU3764PAA94) 

NOTICE IS HEREBY GIVEN that Glatfelter Corporation, a Pennsylvania corporation (the “Issuer”), pursuant to the First
Supplemental Indenture dated as of October 25, 2021 (the “Supplemental Indenture”) to the Indenture, dated as of October 25, 2021 (the “Base Indenture” and as supplemented by the Supplemental Indenture,
the “Indenture”), among the Issuer, the Subsidiary Guarantors party thereto and Wilmington Trust National Association, a national banking association, as trustee (in such capacity, the “Trustee”), shall redeem all
of its outstanding 4.750% Senior Notes due November 15, 2029 (the “Notes”) on [    ], 202[ ] (the “Special Mandatory Redemption Date”) pursuant to Section 2.11 of the Supplemental
Indenture. The redemption price for each Note will be $1,000 per $1,000 principal amount thereof (the “Special Mandatory Redemption Price”), plus accrued and unpaid interest thereon from the [[Issue Date][insert most recent Interest
Payment Date on which interest has been paid]] to, but excluding, the Special Mandatory Redemption Date. Capitalized terms used herein (but otherwise not defined herein) shall have such meanings as set forth in the Indenture. 

The Indenture provides that upon the deposit of funds sufficient to pay the Special Mandatory Redemption Price, plus accrued and unpaid
interest to, but excluding, the Special Mandatory Redemption Date, in respect of the Notes to be redeemed on the Special Mandatory Redemption Date with the Trustee or a Paying Agent prior to 11:00 a.m., New York City time, on such date, interest
will cease to accrue on the Notes. 
 In order to receive the redemption payment, the Notes called for redemption must be surrendered for
payment at the following location of Wilmington Trust, National Association, the Paying Agent. Notes to be redeemed must be surrendered for payment: (a) in book-entry form by transferring the Notes to be redeemed to the Trustee’s account
at The Depository Trust Company (“DTC”) in accordance with DTC’s procedures; or (b) by delivering the Notes to be redeemed to the Trustee at: 

Wilmington Trust National Association 
 1100 North Market Street

 Wilmington, Delaware 19890 
 Attention: 5th Floor, Workflow Management 
 The method of delivery of the Notes is at the election and
risk of the Holder. If delivered by mail, certified or registered mail, properly insured, is recommended. Direct inquiries related to procedures to redeem the Notes should be directed to [•] by telephone at [•] or by fax at [•] or to
[•]. 

  
 A-1 












 No representation is being made as to the correctness of the CUSIP numbers either as printed
on the Notes or as contained in this notice. Holders should rely only on the other identification numbers printed on the Notes. 

IMPORTANT NOTICE 
 For Holders
of Notes who have not established an exemption, payments made upon the redemption of the Notes may be subject to U.S. federal withholding of 24% of the payments to be made, as and to the extent required by the provisions of the U.S. Internal Revenue
Code. To establish an exemption from such withholding, Holders of Notes should submit a completed and signed Internal Revenue Service Form W-9 (or applicable Form W-8)
when surrendering their Notes for payment. 
 Date: [    ], 202[ ] 

By: [GLATFELTER CORPORATION] 

  
 C-2