EX-4.3



 Exhibit 4.3 

EXECUTION VERSION 
  

 
  

WARRANT AGREEMENT 
 Dated as of

 August 1, 2014 
 between

 VERSO PAPER CORP. 
 and 

REGISTRAR & TRANSFER CO. 

as Warrant Agent 
  

 
 Warrants for

 Common Stock 
  

 
  

 
  







 Table of Contents 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	
	DEFINITIONS	  
	 Section 1.01.
	 	 Definitions
	  	 	1	  
	 Section 1.02.
	 	 Rules of Construction
	  	 	2	  
	
	ARTICLE II	  
	
	WARRANTS	  
			
	 Section 2.01.
	 	 Form
	  	 	3	  
	 Section 2.02.
	 	 Execution and Countersignature
	  	 	3	  
	 Section 2.03.
	 	 Registry
	  	 	4	  
	 Section 2.04.
	 	 Transfer and Exchange
	  	 	4	  
	 Section 2.05.
	 	 [Reserved]
	  	 	5	  
	 Section 2.06.
	 	 Replacement Certificates
	  	 	5	  
	 Section 2.07.
	 	 Outstanding Warrants
	  	 	5	  
	 Section 2.08.
	 	 Cancellation
	  	 	5	  
	 Section 2.09.
	 	 CUSIP Numbers
	  	 	6	  
	
	ARTICLE III	  
	
	CONVERSION TERMS	  
			
	 Section 3.01.
	 	 Conversion
	  	 	6	  
	 Section 3.02.
	 	 Manner of Conversion and Issuance of Shares
	  	 	6	  
	 Section 3.03.
	 	 Covenant to Make Stock Certificates Available
	  	 	6	  
	
	ARTICLE IV	  
	
	ANTIDILUTION PROVISIONS	  
			
	 Section 4.01.
	 	 Antidilution Adjustments; Notice of Adjustment
	  	 	7	  
	 Section 4.02.
	 	 Adjustment to Warrant Certificate
	  	 	7	  
	
	ARTICLE V	  
	
	WARRANT AGENT	  
			
	 Section 5.01.
	 	 Appointment of Warrant Agent
	  	 	7	  
	 Section 5.02.
	 	 Rights and Duties of Warrant Agent
	  	 	7	  
	 Section 5.03.
	 	 Individual Rights of Warrant Agent
	  	 	9	  
	 Section 5.04.
	 	 Warrant Agent’s Disclaimer
	  	 	9	  
	 Section 5.05.
	 	 Compensation and Indemnity
	  	 	9	  
	 Section 5.06.
	 	 Successor Warrant Agent
	  	 	10	  
	 Section 5.07.
	 	 Representations of the Company
	  	 	11	  


  
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	ARTICLE VI	  
	
	MISCELLANEOUS	  
			
	 Section 6.01.
	 	 Persons Benefitting
	  	 	12	  
	 Section 6.02.
	 	 Amendment
	  	 	12	  
	 Section 6.03.
	 	 Notices
	  	 	13	  
	 Section 6.04.
	 	 Governing Law
	  	 	13	  
	 Section 6.05.
	 	 Successors
	  	 	13	  
	 Section 6.06.
	 	 Multiple Originals
	  	 	14	  
	 Section 6.07.
	 	 Inspection of Agreement
	  	 	14	  
	 Section 6.08.
	 	 Table of Contents
	  	 	14	  
	 Section 6.09.
	 	 Severability
	  	 	14	  
	 Section 6.10.
	 	 Waiver of Jury Trial
	  	 	14	  
	 Section 6.11.
	 	 Force Majeure
	  	 	14	  
			
	 EXHIBIT A
	 	 Form of Warrant
	  			


  
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 WARRANT AGREEMENT, dated as of August 1, 2014 (this “Agreement”), between
Verso Paper Corp., a Delaware corporation (the “Company”), and Registrar & Transfer Co., as warrant agent (the “Warrant Agent”). 

The Company will issue the warrants described herein (each, a “Warrant” and collectively, the “Warrants”) to
any Person entitled to receive Warrants pursuant to the exchange offers (the “Exchange Offers”) described in the Amended and Restated Confidential Offering Memorandum and Consent Solicitation Statement, dated as of July 28,
2014, (the “Offering Memorandum”), of Verso Paper Holdings LLC and Verso Paper Inc. 
 Each Warrant will be mandatorily
convertible into one share of Common Stock immediately prior to the consummation of the Merger (as defined in the Warrant Certificate), subject to the provisions of this Agreement and the relevant Warrant Certificate. Each Warrant Certificate shall
evidence such number of Warrants as is set forth therein, subject to adjustment pursuant to the provisions of the Warrant Certificate. 

The Company desires the Warrant Agent to act on behalf of the Company in connection with the registration, transfer, exchange, redemption,
conversion and cancellation of the Warrants as provided herein and the Warrant Agent is willing to so act. 
 The Warrants and the shares of
Common Stock issuable upon conversion of the Warrants have not been registered with the Securities and Exchange Commission and will be subject to transfer restrictions. 

Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Warrantholders (as defined
below): 
 ARTICLE I 

DEFINITIONS 
  

	 	Section 1.01.	Definitions. 

 “Affiliate” means, with respect to any Person, any Person
directly or indirectly controlling, controlled by or under common control with, such other Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common
control with”) when used with respect to any Person, means the possession, directly or indirectly, of the power to cause the direction of management and/or policies of such Person, whether through the ownership of voting securities by contract
or otherwise. 
 “Charter” means, with respect to any Person, its certificate or articles of incorporation, articles of
association, or similar organizational document. 
 “Common Stock” means the common stock, par value $0.01 per share, of
the Company. 
 “Definitive Warrant” means a Warrant Certificate in definitive form. 







 “Officer” means the Chief Executive Officer, the President, the Chief Financial
Officer, any Vice President, the Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary of the Company. 

“Officers’ Certificate” means a certificate signed by two Officers. 

“Opinion of Counsel” means a written opinion reasonably acceptable to the Warrant Agent from legal counsel. Such counsel may
be an employee of or counsel to the Company or the Warrant Agent. 
 “Person” means an individual, corporation,
partnership, joint venture, association, joint-stock company, limited liability company, limited liability partnership, trust, unincorporated organization, or government or any agency or political subdivision thereof or any other entity. 

“Registry” has the meaning set forth in Section 2.03 hereof. 

“Required Warrantholders” means holders of a majority of the aggregate number of the Warrrants at the time outstanding. 

“Shares” has the meaning set forth in the form of Warrant Certificate attached as Exhibit A hereto. 

“Transfer Agent” has the meaning set forth in the form of Warrant Certificate attached as Exhibit A hereto. 

“Warrant Certificate” means any fully registered certificate issued by the Company and authenticated by the Warrant Agent
under this Agreement evidencing Warrants, in the form attached as Exhibit A hereto. 
 “Warrantholder” means a registered
owner of Warrants as set forth in the Registry. 
 “Warrant Share Number” has the meaning set forth in the form of Warrant
Certificate attached as Exhibit A hereto. 
  

	 	Section 1.02.	Rules of Construction. 

 Unless the text otherwise requires: 

(i) “or” is not exclusive; 

(ii) “including” means including, without limitation; and 

(iii) words in the singular include the plural and words in the plural include the singular. 

  
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 ARTICLE II 

WARRANTS 
  

	 	Section 2.01.	Form. 

 (a) Form of Warrants. Warrants issued in connection with the Exchange
Offers and any Warrants issued upon any transfer or exchange thereof, shall be issued in the form of uncertificated book entry position (“Book Entry Warrants”) on the books and register of the Company maintained by the Warrant
Agent, or, if requested by a holder, definitive certificated warrants (“Definitive Warrants”). 
 (b) Warrant
Certificates. Warrant Certificates shall be in substantially the form attached as Exhibit A hereto and shall be typed, printed, lithographed or engraved or produced by any combination of such methods, all as determined by the Officer or Officers
executing such Warrant Certificates, as evidenced by their execution thereof. Any Warrant Certificate shall have such insertions as are appropriate or required or permitted by this Agreement and may have such letters, numbers or other marks of
identification and such legends and endorsements, stamped, printed, lithographed or engraved thereon, (i) as the Company may deem appropriate and as are not inconsistent with the provisions of this Agreement, (ii) as may be required to
comply with this Agreement, any law or any rule of any securities exchange on which the Warrants may be listed, and (iii) as may be necessary to conform to customary usage. 

 

	 	Section 2.02.	Execution and Countersignature. 

 At least one Officer shall sign the Warrant
Certificates for the Company by manual or facsimile signature. 
 If an Officer whose signature is on a Warrant Certificate no longer holds
that office at the time the Warrant Agent countersigns the Warrant Certificate, the Warrants evidenced by such Warrant Certificate shall be valid nevertheless. 

The Warrant Agent shall initially countersign, by either manual or facsimile signature, and deliver Warrant Certificates entitling the
Warrantholders thereof to receive, upon the mandatory conversion of such Warrants in accordance with their terms, in the aggregate such number of shares of Common Stock as shall be set forth on such Warrant Certificates (subject to adjustment as
provided in such Warrant Certificates) upon a written order of the Company signed by one Officer of the Company. Each Warrant Certificate shall be dated the date of its countersignature by the Warrant Agent. 

At any time and from time to time after the execution of this Agreement, the Warrant Agent shall upon receipt of a written order of the
Company signed by an Officer of the Company countersign, by either manual or facsimile signature, for issue a Warrant Certificate evidencing the number of Warrants specified in such order; provided, however, that the Warrant Agent
shall be entitled to receive an Officers’ Certificate and an Opinion of Counsel of the Company containing such representations and opinions as it may reasonably request in connection with such countersignature of Warrants. Such order shall
specify the number of Warrants to be evidenced on the Warrant Certificate to be countersigned, the date on which such Warrant Certificate is to be countersigned and the number of Warrants then authorized. 

  
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 The Warrants evidenced by a Warrant Certificate shall not be valid until an authorized signatory
of the Warrant Agent countersigns the Warrant Certificate either manually or by facsimile signature. Such signature shall be solely for the purpose of authenticating the Warrant Certificate and shall be conclusive evidence that the Warrant
Certificate so countersigned has been duly authenticated and issued under this Agreement. 
  

	 	Section 2.03.	Registry. 

 The Warrants shall initially be issued in an uncertificated book entry
position. The Warrant Agent shall keep a registry (the “Registry”) of the Book Entry Warrants and Certificates, if any, of their transfer and exchange. The Registry shall show the names and addresses of the respective Warrantholders
and, in the case of Certificates, the date and number of Warrants evidenced on the face of each of the Warrant Certificates. 
 Except as
otherwise provided herein or in the Warrant Certificate, the Company and the Warrant Agent may deem and treat any Person in whose name a Warrant Certificate is registered in the Registry as the absolute owner of such Warrant Certificate for all
purposes whatsoever and neither the Company nor the Warrant Agent shall be affected by notice to the contrary. 
  

	 	Section 2.04.	Transfer and Exchange. 

 (a) Obligations with Respect to Transfers and Exchanges of
Warrants. 
 (i) In the case of Warrant Certificates, to permit registrations of transfers and exchanges, the Company
shall execute and the Warrant Agent shall countersign, by either manual or facsimile signature, Definitive Warrants, or shall otherwise facilitate the transfer of Book Entry Warrants, as required pursuant to the provisions of Section 2.02 and
this Section 2.04. 
 (ii) No service charge shall be made to a Warrantholder for any registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith. 

(iii) All Warrants issued upon any registration of transfer or exchange pursuant to the terms of this Agreement shall be the
valid obligations of the Company, entitled to the same benefits under this Agreement as the Warrants surrendered upon such registration for transfer or exchange. 

(b) No Obligation of the Warrant Agent. 

(i) The Warrant Agent shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions
on transfer imposed under this Agreement or under applicable law with respect to any transfer of any interest in any 

  
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Warrant 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
Agreement, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 
  

	 	Section 2.05.	[Reserved] 

  

	 	Section 2.06.	Replacement Certificates. 

 If a mutilated Warrant Certificate is surrendered to the
Warrant Agent or if the Warrantholder of a Warrant Certificate provides proof reasonably satisfactory to the Company and the Warrant Agent that the Warrant Certificate has been lost, destroyed or wrongfully taken, the Company shall issue and the
Warrant Agent shall countersign, by either manual or facsimile signature, a replacement Warrant Certificate representing an equivalent number of Warrants, if the reasonable requirements of the Warrant Agent and of Section 8-405 of the Uniform
Commercial Code as in effect in the State of New York are met. If required by the Warrant Agent or the Company, such Warrantholder shall furnish an indemnity bond sufficient in the reasonable judgment of the Company and the Warrant Agent to protect
the Company and the Warrant Agent from any loss that either of them may suffer if a Warrant Certificate is replaced. The Company and the Warrant Agent may charge the Warrantholder for their reasonable expenses in replacing a Warrant Certificate.
Every replacement Warrant Certificate evidences an additional obligation of the Company. 
  

	 	Section 2.07.	Outstanding Warrants. 

 The Warrants outstanding at any time are all Warrants on the
books and records of the Warrant Agent and evidenced on all Warrant Certificates authenticated by the Warrant Agent except for those canceled by it and those delivered to it for cancellation. A Warrant ceases to be outstanding if the Company or an
Affiliate of the Company holds the Warrant. 
 If a Warrant Certificate is replaced pursuant to Section 2.06, the Warrants evidenced
thereby cease to be outstanding unless the Warrant Agent and the Company receive proof satisfactory to them that the replaced Warrant Certificate is held by a bona fide purchaser. 

 

	 	Section 2.08.	Cancellation. 

 In the event the Company shall purchase or otherwise acquire Definitive
Warrants, the same shall thereupon be delivered to the Warrant Agent for cancellation. 
 The Warrant Agent and no one else shall cancel and
dispose of all Warrant Certificates surrendered for registration of transfer, exchange, replacement, conversion or cancellation in its customary manner and deliver a certificate of such cancellation and disposal to the Company upon its request
therefor unless the Company directs the Warrant Agent to deliver canceled Warrant Certificates to the Company. The Company may not issue new Warrant Certificates to replace Warrant Certificates to the extent they evidence Warrants that have been
converted or Warrants that the Company has purchased or otherwise acquired. 

  
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	 	Section 2.09.	CUSIP Numbers. 

 The Company in issuing the Warrants may use “CUSIP” numbers
(if then generally in use) and, if so, the Warrant Agent shall use “CUSIP” numbers in notices as a convenience to Warrantholders; provided, however, that any such notice may state that no representation is made as to the
correctness of such numbers either as printed on the Warrant Certificates or as contained in any notice and that reliance may be placed only on the other identification numbers printed on the Warrant Certificates. 

ARTICLE III 
 CONVERSION
TERMS 
  

	 	Section 3.01.	Conversion. 

 The terms for conversion of each Warrant, the Warrant Share Number and the
number of Warrants evidenced by any Warrant Certificate and the Expiration Date of each Warrant shall be set forth in the related Warrant Certificate, or be on the books and records of the Warrant Agent. The Warrant Share Number is subject to
adjustment pursuant to the terms set forth in the Warrant Certificate. 
  

	 	Section 3.02.	Manner of Conversion and Issuance of Shares. 

 Warrants will be convertible in the manner
set forth in Section 3 of the Warrant Certificate, and upon any such conversion, Shares shall be issued in the manner set forth in Section 4 of the Warrant Certificate. In connection with any conversion of any Warrant, each Warrantholder
will receive the Shares with respect to such Warrant in accordance with Section 2 of the Warrant Certificate. 
  

	 	Section 3.03.	Covenant to Make Stock Certificates Available. 

 (a) The Warrant Agent is hereby
authorized to requisition from time to time from any stock transfer agents of the Company stock certificates required to honor outstanding Warrants upon conversion thereof in accordance with the terms of this Agreement, and the Company agrees to
authorize and direct such transfer agents to comply with all such requests of the Warrant Agent. The Company shall supply such transfer agents with duly executed stock certificates for such purposes. 

(b) The Warrant Agent is hereby authorized and directed to create a special account for the reserve of shares of Common Stock to be issued
upon conversion of the Warrants. 
 (c) In connection with the shares of Common Stock to be issued upon conversion of the Warrants, the
Company shall provide an Opinion of Counsel, stating that all such shares, when issued, will be: 
 (i) registered, or
subject to a valid exemption from registration, under the Securities Act of 1933, as amended, and all material and necessary State securities law filings will have been made with respect to such shares; and 

(ii) validly issued, fully paid and non-assessable. 

  
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 ARTICLE IV 

ANTIDILUTION PROVISIONS 
  

	 	Section 4.01.	Antidilution Adjustments; Notice of Adjustment. 

 The Warrant Share Number shall be
subject to adjustment from time to time as provided in Section 12 of the Warrant Certificate. Whenever the Warrant Share Number is so adjusted or is proposed to be adjusted as provided in Section 12 of the Warrant Certificate, the Company
shall deliver to the Warrant Agent the notices or statements, and shall cause a copy of such notices or statements to be sent or communicated to each Warrantholder pursuant to Section 6.03, as provided in Section 12(I) of the Warrant
Certificate. 
  

	 	Section 4.02.	Adjustment to Warrant Certificate. 

 The form of Warrant Certificate need not be changed
because of any adjustment made pursuant to the Warrant Certificate, and Warrant Certificates issued after such adjustment may state the same conversion terms and the same Warrant Share Number as are stated in the Warrant Certificates initially
issued pursuant to this Agreement. 
 The Company, however, may at any time in its sole discretion make any change in the form of Warrant
Certificate that it may deem appropriate to give effect to such adjustments and that does not affect the substance of the Warrant Certificate, and any Warrant Certificate thereafter issued or countersigned, whether in exchange or substitution for an
outstanding Warrant Certificate or otherwise, may be in the form as so changed. 
 ARTICLE V 

WARRANT AGENT 
  

	 	Section 5.01.	Appointment of Warrant Agent. 

 The Company hereby appoints the Warrant Agent to act as
agent for the Company in accordance with the provisions of this Agreement and the Warrant Agent hereby accepts such appointment. The Warrant Agent shall not be liable for anything that it may do or refrain from doing in connection with this
Agreement, except in the case of a final judicial determination of its own gross negligence or willful misconduct. 
  

	 	Section 5.02.	Rights and Duties of Warrant Agent. 

 (a) Agent for the Company. In acting under
this Warrant Agreement and in connection with the Warrant Certificates, the Warrant Agent is acting solely as agent of the Company and does not assume any obligation or relationship of agency or trust for or with any of the holders of Warrant
Certificates or beneficial owners of Warrants. 

  
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 (b) Counsel. The Warrant Agent may consult with counsel of its own selection (who may be
counsel to the Company), and the advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice of such counsel. 

(c) Documents. The Warrant Agent shall be fully protected, may conclusively rely upon and shall incur no liability for or in respect of
any action taken or thing suffered by it in reliance upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably believed by it to be genuine and to have been presented or signed
by the proper parties. 
 (d) No Implied Obligations. The Warrant Agent shall be obligated to perform only such duties as are
specifically set forth herein and in the Warrant Certificates, and no implied duties or obligations of the Warrant Agent shall be read into this Agreement or the Warrant Certificates against the Warrant Agent. 

The Warrant Agent shall not be under any obligation to take any action hereunder that may involve it in any expense or liability for which it
does not receive indemnity satisfactory to it. The Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any of the Warrant Certificates countersigned by the Warrant Agent and delivered by it to the
Warrantholders or on behalf of the Warrantholders pursuant to this Agreement or for the application by the Company of the proceeds of the Warrants. The Warrant Agent shall have no duty or responsibility in case of any default by the Company in the
performance of its covenants or agreements contained herein or in the Warrant Certificates or in the case of the receipt of any written demand from a Warrantholder with respect to such default, including any duty or responsibility to initiate or
attempt to initiate any proceedings at law or otherwise. 
 The Warrant Agent may execute any of the powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys and the Warrant Agent shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder. The Warrant Agent shall not
be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this agreement. In no event shall the Warrant Agent
be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Warrant Agent has been advised of the likelihood of such loss or
damage and regardless of the form of action. 
 (e) Not Responsible for Adjustments or Validity of Stock. 

The Warrant Agent shall not at any time be under any duty or responsibility to any Warrantholder to determine whether any facts exist that may
require an adjustment of the Warrant Share Number, or with respect to the nature or extent of any adjustment when made, or 

  
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with respect to the method employed, or herein or in any supplemental agreement provided to be employed, in making the same. The Warrant Agent shall not be accountable with respect to the
validity or value of any Shares or of any securities or property that may at any time be issued or delivered upon the conversion of any Warrant or upon any adjustment pursuant to Section 12 of the Warrant Certificate, and it makes no
representation with respect thereto. The Warrant Agent shall not be responsible for any failure of the Company to make any cash payment or to issue, transfer or deliver any Shares or stock certificates upon the surrender of any Warrant Certificate
for the purpose of conversion or upon any adjustment pursuant to Section 12 of the Warrant Certificate, or to comply with any of the covenants of the Company contained in the Warrant Certificate. 

(f) Notices to the Company. If the Warrant Agent shall receive any written notice or demand addressed to the Company by the
Warrantholder of a Warrant, the Warrant Agent shall promptly forward such notice or demand to the Company. 
  

	 	Section 5.03.	Individual Rights of Warrant Agent. 

 The Warrant Agent and any stockholder, director,
officer or employee of the Warrant Agent may buy, sell or deal in any of the Warrants or other securities of the Company or its affiliates or become pecuniarily interested in transactions in which the Company or its affiliates may be interested, or
contract with or lend money to the Company or its affiliates or otherwise act as fully and freely as though it were not the Warrant Agent under this Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the
Company or for any other legal entity. 
  

	 	Section 5.04.	Warrant Agent’s Disclaimer. 

 The Warrant Agent shall not be responsible for, and
makes no representation as to the validity or adequacy of, this Agreement (except the due and valid authorized execution and delivery of this Agreement by the Warrant Agent) or the Warrant Certificates (except the due countersignature of the Warrant
Certificate(s) by the Warrant Agent) and it shall not be responsible for any statement in this Agreement or the Warrant Certificates other than its countersignature thereon. 
  

	 	Section 5.05.	Compensation and Indemnity. 

 (a) The Company agrees to pay the Warrant Agent from time
to time reasonable compensation for its services as agreed and to reimburse the Warrant Agent upon request for all out-of-pocket expenses incurred by it, including the reasonable compensation and expenses of the Warrant Agent’s agents and
counsel as agreed. The Company shall indemnify the Warrant Agent, its officers, directors, agents and counsel against any loss, liability or expense (including reasonable agents’ and attorneys’ fees and expenses) incurred by it without
gross negligence or willful misconduct on its part arising out of or in connection with the acceptance or performance of its duties under this Agreement. The Warrant Agent shall notify the Company promptly of any claim for which it may seek
indemnity. The Company need not reimburse any expense or indemnify against any loss or liability incurred by the Warrant Agent through its own willful misconduct or gross negligence. The Company’s payment obligations pursuant to this Section
shall survive the termination of this Agreement. 

  
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 To secure the Company’s payment obligations under this Agreement, the Warrant Agent shall
have a lien prior to the Warrantholders on all money or property held or collected by the Warrant Agent. 
  

	 	Section 5.06.	Successor Warrant Agent. 

 (a) Company to Provide and Maintain Warrant Agent. The
Company agrees for the benefit of the Warrantholders that there shall at all times be a Warrant Agent hereunder until all the Warrants have been converted or cancelled or are no longer convertible. 

(b) Resignation and Removal. The Warrant Agent may at any time resign by giving written notice to the Company of such intention on its
part, specifying the date on which its desired resignation shall become effective; provided, however, that such date shall not be less than 60 days after the date on which such notice is given unless the Company otherwise agrees. The
Warrant Agent hereunder may be removed at any time by the filing with it of an instrument in writing signed by or on behalf of the Company or the Required Warrantholders and specifying such removal and the date when it shall become effective, which
date shall not be less than 60 days after such notice is given unless the Warrant Agent otherwise agrees. Any removal under this Section shall take effect upon the appointment by the Company or the Required Warrantholders as hereinafter provided of
a successor Warrant Agent (which shall be (i) a bank or trust company, (ii) organized under the laws of the United States of America or one of the states thereof, (iii) authorized under the laws of the jurisdiction of its organization
to exercise corporate trust powers, (iv) having a combined capital and surplus of at least $50,000,000 (as set forth in its most recent reports of condition published pursuant to law or to the requirements of any United States federal or state
regulatory or supervisory authority) and (v) having an office in the Borough of Manhattan, The City of New York) and the acceptance of such appointment by such successor Warrant Agent. The obligations of the Company under Section 5.05
shall continue to the extent set forth herein notwithstanding the resignation or removal of the Warrant Agent. 
 The Warrant Agent may
execute any of the powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Warrant Agent shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed
with due care by it hereunder. The Warrant Agent shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred
upon it by this agreement. In no event shall the Warrant Agent be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Warrant
Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. 
 (c) Company to Appoint
Successor. In the event that at any time the Warrant Agent shall resign, or shall be removed, or shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or shall commence a voluntary case under the Federal bankruptcy laws,
as 

  
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now or hereafter constituted, or under any other applicable Federal or State bankruptcy, insolvency or similar law or shall consent to the appointment of or taking possession by a receiver,
custodian, liquidator, assignee, trustee, sequestrator (or other similar official) of the Warrant Agent or its property or affairs, or shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts
generally as they become due, or shall take corporate action in furtherance of any such action, or a decree or order for relief by a court having jurisdiction in the premises shall have been entered in respect of the Warrant Agent in an involuntary
case under the Federal bankruptcy laws, as now or hereafter constituted, or any other applicable Federal or State bankruptcy, insolvency or similar law, or a decree or order by a court having jurisdiction in the premises shall have been entered for
the appointment of a receiver, custodian, liquidator, assignee, trustee, sequestrator (or similar official) of the Warrant Agent or of its property or affairs, or any public officer shall take charge or control of the Warrant Agent or of its
property or affairs for the purpose of rehabilitation, conservation, winding up or liquidation, a successor Warrant Agent, qualified as aforesaid, shall be appointed by the Company by an instrument in writing, filed with the successor Warrant Agent.
In the event that a successor Warrant Agent is not appointed by the Company, a successor Warrant Agent, qualified as aforesaid, may be appointed by the Warrant Agent or the Required Warrantholders or the Warrant Agent or the Required Warrantholders
may petition a court to appoint a successor Warrant Agent. Upon the appointment as aforesaid of a successor Warrant Agent and acceptance by the successor Warrant Agent of such appointment, the Warrant Agent shall cease to be Warrant Agent hereunder;
provided, however, that in the event of the resignation of the Warrant Agent under this subsection (c), such resignation shall be effective on the earlier of (i) the date specified in the Warrant Agent’s notice of resignation
and (ii) the appointment and acceptance of a successor Warrant Agent hereunder. 
 (d) Successor to Expressly Assume Duties. Any
successor Warrant Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor and to the Company an instrument accepting such appointment hereunder, and thereupon such successor Warrant Agent, without any further act, deed or
conveyance, shall become vested with all the rights and obligations of such predecessor with like effect as if originally named as Warrant Agent hereunder, and such predecessor, upon payment of its charges and disbursements then unpaid, shall
thereupon become obligated to transfer, deliver and pay over, and such successor Warrant Agent shall be entitled to receive, all monies, securities and other property on deposit with or held by such predecessor, as Warrant Agent hereunder. 

(e) Successor by Merger. Any entity into which the Warrant Agent hereunder may be merged or consolidated, or any entity resulting from
any merger or consolidation to which the Warrant Agent shall be a party, or any entity to which the Warrant Agent shall sell or otherwise transfer all or substantially all of its assets and business, shall be the successor Warrant Agent under this
Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto; provided, however, that it shall be qualified as aforesaid, including with respect to the qualification of a successor
Warrant Agent set forth in Section 5.06(b). 
  

	 	Section 5.07.	Representations of the Company. 

 The Company represents and warrants to the Warrant
Agent that: 
 (a) the Company has been duly organized and is validly existing under the laws of the jurisdiction of its incorporation; 


  
 11 








 (b) this Agreement has been duly authorized, executed and delivered by the Company and is
enforceable against the Company in accordance with its terms, except as may be limited by bankruptcy, insolvency, moratorium, reorganization and other similar laws affecting the enforcement of creditors’ rights generally; and 

(c) the execution and delivery of this Agreement does not, and the issuance of the Warrants in accordance with the terms of this Agreement and
the Warrant Certificate will not, (i) violate the Company’s Charter or by-laws, (ii) violate any law or regulation applicable to the Company or order or decree of any court or public authority having jurisdiction over the Company, or
(iii) result in a breach of any mortgage, indenture, contract, agreement or undertaking to which the Company is a party or by which it is bound, except in the case of (ii) and (iii) for any violations or breaches that could not
reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken as a whole. 
 ARTICLE VI 

MISCELLANEOUS 
  

	 	Section 6.01.	Persons Benefitting. 

 Nothing in this Agreement is intended or shall be construed to
confer upon any Person other than the Company, the Warrant Agent and the Warrantholders any right, remedy or claim under or by reason of this Agreement or any part hereof. 
  

	 	Section 6.02.	Amendment. 

 This Agreement and the Warrants may be amended by the parties hereto without
the consent of any Warrantholder for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein or therein or adding or changing any other provisions with respect to matters or questions
arising under this Agreement or the Warrants as the Company and the Warrant Agent may deem necessary or desirable; provided, however, that such action shall not adversely affect the rights of any of the Warrantholders in any material
respect. This Agreement and the Warrants may be amended or supplemented at any time with the written consent of the Required Warrantholders; provided that the consent of each Warrantholder affected thereby shall be required for any amendment
pursuant to which (i) the Warrant Share Number would be decreased (in each case, other than pursuant to adjustments provided for in Section 12 of the Warrant Certificate), (ii) any change adverse to the Warrantholder would be made to
the anti-dilution provisions set forth in Article IV of this Agreement or Section 12 of the Warrant Certificate. Only Warrants outstanding at the time shall be considered in any such determination. The Warrant Agent shall have no duty to
determine whether any such amendment would have an effect on the rights or interests of the holders of the Warrants. Upon receipt by the Warrant Agent of an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent to the execution of the amendment have been complied with and such execution is permitted by this Agreement and the Warrant 

  
 12 








 
Certificate, the Warrant Agent shall join in the execution of such amendment; provided, that the Warrant Agent may, but shall not be obligated to, execute any amendment or supplement which
affects the rights or changes or increases the duties or obligations of the Warrant Agent. 
  

	 	Section 6.03.	Notices. 

 Any notice or communication shall be in writing and delivered in person or
mailed by first-class mail addressed as follows: 
 if to the Company: 

Verso Paper Corp. 
 6775 Lenox
Center Court, Suite 400 
 Memphis, Tennessee 38115-4436 

Attention: Peter H. Kesser 

Fax: (901) 369-4228 
 if to the
Warrant Agent: 
 Registrar and Transfer Company 

10 Commerce Drive 
 Cranford,
New Jersey 07016 
 The Company or the Warrant Agent by notice to the other may designate additional or different addresses for subsequent
notices or communications. 
 Any notice or communication mailed to a Warrantholder shall be mailed to the Warrantholder at the
Warrantholder’s address as it appears on the Registry and shall be sufficiently given if so mailed within the time prescribed. 

Failure to provide a notice or communication to a Warrantholder or any defect in it shall not affect its sufficiency with respect to other
Warrantholders. 
 If a notice or communication is provided in the manner provided above, it is duly given, whether or not the intended
recipient actually receives it. 
  

	 	Section 6.04.	Governing Law. 

 This Agreement will be governed by and construed in accordance with
the laws of the State of New York applicable to contracts made and to be performed entirely within such State. 
  

	 	Section 6.05.	Successors. 

 All agreements of the Company in this Agreement and the Warrants shall bind
its successors. All agreements of the Warrant Agent in this Agreement shall bind its successors. 

  
 13 









	 	Section 6.06.	Multiple Originals. 

 The parties may sign any number of copies of this Agreement. Each
signed copy shall be an original, but all of them together represent the same agreement. One signed copy shall be sufficient to prove this Agreement. 
  

	 	Section 6.07.	Inspection of Agreement. 

 A copy of this Agreement shall be made available at all
reasonable times for inspection by any registered Warrantholder at the principal office of the Warrant Agent (or successor warrant agent). 
  

	 	Section 6.08.	Table of Contents. 

 The table of contents and headings of the Articles and Sections of
this Agreement have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

 

	 	Section 6.09.	Severability. 

 The provisions of this Agreement are severable, and if any clause or
provision shall be held invalid, illegal or unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall affect in that jurisdiction only such clause or provision, or part thereof, and shall not in any manner
affect such clause or provision in any other jurisdiction or any other clause or provision of this Agreement in any jurisdiction. 
  

	 	Section 6.10.	Waiver of Jury Trial. 

 Each of the Company and the Warrant Agent hereby irrevocably
waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement, the Warrants, the Notes or the transactions contemplated hereby. 

 

	 	Section 6.11.	Force Majeure. 

 In no event shall the Warrant Agent be responsible or liable for any
failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or
military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Warrant Agent shall use reasonable
efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

  
 14 








 IN WITNESS WHEREOF, the parties have caused this Warrant Agreement to be duly executed as of the
date first written above. 
  

					
	VERSO PAPER CORP.
		
	By:	 	 /s/ Robert P. Mundy

		 	Name:	 	Robert P. Mundy
		 	Title:	 	Senior Vice President and Chief Financial Officer



  
 [Signature Page to
Warrant Agreement] 








 
					
	REGISTRAR & TRANSFER CO.
		
	By:	 	 /s/ Nicola Giancaspro

		 	Name:	 	Nicola Giancaspro
		 	Title:	 	Vice President



  
 [Signature Page to
Warrant Agreement] 








 EXHIBIT A 

FORM OF WARRANT 
 The
securities represented by this certificate were issued in a private placement, without registration under the Securities Act of 1933, as amended (the “Act”), and may not be sold, assigned, pledged or otherwise transferred in the absence of
an effective registration under the Act covering the transfer or an opinion of counsel, satisfactory to the Issuer, that registration under the Act is not required. 







 WARRANTS 

convertible into 
 Shares
of 
 Common Stock 

of 
 VERSO PAPER CORP.

  

			
	No. [    ]	  	CUSIP No:             

 This Warrant Certificate is issued under and in accordance with a Warrant Agreement dated as of August 1,
2014 (the “Warrant Agreement”), among Verso Paper Corp., a Delaware corporation (the “Company”) and Registrar & Transfer Co., as warrant agent (the “Warrant Agent”), and is subject to the
terms and provisions contained in the Warrant Agreement, to all of which terms and provisions the beneficial owners of the Warrants and the Warrantholders consent by acceptance hereof. 

1. Definitions. Unless the context otherwise requires, when used herein the following terms shall have the meanings indicated. Any
capitalized terms used but not defined in this Warrant Certificate shall have the meanings given to such terms in the Warrant Agreement. 

“Board of Directors” means the board of directors of the Company, including any duly authorized committee thereof. 

“Capital Stock” means (A) with respect to any Person that is a corporation or company, any and all shares, interests,
participations or other equivalents (however designated) of capital or capital stock of such Person and (B) with respect to any Person that is not a corporation or company, any and all partnership or other equity interests of such Person. 

“Common Stock” means the common stock, par value $0.01 per share, of the Company. 

“Common Stock Equivalent” means any security or obligation which by its terms is, directly or indirectly, convertible into,
or exchangeable or exercisable for, shares of Common Stock, including, without limitation, any preferred stock and any option, warrant or other subscription or purchase right with respect to Common Stock or any Common Stock Equivalent. 

“Current Market Price” means, as of any date, (a) the average of the daily Market Price of the Common Stock during the
immediately preceding 30 consecutive trading days ending on such date or (b) if the Common Stock is not then listed or admitted to trading on any national securities exchange, the Market Price on that date. 

“Excluded Transaction” means any issuance of any shares of Common Stock or Common Stock Equivalents (a) pursuant to any
present or future plan providing for the reinvestment of dividends or interest payable on the Company’s securities and the investment of 







 
additional optional amounts in shares of Common Stock under any such plan, (b) pursuant to any present or future employee, director or consultant benefit plan or program of or assumed by the
Company or any of its subsidiaries, or (c) pursuant to any option, warrant, right or exercisable, exchangeable or convertible security not described in (b) above and outstanding as of the date of the Warrant Agreement. 

“Fair Market Value” means, with respect to any security or other property, the fair market value of such security or other
property as determined by in good faith by the Board of Directors in reliance on an opinion of a nationally recognized independent investment banking corporation retained by the Company for this purpose. 

“Market Price” means, with respect to a particular security, the per-share volume weighted average price of such security for
a period of 30 consecutive trading days, as calculated on Bloomberg (or, if such volume weighted average price is unavailable via Bloomberg, the average market value of one share of such security over such 30 trading day period determined, using a
volume weighted average method, by a nationally recognized independent investment banking firm retained for this purpose by the Company), or if such security is not listed or admitted to trading on any national securities exchange, the average of
the closing bid and ask prices as furnished by two members of the Financial Industry Regulatory Authority, Inc. selected from time to time by the Company for that purpose. “Market Price” shall be determined without reference to after hours
or extended hours trading. If such security is not listed and traded in a manner that the quotations referred to above are available for the period required hereunder, the Market Price per share of Common Stock shall be deemed to be the fair market
value per share of such security as determined in good faith by the Board of Directors in reliance on an opinion of a nationally recognized independent investment banking corporation retained by the Company for this purpose; provided that if
any such security is listed or traded on a non-U.S. market, such fair market value shall be determined by reference to the closing price of such security as of the end of the most recently ended Business Day in such market prior to the date of
determination; and further, provided that if making such determination requires the conversion of any currency other than U.S. dollars into U.S. dollars, such conversion shall be done in accordance with customary procedures based on
the rate for conversion of such currency into U.S. dollars displayed on the relevant page by Bloomberg L.P. (or any successor or replacement service) on or by 4:00 p.m., New York City time, on such exercise date. For the purposes of determining the
Market Price of the Common Stock on the “trading day” preceding, on or following the occurrence of an event, (i) that trading day shall be deemed to commence immediately after the regular scheduled closing time of trading on the New
York Stock Exchange or, if trading is closed at an earlier time, such earlier time and (ii) that trading day shall end at the next regular scheduled closing time, or if trading is closed at an earlier time, such earlier time (for the avoidance
of doubt, and as an example, if the Market Price is to be determined as of the last trading day preceding a specified event and the closing time of trading on a particular day is 4:00 p.m. and the specified event occurs at 5:00 p.m. on that day, the
Market Price would be determined by reference to such 4:00 p.m. closing price). 
 “Merger” means the merger of NewPage
Holdings Inc. with and into Verso Merger Sub Inc., with NewPage Holdings Inc. continuing as the surviving corporation and an indirect wholly owned subsidiary of the Company. 

  
 A-2 








 “Merger Agreement” means the Agreement and Plan of Merger, dated as of
January 3, 2014, by and among the Company, Verso Merger Sub Inc. and NewPage Holdings, Inc. 
 “New Issuance” has the
meaning set forth in Section 12(B). 
 “Relevant Date” has the meaning set forth in Section 12(B). 

“Shares” has the meaning set forth in Section 2. 

“Significant Transaction” means: 

(a) any reorganization, reclassification or other change of outstanding shares of Common Stock (other than a change in par value, or from par
value to no par value, or from no par value to par value); 
 (b) any voluntary sale, conveyance, exchange or transfer by the Company to any
other Person of all or a material portion of the assets of the Company or any material subsidiary thereof; 
 (c) any voluntary sale,
conveyance, exchange or transfer by the stockholders of the Company to any Person of the Capital Stock of the Company if, immediately after giving effect to such sale, conveyance, exchange or transfer, the stockholders of the Company immediately
prior to such sale, conveyance, exchange or transfer do not hold Capital Stock of the Company representing at least a majority of the voting power of the Company; and 

(d) any merger, consolidation or other business combination of the Company with any other Person (including by way of a tender offer) if,
immediately after giving effect to such merger, consolidation or other business combination, the stockholders of the Company immediately prior to such merger, consolidation or other business combination do not hold Capital Stock of the surviving
Person representing at least a majority of the voting power of the surviving Person. 
 “trading day” means (A) if the
shares of Common Stock are not traded on any national or regional securities exchange or association or over-the-counter market, a Business Day or (B) if the shares of Common Stock are traded on any national or regional securities exchange or
association or over-the-counter market, a Business Day on which such relevant exchange or quotation system is scheduled to be open for business and on which the shares of Common Stock (i) are not suspended from trading on any national or
regional securities exchange or association or over-the-counter market for any period or periods aggregating one half hour or longer; and (ii) have traded at least once on the national or regional securities exchange or association or
over-the-counter market that is the primary market for the trading of the shares of Common Stock. The term “trading day” with respect to any security other than the Common Stock shall have a correlative meaning based on the primary
exchange or quotation system on which such security is listed or traded. 
 “Transfer Agent” means Registrar and Transfer
Company, as transfer agent of the Company, and any successor transfer agent. 

  
 A-3 








 “Warrant” means a right to acquire a number of shares of the Company’s
Common Stock equal to the Warrant Share Number as provided herein. 
 “Warrant Share Number” means one share of Common
Stock, as subsequently adjusted pursuant to the terms of this Warrant and the Warrant Agreement. 
 2. Number of Shares. This
certifies that, for value received,                     , and any of its registered assigns, is the registered owner of the number of Warrants set
forth on Schedule A hereto, each of which entitles the Warrantholder to acquire from the Company, upon the terms and subject to the conditions hereinafter set forth, a number of fully paid and nonassessable shares of Common Stock (each a
“Share” and collectively the “Shares”) equal to the Warrant Share Number immediately prior to the consummation of the Merger without payment of any consideration. The Warrant Share Number is subject to adjustment as
provided herein, and all references to “Warrant Share Number” herein shall be deemed to include any such adjustment or series of adjustments. 

3. Mandatory Conversion of Warrants. Subject to Section 2 all of the Warrants evidenced by this Warrant Certificate will be
mandatorily converted into Shares immediately prior to the consummation of the Merger. Upon conversion of the Warrants, the Warrant Certificates shall automatically be canceled. If the Merger Agreement is terminated prior to the consummation of the
Merger, the Warrants evidenced by this Warrant Certificate will be void, of no value, and will cease to be convertible into Shares. 
 4.
Issuance of Shares; Authorization. Shares issued upon conversion of Warrants evidenced by this Warrant Certificate shall be (i) issued in such name or names as a Warrantholder may designate and (ii) delivered by the Transfer Agent
to such Warrantholder or its nominee or nominees in certificated form by physical delivery to the address of the Warrantholder in the Registry or delivered in registered form. The Company shall cause the number of full Shares to which such
Warrantholder shall be entitled to be so delivered by the Transfer Agent within a reasonable time, not to exceed three Business Days after the date on which Warrants evidenced by this Warrant Certificate have been duly converted in accordance with
the terms hereof. 
 The Company hereby represents and warrants that any Shares issued upon the conversion of Warrants evidenced by this
Warrant Certificate in accordance with the provisions of Section 3 will be duly and validly authorized and issued, fully paid and nonassessable and free from all taxes, liens and charges (other than liens or charges created by a Warrantholder,
income and franchise taxes incurred in connection with the conversion of the Warrant or taxes in respect of any transfer by the Warrantholder occurring contemporaneously therewith). The Company agrees that the Shares so issued will be deemed to have
been issued to a Warrantholder as of the close of business on the date on which Warrants evidenced by this Warrant Certificate have been duly converted, notwithstanding that the stock transfer books of the Company may then be closed or certificates
representing such Shares may not be actually delivered on such date. The Company will at all times reserve and keep available, out of its authorized but unissued Common Stock, solely for the purpose of providing for the conversion of Warrants
evidenced by this Warrant Certificate, the aggregate number of shares of Common Stock then issuable upon conversion hereof at any time. The Company will use reasonable best efforts to ensure that the Shares may be issued without violation of any
applicable law or regulation or of any requirement of any securities exchange on which the Shares are listed or traded. 

  
 A-4 








 5. No Fractional Shares or Scrip. No fractional Shares or scrip representing fractional
Shares shall be issued upon any conversion of Warrants evidenced by this Warrant Certificate. In lieu of any fractional Share that would otherwise be issued to a Warrantholder upon the conversion of any Warrants, the Company shall round up to the
nearest whole number the number of Shares to be issued to such Warrantholder. 
 6. No Rights as Stockholders; Transfer Books.
Warrants evidenced by this Warrant Certificate do not entitle the Warrantholder or the owner of any beneficial interest in such Warrants to any voting rights or other rights as a stockholder of the Company prior to the date of conversion hereof. The
Company shall at no time close its transfer books against transfer of Warrants in any manner which interferes with the timely conversion hereof. 

7. Charges, Taxes and Expenses. Issuance of Shares in certificated form to the Warrantholder upon the conversion of Warrants evidenced
by this Warrant Certificate shall be made without charge to the Warrantholder for any issue or transfer tax or other incidental expense in respect of the issuance of such Shares (other than liens or charges created by a Warrantholder, income and
franchise taxes incurred in connection with the conversion of the Warrant or taxes in respect of any transfer occurring contemporaneously therewith), all of which taxes and expenses shall be paid by the Company. 

8. Transfer/Assignment. This Warrant Certificate and all rights hereunder are transferable, in whole or in part, upon the books of the
Company (or an agent duly appointed by the Company) by the registered holder hereof in person or by duly authorized attorney, and one or more new Warrant Certificates shall be made and delivered by the Company, of the same tenor and date as this
Warrant Certificate but registered in the name of one or more transferees, upon surrender of this Warrant Certificate, duly endorsed, to the office or agency of the Company described in Section 3. All expenses (other than stock transfer taxes)
and other charges payable in connection with the preparation, execution and delivery of the new Warrant Certificates pursuant to this Section 8 shall be paid by the Company. 

9. Exchange and Registry of Warrants. This Warrant Certificate is exchangeable, upon the surrender hereof by the Warrantholder to the
Company, for a new Warrant Certificate or Warrant Certificates of like tenor and representing the same aggregate number of Warrants. The Company or an agent duly appointed by the Company (which initially shall be the Warrant Agent) shall maintain a
Registry showing the name and address of the Warrantholder as the registered holder of this Warrant Certificate. This Warrant Certificate may be surrendered for exchange or conversion in accordance with its terms, at the office of the Company or any
such agent, and the Company shall be entitled to rely in all respects, prior to written notice to the contrary, upon such Registry. 
 10.
Loss, Theft, Destruction or Mutilation of Warrant Certificate. Upon receipt by the Company of proof reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant Certificate, and in the case of any such loss,
theft or destruction, upon receipt of a bond, indemnity or security reasonably satisfactory to the Company and the Warrant 

  
 A-5 








 
Agent, or, in the case of any such mutilation, upon surrender and cancellation of this Warrant Certificate, the Company shall make and deliver, in lieu of such lost, stolen, destroyed or
mutilated Warrant Certificate, a new Warrant Certificate of like tenor and representing the same aggregate number of Warrants as provided for in such lost, stolen, destroyed or mutilated Warrant Certificate. 

11. Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a business day, then such action may be taken or such right may be exercised on the next succeeding day that is a business day. 

12. Adjustments and Other Rights. The Warrant Share Number shall be subject to adjustment from time to time as follows; provided
that if more than one subsection of this Section 12 is applicable to a single event, the subsection shall be applied that produces the largest adjustment and no single event shall cause an adjustment under more than one subsection of this
Section 12 so as to result in duplication: 
 (A) Dividend, Subdivision, Combination or Reclassification of Common Stock. In the
event that the Company shall at any time or from time to time, after the issuance of this Warrant but prior to the conversion hereof, (a) make a dividend or distribution on the outstanding shares of Common Stock payable in shares of Common
Stock, (b) subdivide the outstanding shares of Common Stock into a larger number of shares, (c) combine the outstanding shares of Common Stock into a smaller number of shares or (d) issue any shares of its Capital Stock in a
reclassification of the Common Stock (other than any such event for which an adjustment is made pursuant to another provision of this Section 12), then, and in each such case, the Warrant Share Number immediately prior to such event shall be
adjusted (and any other appropriate actions shall be taken by the Company) so that the Warrantholder shall be entitled to receive upon the conversion of this Warrant the number of shares of Common Stock or other securities of the Company that the
Warrantholder would have owned or would have been entitled to receive upon or by reason of any event described above, had this Warrant been converted immediately prior to the occurrence of such event. Any adjustment made pursuant to this
Section 12(A) shall become effective retroactively (i) in the case of any such dividend or distribution, to the date immediately following the close of business on the record date for the determination of holders of shares of Common Stock
entitled to receive such dividend or distribution or (ii) in the case of any such subdivision, combination or reclassification, to the close of business on the date on which such corporate action becomes effective. 

(B) Issuance of Common Stock or Common Stock Equivalents Below Current Market Price. 

(a) Adjustment of Warrant Share Number. Subject to Section 12(B)(d), if, at any time or from time to time after the
issuance of this Warrant but prior to the conversion hereof, the Company shall issue or sell any shares of Common Stock or Common Stock Equivalents (each such issuance or sale, a “New Issuance”) at a new issue price that is less
than the Current Market Price as of the record date or issuance date, as the case may be, for such New Issuance (the “Relevant Date”), then, and in each such case, the Warrant Share Number shall be increased to a number equal to the
product of (x) the Warrant Share Number immediately prior to the Relevant Date multiplied by (y) the quotient of: 

(i) the sum of (A) the number of shares of Common Stock (determined on a fully-diluted basis) outstanding on the Relevant
Date, plus (B) the number of additional shares of Common Stock (determined on a fully-diluted basis) issued or to be issued in such New Issuance (including the maximum number of shares of Common Stock into which the Common Stock
Equivalents issued or to be issued in such New Issuance initially are convertible, exchangeable or exercisable); divided by 

  
 A-6 








 (ii) the sum of (A) the number of shares of Common Stock (determined on a
fully-diluted basis) outstanding on the Relevant Date, plus (B) the number of shares of Common Stock which the aggregate consideration, before the deduction of any underwriting or placement agency fees, discounts, commissions and
expenses, for the number of such additional shares of Common Stock (determined on a fully-diluted basis) issued or to be issued in such New Issuance (including the maximum number of shares of Common Stock into which the Common Stock Equivalents
issued or to be issued in such New Issuance initially are convertible, exchangeable or exercisable) would purchase at the Current Market Price on the Relevant Date, plus (C) the number of shares of Common Stock which the aggregate amount
of any additional consideration initially payable upon conversion, exchange or exercise of any Common Stock Equivalents issued or to be issued in such New Issuance would purchase at the Current Market Price on the Relevant Date. 

Such adjustment shall be made whenever such shares of Common Stock or Common Stock Equivalents are issued, and shall become effective
retroactively (1) in the case of any issuance to the stockholders of the Company, as such, to the date immediately following the close of business on the record date for the determination of the stockholders of the Company entitled to receive
such shares of Common Stock or Common Stock Equivalents and (2) in all other cases, on the date of such issuance of such shares of Common Stock or Common Stock Equivalents; provided, however, that the determination as to whether
an adjustment is required to be made pursuant to this Section 12(B) shall be made only upon the issuance of such shares of Common Stock or Common Stock Equivalents, and not upon the issuance of any security that is issued upon the conversion,
exchange or exercise of such Common Stock Equivalents. Solely for purposes of this Section 12(B)(a): (y) the term “Common Stock” shall include the Common Stock and each other class of Capital Stock of the Company that does not
have a preference over any other class of Capital Stock of the Company as to dividends or upon liquidation, dissolution or winding up of the Company and, in each case, shall include any other class of Capital Stock of the Company into which such
stock is reclassified or reconstituted; and (z) if the provisions of any Common Stock Equivalents or any rights or options to purchase any shares of Common Stock or Common Stock Equivalents are amended after the date of issuance so as to reduce
the applicable conversion price, exchange price or exercise price, such amendment shall be deemed to be a new issuance of such Common Stock Equivalents. 

  
 A-7 








 (b) Amount of Consideration. If the Company shall issue or sell any shares
of Common Stock or Common Stock Equivalents or any rights or options to purchase any shares of Common Stock or Common Stock Equivalents for cash, then the consideration received therefor shall be deemed to be the amount of cash received by the
Company therefor, without deduction therefrom of any expenses incurred or any underwriting commissions or concessions or discounts paid or allowed by the Company in connection therewith. If the Company shall issue or sell any shares of Common Stock
or Common Stock Equivalents or any rights or options to purchase any Common Stock or Common Stock Equivalents for any consideration other than cash, then the amount of such non-cash consideration received by the Company shall be deemed to be the
Fair Market Value of such non-cash consideration, without deduction therefrom of any expenses incurred or any underwriting commissions or concessions or discounts paid or allowed by the Company in connection therewith, as such Fair Market Value
shall determined in good faith by a majority of the Board of Directors. 
 (c) Readjustment of Warrant Share Number upon
Expiration of Common Stock Equivalents. If any Common Stock Equivalents (or any portions thereof) which shall have given rise to an adjustment pursuant to this Section 12(B) shall have expired or terminated without the conversion, exchange
or exercise thereof and/or if by reason of the terms of such Common Stock Equivalents there shall have been an increase or increases, with the passage of time or otherwise, in the price payable upon the conversion, exchange or exercise thereof, then
the Warrant Share Number shall be readjusted (but to no greater extent than originally adjusted) in order to (a) eliminate from the computation any additional shares of Common Stock corresponding to such Common Stock Equivalents as shall have
expired or terminated, (b) treat the additional shares of Common Stock, if any, actually issued or issuable pursuant to any previous conversions, exchanges or exercises of such Common Stock Equivalents as having been issued for the
consideration actually received and receivable therefor and (c) treat any such Common Stock Equivalents which remain outstanding as being subject to conversion, exchange or exercise on the basis of such conversion, exchange or exercise price as
shall be in effect at the time. 
 (d) Excluded Transactions. Notwithstanding anything to the contrary in this
Warrant, the provisions of this Section 12(B) shall not apply to (a) any New Issuance for which an adjustment is made pursuant to another provision of this Section 12, (b) any New Issuance in connection with an Excluded
Transaction or (c) a change in the par value of the Common Stock. 
 (C) Certain Distributions. If, at any time or from time to
time after the issuance of this Warrant but prior to the conversion hereof, the Company shall distribute to all holders of shares of Common Stock (including any such distribution made in connection with a merger or consolidation in which the Company
is the resulting or surviving Person and shares of Common Stock are not changed or exchanged) cash, evidences of indebtedness of the Company or another issuer, securities of the Company or another issuer or other assets (excluding (a) any
dividend or other distribution payable in shares of Common Stock for which adjustment is made under Section 12(A) and (b) any distribution in connection with an Excluded Transaction) or rights or warrants to subscribe for or purchase any
of the foregoing, then, and in each such case, 

  
 A-8 








 
the Warrant Share Number shall be increased to a number equal to the product of (i) the Warrant Share Number immediately prior to the record date for the distribution of such cash, evidences
of indebtedness, securities, other assets or rights or warrants multiplied by (ii) the quotient of: 
 (a) the
Current Market Price immediately prior to the record date for the distribution of such cash, evidences of indebtedness, securities or other assets or rights or warrants; divided by 

(b) the total (which total shall be greater than zero) of (x) the Current Market Price immediately prior to the record
date for the distribution of such cash, evidences of indebtedness, securities or other assets or rights or warrants minus (y) the Fair Market Value per share of Common Stock (as determined by a nationally recognized investment banking
firm chosen by the Board of Directors with the consent of a majority of the Board of Directors) of such cash, evidences of indebtedness, securities or other assets or rights or warrants. 

Such adjustment shall be made whenever any such distribution is made and shall become effective retroactively to the date immediately following
the close of business on the record date for the determination of stockholders of the Company entitled to receive such distribution. 
 (D)
Other Changes. If, at any time or from time to time after the issuance of this Warrant but prior to the conversion hereof, (a) the Company shall take any action which (i) affects the Common Stock and (ii) is similar to, or has
an effect similar to, any of the actions described in any of Sections 12(A), 12(B), 12(C) or 12(H) (but not including any action described in any such Section) and (b) the Board of Directors in good faith determines that it would be equitable
under such circumstances to adjust the Warrant Share Number as a result of such action, then, and in each such case, the Warrant Share Number shall be adjusted in such manner and at such time as the Board of Directors in good faith determines would
be equitable under such circumstances, which determination shall be evidenced in a resolution of the Board of Directors, a certified copy of which shall be mailed by the Company to the Warrantholder. 

(E) No Adjustment. Notwithstanding anything herein to the contrary, no adjustment under this Section 12 shall be made to the
Warrant Share Number if the Company receives written notice from the Warrantholder that no such adjustment is required. Notwithstanding the foregoing, if an adjustment to the Warrant Share Number in respect of the issuance or sale of a Common Stock
Equivalent has been previously made, the exercise of such Common Stock Equivalent in accordance with its terms existing at the time such adjustment was made shall not result in a further adjustment. If an adjustment to the Warrant Share Number in
respect of the issuance or sale of a Common Stock Equivalent was not required, the exercise of such Common stock Equivalent in accordance with its terms existing at the time of issuance shall not result in an adjustment pursuant thereto. 

(F) Abandonment. If the Company (a) shall take a record of the holders of shares of Common Stock for the purpose of entitling them
to receive a dividend or other distribution and (b) shall, before paying or delivering such dividend or distribution to the stockholders of the Company, legally abandon its plan to pay or deliver such dividend or distribution, then no
adjustment in the Warrant Share Number shall be required by reason of the taking of such record. 

  
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 (G) Certificate as to Adjustments. Upon any adjustment in the Warrant Share Number, the
Company shall, within 20 days following the event requiring such adjustment, deliver to the Warrantholder a certificate, signed by the Chief Financial Officer of the Company, which (a) sets forth in reasonable detail (i) the event
requiring such adjustment and (ii) the method by which such adjustment was calculated and (b) specifies the adjusted Warrant Share Number in effect following such adjustment. 

(H) Spin-off; Significant Transaction. 

(a) Spin-off. If, at any time after the issuance of this Warrant but prior to the conversion hereof, the Company shall spin-off another Person, then the Company (a) shall issue to the Warrantholder a new warrant to convert its new warrant into, the number of shares of common stock or other proprietary interest in the spin-off entity that the Warrantholder would have owned had the Warrantholder exercised or converted this Warrant immediately prior to the consummation of such spin-off and
(b) shall make provision therefor in the agreement, if any, relating to such spin-off. Such new warrant shall provide for rights and obligations which shall be as nearly equivalent as may be practicable to the rights and obligations provided
for in this Warrant. The provisions of this Section 12(H)(a) (and any equivalent thereof in any such new warrant) shall apply to successive transactions. 

(b) Significant Transaction. If, at any time after the issuance of this Warrant but prior to the conversion hereof, any
Significant Transaction shall occur, then, at least 10 days prior to the consummation of such Significant Transaction, the Company: 

(i) shall execute and deliver to the Warrantholder a certificate stating that from and after the consummation of such
Significant Transaction: 
 (x) the Warrantholder shall, upon the surrender of this Warrant to the Surviving Person in such
Significant Transaction, have the right to receive the kind and amount of shares of stock or other securities, property or cash receivable upon the consummation of such Significant Transaction by a holder of the number of shares of Common Stock into
which this Warrant could have been converted immediately prior to the consummation of such Significant Transaction; and 

(y) this Warrant shall be deemed to have been cancelled; and 

(ii) the Company shall make provision therefor in the agreement, if any, relating to such Significant Transaction. 

  
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 (I) Notices. If, at any time or from time to time: 

(a) the Company shall declare a divided or other distribution on the Common Stock; 

(b) the Company shall authorize the granting to the holders of shares of Common Stock any rights or warrants to subscribe for
or purchase any shares of Capital Stock or any other rights or warrants; or 
 (c) there shall occur a spin-off or a
Significant Transaction; 
 then, at least 10 days prior to the applicable date specified below, the Company shall mail to the Warrantholder
a notice stating: (i) the date on which a record is to be taken for the purpose of such dividend, distribution or granting of rights or warrants or, if a record is not to be taken, the date as of which the holders of Common Stock of record to
be entitled to such dividend, distribution or granting of rights or warrants are to be determined; or (ii) the date on which such spin-off or Significant Transaction is expected to be consummated and the
date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their Common Stock for shares of stock or other securities or property or cash deliverable upon the consummation of such spin-off or Significant
Transaction. Notwithstanding the foregoing, in the case of any Significant Transaction, the Company shall also deliver to the Warrantholder the certificate described in such Section 12(H)(b) to the Warrantholder at least 10 days prior to
consummating such Significant Transaction. 
 (J) Registration Rights. Holders of Warrants are entitled to the benefits of a Common
Stock Registration Rights Agreement, dated as of August 1, 2014, among the Company and the dealer managers named therein. 
 13. No
Impairment. The Company will not, by amendment of its Charter or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms to be observed or performed hereunder by the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Warrant Certificate and in taking of all such action as may be
necessary or appropriate in order to protect the rights of the Warrantholder. 
 14. Governing Law. This Warrant Certificate and the
Warrants evidenced hereby shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such State. 

15. Binding Effect; Countersignature by Warrant Agent. This Warrant Certificate shall be binding upon any successors or assigns of the
Company. This Warrant Certificate shall not be valid until an authorized signatory of the Warrant Agent (as defined below) or its agent as provided in the Warrant Agreement (as defined below) countersigns this Warrant Certificate. Such signature
shall be solely for the purpose of authenticating this Warrant Certificate and shall be conclusive evidence that this Warrant Certificate has been countersigned under the Warrant Agreement. 

  
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 16. Warrant Agreement; Amendments. The Warrant Agreement is hereby incorporated herein by
reference and made a part hereof. Reference is hereby made to the Warrant Agreement for a statement of the respective rights, limitations of rights, duties and obligations of the Company, the Warrant Agent and the Warrantholders and beneficial
owners of the Warrants. A copy of the Warrant Agreement may be obtained for inspection by the Warrantholders or beneficial owners of the Warrants upon request to the Warrant Agent at the address of the Warrant Agent (or successor warrant agent) set
forth in the Warrant Agreement. The Warrant Agreement and this Warrant Certificate may be amended and the observance of any term of the Warrant Agreement or this Warrant Certificate may be waived only to the extent provided in the Warrant Agreement.

 17. Notices. Any notice or communication mailed to the Warrantholder shall be mailed to the Warrantholder at the
Warrantholder’s address as it appears in the Registry and shall be sufficiently given if so mailed within the time prescribed. 

[Remainder of page intentionally left blank] 

  
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 IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be duly executed by a duly
authorized officer. This Warrant Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by the Warrant Agent. 
  

											
	Dated:	 	  
	 		 		 	
					
		 		 		 		 	VERSO PAPER CORP.
						
		 		 		 		 	By:	 	  

		 		 		 		 		 	 Name:

		 		 		 		 		 	Title:

  

			
	Countersigned:
	
	REGISTRAR & TRANSFER CO.
		
	By:	 	  

		 	Authorized Signatory








 Form of Assignment 

For value received, the undersigned registered Warrantholder of the within Warrant Certificate hereby sells, assigns and transfers unto the
Assignee(s) named below (including the undersigned with respect to any Warrants constituting a part of the Warrants evidenced by the within Warrant Certificate not being assigned hereby) all of the right, title and interest of the undersigned under
the within Warrant Certificate with respect to the number of Warrants set forth below. 
  

							
	 Name of Assignees
	  	 Address
	  	 Number of Warrants
	  	 Social Security

Number or other

Identifying Number

		  		  		  	
		  		  		  	
		  		  		  	

 and does irrevocably constitute and appoint
[                    ], the undersigned’s attorney, to make such transfer on the books of the Company maintained for the purpose, with full
power of substitution in the premises. 
 Dated: 
  

			
	Warrantholder:	 	  



 
			
	By:	 	  

	Name:	 	  

	Title:	 	  



  

	
	Signature guaranteed by (if a guarantee is required):