Document:

Exhibit 10.21

 

AMENDMENT NO. 1

 

TO SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

 

This Amendment No. 1 to the Second Amended and Restated Investors’ Rights Agreement (this “Amendment”) is made as of January 26, 2016 and effective as the closing of the IPO (as defined below), by and among BeiGene, Ltd., a Cayman Islands exempted company (the “Company”) and the Investor, Key Holders and Initial Investors signatories hereto.  Capitalized terms used but not otherwise defined herein shall have the meanings given to such terms in the Second Amended and Restated Investors’ Rights Agreement dated as of April 21, 2015 by and among the Company and the other parties thereto (the “Investors’ Rights Agreement”).

 

WHEREAS, the Company and the undersigned Investors/Initial Investors and Key Holders are parties to the Investors’ Rights Agreement;

 

WHEREAS, in accordance with Section 6.7 of the Investors’ Rights Agreement, the Investors’ Rights Agreement may be amended and the observance of any term thereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only by the written consent of the (i) the Company, (ii) the Lead Investors (as defined therein) for so long as the Lead Investors own at least 50% of the Capital Shares (as defined therein) they own as the date of the Investors’ Rights Agreement and (iii) parties to the Investors’ Rights Agreement that are the holders of at least 66.66% of the Capital Shares (as defined therein) outstanding, collectively (including for purposes of clarity Capital Shares held by the Lead Investors) (the “Required Parties”);

 

WHEREAS, the Company is entering into a Note Amendment and Exchange Agreement, dated as of January 26, 2016, with Merck Sharpe & Dohme Research GMBH, an affiliate of Merck Sharp & Dohme Corp. (the “Amendment and Exchange Agreement”), pursuant to which (i) the maturity date of the Senior Promissory Note, dated as of February 2, 2011, issued by the Company to Merck Sharpe & Dohme Research GMBH (the “Note”), will be extended to May 2, 2016 (the “Amended Maturity Date”) and (ii) the outstanding unpaid principal amount of the Note and accrued interest thereon shall be exchanged for ordinary shares of the Company, par value $0.0001 per share, effective immediately prior to the Company’s consummation of its initial public offering (the “IPO”) in full and complete satisfaction of all obligations of the Company under the Note if the IPO occurs before the Amended Maturity Date, subject to certain limitations set forth in the Amendment and Exchange Agreement; and

 

WHEREAS, the undersigned, constituting the Required Parties, desire to amend the Investors’ Rights Agreement, effective as of the closing of the IPO, as set forth in this Amendment.

 

NOW THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, the undersigned hereby agree as follows:

 

1.              Section 2.13(b) of the Investors’ Rights Agreement is deleted in its entirety and replaced with:

 

 

“the later of (1) such time as Rule 144 or another similar exemption under the Securities Act or other Applicable Securities Laws is available for the sale of all of such Holder’s shares without limitation (including limitations as to volume and manner of sale and company reporting) during a three-month period without registration; and (2) with respect to piggyback rights for Company and/or shareholder registered offerings under Sections 2.1 and 2.2, such time as a Holder owns, beneficially or of record, less than four percent (4%) of the Company’s outstanding Ordinary Shares at any time following the date hereof; and”

 

2.              Except to the extent modified herein, the terms and conditions of the Investors’ Rights Agreement shall remain in full force and effect.

 

3.              This Amendment shall be governed by and construed in accordance with the laws of the State of New York.

 

4.              This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. This Amendment may also be executed and delivered by facsimile signature and in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

2

 

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above written.

 

	
 
    	
COMPANY:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BEIGENE, LTD.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ John Oyler
    
	
 
    	
Name:
    	
John Oyler
    
	
 
    	
Title:
    	
Chairman and Director
    

 

Signature Page to Amendment No. 1 to Second Amended and Restated Investors’ Rights Agreement

 

 

	
 
    	
667, L.P. (account #1) 
    
	
 
    	
 
    
	
 
    	
By: BAKER BROS. ADVISORS LP,   management company and investment adviser to 667, L.P., pursuant to authority   granted to it by Baker Biotech Capital L.P., general partner to 667, L.P.,   and not as the general partner.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Scott Lessing
    
	
 
    	
 
    	
Name:
    	
Scott Lessing
    
	
 
    	
 
    	
Title:
    	
President
    
	
 
    	
 
    
	
 
    	
667, L.P. (account #2) 
    
	
 
    	
 
    
	
 
    	
By: BAKER BROS. ADVISORS LP,   management company and investment adviser to 667, L.P., pursuant to authority   granted to it by Baker Biotech Capital L.P., general partner to 667, L.P.,   and not as the general partner.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Scott Lessing
    
	
 
    	
 
    	
Name:
    	
Scott Lessing
    
	
 
    	
 
    	
Title:
    	
President
    
	
 
    	
 
    
	
 
    	
14159, L.P.  
    
	
 
    	
 
    
	
 
    	
By:  BAKER   BROS. ADVISORS LP, management company and investment adviser to   14159, L.P., pursuant to authority granted to it by 14159 Capital, L.P.,   general partner to 14159, L.P., and not as the general partner.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Scott Lessing
    
	
 
    	
 
    	
Name:
    	
Scott Lessing
    
	
 
    	
 
    	
Title:
    	
President
    
	
 
    	
 
    
	
 
    	
BAKER BROTHERS LIFE SCIENCES, L.P.
    
	
 
    	
 
    
	
 
    	
By: BAKER BROS. ADVISORS LP,   management company and investment adviser to Baker Brothers Life Sciences,   L.P., pursuant to authority granted to it by Baker Brothers Life Sciences   Capital L.P., general partner to Baker Brothers Life Sciences, L.P., and not   as the general partner.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Scott Lessing
    
	
 
    	
 
    	
Name:
    	
Scott Lessing
    
	
 
    	
 
    	
Title:
    	
President
    

 

Signature Page to Amendment No. 1 to Second Amended and Restated Investors’ Rights Agreement

 

 

	
 
    	
HILLHOUSE BGN HOLDINGS LIMITED
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Colm O’Connell
    
	
 
    	
 
    	
Name:
    	
Colm O’Connell
    
	
 
    	
 
    	
Title:
    	
Director
    
					

 

Signature Page to Amendment No. 1 to Second Amended and Restated Investors’ Rights Agreement

 

 

	
 
    	
CB BIOTECH INVESTMENT LIMITED
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Ching Nar Cindy Chan
    
	
 
    	
 
    	
Name:
    	
Ching Nar Cindy Chan
    
	
 
    	
 
    	
Title:
    	
Director
    

 

Signature Page to Amendment No. 1 to Second Amended and Restated Investors’ Rights Agreement

 

 

	
 
    	
MERCK SHARP & DOHME RESEARCH GMBH
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Cédric Kineider
    
	
 
    	
 
    	
Name: Cédric Kineider
    
	
 
    	
 
    	
Title: Director
    

 

Signature Page to Amendment No. 1 to Second Amended and Restated Investors’ Rights Agreement

 

 

	
 
    	
/s/ John V. Oyler
    
	
 
    	
John V. Oyler
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ Xiaodong Wang
    
	
 
    	
Xiaodong Wang
    

 

Signature Page to Amendment No. 1 to Second Amended and Restated Investors’ Rights AgreementEX-10.1

 Exhibit 10.1 

THIS RESTRUCTURING SUPPORT AGREEMENT IS NOT AN OFFER WITH RESPECT TO ANY SECURITIES OR A SOLICITATION OF ACCEPTANCES OF A CHAPTER 11 PLAN
WITHIN THE MEANING OF SECTION 1125 OF THE BANKRUPTCY CODE. ANY SUCH OFFER OR SOLICITATION WILL COMPLY WITH ALL APPLICABLE SECURITIES LAWS AND/OR PROVISIONS OF THE BANKRUPTCY CODE. 

RESTRUCTURING SUPPORT AGREEMENT 

This RESTRUCTURING SUPPORT AGREEMENT (this “Agreement”) is made and entered into as of January 26, 2016
(the “Agreement Effective Date”), by and among the following parties: 

(a)        (i) Verso Corporation, a Delaware corporation (“Verso
Corp”); (ii) Verso Paper Finance Holdings One LLC (“Holdings One”), a Delaware limited liability company and a direct, wholly-owned subsidiary of Verso Corp; (iii) Verso Paper Finance Holdings LLC (“Verso
Finance”), a Delaware limited liability company and a direct, wholly-owned subsidiary of Holdings One; (iv) Verso Paper Holdings LLC (“Verso Holdings”), a Delaware limited liability company and a direct, wholly-owned
subsidiary of Verso Finance; (v) Verso Paper Inc. (“Co-Issuer”), a Delaware corporation and a direct, wholly-owned subsidiary of Verso Holdings; (vi) NewPage Holdings Inc., a Delaware corporation and a direct, wholly-owned
subsidiary of Verso Holdings; (vii) each of Verso Corp’s direct and indirect subsidiaries listed on the signature pages hereto, other than the NewPage Debtors (each as defined below) (the “Verso Subsidiaries,” and together
with Verso Corp, the “Verso Debtors”); 
 (b)        (i) NewPage
Investment Company LLC (“NewPage Holdings”), a Delaware limited liability company and a direct, wholly-owned subsidiary of NewPage Holdings Inc.; (ii) NewPage Corporation (“NewPage”) a Delaware corporation and
a direct, wholly-owned subsidiary of NewPage Holdings, and (iii) each of NewPage Holdings’ other direct and indirect subsidiaries listed on the signature pages hereto (the “NewPage Subsidiaries”, and collectively, the
“NewPage Debtors”) (each of the foregoing entities identified in subclauses (a)(i) through (vii) and (b)(i) through (iii), a “Debtor” and, collectively, the “Debtors”); 

(c)        the undersigned beneficial holders or investment advisors or managers for
such beneficial holders or discretionary accounts of such beneficial holders that hold Claims against (collectively, the “Consenting Verso First Lien Creditors”) the Verso Debtors arising out of the (X) 11.75% senior secured
notes due 2019 issued pursuant to that certain Indenture, dated as of March 21, 2012, as amended from time to time, by and among, inter alia, Verso Holdings and Co-Issuer, as issuers, and substantially all of the Verso Subsidiaries, as
guarantors, and Wilmington Trust, N.A., as trustee and (Y) the 11.75% senior secured notes due 2019 issued pursuant to that certain Indenture, dated as of January 7, 2015, as amended from time to time, by and among, inter alia,
Verso Holdings and Co-Issuer, as issuers, and substantially all of the Verso Subsidiaries, as guarantors, and Wilmington Trust, N.A., as trustee (collectively, the “Verso First Lien Debt Obligations”); 

(d)        the undersigned beneficial holders or investment advisors or managers for
such beneficial holders or discretionary accounts of such beneficial holders that hold Claims 

 
(collectively, the “Consenting Verso 1.5 Lien Noteholders”) against the Verso Debtors arising out of the 11.75% senior secured notes due 2019 (the “Verso 1.5 Lien
Notes”) issued pursuant to that certain Indenture, dated as of May 11, 2012, as amended from time to time, by and among, inter alia, Verso Holdings and Co-Issuer, as issuers, and substantially all of the Verso Subsidiaries, as
guarantors, and Wilmington Trust, N.A., as trustee (the “Verso 1.5 Lien Debt Obligations”); 

(e)        the undersigned beneficial holders or investment advisors or managers for
such beneficial holders or discretionary accounts of such beneficial holders that hold Claims (collectively, the “Consenting Verso Second Lien Noteholders”) against the Verso Debtors arising out of the second priority adjustable
senior secured notes due 2020 issued pursuant to that certain Indenture, dated as of August 1, 2014, as amended from time to time, by and among, inter alia, Verso Holdings and Co-Issuer, as issuers, and substantially all of the Verso
Subsidiaries, as guarantors, and Wilmington Trust, N.A., as trustee (the “Verso Second Lien Debt Obligations”); 

(f)        the undersigned beneficial holders or investment advisors or managers for
such beneficial holders or discretionary accounts of such beneficial holders that hold Claims (collectively, the “Consenting Verso Old Second Lien Noteholders”) against the Verso Debtors arising out of the 8.75% second priority
senior secured notes due 2019 issued pursuant to that certain Indenture, dated as of January 26, 2011, as amended from time to time, by and among, inter alia, Verso Holdings and Co-Issuer, as issuers, and substantially all of the Verso
Subsidiaries, as guarantors, and Wilmington Trust, N.A., as trustee (the “Verso Old Second Lien Debt Obligations” and together with the Verso Second 1.5 Lien Debt Obligations and the Verso Second Lien Debt Obligations, the
“Total Verso Second Lien Debt Obligations”); 
 (g)        the
undersigned beneficial holders or investment advisors or managers for such beneficial holders or discretionary accounts of such beneficial holders that hold Claims (collectively, the “Consenting Verso Unsecured Noteholders”) against
the Verso Debtors arising out of (Y) the adjustable senior subordinated notes due 2020 issued pursuant to that certain Indenture dated as of August 1, 2014, as amended from time to time, by and among, inter alia, Verso Holdings and
Co-Issuer, as issuers, and substantially all of the Verso Subsidiaries, as guarantors, and Wilmington Trust, N.A., as indenture trustee and (Z) the 11.375% senior subordinated notes due 2016 issued pursuant to that certain Indenture dated as of
August 1, 2006, as amended from time to time, by and among, inter alia, Verso Holdings and Co-Issuer, as issuers, and substantially all of the Verso Subsidiaries, as guarantors, and the Wilmington Trust, N.A., as indenture trustee
(collectively, the “Total Verso Unsecured Debt Obligations”, and together with the Verso First Lien Debt Obligations, the Verso 1.5 Lien Debt Obligations, the Verso Second Lien Debt Obligations, the Verso Old Second Lien Debt
Obligations and the Total Verso Unsecured Debt Obligations, the “Verso Debt Obligations”); and 

(h)        the undersigned beneficial holders or investment advisors or managers for
such beneficial holders or discretionary accounts of such beneficial holders that hold Claims (collectively, the “Consenting NewPage Creditors”) against the NewPage Debtors under that certain Credit Agreement, dated as of
February 11, 2014, as amended from time to time, by and among, inter alia, NewPage, as borrower, and NewPage Holdings and substantially all of the NewPage Subsidiaries, as guarantors, Wilmington Trust, N.A., as successor administrative
agent 

  
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and collateral agent and the lenders from time to time party thereto (the “NewPage Debt Obligations”). 

Each of the signatories hereto shall be referred to herein as a “Party” (and collectively referred to herein as the
“Parties”); the Consenting Verso First Lien Creditors, Consenting Verso 1.5 Lien Noteholders, Consenting Verso Second Lien Noteholders, Consenting Verso Old Second Lien Noteholders and Consenting Verso Unsecured Noteholders shall
collectively be referred to herein as the “Consenting Verso Creditors” and the Consenting Verso Creditors, together with the Consenting NewPage Creditors shall be referred to as the “Consenting Creditors” (and each
a “Consenting Creditor”). 
 RECITALS 

WHEREAS, the Debtors have determined that a restructuring (the “Restructuring”) of, among other
things, their obligations under the Verso Debt Obligations and the NewPage Debt Obligations and certain other interests in and obligations of the Debtors is necessary and would be in the best interests of the Debtors and their stakeholders; 

WHEREAS, the Parties have negotiated in good faith certain agreed elements of the terms of the Restructuring as
described in this Agreement and the Term Sheet (the “Term Sheet”) attached hereto as Exhibit A; 

WHEREAS, the Restructuring will be effected through the commencement of the Bankruptcy Cases for the Debtors in the
United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”); 
 WHEREAS,
the Parties desire to work together to complete the negotiation of the additional terms of the Restructuring and the terms and conditions of a consensual Plan. 

AGREEMENT 

NOW, THEREFORE, in consideration of the promises and the mutual covenants and agreements set forth herein, and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Party, intending to be legally bound, agrees as follows: 
  

	Section 1.	 Effective Date of Agreement. 

This Agreement shall be immediately effective and binding on each Party upon the execution and delivery by such Party to the
other Parties, pursuant to Section 10.8 hereof, of a signature page of this Agreement, whether such execution or delivery occurs before or after the filing of this Agreement with the Bankruptcy Court. 

 

	Section 2.	 Definitions and Interpretations; Exhibits Incorporated by Reference. 

 

	2.1	 Definitions and Interpretations. 

Unless otherwise defined in this Agreement or in the Term Sheet, all defined terms shall

  
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have the meanings set forth in Exhibit B hereto. 
 The word
“include” and its various forms shall be read as if followed by the phrase “without limitation”. “Will” and “shall” have the same meaning. Where appropriate in context, terms used in this Agreement shall
include both the singular and the plural. Unless the context otherwise requires, references herein to “this Agreement” (or similar terms) shall be deemed to include terms contained in the Term Sheet. 

 

	2.2	 Exhibits Incorporated by Reference. 

Each of the exhibits attached hereto is expressly incorporated herein and made a part of this Agreement, and all references to
this Agreement shall include the exhibits hereto. In the event of any inconsistency between this Agreement and the Plan, the Plan shall govern. In the event of any inconsistency between this Agreement (without reference to the exhibits) and the
exhibits other than the Plan, this Agreement (without reference to the exhibits) shall govern. 
  

	Section 3.	 Commitments Regarding the Plan and Restructuring Transactions. 

 

	3.1	 Commitments of the Consenting Creditors. 

During the period beginning on the Agreement Effective Date and ending on the earlier to occur of the Restructuring Support
Termination Date (as defined in Section 7 hereof) and the Agreement Termination Date (as defined in Section 8 hereof) applicable to the Party (such period, the “Restructuring Support Effective Period”), each Consenting
Creditor (except in the case of any investment advisor or manager of or with power and/or authority to bind any Owned Debtor Claims/Interests, then solely for the period within which such power and/or authority was held; provided, however,
that such Owned Debtor Claims/Interests shall continue to be subject to this Agreement) agrees, severally and not jointly, that: 

(a)        subject to receipt of the Disclosure Statement approved by the Bankruptcy
Court as containing “adequate information” as such term is defined in section 1125 of the Bankruptcy Code, and the other solicitation materials approved by the Bankruptcy Court, it shall: 

(i)        to the extent a class of claims or interests against or in
the Debtors (the “Debtor Claims/Interests”) is permitted to vote to accept or reject the Plan, vote each such claim or interest it holds in such class to accept the Plan by delivering its duly executed and completed ballot(s)
accepting the Plan on a timely basis following the commencement of the solicitation; 

(ii)        to the extent it is permitted to elect whether to opt out
of the releases set forth in the Plan, not elect to opt out of the releases set forth in the Plan by timely delivering its duly executed and completed ballot(s) indicating such election; and 

(iii)        not change or withdraw (or cause to be changed or
withdrawn) any such vote or election; 
 (b)        it shall (i) use
commercially reasonable efforts to assist the Debtors in obtaining entry of the DIP Orders, the Disclosure Statement Order, the SSA Order and the Confirmation 

  
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Order and consummation of the Plan as soon as reasonably practicable in accordance with the Bankruptcy Code and on terms consistent with this Agreement, including within the time frames
contemplated in this Agreement, and (ii) execute and deliver any other agreements reasonably required to effectuate and consummate the Plan and a transaction or transactions to be implemented to effectuate and consummate the Restructuring (the
“Restructuring Transactions”); 
 (c)        it shall not directly
or indirectly, or encourage any other entity to directly or indirectly, (i) object to, delay, impede, or take any other action or any inaction to interfere with the acceptance, implementation, consummation, or amendment (whether before or after
confirmation, provided that such amendment is consistent with this Agreement, including Section 9) of the Plan; (ii) propose, file, support, vote for, or take any other action in furtherance of any restructuring, workout, plan of
arrangement, or plan of reorganization for the Debtors other than the Plan, including, for the avoidance of doubt, making or supporting any filings with the Bankruptcy Court or any regulatory agency, or making or supporting any press release, press
report or comparable public statement, or filing with respect to any restructuring, workout, plan of arrangement, or plan of reorganization for the Debtors other than the Plan; or (iii) exercise any right or remedy for the enforcement,
collection, or recovery of any claim against the Debtors or any direct or indirect subsidiaries of the Debtors that are not Debtors other than as expressly permitted by the Plan; provided, however, that notwithstanding the foregoing,
each Party may file with the Bankruptcy Court all documents necessary to obtain entry and approval of each of the Confirmation Order, the Disclosure Statement Order, the DIP Orders, and the SSA Order; and, provided, however, that neither
(i) the exercise of rights and remedies specifically reserved under the DIP Orders, the DIP Credit Agreements, and the SSA Order (including rights to initiate adversary proceedings or contested matters reserved therein, whether before or after
the Standstill Period) nor (ii) any response to or issuance of informal discovery or an examination under Bankruptcy Rule 2004 regarding the matters or claims that would form the basis of a Challenge Proceeding, shall constitute a violation of
this Agreement; 
 (d)        it shall not direct any administrative agent,
collateral agent, or indenture trustee (as applicable) to take any action inconsistent with such Party’s respective obligations under this Agreement, and if any applicable administrative agent, collateral agent, or indenture trustee takes any
action inconsistent with a Party’s obligations under this Agreement, such Party shall promptly direct such administrative agent, collateral agent, or indenture trustee to cease and refrain from taking any such action, but such Party shall not
have any obligation to indemnify such administrative agent, collateral agent or indenture trustee with respect to such action; 

(e)        each of the Consenting Creditors hereby covenants and agrees to
(i) timely vote or cause to be voted all such Claims that it holds, controls, or has the ability to control, to accept the Plan by delivering its duly executed and completed ballot accepting the Plan upon solicitation of the Plan in accordance
with sections 1125 and 1126 of the Bankruptcy Code; (ii) not change or withdraw such vote (or cause or direct such vote to be changed or withdrawn); provided, however, that the votes of the Consenting Creditors shall be
immediately revoked and deemed void ab initio upon termination of this Agreement; and (iii) not “opt out” of any releases under the Plan; 

  
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 (f)        each of the Consenting
Creditors hereby covenants and agrees not to take any action (or encourage or instruct any other party to take any action) in respect of any potential, actual, or alleged occurrence of any default or alleged default under each such Consenting
Creditor’s respective obligations or instruments or agreements governing any such obligation, including any default that would be triggered as a result of the commencement of the Chapter 11 Cases or the undertaking of any Debtor to implement
the terms of this Agreement or the Plan; and 
 (g)        each of the Consenting
Creditors hereby covenants and agrees to not take any action that is (i) inconsistent with the satisfaction of the conditions precedent set forth in this Agreement or (ii) inconsistent in any material respect with this Agreement, the Term
Sheet, the SSA Order or, after the Plan is filed, the Plan; in each case which would reasonably be expected to have the effect of interfering with the approval and consummation of the Restructuring Transactions set forth in this Agreement. 

 

	3.2	 Commitments of the Debtors. 

During the Restructuring Support Effective Period, the Debtors shall: 

(a)        use commercially reasonable efforts to: (i) file, as soon as
reasonably practicable, the Plan, and the Disclosure Statement; (ii) take all steps reasonably necessary or desirable to obtain orders of the Bankruptcy Court (A) approving the Disclosure Statement, (B) approving the SSA Order, and
(C) confirming the Plan; (iii) support and take all steps reasonably necessary or desirable to consummate, as soon as reasonably practicable, the Plan and Restructuring Transactions in accordance with this Agreement, including the
preparation, execution (where applicable) and filing of the Definitive Restructuring Documents prior to the dates provided herein; (iv) execute and deliver any other agreements reasonably required to effectuate and consummate the Plan and
Restructuring Transactions as soon as reasonably practicable; (v) take all steps reasonably necessary to obtain any and all required regulatory and/or third-party approvals for the Restructuring Transactions as soon as possible; (vi) file
motions pursuant to sections 363 and 364 of the Bankruptcy Code to authorize the Debtors to obtain post-petition secured financing pursuant to the terms and conditions of the DIP Credit Agreements (the “DIP Motions”);
(vii) support and take all actions reasonably necessary or requested by the Consenting Creditors to obtain approval of each of the DIP Motions on an interim basis by entry of orders of the Bankruptcy Court (collectively, the “Interim
DIP Orders”) as soon as reasonably practicable; (viii) support and take all actions reasonably necessary or requested by the Consenting Creditors to obtain approval of each of the DIP Motions on a final basis by entry of orders of the
Bankruptcy Court (collectively, the “Final DIP Orders,” and together with the Interim DIP Orders, the “DIP Orders”) as soon as reasonably practicable and in no event later than the date that is seventy
(70) days after date of the Interim DIP Order; (ix) not object to, delay, impede, or take any other action or any inaction that is inconsistent with or is intended to interfere with acceptance, implementation, consummation, or amendment
(whether before or after confirmation, provided that such amendment is consistent with this Agreement, including Section 9) of the Plan and Restructuring Transactions; and (x) not propose, file, support, or take any other action in
furtherance of any restructuring, workout, plan of arrangement, or plan of reorganization for the Debtors other than the Plan, including, for the avoidance of doubt, making or supporting any filings with the Bankruptcy Court or any regulatory
agency, or making or 

  
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supporting any public statements with respect to any restructuring, workout, plan of arrangement, or plan of reorganization for the Debtors other than the Plan; provided, however,
that notwithstanding the foregoing, the Debtors may file with the Bankruptcy Court all documents necessary to obtain entry of the Disclosure Statement Order, the Confirmation Order, the SSA Order, and the DIP Orders; 

(b)        the Debtors will use commercially reasonable efforts to provide to counsel
to the Consenting Creditors, draft copies of all material motions, pleadings and other documents that the Debtors intend to file with any court or regulatory body (including the Bankruptcy Court) relating to the Plan and Restructuring Transactions
at least two (2) Business Days before the date on which the Debtors intend to file any such document; provided, however, that all Parties acknowledge such two (2) Business Day period, as applicable, may not be reasonably
practicable in all cases, and that in such cases the Debtors shall provide as much advance notice as is reasonably practicable; provided, further, that, notwithstanding anything herein to the contrary, (i) the Definitive
Restructuring Documents, including any motions or orders related thereto, (ii) the “first day” motions and orders, including the DIP Orders, and (iii) the motion and order related to the SSA, shall be consistent with this
Agreement and the Term Sheet in all respects and otherwise shall be in form and substance reasonably satisfactory to the Required Consenting Verso First Lien Creditors and the Required Consenting NewPage Creditors; 

(c)        act in good faith to respond promptly to the reasonable diligence requests
of the professional advisors to the Consenting Creditors during the Chapter 11 Cases; 

(d)        timely file a formal objection to any motion filed with the Bankruptcy
Court by a third party seeking the entry of an order (i) directing the appointment of a trustee or examiner (with expanded powers beyond those set forth in section 1106(a)(3) and (4) of the Bankruptcy Code) in the Chapter 11 Cases,
(ii) converting the Chapter 11 Cases to cases under chapter 7 of the Bankruptcy Code, or (iii) dismissing the Chapter 11 Cases; 

(e)        timely file a formal objection to any motion filed with the Bankruptcy
Court by a third party seeking the entry of an order modifying or terminating the Debtors’ exclusive right to file and/or solicit acceptances of a plan of reorganization; 

(f)        not take any action that is (i) inconsistent with the satisfaction of
the conditions precedent set forth in this Agreement or (ii) inconsistent in any material respect with this Agreement, the Term Sheet, the SSA Order or, after the Plan is filed, the Plan; in each case which would reasonably be expected to have
the effect of interfering with the approval and consummation of the Restructuring Transactions set forth in this Agreement; 

(g)        during the Restructuring Support Effective Period, pay or reimburse when
due: (i) for the Consenting Verso Creditors, the reasonable and documented professional fees and expenses of (A) Milbank, Tweed, Hadley & McCloy LLP, as counsel to the Consenting Verso Creditors and (B) Houlihan Lokey, as
financial advisor to the Consenting Verso Creditors and (ii) for the Consenting NewPage Creditors, the reasonable and documented professional fees and expenses of (A) Ropes & Gray LLP, as counsel to the Consenting NewPage
Creditors and (B) Ducera Partners, as financial advisor to the Consenting NewPage Creditors; and 

  
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 (h)        maintain the Affiliate
Transactions Oversight protocol outlined in Section 17(c) of the Interim DIP Order for the Verso Debtors. 
  

	3.3	 Commitments of the Debtors and the Consenting Creditors. 

The Debtors and the Consenting Creditors represent and warrant to each of the other Parties that there are no currently
effective agreements (oral or written) or understandings, with respect to any plan of reorganization or liquidation, proposal, offer, dissolution, winding up, liquidation, reorganization, merger, consolidation, business combination, joint venture,
partnership, sale of assets or equity interests or restructuring (other than the Definitive Restructuring Documents, and any other proposals, agreements, or understandings relating to the Plan) involving the Debtors, or any of their assets,
properties or businesses (an “Alternative Proposal”). If the Debtors receive a written proposal or expression of interest regarding an Alternative Proposal during the Restructuring Support Effective Period that is reasonably likely
to lead to a Superior Proposal, the Debtors shall promptly notify counsel to the other Parties of any such proposal or expression of interest relating to an Alternative Proposal, with such notice to include the material terms thereof, including
(unless prohibited by a separate agreement) the identity of the person or group of persons involved. The Debtors shall promptly furnish counsel to the Parties with copies of any written offer or other information that they receive relating to an
Alternative Proposal and shall promptly inform counsel to the Parties of any material changes to such Alternative Proposal. The Debtors shall not enter into any confidentiality agreement with a party proposing an Alternative Proposal unless such
party consents to identifying and providing to counsel to the Parties (under a reasonably acceptable confidentiality agreement) the information contemplated under this Section 3.3. 

  
 8 

	Section 4.	 Transfers of Supporting Claims/Interests. 

  

	4.1	 Permitted Transfers. 

During the period beginning on the Agreement Effective Date and ending on the Agreement Termination Date (as defined in
Section 8.5 hereof) applicable to the Party (such period, the “Agreement Effective Period”), no Consenting Creditor (except in the case of any investment advisor or manager of or with power and/or authority to bind any Owned
Debtor Claims/Interests, then solely for the period within which such power and/or authority was held; provided, however, that such Owned Debtor Claims/Interests shall continue to be subject to this Agreement) shall sell, use, pledge, assign,
transfer, or otherwise dispose of (each, a “Transfer”) any ownership (including any beneficial ownership)1 in its respective Debtor Claims/Interests, or interests in any Debtor
(the “Supporting Claims/Interests”), unless the intended transferee executes and delivers to counsel to the other Parties on the terms set forth below an executed joinder agreement in the form attached hereto as Exhibit C (a
“Joinder Agreement”) before such Transfer is effective (a transfer that satisfies such requirements, a “Permitted Transfer,” and such transferee, a “Permitted Transferee”). 

Notwithstanding the foregoing, so long as a Transfer by a Consenting Creditor (i) is to another Consenting Creditor that is not in breach
of its obligations under this Agreement and remains a Party to this Agreement, and (ii) would comply with this Section 4.1, then such Transfer shall be a Permitted Transfer, and such transferee a Permitted Transferee, without the
requirement of executing and delivering a Joinder Agreement. 
  

	4.2	 Other Permitted Transfers. 

Notwithstanding anything to the contrary herein, (i) the foregoing provisions shall not preclude a Consenting Creditor
from settling or delivering securities or bank debt that would otherwise be subject to the terms of this Agreement to settle any confirmed transaction pending as of the date of such Party’s entry into this Agreement (subject to compliance with
applicable securities laws and it being understood that such securities or bank debt so acquired and held (i.e., not as a part of a short transaction) shall be subject to the terms of this Agreement; (ii) a Qualified Marketmaker2 that acquires any of the Supporting Claims/Interests with the purpose and intent of acting as a Qualified Marketmaker for such Supporting Claims/Interests, shall not be required to execute and
deliver a Joinder Agreement or otherwise agree to be bound by the terms and conditions set forth in this Agreement if such Qualified Marketmaker Transfers such Supporting Claims/Interests (by purchase, sale, assignment, participation, or otherwise)
as soon as reasonably practicable, and in no event later than the earlier of (A) one (1) Business Day prior 
  

 
  

	1 	 As used herein, the term “beneficial ownership” means the direct or indirect economic ownership of, and/or the power, whether by
contract or otherwise, to direct the exercise of voting rights and the disposition of, the Supporting Claims/Interests or the right to acquire such Supporting Claims/Interests. 

 

	2 	 As used herein, the term “Qualified Marketmaker” means an entity that (a) holds itself out to the public or the applicable
private markets as standing ready in the ordinary course of business to purchase from customers and sell to customers Supporting Claims/Interests (or enter with customers into long and short positions in Supporting Claims/Interests), in its capacity
as a dealer or market maker in Supporting Claims/Interests and (b) is, in fact, regularly in the business of making a market in claims against issuers or borrowers (including debt securities or other debt). 

  
 9 

 
to any voting deadline established by the Bankruptcy Court with respect to the Plan (solely if the Qualified Marketmaker acquires such Supporting Claims/Interests prior to such voting deadline)
and (B) twenty (20) Business Days of its acquisition, to a Permitted Transferee and the Transfer otherwise is a Permitted Transfer (including, for the avoidance of doubt, the requirement that such transferee execute a Joinder Agreement in
accordance with Section 4.1); (iii) to the extent any Party is acting solely in its capacity as a Qualified Marketmaker, it may Transfer any ownership interests in the Supporting Claims/Interests that it acquires from a holder of such
Supporting Claims/Interests that is not a Party to a transferee that is not a Party at the time of such Transfer without the requirement that such transferee be or become a signatory to this Agreement or execute a Joinder Agreement; and (iv) a
Consenting Creditor may Transfer any Supporting Claims/Interests pursuant to or in connection with any repurchase transaction, reverse repurchase transaction, or any swap or other derivative transaction without satisfying the requirements set forth
in this Section 4 only if, in connection with such Transfer, the Consenting Creditor (or a wholly-owned subsidiary controlled by it) retains the contractual right to exercise any voting right or other direction that may be made on account of
such Supporting Claims/Interests, and such Consenting Creditor exercises (or causes its wholly-owned subsidiary controlled by it to exercise) such rights so that the Transferred Supporting Claims/Interests are voted in accordance with this Agreement
and the transferee thereof does not otherwise take any action inconsistent with such Consenting Creditor’s obligations under this Agreement. For purposes of subclause (iv), a Person shall be deemed to “control” another person if such
person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such other Person, whether through the ownership of voting securities, by contract, or otherwise. 

 

	4.3	 Acquisition of Additional Supporting Claims/Interests. 

This Agreement shall in no way be construed to preclude any Consenting Creditor from acquiring additional Supporting
Claims/Interests; provided, however, that such acquired Supporting Claims/Interests shall automatically and immediately upon acquisition by a Consenting Creditor be deemed subject to the terms of this Agreement (regardless of when or whether
notice of such acquisition is given to the other Parties); provided further, however, that any such acquisition shall not cause such Consenting Creditor to breach Section 4.1. For the avoidance of doubt, any acquisition or
ownership of NewPage Roll-Up DIP Term Loan Claims shall be subject to this Section 4.3. 
  

	4.4	 Cleansing. 

This Section 4 shall not impose any obligation on any Debtor to issue any “cleansing letter” or otherwise
publicly disclose information for the purpose of enabling a Party to Transfer any Supporting Claims/Interests. Notwithstanding anything to the contrary herein, to the extent the Debtors and another Party have entered into a separate agreement with
respect to the issuance of a “cleansing letter” or other public disclosure of information in connection with any proposed restructuring transactions the terms of such confidentiality agreement shall continue to apply and remain in full
force and effect according to its terms. 

  
 10 

	4.5	 Unpermitted Transfers. 

Any Transfer made in violation of this Section 4 shall be void ab initio. Upon satisfaction of the
requirements set forth in Section 4.1, the applicable Permitted Transferee shall be and shall be deemed to be a Party hereunder solely to the extent of such transferred Supporting Claims/Interests and not, for the avoidance of doubt, with
respect to any other Debtor Claims/Interest held by such Permitted Transferee at the time of such Transfer unless already subject to this Agreement. Any Party that effectuates a Permitted Transfer to a Permitted Transferee shall have no
liability under this Agreement arising from or related to the failure of the Permitted Transferee to comply with the terms of this Agreement. 
  

	Section 5.	 Representations and Warranties. 

  

	5.1	 Representations and Warranties of the Consenting Creditors. 

Each Consenting Creditor, severally, and not jointly, represents and warrants that, during the Agreement Effective Period
(except in the case of any investment advisor or manager of or with power and/or authority to bind any Owned Debtor Claims/Interests, then solely for the period within which such power and/or authority was held), except as otherwise provided below:

 (a)        it is, as of the Agreement Effective Date or, if after the Agreement
Effective Date, the date upon which it delivers its executed signature page to this Agreement, the beneficial owner (including pursuant to any swap or derivative transaction) of the face amount of the Debtor Claims/Interests, or is the nominee,
investment manager, or advisor for beneficial holders of or discretionary accounts holding the Debtor Claims/Interests, and of no other Debtor Claims/Interests, as applicable, as reflected in such Party’s signature block to this Agreement (such
Debtor Claims/Interests, the “Owned Debtor Claims/Interests”); 

(b)        it has the full power and authority to act on behalf of, vote and consent
to matters concerning the Owned Debtor Claims/Interests or, with respect to any Owned Debtor Claims/Interests beneficially held through any swap or derivative transaction, it has the right (i) to demand the counterparty thereof retransfer such
Owned Debtor Claims/Interests to the applicable Party and/or (ii) to instruct (directly or indirectly) the counterparty thereof with respect to the exercise of any voting right or other direction that may be made on account of such Owned Debtor
Claims/Interests; 
 (c)        such Owned Debtor Claims/Interests are not subject
to any pledge, lien, security interest, charge, claim, equity, option, proxy, voting restriction, right of first refusal, or other limitation on disposition, transfer, or encumbrances of any kind, that could reasonably be expected to adversely
affect in any way such Party’s ability to perform any of its obligations under this Agreement at the time such obligations are required to be performed; 

(d)        (i) it is either (A) a qualified institutional buyer as defined in
Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”), (B) an institutional accredited investor (as defined in Rule 501(a)(1), (2), (3), or (7) under the Securities Act), (C) a non-U.S. person
under Regulation S of the Securities Act, or (D) the foreign equivalent of (A) or (B) above, and (ii) any securities of any Debtor acquired by the applicable Party in connection with

  
 11 

 
the Plan and Restructuring Transactions, will have been acquired for investment and not with a view to distribution or resale in violation of the Securities Act; and 

(e)        as of the date hereof, it has no actual knowledge of any event that, due to
any fiduciary or similar duty to any other person or entity, would prevent it from taking any action required of it under this Agreement. 
  

	5.2	 Mutual Representations and Warranties of All Parties. 

Each Party, severally, and not jointly, represents and warrants that: 

(a)        it is validly existing and in good standing under the laws of the state of
its organization, and this Agreement is a legal, valid, and binding obligation of such Party, enforceable against it in accordance with its terms, except as enforcement may be limited by applicable laws relating to bankruptcy or limiting
creditors’ rights generally or by equitable principles relating to enforceability; 

(b)        except as expressly provided in this Agreement (including the exhibits
hereto) or the Bankruptcy Code (and subject to necessary Bankruptcy Court approval and/or regulatory approvals associated with the Plan and Restructuring Transactions), no consent or approval is required by any other person or entity for it to
effectuate the Plan and Restructuring Transactions contemplated by, and perform the respective obligations under, this Agreement; 

(c)        except as expressly provided in this Agreement (including the exhibits
hereto) or the Bankruptcy Code (and subject to necessary Bankruptcy Court approval and/or regulatory approvals associated with the Plan and Restructuring Transactions), it has all requisite corporate or other power and authority to enter into,
execute, and deliver this Agreement and to effectuate the Plan and Restructuring Transactions contemplated by, and perform its respective obligations under, this Agreement; 

(d)        except as expressly provided in this Agreement (including the exhibits
hereto) or the Bankruptcy Code and with respect to the Debtors’ performance of this Agreement (and subject to necessary Bankruptcy Court approval and/or regulatory approvals associated with the Plan and Restructuring Transactions), the
execution, delivery, and performance by it of this Agreement does not, and shall not, require any registration or filing with, consent or approval of, or notice to, or other action to, with or by, any federal, state, or other governmental authority
or regulatory body; and 
 (e)        subject to necessary Bankruptcy Court approval
and/or regulatory approvals associated with the Plan and Restructuring Transactions the execution, delivery, and performance of this Agreement does not and shall not: (i) violate any provision of law, rules, or regulations applicable to it or
any of its subsidiaries in any material respect to the best of its actual knowledge; (ii) violate its certificate of incorporation, bylaws, or other organizational documents or those of any of its subsidiaries; or (iii) conflict with,
result in a breach of, or constitute (with due notice or lapse of time or both) a default under any contractual obligation to which it is a party, which conflict, breach, or default, would have a material and adverse effect on the Plan and
Restructuring Transactions to the best of its actual knowledge. 

  
 12 

	Section 6.	 Acknowledgement. 

Notwithstanding any other provision herein, this Agreement is not and shall not be deemed to be an offer with respect to
any securities or solicitation of votes for the acceptance of a plan of reorganization for purposes of sections 1125 and 1126 of the Bankruptcy Code or otherwise. Any such offer or solicitation will be made only in compliance with all applicable
securities laws and provisions of the Bankruptcy Code. The relevant Parties will not solicit acceptances of the Plan from the relevant Parties in any manner inconsistent with the Bankruptcy Code or applicable non-bankruptcy law. 

 

	Section 7.	 Termination of Support for Plan and Restructuring Transactions. 

The Parties’ commitments and obligations with respect to the Plan and Restructuring Transactions, as set forth in
Section 3 hereof, shall terminate automatically, and without further action by any Party, upon the occurrence and continuation of any of the following events and after delivery by the Debtors, the Required Consenting Verso First Lien Creditors
or the Required Consenting NewPage Creditors, to the other Parties of a written notice (a “Restructuring Support Termination Notice”) in accordance with Section 10.8 hereof, setting forth the particular relevant facts and
circumstances, upon the occurrence and during the continuation of any of the following (each a “Restructuring Support Termination Event,” and the date upon which a Restructuring Support Termination Event occurs, the
“Restructuring Support Termination Date”): 
 (a)        the
Bankruptcy Court shall not have entered the Interim DIP Orders, without any modification that is not in form and substance reasonably satisfactory to the Required Consenting Verso First Lien Creditors and the Required Consenting NewPage Creditors,
on or before the date which is five (5) days after the Petition Date, provided that nothing in this clause shall be deemed or construed to amend or modify the consent rights of any of the lenders under the DIP Credit Agreements as set
forth in the Interim DIP Orders; and provided, further, that entry of any such order shall be deemed to occur upon an oral indication by the Bankruptcy Court that it is approving such order; 

(b)        the Bankruptcy Court shall not have entered the Final DIP Orders that is
not in form and substance reasonably satisfactory to the Required Consenting Verso First Lien Creditors and the Required Consenting NewPage Creditors, on or before the date which is forty five (45) days after the Interim DIP Order,
provided that nothing in this clause shall be deemed or construed to amend or modify the consent rights of any of the lenders under the DIP Credit Agreements as set forth in the Final DIP Orders; and provided, further, that
entry of any such order shall be deemed to occur upon an oral indication by the Bankruptcy Court that it is approving such order; 

(c)        the Bankruptcy Court shall not have entered the SSA Order on or before the
date which is twenty eight (28) days after the Petition Date, provided that entry of any such order shall be deemed to occur upon an oral indication by the Bankruptcy Court that it is approving such order; 

  
 13 

 (d)        the Debtors shall not have
filed the Disclosure Statement or Plan, in each case in a form and substance reasonably satisfactory to the Required Consenting Verso First Lien Creditors and the Required Consenting NewPage Creditors, on or before the date which is sixty
(60) days after the Petition Date; 
 (e)        the Bankruptcy Court shall not
have entered the Disclosure Statement Order on or before the date which is one hundred and five (105) days after the Petition Date (the “Disclosure Statement Milestone”), provided that entry of such order shall be deemed to
occur upon an oral indication by the Bankruptcy Court that it is approving the Disclosure Statement; 

(f)        the Bankruptcy Court shall not have entered the Confirmation Order on or
before the date which is one hundred and sixty (160) days after the Petition Date (the “Confirmation Milestone”), provided that entry of any such order shall be deemed to occur upon an oral indication by the Bankruptcy Court
that it is approving confirmation of the Plan; 
 (g)        the Effective Date is
not on or before thirty (30) days after the Bankruptcy Court has entered the Confirmation Order; or 

(h)        upon the entry of an order by the Bankruptcy Court, which order is not,
within fourteen (14) calendar days after entry (or, if on such fourteenth (14th) calendar day the Bankruptcy Court is not open, the next succeeding day on which the Bankruptcy Court is
open), subject to a stay of its effectiveness pending appeal, (i) dismissing the Chapter 11 Cases, (ii) converting the Chapter 11 Cases to a case under chapter 7 of the Bankruptcy Code, (iii) appointing a trustee or examiner (with
expanded powers beyond those set forth in section 1106(a)(3) and (4) of the Bankruptcy Code) in the Chapter 11 Cases or (iv) the effect of which would demonstrably render the Plan incapable of consummation on the terms set forth herein.

 A Restructuring Support Termination Notice may only be issued by the Debtors, the Required Consenting Verso First Lien Creditors or the
Required Consenting NewPage Creditors, and no such Party may issue a Restructuring Support Termination Notice if such Party (or any fellow Required Consenting Verso First Lien Creditor or Required Consenting NewPage Creditor, as applicable) failed
to perform or comply in all material respects with the terms and conditions of this Agreement, and such failure to perform or comply caused, or resulted in, the occurrence of the applicable Restructuring Support Termination Event. 

 

	Section 8.	 Agreement Termination Events. 

  

	8.1	 Consenting Creditor Termination Events. 

This Agreement may be terminated as between the Consenting Creditors and the other Parties upon five (5) Business
Days’ prior written notice to the other Parties, delivered in accordance with Section 10.8 hereof, by either the Required Consenting Verso First Lien Creditors or the Required Consenting NewPage Creditors, in the exercise of their
discretion, upon the occurrence and during the continuation of any of the following events: 

(a)        (i) in the case of the Required Consenting Verso Creditors, the material
breach by any of the Consenting NewPage Creditors, (ii) in the case of the Required Consenting NewPage Creditors, the material breach by any of the Consenting Verso Creditors and (iii) in the case of

  
 14 

 
either the Required Consenting Verso First Lien Creditors or the Required Consenting NewPage Creditors, the material breach by the Debtors, in each case of any of the representations, warranties,
or covenants of such breaching Party as set forth in this Agreement that would prevent, and result in a material adverse effect on, the consummation of the Plan in accordance with this Agreement; provided, however, that the Parties seeking to
terminate this Agreement shall include in such notice the details of any such breach, and if such breach is capable of being cured, the Parties shall have ten (10) Business Days after receiving such notice to cure any such breach; 

(b)        if the Debtors seek to sell any mills without the prior written consent of
the Required Consenting Verso First Lien Creditors and the Required Consenting NewPage Creditors, unless otherwise contemplated by the DIP Orders; 

(c)        if any debtor-in-possession financing is materially modified or refinanced,
in whole or in part, on terms that are not reasonably satisfactory to the Required Consenting Verso First Lien Creditors and the Required Consenting NewPage Creditors; 

(d)        if the Debtors file any Definitive Restructuring Document, motion or
proposed order, or any amendments, modifications, or supplements thereto that included terms that are materially inconsistent with this Agreement and the Term Sheet or are otherwise in a form and substance that is not reasonably satisfactory to the
Required Consenting Verso First Lien Creditors or the Required Consenting NewPage Creditors and such filed document has not been withdrawn within five (5) Business Days of the Debtors receiving written notice of the same from the Required
Consenting Verso First Lien Creditors or the Required Consenting NewPage Creditors, as applicable; 

(e)        if the Debtors fail to maintain the Affiliate Transactions Oversight
protocol outlined in Section 17(c) of the Interim DIP Order for the Verso Debtors; 

(f)        if the NewPage Debtors do not, pursuant to the Interim DIP Order of the
NewPage Debtors, use the proceeds of the NewPage ABL DIP Loans, in each case within two (2) Business Days after the closing date of the NewPage ABL DIP Loan, to (i) repurchase from Verso Maine Power Holdings LLC, the stores and supplies
inventory sold to Verso Maine Power Holdings LLC by the NewPage Debtors on or about January 6, 2016 and (ii) reimburse Verso Maine Power Holdings LLC for the NewPage Debtors’ allocable share of amounts paid to CN Railway on
January 25, 2016; 
 (g)        if any Debtor brings a Loan Party Challenge
Proceeding or any other party, having been granted standing by the Bankruptcy Court, brings a Challenge Proceeding with respect to the Liens or Claims of Consenting Creditors; or 

(h)        the issuance by the Bankruptcy Court or any governmental authority,
including any regulatory authority or court of competent jurisdiction, of a final order (or other comparable final and non-appealable injunction, judgment, decree, charge, ruling or order issued by a regulatory authority) permanently enjoining or
otherwise preventing the consummation of the Plan in accordance with this Agreement; provided, however, that the Parties shall have thirty (30) Business Days after issuance of such final order (or other comparable final and
non-appealable 

  
 15 

 
injunction, judgment, decree, charge, ruling or order issued by a regulatory authority) to obtain relief that would allow consummation of the Plan in accordance with this Agreement. 

 

	8.2	 Debtors’ Termination Events. 

A Debtor may terminate this Agreement as to it upon five (5) Business Days’ prior written notice to the other
Parties, delivered in accordance with Section 10.8 hereof, upon the occurrence and during the continuation of any of the following events: 

(a)        the material breach by any of the Consenting Creditors of any of the
representations, warranties, or covenants of such breaching Party as set forth in this Agreement that would prevent and result in a material adverse effect on the consummation of the Plan in accordance with this Agreement; provided, however,
that the Debtors seeking to terminate this Agreement shall include in such notice the details of any such breach, and if such breach is capable of being cured, the Parties shall have ten (10) Business Days after receiving such notice to cure
any such breach; 
 (b)        the issuance by any governmental authority, including
any regulatory authority or court of competent jurisdiction, of a final order (or other comparable final and non-appealable injunction, judgment, decree, charge, ruling or order issued by a regulatory authority) permanently enjoining or otherwise
preventing the consummation of the Restructuring in accordance with this Agreement; provided, however, that the Parties shall have thirty (30) Business Days after issuance of such final order (or other comparable final and non-appealable
injunction, judgment, decree, charge, ruling or order issued by a regulatory authority) that would allow consummation of the Plan in accordance with this Agreement; or 

(c)        the board of directors, board of managers, or such similar governing body
of any Debtor determines in good faith after consultation with its outside financial advisors and outside legal counsel, and based on the advice of such counsel, that proceeding with the Plan and Restructuring Transactions would be inconsistent with
its applicable fiduciary duties. 
  

	8.3	 Mutual Termination. 

This Agreement, and the obligations of all Parties hereunder, may be terminated during the Restructuring Support Effective
Period, by mutual written agreement among the Debtors and each of the Required Consenting Verso Creditors and the Required Consenting NewPage Creditors. 
  

 

	8.4	 Termination Upon Consummation of the Plan. 

This Agreement shall terminate automatically without any further required action or notice with respect to all Parties on the
Effective Date of the Plan. 
  

	8.5	 Effect of Termination. 

No Party may terminate this Agreement, and no Party may be counted among the Required Consenting Verso First Lien Creditors or
the Required Consenting NewPage Creditors, 

  
 16 

 
as applicable, for purposes of terminating this Agreement if such Party failed to perform or comply in all material respects with the terms and conditions of this Agreement, and such failure to
perform or comply caused, or resulted in, the occurrence of one or more termination events specified herein. The date on which termination of this Agreement as to a Party is effective in accordance with Section 8 shall be referred to as an
“Agreement Termination Date.” Upon the occurrence of an Agreement Termination Date as to a Party (but only as to such Party), except as expressly provided in this Agreement, (i) this Agreement shall be of no further force and
effect with respect to such Party, (ii) each Party subject to such termination shall be released from its commitments, undertakings, and agreements under this Agreement and shall have the rights that it would have had, had it not entered into
this Agreement, and shall be entitled to take all actions, whether with respect to the Restructuring Transactions or otherwise, that it would have been entitled to take had it not entered into this Agreement, and (iii) the remaining Parties to
this Agreement, if any, shall be released from any commitments, undertaking, and agreements owed to such terminated Party under this Agreement; provided, however, that this Section 8.5, Section 10.4, Section 10.6,
Section 10.8, Section 10.10, Section 10.12, Section 10.14 and Section 10.15 shall survive termination of this Agreement. Notwithstanding anything to the contrary in this Agreement, the foregoing shall not be construed to
prohibit any of the Parties from contesting whether any such termination is in accordance with the terms of this Agreement. Except as expressly provided in this Agreement, nothing herein is intended to, or does, in any manner waive, limit, impair,
or restrict any right of any Party, or the ability of any Party to protect and preserve its rights, remedies, and interests, including its claims against any Debtor or any other Party. Nothing in this Section 8.5 shall restrict any
Debtor’s right to terminate this Agreement in accordance with Section 8.2(c). 
 In addition, and for the avoidance of
doubt, the termination rights and effect of termination provided for under this Section 8 apply only to this Agreement (without reference to the exhibits). The applicable termination rights and effect of termination of other agreements between
or among any of the Parties, including those attached to this Agreement as exhibits, are governed according to the respective terms and conditions of such agreements. 
  

	8.6	 No Violation of Automatic Stay. 

The automatic stay applicable under section 362 of the Bankruptcy Code shall not prohibit a Party from taking any action
necessary to effectuate the termination of this Agreement pursuant to and in accordance with the terms hereof. 
  

	8.7	 Individual Party Termination Right. 

Notwithstanding anything herein to the contrary, any individual Party shall have the right to terminate this Agreement, as to
itself only, by providing three (3) Business Days prior written notice to the other Parties hereto of such Party’s intention to terminate this Agreement in the event that (i) (a) the Term Sheet or any Definitive Restructuring
Documents implementing the Term Sheet or the Plan is, or is amended, modified or altered in a manner that is, inconsistent with the economic terms of the Term Sheet or materially and adversely to such Party inconsistent with the non-economic terms
of the Term Sheet, (b) with respect to any shareholders agreement that may be entered into, is not satisfactory to such Party, or (c) with respect to any material provisions or material documents that are not addressed in the Term Sheet,
if such provision or 

  
 17 

 
document is materially adverse to such Party and is not reasonably satisfactory to such Party or (ii) any deadline set forth in Section 7 hereof is extended, whether by one or in a
series of extensions, by more than ninety (90) days from the date set forth herein. In such event, such termination shall be effective as to such Party only and shall not affect any of the rights or obligations of any other Party to this
Agreement; provided, however, if the exercise of termination rights under this Section 8.7 causes the Consenting Verso First Lien Creditors’ aggregate holdings or the Consenting NewPage Creditors’ aggregate holdings to decrease
to less than fifty percent (50%) of the Verso First Lien Debt Obligations or the NewPage Debt Obligations, as applicable, then the Debtors may terminate this Agreement upon three (3) Business Days prior written notice to the other Parties
hereto of the Debtors’ intention to terminate this Agreement. 
  

	Section 9.	 Amendments. 

This Agreement may not be modified, amended, or supplemented in any manner, except in writing signed by (i) the Required
Consenting Verso First Lien Creditors; (ii) the Required Consenting NewPage Creditors; and (iii) each of the Debtors; provided, however, that if the proposed modification, amendment, or supplement has a material,
disproportionate, and adverse effect on any Party (in any capacity), then the consent of each such disproportionately affected Party shall also be required to effectuate such modification, amendment, or supplement; and provided,
further, that no modification, amendment, or supplement shall impose any material financial obligation inconsistent with the Term Sheet on any Party without such Party’s consent. 

Any proposed modification, amendment, or supplement that is not approved in accordance with this Section 9 shall be
ineffective and void ab initio. For the avoidance of doubt, the limitations and requirements for amendment, modification or supplementation provided for in this Section 9 apply only to this Agreement (without reference to the exhibits).
Notwithstanding anything to the contrary in this Agreement, the applicable limitations and requirements to modify, amend, supplement, or waive any provision of other agreements between or among any of the Parties, including those attached to this
Agreement as exhibits, are governed according to the respective terms and conditions of such agreements and must also comply with Section 2.1 hereof. 
  

	Section 10.	 Miscellaneous. 

  

	10.1	 Further Assurances. 

Subject to the other terms of this Agreement, the Parties agree to execute and deliver such other instruments and perform such
acts, in addition to the matters herein specified, as may be reasonably appropriate or necessary, or as may be required by order of the Bankruptcy Court, from time to time, to effectuate the Plan and the Restructuring Transactions. 

 

	10.2	 Complete Agreement. 

This Agreement, including any exhibits, annexes, and/or schedules hereto and the exhibits, annexes, and/or schedules thereto,
constitutes the entire agreement among the Parties with respect to the subject matter hereof and supersedes and nullifies all prior agreements, oral or 

  
 18 

 
written, among the Parties with respect thereto, including any agreements related to Alternative Proposals. 
  

	10.3	 Headings. 

The headings of all sections of this Agreement are inserted solely for the convenience of reference and are not a part of and
are not intended to govern, limit, or aid in the construction or interpretation of any term or provision hereof. 
  

	10.4	 Governing Law; Jurisdiction; Waiver of Jury Trial. 

(a)       This Agreement shall be construed and enforced in accordance with, and the rights
of the Parties shall be governed by, the laws of the State of Delaware, without giving effect to the conflict of laws principles thereof. Each Party hereto agrees that it shall bring any action or proceeding in respect of any claim arising out of or
related to this Agreement in the United States Bankruptcy Court for the District of Delaware (the “Chosen Court”), and solely in connection with claims arising under this Agreement: (i) irrevocably submits to the exclusive
jurisdiction and the authority of the Chosen Court; (ii) waives any objection to laying venue in any such action or proceeding in the Chosen Court; and (iii) waives any objection that the Chosen Court is an inconvenient forum, does not
have jurisdiction over any Party hereto, or lacks the constitutional authority to enter final orders (or other comparable final and non-appealable injunction, judgment, decree, charge, ruling or order issued by a regulatory authority) in connection
with such action or proceeding. 
 (b)       Each Party hereby waives, to the fullest
extent permitted by applicable law, any right it may have to a trial by jury in any legal proceeding arising out of, or relating to, this Agreement or the transactions contemplated hereby (whether based on contract, tort, or any other theory). Each
Party (i) certifies that no representative, agent, or attorney of any other Party has represented, expressly or otherwise, that such other Party would not, in the event of litigation, seek to enforce the foregoing waiver and
(ii) acknowledges that it and the other Parties have been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this Section 10.4. 

 

	10.5	 Execution of Agreement. 

This Agreement may be executed and delivered in any number of counterparts and by way of electronic signature and delivery,
each such counterpart, when executed and delivered, shall be deemed an original, and all of which together shall constitute the same agreement. Except as expressly provided in this Agreement, each individual executing this Agreement on behalf of a
Party has been duly authorized and empowered to execute and deliver this Agreement on behalf of such Party. 

  
 19 

	10.6	 Interpretation and Rules of Construction. 

This Agreement is the product of negotiations among the Parties and in the enforcement or interpretation hereof, is to be
interpreted in a neutral manner, and any presumption with regard to interpretation for or against any Party by reason of that Party having drafted or caused to be drafted this Agreement, or any portion hereof, shall not be effective in regard to the
interpretation hereof. The Parties were each represented by counsel during the negotiations and drafting of this Agreement and continue to be represented by counsel. In addition, this Agreement shall be interpreted in accordance with section 102 of
the Bankruptcy Code. 
  

	10.7	 Successors and Assigns. 

This Agreement is intended to bind and inure to the benefit of the Parties and their respective successors and permitted
assigns, as applicable. There are no third party beneficiaries under this Agreement, and the rights or obligations of any Party under this Agreement may not be assigned, delegated, or transferred to any other person or entity except as otherwise
expressly permitted herein. 
  

	10.8	 Notices. 

All notices hereunder shall be deemed given if in writing and delivered, if sent by electronic mail, courier, or registered or
certified mail (return receipt requested) to the following addresses (or at such other addresses as shall be specified by like notice): 

(a)       if to the Debtors, to: 

Verso Corporation 

6775 Lenox Center Court, Suite 400 

Memphis, Tennessee 38115-4436 

Attention: Peter Kesser 

(901) 369-4100 
  

With a copy to (which shall not constitute notice): 

O’Melveny & Myers LLP 

Times Square Tower 

7 Times Square 

New York, New York 10036 

Attention: George Davis and Andrew Parlen 

gdavis@omm.com and aparlen@omm.com 

  
 20 

 (b)       if to the Consenting Verso First
Lien Noteholders, to: 
 Milbank, Tweed, Hadley & McCloy LLP 

28 Liberty Street 

New York, New York 10005 

Attention: Dennis F. Dunne, Samuel A. Khalil, and Gregory Bray 

ddunne@milbank.com, skhalil@milbank.com, and gbray@milbank.com 

(c)       if to the Consenting NewPage Creditors: 

Ropes & Gray LLP 

1211 Avenue of the Americas 

New York, New York 10036-8704 

Attention: Keith H. Wofford and Stephen Moeller-Sally 

keith.wofford@ropesgray.com and ssally@ropesgray.com 

or such other address as may have been furnished by a Party to each of the other Parties by notice given in accordance with the requirements
set forth above. Any notice given by delivery, mail, or courier shall be effective when received. 
  

	10.9	 Independent Due Diligence and Decision Making. 

Each Party hereby confirms that its decision to execute this Agreement has been based upon its independent investigation of
the operations, businesses, financial and other conditions, and prospects of the Debtors with the advice of its own counsel and advisors. 
  

	10.10	 Waiver. 

If the Plan is not consummated, or if this Agreement is terminated for any reason, the Parties fully reserve any and all of
their rights, except as otherwise expressly set forth in this Agreement. Pursuant to Federal Rule of Evidence 408 and any other applicable rules of evidence, this Agreement and all negotiations relating hereto, including with respect to the Plan and
Restructuring Transactions shall not be admissible into evidence in any proceeding other than a proceeding to enforce its terms or to pursue the consummation of the Plan and Restructuring Transactions. 

 

	10.11	 Specific Performance. 

It is understood and agreed by the Parties that money damages would be an insufficient remedy for any breach of this Agreement
by any Party, that such breach would represent irreparable harm, and that each non-breaching Party shall be entitled to specific performance and injunctive relief (without the posting of any bond and without proof of actual damages), but no other
form of equitable relief, including consequential, special or punitive damages, as the sole and exclusive remedy of any such breach, including an order of the Bankruptcy Court or other court of competent jurisdiction requiring any Party to comply
promptly with any of its obligations hereunder. For the avoidance of doubt, the remedies provided for in this Section 10.11 apply only to this Agreement (without reference to the exhibits). The applicable remedies

  
 21 

 
for breaches of other agreements between or among any of the Parties, including those attached to this Agreement as Exhibits, are governed according to the terms of such agreements. 

 

	10.12	 Several, Not Joint, Claims. 

The agreements, representations, warranties, and obligations of the Parties under this Agreement are, in all respects, several
and not joint. 
  

	10.13	 No Third-Party Beneficiaries. 

This Agreement is intended for the benefit of the Parties hereto and no other person shall have any rights hereunder. 

 

	10.14	 No Waiver of Participation and Preservation of Rights. 

Except as expressly provided in this Agreement, nothing herein is intended to, does or shall be deemed in any manner to waive,
limit, impair, or restrict the ability of each of the Parties to protect and preserve its rights, remedies, and interests, including its Debtor Claims/Interests and its full participation in the Chapter 11 Cases so long as, in each case, such
actions are not inconsistent with the Party’s obligations under this Agreement, the Plan, the other Definitive Restructuring Documents. Furthermore, nothing in this Agreement shall be construed to prohibit any Party from appearing as a party in
interest in any matter to be adjudicated in the Chapter 11 Cases, so long as such appearance and the positions advocated in connection therewith are consistent with this Agreement and are not for the purpose of, and could not reasonably be expected
to have the effect of, hindering, delaying, or preventing the timely consummation of the Plan. 
  

	10.15	 Relationship Among Parties. 

Each of the Consenting Creditors acknowledge and agree that, notwithstanding any prior history, pattern, or practice of
sharing confidences among or between the Consenting Creditors, no Consenting Creditor shall have any responsibility for any trading, investment, or voting decision with respect to any security by any other entity by virtue of this
Agreement. The Consenting Creditors hereby represent and warrant they have no agreement, arrangement, or understanding with respect to acting together for the purpose of acquiring, holding, voting, or disposing of any equity securities of the
Debtors and do not constitute a “group” within the meaning of Rule 13d-5 under the Securities Exchange Act of 1934, as amended. No action taken by any Consenting Creditor pursuant to this
Agreement shall be deemed to constitute or to create a presumption by any of the Parties that the Consenting Creditors are in any way acting in concert or as such a “group.” 

 

	10.16	 Severability and Construction. 

If any provision of this Agreement shall be held by a court of competent jurisdiction to be illegal, invalid, or
unenforceable, the remaining provisions shall remain in full force and effect if essential terms and conditions of this Agreement for each Party remain valid, binding, and enforceable. 

  
 22 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed and
delivered by their respective duly authorized officers, solely in their respective capacity as officers of the undersigned and not in any other capacity, as of the date first set forth above. 

 
 [Signature Pages Follow] 

  
 23 

  
  

[Signature Pages Omitted] 
  

 
  

  
 24 

 EXHIBIT A 

PLAN TERM SHEET 

 FINAL VERSION 
  

THIS TERM SHEET IS NOT AN OFFER WITH RESPECT TO ANY SECURITIES OR A SOLICITATION OF ACCEPTANCES OF A CHAPTER 11 PLAN WITHIN THE MEANING OF
SECTION 1125 OF THE BANKRUPTCY CODE. ANY SUCH OFFER OR SOLICITATION WILL COMPLY WITH ALL APPLICABLE SECURITIES LAWS AND/OR PROVISIONS OF THE BANKRUPTCY CODE. NOTHING CONTAINED IN THIS TERM SHEET SHALL BE AN ADMISSION OF FACT OR LIABILITY OR, UNTIL
THE OCCURRENCE OF THE AGREEMENT EFFECTIVE DATE ON THE TERMS DESCRIBED HEREIN AND IN THE RESTRUCTURING SUPPORT AGREEMENT, DEEMED BINDING ON ANY OF THE PARTIES HERETO. 

VERSO CORPORATION ET AL. 

CHAPTER 11 PLAN TERM SHEET 

This Term Sheet,1 which is Exhibit A to the Restructuring Support Agreement, describes
the proposed terms of the Restructuring. The Debtors will implement the Restructuring through a plan of reorganization under chapter 11 of the Bankruptcy Code, which shall be consistent with the terms of this Term Sheet and the Restructuring Support
Agreement (as it may be amended or supplemented from time to time in accordance with the terms of the Restructuring Support Agreement, the “Plan”). This Term Sheet incorporates the rules of construction set forth in section 102 of
the Bankruptcy Code. 
 This Term Sheet does not include a description of all of the terms, conditions, and other provisions that are to be
contained in the Definitive Restructuring Documents, which remain subject to discussion and negotiation in accordance with the Restructuring Support Agreement. The Definitive Restructuring Documents will contain terms and conditions that are
dependent on each other, including those described in this Term Sheet. 
  

							
	
 
 OVERVIEW OF THE
RESTRUCTURING
  

	  

In general, the Restructuring contemplates the following:

	 		 
	 	 	 (a)
	 	 the reorganization of the Debtors under chapter 11 of the Bankruptcy Code as a going
concern that will permit the Debtors to complete the integration of Verso and NewPage;

	 		 
	 	 	 (b)
	 	 the unification of the Debtors’ capital structures and the elimination of the SSA;
and

	 		 
	 	 	 (c)
	 	 the deleveraging of approximately $2.4 billion of debt
through the equitization of such indebtedness.
  

	  

DEBT TO BE RESTRUCTURED

 

	  

Verso Debt
	  	  

●      Verso Cash Flow Revolver

 
 ●      Verso 2012 First Lien
Notes
  
 ●      Verso 2015
First Lien Notes
  
 ●     
Verso 1.5 Lien Notes
  

●      Verso Second Lien Notes

 
 ●      Verso Old Second Lien
Notes
  
 ●      Verso Senior
Unsecured Notes
  

  
  

 

	1 	  Capitalized terms used but not otherwise defined in this Term Sheet have the meanings ascribed to such terms in Exhibit B to the Restructuring
Support Agreement. 

			
	 	  	  

●      Verso Subordinated Unsecured Notes

 

	  

NewPage Debt
  
	  	  

●      NewPage Term Loan

 

	  

PLAN CONSIDERATION

 

	  

Plan Equity Consideration
	  	  

The Plan Equity Consideration consists of 100% of the Reorganized Verso2 Common Equity
distributed as of the Effective Date before giving effect to any dilution caused by the Plan Warrants and the New Equity Incentive Plan.
  

	  

Plan Warrants
	  	  

Warrants for 5% of Reorganized Verso Common Equity on a fully diluted basis (subject to dilution for the New Equity Incentive Plan), with a
strike price of $1.04 billion equity value. The Warrants shall have a seven (7) year term, have customary protection in the event of a change of control after the Effective Date but prior to such full seven-year term and be subject to customary
adjustment based on any future dividends and distributions.
  

	  

Verso Plan Consideration
	  	  

The Verso Plan Consideration consists of (i) 53% of the Plan Equity Consideration and (ii) 100% of the Plan Warrants.

 

	  

NewPage Plan Consideration
  
	  	  

The NewPage Plan Consideration consists of 47% of the Plan Equity Consideration.

  

									
	
 
 TREATMENT OF CLAIMS AND EQUITY INTERESTS UNDER
THE PLAN
  

	  

Class   No.  
  
	  	Type of Claim	  	Treatment	  	 	 	  

Impairment / Voting
  

	Unclassified Non-Voting Claims Against the
Debtors
	  

N/A  
	  	  
 Verso ABL DIP Loan
Claims
	  	  
 On the Effective
Date, the Verso ABL DIP Loan shall be refinanced by the Exit ABL Loan.
  
	  	 	 	  

N/A

	  

N/A  
	  	  
 NewPage ABL DIP Loan
Claims
	  	  
 On the Effective
Date, the NewPage ABL DIP Loan shall be refinanced by the Exit ABL Loan.
  
	  	 	 	  

N/A

	  

N/A  
	  	  
 NewPage Term DIP Loan Claims
	  	  
 On the Effective
Date, the NewPage New Money DIP Term Loan Claims shall be paid in full in cash or shall receive such other treatment as the lenders under such facility agree.

 
	  	 	 	  

N/A

	  	 	  	  
 On the Effective
Date, the NewPage Roll-Up DIP Term Loan Claims shall be treated in Class N3.
  
	  	 	 	 
	  

N/A  
	  	  
 Administrative
Claims
	  	  
 On the Effective
Date, each holder of an allowed Administrative Claim shall receive, in full satisfaction of its claim, payment in full in cash.
  
	  	 	 	  

N/A

  
  

2 Reorganized Verso shall mean Reorganized Verso Corp. or
such other entity (which may be a new entity) that will hold, directly or indirectly, substantially all of the assets of Verso and NewPage. 

  
 A-2 

									
	  

TREATMENT OF CLAIMS AND EQUITY INTERESTS UNDER THE PLAN

 

	  

Class  

No.  
  
	  	Type of Claim	  	Treatment	 	 	  	  

Impairment /

Voting

	  

N/A  
	  	  
 Priority Tax Claims
	  	  
 On the Effective Date, each holder of an allowed
Priority Tax Claim shall receive, in full satisfaction of its claim, payments in cash in a manner consistent with section 1129(a)(9)(C) of the Bankruptcy Code.

 
	 		  	  

N/A

	  

Classified Claims and Equity Interests of the Verso Debtors3

 

	  

Class  

V1  
	  	  
 Verso Other Secured
Claims
	  	  
 On the Effective
Date, each holder of an allowed Verso Other Secured Claim shall receive, in full satisfaction of its claim, at the option of the Debtors: (a) payment in full in cash; (b) delivery of the collateral securing any such claim and payment of
any interest required under section 506(b) of the Bankruptcy Code; (c) reinstatement of such claim; or (d) other treatment rendering such claim unimpaired.

 
	 	 	  	  

Unimpaired; deemed to accept.

	  

Class  

V2  
	  	  
 Verso Other Priority
Claims
	  	  
 On the Effective
Date, each holder of an allowed Verso Other Priority Claim shall receive, in full satisfaction of its claim, at the option of the Debtors: (a) payment in full in cash or (b) other treatment rendering such claim unimpaired.

 
	 	 	  	  

Unimpaired; deemed to accept.

	  

Class  

V3  
	  	  
 Verso First Lien
Claims
	  	  
 On the Effective
Date, each holder of an allowed Verso First Lien Claim shall receive, in full satisfaction of its claim, (i) its pro rata share of 50% of the Plan Equity Consideration and (ii) 100% of the Plan Warrants.
4
  
  
	 	 	  	  

Impaired; entitled to vote.
  

	  

Class  

V4  
	  	  
 Verso Senior Debt
Claims
	  	  
 On the Effective
Date, each holder of an allowed Verso Senior Debt Claim shall receive, in full satisfaction of its claim, its pro rata share of 2.85% of the Plan Equity Consideration.

 
	 	 	  	  

Impaired; entitled to vote.
  

	  

Class  

V5  
	  	  
 Verso Subordinated Debt
Claims
  
	  	  
 On the Effective
Date, each holder of an allowed Verso Subordinated Debt Claim shall receive, in full satisfaction of its claim, its pro rata share of 0.15% of the Plan Equity Consideration.

 
	 	 	  	  

Impaired; entitled to vote.

	  

Class  

V6  
	  	  
 Verso General Unsecured
Claims
	  	  
 To be determined
for all Verso Debtors on terms satisfactory to the Debtors, the Required Consenting Verso Creditors, and the Required NewPage Consenting Creditors.
  
	 	 	  	  

TBD.

  
  

 

3 The Plan may include sub-classes for the Verso Debtors
in order to implement the treatment identified herein. 

4 The Debtors reserve the right, subject to agreement by
the Required Consenting Verso Creditors and the Required Consenting NewPage Creditors, to offer holders of claims in Class V3, Class N3 and Class N4 debt to be issued as an exchange note at a discount to the value of the corresponding Plan Equity
Consideration in exchange for Verso Plan Consideration and NewPage Plan Consideration, respectively. 

  
 A-3 

									
	  

TREATMENT OF CLAIMS AND EQUITY INTERESTS UNDER THE PLAN

 

	  

Class  

No.  
  
	  	Type of Claim	  	Treatment	 	 	  	  

Impairment / Voting
  

	  

Class  

V7  
	  	  
 Verso

Intercompany
 Claims
	  	  
 On the Effective
Date, Verso Intercompany Claims shall be, at the option of the Debtors: (a) reinstated in full or in part or (b) cancelled, extinguished, and discharged.
	 	 	  	  

Unimpaired; deemed to accept
 or Impaired; entitled to vote.

 

	  

Class  

V8  
	  	  
 Equity Interests in

Verso Subsidiaries
	  	  
 On the Effective
Date, equity interests in the Verso Subsidiaries shall be, at the option of the Debtors: (a) reinstated and otherwise unaffected by the Plan, (b) transferred to Reorganized Verso or (c) cancelled, extinguished, and discharged.

 
	 	 	  	  

Unimpaired, deemed to accept.

	  

Class  

V9  
	  	  
 Equity Interests in

Verso Corp
	  	  
 Holders of equity interests in Verso Corp will not
receive or retain any recovery, and the equity interests in Verso Corp, on the Effective Date, shall be cancelled, extinguished and discharged.
  
	 		  	  
 Impaired;
deemed to reject.

	  

Classified Claims and Equity Interests of the NewPage Debtors5

 
  

	  
  

Class  

N1  
	  	  
 NewPage Other

Secured Claims
	  	  
 On the Effective
Date, each holder of an allowed NewPage Other Secured Claim shall receive, in full satisfaction of its claim, at the option of the Debtors: (a) payment in full in cash; (b) delivery of the collateral securing any such claim and payment of
any interest required under section 506(b) of the Bankruptcy Code; (c) reinstatement of such claim; or (d) other treatment rendering such claim unimpaired.

 
	 	 	  	  

Unimpaired; deemed to accept.

	  

Class  

N2  
	  	  
  

NewPage Other
 Priority Claims
	  	  
 On the Effective
Date, each holder of an allowed NewPage Other Priority Claim shall receive, in full satisfaction of its claim, at the option of the Debtors: (a) payment in full in cash or (b) other treatment rendering such claim unimpaired.

 
	 	 	  	  

Unimpaired; deemed to accept.
  

	  

Class  

N3  
	  	  
 NewPage Roll-Up

DIP Term Loan
 Claims
	  	  
 On the Effective
Date, each holder of an allowed NewPage Roll-Up DIP Term Loan Claim shall receive, in full satisfaction of its claim, such portion of the NewPage Plan Consideration having a value equal to the allowed amount of such holder’s claim as of the
Confirmation Date. For the avoidance of doubt, the NewPage Roll-Up DIP Term Loan Claims (i) may be compromised under a plan of reorganization only by a class vote, (ii) shall receive a senior distribution from any plan consideration available to the
Prepetition Term Lenders, and (iii) may
  
	 	 	  	  

Impaired; entitled to vote.

  
  

 

	5 	 The Plan may include sub-classes for the NewPage Debtors in order to implement the treatment identified herein. 

  
 A-4 

									
	
 
 TREATMENT OF CLAIMS AND EQUITY INTERESTS UNDER
THE PLAN
  

	  

Class  

No.  
  
	  	Type of Claim	  	Treatment	 	 	 	
Impairment / Voting
  

	 	  	 	  	 not be crammed down under a plan of reorganization pursuant to Section 1129(b)(2)(A) of the Bankruptcy
Code.
  
	 	 	 	 
	  

Class  

N4  
	  	  

NewPage First Lien Claims
	  	  

On the Effective Date, each holder of an allowed NewPage First Lien Claim shall shall receive, in full satisfaction of its
claim its pro rata share of the NewPage Plan Consideration remaining after distribution to holders of Claims in Class N3.6

 
	 	 	 	  

Impaired; entitled to vote.

	  

Class  

N5  
	  	  
 NewPage General Unsecured
Claims
	  	  
 To be determined for all NewPage
Debtors on terms satisfactory to the Debtors, the Required Consenting Verso Creditors, and the Required NewPage Consenting Creditors.
  
	 	 	 	  

TBD.

	
Class  
  

N6  
	  	  

NewPage Intercompany Claims
	  	  

On the Effective Date, NewPage Intercompany Claims shall be, at the option of the Debtors: (a) reinstated in full or in
part or (b) cancelled, extinguished, and discharged.
  
	 	 	 	  

Unimpaired; deemed to accept

or

Impaired; entitled to vote.

 

	  

Class  

N7  
	  	  

Equity Interests in NewPage Subsidiaries
	  	  

On the Effective Date, equity interests in the NewPage Subsidiaries shall be, at the option of the Debtors:
(a) reinstated and otherwise unaffected by the Plan, (b) transferred to Reorganized Verso or (c) cancelled, extinguished, and discharged.
  
	 	 	 	  

Unimpaired, deemed to accept.

 

  

			
	  

GENERAL PROVISIONS REGARDING THE PLAN

 
  

	SSA	  	  

Upon the Effective Date, the SSA shall be terminated.

 

	  
 Executory
Contracts and Unexpired Leases
	  	  

Except as otherwise provided in this Term Sheet, the Plan shall provide for the Debtors to assume or reject, as the case may be, executory
contracts and unexpired leases identified in the Plan Supplement to the extent that any such executory contracts and unexpired leases have not been otherwise assumed or rejected.

 

  
  
  

 
  

6 The Debtors reserve the right, subject to agreement by
the Required Consenting Verso Creditors and the Required Consenting NewPage Creditors, to offer holders of claims in Class V3, Class N3 and Class N4 debt to be issued as an exchange note at a discount to the value of the corresponding Plan Equity
Consideration in exchange for Verso Plan Consideration and NewPage Plan Consideration, respectively. 

  
 A-5 

			
	  
 Compensation and
Benefit Plans
	  	  

On the Effective Date, the Debtors shall assume the employment, confidentiality, and non-competition agreements, bonus, gainshare and incentive
programs (other than awards of stock options, restricted stock, restricted stock units, and other equity awards), vacation, holiday pay, severance, retirement, supplemental retirement, executive retirement, pension, deferred compensation, medical,
dental, vision, life and disability insurance, flexible spending account, and other health and welfare benefit plans, programs, and arrangements, and all other wage, compensation, employee expense reimbursement, and other benefit obligations of the
Debtors.
  

	  

New Equity Incentive Plan
	  	  

Up to ten (10)% of the Reorganized Verso Common Equity outstanding immediately after the Effective Date shall be reserved to implement a new
equity incentive plan with all decisions on issuance and allocation to be made by the Board of Directors of Reorganized Verso.
  

	  
 Releases,
Indemnification, and Exculpation
	  	  

To the fullest extent permitted by applicable law, the Plan shall provide for comprehensive exculpation, indemnification, and mutual releases
from and for the benefit of the Debtors, the Consenting Creditors and their investment managers or similar entities, other creditors, and all of their respective direct and indirect sponsors, shareholders, affiliates, current and former officers and
directors, advisory board members, principals, managers, managing members, partners, and employees, in each case serving in such capacity as of the Petition Date and the attorneys, professionals, representatives and advisors of each of the
foregoing; provided, however, that sponsors and shareholders shall only receive releases under the Plan to the extent they do not object to the Plan in any manner.

 

	  

Indemnification of Prepetition Directors, Officers, Managers, et al.
	  	  

The Plan shall provide that, consistent with applicable law all indemnification provisions currently in place (whether in the by-laws, certificates of incorporation or formation, limited liability company agreements, other organizational documents, board resolutions, indemnification agreements, employment contracts, or otherwise) for the
current and former direct and indirect sponsors, directors, officers, managers, employees, attorneys, accountants, investment bankers, and other professionals of the Debtors, as applicable, shall be reinstated and remain intact and irrevocable and
shall survive the effectiveness of the Restructuring.
  

	  
 Charter, Bylaws,
and Corporate Governance
	  	  

Corporate governance for the Reorganized Debtors, including charters, bylaws, operating agreements, or other organization documents and the
composition of the Reorganized Verso Board shall be as provided in the Plan and Plan Supplement, in each case, in form and substance as agreed by the Debtors, the Required Consenting Verso First Lien Creditors and the Required Consenting NewPage
Creditors.
  

  
 A-6 

			
	  
 Exemption from SEC
Registration
	  	  

The issuance of all securities under the Plan will be exempt from SEC registration under applicable law.

 

	  
 Tax
Considerations
	  	  

The Debtors and the Consenting Creditors will cooperate to structure the Plan and the reorganized company in the most tax efficient manner for
the Debtors, Reorganized Verso and the Consenting Creditors.
  

	  
 Conditions
Precedent to Restructuring
	  	  

The following shall be conditions to consummation of the Restructuring:

 
 the Debtors shall
have obtained all authorizations, consents, regulatory approvals, rulings, or documents that are necessary to implement and effectuate the Plan, including the Exit ABL Loan;

 
 the final version of
the Plan Supplement and all of the schedules, documents, and exhibits contained therein shall have been filed in a manner consistent in all material respects with the Restructuring Support Agreement, this Term Sheet, and the Plan;

 
 the Restructuring
Support Agreement shall remain in full force and effect;
  

all professional fees and expenses approved by the Bankruptcy Court shall have been paid in full or
amounts sufficient to pay such fees and expenses after the Effective Date have been placed in a professional fee escrow pending approval by the Bankruptcy Court; and

 
 the Bankruptcy Court
shall have entered the Confirmation Order, which shall authorize, among other things, all actions as may be necessary or appropriate to effect any transaction described in, approved by, contemplated by, or necessary to effectuate the Plan.

 

  
 A-7 

 EXHIBIT B 

DEFINITIONS 
  

			
	  

   Term

 
	  	  

Definition

 

	Administrative Claim	  	  

A claim incurred by the Debtors on or after the Petition Date and before the Effective Date for a cost or expense of administration of the
Chapter 11 Cases described in sections 503(b) or 1129(a)(4) of the Bankruptcy Code and entitled to priority under sections 507(a)(2) or 507(b) of the Bankruptcy Code.

 

	  
 Agreement
Effective Date
	  	  

As defined in the Restructuring Support Agreement.

 

	  
 Agreement
Effective Period
	  	  

As defined in the Restructuring Support Agreement.

 

	  
 Agreement
Termination Date
	  	  

As defined in the Restructuring Support Agreement.

 

	  
 Alternative
Proposal
	  	  

As defined in the Restructuring Support Agreement.

 

	  
 Bankruptcy
Code
	  	  

Title 11 of the United States Code, 11 U.S.C. §§ 101-1532, as amended from time to time.

 

	  
 Bankruptcy
Court
	  	  

As defined in the Restructuring Support Agreement.

 

	  
 Beneficial
Ownership
	  	  

As defined in the Restructuring Support Agreement.

 

	  
 Business
Days
	  	  

Any day, other than a Saturday, Sunday, or any other day that is a legal holiday or a day on which banking institutions in New York, New York
are authorized by law or other governmental action to close.
  

	  
 Challenge
Proceeding
	  	  

As defined in the Interim DIP Order for the NewPage Debtors.

 

	  
 Chapter 11
Cases
	  	  

When used with reference to a particular Debtor, the case pending for that Debtor under chapter 11 of the Bankruptcy Code in the Bankruptcy
Court, and when used with reference to all the Debtors, the procedurally consolidated and jointly administered chapter 11 cases pending for the Debtors in the Bankruptcy Court.

 

	  
 Chosen
Court
	  	  

As defined in the Restructuring Support Agreement.

 

	  
 Claim
	  	  

As defined in section 101(5) of the Bankruptcy Code against a Debtor.

 

	  

Co-Issuer
	  	  

As defined in the Restructuring Support Agreement.

 

	  
 Confirmation
Date
	  	  

The date upon which the Bankruptcy Court enters the Confirmation Order.

 

	  
 Confirmation
Milestone
	  	  

As defined in the Restructuring Support Agreement.

 

	  
 Confirmation
Order
	  	  

The order entered by the Bankruptcy Court confirming the Plan.

 

	  
 Consenting
Creditors
	  	  

As defined in the Restructuring Support Agreement.
  

 

			
		
	    Term

 
	  	Definition
	  
 Consenting NewPage
Creditors
	  	  

As defined in the Restructuring Support Agreement.

 

	  
 Consenting Verso
1.5 Lien Noteholders
  
	  	  

As defined in the Restructuring Support Agreement.

 

	  
 Consenting Verso
Creditors
  
	  	  

As defined in the Restructuring Support Agreement.

 

	  
 Consenting Verso
Old Second Lien Noteholders
  
	  	  

As defined in the Restructuring Support Agreement.

 

	  
 Consenting Verso
First Lien Creditors
  
	  	  

As defined in the Restructuring Support Agreement.

 

	  
 Consenting Verso
First Lien Noteholders
  
	  	  

As defined in the Restructuring Support Agreement.

 

	  
 Consenting Verso
Second Lien Noteholders
  
	  	  

As defined in the Restructuring Support Agreement.

 

	  
 Consenting Verso
Unsecured Noteholders
  
	  	  

As defined in the Restructuring Support Agreement.

 

	  
 Debtor
Claims/Interests
  
	  	  

As defined in the Restructuring Support Agreement.

 

	  

Debtors
	  	  

Verso Corporation; Verso Paper Finance Holdings One LLC; Verso Paper Finance Holdings LLC; Verso Paper Holdings LLC; Verso Paper Finance
Holdings Inc.; Verso Paper Inc.; Verso Paper LLC; nexTier Solutions Corporation; Verso Androscoggin LLC; Verso Quinnesec REP Holding Inc.; Verso Maine Energy LLC; Verso Quinnesec LLC; Bucksport Leasing LLC; Verso Sartell LLC; Verso Fiber Farm LLC;
NewPage Holdings Inc.; NewPage Investment Company LLC; NewPage Corporation; NewPage Consolidated Papers Inc.; Escanaba Paper Company; Luke Paper Company; Rumford Paper Company; Wickliffe Paper Company LLC; Upland Resources, Inc.; NewPage Energy
Services LLC; Chillicothe Paper Inc.; and NewPage Wisconsin System Inc.
  

	  
 Definitive
Restructuring Documents
	  	  

The Plan, Disclosure Statement, Plan Supplement, and any ancillary documents related thereto.

 

	  
 DIP Credit
Agreements
	  	  

Those certain credit agreements described in the DIP Motions.

 

	  
 DIP
Motions
	  	  

As defined in the Restructuring Support Agreement.

 

	  
 DIP
Orders
	  	  

As defined in the Restructuring Support Agreement.

 

	  
 Disclosure
Statement
	  	  

The disclosure statement for the Plan, including all exhibits and schedules thereto and references therein that relate to the Plan that is
prepared and distributed in accordance with this Term Sheet, the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, and any other applicable law.

 

  
 B-2 

			
		
	    Term

 
	  	Definition
	 	 
	Disclosure Statement Milestone	  	 As defined in the Restructuring
Support Agreement.
  

	 	 
	Disclosure Statement Order	  	 The order entered by the
Bankruptcy Court approving the Disclosure Statement as containing, among other things, “adequate information” as required by section 1125 of the Bankruptcy Code.

 

	 	 
	 Effective
Date
  
	  	 The date on which the
Restructuring is substantially consummated.
  

	 	 
	Exit ABL Loan	  	 That certain asset-based revolving
lending facility, in an amount to be determined, to be entered into by Reorganized Verso Corp or one or more of the Reorganized Debtors on the Effective Date.

 

	 	 
	Final DIP Orders	  	 As defined in the Restructuring
Support Agreement.
  

	 	 
	General Unsecured Claim	  	 Any claim against any of the
Debtors that is (a) not an Administrative Claim, Priority Tax Claim, Other Priority Claim, Verso First Lien Claim, Verso Other Debt Claim, NewPage First Lien Claim, Verso ABL DIP Loan Claim, NewPage ABL DIP Loan Claim, NewPage Term DIP Loan Claim,
Other Secured Claim, or Intercompany Claim or (b) otherwise determined by the Bankruptcy Court to be a General Unsecured Claim.
  

	 	 
	 Holdings
One
  
	  	 As defined in the Restructuring
Support Agreement.
  

	 	 
	Intercompany Claim	  	 A claim held by (a) a Debtor
against another Debtor or (b) a non-Debtor subsidiary of a Debtor against a Debtor.
  

	 	 
	Interim DIP Orders	  	 As defined in the Restructuring
Support Agreement.
  

	 	 
	Joinder Agreement	  	 As defined in the Restructuring
Support Agreement.
  

	 	 
	Joining Party	  	 As defined in the Restructuring
Support Agreement.
  

	 	 
	Liens	  	 As defined in the Interim DIP
Order for the NewPage Debtors.
  

	 	 
	Loan Party Challenge Proceeding	  	 As defined in the Interim DIP
Order for the NewPage Debtors.
  

	 	 
	New Equity Incentive Plan	  	 As defined in the Term Sheet.

 

	 	 
	NewPage	  	 NewPage Corporation

 

	 	 
	NewPage ABL DIP Loan	  	 That certain Superpriority
Debtor-in-Possession Asset-Based Revolving Credit Agreement, by and among, inter alia, NewPage, NewPage Holdings, certain of the other NewPage Debtors, the lenders party thereto, Barclays Bank PLC, as the administrative agent and collateral
agent, and BMO Harris Bank N.A., as co-collateral agent.
  

  
 B-3 

			
		
	    Term

 
	  	Definition
	 	 
	NewPage ABL DIP Loan Claims	  	 Any and all claims arising under
or related to the NewPage ABL DIP Loan.
  

	 	 
	NewPage Consideration	  	 As defined in the Term Sheet.

 

	 	 
	NewPage Debt Obligations	  	 As defined in the Restructuring
Support Agreement.
  

	 	 
	NewPage Debtors	  	 NewPage Investment Company LLC;
NewPage Corporation; NewPage Consolidated Papers Inc.; Escanaba Paper Company; Luke Paper Company; Rumford Paper Company; Wickliffe Paper Company LLC; Upland Resources, Inc.; NewPage Energy Services LLC; Chillicothe Paper Inc.; and NewPage Wisconsin
System Inc.
  

	 	 
	NewPage DIP Term Loan	  	 That certain Superpriority
Debtor-in-Possession Term Loan Agreement, by and among, inter alia, NewPage, NewPage Holdings, certain of the NewPage Debtors, the lenders party thereto, and Barclays Bank PLC, as the administrative agent and collateral agent.

 

	 	 
	NewPage First Lien Claims	  	 Any and all claims arising under
or related to the NewPage Term Loan.
  

	 	 
	NewPage Holdings	  	 As defined in the Restructuring
Support Agreement.
  

	 	 
	NewPage New Money DIP Term Loan Claims	  	 Any and all claims arising under
or related to the new money portion of the NewPage DIP Term Loan.
  

	 	 
	NewPage Roll-Up DIP Term Loan Claims	  	 Any and all claims arising under
or related to the roll-up portion of the NewPage DIP Term Loan.
  

	 	 
	NewPage Subsidiaries	  	 As defined in the Restructuring
Support Agreement.
  

	 	 
	NewPage Term DIP Loan Claims	  	 NewPage New Money DIP Term Loan
Claims and NewPage Roll-Up DIP Term Loan Claims.
  

	 	 
	NewPage Term Loan	  	 That certain First Lien Credit
Agreement, dated as of February 11, 2014, as amended from time to time, by and among, inter alia, NewPage as borrower, NewPage Holdings and substantially all of the NewPage Subsidiaries, as guarantors, Wilmington Trust, N.A., as successor
administrative agent and collateral agent, and the lenders from time to time party thereto.
  

	 	 
	Other Priority Claim	  	 Any claim, other than an
Administrative Claim or a Priority Tax Claim, entitled to priority in right of payment under section 507(a) of the Bankruptcy Code.
  

	 	 
	Other Secured Claim	  	 Any secured claim against any of
the Debtors, except: (a) Verso First Lien Claims; (b) Verso Other Debt Claims; (c) NewPage First Lien Claims; (d) Verso ABL DIP Loan Claims; (e) NewPage ABL DIP Loan Claims; and (f) NewPage Term DIP Loan Claims.

 

  
 B-4 

			
		
	    Term

 
	  	Definition
	 	 
	Owned Debtor Claims/Interests	  	 As defined in the Restructuring
Support Agreement.
  

	 	 
	Parties	  	 As defined in the Restructuring
Support Agreement.
  

	 	 
	Permitted Transfer	  	 As defined in the Restructuring
Support Agreement.
  

	 	 
	Permitted Transferee	  	 As defined in the Restructuring
Support Agreement.
  

	 	 
	Petition Date	  	 The date on which the Debtors
commence the Chapter 11 Cases.
  

	 	 
	Plan	  	 As defined in the Term Sheet.

 

	 	 
	Plan Equity Consideration	  	 As defined in the Term Sheet.

 

	 	 
	Plan Supplement	  	 The compilation of documents and
forms of documents, schedules, and exhibits to the Plan filed by the Debtors.
  

	 	 
	Plan Warrants	  	 As defined in the Term Sheet.

 

	 	 
	Priority Tax Claims	  	 Claims of governmental units of
the type described in section 507(a)(8) of the Bankruptcy Code.
  

	 	 
	Pro Rata	  	 The proportion that a claim or
equity interest in a particular class bears to the aggregate amount of the claims or equity interests in that class, or the proportion of the claims or equity interests in a particular class and other classes entitled to share in the same recovery
as such claim or equity interest under the Plan.
  

	 	 
	Qualified Marketmaker	  	 As defined in the Restructuring
Support Agreement.
  

	 	 
	Reorganized Debtors	  	 Any Debtor and any successors or
assigns thereto, by merger, consolidation, or otherwise on or after the Effective Date.
  

	 	 
	 Reorganized Verso
Common Equity
  
	  	 The newly-issued common equity of
Reorganized Verso Corp.
  

	 	 
	Reorganized Verso Corp	  	 Verso Corp, or any successor
thereto, by merger, consolidation, or otherwise on or after the Effective Date, it being understood that, as of the Effective Date, Reorganized Verso Corp shall be a corporation organized under the laws of the state of Delaware.

 

	 	 
	Reorganized Verso Corp Board	  	 The initial board of directors of
Reorganized Verso Corp on and after the Effective Date.
  

	 	 
	Required Consenting NewPage Creditors	  	 Consenting NewPage Creditors, on a
combined basis and voting as a single class, holding in the aggregate at least 66 2/3% in principal amount of the aggregate principal amount of claims of the Consenting NewPage Creditors, calculated at such time as any related determination under
the Restructuring Support Agreement is to be made.
  

  
 B-5 

			
		
	    Term

 
	  	Definition
	 	 
	Required Consenting Verso Creditors	  	 Consenting Verso Creditors, on a
combined basis and voting as a single class, holding in the aggregate at least 66 2/3% in principal amount of the aggregate principal amount of the claims of the Consenting Verso Creditors, calculated at such time as any related determination under
the Restructuring Support Agreement is to be made.
  

	 	 
	Required Consenting Verso First Lien Creditors	  	 Consenting Verso First Lien
Creditors, on a combined basis and voting as a single class, holding in the aggregate at least 66 2/3% in principal amount of the aggregate principal amount of the claims of the Consenting Verso First Lien Creditors, calculated at such time as any
related determination under the Restructuring Support Agreement is to be made.
  

	 	 
	
Restructuring
  
	  	 As defined in the Restructuring Support Agreement.

	 	 
	Restructuring Support Agreement	  	 The Restructuring Support
Agreement to which this Term Sheet is attached as Exhibit A, pursuant to which the Debtors, the Consenting Creditors, and Permitted Transferees (if any) agree to pursue and implement the Restructuring, consistent in form and substance in all
material respects with this Term Sheet and the Plan.
  

	 	 
	 Restructuring
Support Effective Period
  
	  	 As defined in the Restructuring Support Agreement.

	 	 
	 Restructuring
Support Termination Date
  
	  	 As defined in the Restructuring Support Agreement.

	 	 
	 Restructuring
Support Termination Event
  
	  	 As defined in the Restructuring Support Agreement.

	 	 
	 Restructuring
Support Termination Notice
  
	  	 As defined in the Restructuring Support Agreement.

	 	 
	Restructuring Transactions	  	 Those mergers, amalgamations,
consolidations, arrangements, continuances, restructurings, transfers, conversions, dispositions, liquidations, dissolutions, or other corporate transactions that the Debtors and the Consenting Creditors reasonably determine to be necessary to
implement the Plan.
  

	 	 
	 SEC

 
	  	 The Securities and Exchange
Commission.
  

	 	 
	 Securities
Act
  
	  	 As defined in the Restructuring Support Agreement.

	 	 
	SSA	  	 That certain Shared Services
Agreement, dated as of January 7, 2015, by and among Verso Corp, NewPage, and NewPage Holdings Inc.
  

	 	 
	 SSA Order

 
	  	 The order of the Bankruptcy Court approving an interim SSA
protocol.

	 	 
	Standstill Period	  	 As defined in the SSA Order.

 

  
 B-6 

			
		
	    Term

 
	  	Definition
	 	 
	Superior Proposal	  	 A proposal regarding an
Alternative Proposal that the Board of Directors of Verso Corporation, after considering all relevant factors, including execution risk (i.e., the ability to consummate such Alternative Transaction through an out-of-court transaction (s) or chapter
11 proceedings) and treatment of claims, determines in good faith that such Alternative Transaction would, if consummated, better maximize the total enterprise value of the Debtors for, and provide better recoveries to, applicable stakeholders in
the Debtors than the Restructuring Transactions.
  

	 	 
	Supporting Claims/Interests	  	 As defined in the Restructuring
Support Agreement.
  

	 	 
	 Term
Sheet
  
	  	 As defined in the Restructuring
Support Agreement.
  

	 	 
	 Total Verso First
Lien Debt Obligations
  
	  	 The Verso First Lien Debt Obligations and the Verso Cash Flow
Revolver.

	 	 
	 Total Verso
Second Lien Debt Obligations
  
	  	 As defined in the Restructuring Support Agreement.

	 	 
	 Total Verso
Unsecured Debt Obligations
  
	  	 As defined in the Restructuring Support Agreement.

	 	 
	 Transfer

 
	  	 As defined in the Restructuring Support Agreement.

	 	 
	 Total Verso 1.5
Lien Debt Obligations
  
	  	 As defined in the Restructuring Support Agreement.

	 	 
	Verso 1.5 Lien Notes	  	 The 11.75% senior secured notes
due 2019 issued pursuant to that certain Indenture, dated as of May 11, 2012, as amended from time to time, by and among, inter alia, Verso Holdings and Co-Issuer, as issuers, substantially all of the Verso Subsidiaries, as guarantors, and
Wilmington Trust, N.A., as trustee.
  

	 	 
	Verso 2012 First Lien Notes	  	 The 11.75% senior secured notes
due 2019 issued pursuant to that certain Indenture, dated as of March 21, 2012, as amended from time to time, by and among, inter alia, Verso Holdings and Co-Issuer, as issuers, substantially all of the Verso Subsidiaries, as guarantors, and
Wilmington Trust, N.A., as trustee.
  

	 	 
	Verso 2015 First Lien Notes	  	 The 11.75% senior secured notes
due 2019 issued pursuant to that certain Indenture, dated as of January 7, 2015, as amended from time to time, by and among, inter alia, Verso Holdings and Co-Issuer, as issuers, substantially all of the Verso Subsidiaries, as guarantors, and
Wilmington Trust, N.A., as trustee.
  

	 	 
	Verso ABL DIP Loan	  	 That certain Superpriority Secured
Debtor-in-Possession Credit Agreement, by and among, inter alia, Verso Holdings, Verso Finance, certain of the other Verso Debtors, the lenders party thereto, and Citibank, N.A., as the administrative agent and collateral agent.

 

  
 B-7 

			
	  

   Term

 
	  	  

Definition

	  
 Verso ABL DIP Loan
Claims
	  	  

Any and all claims arising under or related to the Verso ABL DIP Loan.

 

	  
 Verso Cash Flow
Revolver
	  	  

The revolving credit facility under that certain Credit Agreement, dated as of May 4, 2012, as amended from time to time, by and among,
inter alia, Verso Holdings, as borrower, and substantially all of the Verso Subsidiaries, as guarantors, Credit Suisse AG Cayman Islands Branch, as administrative agent and collateral agent, and the lenders from time to time party
thereto.
  

	  
 Verso
Consideration
  
	  	  

 
 As defined in the Term Sheet.

 

	  
 Verso Corp

 
	  	  

As defined in the Restructuring Support Agreement.

 

	  
 Verso Debt
Obligations
  
	  	  

As defined in the Restructuring Support Agreement.

 

	  
 Verso
Debtors
	  	  

Verso Corporation; Verso Paper Finance Holdings One LLC; Verso Paper Finance Holdings LLC; Verso Paper Holdings LLC; Verso Paper Finance
Holdings Inc.; Verso Paper Inc.; Verso Paper LLC; nexTier Solutions Corporation; Verso Androscoggin LLC; Verso Quinnesec REP Holding Inc.; Verso Maine Energy LLC; Verso Quinnesec LLC; Bucksport Leasing LLC; Verso Sartell LLC; Verso Fiber Farm LLC;
and NewPage Holdings Inc.
  

	  
 Verso
Finance
  
	  	  

As defined in the Restructuring Support Agreement.

 

	  
 Verso First Lien
Claims
	  	  

Any claim arising under or related to: (a) the Verso Cash Flow Revolver, (b) the Verso 2012 First Lien Notes, and (c) the Verso 2015 First Lien
Notes.
  

	  
 Verso First Lien
Debt Obligations
  
	  	  

As defined in the Restructuring Support Agreement.

 

	  
 Verso
Holdings
  
	  	  

As defined in the Restructuring Support Agreement.

 

	  
 Verso Old Second
Lien Debt Obligations
  
	  	  

As defined in the Restructuring Support Agreement.

 

	  
 Verso Second Lien
Debt Obligations
  
	  	  

As defined in the Restructuring Support Agreement.

 

	  
 Verso Second Lien
Notes
	  	  

The adjustable rate second priority senior secured notes due 2020, issued pursuant to that certain Indenture, dated as of August 1, 2014, as
amended from time to time, by and among, inter alia, Verso Holdings and Co-Issuer, as issuers, substantially all of the Verso Subsidiaries, as guarantors, and Wilmington Trust, N.A., as trustee.

 

	  
 Verso Senior Debt
Claims
	  	  

Any claim arising under or related to: (a) the Verso 1.5 Lien Notes, (b) the Verso Second Lien Notes or (c) the Verso Old Second Lien
Notes.
  

  
 B-8 

			
	  

   Term

 
	  	  

Definition

 

	  
 Verso Subordinated
Debt Claims
	  	  

Any claim arising under or related to: (a) the Verso 2016 Subordinated Unsecured Notes or (b) the Verso 2020 Subordinated Unsecured Notes.

 

	  
 Verso
Subsidiaries
  
	  	  

As defined in the Restructuring Support Agreement.

 

	  
 Verso 2016
Subordinated Unsecured Notes
	  	  

The 11.375% senior subordinated notes due 2016 issued pursuant to that certain Indenture, dated as of August 1, 2006, as amended from time to
time, by and among, inter alia, Verso Holdings and Co-Issuer, as issuers, substantially all of the Verso Subsidiaries, as guarantors, and the Wilmington Trust, N.A., as trustee.

 

	  
 Verso 2020
Subordinated Unsecured Notes
	  	  

The adjustable senior subordinated notes due 2020 issued pursuant to that certain Indenture, dated as of August 1, 2014, as amended from time
to time, by and among, inter alia, Verso Holdings and Co-Issuer, as issuers, substantially all of the Verso Subsidiaries, as guarantors, and Wilmington Trust, N.A., as trustee.

 

  
 B-9 

 EXHIBIT C 

FORM OF JOINDER AGREEMENT 

This Joinder Agreement to the Restructuring Support Agreement, dated as of
[               ], 2016 (as amended, supplemented, or otherwise modified from time to time, the “Agreement”), by and among the Parties is executed and
delivered by
                                         
                        (the “Joining Party”) as of
                            , 2016. Each capitalized term used herein but not otherwise defined shall
have the meaning set forth in the Agreement. 
 1.         Agreement To Be
Bound. The Joining Party hereby agrees to be bound by (a) all of the terms of the Agreement, a copy of which is attached to this Joinder Agreement as Annex I (as the same has been or may be hereafter amended, restated, or otherwise
modified from time to time in accordance with the provisions thereof), and (b) the vote with respect to the Plan of the transferor of the Supporting Claims/Interests to be acquired in connection with the execution of this Joinder Agreement, if
such vote was cast before the effectiveness of the transfer of such Supporting Claims/Interests. The Joining Party shall hereafter be deemed to be a “Party” under the Agreement solely with respect to any Supporting Claims/Interests
transferred to such Joining Party in connection with this Joinder Agreement and not, for the avoidance of doubt, with respect to any other Debtor Claims/Interests held by such Joining Party at the time of such Transfer, unless already subject to the
Agreement. 
 2.         Representations and Warranties. The Joining
Party hereby makes the representations and warranties of the Consenting Creditors set forth in the Agreement to each other Party to the Agreement. 

3.         Governing Law. This Joinder Agreement shall be governed by, and
construed in accordance with, the internal laws of the State of Delaware, without regard to any conflict of laws provisions which would require the application of the law of any other jurisdiction. 

*          *          * 

 IN WITNESS WHEREOF, the Joining Party has caused this Joinder Agreement to be executed as of the
date first written above. 
  

							
	 [JOINING PARTY]
	 		 	
				
	 By:
	 	  
	 	      
	 	      

		 	 Name:
	 		 	
		 	 Title:
	 		 	
			
	 Notice information: 
	 		 	
		
	  
	 	
	  
	 	
	  
	 	
			
		 		 	
			
	 Owned Debtor Claims/Interests:

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