Document:

EX-10.1

 Exhibit 10.1 

 
 

 
 AGREEMENT OF INDEMNITY 
 This AGREEMENT is made and entered into this 7th day of May , 2013 by: 
  

					
	 Name
	  	Tax ID Number	  	 Address

	Integrated Electrical Services, Inc.	  	76-0542208	  	5433 Westheimer, Suite 500, Houston, TX 77056
	IES Residential, Inc.	  	74-1774028	  	10203 Mula Circle, Stafford, TX 77477
	IES Commercial, Inc.	  	16-1664197	  	5433 Westheimer, Suite 500, Houston, TX 77056
	IES Properties, Inc.	  	76-0699590	  	5433 Westheimer, Suite 500, Houston, TX 77056
	IES Tangible Properties, Inc.	  	26-0656949	  	5433 Westheimer, Suite 500, Houston, TX 77056
	IES Purchasing & Materials, Inc.	  	26-0655043	  	5433 Westheimer, Suite 500, Houston, TX 77056
	IES Consolidation, LLC	  	26-0733980	  	5433 Westheimer, Suite 500, Houston, TX 77056
	IES Shared Services, Inc.	  	26-0655112	  	5433 Westheimer, Suite 500, Houston, TX 77056
	IES Operations Group, Inc.	  	52-2110684	  	5433 Westheimer, Suite 500, Houston, TX 77056
	ICS Holdings LLC	  	04-3781605	  	5433 Westheimer, Suite 500, Houston, TX 77056
	Integrated Electrical Finance, Inc.	  	76-0559059	  	5433 Westheimer, Suite 500, Houston, TX 77056
	Key Electrical Supply, Inc.	  	76-0285442	  	5433 Westheimer, Suite 500, Houston, TX 77056
	Thomas Popp & Company	  	31-1112666	  	5433 Westheimer, Suite 500, Houston, TX 77056
	IES Management Roo, LP	  	52-2114914	  	5433 Westheimer, Suite 500, Houston, TX 77056
	IES Management LP	  	76-0569183	  	5433 Westheimer, Suite 500, Houston, TX 77056
	IES Commercial & Industrial, LLC	  	45-2010815	  	5433 Westheimer, Suite 500, Houston, TX 77056
	IES Renewable Energy, LLC	  	46-1964685	  	10203 Mula Circle, Stafford, TX 77477
	IES Subsidiary Holdings, Inc.	  	46-2276549	  	5433 Westheimer, Suite 500, Houston, TX 77056

 together with any of their respective partnerships, associations, corporations, successors, assigns, affiliates, any
related entities, subsidiaries and/or divisions of the UNDERSIGNED whether now existing or hereafter formed or acquired (hereinafter collectively referred to as “UNDERSIGNED”), in favor of XL Specialty Insurance Company, XL Reinsurance
America, Inc., Greenwich Insurance Company, and their affiliated, associated and subsidiary companies, their successors and assigns (hereinafter referred to as SURETY). 
 RECITALS 
 WHEREAS, PRINCIPAL, in the performance of contracts and the fulfillment of
obligations generally, whether solely in its own name or as co-venturer with others, may desire or be required to give or procure certain BOND(S); and 
 WHEREAS, UNDERSIGNED, whether or not named as a PRINCIPAL in BOND(S) represent and warrant that UNDERSIGNED have a substantial, material, financial and/or beneficial interest in the performance and
fulfillment of obligations secured or to be secured by BOND(S) on behalf of PRINCIPAL; and 
 WHEREAS, UNDERSIGNED understand that SURETY has
executed, provided or procured BOND(S) on behalf of PRINCIPAL or will consider requests for SURETY to execute, provide or procure BOND(S) on behalf of PRINCIPAL upon the express understanding that this AGREEMENT be entered into by UNDERSIGNED; and

 NOW THEREFORE, in consideration of SURETY: (1) heretofore having executed, provided or procured BOND(S)
on behalf of PRINCIPAL; (2) receiving requests for BOND(S) from UNDERSIGNED and determining whether or not SURETY will execute, provide or procure the BOND(S) requested; or (3) hereafter executing, providing or procuring BOND(S) on behalf
of PRINCIPAL; UNDERSIGNED covenant and agree as follows: 
 I—DEFINITIONS 

The following terms, as used in this AGREEMENT, are defined as set forth below: 
 “BOND”: (1) Contract of suretyship, guaranty or indemnity executed on behalf of PRINCIPAL by SURETY; (2) the continuation, extension, alteration, renewal or substitution of such
contract; (3) a letter, consent or AGREEMENT from SURETY to a PERSON wherein SURETY represents to such PERSON(S) that SURETY may or will execute on behalf of PRINCIPAL the BOND(S) required by such PERSON’S invitation for bids or proposals
(hereinafter referred to as BID LETTER). 
 “EVENT OF DEFAULT”: Any one or more of the following: (1) Any material breach of or
failure to perform or comply with any of the provisions of this AGREEMENT that remains uncured after 30 days notice thereof to the Undersigned by the Surety; (2) any breach, or default of any obligation secured by BOND(S) whether admitted or
contested, declared or undeclared, that remains uncured after the period allowed for cure in the contract, or mandated by the obligee; 3) any failure, or inability of UNDERSIGNED to pay claims, bills or other indebtedness secured by BOND(S) executed
by SURETY after 30 days from the date on which such amount was originally due; (4) the appointment of a receiver or trustee or an application for appointment of a receiver or trustee for PRINCIPAL or UNDERSIGNED whether insolvent or not;
(5) any proceeding or the exercise of any rights by any PERSON which deprives or impairs PRINCIPAL(S), use of its plant, machinery, equipment, plans, drawings, tools, supplies or materials; or (6) the occurrence of any event of default of
any FINANCIAL INDEBTEDNESS including, but not limited to, any one or more of the following: i) any FINANCIAL INDEBTEDNESS not paid when due, nor within any originally applicable grace period; or ii) any FINANCIAL INDEBTEDNESS declared to be or
otherwise becomes due and payable prior to its specified maturity as a result of any event of default (however described. 
 “FINANCIAL
INDEBTEDNESS” shall mean any indebtedness of the UNDERSIGNED in an amount equal to or in excess of $500,000.00 for or in respect of: (a) moneys borrowed; (b) any amount raised by acceptance under any acceptance credit facility;
(c) any amount raised pursuant to any note purchase facility or the issuance of any bond, note, debenture, loan, stock or any similar instrument; (d) the amount of any liability in respect of any lease or hire purchase contract which
would, in accordance with GAAP and/or IAS, be treated as a finance or capital lease; (e) receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); (f) any amount raised under any other
transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; g) any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other
instrument issued by a bank, surety or financial institution: and (h) the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (g) above. 

“GOOD FAITH”: Honest motives regardless of whether such motives are the product of bad judgment or negligence. 

“INTERCREDITOR AGREEMENT” shall mean that certain Intercreditor Agreement dated on or about the date hereof, by and among each Surety and Wells
Fargo Bank, National Association, as the same may be amended, amended and restated and/or otherwise modified from time to time. 

“PERSON”: Individual(s), partnership(s), association(s), limited liability company(s), corporation(s), joint- venture(s), public entity(s),
political subdivision(s) or any other legal or commercial entity. 

 “PRINCIPAL”: One or more UNDERSIGNED or any existing or future partnerships, joint ventures
(whether silent or disclosed), associations, limited liability companies, corporations or other legal or commercial entities in which UNDERSIGNED have or will have a substantial, material, financial and/or beneficial interest, including
subsidiaries, associated and affiliated companies who alone or with other PERSON(S) have secured or may secure the performance and fulfillment of obligations by BOND(S), executed, provided or procured by SURETY. 

“UNDERSIGNED”: PERSON(S) who execute this AGREEMENT together with any of their respective heirs, personal representatives, partnerships,
associations, corporations, successors, assigns, affiliates, any related entities, subsidiaries and/or divisions of the UNDERSIGNED whether now existing or hereafter formed or acquired. 

II—GENERAL 
  

	(A)	The aforementioned RECITALS are true and correct. 

  

	(B)	This AGREEMENT binds UNDERSIGNED, jointly and severally, to SURETY in connection with each and every obligation of this AGREEMENT, including but not limited to, Section
V of this AGREEMENT, and all BOND(S) heretofore or hereafter executed, provided or procured by SURETY on behalf of PRINCIPAL in any penal sum and in favor of any obligee(s). 

 

	(C)	This AGREEMENT shall not be construed as an offer by UNDERSIGNED to indemnify SURETY which SURETY must accept prior to its executing, providing or procuring BOND(S) on
behalf of PRINCIPAL; but, shall be construed as part of the consideration on which SURETY has relied or will rely in executing, providing or procuring BOND(S) on behalf of PRINCIPAL. 

 

	(D)	This AGREEMENT inures to the benefit of any co-surety or reinsurer of SURETY on BOND(S), and in the event the SURETY procures the execution of BOND(S) by other
sureties, this AGREEMENT shall inure to the benefit of such other sureties. 

  

	(E)	This AGREEMENT shall be liberally construed so as to protect, exonerate, hold harmless and indemnify to the fullest extent SURETY. 

III—DECLINE EXECUTION 
  

	(A)	UNDERSIGNED are not obligated to request SURETY to execute, provide procure, or renew any BOND(S) required of UNDERSIGNED in the performance and fulfillment of
obligations. 

  

	(B)	SURETY has the right, in its sole discretion, to decline to execute, provide or procure BOND(S) requested by PRINCIPAL. 

 

	(C)	If SURETY executes, provides or procures a bid or proposal BOND or furnishes a BID LETTER on behalf of PRINCIPAL, SURETY has the right, in its sole discretion, to
decline to execute the final BOND(S), including, but not limited to, performance, payment, maintenance, or other BOND(S) that may be required in connection with any award that may be made under the bid, proposal or tender for which the bid or
proposal BOND or BID LETTER is given. 

  

	(D)	While SURETY may from time to time establish a formal or informal line of credit, BOND line or BOND program, the existence of such line or program shall be for the sole
convenience of SURETY and shall not abridge, waive or in any way alter SURETY’S absolute right to decline to execute, provide or procure any BOND(S) requested by PRINCIPAL. 

 

	(E)	No claim shall be made, nor any cause of action asserted against SURETY by UNDERSIGNED in consequence of SURETY’S failure or refusal to execute any BOND.

 IV—PREMIUMS 
 Until the Undersigned shall serve evidence satisfactory to the Surety of its discharge or release from the Bonds and all liability by reason thereof, UNDERSIGNED shall pay or cause to be paid to SURETY,
in such manner and at such time as required by SURETY, all premiums and charges of SURETY in accordance with its rate filings, its manual of rates then in effect or as otherwise charged by SURETY, for executing, providing or procuring BOND(S) for
PRINCIPAL; provided that such premiums shall be notified and agreed to by the Undersigned in advance of the provision of any Bond. 
 V—INDEMNITY 
  

	(A)	UNDERSIGNED shall exonerate, hold harmless, indemnify, and keep indemnified SURETY from and against any and all losses, claims, liabilities, damages, demands for
payment or performance, expenses and costs of whatever kind or nature including, but not limited to, interest, court costs, document reproduction and storage charges, reasonable investigative expenses and costs, reasonable adjusting, expert and
attorney fees imposed upon, made, sustained or incurred by SURETY by reason of: (1) SURETY having executed, provided or procured BOND(S) on behalf of PRINCIPAL; (2) UNDERSIGNED’S failure to perform or comply with any of the provisions
of this AGREEMENT; (3) SURETY enforcing any of the covenants or conditions of this AGREEMENT; (4) SURETY conducting any investigation, obtaining or attempting to obtain a release, or recovering or attempting to recover loss or unpaid
premium in connection with any BOND(S); and/or (5) SURETY prosecuting or defending any action or claim in connection with any BOND(S) executed provided or procured on behalf of PRINCIPAL, whether SURETY at its sole option elects to employ its
own counsel, or permits or requires UNDERSIGNED to make arrangements for SURETY’S legal representation. 

  

	(B)	In an EVENT OF DEFAULT, in order to exonerate, hold harmless and indemnify SURETY, UNDERSIGNED shall upon demand of SURETY deposit funds or other collateral with
SURETY; such funds shall be, at the SURETY’S option, money or property or liens on or security interests in property. The amount of such money or property or the value of the property to become subject to liens or security interests shall, at
the option of the SURETY, equal (1) the actual or contingent liability or obligation of the SURETY for all BOND(S) outstanding as determined as determined by the SURETY in its sole discretion; or the sum of any or all pending claims asserted
against SURETY on BOND(S), whether such claims are contested or not or whether or not liability has been established with respect to such claims, plus the amount of costs and expenses which the SURETY, in its sole discretion, reasonably estimates
may be incurred as a result of the assertion of such claims, or (2) the reserve established by SURETY as consequence of having issued BOND(S) on behalf of PRINCIPAL whether on account of an actual liability or one which is, or may be, asserted
against SURETY and whether or not any payment for such loss has been made. SURETY shall have no obligation to invest or provide a return on the funds deposited. Any amounts deposited shall be held in trust by the SURETY, are to be used by SURETY
only for purposes of satisfying the expenses, liabilities, claims or reserves described in clause (1), (2) and (3) above and shall be returned to UNDERSIGNED once no such expenses, liabilities, claims or reserves of the SURETY remain in
connection with the BONDS. UNDERSIGNED acknowledge that failure of UNDERSIGNED to deposit funds with SURETY in accordance with this section in the amounts and at the time demanded by SURETY shall cause irreparable harm for which SURETY has no
adequate remedy at law. UNDERSIGNED agree that SURETY shall be entitled to injunctive relief for specific performance of UNDERSIGNED’S obligation to deposit funds with SURETY in accordance with this section. 

 

	(C)	In an EVENT OF DEFAULT, it is understood and agreed that the UNDERSIGNED will, upon the reasonable request of the SURETY, use its commercially reasonable efforts to
promptly procure the full and complete discharge of the SURETY from any BOND or BONDS and all liability by reason thereof. Upon such discharge or release, the Surety shall return to the Undersigned any portion of any premium paid that is unearned as
a result of such discharge or release. If UNDERSIGNED are unable to provide such discharge, the UNDERSIGNED shall provide the SURETY with collateral in an amount determined by the Surety, in its sole discretion, equal to the maximum actual or
contingent liability of the UNDERSIGNED for BONDS issued and in force at the time of the EVENT OF DEFAULT. 

 VI—SETTLEMENTS AND PAYMENTS 

 

	(A)	SURETY shall have the right in its sole discretion to determine whether any claims, demands, suits or judgments on or against BOND(S) provided, procured or executed by
SURETY shall be paid, compromised, defended, prosecuted or appealed irrespective of the fact that UNDERSIGNED may have assumed, or offered to assume, the defense of the SURETY upon such claim, demand, suit or judgment. 

 

	(B)	The liability of UNDERSIGNED under this AGREEMENT shall extend to and include all amounts paid by SURETY in GOOD FAITH under the belief that: (1) SURETY is or was
liable for the sums and amounts so disbursed, or that it was necessary or expedient to make such disbursements, whether or not such liability, necessity or expediency existed; or (2) such payments were necessary or advisable to protect any of
SURETY’S rights or to avoid or lessen SURETY’S liability or alleged liability. Payment to the SURETY by the UNDERSIGNED shall be made by the UNDERSIGNED as soon as such liability exists or is asserted against the SURETY, whether or not the
SURETY shall have made any payment therefore. 

  

	(C)	The liability of UNDERSIGNED to SURETY shall include interest from the date of SURETY’S payments at the maximum rate permitted in the jurisdiction in which this
AGREEMENT is enforced, or is enforceable, but in no event shall such amount exceed LIBOR plus 500 basis points. 

  

	(D)	The voucher(s) or other evidence of such payment(s) or an itemized statement of payment(s) sworn to by an officer of SURETY shall be prima facie evidence of the fact
and the extent of the liability of UNDERSIGNED to SURETY. 

 VII—INTERCREDITOR AGREEMENT 

Notwithstanding anything in this AGREEMENT to the contrary, SURETY and PRINCIPAL acknowledge and agree that the terms, conditions and agreements set
forth in this AGREEMENT shall at all times remain subject to the Intercreditor Agreement, and in the event of a conflict of terms between this AGREEMENT and the Intercreditor Agreement, the terms of the Intercreditor Agreement shall control in all
respects. 
 VIII—SUITS 
  

	(A)	Separate suits may be brought hereunder as causes of action accrue, and the bringing of suit or the recovery of judgment upon any cause of action shall not prejudice or
bar the bringing of other suits upon other causes of action, whether theretofore or thereafter arising. 

  

	(B)	Integrated Electrical Services, Inc. is the agent for all UNDERSIGNED for the purpose of service of any process in the jurisdiction in which the UNDERSIGNED being
served resies, is domiciled is doing business or is found. 

 IX—TRUST FUND 

 

	(A)	 If any of the Bonds are executed in connection with a contract which by its terms or by law prohibits the assignment of the contract, or for which
assignment is conditioned on consent of the counterparty and consent is lawfully denied, then PRINCIPAL and UNDERSIGNED agree that at Surety’s request, solely with respect to any such specific contract secured by BOND(S) executed, provided or
procured by SURETY on PRINCIPAL’S behalf, all money and property representing the consideration for the performance of the contract, (including, without limitation, the proceeds of claims for adjustments, additional compensation, compensation
for the delay, extra work, change orders, insurance claims 

	 	
and all damage claims) whether in the possession of the PRINCIPAL, UNDERSIGNED or others and whether earned, unearned, paid, retained or to be paid shall be held in trust as trust funds for and
shall be used solely for; (1) the performance of the contract; (2) the payment of obligation(s) to subcontractor(s), laborer(s), and supplier(s) of material(s) and service(s) incurred or to be incurred in the performance of the contract
for which SURETY is or may be liable under BOND(S) and; (3) the satisfaction of UNDERSIGNED’S obligations to SURETY under this AGREEMENT and all other indebtednesses and liabilities of UNDERSIGNED to SURETY. 

 

	(B)	With respect only to any contract described in paragraph (A) of this Section IX for which funds have been requested to be held in trust, PRINCIPAL shall, upon
demand of SURETY, deliver the consideration for the contract to a bank designated by SURETY for deposit in an account in the name of PRINCIPAL designated as a “Special Account” or “Trust Account” and withdrawals from said
“Special Account” or “Trust Account” shall be by check(s) payable to the beneficiaries and for the stated purposes of this trust, signed by a representative of PRINCIPAL and by a representative of SURETY.

  

	(C)	If SURETY discharges any obligation of the PRINCIPAL to any trust beneficiary, SURETY shall be entitled to assert the rights and claim of such beneficiary to the trust
fund. 

  

	(D)	This trust may be implemented in any other manner provided at law or in equity. This AGREEMENT and declaration constitute notice of such trust.

 X—TAKEOVER 
 In the event of an occurrence of an EVENT OF DEFAULT other than those described in subclause (6) of the definition thereof, SURETY, after five days’ written notice to and an opportunity to cure
by UNDERSIGNED, shall have the right and power, but not the obligation, to do one or more of the following to the extent necessary to fulfill Surety’s obligation under any Bond and subject to the terms of the Intercreditor Agreement:

  

	 	(A)	Take possession of any part or all of the work under contract(s) secured by BOND(S) together with plant, machinery, equipment, job books and records, plans, drawings,
tools, supplies or material wherever located and owned, leased or usable by PRINCIPAL; 

  

	 	(B)	Assume all right, title and interest of the PRINCIPAL in and to all subcontracts and purchase orders, let or to be let, in connection with contract(s) secured by
BOND(S); 

  

	 	(C)	Assume all right, title and interest of UNDERSIGNED in licenses, patents and copyrights which SURETY deems necessary for completion of the contracts secured by BOND(S);

  

	 	(D)	At the expense of UNDERSIGNED, complete or arrange for completion or consent to the obligee’s completion of part or all of the work under contract(s) secured by
BOND(S); 

  

	 	(E)	Assert, pursue or prosecute, in its discretion, and at the expense of UNDERSIGNED in the name of PRINCIPAL or in the name of SURETY, all claims of PRINCIPAL against
obligee(s) on BOND(S) or against any PERSON, subcontractor, supplier, government or governmental agency arising or growing out of contracts or work done thereunder secured by BOND(S) executed, provided or procured by SURETY. The authority and power
to prosecute said claim(s) shall include the authority to settle said claim(s) or any part thereof on such terms as the SURETY believes to be in SURETY’S best interest; 

 

	 	(F)	Arrange with the obligee(s) of the BOND(S) for the delivery of the consideration for the performance of the contract(s), including, but not limited to, all money or
property due or to become due including accounts receivable, progress payments, deferred payments, retained percentages compensation for extra work and claims and the proceeds thereof directly to SURETY, endorse checks, drafts, warrants or other
instruments issued or paid by such obligee(s) and to apply the proceeds for the purpose of the trust provided in paragraph IX (A) or for any other purpose which advances the SURETY’S rights of exoneration, indemnification and subrogation.

 XI—ASSIGNMENT 

In order to secure UNDERSIGNED’S obligations to SURETY under this AGREEMENT, whether heretofore or hereafter incurred, the
UNDERSIGNED hereby assign, transfer and convey to SURETY a security interest in all right, title, interest and estate of UNDERSIGNED, the “Surety Collateral”, in and to the following property, whether tangible or intangible, wherever
situated, now owned or hereafter acquired: 
 “Surety Collateral” means any and all amounts that may be owing from time to time by
Surety to any Principal in any capacity, including, but without limitation, any balance or share belonging to any Principal of any deposit or other account with Surety; all of any Principal’s right, title, and interest in and to: all Bonded
Contracts and associated contract rights; Accounts arising therefrom; any and all funds due or to become due under the Bonded Contracts; all claims, rights, and choses in action against any Obligee on any Bond issued with respect to Bonded Contracts
or against any other Person with respect to any Bond issued with respect to Bonded Contracts; Bonded Contracts Balances; to the extent assignable (provided, that, any such prohibition on assignment would not be rendered ineffective pursuant to
Article 9 of the UCC, including, without limitation Section 9-406 and 9-408 of the UCC, or any successor provisions and further, provided, that, any such prohibition on assignment has not otherwise been rendered ineffective, lapsed, or
terminated), all rights and actions that any Principal may have or acquire in any subcontract, purchase order, or other agreement solely in connection with any Bonded Contract, and against any subcontract, purchase order, or other agreement solely
in connection with any Bonded Contract with any Person furnishing or agreeing to furnish or supply vehicles, labor, supplies, machinery, or other inventory or equipment in connection with or on account of any Bonded Contract, and against any surety
or sureties of any such subcontractor, laborer, or other Person in connection with any Bonded Contract; any and all Equipment which is delivered to, prefabricated for or specifically ordered for a Bonded Job Site in connection with an Bonded
Contract; any and all Inventory which is delivered to, prefabricated for or specifically ordered for a Bonded Job Site in connection with an Bonded Contract; any and all books, accounts, computer software, and other computer stored information, and
any and all drawings, plans, specifications, shop and as built drawings, utilized in or necessary to fully perform all obligations and services required of Principal under the Bonded Contracts (and not to the exclusion of any other parties entitled
to such books, accounts, software, computer information, drawings, plans and specifications); all progress schedules, work in process schedules (including, but not limited to, estimates of completion costs), accounts receivable ledgers, accounts
payable ledgers, and estimates of completion costs solely relating to any and all Bonded Contracts; and any and all proceeds and products arising with respect to the foregoing. Capitalized terms in this Article XI not otherwise defined in this
Agreement shall have the meaning ascribed thereto in the Intercreditor Agreement. 
 This ASSIGNMENT shall be effective as of the date of this
AGREEMENT but shall be enforceable only in the event of the occurrence of an EVENT OF DEFAULT. The UNDERSIGNED hereby authorize the SURETY, at its option, to prosecute or enforce said assigned rights in the name of the SURETY or in that of the
UNDERSIGNED and to endorse and to collect in the name of the UNDERSIGNED or payee any checks, drafts, warrants or other instruments made or issued in payment of any such assigned rights. SURETY’S exercise of any of its rights as a secured
creditor under this AGREEMENT shall not be a waiver of any of SURETY’S legal or equitable rights or remedies, including the SURETY’S rights of subrogation. 
 XII—PERFECTION OF SECURITY INTEREST 
 This AGREEMENT shall constitute a security
agreement and financing statement for the benefit of the SURETY in accordance with the provisions of the Uniform Commercial Code or any other statute and may be so used by the SURETY without in any way abrogating, restricting or limiting the rights
of the SURETY under this AGREEMENT or as provided by law or in equity. The filing or recording of this 

 
AGREEMENT shall be solely at the option of the SURETY and may be filed by the SURETY at any time, whether or not an EVENT OF DEFAULT has occurred and without in any way subrogating, restricting,
or limiting the rights of the SURETY under this AGREEMENT under the law or in equity. The failure to file this AGREEMENT shall not in any way release or excuse any of the obligations of the PRINCIPAL or the UNDERSIGNED under this AGREEMENT. SURETY
may add such schedules to this AGREEMENT as it shall deem necessary. A carbon, photostatic, PDF, photographic or other reproduction of this AGREEMENT may be filed as a financing statement. 

XIII—POWER OF ATTORNEY 
 Effective upon the occurrence of, and only during the continuation of, an Event of Default other than those described in subclause (6) of the definition thereof, the UNDERSIGNED hereby irrevocably
nominate, appoint, and designate the SURETY or any person or persons designated by the SURETY as their attorney-in-fact with the right, power and authority to exercise all of the rights assigned, transferred, assumed or conveyed to the SURETY by
this AGREEMENT, and in the name of UNDERSIGNED to execute and deliver any and all additional or other assignments, instruments or documents deemed necessary or desirable by the SURETY to vest in the SURETY absolute title to any and all monies,
property and rights hereby assigned, and to provide the protection and rights to the SURETY contemplated by the provisions of this AGREEMENT, including, but not limited to, the right, power and authority to sign the name of the UNDERSIGNED to any
voucher, release, satisfaction, check, draft, Uniform Commercial Code filing or bill of sale of property. 
 XIV—CHANGES

  

	(A)	SURETY at its sole option, is authorized and empowered, with notice to the UNDERSIGNED to agree or refuse to agree to any change whatsoever in any BOND, or any contract
or obligation secured by any BOND, including, but not limited to, any change in the time of completion of any contract and to payments or advances thereunder before the same may be due, and to consent to or take any assignment or assignments, to
execute or consent to the execution of any continuations, extensions or renewals of any BOND and execute any substitute or substitutes therefor, with the same or different conditions, provisions and obligees and with the same or larger or smaller
BOND penalties. It is expressly understood and agreed that the UNDERSIGNED remain bound under the terms of this AGREEMENT even though any such consent by the SURETY may substantially increase the liability of UNDERSIGNED. 

 

	(B)	UNDERSIGNED represent and warrant to SURETY that they are currently informed and shall remain informed and appraised of the PRINCIPAL’S business activities,
ventures and financial affairs, including but not limited to the type, size (single job and aggregate program), location and status of projects and contracts performed by PRINCIPAL and secured by BOND(S) executed, provided or procured by SURETY.
SURETY has no obligation to inform UNDERSIGNED of any change in any aspect of the PRINCIPAL’S business activities or financial affairs or in the type, size or location of projects or contracts secured by BOND(S) executed, provided or procured
by SURETY. 

  

	(C)	UNDERSIGNED waive notice of the execution, continuation, or renewal of any BOND and of any fact, act or information concerning or affecting the rights or liabilities of
SURETY or UNDERSIGNED including, but not limited to, all notice of any default, or any other act or acts giving rise to any claim or loss under the BONDS, as well as notice of any liability of the SURETY under said BONDS, and any all liability on
the part of the UNDERSIGNED, to the end and effect that the UNDERSIGNED shall be and continue to be liable under this AGREEMENT, notwithstanding any lack of notice of any kind to which they otherwise might have been entitled and notwithstanding any
defenses which they might otherwise have been entitled to assert with respect to any claims under the BOND(S); provided, however, that SURETY shall use commercially reasonable efforts to notify UNDERSIGNED of any act by SURETY that would materially
affect the rights or liabilities of UNDERSIGNED hereunder or under the BONDS. 

 XV—ADVANCES 
 SURETY, at its sole option, may guarantee loans or to advance or lend to, or for the account of, the PRINCIPAL any money which the SURETY in its sole discretion may deem advisable to so extend or loan for
the purpose of contracts referred to in or guaranteed by BOND(S), reserving to itself, however, the absolute right to prepay, cancel or disapprove advances under any such guarantee or to cease or withdraw advancing or lending money to the PRINCIPAL
or for the account of the PRINCIPAL with or without cause and with or without notice to the PRINCIPAL or UNDERSIGNED. All money extended by the SURETY, or loaned or advanced to, or for the account of, the PRINCIPAL or guaranteed by the SURETY and
all related costs and expenses incurred by the SURETY, shall (until repaid by Undersigned) be loss to the SURETY for which the UNDERSIGNED shall be responsible. It is agreed and understood that money or credit advanced to the PRINCIPAL may at the
discretion of SURETY be used to satisfy obligations secured by BOND(S) or may be used to satisfy other debts not covered by BOND(S) but necessary in the judgment of SURETY to advance the work to be performed under the contracts related to such
BOND(S). UNDERSIGNED understand and acknowledge that SURETY is under no obligation to loan money or extend credit to or for the account of the PRINCIPAL. 
 XVI—RIGHT TO INFORMATION AND RECORDS 
  

	(A)	At any time during business hours and until such time as the liability of SURETY under BOND(S) is terminated and SURETY is fully reimbursed for all of its losses, costs
and expenses as a result of having executed, provided or procured BOND(S) on behalf of PRINCIPAL, SURETY shall have access to the books, records, software, data bases, computer stored information, contract documents, drawings, and accounts of
UNDERSIGNED, wherever located, for the purpose of inspection, copying and reproduction other than to the extent that access to such information (in Undersigned’s reasonable opinion) would jeopardize any attorney-client privilege available to
Undersigned or would cause Undersigned to violate any confidentiality or other agreement or law or regulation. 

  

	(B)	UNDERSIGNED authorize SURETY or its designee to investigate the financial condition of UNDERSIGNED, the status of work under contracts being performed by UNDERSIGNED,
the condition of the performance of such contracts, the status of payment of accounts of UNDERSIGNED and all other matters deemed reasonable and appropriate by SURETY for the purpose of determining whether or not to execute BOND(S) on
PRINCIPAL’S behalf or in investigating claims made against BOND(S) or in investigating SURETY’S exposure to loss generally. When requested by SURETY in writing to Undersigned, banks, depositories, accountants, attorneys, credit reporting
agencies, obligees on BOND(S), architects, materialmen, subcontractors, supply houses, prior and subsequent sureties, joint venturer(s), and other PERSON(S) are hereby authorized and directed by UNDERSIGNED to furnish SURETY any information
requested with respect to UNDERSIGNED; provided that any such request may be declined in the event that compliance with it (in Undersigned’s reasonable opinion) would jeopardize any attorney-client privilege available to Undersigned or would
cause Undersigned to violate any confidentiality or other agreement or law or regulation. SURETY and every such person from whom such information is requested hereby are and shall be released and discharged of any and all claim, liability and
responsibility which they or any of them might otherwise incur or be subject to for or by reason of any such receipt or disclosure of any information respecting UNDERSIGNED which is obtained or utilized pursuant hereto and in accordance with this
paragraph. 

 XVII—SUBORDINATION 
 UNDERSIGNED hereby waive and subordinate all rights of indemnity, subrogation and contribution each against the other until all obligations to the SURETY under this AGREEMENT, at law or in equity, have
been satisfied in full. 

 XVIII—NATURE OF RIGHTS 

 

	(A)	SURETY’S rights hereunder shall be deemed to be cumulative with and in addition to all other rights of SURETY, however derived, and the exercise of or failure to
exercise any particular right or remedy at any time shall not be considered to be an election of remedy or a waiver of any other right or remedy. The rights, powers and remedies afforded the SURETY by the terms of this AGREEMENT are in addition to,
and not in lieu of, and all other rights, powers, and remedies which the SURETY may have or acquire against the UNDERSIGNED or others whether by the terms of any other agreement, in equity or by operation of law. 

 

	(B)	The UNDERSIGNED shall continue to be bound under the terms of this AGREEMENT even though the SURETY may from time to time heretofore or hereafter, with or without
notice to or knowledge of UNDERSIGNED, accept or release other agreements of indemnity, collateral or other security in connection with the execution or procurement of BOND(S), from UNDERSIGNED or others, it being expressly understood and agreed by
UNDERSIGNED that any and all other rights which the SURETY may have or acquire against the UNDERSIGNED and/or other PERSONS under any other or additional agreements of indemnity, collateral or other security shall be in addition to, and not in lieu
of the rights afforded the SURETY under this AGREEMENT. 

  

	(C)	SURETY is not required to exercise or exhaust its remedies or rights against PRINCIPAL or to await receipt of any dividends from legal representatives of PRINCIPAL
before asserting its rights hereunder against UNDERSIGNED. 

  

	(D)	UNDERSIGNED authorize SURETY, in its sole discretion, to settle, compromise or release any claim of SURETY hereunder against any one or more of UNDERSIGNED
individually, and UNDERSIGNED agree that such settlement, compromise or release shall not release or otherwise effect the liability of any of the remaining UNDERSIGNED to SURETY. 

 

	(E)	Failure of the SURETY to pursue any remedy against any one or more of the UNDERSIGNED shall not effect a release of or waiver of any right against any other of the
UNDERSIGNED. Separate suits against one or more of the UNDERSIGNED may be brought hereunder, and the bringing of suit, or the recovery of judgment against one or more of the UNDERSIGNED upon any cause of action shall not prejudice or bar the
bringing of suit or recovery of judgment on the same cause of action against any other of the UNDERSIGNED, or against any or all of the UNDERSIGNED upon other causes of action, whether theretofore or thereafter arising. 

XIX—TERMINATION AND MODIFICATION 
  

	(A)	There shall be no waiver, modification or change of the terms of this AGREEMENT by any non-officer employee or agent of SURETY, or any broker of SURETY or PRINCIPAL, or
any other PERSON without the written approval of an officer of SURETY and UNDERSIGNED. 

  

	(B)	This AGREEMENT may be terminated as to any UNDERSIGNED upon written notice given to SURETY by such UNDERSIGNED by registered or certified mail addressed to:

 XL Specialty Insurance Company 
 300 East Lombard Street 
 Baltimore, Maryland 21202 

 

	(C)	Such termination shall not be effective until thirty (30) days after receipt of said written notice by SURETY. 

 

	(D)	Such termination shall not relieve any UNDERSIGNED from liability to SURETY arising out of or with respect to: (1) BOND(S) executed prior to such termination;
(2) the renewal, substitution or extension of any BOND(S) executed prior to such termination; (3) maintenance, warranty or guarantee BOND(S) executed incidental to or to replace, substitute or supplement other BOND(S) executed prior to
such termination; (4) BOND(S) executed upon award of a contract to principal for which SURETY executed bid BOND(S) or BID LETTERS prior to such termination. 

	(E)	Such termination shall not affect in any manner the liability of any UNDERSIGNED that has not given the notice required herein. 

XX—SEVERABILITY AND PARTIAL EXECUTION 
  

	(A)	If any provision or provisions, or portion thereof, of this AGREEMENT shall be void or unenforceable under the laws of any jurisdiction governing its construction or
enforceability, this AGREEMENT shall not be void or vitiated thereby, but shall be construed and enforced with the same effect as though such provision or provisions, or portion thereof were omitted. 

 

	(B)	In case any PERSON referred to anywhere in this AGREEMENT fails to execute the AGREEMENT, or in case the execution hereof by any of UNDERSIGNED shall be defective or
invalid for any reason, such failure, defect or invalidity shall not in any manner affect the validity and enforceability of this AGREEMENT or the liability hereunder of any other of UNDERSIGNED, but each and every party so executing shall be and
remain fully bound and liable hereunder to the same extent as if such failure, defect or invalidity had not existed. 

 XXI—FINANCIAL REPORTING AND WARRANTY OF FINANCIAL INFORMATION 
  

	(A)	To the extent that Principal is no longer a public reporting company making periodic filings with the Securities and Exchange Commission, UNDERSIGNED shall deliver to
the SURETY within one hundred and twenty days (120 days) of the end of the fiscal year of the UNDERSIGNED (i) the consolidated and consolidating balance sheet of the UNDERSIGNED as of the end of the fiscal year of the UNDERSIGNED, and
(ii) the related consolidated and consolidating statements of income and surplus and cash flows for such year, setting forth in comparative form with respect to such consolidated financial statements figures for the previous fiscal year, all in
reasonable detail, together with (iii) the opinion of a nationally recognized independent public accountants, which opinion shall be in the form generally recognized as unqualified and shall state that such financial statements have been
prepared in accordance with GAAP applied on a basis consistent with that of the preceding fiscal year (except for changes, if any, which shall be specified in such opinion) and that the audit by such accountants in connection with the financial
statement has been made in accordance with generally accepted auditing standards. 

  

	(B)	To the extent that Principal is no longer a public reporting company making periodic filings with the Securities and Exchange Commission, within sixty (60) days
after the end of each of the first three quarterly accounting periods in each fiscal year, UNDERSIGNED shall deliver to the SURETY (i) the unaudited consolidated and consolidating balance sheet of the UNDERSIGNED at the end of the period, and
(ii) the related unaudited consolidated and consolidating statements of income and surplus and cash flows for such period all in reasonable detail. 

 XXII—REPRESENTATIONS AND WARRANTIES 
 The UNDERSIGNED hereby makes the following
representations and warranties to the SURETY on and as of the effective date of this AGREEMENT, and the SURETY shall be entitled to rely upon the truth, accuracy and completeness of the following representations and warranties without regard
to any other information that may be now or hereafter known by or disclosed to the SURETY: 
  

	(A)	Existence. The UNDERSIGNED is a corporation, partnership, or other entity duly organized, validly existing and in good standing under the laws of the
jurisdiction of its organization. The UNDERSIGNED has all the requisite corporate or other power, and has all material governmental licenses, authorizations, consents, and approvals, including all necessary permits to own its assets and carry on its
business as now being or as proposed to be conducted. The UNDERSIGNED is qualified to do business and is in good standing in all jurisdictions in which the nature of the business conducted by it makes such qualification necessary and where failure
so to qualify could have a material adverse effect. 

	(B)	Action. The UNDERSIGNED has all necessary corporate or other power, authority or legal right to execute, deliver and perform UNDERSIGNED’S obligations under
this AGREEMENT. The execution, delivery and performance of by the UNDERSIGNED of this AGREEMENT has been duly authorized by all necessary corporate or other action on the UNDERSIGNED’S part (including any required shareholder approvals). This
AGREEMENT has been duly and validly executed and delivered by the UNDERSIGNED and constitutes when executed and delivered by the UNDERSIGNED a legal valid and binding obligation, enforceable against each UNDERSIGNED in accordance with its terms.

  

	(C)	Approvals. Other than as specified in the section Intercreditor Agreement, no authorizations, approvals, or consents of, and no filings or registrations with,
any governmental or regulatory authority or agency, or any securities and exchange are necessary for the execution, delivery or performance by the UNDERSIGNED of this AGREEMENT or for the legality, validity or enforceability thereof. The execution,
delivery and performance of this AGREEMENT will not (a) contravene any provision of law, any order of any court or other agency of government, or (b) contravene the organizational documents of any UNDERSIGNED or any indenture, agreement or
other instrument binding upon any UNDERSIGNED, or (c ) be in conflict with, result in the breach of or constitute (with due notice or lapse of time or both) a default under any such indenture, agreement or other instrument binding upon any
UNDERSIGNED. 

 XXIII—APPLICABLE LAW AND JURISDICTION 

The UNDERSIGNED hereby agrees that this AGREEMENT shall be deemed to have been executed in the State of New York and the rights and liabilities of the
UNDERSIGNED shall be determined in accordance with and shall be governed by and interpreted under the laws of the State of New York without regard to principles of conflicts of laws, and shall further be liberally construed for SURETY’S benefit
and to fully protect SURETY. For the benefit of the SURETY, and for the purposes of enforcing this AGREEMENT: 
  

	 	(A)	Each of the UNDERSIGNED hereby agrees to submit, at the SURETY’S sole option to the exclusive jurisdiction of the courts of the State of New York, including the
United States District Court for the Southern District of New York, and shall take all appropriate actions in order that it shall be subject to such court’s jurisdiction, and that any judgment or order of a New York court made in this respect
is conclusive and binding on it and may be enforced against it in the courts of any other jurisdiction; and 

  

	 	(B)	Without prejudice to and without limiting the effect of Clause 14(A) hereof, each of the UNDERSIGNED hereby further agrees to submit to the non-exclusive jurisdiction
of the courts of any other jurisdiction in which: 

  

	 	1.	The SURETY may sustain or pay any loss for which any of the UNDERSIGNED may be liable hereunder; and/or 

 

	 	2.	SURETY may be sued or be subject to suit or arbitration as a consequence of having issued any Bond; and/or any assets of any UNDERSIGNED may be located,

 And that any judgment or order of any such court made in this respect is conclusive and binding and may be
enforced against it in the courts of any other jurisdiction; and 
  

	 	(C)	Each of the UNDERSIGNED hereby waives and agrees not to assert that it is not subject to the jurisdiction of any such court, that the jurisdiction or venue is an
inconvenient forum or otherwise improper. 

 XXIV—SUPERSESSION 
 UNDERSIGNED WARRANT AND REPRESENT THAT THEY HAVE CAREFULLY READ THE ENTIRE AGREEMENT AND THAT THEY HAVE CONSULTED OR HAVE HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL AND SUCH OTHER EXPERTS AND ADVISORS AS
THEY HAVE DEEMED NECESSARY AND THAT THEY ARE NOT RELYING ON ANY STATEMENT, REPRESENTATION, WARRANTY, COVENANT, OR INTERPRETATION OF ANY KIND MADE BY SURETY OR BY SURETY’S AGENTS OTHER THAN THOSE SET FORTH IN THIS AGREEMENT IN CONNECTION
WITH THE EXECUTION, DELIVERY OR ENFORCEMENT OF THIS AGREEMENT. 
 XXIV—PARAGRAPH TITLES 

Paragraph titles or captions contained in this AGREEMENT are descriptive only and shall not restrict or modify the terms of the AGREEMENT. In the event
of any inconsistency between the paragraph titles or captions and terms of this AGREEMENT, the terms of this AGREEMENT shall control. 
 IN
WITNESS WHEREOF, this AGREEMENT is executed by the parties to be effective on the day and date first set forth above. 
  

					
	ATTEST:	 	 	 	Integrated Electrical Services, Inc.:
			
	/s/ Gail D. Makode	 		 	/s/ Robert W. Lewey
	By: Gail D. Makode, Secretary	 		 	By: Robert W. Lewey                        
        (seal)
		 		 	Title: Senior Vice President
			
	ATTEST:	 	  	 	 IES Properties, Inc.
 IES
Tangible Properties, Inc.
 IES Purchasing & Materials, Inc.
 IES Consolidation, LLC
 IES Shared Services, Inc.

IES Operations Group, Inc.
 ICS Holdings
LLC
 Integrated Electrical Finance, Inc.

Thomas Popp & Company
 IES Commercial &
Industrial, LLC

			
	/s/ Gail D. Makode	 		 	/s/ Robert W. Lewey
	By: Gail D. Makode, Secretary	 		 	Robert W. Lewey
                                (seal)
		 		 	Title: President
			
	ATTEST:	 		 	 IES Residential, Inc.
 IES
Commercial, Inc.
 Key Electrical Supply, Inc.
 IES Renewable Energy, LLC

			
	/s/ Gail D. Makode	 		 	/s/ Robert W. Lewey
	By: Gail D. Makode, Secretary	 		 	Robert W. Lewey
		 		 	Title: Vice President

  

					
	ATTEST:	 	 	  	IES Subsidiary Holdings, Inc.
			
	/s/ Gail D. Makode	 		  	/s/ Robert W. Lewey
	By: Gail D. Makode, Secretary	 		  	Robert W. Lewey
		 		  	Title: Chief Financial Officer
			
	ATTEST:	 		  	 IES Management Roo, LP

By: ICS Holdings, LLC its General Partner

			
	/s/ Gail D. Makode	 		  	/s/ Robert W. Lewey
	By: Gail D. Makode, Secretary	 		  	By: Robert W. Lewey                (seal)
		 		  	Title: President
			
	ATTEST:	 		  	 IES Management LP
 BY:
Integrated Electrical Services, Inc. its General Partner

			
	/s/ Gail D. Makode	 		  	/s/ Robert W. Lewey
	By: Gail D. Makode, Secretary	 		  	By: Robert W. Lewey                    (seal)
		 		  	Title: Senior Vice President

 FOR NOTARIAL ACKNOWLEDGEMENT OF PRINCIPAL/INDEMNITOR’S SIGNATURE 

CORPORATE ACKNOWLEDGEMENT 
  

					
	State of:	  	Texas	  	 
			
	County of:	  	Harris	  	                             
       ss:

 On this 7th day of May in the year 2013 before me personally comes Robert W. Lewey to me known, who being
by me duly sworn, deposes and says that he is the Senior Vice President of Integrated Electrical Services, Inc., the corporation described in and which executed the foregoing instrument; that he knows the seal of the said corporation; that the seal
affixed to the said instrument is such corporate seal; that it was so affixed by the order of the Board of Directors of said corporation, and that he signed his name thereto by like order. 

 

	
	(Signature of Notary Public)
	My Commission expires:                     

					
	State of:	  	Texas	  	 
			
	County of:	  	Harris	  	                             
       ss:

 On this 7th day of May in the year 2013, before me personally comes Robert W. Lewey, to me known, who
being by me duly sworn, deposes and says that he is the President of IES Properties, Inc., IES Tangible Properties, Inc., IES Purchasing & Materials, Inc., IES Consolidation, LLC, IES Shared Services, Inc., IES Operations Group, Inc., ICS
Holdings LLC, Integrated Electrical Finance, Inc., Thomas Popp & Company, IES Commercial & Industrial, LLC, the corporations described in and which executed the foregoing instrument; that he knows the seal of the said corporations;
that the seal affixed to the said instrument is such corporate seal; that it was so affixed by the order of the Board of Directors of said corporations, and that he signed his name thereto by like order. 

 

	
	(Signature of Notary Public)
	My Commission expires:                     

  

					
	State of:	  	Texas	  	 
			
	County of:	  	Harris	  	                             
       ss:

 On this 7th day of May in the year 2013, before me personally comes Robert W. Lewey, to me known, who
being by me duly sworn, deposes and says that he is the Vice President of IES Residential, Inc., IES Commercial, Inc., Key Electrical Supply, Inc. and IES Renewable Energy, LLC, the corporations described in and which executed the foregoing
instrument; that he knows the seal of the said corporations; that the seal affixed to the said instrument is such corporate seal; that it was so affixed by the order of the Board of Directors of said corporations, and that he signed his name thereto
by like order. 
  

	
	(Signature of Notary Public)
	My Commission expires:                     

  

					
	State of:	  	Texas	  	 
			
	County of:	  	Harris	  	                             
       ss:

 On this 7th day of May in the year 2013, before me personally comes Robert W. Lewey, to me known, who
being by me duly sworn, deposes and says that he is the Chief Financial Officer of IES Subsidiary Holdings, Inc., the corporation described in and which executed the foregoing instrument; that he knows the seal of the said corporation; that the seal
affixed to the said instrument is such corporate seal; that it was so affixed by the order of the Board of Directors of said corporations, and that he signed his name thereto by like order. 

 

	
	(Signature of Notary Public)
	My Commission expires:                     

 PARTNERSHIP ACKNOWLEDGEMENT 

 

					
	State of:	  	Texas	  	 
			
	County of:	  	Harris	  	                             
       ss:

 On this 7th day of May in the year 2013, before me personally comes Robert W. Lewey, a member of the
partnership known as IES Management ROO, LP by ICS Holdings, LLC, its General Partner, to me known and known to me to be the person who is described in and who executed the foregoing instrument, and acknowledges to me that he executed the same as
and for the act and deed of the said partnership. 
  

	
	(Signature of Notary Public)
	My Commission expires:                     

  

					
	State of:	  	Texas	  	 
			
	County of:	  	Harris	  	                             
       ss:

 On this 7th day of May in the year 2013, before me personally comes Robert W. Lewey, a member of the
partnership known as IES Management, LP by Integrated Electrical Services, Inc. its General Partner, LLC to me known and known to me to be the person who is described in and who executed the foregoing instrument, and acknowledges to me that he
executed the same as and for the act and deed of the said partnership. 
  

	
	(Signature of Notary Public)
	My Commission expires:EX-10.1

 Exhibit 10.1 
 P. H. GLATFELTER COMPANY 
 AMENDED AND RESTATED LONG-TERM INCENTIVE PLAN

 1. PURPOSE. This Amended and Restated Long-Term Incentive Plan (the “Plan”) has been established by P. H.
Glatfelter Company (the “Company”) to reward Eligible Individuals by means of appropriate incentives for achieving long-range Company goals; provide incentive compensation opportunities that are competitive with those of other similar
companies; further match Eligible Individuals’ financial interests with those of the Company’s other shareholders through compensation that is based on the Company’s common stock, and thereby enhance the long-term financial interest
of the Company and its Affiliates, including through the growth in the value of the Company’s equity and enhancement of long-term shareholder return; and facilitate recruitment and retention of outstanding personnel eligible to participate in
the Plan. 
 This Plan was originally effective as of April 27, 2005, was amended effective as of January 1, 2008 to
reflect the provisions of Section 409A of the Code, and was further amended and restated as approved by the Board of Directors on March 4, 2009 and March 5, 2013. The Plan has been amended and restated effective as of May 9,
2013, subject to shareholder approval of the restated Plan (the “2013 Plan Effective Date”). The 2013 Plan restatement applies to Awards made on or after the 2013 Plan Effective Date. 

2. DEFINITIONS. The capitalized terms used in this Plan have the meanings set forth below. Except when otherwise indicated by the
context, reference to the masculine gender shall include, when used, the feminine gender and any term used in the singular shall also include the plural. 
 “Affiliate” means: (i) any Subsidiary of the Company; (ii) any entity or Person or group of Persons that, directly or through one or more intermediaries, is controlled by the
Company; and (iii) any entity or Person or group of Persons in which the Company has a significant equity interest, as determined by the Committee. 
 “Agreement” means any written agreement, contract or other instrument or document evidencing any Award granted under the Plan, which may, but need not, be executed or acknowledged by a
Participant. 
 “Award” means any Option, SAR, award of Restricted Stock or Restricted Stock Units, Stock
Award, Other Stock-Based Award, or Performance Award granted under the Plan. 
 “Board” or “Board of
Directors” means the Board of Directors of the Company, as it may be constituted from time to time. 

“Code” means the Internal Revenue Code of 1986, as amended and in effect from time to time, or any successor statute.

 “Change in Control” means: 
 (i) The acquisition, directly or indirectly, other than from the Company, by any person, entity or “group” (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act,
excluding, for this purpose, the Company, its subsidiaries, any employee benefit plan of the Company or its subsidiaries, and any purchaser or group of purchasers who are descendants of, or entities controlled by descendants of, P. H. Glatfelter,
which acquires beneficial ownership of voting securities of the Company) (a “Third Party”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of the combined voting power of the
Company’s then outstanding voting securities entitled to vote generally in the election of directors; or 
 (ii)
Individuals who, as of the date hereof, constitute the Board (the “Incumbent Directors”) cease in any 12 month period for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to
the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the Incumbent Directors who are directors at the time of such vote shall be, for purposes of this Plan,
an Incumbent Director, but excluding for this purpose, any such person whose initial election as a member of the Board occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other
actual or threatened solicitation of proxies or consents by or on behalf of a Third Party other than the Board; or 
 (iii)
Consummation of (a) a reorganization, merger or consolidation, in each case, with respect to which persons who were the shareholders of the Company immediately prior to such reorganization, merger or consolidation (other than the surviving
entity) do not, immediately thereafter, beneficially own more than 50% of the combined voting power of the reorganized, merged or consolidated company’s then outstanding voting securities entitled to vote generally in the election of directors,
or (b) a liquidation or dissolution of the Company or the sale of all or substantially all of the assets of the Company (whether such assets are held directly or indirectly) to a Third Party. 

  
 -1-

 The Committee may provide for another definition of Change of Control in an Award Agreement
if necessary or appropriate to comply with section 409A of the Code or as the Committee otherwise deems appropriate. 

“Committee” means the Compensation Committee of the Board, or any successor committee thereto, or the Board or such
other committee of the Board as is appointed or designated by the Board to administer the Plan, as described in Section 3. 

“Covered Person” means an Eligible Individual who is determined by the Committee to be a “covered employee” as
defined in Section 162(m) of the Code for the tax year of the Company with regard to which a deduction in respect of such person’s Award would be allowed. 
 “Disability” means (i) if the Participant is insured under a long-term disability insurance policy or plan which is paid for by the Company, the Participant is totally disabled under
the terms of that policy or plan; or (ii) if no such policy or plan exists, the Participant will be considered to be totally disabled as determined by the Committee; provided in each case that the Participant is disabled within the meaning of
Code Section 409A(a)(2)(C). 
 “Eligible Individual” means any full-time or part-time employee, officer,
non-employee director or consultant of the Company or an Affiliate. Eligible Individual will also include any individual or individuals to whom an offer of employment or service has been extended. In no event shall any person whom the Company
determines, in its sole discretion, is not a common law employee be considered an “employee” for purposes of the Plan, whether or not any such person is later determined to have been a common law employee of the Company and without regard
to classification by the Internal Revenue Service of such person. 
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended. 
 “Fair Market Value” means, as of any date and unless otherwise determined
by the Committee, the value of the Shares determined as follows: 
 (i) If the Shares are listed on any
established stock exchange, system or market, its Fair Market Value shall be the closing price for the Shares as quoted on such exchange, system or market as reported in the Wall Street Journal or such other source as the Committee deems reliable;
and 
 (ii) In the absence of an established market for the Shares, the Fair Market Value thereof shall be
determined in good faith by the Committee by the reasonable application of a reasonable valuation method, taking into account factors consistent with Treas. Reg. § 409A-1(b)(5)(iv)(B) as the Committee deems appropriate. 

“Incentive Stock Option” means an option granted under Section 6 that meets the requirements of Section 422 of
the Code, or any successor provision thereto. 
 “Non-Qualified Stock Option” means an option granted under
Section 6 that is not an Incentive Stock Option. 
 “Option” means an Incentive Stock Option or a
Non-Qualified Stock Option. 
 “Other Stock-Based Award” means any right granted under Section 8.

 “Participant” means any Eligible Individual to whom an Award has been made. 

“Performance Award” means an Award to a Participant under Section 9, which Award may be denominated in cash or
Shares. 
 “Person” means any individual, corporation, joint venture, association, partnership, limited
liability company, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

  
 -2-

 “Plan” means this Amended and Restated Long-Term Incentive Plan, as set
forth herein and as amended from time to time. 
 “Reporting Person” means any Eligible Individual subject to
Section 16 of the Securities Exchange Act of 1934, as amended. 
 “Restricted Stock” means a grant of
Shares pursuant to Section 7. 
 “Restricted Stock Unit” or “RSU” means a contractual
right underlying an Award granted under Section 7 that is denominated in Shares, which unit represents a right to receive a Share (or the value of a Share) upon the terms and conditions set forth in the Plan and the applicable Agreement.

 “SAR” means a stock appreciation right, which is the right to receive a payment in cash or Shares equal to
the amount of appreciation, if any, in the Fair Market Value of a Share from the date of grant of the right to the date of its payment, and which may be awarded to Eligible Individuals under Section 6. 

“Separation from Service” means (i) with respect to an Eligible Individual who is an employee of the Company or an
Affiliate, the termination of his employment with the Company and all Affiliates that constitutes a “separation from service” within the meaning of Treas. Reg. Section 1.409A-1(h)(1), (ii) with respect to an Eligible Individual
who is a consultant of the Company or an Affiliate, the expiration of his contract or contracts under which services are performed that constitutes a “separation from service” within the meaning of Treas. Reg. Section 1.409A-1(h)(2),
or (iii) with respect to an Eligible Individual who is a non-employee Director of the Company or an Affiliate, the date on which such non-employee Director ceases to be a member of the Board (or other applicable board of directors) for any
reason. 
 “Share” means a share of Stock. 

“Stock” means the common stock, par value $.01 per share (as such par value may be adjusted from time to time), of the
Company. 
 “Stock Award” means an award of Shares pursuant to Section 8. 

“Subsidiary” means any entity in which the Company owns or otherwise controls, directly or indirectly, stock or other
ownership interests having the voting power to elect a majority of the board of directors, or other governing group having functions similar to a board of directors, as determined by the Committee. In the case of Incentive Stock Options, Subsidiary
means any entity that qualifies as a “subsidiary corporation” of the Company under Section 424(f) of the Code. 

“Substitute Award” means an Award granted in assumption of, or in substitution for, an outstanding award previously
granted by a Person acquired by the Company or with which the Company combines. 
 “Successor” with respect to
a Participant means the legal representative of an incompetent Participant and, if the Participant is deceased, the legal representative of the estate of the Participant or the person or persons who may, by bequest or inheritance, or under the terms
of an Award or of forms submitted by the Participant to the Committee, acquire the right to receive cash and/or Shares issuable in satisfaction of an Award after the Participant’s death. 

3. ADMINISTRATION. The authority to control and manage the operation and administration of the Plan is vested in the Committee; provided,
however, that all acts and authority of the Committee pursuant to this Plan are subject to the provisions of the Committee’s Charter, as amended from time to time, and such other authority as may be delegated to the Committee by the Board.

 (a) The Committee shall be comprised, unless otherwise determined by the Board, solely of not less than two members who shall
be (i) “non-employee directors” within the meaning of Rule 16b-3(b)(3) (or any successor rule) promulgated under the Exchange Act, (ii) “outside directors” within the meaning of the regulations under Section 162(m)
of the Code, and (iii) “independent directors,” as determined in accordance with the independence standards established by the stock exchange on which the Stock is at the time primarily traded. Awards to non-employee directors shall
be administered and interpreted by the Committee consistent with a Board-approved compensation program. 
 (b) The Committee has
the exclusive power to make Awards, to determine when and to which Eligible Individuals Awards will be granted, the types of Awards and the number of Shares covered by the Awards, to establish the terms, conditions, performance criteria,
restrictions, and other provisions of such Awards and, subject to the terms of the Plan and applicable law, to cancel, suspend or amend existing Awards. In making such Award determinations, the Committee may take into account the nature of services
rendered by the Eligible Individual, the Eligible Individual’s present and potential contribution to the Company’s success and such other factors as the Committee deems relevant. 

  
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 (c) Subject to the provisions of the Plan, the Committee will have the authority and
discretion to determine the extent to which Awards under the Plan will be structured to conform to the requirements applicable to performance-based compensation as described in Section 162(m) of the Code, and to take such actions, establish
such procedures, and impose such restrictions as necessary to conform to such requirements. Notwithstanding any provision of the Plan to the contrary, if an Award under this Plan is intended to qualify as performance-based compensation under
Section 162(m) of the Code and the regulations issued thereunder and a provision of this Plan would prevent such Award from so qualifying, such provision shall be administered, interpreted and construed to carry out such intention (or
disregarded to the extent such provision cannot be so administered, interpreted or construed). 
 (d) The Committee has the
power to approve forms of Agreement for use under the Plan. 
 (e) The Committee has the authority and discretion to establish
terms and conditions of Awards as the Committee determines to be necessary or appropriate to conform to applicable requirements or practices of jurisdictions outside of the United States. 

(f) The Committee may, subject to Section 13(b), determine whether, to what extent and under what circumstances Awards may be
settled, paid or exercised in cash, Shares or other Awards or other property, or canceled, forfeited or suspended. 
 (g) The
Committee has the authority to interpret the Plan and any Award or Agreement made under the Plan, to establish, amend, waive and rescind any rules and regulations relating to the administration of the Plan, to determine the terms and provisions of
any Agreements entered into hereunder (not inconsistent with the Plan), to amend the terms and provisions of any such Agreement (not inconsistent with the Plan) and to make all other determinations necessary or advisable for the administration of
the Plan. 
 (h) The Committee may correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any
Award in the manner and to the extent it deems desirable. The determinations of the Committee in the administration of the Plan, as described herein will be final, binding and conclusive on all interested parties. 

(i) All decisions and determinations of the Committee shall be final and binding on the Participant, his or her beneficiaries and any
other person having or claiming an interest under an Award, and Participants shall be considered to have agreed to such terms by their acceptance of Awards. 
 (j) The Committee will maintain and keep adequate records concerning the Plan and concerning its proceedings and act in such form and detail as the Committee may decide. 

(k) Except to the extent prohibited by applicable law or regulation, the Committee may allocate all or any portion of its
responsibilities and powers to any one or more of its members and may delegate all or any part of its responsibilities and powers to any person or persons selected by it; provided, however, the Committee shall not delegate any such authority with
respect to any Awards made to a Reporting Person. The Committee may revoke any such allocation or delegation at any time. 
 (l)
The Company and any Affiliate will, to the fullest extent permitted by law, furnish the Committee with such data and information as may be required for it to discharge its duties. The records of the Company and any Affiliate as to an Eligible
Individual’s employment, or other provision of services, termination of employment, or cessation of the provision of services, leave of absence, reemployment and compensation will be conclusive on all persons unless determined to be incorrect.
Participants and other persons entitled to benefit under the Plan must furnish the Committee such evidence, data or information as the Committee considers desirable to carry out the terms of the Plan. 

(m) To the fullest extent permitted by law, each member and former member of the Committee and each person to whom the Committee
delegates or has delegated authority under this Plan shall be entitled to indemnification by the Company against and from any loss, liability, judgment, damage, cost and reasonable expense incurred by such member, former member or other person by
reason of any action taken, failure to act or determination made in good faith under or with respect to this Plan. 
 (n)
Notwithstanding any provision of the Plan to the contrary, if any benefit provided under this Plan is subject to the provisions of Section 409A of the Code and the regulations issued thereunder, the provisions of the Plan shall be administered,
interpreted and construed in a manner necessary to comply with Section 409A and the regulations issued thereunder (or disregarded to the extent such provision cannot be so administered, interpreted or construed.) 

  
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 4. SHARES AVAILABLE FOR AWARDS; AWARD LIMITS. 

(a) Subject to adjustment as provided in Section 4(e), the maximum total number of Shares that may be delivered under the Plan after
the 2013 Plan Effective Date, is 5,568,545 Shares (which is an increase of 1,030,000 shares under 2013 Plan restatement), and the maximum number of Shares that may be issued under the Plan after the 2013 Plan Effective Date as Incentive Stock
Options is 5,568,545 Shares. The authorized Shares relate to Awards outstanding as of the 2013 Plan Effective Date and Awards granted on or after the 2013 Plan Effective Date. 
 (b) The maximum aggregate number of Shares with respect to which Options or SARs may be granted under the Plan to any individual participant during any calendar year shall be 500,000 Shares, subject to
adjustment as described below. The maximum aggregate number of Shares with respect to which Restricted Stock, Restricted Stock Units, Stock Awards, Other Stock-Based Awards and Performance Awards may be granted under the Plan to any individual
participant during any calendar year shall be 500,000 Shares, subject to adjustment as described below. The foregoing individual Share limits shall apply without regard to whether such Awards are to be paid in Shares or cash. If Performance Awards
are denominated in cash, the maximum aggregate cash award that may be granted under the Plan to any individual participant during any calendar year shall be $3,500,000. 
 (c) Shares to be issued under the Plan may be made available from authorized but unissued Stock, Stock held by the Company in its treasury, or Stock purchased by the Company on the open market or
otherwise. During the term of the Plan, the Company will at all times reserve and keep available the number of shares of Stock that are sufficient to satisfy the requirements of the Plan. 

(d) If and to the extent Options or SARs granted under the Plan terminate, expire, or are canceled, forfeited, or surrendered without
having been exercised, and if and to the extent that any award of Restricted Stock, Restricted Stock Units, Stock Awards, Other Stock-Based Awards, or Performance Awards are forfeited or terminated, or otherwise are not paid in full, the Shares
reserved for such Awards shall again be available for purposes of the Plan. Shares surrendered in payment of the exercise price of an Option, and Shares withheld or surrendered for payment of taxes, shall not be available for re-issuance under the
Plan. If SARs are exercised, the full number of Shares subject to the SARs shall be considered issued under the Plan, without regard to the number of Shares issued upon settlement of the SARs and without regard to any cash settlement of the SARs. To
the extent that other Awards are to be paid in cash, and not in Shares, such Awards shall not count against the Share limits in Section 4(a). This Section 4(d) shall apply only for purposes of determining the aggregate number of Shares
that may be issued under the Plan, but shall not apply for purposes of determining the maximum number of Shares with respect to which Awards may be granted to any individual Participant under the Plan. For the avoidance of doubt, if Shares are
repurchased by the Company on the open market with the proceeds of the exercise price of Options, such Shares may not again be made available for issuance under the Plan. 
 (e) In the event that the Committee determines that any dividend or other distribution (whether in the form of cash, Stock, other securities, or other property), recapitalization, stock split, reverse
stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Stock or other securities of the Company, issuance of warrants or other rights to purchase Stock or other securities of the Company, or
other similar corporate transaction or event constitutes an equity restructuring transaction, as that term is defined for applicable financial accounting purposes, or otherwise affects the Stock, then the Committee shall adjust the following in a
manner that is determined by the Committee to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan: (i) the number and type of shares of Stock (or other
securities or property) which thereafter may be made the subject of Awards, including the individual limits set forth in Section 4(b); provided, however, that with respect to such individual limits in Section 4(b), an adjustment will not
be made unless such adjustment can be made in a manner that satisfies the requirement of Section 162(m) of the Code; (ii) the number and type of shares of Stock (or other securities or property) subject to outstanding Awards;
(iii) the grant, purchase, or exercise price with respect to any Award or, if deemed appropriate, make provision for a cash payment to the holder of an outstanding Award, provided, however, that the number of Shares subject to any Award shall
always be a whole number; and (iv) other value determinations applicable to outstanding Awards. The Committee’s adjustment shall be effective and binding for all purposes of this Plan; provided, that no adjustment shall be made which will
cause an Incentive Stock Option to lose its status as such, and further provided that no such adjustment shall constitute (i) a modification of a stock right within the meaning of Treas. Reg. Section 1.409A-1(b)(5)(v)(B) so as to
constitute the grant of a new stock right, (ii) an extension of a stock right, including the addition of any feature for the deferral of compensation within the meaning of Treas. Reg. Section 1.409A-1(b)(5)(v)(C), or (iii) an
impermissible acceleration of a payment date or a subsequent deferral of a stock right subject to Code Section 409A within the meaning of Treas. Reg. Section 1.409A-1(b)(5)(v)(E). Furthermore, with regard to the Code Section 409A and
424 requirements for adjustments of Options and SARs, no adjustment as the result of a change in capitalization shall cause the 

  
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exercise price to be less than the Fair Market Value of such Shares (as adjusted to reflect the change in capitalization) on the date of grant for purposes of Code Section 409A or 424, and
any adjustment as the result of the substitution of a new stock right or the assumption of an outstanding stock right pursuant to a corporate transaction shall satisfy the conditions described in Treas. Reg. Section 1.409A-1(b)(5)(v)(D).

 (f) In connection with the acquisition of any business by the Company or its Affiliates, any outstanding equity grants with
respect to stock of the acquired company may be assumed or replaced by Substitute Awards under the Plan upon such terms and conditions as the Committee deems appropriate, which may include terms different from those described herein. Such Substitute
Awards shall not reduce the Plan’s available Shares as described above in Section 4(a), consistent with applicable stock exchange requirements, and shall not be limited by the individual limits in Section 4(b). 

5. ELIGIBILITY. All Eligible Individuals are eligible to participate in this Plan and receive Awards hereunder. Holders of equity-based
awards issued by a company acquired by the Company or with which the Company combines are eligible to receive Substitute Awards hereunder. 
 6. OPTIONS AND SARS. The Committee is hereby authorized to grant Options and SARs to Participants with the following terms and conditions and with such additional terms and conditions, in either case not
inconsistent with the provisions of the Plan, as the Committee determines and sets forth in the Award Agreement: 
 (a) The
exercise price per Share under an Option or SAR will be determined by the Committee; provided, however, that, except in the case of Substitute Awards, such exercise price shall not be less than the Fair Market Value of a Share on the date of grant
of such Option or SAR. 
 (b) The term of an Option or SAR shall not exceed ten years from the date of grant. The term of each
Option and SAR will be fixed by the Committee and the effect thereon, if any, of the Separation from Service of the Participant will be determined by the Committee and set forth in the applicable Agreement. The Agreement will contain the terms of
the Award, including, but not limited to: (i) the number of Shares that may be issued upon exercise of an Option or number of SARs subject to an Award; (ii) the exercise price of each Option or SAR; (iii) the term of the Option or
SAR; (iv) such terms and conditions on the vesting and/or exercisability of an Option or SAR as may be determined by the Committee; (v) any restrictions on transfer of the Option or SAR and forfeiture provisions; and (vi) such further
terms and conditions, in each case, not inconsistent with this Plan as may be determined from time to time by the Committee. 

(c) Subject to the terms of the Plan and the related Agreement, any Option or SAR may be exercised at any time during the period
commencing with either the date that Option or SAR is granted or the first date permitted under a vesting schedule established by the Committee and ending with the expiration date of the Option or SAR. Unless the Committee determines otherwise, if a
vested Option or SAR would terminate at a time when trading in Stock is prohibited by law or by the Company’s insider trading policy, the vested Option or SAR may be exercised until the 30th day after expiration of such prohibition (but not
beyond the end of the term of the Option or SAR). A Participant may exercise his Option or SAR for all or part of the number of Shares or rights which he is eligible to exercise under terms of the Option or SAR. The Participant may pay the exercise
price for an Option in any of the following methods, as permitted by the Committee with respect to the Option: (i) in cash, (ii) by payment through a broker in accordance with procedures permitted by Regulation T of the Federal Reserve
Board, (iii) by “net exercise,” which is the surrender of Shares for which the Option is exercisable to the Company in exchange for a distribution of Shares equal to the amount by which the then Fair Market Value of the Shares subject
to the exercised Option exceeds the applicable exercise price of the Option, or (iv) by such other method as the Committee may approve. 
 (d) The Award Agreement documenting an Option or SAR Award shall set forth the terms under which an Option or SAR Award may be exercised at or after Separation from Service. 

(e) The terms of any Incentive Stock Option granted under the Plan shall comply in all respects with the provisions of Section 422
of the Code, or any successor provision thereto, and any regulations promulgated thereunder. No Incentive Stock Option shall be granted to any Eligible Individual who is not an employee of the Company or a Subsidiary. Options designated as Incentive
Stock Options shall not be eligible for treatment under the Code as “incentive stock options” (and will be deemed to be Non-Qualified Stock Options) to the extent that either (i) the aggregate Fair Market Value of Shares (determined
as of the date of grant) with respect to such Options are exercisable for the first time by the Participant during any calendar year (under all plans of the Company and any Subsidiary) exceeds $100,000.00, taking Options into account in the order in
which they were granted or (ii) such Options otherwise remain exercisable but are not exercised within three (3) months of termination of employment (or such other period of time provided in Section 422 of the Code). 

  
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 7. RESTRICTED STOCK AND RESTRICTED STOCK UNIT AWARDS. The Committee is hereby authorized to
grant Awards of Restricted Stock and/or Restricted Stock Units to Eligible Individuals. 
 (a) The Awards granted under this
Section 7 are subject to such restrictions as the Committee may impose (including, without limitation, any limitation on the right to vote Shares underlying Restricted Stock Awards or the right to receive any dividend, other right or property),
which restrictions may lapse separately or in combination at such time or times, in such installments or otherwise, as the Committee may deem appropriate. Such Awards will be evidenced by an Agreement containing the terms of the Awards, including,
but not limited to: (i) the number of Shares of Restricted Stock or Restricted Stock Units subject to such Award; (ii) the purchase price, if any, of the Shares of Restricted Stock or Restricted Stock Units and the means of payment for the
Shares of Restricted Stock or Restricted Stock Units; (iii) the performance criteria, if any, and level of achievement in relation to the criteria that shall determine the number of Shares of Restricted Stock or Restricted Stock Units granted,
issued, retainable and/or vested; provided, however, that any such performance criteria shall be selected from the criteria set forth in Section 9(b) to the extent the Committee determines that the Award needs to comply with Section 162(m)
of the Code; (iv) such terms and conditions of the grant, issuance, vesting and/or forfeiture of the Restricted Stock or Restricted Stock Units as may be determined from time to time by the Committee; (v) restrictions on transferability of
the Restricted Stock or Restricted Stock Units; and (vi) such further terms and conditions, in each case, not inconsistent with this Plan as may be determined from time to time by the Committee. 

(b) The Award Agreement documenting a Restricted Stock Award or Restricted Stock Unit Award shall set forth the terms under which
Restricted Stock or Restricted Stock Units may vest or become payable at or after Separation from Service. 
 (c) Any Award of
Restricted Stock or Restricted Stock Units may be evidenced in such manner as the Committee may deem appropriate, including, without limitation, book-entry registration or issuance of a stock certificate or certificates. In the event any stock
certificate is issued in respect of Shares underlying a Restricted Stock Award, such certificate will be registered in the name of the Participant and bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such
Shares. 
 (d) Unless the Award Agreement provides otherwise, Restricted Stock and Restricted Stock Unit
Awards shall (subject to satisfaction of any purchase price requirement) be transferred or paid to the Participant as soon as practicable following the Award date or the termination of the vesting or other restrictions set forth in the Plan or the
Agreement and the satisfaction of any and all other conditions of the Award applicable to such Restricted Stock or Restricted Stock Unit Award (the “Restriction End Date”), but in no event later than two and one-half (2 1/2) months following the end of the calendar year that includes the later of the Award date or the Restriction End Date, as the case may be. Unless the Award Agreement provides otherwise, in the event
a Participant terminates service with the Company due to a Disability, then the Participant’s vested Restricted Stock Units shall be paid to the Participant within thirty (30) days of the Participant’s qualification for long-term
disability under the Company’s long-term disability plan or policy, or the Committee’s determination of Disability, as the case may be. Notwithstanding any of the foregoing, distributions of Stock under circumstances that constitute a
“deferral of compensation” shall conform to the applicable requirements of Code Section 409A, including as set forth in Section 14(g) below. 
 8. STOCK AWARDS AND OTHER STOCK-BASED AWARDS. 
 (a) Stock Awards. The Committee is
hereby authorized to grant Stock Awards to Eligible Individuals. Stock Awards may be issued by the Committee in addition to, or in tandem with, other Awards granted under this Plan, and may be issued in lieu of any cash compensation or fees for
services to the Company as the Committee, in its discretion, determines or authorizes. Stock Awards shall be evidenced by an Agreement or in such other manner as the Committee may deem necessary or appropriate, including, without limitation,
book-entry registration or issuance of a stock certificate or certificates. In the event any stock certificate is issued in respect of Shares underlying a Stock Award, such certificate will be registered in the name of the Participant. 

(b) Other Stock-Based Awards. The Committee is hereby authorized to grant to Participants such other Awards (including, without
limitation, rights to dividends or dividend equivalents, as described in Section 10 below) that are denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Stock (including, without
limitation, securities convertible into Stock) as are deemed by the Committee to be consistent with the purposes of the Plan. Subject to the terms of the Plan, the Committee will determine the terms and conditions of such Awards and set forth such
terms and conditions in an Agreement related to such Award. Shares or other securities delivered pursuant to a purchase right granted under this Section 8(b) shall be purchased for such consideration, which may be paid by such method or methods
and in such form or forms, including, without limitation, cash, Shares, other securities, other Awards or other property, or any combination thereof, as the Committee determines, the value of which consideration, as established by the Committee,
shall, except in the case of Substitute Awards, not be less than the Fair Market Value of such Shares or other securities as of the date such purchase right is granted. 

(c) Unless the Award Agreement provides otherwise, Stock Awards and Other Stock-Based Awards shall be transferred or
paid to the Participant as soon as practicable following the Award date and the satisfaction of any and all conditions of the Award Agreement, but in no event later than two and one-half (2 1/2) months following the end of the calendar year in which the Award vests, subject to the applicable requirements of Code Section 409A, including as set forth in Section 14(g) below.

  
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 9. PERFORMANCE AWARDS. 

(a) The Committee is hereby authorized to grant Performance Awards to Eligible Individuals. Performance Awards may be Restricted Stock,
Restricted Stock Units, Stock Awards, Other Stock-Based Awards, or awards denominated in cash (including dividend equivalents). Unless otherwise determined by the Committee, such Awards will be evidenced by an Agreement containing the terms of such
Awards, including, but not limited to, the performance criteria and such terms and conditions as may be determined from time to time by the Committee, in each case, not inconsistent with this Plan. 

(b) For Performance Awards intended to be performance-based compensation under Code Section 162(m), the Performance Awards shall be
conditioned upon the achievement of pre-established goals relating to one or more of the following performance measures established within 90 days after the beginning of the performance period (and before 25% of the performance period has been
completed), as determined in writing by the Committee and subject to such modifications as specified by the Committee: cash flow; cash flow from operations; earnings (including earnings before interest, taxes, depreciation, and amortization or some
variation thereof or earnings targets that eliminate earnings from non-core sources, such as gains from pension assets and timberland sales); earnings per share, diluted or basic; earnings per share from continuing operations; net asset turnover;
inventory turnover; capital expenditures; debt, net debt, debt reduction; working capital; return on investment; return on sales; net or gross sales; market share; economic value added; cost of capital; change in assets; expense reduction levels;
productivity; delivery performance; safety record; stock price; return on equity; total shareholder return; return on capital; return on assets or net assets; revenue; income or net income; operating income or net operating income; operating profit
or net operating profit; gross margin, operating margin or profit margin; and completion of acquisitions, business expansion, product diversification and other non-financial operating and management performance objectives. Notwithstanding the
foregoing, for Performance Awards intended to be performance-based compensation under Code Section 162(m), the pre-established performance goals shall satisfy the requirements for performance-based compensation under Code Section 162(m),
including the requirement that the achievement of the goals be substantially uncertain at the time they are established and that the performance goals be established in such a way that a third party with knowledge of the relevant facts could
determine whether and to what extent the performance goals have been met. Performance goals may be applied to either the Company as a whole or to a business unit or Subsidiary entity thereof, either individually, alternatively or in any combination,
and measured over a period of time including any portion of a year, annually or cumulatively over a period of years, on an absolute basis or relative to a pre-established target, to previous years’ results or to a designated comparison group,
in each case as specified by the Committee. 
 (c) To the extent consistent with Code Section 162(m), the Committee may
determine that certain adjustments apply, in whole or in part, in such manner as determined by the Committee, to exclude the effect of any events that occur during a performance period, including: the impairment of tangible or intangible assets;
litigation or claim judgments or settlements; the effect of changes in tax law, accounting principles or other such laws or provisions affecting reported results; accruals for reorganization and restructuring programs, including, but not limited to,
reductions in force and early retirement incentives; currency fluctuations; and any extraordinary, unusual, infrequent or non-recurring items described in management’s discussion and analysis of financial condition and results of operations or
the financial statements and notes thereto appearing in the Company’s annual report to shareholders for the applicable year. For Awards intended to be performance-based compensation under Code Section 162(m), the adjustment methodology
shall be set at the time the pre-established goals relating to the Awards are established. 
 (d) For Awards intended to be
performance-based compensation under Code Section 162(m), performance goals relating to the performance measures set forth above shall be pre-established by the Committee, and achievement thereof certified in writing prior to payment of the
Award, as required by Section 162(m) and regulations promulgated thereunder. In addition to establishing minimum performance goals below which no compensation shall be payable pursuant to a Performance Award, the Committee, in its discretion,
may create a performance schedule under which an amount less than or more than the target award may be paid so long as the performance goals have been achieved. 

  
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 (e) The Committee, in its sole discretion, may also establish such additional restrictions
or conditions that must be satisfied as a condition precedent to the payment of all or a portion of any Performance Awards. Such additional restrictions or conditions need not be performance-based and may include, among other things, the receipt by
a Participant of a specified annual performance rating, the continued employment by the Participant and/or the achievement of specified performance goals by the Company, business unit or Participant. Furthermore, and notwithstanding any provision of
this Plan to the contrary, the Committee, in its sole discretion, may retain the discretion to reduce the amount of any Performance Award to a Participant if it concludes that such reduction is necessary or appropriate based upon: (i) an
evaluation of such Participant’s performance; (ii) comparisons with compensation received by other similarly situated individuals working within the Company’s industry; (iii) the Company’s financial results and conditions;
or (iv) such other factors or conditions that the Committee deems relevant. The Committee shall not use its discretionary authority to increase any award that is intended to be performance-based compensation under Code Section 162(m).

 (f) Performance Awards shall be transferred or paid to the Participant as determined by the Committee in the applicable Award
Agreement, consistent with the requirements of Code Section 409A. The Committee may provide in the Award Agreement that Performance Awards may be payable, in whole or in part, in the event of the Participant’s death or disability, a Change
of Control or under other circumstances consistent with the Treasury regulations and rulings under Code Section 162(m). 

10. DIVIDEND EQUIVALENTS. The Committee may grant dividend equivalents in connection with Awards (other than Options or SARs) under such
terms and conditions as the Committee deems appropriate. Dividend equivalents with respect to Awards that are subject to performance conditions shall vest and be paid only if and to the extent the underlying Awards vest and are paid, as determined
by the Committee. Dividend equivalents may be paid to Participants currently or may be deferred, consistent with Code Section 409A, as determined by the Committee. Dividend equivalents may be accrued as a cash obligation, or may be converted to
Restricted Stock Units for the Participant, as determined by the Committee. Unless otherwise specified in the Award Agreement, deferred dividend equivalents will not accrue interest. Dividend equivalents may be payable in cash or shares of Stock or
in a combination of the two, as determined by the Committee in the Award Agreement. 
 11. DURATION. No Award may be granted
under the Plan after the tenth anniversary of the 2013 Plan Effective Date (May 9, 2013). Unless otherwise expressly provided in the Plan or in an applicable Agreement, any Award theretofore granted may extend beyond such date, and the authority of
the Committee to administer the Plan and to amend, alter, adjust, suspend, discontinue, or terminate any such Award, or to waive any conditions or rights under any such Award, and the authority of the Board to amend the Plan, shall extend beyond
such date. 
 12. CONSEQUENCES OF A CHANGE IN CONTROL 
 (a) In the event of a Change in Control, the Committee may, in its discretion, take any of the following actions with respect to any or all outstanding Awards, without the consent of any Participant:
(i) the Committee may determine that outstanding Awards shall be assumed by, or replaced with awards that have comparable terms by, the surviving corporation (or a parent or subsidiary of the surviving corporation); (ii) the Committee may
determine that outstanding Options and SARs shall automatically accelerate and become fully exercisable, and the restrictions and conditions on outstanding Stock Awards and Restricted Stock shall immediately lapse; (iii) the Committee may
determine that Participants shall receive a payment in settlement of outstanding Awards of Restricted Stock Units, Other Stock-Based Awards, or Performance Awards, in such amount and form as may be determined by the Committee; (iv) the
Committee may require that Participants surrender their outstanding Options and SARs in exchange for a payment by the Company, in cash or Shares as determined by the Committee, in an amount equal to the amount, if any, by which the then Fair Market
Value of the Shares subject to the Participant’s unexercised Options and SARs exceeds the exercise price, and (v) after giving Participants an opportunity to exercise all of their outstanding Options and SARs, the Committee may terminate
any or all unexercised Options and SARs at such time as the Committee deems appropriate. Such surrender, termination or payment shall take place as of the date of the Change of Control or such other date as the Committee may specify. Without
limiting the foregoing, if the per share Fair Market Value of the Shares does not exceed the per share exercise price, the Company shall not be required to make any payment to the Participant upon surrender of the Option or SAR. 

(b) The Committee may determine in the Award Agreement the terms applicable in the event of a Change in Control. The Committee may
provide in an Award Agreement that a sale or other transaction involving a Subsidiary or other business unit of the Company shall be considered a Change in Control for purposes of an Award, or the Committee may establish other provisions that shall
be applicable in the event of a specified transaction. 

  
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 13. AMENDMENT, MODIFICATION AND TERMINATION. 

(a) Except to the extent prohibited by applicable law and unless otherwise expressly provided in an Agreement or in the Plan, the Board
may amend, alter, suspend, discontinue, or terminate the Plan or any portion thereof at any time; provided, however, that no such amendment, alteration, suspension, discontinuation or termination shall be made without: (i) shareholder approval
if such approval is necessary to comply with any tax, legal or regulatory (including, for this purpose, the rules of any national securities exchange(s) on which the Stock is then listed) requirement for which or with which the Board deems it
necessary or desirable to qualify or comply; or (ii) the consent of the affected Participant, if such action would adversely affect any material rights of such Participant under any outstanding Award. Notwithstanding the foregoing or any
provision of the Plan to the contrary, the Committee may at any time (without the consent of the Participant) modify, amend or terminate any or all of the provisions of this Plan to the extent necessary: (i) to conform the provisions of the
Plan with Code Section 409A regardless of whether such modification, amendment, or termination of the Plan shall adversely affect the rights of a Participant under the Plan; and (ii) to enable the Plan to achieve its stated purposes in any
jurisdiction outside the United States in a tax-efficient manner and in compliance with local rules and regulations. 
 (b) The
Committee may waive any conditions or rights under, amend any terms of, or amend, alter, suspend, discontinue or terminate, any Award theretofore granted, prospectively or retroactively, without the consent of any Participant or holder or
beneficiary of an Award, subject to Section 13(f) below; provided, however, that no such action shall impair any material rights of a Participant or holder or beneficiary under any Award theretofore granted under the Plan. The Committee may, in
its discretion, vest part or all of a Participant’s Award that would otherwise be forfeited, consistent with the requirements of Code Section 409A. Notwithstanding the foregoing, no waiver, amendment, alteration, suspension,
discontinuation or termination of the Award by the Committee shall constitute (i) a modification of a stock right within the meaning of Treas. Reg. Section 1.409A-1(b)(5)(v)(B) so as to constitute the grant of a new stock right,
(ii) an extension of a stock right, including the addition of any feature for the deferral of compensation, within the meaning of Treas. Reg. Section 1.409A-1(b)(5)(v)(C), or an impermissible acceleration of a payment date or a subsequent
deferral of a stock right subject to Code Section 409A within the meaning of Treas. Reg. Section 1.409A-1(b)(5)(v)(E). Furthermore, in no event may the Committee exchange Awards previously granted for Awards of a different type, and in the
event of an exchange of Options or SARs permitted by Section 13(f), the maximum term of the Options or SARs (e.g. ten year term) may not be extended pursuant to the exchange. 

(c) With respect to Participants who reside or work outside the United States of America, the Committee may, in its sole discretion,
amend, or otherwise modify, without Board or shareholder approval, the terms of the Plan or Awards with respect to such Participants in order to conform such terms with the provisions of local law; provided that such amendment or other modification
shall not, without the approval of the shareholders of the Company, increase the total number of Shares reserved for purposes of the Plan, expand the class of Eligible Individuals who may receive Awards under the Plan, add a new type of Award to the
Plan or make other changes that would require the approval of the shareholders of the Company under the rules of the national securities exchange(s) on which the Company’s Stock is then listed. 

(d) The Committee is authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition
of unusual or nonrecurring events (including, without limitation, an event affecting the Company, or the financial statements of the Company, or of changes in applicable laws, regulations or accounting principles), whenever the Committee determines
that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, subject, with respect to Awards intended to meet the requirements of Code
Section 162(m), to compliance with the provisions of Section 162(m). 
 (e) In addition to the provisions of
Section 13, in connection with an event described in Section 4(e) or such other events as determined by the Committee and set forth in an Award Agreement, the Committee may, in its discretion: (i) cancel any or all outstanding Awards
under the Plan in consideration for payment to the holder of each such cancelled Award of an amount equal to the portion of the consideration that would have been payable to such holder pursuant to such transaction if such Award had been fully
vested and exercisable, and had been fully exercised, immediately prior to such transaction, less the exercise price, if any, that would have been payable therefore; or (ii) if the net amount referred to in clause (i) would be negative,
cancel such Award for no consideration or payment of any kind. Payment of any amount payable pursuant to the preceding sentence may be made in cash and/or securities or other property in the Committee’s discretion. Such payment shall be
transferred or paid to the Participant as determined by the Committee, consistent with the requirements of Code Section 409A. 

  
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 (f) Except in connection with a corporate transaction involving the Company (including,
without limitation, any stock dividend, stock split, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination, or exchange of Shares), the terms of outstanding Awards may not be amended to
reduce the exercise price of outstanding Options or SARs or cancel outstanding Options or SARs in exchange for cash, other Awards or Options or SARs with an exercise price that is less than the exercise price of the original Options or SARs without
shareholder approval. 
 (g) The Plan must be reapproved by the shareholders of the Company no later than the first shareholders
meeting that occurs in the fifth year following the year in which the shareholders previously approved the Plan, if additional Awards (other than Options or SARs) are to be granted as performance-based compensation under Code Section 162(m) and
if required by Section 162(m) or the regulations thereunder. 
 14. MISCELLANEOUS. 

(a) Nothing in the Plan or in any Agreement confers upon any Eligible Individual who is a Participant the right to continue in the
service or employment of the Company or any Affiliate or affects any right which the Company or any Affiliate may have to terminate or modify the employment or provision of service of the Participant with or without cause. 

(b) The Company has the right to withhold from any payment of cash or Stock to a Participant or other person under the Plan an amount
sufficient to cover any required withholding taxes, including the Participant’s social security and Medicare taxes (FICA) and federal, state, local income tax or such other applicable taxes (“Taxes”) with respect to the Award. The
Company may require the payment of any Taxes before issuing any Stock pursuant to the Award. The Committee may, if it deems appropriate in the case of a Participant, withhold such Taxes through a reduction of the number of Shares delivered to such
individual, up to an amount that does not exceed the minimum applicable withholding tax rate for federal (including FICA), state and local tax liabilities, or allow the Participant to elect to cover all or any part of such required minimum
applicable tax withholding, through a reduction of the number of Shares delivered to the Participant or a subsequent return to the Company of Shares held by the Participant, in each case valued in the same manner as used in computing the withholding
taxes under the applicable laws. 
 (c) Awards received by a Participant under this Plan are not be deemed a part of a
Participant’s regular, recurring compensation for purposes of any termination, indemnity or severance pay laws and shall not be included in, nor have any effect on, the determination of benefits under any other employee benefit plan, contract
or similar arrangement provided by the Company or an Affiliate, unless expressly so provided by such other plan, contract or arrangement, or unless the Committee so determines. No provision of the Plan shall prevent the Company from adopting or
continuing in effect other or additional compensation arrangements, including incentive arrangements providing for the issuance of options and stock, and awards that do not qualify under Code Section 162(m), and such arrangements may be
generally applicable or applicable only in specific cases. 
 (d) Except as the Committee may otherwise determine from time to
time: (i) no Award and no right under any Award shall be assignable, alienable, saleable or transferable by a Participant otherwise than by will or by the laws of descent and distribution; provided, however, that, a Participant may, in the
manner established by the Committee, designate a beneficiary or beneficiaries to exercise the rights of the Participant, and to receive any property distributable, with respect to any Award upon the death of the Participant; and provided, further,
however, that in no event shall the Committee authorize any assignment, alienation, sale, or other transfer under this paragraph that would provide a Participant or beneficiary with the opportunity to receive consideration from a third party;
(ii) each Award, and each right under any Award, shall be exercisable during the Participant’s lifetime only by the Participant or, if permissible under applicable law, by the Participant’s guardian or legal representative; and
(iii) no Award and no right under any such Award, may be pledged, alienated, attached, or otherwise encumbered, and any purported pledge, alienation, attachment or encumbrance thereof shall be void and unenforceable against the Company. The
provisions of this paragraph shall not apply to any Award which has been fully exercised, earned or paid, as the case maybe, and shall not preclude forfeiture of an Award in accordance with the terms thereof. 

(e) This Plan is unfunded and the Company is not required to segregate any assets that may at any time be represented by Awards under
this Plan. Neither the Company, its Affiliates, the Committee, nor the Board shall be deemed to be a trustee of any amounts to be paid under this Plan nor shall anything contained in this Plan or any action taken pursuant to its provisions create or
be construed to create a fiduciary relationship between the Company and/or its Affiliates, and a Participant or Successor. To the extent any person acquires a right to receive an Award under this Plan, such right shall be no greater than the right
of an unsecured general creditor of the Company. 

  
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 (f) Any liability of the Company to any Participant with respect to an Award shall be based
solely upon contractual obligations created by this Plan and the applicable Agreement. Except as may be required by law, neither the Company nor any member or former member of the Board or of the Committee, nor any other person participating
(including participation pursuant to a delegation of authority under Section 3(k) hereof) in any determination of any question under this Plan, or in the interpretation, administration or application of this Plan, shall have any liability to
any party for any action taken, or not taken, under this Plan. 
 (g) This Plan is intended to comply with the requirements of
Code Section 409A, to the extent applicable. All Awards shall be construed and administered such that the Award either (i) qualifies for an exemption from the requirements of Section 409A of the Code or (ii) satisfies the
requirements of Section 409A. If an Award is subject to Section 409A of the Code, unless the Award Agreement specifically provides otherwise: (i) distributions shall only be made in a manner and upon an event permitted under
Section 409A, (ii) payments to be made upon a termination of employment shall only be made upon a “separation from service” under Section 409A of the Code, (iii) payments to be made upon a Change of Control shall only
be made upon a “change of control event” under Section 409A, (iv) each payment shall be treated as a separate payment for purposes of Section 409A, and (v) in no event shall a Participant, directly or indirectly,
designate the calendar year in which a distribution is made except in accordance with Section 409A. Any Award granted under this Plan that is subject to Section 409A and that is to be distributed to a “specified employee” (as
defined below) upon Separation from Service shall be administered so that any distribution with respect to such Award shall be postponed for six months following the date of the Participant’s Separation from Service, if required by
Section 409A. If a distribution is delayed pursuant to Section 409A, the distribution shall be paid within 30 days after the end of the six-month period. If the Participant dies during such six-month period, any postponed amounts shall be
paid within 90 days of the Participant’s death. The determination of specified employees, including the number and identity of persons considered specified employees and the identification date, shall be made by the Committee or its delegate
each year in accordance with Section 416(i) and the specified employee requirements of Section 409A. 
 (h) No
certificate for Shares distributable pursuant to this Plan will be issued and delivered unless the issuance of such certificate complies with all applicable legal requirements including, without limitation, compliance with the provisions of
Section 409A, applicable state securities laws, the Securities Act of 1933, as amended and in effect from time to time or any successor statute, the Exchange Act and the requirements of the national securities exchange(s) on which the
Company’s Stock may, at such time, be listed. 
 (i) All Awards made under this Plan shall be subject to any applicable
clawback or recoupment policies, insider trading policies, policies prohibiting pledging or hedging of Shares, and other policies that may be implemented by the Board from time to time. 

(j) In the event that any provision of this Plan is held to be illegal or invalid for any reason, the illegality or invalidity shall not
affect the remaining provisions of this Plan, and this Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 
 (k) No fractional Shares shall be issued or delivered pursuant to this Plan or any Agreement, and the Committee shall determine whether cash, other securities, or other property shall be paid or
transferred in lieu of any fractional Shares, or whether such fractional Shares or any rights thereto shall be canceled, terminated, or otherwise eliminated. 
 (l) To the extent that federal laws do not otherwise control, this Plan and all determinations made and actions taken pursuant to this Plan shall be governed by the laws of the Commonwealth of
Pennsylvania, without giving effect to its conflict of law provisions. 
 Pursuant to authority granted to William R. Yanavitch
II, Vice President of Human Resources and Administration, in resolutions of the Board of Directors dated March 5, 2013 the foregoing Amended and Restated Long-Term Incentive Plan is adopted by the Board on the 5th day of March, 2013, to be
effective as of the date this amended and restated Long-Term Incentive Plan is approved by the Company’s shareholders, which is expected to occur on May 9, 2013. 

 

			
	P. H. GLATFELTER COMPANY
		
	By:	 	 /s/ William T. Yanavitch

		 	Vice President of Human Resources and Administration

  
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