Document:

EX-10.1

 Exhibit 10.1 

[IDENIX LETTERHEAD] 
 December 30, 2013 

CONFIDENTIAL 
 Jacques Dumas 

32 Suffolk Lane 
 Carlisle, MA 01741 

Dear Jacques: 
 This employment letter (the “letter”)
is made by and between Idenix Pharmaceuticals, Inc., a corporation incorporated under the laws of the State of Delaware (together with its successors and assigns, the “Company”), and you (and, together with the Company, the
“Parties”). Your employment will begin on January 20, 2014, (the “Effective Date”) if you accept this agreement, subject to satisfaction of any required background checks for which there is separate documentation. 

 

	1.	Position and Title. You will be E.V.P., Chief Scientific Officer, reporting to Ronald Renaud, President & Chief Executive Officer. 

 

	2.	Base Salary. Your bi-weekly base salary will be $13,076.93 (equivalent to an annualized rate of $340,000), subject to applicable withholding and payable in accordance with normal payroll practices of Idenix. The
Base Salary shall be reviewed annually for additional increases, if any, which are in the sole discretion of the Idenix Compensation Committee of the Board of Directors (the “Board”). After any such increase, the term “Base
Salary” as utilized herein shall thereafter refer to the increased amount. Base Salary shall not be reduced at any time without your express prior written consent. 

 

	3.	Equity. The Company will recommend you for a new hire grant of a stock option award of 250,000 shares of common stock of Idenix. Assuming the Compensation Committee of the Board approves the grant, it will be
made pursuant to the terms of the Idenix Pharmaceuticals, Inc. 2012 Stock Incentive Plan and its standard option award agreement (the “Plan”). The number of shares for which such award is ultimately granted will be in the absolute
discretion of the Compensation Committee of the Board of Directors. The Company also expects you to be eligible for grants in future years (assuming your continued employment) of an option award with respect to 120,000 shares of Idenix common stock.
The Company will adjust the grant numbers in accordance with changes to the underlying capital structure of the Company. 

  

	4.	Benefits. You will be eligible to participate in all benefit plans and programs Idenix provides generally to its senior level executives, subject to, and on a basis consistent with, the participation requirements
and other terms and conditions of such plans and programs. Such programs currently include medical, dental, disability, life insurance and a 401(k) plan. Of course, the Company reserves the right to modify or eliminate such programs from time to
time. 

 You will also receive a sign-on bonus of $225,000, payable no later than the second payroll date
after the Effective Date, assuming you become and remain employed through the date of payment. You agree that you will promptly (and, in any case, within 20 days) repay to the Company 100% of the sign-on bonus (including any amounts withheld for
taxes) if your employment ends as a result of a termination for Cause or your resignation other than for Good Reason on or before the first anniversary of the Effective Date, with the repayment reduced to 50% for a termination for Cause or your
resignation other than for Good Reason after the first anniversary and on or before the second anniversary of the Effective Date. 
  

	5.	Location. You will be based at Idenix’ offices in Cambridge, Massachusetts. 

  

	6.	Incentive Based Compensation. You are eligible for an annual target cash bonus (“Target Bonus”) equal to 50% of your Base Salary. Your target bonus as a percentage of Base Salary may, at the discretion
of the Board, be periodically reviewed for increase. After any such increase, the term “Target Bonus” as used herein shall thereafter refer to the increased amount. The Target Bonus opportunity shall not be reduced at any time without your
express prior written consent. 

  

	7.	Termination. You and Idenix each agree that your employment with Idenix is that of an employee at will. Both you and Idenix have the right to terminate your employment relationship at any time for any or no
reason, subject to the provisions of this letter. 

 (A) If Idenix terminates your employment other than for Cause (as defined
in Appendix A hereto, and not as a result of death or disability) or you terminate your employment for Good Reason (as defined in Appendix A hereto) you will be eligible to receive the following Severance Compensation, subject to compliance with the
release requirements below in Section 7(B). 
 (i) Lump sum payment equivalent to 12 months of Base Salary and the greater of the Target
Bonus for the year of termination or the bonus actually received from the Company for the preceding calendar year (if any); 
 (ii) Immediate
vesting and exercisability of all outstanding equity awards, subject to the terms of such awards, contingent upon the release requirements and provided that any unvested equity awards shall not expire or be forfeited before satisfaction of the
release condition in Section 7(B) (or, if earlier, for the options, their term) but shall expire or be forfeited promptly if and when the release condition is not satisfied; and 

(iii) Provided you timely elect and remain eligible for benefits continuation pursuant to the federal “COBRA” laws, continued payment
by Idenix of COBRA premiums for you (and your covered dependents) under the group health and dental insurance coverage at the active employee rates for a period of up to 12 months. Any such payments and related coverage shall be discontinued in
the event that you cease to be eligible for or to elect such COBRA coverage during such 12 month period or if such payments are determined by the Company to be reasonably likely to result in any material tax liability to you or the Company. If any
such benefit cannot be provided for any reason then the Company will not be obligated to pay you a cash equivalent in lieu of such benefit. 

 (B) You shall not be eligible to receive the payments, benefits and entitlements provided in
subsection (A) of this Section 7 unless you timely execute and allow to become effective within 60 days following your termination (such 60th day, the “Payment Date”), a severance and release of claims agreement (the
“Severance Agreement”) in the form attached hereto as it may be revised by the Company to reflect changes in law or employment terms. The Severance Compensation shall begin on the Payment Date and shall be subject to the terms and
conditions set forth on Appendix B. 
  

	8.	Termination Within One Year After a Change in Control. If your employment is terminated by Idenix (or any successor to Idenix) without Cause or you terminate your employment for Good Reason, in each case within
one year following a Change in Control (all such terms as defined in Appendix A hereto) you shall be entitled to receive the benefits in Section 7(A)(i), (ii) and (iii) above plus a lump-sum payment equivalent to an additional 12
months of Base Salary and the greater of (i) one times your Target Bonus for the year in which the termination of employment occurs, or (ii) one times the actual bonus payable to you for the year preceding the year in which termination of
employment occurs. Your eligibility to receive the payments, benefits and entitlements provided in this Section 8 shall be subject to the terms of Section 7(B). 

 

	9.	Excise Tax Provision. Anything herein to the contrary notwithstanding, to the extent that any payment, entitlement or benefit provided under this offer or any other agreement, plan, policy, program or arrangement
of the Company (the “Payments”) would be subject to the imposition of the excise tax imposed under Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), or any similar Federal or state law (an
“Excise Tax”), the Payments shall be reduced (but not below zero) to the maximum amount as will result in no portion of the Payments being subject to such Excise Tax (the “Safe Harbor Cap”), but only if the net after-tax amount
that would be received by you, taking into account all applicable Federal, state and local income taxes and the imposition of the Excise Tax, is greater than the net after-tax amount, similarly determined, that would be received by you if Payments
are not reduced to the Safe Harbor Cap. If there is a reduction, it shall be implemented as follows: (i) any cash payments, (ii) any taxable benefits, (iii) any nontaxable benefits, and (iv) any vesting of equity awards, in each
case in reverse order beginning with payments or benefits that are to be paid the farthest in time from the date of change in control, to the extent necessary to avoid imposition of the excise tax under Code Section 4999. 

	10.	Section 409A. All payment for which provision is made in this offer letter shall be subject to the terms set forth in Appendix B. 

 

	11.	Disclosure of Inventions: As a condition to your becoming and remaining employed, you must sign and comply with the Company’s Invention and Nondisclosure Agreement. 

 

	12.	Noncompetition and Non-Solicitation: In consideration of the benefits in this offer letter: 

(A) You agree that while you are employed by the Company and for a period of 12 months after the termination or cessation of such
employment, you will not directly or indirectly: 
 (i) in the geographic area where the Company does business, has done business, or plans
to do business at the time of the termination or cessation of your employment, engage or assist others in engaging in any business or enterprise (whether as an owner, partner, officer, director, employee, consultant, investor, lender or otherwise)
that is competitive with the Company’s business. For purposes of this offer, the term “Competitive Business” shall mean an entity that discovers, develops and commercializes therapeutics for the treatment of HBV, HCV and HIV; provided
that the passive ownership of not more than 1% of the outstanding stock of a publicly-held company shall not, by itself, violate this provision; or 

(ii) either alone or in association with others, solicit, divert or take away, or attempt to solicit, divert or take away, the business or
patronage of any of the clients, customers, accounts or business partners or prospective clients, customers, accounts or business partners of the Company that were contacted, solicited, or served by the Company while you were employed by the
Company; or 
 (iii) either alone or in association with others solicit, induce or attempt to induce, any employee or independent contractor
of the Company to terminate his or her employment or other engagement with the Company, provided, that this provision shall not apply to the solicitation of any individual whose employment or other engagement with the Company has been terminated for
a period of six months or longer; and 
 (B) You agree that during the non-competition and non-solicitation period, you will give notice to
the Board of each new business activity you plan to undertake, at least 10 business days prior to beginning any such activity. You further acknowledge and agree that the restrictions contained in this offer letter are necessary for the protection of
the business and goodwill of the Company and are considered by you to be reasonable for such purpose. You agree that any breach or threatened breach of this provision will cause the Company substantial and irrevocable damage that is difficult to
measure. Therefore, in the event of any such breach or threatened breach, you agree that the Company, in addition to such other remedies that may be available, shall have the right to seek specific performance and injunctive relief without posting a
bond. You further waive the adequacy of a remedy at law as a defense to such relief. 

	13.	Nondisparagement. You understand and agree that during and after your employment you shall not make any false, disparaging or derogatory statements to any person or entity, including, without limitation, any
media outlet, industry group, financial institution or current or former employee, consultant, client or customer of the Company, regarding the Company or any of its directors, officers, employees, agents or representatives or about the
Company’s business affairs or financial condition; provided, however, that nothing herein shall be construed as preventing you from making truthful disclosures to any governmental entity or in any litigation or arbitration or as otherwise
required by applicable law. 

  

	14.	No Conflicts. You represent that you are not bound by any employment contract, restrictive covenant or other restriction preventing you from entering into employment with or carrying out your responsibilities for
the Company, or that is in any way inconsistent with the terms of this letter. Please note that this offer letter is your formal offer of employment and supersedes any and all prior or contemporaneous agreements, discussions and understandings,
whether written or oral, relating to the subject matter of this letter or your employment with the Company. 

  

	15.	Proof of Legal Right to Work. For purposes of federal immigration law, you will be required to provide the Company with documentary evidence of your identity and eligibility for employment in the United States.
Such documentation must be provided to the Company within three business days following your date of hire, or our employment relationship with you may be terminated. You may need to obtain a work visa in order to be eligible to work in the United
States. If that is the case, your employment with the Company will be conditioned upon your obtaining a work visa in a timely manner as determined by the Company. 

 

	16.	Governing Law. This offer and your employment shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts (without reference to the conflict of laws provisions thereof.)

 If this offer letter correctly sets forth the terms under which you will be employed by the Company, please sign the enclosed duplicate of
this letter in the space provided below and return it to me. 
  

	
	Very truly yours,
	
	/s/ Ronald C. Renaud, Jr.
	
	Ronald C. Renaud
	President and Chief Executive Officer
	
	Idenix Pharmaceuticals, Inc.

 I accept the offer on the terms provided above with respect to my at-will employment with Idenix, Inc. I am not
relying on any representations other than those set forth above. 
 ACCEPTED as of this     30th     day of
December, 2013 
  

	
	 /s/ Jacques Dumas

	Jacques Dumas

 Appendix A 

“Change in Control” shall mean: 

(i) any “person,” as such term is used in Sections 3(a)(9) and 13(d) of the Securities Exchange Act of 1934, becomes a
“beneficial owner,” as such term is used in Rule 13d-3 promulgated under that act, of fifty percent (50%) or more of the Voting Stock of the Company; 

(ii) the Company adopts any plan of liquidation providing for the distribution of all or substantially all of its assets; or 

(iii) all or substantially all of the assets or business of the Company is disposed of pursuant to a merger, consolidation or other transaction
(unless the shareholders of the Company immediately prior to such merger, consolidation or other transaction beneficially own, directly or indirectly, at least fifty percent (50%) of the Voting Stock or other ownership interests of the entity
or entities, if any, that succeed to the business of the Company); or 
 (iv) the Company combines with another company and is the surviving
corporation but, immediately after the combination, the shareholders of the Company immediately prior to the combination hold, directly or indirectly, fifty percent (50%) or less of the Voting Stock of the combined company (there being excluded
from the number of shares held by such shareholders, but not from the Voting Stock of the combined company, any shares received by affiliates of such other company in exchange for stock of such other company); 

provided that, where required to avoid additional taxation under Section 409A, the event that occurs must also be a “change in the
ownership or effective control of a corporation, or a change in the ownership of a substantial portion of the assets of a corporation” as defined in Treas. Reg. § 1.409A-3(i)(5). 

For purposes of this definition of “Change in Control” the “Company” shall include any entity that succeeds to all or substantially all of
the business of the Company and “Voting Stock” shall mean securities of any class or classes having general voting power under ordinary circumstances, in the absence of contingencies, to elect the directors of a corporation. 

“Good Reason” to terminate your employment with Idenix shall be deemed to exist if, there is: (i) a material diminution in your
authority or responsibilities; (ii) a material reduction in your Base Salary; or (iii) the primary place of your employment is relocated by Idenix to a location more than 40 miles from Cambridge, Massachusetts. No resignation will be
treated as resignation for Good Reason unless (x) you have given written notice to the Company of your intention to terminate your employment for Good Reason, describing the grounds for such action, no later than 90 days after the first
occurrence of such circumstances, (y) you have provided the Company with at least 30 days in which to cure the circumstances, and (z) if the Company is not successful in curing the circumstance, you end your employment within 30 days
following the cure period in (y). 

 “Termination for Cause” shall be the result of a good faith finding by the Company that you have
engaged in: (i) willful fraud or willful material dishonesty in connection with your employment by the Company; (ii) intentional failure by you to substantially perform your duties hereunder or gross neglect in the performance of such
duties; (iii) your gross misconduct that is materially detrimental to the Company’s reputation, goodwill or business operations; (iv) your breach of any of the covenants in this offer or attachments hereto; or (v) your conviction
of, or plea of guilty or nolo contendere to, a charge of commission of a felony; provided that prior to any Termination for Cause you are given written notice with specificity of any such reasons and a reasonable opportunity to cure if
such a cure is reasonably possible. 

 Appendix B 

Payments Subject to Section 409A 

Subject to the provisions in this Appendix B, any Severance Compensation or benefits under this offer of employment shall be made only upon the date of your
“separation from service” (determined as set forth below) which occurs on or after the date of termination of your employment. The following rules shall apply with respect to distribution of the Severance Compensation, if any, to be
provided to you under this letter: 
 (i) It is intended that each installment of the Severance Compensation shall be treated as a separate
“payment” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended, and the guidance issued thereunder (“Section 409A”). Neither the Company nor you shall have the right to accelerate or defer the
delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A. 
 (ii) If, as of the
date of your “separation from service” from the Company, you are not a “specified employee” (within the meaning of Section 409A), then each installment of the Severance Compensation shall be made on the dates and terms set
forth in this letter. 
 (iii) If, as of the date of your “separation from service” from the Company, you are a “specified
employee” (within the meaning of Section 409A), then: 
 (a) each installment of the Severance Compensation due under this letter
shall be treated as a short-term deferral within the meaning of Treasury Regulation § 1.409A-1(b)(4) to the maximum extent permissible under Section 409A, and shall be made on the dates and terms set forth in this letter; and 

(b) each installment of the Severance Compensation due under this letter that is not described in this Appendix, (iii)(a) above and that
would, absent this subsection, be paid within the six-month period following your “separation from service” from the Company shall not be paid until the date that is six months and one day after such separation from service (or, if
earlier, your death), with any such installments that are required to be delayed being accumulated during the six-month period and paid in a lump sum on the date that is six months and one day following your separation from service and any
subsequent installments, if any, being paid in accordance with the dates and terms set forth herein; provided, however, that the preceding provisions of this sentence shall not apply to any installment of Severance Compensation if and
to the maximum extent that that such installment is deemed to be paid under a separation pay plan that does not provide for a deferral of compensation by reason of the application of Treasury Regulation § 1.409A-1(b)(9)(iii) (relating to
separation pay upon an involuntary separation from service). Any installments that qualify for the exception under Treasury Regulation § 1.409A-1(b)(9)(iii) must be paid no later than the last day of your second taxable year following the
taxable year in which the separation from service occurs. 

 (iv) The determination of whether and when your separation from service from the Company has
occurred shall be made and in a manner consistent with, and based on the presumptions set forth in, Treasury Regulation § 1.409A-1(h). Solely for purposes of this Appendix B, (iv), “Company” shall include all persons with whom the
Company would be considered a single employer as determined under Treasury Regulation Section 1.409A-1(h)(3). 
 (v) All reimbursements
and in-kind benefits provided under this letter shall be made or provided in accordance with the requirements of Section 409A to the extent that such reimbursements or in-kind benefits are subject to Section 409A, including, where
applicable, the requirements that (i) any reimbursement is for expenses incurred during your lifetime (or during a shorter period of time specified in this letter), (ii) the amount of expenses eligible for reimbursement during a calendar
year may not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is
incurred and (iv) the right to reimbursement is not subject to set off or liquidation or exchange for any other benefit. 
 (vi)
Notwithstanding anything herein to the contrary, the Company shall have no liability to you or to any other person if the payments and benefits provided hereunder that are intended to be exempt from or compliant with Section 409A are not so
exempt or compliant. 

 Appendix C 

Form of Severance and General Release Agreement1 

[Insert Date] 
 [Insert Employee Name] 

[Insert Employee Address] 
 Dear [Insert Employee Name]: 

As we have discussed, your employment with Idenix, Inc. (the “Company”) will end on [Insert Termination Date]. The Company will
provide you with the severance benefits described in paragraph 2 below if you sign and return this letter agreement (the “Agreement”) to me on or before [Insert Return Date] and it becomes binding between you and the Company. By timely
signing and returning this Agreement and not revoking your acceptance, you will be entering into a binding agreement with the Company and will be agreeing to the terms and conditions set forth in the numbered paragraphs below, including the release
of claims set forth in paragraph 3. Therefore, you are advised to consult with an attorney before signing this Agreement and you have been given at least [twenty-one (21) days to do so]2. [If
you sign this Agreement, you may change your mind and revoke your agreement during the seven (7) day period after you have signed it by notifying me in writing. If you do not so revoke, this Agreement will become a binding agreement between you
and the Company upon the expiration of the seven (7) day period.]3 
 If you
choose not to sign and return this Agreement in a timely manner as set forth above, or if you timely revoke your acceptance in writing, you shall not receive any of the severance payments or benefits under your employment letter dated as of
                 ,      (your “Employment Letter”) from the Company. Whether or not this Agreement becomes effective, you will receive
payment on your Termination Date, as defined herein, for (i) your final wages and (ii) any unused vacation time accrued through the Termination Date. You may also, if eligible, elect to continue receiving group medical insurance pursuant
to the federal “COBRA” law, 29 U.S.C. § 1161 et seq. Please consult the COBRA materials to be provided by the Company under separate cover for details regarding these benefits. Except as provided for herein, all other
benefits and all unvested stock rights will be cancelled on the Termination Date. 
 The following numbered paragraphs set forth the terms
and conditions that will apply if you timely sign and return this Agreement [and do not revoke it in writing within the seven (7) day period]. 
  

	1.	Termination Date. Your effective date of termination from the Company is [Insert Termination Date] (the “Termination Date”). As of the Termination Date, all salary payments from the Company will cease
and any benefits you had as of the Termination Date under Company-provided benefit plans, programs, or practices will terminate, except as required by federal or state law. 

 
  

	1 	Employee acknowledges that the Company may modify this Agreement in light of changes in law or interpretation and to reflect changes in employment circumstances or the nature of the termination/resignation.

	2 	To be adjusted as appropriate either to 5-7 days if not 40 or older or to 45 days in some circumstances. 

	3 	Deleted for an employee who is not at least 40 years old and replaced with “This Agreement will become irrevocable when you sign it.” 

	2.	Description of Severance Compensation. If you timely sign and return this Agreement and do not revoke your acceptance, the Company will provide the severance benefits in accordance with
Section(s)             of your Employment Letter with the Company dated                 ,
         (the “Severance Benefits”). You will not be eligible for, nor shall you have a right to receive, any payments or benefits from the Company following the Termination Date other than as
described in this paragraph 2. 

  

	3.	Release. In consideration of the Severance Benefits, which you acknowledge you would not otherwise be entitled to receive, you hereby fully, forever, irrevocably and unconditionally release, remise and discharge
the Company, its affiliates, subsidiaries, parent companies, predecessors, and successors, and all of their respective past and present officers, directors, stockholders, partners, members, employees, agents, representatives, plan administrators,
attorneys, insurers and fiduciaries (each in their individual and corporate capacities) (collectively, the “Released Parties”) from any and all claims, charges, complaints, demands, actions, causes of action, suits, rights, debts, sums of
money, costs, accounts, reckonings, covenants, contracts, agreements, promises, doings, omissions, damages, executions, obligations, liabilities, and expenses (including attorneys’ fees and costs), of every kind and nature that you ever had or
now have against any or all of the Released Parties, including any and all claims arising out of or relating to your employment with and/or separation from the Company, including all claims under Title VII of the Civil Rights Act of 1964, 42 U.S.C.
§ 2000e et seq., the Americans With Disabilities Act of 1990, 42 U.S.C. § 12101 et seq., the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq., the Genetic Information Nondiscrimination Act of 2008, 42 U.S.C. § 2000ff
et seq., the Family and Medical Leave Act, 29 U.S.C. § 2601 et seq., the Worker Adjustment and Retraining Notification Act (“WARN”), 29 U.S.C. § 2101 et seq., 18 U.S.C. 1514(A), the Rehabilitation Act of 1973, 29 U.S.C. §
701 et seq., Executive Order 11246, Executive Order 11141, the Fair Credit Reporting Act, 15 U.S.C. § 1681 et seq., and the Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. § 1001 et seq., all as amended; all
claims arising out of the Massachusetts Fair Employment Practices Act., Mass. Gen. Laws ch. 151B, § 1 et seq., the Massachusetts Civil Rights Act, Mass. Gen. Laws ch. 12, §§ 11H and 11I, the Massachusetts Equal Rights Act, Mass. Gen.
Laws. ch. 93, § 102 and Mass. Gen. Laws ch. 214, § 1C, the Massachusetts Labor and Industries Act, Mass. Gen. Laws ch. 149, § 1 et seq., the Massachusetts Wage Act, Mass. Gen. Laws ch. 149, § 148 et seq. (Massachusetts law
regarding payment of wages and overtime), Mass. Gen. Laws ch. 214, § 1B (Massachusetts right of privacy law), the Massachusetts Maternity Leave Act, Mass. Gen. Laws ch. 149, § 105D, and the Massachusetts Small Necessities Leave Act, Mass.
Gen. Laws ch. 149, § 52D, all as amended; all common law claims including actions in defamation, intentional infliction of emotional distress, misrepresentation, fraud, wrongful discharge, and breach of contract; all claims to any non-vested
ownership interest in the Company, contractual or otherwise, and any claim or damage arising out of your employment with and/or separation from the Company (including a claim for retaliation) under any common law theory or any federal, state or
local statute or ordinance not expressly referenced above; provided, however, that nothing in this Agreement prevents you from filing a charge with, cooperating with, or participating in any proceeding before the Equal Employment Opportunity
Commission or a state fair employment practices agency (except that you acknowledge that you may not recover any monetary benefits in connection with any such claim, charge or proceeding). 

 Notwithstanding any provision of this Agreement to the contrary, by executing this Agreement, you
are not releasing (i) any claims that cannot be waived by law, (ii) your right of indemnification as provided by, and in accordance with the terms of, the Company’s by-laws or a Company insurance policy providing such coverage, as any
of such may be amended from time to time, or (iii) any claims relating to your rights as an equity holder of the Company. 
  

	4.	Post-Separation Obligations. You acknowledge and reaffirm your obligation to keep confidential and not to disclose any and all non-public information concerning the Company that you acquired during the course of
your employment with the Company, including any non-public information concerning the Company’s business affairs, business prospects, and financial condition. Your further acknowledge and reaffirm your obligations under Sections
             and              of the Employment Letter, which remain in full force and effect. 

 

	5.	Non-Disparagement. You understand and agree that, in consideration of the Severance Benefits, you shall not make any false, disparaging or derogatory statements to any person or entity, including any media
outlet, industry group, financial institution or current or former employee, consultant, client or customer of the Company, regarding the Company or any of its directors, officers, employees, agents or representatives or about the Company’s
business affairs or financial condition; provided, however, that nothing herein shall be construed as preventing you from making truthful disclosures to any governmental entity or in any litigation or arbitration or as otherwise required by
applicable law. 

  

	6.	Cooperation. To the extent permitted by law, you agree to cooperate with the Company in the defense or prosecution of any claims or actions which already have been brought, are currently pending, or which may be
brought in the future against or on behalf of the Company, whether before a state or federal court, any state or federal government agency, or a mediator or arbitrator. In addition, the Company shall reimburse you for reasonable out-of-pocket
expenses incurred at the request of the Company with respect to your compliance with this paragraph. Your full cooperation in connection with such claims or actions shall include being available to meet with counsel to prepare its claims or
defenses, to prepare for trial or discovery or an administrative hearing or a mediation or arbitration and to act as a witness when requested by the Company at reasonable times mutually agreed to by you and the Company. You agree that you will
notify the Company promptly in the event that you are served with a subpoena or in the event that you are asked to provide a third party with information concerning any actual or potential complaint or claim against the Company. 

	7.	Return of Company Property. You represent and confirm that you have returned to the Company all Company-owned property in your possession or control and that you have left intact all electronic Company documents,
including those that you developed or helped to develop during your employment. You further confirm that you have cancelled all accounts for your benefit, if any, in the Company’s name, including credit cards, telephone charge cards, cellular
phone and/or pager accounts, and computer accounts. 

  

	8.	Business Expenses and Final Compensation. You acknowledge that you have been reimbursed by the Company for all business expenses incurred in conjunction with the performance of your employment and that no other
reimbursements are owed to you. You further acknowledge that you have received payment in full for all services rendered in conjunction with your employment by the Company, including payment for all wages, bonuses, equity, commissions and accrued,
unused vacation time, and that no other compensation is owed to you. 

  

	9.	Amendment and Waiver. This Agreement shall be binding upon the parties and may not be modified in any manner, except by an instrument in writing of concurrent or subsequent date signed by duly authorized
representatives of the parties hereto. This Agreement is binding upon and shall inure to the benefit of the parties and their respective agents, assigns, heirs, executors, successors and administrators. No delay or omission by the Company in
exercising any right under this Agreement shall operate as a waiver of that or any other right. A waiver or consent given by the Company on any one occasion shall be effective only in that instance and shall not be construed as a bar to or waiver of
any right on any other occasion. 

  

	10.	Validity. Should any provision of this Agreement be declared or be determined by any court of competent jurisdiction to be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be
affected thereby and said illegal or invalid part, term or provision shall be deemed not to be a part of this Agreement. 

  

	11.	Tax Provision. In connection with the Severance Benefits to be provided to you pursuant to this Agreement, the Company shall withhold and remit to the tax authorities the amounts required under applicable law,
and you shall be responsible for all applicable taxes with respect to such Severance Benefits under applicable law. You acknowledge that you are not relying upon advice or representation of the Company with respect to the tax treatment of any of the
Severance Benefits. 

  

	12.	Compliance with Section 409A. The severance payments and benefits shall be subject to and compliant with any requirements provided under Section 409A of the Internal Revenue Code of 1986, as amended
(“Section 409A”). The Company shall have no liability to you or any other person if the payments and benefits provided that are intended to be exempt from or compliant with Section 409A are not so exempt or compliant.

  

	13.	Nature of Agreement. You understand and agree that this Agreement is a severance agreement and does not constitute an admission of liability or wrongdoing on the part of the Company. 

	14.	Acknowledgments. You acknowledge that you have been given at least [twenty-one (21)] days to consider this Agreement, and that the Company advised you to consult with an attorney of your own choosing prior to
signing this Agreement. [You understand that you may revoke this Agreement for a period of seven (7) days after you sign it by notifying me in writing, and the Agreement shall not be effective or enforceable until the expiration of this seven
(7) day revocation period.] [You understand and agree that by entering into this Agreement, you are waiving any and all rights or claims you might have under the Age Discrimination in Employment Act, as amended by the Older Workers Benefits
Protection Act, and that you have received consideration beyond that to which you were previously entitled.] 

  

	15.	Voluntary Assent. You affirm that no other promises or agreements of any kind have been made to or with you by any person or entity whatsoever to cause you to sign this Agreement, and that you fully understand
the meaning and intent of this Agreement. You state and represent that you have had an opportunity to fully discuss and review the terms of this Agreement with an attorney. You further state and represent that you have carefully read this Agreement,
understand the contents herein, freely and voluntarily assent to all of the terms and conditions hereof, and sign your name of your own free act. 

  

	16.	Applicable Law. This Agreement shall be interpreted and construed by the laws of the Commonwealth of Massachusetts, without regard to conflict of laws provisions. You hereby irrevocably submit to and acknowledge
and recognize the jurisdiction of the courts of the Commonwealth of Massachusetts, or if appropriate, a federal court located in the Commonwealth of Massachusetts (which courts, for purposes of this Agreement, are the only courts of competent
jurisdiction), over any suit, action or other proceeding arising out of, under or in connection with this Agreement or the subject matter hereof. 

  

	17.	Interpretation. The Parties agree that this Agreement will be construed without regard to any presumption or rule requiring construction or interpretation against the drafting party. References in this Agreement
to “include” or “including” should be read as though they said “without limitation” or equivalent forms. References to “day” or “days” are to calendar days, unless the Agreement specifically refers
to “business days.” 

  

	18.	Entire Agreement – This Agreement contains and constitutes the entire understanding and agreement between the parties hereto with respect to your severance benefits and the settlement of claims against the
Company and cancels all previous oral and written negotiations, agreements, and commitments in connection therewith. Nothing in this paragraph, however, shall modify, cancel or supersede your obligations set forth in paragraph 4 above.

 If you have any questions about the matters covered in this Agreement, please call
                    . 
  

			
	Very truly yours,
		
	By:	 	  

		 	[Name]
		 	[Title]

 I hereby agree to the terms and conditions set forth above. I have been given at least [twenty-one (21)] days to
consider this Agreement and I have chosen to execute this on the date below. I intend that this Agreement will become a binding agreement between me and the Company [if I do not revoke my acceptance in seven (7) days][upon my execution of this
Agreement]. 
 Not to be executed before close of business on the Termination Date. 

 

			
	  
 [Insert Employee Name]
	  	  
 DateEX-10.1

 Exhibit 10.1 

CONSENT AND FIRST AMENDMENT TO CREDIT AGREEMENT 

THIS CONSENT AND FIRST AMENDMENT TO CREDIT AGREEMENT (this “Agreement”) is dated as of January 3, 2014 and is entered
into by any among VERSO PAPER FINANCE HOLDINGS LLC, a Delaware limited liability company (“Holdings”), VERSO PAPER HOLDINGS LLC, a Delaware limited liability company (the “Borrower”) and the Lenders signatory
hereto. 
 W I T N E S S E T H : 

WHEREAS, Holdings, the Borrower, and certain Subsidiaries of the Borrower entered into a Credit Agreement (the “Credit
Agreement”; unless otherwise defined herein, all capitalized terms used herein have the meanings ascribed to them in the Credit Agreement), dated as of May 4, 2012, with Credit Suisse AG, Cayman Islands Branch, as administrative agent
(in such capacity, the “Administrative Agent”) and a Lender and the other Lenders from time to time party thereto. 

WHEREAS, a newly-created wholly-owned subsidiary (“MergerSub”) of the Borrower, intends to merge (the “NewPage
Merger”) with and into NewPage Holdings, Inc., a Delaware corporation (“NewPage”); 
 WHEREAS, the Borrower
intends to issue debt (the “Seller Notes”) to equity holders of NewPage (in addition to other consideration to be paid thereto) in connection with the NewPage Merger (the “Seller Note Issuance”); 

WHEREAS, the Borrower intends to issue new second lien notes in exchange for certain of the existing Second Lien Notes (the “New
Second Lien Note Issuance”); 
 WHEREAS, the Borrower intends to issue new senior subordinated notes in exchange for certain of the
existing Senior Subordinated Notes (the “New Senior Subordinated Note Issuance”); 
 WHEREAS, NewPage Corporation, a
Delaware corporation and an indirect wholly-owned subsidiary of NewPage (“NewPage Corporation”), intends to enter into (i) a senior secured term loan facility (the “NewPage Term Loan Facility”) and (ii) a
senior secured revolving credit facility (the “NewPage ABL Facility” and, together with the NewPage Term Loan Facility, the “NewPage Credit Facilities”) in connection with and either substantially contemporaneously
with or prior to the NewPage Merger; 
 WHEREAS, (i) the Borrower and certain Subsidiaries of the Borrower on the one hand and NewPage
and certain Subsidiaries of NewPage on the other intend to enter into a shared services agreement in connection with the NewPage Merger and (ii) the Subsidiaries of NewPage will not be guaranteeing the Obligations of the Borrower under the
Credit Agreement and neither the Borrower nor the Subsidiaries of the Borrower existing as of the date hereof will be guaranteeing the obligations of NewPage Corporation under the NewPage Credit Facilities (such structure, the
“Structure”, and together with the NewPage Merger, the Seller Note Issuance, the New Second Lien Note Issuance, the New Senior Subordinated Note Issuance, the entering into of the NewPage Credit Facilities and the other transactions
entered into in connection therewith, the “Transactions”); and 

 WHEREAS, Holdings and the Borrower have requested that the Lenders (i) amend certain
provisions of the Credit Agreement as set forth herein and (ii) consent to the Transactions and, subject to the satisfaction of the conditions set forth herein, the Lenders are willing to do so, on the terms and conditions set forth herein;

 NOW, THEREFORE, it is agreed: 
  

	I.	Consent. 

 From and after the Agreement Effective Date (as defined below) and
notwithstanding anything contained in the Credit Agreement or any other Loan Document to the contrary, the Lenders hereby consent to the Transactions. 
  

	II.	Amendments to Credit Agreement. 

 Effective as of the Agreement Effective Date (subject,
in the case of the amendments provided for in Section 2 of Article II of this Agreement, to the satisfaction of the conditions set forth in Section 2 of Article III of this Agreement), the Credit Agreement is hereby amended as
necessary to effectuate the Transactions including, without limitation, as follows: 
 1. Energy/Hydro Amendments. 

(a) Section 1.01 of the Credit Agreement is hereby amended by adding the following definitions in appropriate alphabetical order: 

“Non-Core Energy Assets” means any assets held by an entity listed on Schedule 1.01F hereto and any related assets held by the
Borrower or any Subsidiary. 
 “Specified Non-Core Assets” shall mean hydro-electric dams and related assets. 

(b) The definition of “Unrestricted Subsidiary” as set forth in Section 1.01 of the Credit Agreement is hereby amended by
(i) inserting immediately following the number “(3)” the words and number “the entity listed on item 1 of Schedule 1.01F hereto, (4)” and (ii) deleting the number “(4)” and substituting in lieu thereof the
number “(5)”. 
 (c) Section 6.03 of the Credit Agreement is hereby amended by (i) deleting the word “and”
prior to clause (b) thereof and (ii) inserting the following clauses after clause (b): 
 “(c) with respect to the Non-Core
Energy Assets, and” 
 “(d) with respect to the Specified Non-Core Assets.” 

  
 2 

 (d) Section 6.04 of the Credit Agreement is hereby amended by (i) deleting the word
“and” at the end of paragraph (bb), (ii) deleting the period at the end of paragraph (cc) and substituting therefore a semicolon and (iii) inserting the following new paragraphs after paragraph (cc): 

“(dd) Investments in any Unrestricted Subsidiary made with Specified Non-Core Assets; and” 

“(ee) Investments in any Unrestricted Subsidiary made with Non-Core Energy Assets.” 

(e) Section 6.05 of the Credit Agreement is hereby amended by (i) deleting the word “and” at the end of
paragraph (l), (ii) deleting the period at the end of paragraph (m) and substituting therefore a semicolon and (iii) inserting the following new paragraphs after paragraph (m): 

“(n) the sale or other disposition of the Specified Non-Core Assets; and” 

“(o) the sale or other disposition of the Non-Core Energy Assets.” 

(f) A new Schedule 1.01F shall be added to the Credit Agreement in the form of Annex II hereto. 

2. NewPage Merger Amendments. 

(a) Section 1.01 of the Credit Agreement is hereby amended by adding the following definitions in appropriate alphabetical order: 

“New Second Lien Notes” shall mean the second priority senior secured notes to be issued by the Borrower and Verso Paper Inc.
prior to the NewPage Merger Closing Date pursuant to the New Second Lien Notes Indenture and any notes issued by the Borrower and Verso Paper Inc. in exchange for, and as contemplated by, the New Second Lien Notes Indenture and the related
registration rights agreement with substantially identical terms as the New Second Lien Notes. 
 “New Second Lien Notes
Indenture” shall mean the Indenture, under which the New Second Lien Notes are to be issued, among, among others, the Borrower and Verso Paper Inc., as issuers, and certain of the Subsidiaries party thereto, as guarantors, as in effect
prior to the NewPage Merger Closing Date and as amended, restated, supplemented or otherwise modified from time to time in accordance with the requirements thereof and of this Cash Flow Agreement. 

“New Senior Secured Notes” shall mean the senior secured notes to be issued by the Borrower and Verso Paper Inc. on the
NewPage Merger Closing Date pursuant to the New Senior Secured Notes Indenture and any notes issued by the Borrower and Verso Paper Inc. in exchange for, and as contemplated by, the New Senior Secured Notes and the related registration rights
agreement with substantially identical terms as the New Senior Secured Notes. 
 “New Senior Secured Notes Indenture” shall
mean the Indenture under which the New Senior Secured Notes are to be issued, among, among others, the Borrower and Verso Paper Inc., as issuers and certain of the Subsidiaries party thereto, as guarantors, as amended, restated, supplemented or
otherwise modified from time to time in accordance with the requirements thereof and of this Cash Flow Agreement. 

  
 3 

 “New Senior Subordinated Notes” shall mean the senior subordinated notes to be
issued by the Borrower and Verso Paper Inc. prior to the NewPage Merger Closing Date pursuant to the New Senior Subordinated Notes Indenture and any notes issued by the Borrower and Verso Paper Inc. in exchange for, and as contemplated by, the New
Senior Subordinated Notes Indenture and the related registration rights agreement with substantially identical terms as the New Senior Subordinated Notes. 

“New Senior Subordinated Notes Indenture” shall mean the Indenture under which the New Senior Subordinated Notes are to be
issued, among, among others, the Borrower and Verso Paper Inc., as issuers and certain of the Subsidiaries party thereto, as guarantors, as in effect prior to the NewPage Merger Closing Date and as amended, restated, supplemented or otherwise
modified from time to time in accordance with the requirements thereof and of this Cash Flow Agreement. 
 “NewPage ABL Credit
Agreement” shall mean that certain asset-based revolving credit agreement dated as of or prior to the NewPage Merger Closing Date, if entered into, by and among, among others, NewPage Investment Company LLC, a Delaware limited liability
company, NewPage Corporation, a Delaware corporation, as borrower, the Subsidiaries of NewPage Corporation party thereto and the lenders party thereto, as amended, restated, amended and restated, supplemented or otherwise modified from time to time.

 “NewPage Excluded Entity” shall mean NewPage Investment Company LLC and its subsidiaries. 

“NewPage Merger” shall mean the merger of a wholly-owned subsidiary of the Borrower, with and into NewPage Holdings, Inc., a
Delaware corporation. 
 “NewPage Merger Closing Date” shall mean the date of the consummation of the NewPage Merger. 

“NewPage Term Loan Credit Agreement” shall mean that certain credit agreement dated as of or prior to the NewPage Merger
Closing Date, if entered into, by and among, among others, NewPage Investment Company LLC, a Delaware limited liability company, NewPage Corporation, a Delaware corporation, as borrower, the Subsidiaries of NewPage Corporation party thereto and the
lenders party thereto, as amended, restated, amended and restated, supplemented or otherwise modified from time to time. 
 “Shared
Services Agreement” shall mean the shared services agreement to be entered into among, among others, the Borrower, certain Subsidiaries of the Borrower, NewPage Holdings, Inc., a Delaware corporation and certain Subsidiaries of NewPage
Holdings, Inc. in connection with the NewPage Merger, substantially in accordance with the term sheet attached hereto as Exhibit I, and any and all modifications thereto, substitutions therefor and replacements thereof so long as such
modifications, substitutions and replacements are not materially adverse to the Lenders. 

  
 4 

 (b) The definition of “Adjusted First Lien Debt” as set forth in Section 1.01 of
the Credit Agreement is hereby amended by inserting the phrase “the New Senior Secured Notes,” immediately prior to the phrase “the Cash Flow Revolving Facility Credit Exposure”. 

(c) The definition of “Cash Flow Revolving Facility Maturity Date” as set forth in Section 1.01 of the Credit Agreement is
hereby amended and restated in its entirety as follows: 
 “‘Cash Flow Revolving Facility Maturity Date” shall mean
May 4, 2017; provided that if, on each date that is ninety-one (91) days prior to the scheduled maturity date of each of the Second Lien Floating Rate Notes, the New Second Lien Notes, the Senior Subordinated Notes, the New Senior
Subordinated Notes or the Holdco Debt, as applicable (each such date, an “Early Maturity Test Date”), the outstanding principal amount of such Second Lien Floating Rate Notes, New Second Lien Notes, Senior Subordinated Notes, New
Senior Subordinated Notes or Holdco Debt, as applicable, that is scheduled to mature ninety-one (91) days following such Early Maturity Test Date is greater than $100.0 million (and such debt has not been either (x) prepaid, redeemed,
purchased, defeased, discharged or otherwise satisfied or (y) otherwise extended to a maturity date that is more than five years and ninety-one (91) days after the Closing Date), the Cash Flow Revolving Facility Maturity Date shall be such
Early Maturity Test Date.” 
 (d) The definition of “Change in Control” as set forth in Section 1.01 of the Credit
Agreement is hereby amended by (i) inserting the phrase “the New Senior Secured Notes Indenture,” immediately prior to the phrase “the Second Lien Fixed Rate Notes Indenture”, (ii) inserting the phrase “the New
Second Lien Notes Indenture,” immediately prior to the phrase “the Second Lien Floating Rate Notes Indenture”, and (iii) inserting the phrase “the New Senior Subordinated Notes Indenture,” immediately prior to the
phrase “the ABL Credit Agreement”. 
 (e) The definition of “Collateral and Guarantee Requirement” as set forth in
Section 1.01 of the Credit Agreement is hereby amended by (i) inserting the phrase “, the New Second Lien Notes” into clause (h)(iii) immediately prior to the phrase “and any other Indebtedness of the Borrower” and
(ii) inserting the phrase “the New Senior Secured Notes, the” into clause (h)(v) immediately prior to the phrase “Cash Flow Revolving Facility”. 

(f) The definition of “First Lien Debt” as set forth in Section 1.01 of the Credit Agreement is hereby amended by inserting the
phrase “the New Senior Secured Notes,” immediately prior to the phrase “Cash Flow Revolving Facility Credit”. 
 (g) The
definition of “Permitted Additional Refinancing Debt” as set forth in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows: 

“‘Permitted Additional Refinancing Debt’ shall mean any Indebtedness incurred in connection with the Refinancing (or
previous refinancings thereof constituting Permitted Additional Refinancing Debt) or payment or other distribution in respect of the Senior Subordinated Notes, the New Senior Subordinated Notes or the Holdco Debt; provided that (a) at
the time of the incurrence of such Permitted Additional Refinancing Debt and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing; (b) the cash proceeds of such Permitted Additional Refinancing Debt
does not exceed the 

  
 5 

 
principal amount (or accreted value, if applicable) of the Indebtedness so Refinanced (plus unpaid accrued interest and premium (including tender premiums) thereon and underwriting discounts,
defeasance costs, fees, commissions and expenses), (c) the terms of the Permitted Additional Refinancing Debt do not provide for any scheduled repayment or mandatory redemption (other than customary asset sale or event of loss, change of
control mandatory offers to purchase and customary acceleration rights after an event of default) prior to the date that is 91 days after the Cash Flow Revolving Facility Maturity Date, (d) the terms and conditions of such Permitted Additional
Refinancing Debt shall be customary for similar Indebtedness in light of the then prevailing market conditions (it being agreed that the terms of this Cash Flow Credit Agreement, the ABL Credit Agreement, the NewPage ABL Credit Agreement, the
NewPage Term Loan Credit Agreement, the Holdco Debt, the Senior Subordinated Notes, the New Senior Subordinated Notes, the Senior Secured Notes, the New Senior Secured Notes, the Second Lien Notes and the New Second Lien Notes shall be deemed to be
customary for purposes of the foregoing standard to the extent that such Permitted Additional Refinancing Debt is similar thereto), and (e) if such Permitted Additional Refinancing Debt is secured by Liens on Collateral, the Total Net First
Lien Leverage Ratio, determined on a Pro Forma Basis, shall not exceed 2.50 to 1.00.” 
 (h) The definition of “Permitted
Refinancing Indebtedness” as set forth in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows: 

“‘Permitted Refinancing Indebtedness’ shall mean any Indebtedness issued in exchange for, or the net proceeds of which
are used to extend, refinance, renew, replace, defease or refund (collectively, to “Refinance”), the Indebtedness being Refinanced (or previous refinancings thereof constituting Permitted Refinancing Indebtedness); provided
that (a) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so Refinanced (plus unpaid accrued interest
and premium (including tender premiums) thereon and underwriting discounts, defeasance costs, fees, commissions and expenses), (b) except with respect to Sections 6.01(i) and 6.01(j), the weighted average life to maturity of such Permitted
Refinancing Indebtedness is greater than or equal to the shorter of (i) the weighted average life to maturity of the Indebtedness being Refinanced and (ii) 90 days after the Cash Flow Revolving Facility Maturity Date, (c) if the
Indebtedness being Refinanced is subordinated in right of payment to the Obligations under this Cash Flow Credit Agreement, such Permitted Refinancing Indebtedness shall be subordinated in right of payment to such Obligations on terms at least as
favorable to the Lenders as those contained in the documentation governing the Indebtedness being Refinanced, (d) no Permitted Refinancing Indebtedness shall have different obligors, or greater guarantees or security, than the Indebtedness
being Refinanced, unless such new obligors are Loan Parties and (e) if the Indebtedness being Refinanced is secured by any collateral (whether equally and ratably with, or junior to, the Secured Parties or otherwise), such Permitted Refinancing
Indebtedness may be secured by such collateral (including pursuant to after acquired property clauses to the extent such type collateral secured the Indebtedness being Refinanced) on terms not materially less favorable to the Secured Parties than
those contained in the documentation governing the Indebtedness being Refinanced; provided, further, that with respect to a Refinancing of (x) the Senior Subordinated Notes, New Senior Subordinated Notes or Permitted Additional
Debt that are subordinated in right of payment, such Permitted 

  
 6 

 
Refinancing Indebtedness shall (i) be subordinated in right of payment to the guarantee by Holdings and the Subsidiary Loan Parties of the Facilities, and (ii) be otherwise on terms
(other than pricing and redemption provisions) taken as a whole not materially less favorable to the Lenders than those contained in the documentation governing the Indebtedness being Refinanced, (y) the Senior Subordinated Notes, New Senior
Subordinated Notes or Permitted Additional Debt, such Permitted Refinancing Indebtedness shall meet the requirements of the definition of “Permitted Additional Debt” and (z) the Second Lien Notes or the New Second Lien Notes,
(i) the Liens, if any securing such Permitted Refinancing Indebtedness shall be subject to the Junior Lien Intercreditor Agreement or any other intercreditor agreement entered into by (among others) the Borrower and the Administrative Agent in
accordance with this Cash Flow Credit Agreement and (ii) such Permitted Refinancing Indebtedness shall be otherwise on terms not materially less favorable to the Lenders than those contained in the documentation governing the Indebtedness being
Refinanced.” 
 (i) The definition of “Second Lien Note Documents” as set forth in Section 1.01 of the Credit Agreement
is hereby amended by deleting the word “and” immediately following the phrase “Second Lien Fixed Rate Notes Indenture” and inserting immediately prior to the words “the Second Lien Security Documents” a comma and the
words “the New Second Lien Notes, the New Second Lien Notes Indenture and”. 
 (j) The definition of “Senior Subordinated
Note Documents” as set forth in Section 1.01 of the Credit Agreement is hereby amended by (i) replacing the word “and” immediately following the “Senior Subordinated Notes” with a comma and (ii) inserting
immediately following the phrase “the Senior Subordinated Notes Indenture” the phrase “the New Senior Subordinated Notes and the New Senior Subordinated Notes Indenture”. 

(k) The definition of “Unrestricted Subsidiary” as set forth in Section 1.01 of the Credit Agreement is hereby amended by
(i) inserting the phrase “the New Senior Secured Notes Indenture,” immediately prior to the phrase “the Second Lien Notes Indenture”, (ii) inserting the phrase “the New Second Lien Notes Indenture,”
immediately prior to the phrase “the Senior Subordinated Notes Indenture” and (iii) inserting the phrase “the New Senior Subordinated Notes Indenture,” immediately prior to the phrase “the Cash Flow Credit
Agreement”. 
 (l) Section 3.24 of the Credit Agreement is hereby amended by (i) inserting the phrase “, the New Senior
Subordinated Notes Indenture” immediately prior to the phrase “and under the documentation governing any Permitted Additional Debt” and (ii) inserting the phrase “, New Senior Subordinated Notes” immediately prior to
the phrase “or any Permitted Additional Debt”. 
 (m) Section 5.04(h) of the Credit Agreement is hereby amended and restated
in its entirety as follows: 
 “In the event that (i) in respect of the Senior Secured Notes, the New Senior Secured Notes, the
Second Lien Notes, the New Second Lien Notes the Senior Subordinated Notes or the New Senior Subordinated Notes, and any Refinancing Indebtedness with respect thereto, the rules and regulations of the SEC permit the Borrower, Holdings or any Parent
of Entity to report at Holdings’ or such Parent Entity’s level on a consolidated basis and (ii) Holdings or such Parent Entity, as the case may be, is not engaged in any business or activity, and does not

  
 7 

 
own any assets or have other liabilities, other than those incidental to its ownership directly or indirectly of the Equity Interests of the Borrower and the incurrence of Indebtedness for
borrowed money (and, without limitation on the foregoing, does not have any subsidiaries other than the Borrower and the Borrower’s Subsidiaries and any direct or indirect parent companies of the Borrower that are not engaged in any other
business or activity and do not hold any other assets or have any liabilities except as indicated above) such consolidated reporting at such Parent Entity’s level in a manner consistent with that described in paragraphs (a) and (b) of
this Section 5.04 for the Borrower will satisfy the requirements of such paragraphs; and” 
 (n) Section 5.10(d) of the
Credit Agreement is hereby amended and restated in its entirety as follows: 
 “(d) If any additional direct or indirect Wholly-Owned
Subsidiary of the Borrower is formed or acquired after the Closing Date (with any Subsidiary Redesignation resulting in an Unrestricted Subsidiary becoming a Subsidiary being deemed to constitute the acquisition of a Subsidiary) and if such
Subsidiary is a Domestic Subsidiary that is not an Unrestricted Subsidiary, a CFC Holding Company or a NewPage Excluded Entity (other than, at the Borrower’s option, Immaterial Subsidiaries), within ten Business Days after the date such
Wholly-Owned Subsidiary is formed or acquired notify the Collateral Agent and the Lenders thereof and, within 20 Business Days after the date such Wholly-Owned Subsidiary is formed or acquired or such longer period as the Collateral Agent shall
agree, (i) cause the Collateral and Guarantee Requirement to be satisfied with respect to such Wholly-Owned Subsidiary and (ii) with respect to any Equity Interest in or Indebtedness of such Wholly-Owned Subsidiary owned by or on behalf of
any Loan Party, subject to paragraph (f) below.” 
 (o) Section 6.01(m) of the Credit Agreement is hereby amended and
restated in its entirety as follows: 
 “Guarantees (i) by the Subsidiary Loan Parties of the Indebtedness of the Borrower
described in clause (ii) of paragraph (b) and paragraph (l) of this Section 6.01, so long as (x) the Liens securing the Guarantee of the obligations under the “Loan Documents” (as defined in the ABL Credit
Agreement) or any Permitted Refinancing Indebtedness in respect thereof are subject to the Senior Lien Intercreditor Agreement, and (y) the Guarantee of the Senior Subordinated Notes, the New Senior Subordinated Notes or, prior to the date that
is one year prior to the maturity date of the Senior Subordinated Notes or the New Senior Subordinated Notes, respectively, any Permitted Refinancing Indebtedness in respect thereof, is subordinated in right of payment substantially on terms as set
forth in the Senior Subordinated Notes Indenture with respect to the Senior Subordinated Notes or New Senior Subordinated Notes Indenture with respect to the New Senior Subordinated Notes, as applicable, and so long as any Liens securing the
Guarantee of the Second Lien Notes, the New Second Lien Notes or any Permitted Refinancing Indebtedness in respect thereof are subject to the Junior Lien Intercreditor Agreement or another intercreditor agreement reasonably satisfactory to the
Administrative Agent reflecting that such Liens are junior in priority to the Lien of the Administrative Agent securing the Obligations under the Loan Documents, (ii) by the Borrower or any Subsidiary Loan Party of any Indebtedness of the
Borrower or any Subsidiary Loan Party permitted to be incurred under this Cash Flow Credit Agreement, 

  
 8 

 
(iii) by the Borrower or any Subsidiary Loan Party of Indebtedness otherwise permitted hereunder of Holdings or any Subsidiary that is not a Subsidiary Loan Party to the extent such
Guarantees are permitted by Section 6.04 (other than Section 6.04(v)), (iv) by any Foreign Subsidiary of Indebtedness of another Foreign Subsidiary, and (v) by the Borrower of Indebtedness of Foreign Subsidiaries incurred for
working capital purposes in the ordinary course of business on ordinary business terms so long as such Indebtedness is permitted to be incurred under Section 6.01(s) to the extent such Guarantees are permitted by Section 6.04 (other than
Section 6.04(v)); provided that Guarantees by the Borrower or any Subsidiary Loan Party under this Section 6.01(m) of any other Indebtedness of a person that is subordinated in right of payment to other Indebtedness of such person
shall be expressly subordinated in right of payment to the Obligations to at least the same extent as the Guarantee of the Senior Subordinated Notes is under the Senior Subordinated Notes Indenture and of the New Senior Subordinated Notes is under
the New Senior Subordinated Notes Indenture;” 
 (p) Section 6.01(w) of the Credit Agreement is hereby amended by deleting the
bracketed word “[Reserved]” and substituting in lieu thereof the following words “Indebtedness of the Borrower pursuant to (i) the New Second Lien Notes in an aggregate principal amount that is not in excess of $396,000,000,
(ii) the New Senior Subordinated Notes in an aggregate principal amount that is not in excess of $142,500,000, (iii) the New Senior Secured Notes in an aggregate principal amount that is not in excess of $650,000,000, and (iv) any
Permitted Refinancing Indebtedness incurred to Refinance any of the foregoing Indebtedness;” 
 (q) Section 6.01(y) of the Credit
Agreement is hereby amended by deleting the bracketed word “[reserved]” and substituting in lieu thereof the following words “(i) Indebtedness under the “Loan Documents” as defined in the NewPage ABL Credit Agreement,
(ii) Indebtedness under the “Loan Documents” as defined in the NewPage Term Loan Credit Agreement and (iii) any Permitted Refinancing Indebtedness incurred to Refinance any of the foregoing Indebtedness;” 

(r) Section 6.02 of the Credit Agreement is hereby amended by (i) inserting the phrase “(ii) the New Second Lien Notes,”
immediately after the phrase “(i) the Second Lien Notes” in paragraph (hh), (ii) replacing the “(ii)” in paragraph (hh) with “(iii)”, (iii) inserting the following phrase “, (iv) the New Senior
Subordinated Notes” immediately after the phrase “the Senior Subordinated Notes” in paragraph (hh), (iv) replacing the “(iii)” in paragraph (hh) with “(v)”, (v) inserting “or
Section 6.01(w)(iii)” immediately following “6.01(l)(iii)” in paragraph (jj), (vi) deleting the word “or” at the end of paragraph (jj), (ii) deleting the period at the end of paragraph (kk) and substituting
therefore a semicolon and (iii) inserting the following new paragraph after paragraph (kk): 
 “(ll) Liens on assets of NewPage
Excluded Entities securing Indebtedness permitted by Section 6.01(y) (together with any Permitted Refinancing Indebtedness in respect thereof).” 

(s) Section 6.04(b)(B) of the Credit Agreement is hereby amended by inserting immediately following the words “Closing Date”
the words “by the Loan Parties”. 
 (t) Section 6.04(b)(C) of the Credit Agreement is hereby amended by inserting immediately
following the words “Closing Date” the words “by the Loan Parties”. 

  
 9 

 (u) Section 6.04 of the Credit Agreement (after giving effect to the amendment in Article
II, Section 1(d) above) is hereby amended by (i) deleting the word “and” at the end of paragraph (dd), (ii) deleting the period at the end of paragraph (ee) and substituting therefore a semicolon and (iii) inserting the
following new paragraphs after paragraph (ee): 
 “(ff) Investments pursuant to, in connection with, or to effectuate the NewPage
Merger; and” 
 “(gg) Investments in NewPage Holdings, Inc. and its Subsidiaries, provided that the Borrower and the
Subsidiaries shall be in Pro Forma Compliance after giving effect to such Investment.” 
 (v) Section 6.05 of the Credit Agreement
is hereby amended by (i) deleting the word “and” at the end of paragraph (n), (ii) deleting the period at the end of paragraph (o) and substituting therefore a semicolon and (iii) inserting the following new paragraphs
after paragraph (o): 
 “(p) the NewPage Merger; and” 

“(q) transactions pursuant to the Shared Services Agreement.” 

(w) The last paragraph of Section 6.05 of the Credit Agreement is hereby amended by inserting immediately following the words
“dispositions to Loan Parties” the words “or from Subsidiaries that are not Loan Parties to other Subsidiaries that are not Loan Parties”. 

(x) Section 6.06 of the Credit Agreement is hereby amended by (i) deleting the word “and” at the end of paragraph (h),
(ii) deleting the period at the end of paragraph (i) and substituting in lieu thereof a semicolon and the word “and” and (iii) inserting the following new paragraph after paragraph (i): 

“(j) the Borrower or the Subsidiaries may pay dividends or distributions in connection with or to effectuate the NewPage Merger.”

 (y) Section 6.07(b) of the Credit Agreement is hereby amended by (i) deleting the word “or” at the end of paragraph
(xxii), (ii) deleting the period at the end of paragraph (xxiii) and (iii) inserting the following new paragraphs after paragraph (xxiii): 

“(xxiv) transactions pursuant to the Shared Services Agreement; or” 

“(xxv) transactions pursuant to, in connection with, or to effectuate the NewPage Merger.” 

(z) Section 6.09(b) of the Credit Agreement is hereby amended by (i) inserting the phrase “and the New Senior Subordinated
Notes” immediately after the phrase “of the Senior Subordinated Notes” in clause (i)(E), (ii) inserting the phrase “or New Senior Subordinated Notes” immediately after the phrase “of the Senior Subordinated
Notes” in clause (i)(G) and (iii) inserting the phrase “or New Senior Subordinated Notes, as applicable” immediately after the phrase “of such Senior Subordinated Notes” in clause (i)(G). 

  
 10 

 (aa) Section 6.09(c) of the Credit Agreement is hereby amended by inserting immediately
following the words “as defined in the ABL Credit Agreement” a comma and the words “the NewPage ABL Credit Agreement or the NewPage Term Loan Credit Agreement”. 

(bb) Section 6.09(c)(B) of the Credit Agreement is hereby amended by inserting immediately following the words “the Senior
Subordinated Notes” a comma and the words “the New Senior Secured Notes, the New Second Lien Notes, the New Senior Subordinated Notes”. 

(cc) Section 6.12 of the Credit Agreement is hereby amended by (i) inserting immediately following the words “pursuant to
Section 6.01(r)” a comma and the words “(g) the New Second Lien Notes, (h) the New Senior Secured Notes, (i) the obligations under the NewPage ABL Credit Agreement and the other “Loan Documents” (as defined
therein), (j) the obligations under the NewPage Term Loan Credit Agreement and the other “Loan Documents” (as defined therein)” and (ii) deleting the letter “(g)” of such Section and substituting in lieu
thereof the letter “(k)”. 
 (dd) Section 8.01(m)(i) is hereby amended by (i) inserting the phrase “or New Senior
Subordinated Notes Indenture” immediately after the phrase “under the Senior Subordinated Notes Indenture” and (ii) inserting the phrase “, New Senior Subordinated Notes” immediately prior to the phrase “or any
Permitted Additional Debt”. 
 (ee) A new Exhibit I is hereby added to the Credit Agreement in the form of Annex I
attached hereto. 
  

	III.	Effectiveness. 

 1. Conditions to Effectiveness of Amendment. The effectiveness of
this Agreement, other than the terms of Section 2 of Article II above, is subject to the satisfaction of the following conditions (the date on which each of the following conditions is first satisfied, the “Agreement Effective
Date”): 
 (a) the Administrative Agent shall have received a signature page to this Agreement duly executed by each of Holdings,
the Borrower and the Required Lenders; 
 (b) the Administrative Agent shall have received reimbursement of all reasonable and documented
out-of-pocket costs and expenses incurred by the Administrative Agent in connection with this Agreement, in accordance with Section 10.05 of the Credit Agreement; and 

(c) the representations and warranties set forth in Article IV of this Agreement shall be true and correct in all material respects as of the
Agreement Effective Date. 
 2. Conditions to Effectiveness of Section 2 of Article II of Amendment. The effectiveness of
Section 2 of Article II of this Agreement is subject to the consummation of the NewPage Merger. 

  
 11 

	IV.	Representations and Warranties. 

 The Borrower represents and warrants to the Required
Lenders that, both before and immediately after giving effect to this Agreement on the Agreement Effective Date, the following statements are true and correct: 

1. Corporate Power and Authority. Each of Holdings and the Borrower has all requisite limited liability company power and authority to
enter into this Agreement. 
 2. Authorization of Agreements. The execution and delivery of this Agreement and the performance of its
obligations under this Agreement have been duly authorized by all necessary limited liability company action on the part of each of Holdings and the Borrower. 

3. No Default. No Default or Event of Default shall have occurred and be continuing. 

4. Credit Agreement Representations and Warranties. The representations and warranties set forth in Article 3 of the Credit Agreement
and each of the other Loan Documents are true and correct (or true and correct in all material respects, in the case of any such representation or warranty that is not qualified as to materiality) on and as of the Agreement Effective Date (except to
the extent that such representation or warranty expressly relates to an earlier date, in which case such representations and warranties shall be true and correct (or true and correct in all material respects, in the case of any representation or
warranty that is not qualified by materiality) as of such earlier date). 
  

	V.	Miscellaneous. 

 1. Reference to and Effect on the Credit Agreement and the Other Loan
Documents. 
 (a) On and after the Agreement Effective Date, each reference in the Credit Agreement to “this Agreement”,
“hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to the “Credit Agreement”, “thereunder”, “thereof”
or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as modified by this Agreement (the “Amended Credit Agreement”). 

(b) Except as specifically modified by this Agreement, the Credit Agreement and the other Loan Documents shall remain in full force and effect
and are hereby ratified and confirmed. 
 (c) Except as expressly set forth herein, the execution, delivery and performance of this
Agreement shall not constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of the Administrative Agent or the Lender under, the Credit Agreement, the Amended Credit Agreement or any of the other Loan Documents,
and shall not be considered a novation. 
 2. Headings and Construction. Section headings are for convenience of reference only
and shall in no way affect the interpretation of this Agreement. This Agreement is a “Loan Document” executed pursuant to the Credit Agreement and shall be construed, administered and applied in accordance with the terms and provisions
thereof. 

  
 12 

 3. Applicable Law. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION
(WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUR REGARD TO ANY PRINCIPLE OF CONFLICTS OF LAW THAT
COULD REQUIRE THE APPLICATION OF ANY OTHER LAW. 
 4. Counterparts. This Agreement may be executed in any number of counterparts, and
by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart to this Agreement
by facsimile or PDF shall be effective as delivery of a manually executed counterpart of this Agreement and each party hereto shall be entitled to rely on a facsimile signature of each other party hereto as if it were an original. 

[Remainder of this page intentionally left blank.] 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their respective officers thereunto duly authorized as of the date first written above. 
  

					
	VERSO PAPER FINANCE HOLDINGS LLC
		
	By:	 	 /s/ David J. Paterson

		 	Name:	 	David J. Paterson
		 	Title:	 	President and Chief Executive Officer
	
	VERSO PAPER HOLDINGS LLC
		
	By:	 	 /s/ David J. Paterson

		 	Name:	 	David J. Paterson
		 	Title:	 	President and Chief Executive Officer

 
					
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
	as a Lender
		
	By:	 	 /s/ Robert Hetu

		 	Name:	 	Robert Hetu
		 	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Ryan Long

		 	Name:	 	Ryan Long
		 	Title:	 	Authorized Signatory

 
					
	CITICORP NORTH AMERICA, INC.,
	as a Lender
		
	By:	 	 /s/ Brendan Mackay

		 	Name:	 	Brendan Mackay
		 	Title:	 	Director

 
					
	BARCLAYS BANK PLC.,
	as a Lender
		
	By:	 	 /s/ Christopher R. Lee

		 	Name:	 	Christopher R. Lee
		 	Title:	 	Assistant Vice President

 ANNEX I 

[See attached.] 

 SERVICES AGREEMENT TERM SHEET 

TRANSACTION GENERALLY 
 Set forth below are the significant terms
of the Services Agreement (the “Agreement”) to be entered into by and among Verso Paper Corp. (“Verso”), NewPage Investment Company LLC (“NewPage Parent”) and NewPage Corporation
(“NewPage”) in connection with the consummation of the transactions (the “Transaction”) contemplated by that certain Merger Agreement by and among NewPage Parent, NewPage, Verso, NewPage Holdings, Inc., Verso Paper
Holdings One LLC, Verso Paper Finance Holdings LLC, and Verso Paper Holdings, LLC and the other parties and guarantors named therein. Under the Agreement Verso may provide or cause to be provided to NewPage certain services in the categories set
forth below as from time to time may be added to or deleted pursuant to the terms of the Agreement. 
  

			
	Parties	  	Verso, NewPage Parent and NewPage.
		
	Effective Date	  	As of the closing date of the Transaction (the “Effective Date”).

ONGOING SERVICES 
  

			
	Shared Services	  	From and after the Effective Date, Verso may, or may cause one or more of its subsidiaries or third-party service providers to, provide to NewPage and its subsidiaries those corporate and other shared services set forth on
Exhibit A hereto (the “Shared Services”).

 COST ALLOCATION; SYNERGIES 

 

			
	Implementation Costs	  	Costs incurred in the implementation of the expected synergies from the Transaction and resultant combination of the Verso and NewPage businesses (e.g., severance payments, information technology expenses, etc.) shall be allocated
1/3 to Verso and 2/3 to NewPage.
		
	Shared Services Costs	  	 If Verso provides a Shared Service to NewPage, NewPage shall pay Verso an amount for such Shared Service equal to the Pre-Transaction
Cost.
  
 “Pre-Transaction Cost” means, with respect to any received
Shared Service, the all-in cost incurred or paid by NewPage for the identical or substantially equivalent service or function on an average basis over the twelve-month period prior to the Effective Date, which may include fully-fringed employee
costs, reasonable allocation of direct and indirect corporate and related overhead and other, similar costs, in each case as determined in the good faith, reasonable commercial judgment of
Verso.

  

			
	Synergies	  	100% of the realized synergies and related cost savings resulting from the Transaction and resultant combination of the Verso and NewPage businesses (“Synergies”) shall be for the benefit of Verso, and, to the
extent realized by NewPage, shall be paid by NewPage to Verso as set forth below. For the avoidance of doubt, reductions in the cost of raw materials and/or logistics/transportation achieved due to Synergies or other economies of scale or purchasing
efficiencies resulting from the Transaction shall constitute compensable Synergies hereunder (it being understood that Verso shall not procure such raw materials or transportation/logistics services as an agent of NewPage).
		
	Make-Whole Payments	  	 From the Effective Date until the final maturity of the longest-dated indebtedness of NewPage, in the event that a party experiences a
reduction in production capacity (“Reducing Party”) that exceeds 10% relative to such party’s production capacity immediately prior to the Effective Date (such amount of capacity the “Relevant Capacity”), a
“Triggering Event” will be deemed to have occurred.
  
 Upon a Triggering
Event, if the party that did not experience the capacity reduction (“Non-Reducing Party”) realizes an increase in tons sold in any of the four subsequent quarters, as compared to the amount of tons sold prior to the Triggering Event
(the “Excess Amount”), of at least 10% of the Relevant Capacity, then the Non-Reducing Party will pay to the Reducing Party, the lesser of (i) $75 multiplied by the Excess Amount divided by four and (ii) the amount of
EBITDA attributable by the Reducing Party to the Relevant Capacity, in the four quarters prior to the to the Triggering Event, divided by four. Such amounts will be paid quarterly, in arrears, 60 days after the conclusion of such
quarter.

		
	Allocation Methodology Evaluation	  	No less often than annually, the Steering Committee shall meet to evaluate and determine whether the allocation methodologies then in existence accurately reflect the performance and use of services by Verso or NewPage. The Steering
Committee shall evaluate the services being performed and used and shall determine whether the allocation methodologies then in existence require adjustment and, upon a determination that an adjustment is required, shall have the authority to effect
such adjustment. Each of Verso and NewPage shall cooperate with the Steering Committee in the aforementioned process, including making appropriate personnel and materials available to the Steering Committee. In the event that either Verso or NewPage
disagrees with the allocation methodologies determined by the Steering Committee, the dispute resolution procedures set forth below shall apply.
		
	Non-Cash Cost Allocation	  	Any non-cash costs caused by, incurred or otherwise arising from or relating to the Shared Services shall be allocated to Verso and NewPage for financial statement purposes only, without any corresponding cash reimbursement
required, in accordance with generally accepted accounting principles and based on the otherwise applicable allocation methodology, if any.

  

			
	Monthly Estimate Statements & Capital Expenditure and Synergy Invoices	  	 Prior to the first day of each month during the term of the applicable service, Verso shall (i) estimate (or calculate, as applicable) the
costs of the services to be provided for such month, which shall be based upon an annual budget as previously agreed between Verso and NewPage (the “Estimated Monthly Payment”) and (ii) prepare and issue invoices for such Estimated
Monthly Payment to be paid by NewPage, which invoices shall be delivered on the first day of each month (or as promptly as practicable thereafter). Not later than five (5) business days following delivery of an invoice for the Estimated Monthly
Payment, NewPage shall promptly pay to or as directed by Verso the Estimated Monthly Payment. NewPage may elect to cause all or a portion of the Estimated Monthly Payment to be satisfied by one or more of its subsidiaries.

 
 With respect to Synergies, Verso shall invoice NewPage for 100% of realized Synergies
within ten (10) days following the end of each month during the term of the Agreement. Such invoice shall include the amount of the realized Synergy or Synergies and reasonable supporting detail. NewPage shall, or shall cause one or more of its
subsidiaries to, pay to Verso the amount of such invoiced Synergies within five (5) business days following NewPage’s receipt of each such invoice. (At Verso’s election, Synergy invoicing for the last month in any quarter may instead be
included within the Quarterly True-Up Statement referred to below.)

		
	Quarterly True-Up Statements	  	Within a month and ten (10) days following the end of each quarter during the term of the applicable service, Verso shall furnish NewPage with a written statement comparing the aggregate Estimated Monthly Payments previously
invoiced to and paid by NewPage for such prior quarter with the actual costs allocable to NewPage as provided above for all services provided to NewPage or its subsidiaries for such prior quarter. Such statement shall also include the calculation
with reasonable supporting detail, or the amount owing and payable by Verso to NewPage, as a result of such true-up. At its election, Verso may also include the amounts of any compensable Synergies due and payable from NewPage for the last month in
any quarter in any Quarterly True-Up Statement.
		
	Determination and Payment	  	 Unless written objection to any Quarterly True-Up Statement is received by Verso from NewPage within ten (10) days of Verso’s delivery
thereto of such Quarterly True-Up Statement, such Quarterly True-Up Statement shall be final and binding. In the event NewPage provides timely notice that it disputes all or any portion of any Quarterly True-Up Statement, the dispute resolution
procedures set forth below shall govern the resolution of such dispute.
  
 The undisputed
portion of any amounts owing and payable pursuant to any Quarterly True-Up Statement shall be accounted for in the Monthly Estimate Statement for the calendar month immediately following the last month covered by such Quarterly True-Up Statement by
(i) increasing the amount otherwise owing and payable thereunder, in the case of amounts owing from NewPage under such Quarterly True-Up Statement or (ii) reducing the amount otherwise owing and payable thereunder, in the case of amounts owing to
NewPage under such Quarterly True-Up Statement, in each case on a dollar-for-dollar basis.

  

 SERVICE MANAGEMENT 
  

			
	Steering Committee	  	In order to monitor, coordinate and facilitate implementation of the terms and conditions of the Agreement, Verso and NewPage shall establish a “Steering Committee” consisting of at least one executive officer from each of
Verso and NewPage and whereby each of Verso and NewPage is equally represented (provided that the chairman of the Steering Committee shall in all cases be deemed a representative of both Verso and NewPage for purposes of determining equal
representation on the Steering Committee). The initial Steering Committee representatives shall be the Chief Financial Officer, who shall also serve as the initial chairman of the Steering Committee, a divisional financial representative of Verso
and a divisional financial representative of NewPage. The Steering Committee representatives shall meet at least quarterly (or more frequently if needed or reasonably requested by a representative) during the term of the Agreement to determine the
services to be provided and the payments to be made pursuant to the Agreement. Such determination with respect to the services to be provided shall include the scope, manner, level, and place or places where such services shall be provided. If the
members of the Steering Committee are unable (whether by majority vote or in such other manner as the members of the Steering Committee decide) to determine whether a service is to be provided, or the scope, manner, level and place or places at
which such service shall be provided, such service shall not be provided until such time as the members of the Steering Committee determine the relevant matters. The Steering Committee representative(s) for each party shall stay reasonably apprised
of the activities of the employees, agents and contractors of such party who are providing or receiving the services in order to maximize efficiency in the provision and receipt of the services.
		
	Additional Services	  	NewPage may, from time to time, request additional services that are not listed in the Agreement. The parties agree to negotiate in good faith the terms and conditions by which Verso would be willing to perform such additional
services, if at all.
		
	Changes to Services	  	 The parties may agree to modify the terms and conditions of Verso’s performance of any service in order to reflect new procedures,
processes or other methods of providing such service. The parties will negotiate in good faith the terms and conditions upon which Verso would be willing to implement such change.

 
 Verso may make: (i) changes to the process of performing a particular service that do not
adversely affect the benefits to NewPage of Verso’s provision or quality of such service in any material respect or increase NewPage’s allocated costs for such service; (ii) emergency changes in the manner in which a particular service is
provided on a temporary and short-term basis; and/or (iii) changes to a particular service in order to comply with applicable law or regulatory requirements, in each case without obtaining the prior consent of
NewPage.

  

			
	Service Quality	  	Verso shall perform the services for NewPage (i) with reasonable care and skill, (ii) in a manner and quality and with a standard of care and scope that are consistent in all material respects with Verso’s and such
subsidiaries’ current practice in performing the services for the business and (iii) on a priority basis that is not materially lower in the aggregate than with respect to any similar services that are provided to Verso or any of its
affiliates. Verso shall use commercially reasonable efforts to provide services to NewPage throughout the term without material interruption. Verso shall and shall instruct and use commercially reasonable efforts to cause its affiliates,
representatives, contractors, invitees and licensees to, in all material respects, provide the services in accordance with any applicable laws affecting or relating to the provision of the
services.

 ADDITIONAL TERMS 

 

			
	Term	  	Subject to the termination provisions set forth below, the initial term for the ongoing services shall commence as of the Effective Date and shall continue until the 3-year anniversary of such date, provided that on such expiration
date and each subsequent anniversary of such expiration date, the term shall be automatically extended for one additional year unless Verso or NewPage provides written notice to the contrary to the other party at least ninety (90) days prior to such
expiration date (or any such anniversary, as applicable).
		
	Termination	  	 The Agreement shall terminate with respect to any or all services at the written election of the non-defaulting party upon the occurrence of
an Event of Default under the Agreement when the time to cure has lapsed. In addition, NewPage may terminate its receipt of any service for its convenience, without cause, by giving the providing party written notice not less than thirty (30) days
prior to the effective date of such termination. No such termination shall affect NewPage’s obligation to make payment to Verso for Synergies as set forth above.
  

An “Event of Default” shall exist with respect to Verso if Verso shall fail to perform or comply with, in any material respect, any of the
covenants, agreements, terms or conditions contained in the Agreement applicable to Verso and such failure shall continue for a period of thirty (30) days after written notice thereof from NewPage to Verso specifying in reasonable detail the nature
of such failure, or, in the case such failure is of a nature that it cannot, with due diligence and good faith, be cured within thirty (30) days, if Verso fails to proceed promptly and with all due diligence and in good faith to cure the same and
thereafter to prosecute the curing of such failure to completion with all due diligence within ninety (90) days after the initial delivery of written notice from NewPage with respect to such
failure.

  

			
		  	 An “Event of Default” shall exist with respect to NewPage if NewPage shall (i), unless subject to a good faith dispute, fail
to make any monetary payment required under the Agreement on or before the due date recited therein and such failure continues for thirty (30) business days after written notice from Verso specifying such failure, (ii) fail to perform or comply
with, in any material respect, any of the other covenants, agreements, terms or conditions contained in the Agreement applicable to NewPage and such failure shall continue for a period of thirty (30) days after written notice thereof from Verso to
NewPage specifying in reasonable detail the nature of such failure, or, in the case such failure is of a nature that it cannot, with due diligence and good faith, cure within thirty (30) days, if NewPage fails to proceed promptly and with all due
diligence and in good faith to cure the same and thereafter to prosecute the curing of such failure to completion with all due diligence within ninety (90) days thereafter or (iii) consummate a Change of Control Transaction.

 
 A “Change of Control Transaction” shall mean any transaction or series of
transactions (as a result of a tender offer, merger, consolidation or otherwise) that results in, or that is in connection with, (i) any person or group, except Apollo or any of its respective affiliates, acquiring beneficial ownership, directly or
indirectly, of a majority of the then issued and outstanding equity of NewPage or (ii) the sale, lease, exchange, conveyance, transfer or other disposition (for cash, shares of stock, securities or other consideration) of all or substantially all of
the property or assets of NewPage and its subsidiaries to any person or group (including any liquidation, dissolution or winding up of the affairs of NewPage, or any other distribution made, in connection therewith), except Apollo or any of its
respective affiliates.
  
 An “Event of Default” shall exist with respect
to a party if such party (i) applies for or consents to the appointment of a receiver, trustee or liquidator of itself or any of its property, (ii) makes a general assignment for the benefit of creditors, (iii) is adjudicated bankrupt or insolvent
or (iv) files a voluntary petition in bankruptcy or a petition or an answer seeking reorganization or an arrangement with creditors, takes advantage of any bankruptcy, reorganization, insolvency, readjustment of debt, dissolution or liquidation law,
or admits the material allegations of a petition filed against it in any proceedings under any such law.

		
	Effects of Termination	  	Within 15 days of termination, NewPage shall pay all accrued and unpaid amounts due to Verso unless subject to a good faith dispute. Verso and its subsidiaries shall provide reasonable assistance to transfer the applicable services
to NewPage or a new third party provider at the expense of NewPage.
		
	Taxes	  	All applicable sales, use, value added, GST, transfer, receipts, consumption or other similar taxes chargeable on services provided for under the Agreement together with any interest, penalties or amounts imposed with respect
thereto (“Service Taxes”), regardless of whether such Service Taxes are added

  

			
		  	retroactively or subsequently imposed in connection with any tax audit, claim, assessment or other tax proceeding, shall be payable by Verso in the event that such Service Taxes relate to services provided by a third party (and
Verso shall be entitled to any recovery or credit in relation thereto).
		
	Indemnity	  	 NewPage shall indemnify, defend and hold harmless Verso, its affiliates, subsidiaries and its and their respective officers, directors and
employees from and against any and all costs and expenses, losses, damages, claims, causes of action and liabilities (including reasonable attorneys’ fees, disbursements and expenses of litigation) arising from, relating to, or in any way
connected with Verso’s and/or its subsidiaries’ provision of the services to NewPage and/or its subsidiaries, except to the extent caused by the gross negligence or willful misconduct of Verso.

 
 Verso shall promptly provide NewPage with written notice of any claim, action or demand
for which indemnity is claimed. NewPage shall be entitled to control the defense of any action; provided, that Verso may participate in any such action with counsel of its choice at its own expense; and provided, further, that NewPage shall not
settle any claim, action or demand without the prior written consent of Verso, such consent not to be unreasonably withheld or delayed. Verso shall reasonably cooperate in the defense as NewPage may request and at NewPage’s expense.

 
 In no event shall any party, its affiliates and/or its or their respective directors,
officers, employees, representatives or agents be liable for any (i) indirect, incidental, special, exemplary, consequential or punitive damages or (ii) damages for, measured by or based on lost profits, diminution in value, multiple of earnings or
other similar measure.

		
	Warranties	  	Verso shall make no warranty, express or implied, with respect to any or all of the services provided under the Agreement.
		
	Confidentiality	  	NewPage’s materials and/or information that may be provided to Verso in connection with the Agreement and Verso’s materials and/or information provided to NewPage in connection with the Agreement are proprietary trade
secrets and confidential information (“Confidential Information”) of NewPage and Verso, respectively. Each party (a “non-disclosing party”) agrees not to (i) disclose Confidential Information of the other party (a
“disclosing party”) to any third party other than its affiliates and such affiliates’ officers, directors, employees, partners, members, agents and advisors (including without limitations attorneys, accountants, consultants,
bankers and financial advisors (collectively “Representatives”) who need to know such information in connection with the Agreement and who are bound to keep it confidential or (ii) use Confidential Information except as necessary to
perform its obligations under the Agreement, in either case without the express written consent of the disclosing party. Further, each party shall be responsible for any breaches of the confidentiality
provisions

  

			
		  	 of the Agreement by its Representatives. Promptly upon the written request of a party (except as may be required to be maintained by law,
regulation or professional standard), all Confidential Information of such party shall be returned or destroyed and NewPage shall terminate and shall cause its employees, agents and Representatives to terminate all access to any and all Verso
computer systems; provided, however, that each party may keep archival copies of any Confidential Information for legal and compliance purposes as to comply with any bona fide records retention policy. These confidentiality provisions shall survive
the expiration or earlier termination of the Agreement.
  
 “Confidential
Information” shall not be deemed to include, and neither party shall have any confidentiality obligations with respect to, any information which (i) was known by the non-disclosing party or its Representatives on a non-confidential basis at
the time disclosed by the disclosing party; (ii) was known or becomes known by the public without any violation by the non-disclosing party or its Representatives; (iii) is disclosed lawfully to the non-disclosing party by another person; (iv) is
developed independently by the non-disclosing party without reference to the other party’s Confidential Information; or (v) is required by law or court order to be dis-closed by the non-disclosing party; provided that to the extent permitted by
law the non-disclosing party notifies the disclosing party of such requirement and cooperates with the disclosing party at the disclosing party’s sole expense as the disclosing party may reasonably request to resist such
disclosure.

		
	Ownership and Licensing of Intellectual Property	  	If, in connection with its provision of the services, either party provides, or provides access to, the other party and/or its affiliates any intellectual property owned by such party, it shall grant the other party, during the term
of the Agreement, a non-exclusive, revocable, non-transferable, non-sublicensable, royalty-free, fully paid up license to such intellectual property, solely to the extent necessary to receive the services in accordance with the Agreement. To the
extent that either party provides, or provides access to, the other party and/or its affiliates any intellectual property not owned by such party or its affiliates such party shall grant to the other party and/or its affiliates, during the term of
the Agreement, a non-exclusive, revocable, non-transferable, non-sublicensable, royalty-free, fully paid-up sublicense to such intellectual property, solely to the extent necessary to provide or receive the services in accordance with the Agreement;
provided that any other party’s and its affiliates’ access to, use of and rights for such third-party intellectual property shall be subject in all regards to any restrictions, limitations or other terms or conditions imposed by the
licensor of such intellectual property, which terms and conditions were disclosed or otherwise made available to such party by the other party. Upon the termination or expiration of any element or sub-element of the service pursuant to the
Agreement, the license or sublicense, as applicable, to the relevant intellectual property provided in connection with that element or sub-element will automatically terminate; provided, however, that all licenses and sublicenses granted under the
Agreement shall terminate immediately upon the expiration or earlier termination of the Agreement in accordance with the terms thereof.

  

			
	Network Access and Security	  	 All interconnectivity by Verso to the computing systems and/or networks of NewPage and all attempts at such interconnectivity, shall be only
through the security gate-ways/firewalls of the parties; provided, that, during the term of the Agreement, NewPage may transition any such computing systems and/or networks to such security gateways/firewalls as determined by NewPage, and, subject
to the limitations set forth in the following provisos to this sentence, Verso shall provide commercially reasonable cooperation to NewPage in connection with such transition, provided that NewPage shall reimburse Verso for its reasonable costs or
expenses incurred in relation to such cooperation.
  
 Neither party shall access, and the
parties will take reasonable actions designed to prevent unauthorized persons to access, the computing systems and/or networks of the other party without the other party’s express written authorization or except as otherwise authorized or
reasonably required by the other party pursuant to the Agreement, and any such actual or attempted access shall be consistent with any such authorization or the Agreement.
  

The parties shall use commercially reasonable efforts to maintain, and update pursuant to a commercially reasonable schedule, and more frequently in response
to specific threats that become known from time to time, a virus detection/scanning program in connection with the connectivity by NewPage to Verso computing systems and/or networks, which shall be consistent in all material respects with that used
by such parties immediately prior to the closing date of the Transaction.
  
 Verso shall
use commercially reasonable efforts to maintain a prudent security program, consistent in all material respects with that used by Verso immediately prior to the Effective Date, including appropriate physical, electronic and procedural safeguards,
designed to (i) maintain the security and confidentiality of Verso’s systems and confidential information of NewPage on Verso’s systems, (ii) protect against any threats or hazards to the security or integrity of Verso’s systems
including the confidential, non-public and proprietary information of NewPage on Verso’s systems, and (iii) prevent unauthorized access to or use of Verso’s systems, including the confidential, non-public and proprietary information of
NewPage on Verso’s systems. NewPage shall comply with all physical, electronic, and procedural security policies and procedures maintained by Verso pursuant to the Agreement that have been made available by Verso to NewPage.

		
	Assignment	  	The Agreement shall not be assigned or transferred by any party without the prior written consent of the other parties; provided, however, the Agreement may be collaterally assigned to either the Verso or NewPage lenders as the case
may be. Notwithstanding the foregoing, (i) Verso shall have the right to delegate or subcontract its obligations under the Agreement, including, without limitation, to any subsidiary or third party service provider; provided that any such delegation
or subcontracting shall not relieve Verso of its obligations under the Agreement and (ii) NewPage shall have the right to cause any services provided hereunder to be provided to any of NewPage’s subsidiaries in NewPage’s sole
discretion.

  

			
	Amendment	  	The Agreement may only be amended in writing, signed by all the parties.
		
	Governing Law and Jurisdiction	  	 The Agreement shall be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts executed and to
be performed wholly within such State and without reference to the choice-of-law principles that would result in the application of the laws of a different jurisdiction.
  

Each party shall irrevocably submit to the jurisdiction of any federal court in the State of Delaware (or, solely if such courts decline jurisdiction, in any
state court located in the State of Delaware) any action arising out of or relating to the Agreement, and shall irrevocably agree that all claims in respect of such action may be heard and determined in such court. Each party shall irrevocably
waive, to the fullest extent that it may effectively do so, the defense of an inconvenient forum to the maintenance of such action. The parties shall further agree, (A) to the extent permitted by law, that final and unappealable judgment against
either of them in any action contemplated above shall be conclusive and may be enforced in any other jurisdiction within or outside the United States by suit on the judgment, a certified copy of which shall be conclusive evidence of the fact and
amount of such judgment and (B) that service of process upon such party in any action or proceeding shall be effective if notice is given in accordance with the terms of the Agreement.

		
	Dispute Resolution	  	 Each of NewPage and Verso agrees to use its reasonable best efforts to resolve disputes under the Agreement by a negotiated resolution
between the parties or as provided for in the Agreement.
  
 In the event of a dispute
under the Agreement, either NewPage or Verso may give a notice to the other party requesting that the Steering Committee in good faith try to resolve (but without any obligation to resolve) such dispute. Not later than fifteen (15) days after said
notice, each party shall submit to the other party a written statement setting forth such party’s description of the dispute and of the respective positions of the parties on such dispute and such party’s recommended resolution and the
reasons why such party feels its recommended resolution is fair and equitable in light of the terms and spirit of the Agreement. Such statements represent part of a good-faith effort to resolve a dispute and as such, no statements prepared by a
party pursuant thereto may be introduced as evidence or used as an admission against interest in any arbitral or judicial resolution of such dispute.
  

If the dispute continues unresolved for a period of seven (7) days (or such longer period as the Steering Committee may otherwise agree upon) after the
simultaneous exchange of such written statements, then the Steering Committee shall promptly commence good-faith negotiations to resolve such dispute but without any obligation to resolve it. Any such meeting may be conducted by
teleconference.

  

			
		  	Not later than thirty (30) days after the commencement of good-faith negotiations, if the Steering Committee renders an agreed resolution on the matter in dispute, then both NewPage and Verso shall be bound thereby. If the Steering
Committee has not resolved the matter in dispute within thirty (30) days after the commencement of good-faith negotiations, either NewPage or Verso may submit the dispute to any federal court in the State of Delaware in accordance with the terms of
the Governing Law and Jurisdiction provisions of the Agreement.
		
	No Right of Set-Off	  	No party shall have any right to set-off or offset any obligation or payment due to the other party pursuant to the terms of the Agreement against any obligation or payment due or owing to such party pursuant to the terms of the
Agreement.
		
	Force Majeure	  	No party to the Agreement (or any person acting on its behalf) shall have any liability or responsibility for failure to fulfill any obligation (other than a payment obligation) under the Agreement or, unless otherwise expressly
provided therein, so long as and to the extent to which the fulfillment of such obligation is prevented, frustrated, hindered or delayed as a consequence of circumstances of force majeure. The party claiming the benefit of such provision shall, as
soon as reasonably practicable after the occurrence of any such event, (i) notify the other party of the nature, extent and expected duration of any such force majeure condition and (ii) use its reasonable best efforts to remove any such causes and
resume performance under the Agreement as soon as feasible. NewPage shall not be required to pay for any suspended services during which such services are not being provided to NewPage. Verso agrees that if it experiences any shortage, interruption,
delay, inadequacy or limitation in the availability of any service by reason of force majeure and is unable to fulfill NewPage’s requirements for such services, Verso shall treat NewPage no less favorably than any other similarly situated
business in the allocation by Verso between such businesses and NewPage of such affected service and in a manner consistent with past practice. If Verso’s performance of any services is suspended or rendered impractical by reason of force
majeure for a period in excess of 30 days, then NewPage shall have the right to terminate the Agreement with respect to such services immediately upon written notice to Verso.

  

 Exhibit A to Annex I 

Shared Services 
  

	
	Operations and Infrastructure
	
	Procurement Services
	
	Manufacturing Services
	
	Accounting Services
	
	Human Resources Services
	
	Tax Services
	
	Treasury and Insurance Services
	
	Internal Legal Services
	
	Security Services
	
	Audit Services
	
	Controller Services
	
	Corporate Affairs Services
	
	Rent and Real Estate Administration Services
	
	Distribution and Customer Services
	
	Technology Services
	
	Communications and Marketing Services
	
	Third Party Legal Services
	
	Financial Analysis and Planning Services
	
	New Ventures, R&D and Business Development Services
	
	Intellectual Property Services

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