Document:

EX-10. (j)

 

 
 Exhibit 10(j) 
 P.H. GLATFELTER COMPANY 
 Performance Share Award Certificate

  
  

 

			
	Award Number:	  	
		
	Award Date:	  	March 3, 2011
		
	Award Type:	  	Performance Share
		
	 Number of Performance
 Shares
granted at Target:1
	  	
		
	Performance Period:	  	January 1, 2011 to December 31, 2013.
		
	Vesting Date:	  	December 31, 2013
		
	Method of Payment:	  	If vested and earned, this Performance Award shall be paid in shares of Common Stock.

 THIS CERTIFIES THAT P.H. Glatfelter Company (the “Company”) has, on the Award Date specified above, granted to
                                         (the
“Participant”) a Performance Share Award (the “Award”) subject to the terms of this Award Certificate and the Company’s Amended and Restated Long-Term Incentive Plan (the “Plan”). Capitalized terms used in this
Award Certificate without definition shall have the meanings set forth in the Plan. 
 Each Performance Share, if vested and earned, shall
entitle the Participant to receive one (1) share of the Company’s Common Stock. In the event of any conflict between the terms of the Plan and this Award Certificate, the terms of this Award Certificate shall control. 

* * * * 
 1. Vesting of
Performance Shares. The Performance Shares (and any Deemed Dividends with respect to such Performance Shares as set forth in Section 4) shall vest and be earned based on the 

 

	1 	The actual number of Performance Shares earned by the Participant will be determined following the Vesting Date based on the degree of achievement of the Performance
Goals relative to the applicable minimum, target and maximum thresholds, as more fully described in Section 3, and may be more or less than the number of Performance Shares granted at the target threshold. 

 
achievement by the Company of the Company performance goals set forth below (the “Performance Goals”) and the Participant’s continued employment or service with the Company or one
of its subsidiaries through the Vesting Date. The Company’s Board of Directors (the “Board”) will determine whether either or both of the Performance Goals have been achieved. Except in the case of the Company’s CEO whose
compensation is determined by the Board, the number of Performance Shares earned by the Participant will be determined by the Compensation Committee of the Company’s Board of Directors (the “Committee”), based on the level of
achievement of the Performance Goal or Goals as more fully described in Section 3. These determinations shall be made no later than March 15, 2014. 
 2. Performance Goals. The Company must meet or exceed the applicable minimum Performance Goal listed immediately below for the Performance Period in order for that portion of the Performance Share
Award corresponding to such Performance Level on the chart in Section 3 below to vest and be earned. 
 Performance Goals

 (For the Performance Period 
 beginning January 1, 2011 and ending December 31, 2013) 
  

									
	 	  	3-year Cumulative Adjusted EBITDA	 	  	3-year Average ROCE	 
	 Minimum
	  	$	            	  	  	 	    	% 
	 Target
	  	$	            	  	  	 	    	% 
	 Maximum
	  	$	            	  	  	 	    	% 

 For purposes of this Award Certificate, the following terms shall have the following meanings: 

“3-year Cumulative Adjusted EBITDA” means the Company’s cumulative earnings before interest, taxes, depreciation,
amortization and pension income or pension expense, during the Performance Period, as determined by the Committee. EBITDA is, generally speaking, equal to the Company’s revenues minus its costs, after excluding from such costs interest expense,
taxes, depreciation, amortization and pension income or pension expense, subject to adjustment as contemplated by the Plan. 

“3-year Average ROCE” means the Company’s average annual percentage return on capital employed during the Performance
Period, as determined by the Committee. ROCE is, generally speaking, calculated as the tax-effected value of earnings before interest and taxes (EBIT) divided by the Company’s total capital outstanding, subject to adjustment as contemplated by
the Plan. 

  
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 3. Determination of Achievement of Performance Goals. No later than March 15, 2014, the Board
shall determine whether the Performance Goals have been achieved, and the level of such achievement, and the Committee (or the Board in the case of the Company’s CEO) shall determine the number of Performance Shares, if any, earned by the
Participant. The number of Performance Shares to be vested and earned (provided the Participant remains continuously employed through the Vesting Date) shall be based on the degree of achievement of the Performance Goals, in accordance with the
following guidelines: 
  

					
	 Company Performance:
	  	 3-year Cumulative Adjusted EBITDA
	  	 3-year Average ROCE

	Is at target	  	40% of Performance Shares	  	60% of Performance Shares
			
	Meets minimum Performance Goal	  	50% of the Performance Shares payable with respect to this Performance Goal at target	  	50% of the Performance Shares payable with respect to this Performance Goal at target
			
	Exceeds the minimum Performance Goal but is less than target	  	Interpolated between minimum and target	  	Interpolated between minimum and target
			
	Meets or exceeds the maximum Performance Goal	  	150% of the Performance Shares payable with respect to this Performance Goal at target	  	150% of the Performance Shares payable with respect to this Performance Goal at target
			
	Exceeds the target Performance Goal but is less than maximum	  	Interpolated between target and maximum	  	Interpolated between target and maximum

 The Committee (or the Board in the case of the Company’s CEO) has the discretion to reduce (but not increase) some
or all of the number of shares of Common Stock that would otherwise be earned as a result of the satisfaction of either or both Performance Goals. In making this determination, the Committee may take into account any such factor or factors it
determines are appropriate, including but not limited to Company, business unit or individual performance. 
 4. Dividends on Performance
Shares. During the period from the Award Date to the issue of shares of Common Stock in accordance with Section 7, the Participant shall be credited with deemed dividends (a “Deemed Dividend”) in an amount equal to each cash
dividend payable subsequent to the Award Date, just as though such Participant, on the record date for payment of such dividend, had been the holder of record of shares of Common Stock equal to the number of Performance Shares at target (adjusted as
described in the following sentence) represented by this Award Certificate. The Deemed Dividends will be converted to additional Performance Shares at target, rounded down to the nearest whole number, by dividing the Deemed Dividends by the Fair
Market Value of one share of Common Stock on the date the cash dividend to which it relates is paid. The Company shall establish a bookkeeping account to account for the Deemed Dividends and additional Performance Shares at target to be credited to
the Participant. The additional Performance Shares represented by Deemed Dividends are subject to the same vesting requirements (see Section 1) as other Performance Shares, including without limitation the requirement that the applicable
Performance Goals described herein have been achieved. 
 5. Separation from Service Prior to the Vesting Period. 

(a) In General. Subject to paragraphs (b) and (c) below, if, prior to the Vesting Date, the Participant ceases to be an
employee of, or to provide services to, the Company or any of its subsidiaries for any reason (whether voluntarily or involuntarily) then this Performance Shares Award shall be immediately and irrevocably forfeited. 

(b) Retirement, Death or Disability. Notwithstanding the foregoing, if the Participant has a Separation from Service due to the
death or Retirement of the Participant or a termination of service due to Disability (whether or not a Separation from Service), and such event takes place on or after January 1, 2012 but prior to the Vesting Date, then the Participant shall be
entitled to receive a pro-rated Performance Share Award following the end of the Performance Period, provided that the Performance Goal(s) are determined to have been achieved. Such pro-ration shall be determined by multiplying the number of
Performance Shares the Participant would have received by a fraction, the numerator of which equals the number of days that elapse between the first day of the Performance Period and the date of

  
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death, Retirement or Disability commencement, and the denominator shall equal the total number of days in the Performance Period. Payment of such pro-rated Award shall be made in accordance with
the provisions set forth in Section 7. 
 (c) Impact of a Change in Control. In the event of a Change in Control in
which the Company is not the surviving entity, this Performance Share Award shall be deemed to be earned at the greater of target or actual performance through the date of the Change in Control, as determined by the Board, for each Performance Goal
as of the date of the consummation of such Change in Control, and shall be replaced with the common stock of the surviving entity (“Replacement Performance Shares”). The number of Replacement Performance Shares shall be calculated based on
the Fair Market Value of the Company’s Common Stock at the date of the Change in Control divided by the fair market value of the surviving entity’s common stock on such date. If the Replacement Performance Shares are not issued for any
reason, or if the common stock of the surviving entity is not publically traded at the date of the Change in Control, then, all Performance Shares shall be deemed to be earned upon the occurrence of the Change in Control at the greater of target or
actual performance through the date of the Change in Control, as determined by the Board. 
 The Participant’s right to
such Replacement Performance Shares shall not vest unless and until the Participant has remained in continuous employment with the Company or a subsidiary, or the Company’s successor or a subsidiary, through the Vesting Date. Notwithstanding
the foregoing, if the Participant has (i) an involuntary Separation from Service, other than for Cause, with the Company or the surviving entity following a Change in Control other than for Cause or (ii) a voluntary Separation from Service
for Good Reason following a Change in Control, the requirement of continued employment through the Vesting Date shall be waived and the Participant shall be deemed vested with respect to payment of the Replacement Performance Shares on the date of
such Separation from Service. 
 The terms and provisions of this Certificate shall continue to apply to the Replacement
Performance Shares upon issuance. In addition, if the Participant remains in continuous employment with the Company or its successor, or a subsidiary of the Company or its successor, through the Vesting Date, the Participant shall be entitled to
receive a value restoration payment with respect to such Replacement Performance Shares as are deemed vested on such Vesting Date (a “Value Restoration Payment”). The Value Restoration Payment shall be equal to the difference between the
fair market value of the surviving entity’s common stock on the date of the Change in Control and, if less, the fair market value of the surviving entity’s common stock on the Vesting Date (which shall be deemed to mean the date of the
Participant’s involuntary Separation from Service other than for Cause, or voluntary Separation from Service for Good Reason, as described in the last sentence of the paragraph immediately above). For example, if the surviving entity’s
common stock fair market value is $20.00 per share on the date of the Change in Control and is $15.00 per share on the Vesting Date, the Participant shall be entitled to receive a Value Restoration Payment equal to $5.00 per Replacement Performance
Share. Any such Value Restoration Payment shall include interest (at the prime rate of interest of the Company’s principal bank in effect on the vesting date for the period between the date of the Change in Control and the Vesting Date), and
shall be paid in cash within thirty (30) days after the Vesting Date. 
 6. Restriction on Transfer. No rights under this
Performance Shares Award may be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of by the Participant, and any such purported sale, assignment, transfer, pledge, hypothecation or other disposition of Performance Shares or
other rights under this Performance Shares Award shall be void and unenforceable against the Company and shall result in the immediate forfeiture of such Performance Shares Award and rights. Notwithstanding the foregoing, the Participant may, in the
manner established by the Committee, designate a beneficiary or beneficiaries to exercise the rights of the Participant and receive any shares of Common Stock issued with respect to the Performance Shares Award upon the death of the Participant.

  
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 7. Payment of Performance Shares. Payment in respect of the vested and earned Performance Shares
shall be made to the Participant no later than March 15, 2014 but only to the extent it is determined that the applicable Performance Goal(s) and other requirements set forth herein have been met. Payment of vested and earned Performance Shares
shall be made in shares of Common Stock. The number of shares issued shall be rounded down to the next whole number of shares and the Company shall cause the shares to be issued, in book-entry form, registered in the Participant’s name or in
the name of the Participant’s legal representatives, beneficiaries or heirs, as the case may be, in satisfaction of such Performance Share, that number of shares of Common Stock equal to the number of vested and earned Performance Shares.

 The Company shall take such actions as it deems appropriate to ensure that all applicable federal, state, local or foreign
payroll, withholding, income or other taxes are withheld or collected from the Participant. In accordance with the terms of the Plan, the Committee hereby confirms that the Participant may elect to satisfy the Participant’s federal, state,
local and foreign tax withholding obligations arising from the receipt of, or the vesting of, Performance Shares by (i) delivering cash, check or money order payable to the Company in any amount equal to the federal, state, local or foreign
taxes the Company determines is required to satisfy its minimum withholding obligations, or (ii) having the Company withhold a portion of the shares of Common Stock otherwise to be delivered having a Fair Market Value equal to the amount of
such federal, state, local or foreign taxes the Company determines is required to satisfy its minimum withholding obligations. The Company will not deliver any fractional share of Common Stock but will instead round down to the next full number the
amount of shares of Common Stock to be delivered. The Participant’s election must be made on or before the date that any such withholding obligation with respect to the Performance Shares arises. If the Participant fails to timely make such an
election, the Company shall have the right to withhold a portion of the shares of Common Stock otherwise to be delivered having a Fair Market Value equal to the amount the Company determines is required to satisfy its minimum withholding obligations
with respect to such taxes. 
 8. Compliance with Code Section 409A. To the extent that distributions of Common Stock or cash in
payment of this Performance Shares Award represent a “deferral of compensation” within the meaning of Code section 409A, such distributions shall conform to the applicable requirements of Code section 409A including, without limitation,
the requirement that a distribution to a Participant who is a “specified employee” within the meaning of Code section 409A(a)(2)(B)(i) which is made on account of the specified employee’s Separation from Service shall not be made
before the date which is six (6) months after the date of Separation from Service. However, distributions as aforesaid shall not be deemed to be a “deferral of compensation” subject to Code section 409A to the extent provided in the
exception in Treasury Regulation Section 1.409A-1(b)(4) for short-term deferrals. 
 9. Miscellaneous. 

(a) The Award does not confer on the Participant any right with respect to the continuance of any relationship with the Company or its
subsidiaries, nor will it interfere in any way with the right of the Company to terminate such relationship at any time. 
 (b)
The Company shall not be required to deliver any shares of Common Stock upon vesting of the Performance Shares until the requirements of any federal or state securities laws, rules or regulations or other laws or rules (including the rules of any
securities exchange) as may be determined by the Company to be applicable are satisfied. 

  
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 (c) Definitions. In addition to the definitions set forth in the Plan, the following
definitions shall apply to this Award Certificate: 
 “Cause” means (i) an act or acts of personal
dishonesty taken by the Participant and intended to result in substantial personal enrichment of the Participant at the expense of the Company, (ii) the Participant’s willful, deliberate and continued failure to substantially perform for
the Company the normal material duties related to Participant’s job position which are not remedied in a reasonable period of time after receipt of written notice from the Company, (iii) violation by the Participant of any of the
Company’s policies, including, but not limited to, policies regarding sexual harassment, insider trading, confidentiality, non-disclosure, non-competition, non-disparagement, substance abuse and conflicts of interest and any other written
policy of the Company, which violation could result in the termination of the Participant’s employment; or (iv) the conviction of the Participant of a felony. 
 “Change in Control” means: 
 (i) The acquisition, directly or
indirectly, other than from the Company, by any person, entity or “group” (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), excluding, for this
purpose, the Company, its subsidiaries, any employee benefit plan of the Company or its subsidiaries, and any purchaser or group of purchasers who are descendants of, or entities controlled by descendants of, P.H. Glatfelter which acquires
beneficial ownership of voting securities of the Company) (a “Third Party”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of the combined voting power of the Company’s
then outstanding voting securities entitled to vote generally in the election of directors; or 
 (ii) Individuals who, as of
the date hereof, constitute the Board (the “Incumbent Directors”) cease in any twelve (12) month period for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to the date
hereof whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the Incumbent Directors who are directors at the time of such vote shall be, for purposes of this Certificate, an
Incumbent Director, but excluding for this purpose, any such person whose initial election as a member of the Board occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual
or threatened solicitation of proxies or consents by or on behalf of a Third Party other than the Board; or 
 (iii)
Consummation of (a) a reorganization, merger or consolidation, in each case, with respect to which persons who were the shareholders of the Company immediately prior to such reorganization, merger or consolidation (other than the surviving
entity) do not, immediately thereafter, beneficially own more than 50% of the combined voting power of the reorganized, merged or consolidated company’s then outstanding voting securities entitled to vote generally in the election of directors,
or (b) a liquidation or dissolution of the Company or the sale of all or substantially all of the assets of the Company (whether such assets are held directly or indirectly) to a Third Party. 

In addition to the foregoing, a Change in Control with respect to an individual Participant shall be deemed to occur if the
Participant’s employment with the Company is terminated prior to the date on which a Change in Control occurs, and it is reasonably demonstrated that such termination (i) was at the request of a third party who has taken steps reasonably
calculated to effect a Change in Control or (ii) otherwise arose in connection with or anticipation of a Change in Control. 
 “Good Reason” means (i) a material diminution in the Participant’s base salary, or (ii) a material change in the geographic location at which the Participant must perform
services (for this purpose, a requirement that the Participant’s services be performed at a location less than forty (40) miles from the location where the Participant previously performed services shall not be considered a material
change); provided that within ninety (90) days after the occurrence of any of the events listed in clauses 

  
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(i) or (ii) above the Participant delivers written notice to the Company of his/her intention to terminate his/her employment for Good Reason specifying in reasonable detail the facts and
circumstances deemed to give rise to the Participant’s right to terminate his/her employment for Good Reason and the Company shall not have cured such facts and circumstances within thirty (30) days after delivery of such notice by the
Participant to the Company (unless the Company shall have waived its right to cure by written notice to the Participant) and provided further that the Participant in fact has a Separation from Service no later than thirty (30) days following
the expiration of such cure period. 
 A copy of the Amended and Restated Long-Term Incentive Plan is available on the Company’s intranet
at www.xxxxx.com, or will be provided upon request made to the Corporate Secretary’s office. 
  

	
	P.H. GLATFELTER COMPANY
	
	  

 By my signature below, I hereby acknowledge receipt of this Award Certificate on the date shown above, which has
been issued to me under the terms and conditions of the Plan. I further acknowledge that I reviewed the Plan and agree to conform to all of the terms and conditions of the Award Certificate and the Plan. 

 

									
	Signature:	 	  
	 		 	Date:	 	  

  
 Page 7EX-10. (k)

 Exhibit 10 (k) 
 P. H. GLATFELTER COMPANY 
 AMENDED AND RESTATED 

DEFERRED COMPENSATION PLAN FOR DIRECTORS 
 (Effective January 1, 2007) 
 ARTICLE I 

INTRODUCTION 
 This Amended and Restated Deferred Compensation Plan for Directors is established, effective January 1, 2007, by P. H. Glatfelter Company (the “Company”) for the benefit of its Directors
and their Beneficiaries and it shall be maintained according to the terms set forth herein. It replaces the Deferred Compensation Plan for Directors established April 22, 1998. 

ARTICLE II 

DEFINITIONS 
 2.1 DEFINITIONS. When used herein, the following words and phrases shall have the meanings assigned to them, unless the context clearly indicates otherwise: 

(a) BENEFICIARY means the person or persons, natural or otherwise, designated by a Director under Section 7.1 hereof to receive any
death benefit payable under Section 5.4 hereof. 
 (b) BOARD OF DIRECTORS means the board of directors of the Company, as
it may be constituted from time to time. 
 (c) CHANGE OF CONTROL means the occurrence of either one of the following:
(i) a person or group of persons, other than a Related Person, acquires substantially all of the assets of the Company, or (ii) in excess of 51% of the issued and outstanding shares of the Company’s Common Stock is acquired by a
single purchaser or group of related purchasers, other than a purchaser or group of purchasers who are descendants of, or entities controlled by descendants of, P. H. Glatfelter, in either case other than in a transaction in which the surviving
corporation or the purchaser is the Company or a majority-owned subsidiary of the Company. 
 (d) COMPANY means P. H. Glatfelter
Company, a Pennsylvania corporation. 
 (e) COMPENSATION COMMITTEE means the Compensation Committee of the Board of Directors.

 (f) DEFERRED FEE ACCOUNT means an account established by the Company in the name of a Director. The Company shall credit each
Director’s Deferred Fee Account with Stock Units for any Director’s Fees that are deferred by the Director under Section 3.1 

 
hereof and any additional Stock Units that are credited by the Company under Article IV hereof. The Company shall debit from each Director’s Deferred Fee Account payments made from it under
Article V hereof. 
 (g) DEFERRED FEE AGREEMENT means the written agreement between the Company and a Director that, together
with this Plan, governs the Director’s rights to payment of his deferred Director’s Fees under this Plan. 
 (h)
DIRECTOR means a member of the Board of Directors who is not also an employee of the Company or any of its subsidiaries or affiliates. 
 (i) DIRECTOR’S FEES means the annual retainer paid to a Director for serving on the Board of Directors, but does not include any fees paid to a Director for attending meetings of the Board of
Directors or any committee of the Board of Directors or for serving as chairman of a committee of the Board of Directors. 
 (j)
ELECTIVE ACCOUNT BALANCE PLAN means any arrangement of the Company that is an elective account balance plan as described in Section 1.409A-1(c)(2)(i)(A) of the Treasury regulations promulgated under Section 409A. 

(k) FAIR MARKET VALUE of the Company’s Common Stock means, on any given day, the average of the high and low sales prices of a share
of Common Stock on such day as reported on the American Stock Exchange. 
 (l) PLAN means the P. H. Glatfelter Company Amended
and Restated Deferred Compensation Plan for Directors set forth herein, as amended by the Company from time to time. 
 (m) PLAN
YEAR means the calendar year. 
 (n) RELATED PERSON is any of the following (a) a shareholder of the Company who acquires
assets from the Company in exchange for Company Stock; (b) an entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company; (c) a person or persons acting as a group, that owns, directly
or indirectly, 50% or more of the outstanding stock of the Company or an entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, such person or persons. 

(o) SECTION 409A means Section 409A of the Internal Revenue Code of 1986, as amended. 

(p) SPECIFIED EMPLOYEE means “specified employee” as described in Section 409A(a)(2)(B)(i) and the regulations thereunder.

 (q) STOCK UNITS means phantom shares of the Company’s Common Stock. 

(r) UNFORESEEABLE FINANCIAL EMERGENCY means a severe financial hardship resulting from an illness or accident of the Director, the
Director’s spouse, the 

  
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Director’s beneficiary or other dependent (as defined in §152 of the Internal Revenue Code of 1986, as amended, without regard to §152(b)(1), (b)(2) and (d)(1)(B)), loss of
Director’s property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance) or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the
control of the Director. 
 ARTICLE III 
 DEFERRAL OF DIRECTOR’S FEES 
 3.1 ELECTION TO DEFER FEES. A new
Director may elect to defer 50%, 75%, or 100% of the Director’s Fees earned during his initial calendar year of service or a Director, provided that such election is made within thirty days following the Director’s election or appointment.
Such deferral election shall apply only to Director’s Fees earned after the date of the election. Before the beginning of any subsequent calendar year, a Director may elect to defer 50%, 75% or 100% of his Director’s Fees to be earned in
that year and following years. Any election to defer shall (1) indicate the form of payment of deferred amounts as permitted by Section 5.2(a), (2) continue in effect for subsequent calendar years unless modified or revoked in
accordance with Section 3.3 hereof and (3) be irrevocable once the period to which it relates begins. 
 3.2 CREDITING
TO DEFERRED FEE ACCOUNTS. The Company shall credit the Director’s Deferred Fee Account with Stock Units as of the day such deferred Director’s Fees would have been paid to the Director were they not deferred under the Plan. The number of
Stock Units credited to a Director’s Deferred Fee Account shall be the quotient of (1) the amount of deferred Director’s Fees divided by (2) the Fair Market Value of the Company’s Common Stock on such date. 

3.3 MODIFICATION OR REVOCATION OF DEFERRAL. A Director may, on a prospective basis for future calendar years, change the percentage of
Director’s Fees to be deferred by executing a new Deferred Fee Agreement or revoke his election to defer Director’s Fees by a written revocation to the Secretary of the Company, but no Deferred Fee Agreement or revocation of an election to
defer Director’s Fees shall be effective for the calendar year in which it is executed. 
 ARTICLE IV 

DIVIDENDS 

4.1 DIVIDEND REINVESTMENT. Additional Stock Units shall be credited to each Director’s Deferred Fee Account as of each payment date
for dividends on the Company’s Common Stock, in an amount determined pursuant to Section 4.2 hereof, based on the number of Stock Units credited to the Director’s Deferred Fee Account on the record date for such dividends. Additional
Stock Units shall be credited for each record date that a Director has any amount credited to his Deferred Fee Account under the Plan. 
 4.2 NUMBER OF DIVIDEND REINVESTMENT SHARES. The number of additional Stock Units credited to a Director’s Deferred Fee Account as of any dividend payment date shall be the quotient of (1) the
product of the number of Stock Units credited to the 

  
 3 

 
Director’s Deferred Fee Account on the dividend record date for such dividend and the dividend per share on the Company’s Common Stock divided by (2) the Fair Market Value of the
Company’s Common Stock on the dividend payment date. 
 ARTICLE V 

PAYMENT OF DEFERRED FEES 
 5.1 DEFERRED FEES. 
 (a) A Director shall be entitled to receive a cash payment
equal to the amount credited to his Deferred Fee Account following termination of his service as a Director, provided such termination of service as a Director represents a “separation from service” as a Director, within the meaning of
Section 409A of Treas. Reg. § 1.409A-1(h). If the Director provides services to the Company as an employee, such services or continuing services are not taken into account in determining whether the Director has had a separation from
service as a Director. However, see Section 5.2(b). 
 For purposes of this Plan, the “amount credited” to a
Deferred Fee Account as of any date of reference shall be the Fair Market Value of the Company’s Common Stock corresponding to the Stock Units credited to the Director’s Deferred Fee Account as of the date of reference. 

5.2 PAYMENT. 

(a) At the election of a Director, the amount credited to his Deferred Fee Account shall be paid (1) in a lump sum within 30 days
following termination of his service as a Director, based on the value of his Deferred Fee Account on the date of such termination of service, or (2) in five annual installments, as follows: 1/5 of the amount credited to his Deferred Fee
Account within 30 days following termination of his service as a Director, 1/4 of the amount credited to his Deferred Fee Account within 30 days following the first anniversary of the termination of his service as a Director, 1/3 of the amount
credited to his Deferred Fee Account within 30 days following the second anniversary of the termination of his service as a Director, 1/2 of the amount credited to his Deferred Fee Account within 30 days following the third anniversary of the
termination of his service as a Director, and the balance in his Deferred Fee Account within 30 days following the fourth anniversary of the termination of his service as a Director. Each such installment payment shall be determined based on the
value of the Director’s Deferred Fee Account on the date of the Director’s termination of service (or anniversary thereof, as the case may be). Each Director shall make such election on an individual Deferred Fee Agreement in the form of
Exhibit A attached hereto at the time the Director elects to defer the compensation. Such election, once made on the individual Deferred Fee Agreement, shall be irrevocable except as described in Section 5.3. 

(b) If a Director is also a Specified Employee at the time he or she separates from service, no distribution from his Deferred Fee
Account can be made, or begin to be made, earlier than six (6) months following the such separation from service. Any amounts not paid to the Director by operation of this Section 5.2(b) shall be paid to the Director on the first day of
the seventh month following the termination of such Director’s service, based on the value of his Deferred Fee Account on such date. 

  
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 (c) Amounts credited to a Director’s Deferred Fee Account shall be credited with
additional Stock Units as determined under Article IV during the installment payout period described in Section 5.2(a) hereof and the period during which any payment is delayed pursuant to Section 5.2(b) hereof. 

(d) In the event the Director has made different payment elections with respect to Director’s Fees deferred under two or more
Deferred Fee Agreements, the Director’s Deferred Fee Account shall consist of two or more subaccounts consisting of Stock Units (and additional Stock Units on account of dividends as described in Article IV) corresponding to Director’s
Fees deferred under each such Deferred Fee Agreement, and each such subaccount shall be paid in accordance with the payment election applicable to it. 
 5.3 CHANGE IN TIME AND FORM OF PAYMENT. 
 (a) The Director may elect to
(i) delay the time of distribution of his Deferred Fee Account or (ii) change the form of payment of his Deferred Fee Account to another form permitted under the Plan, provided that in each case such election must be made no later than
twelve months prior to the scheduled distribution date, shall not become effective until twelve months after it is made, and must delay the payment for not less than five years after the date the distribution would, but for the election described in
this Section 5.3(a), have been made or begin to be made. 
 (b) Notwithstanding Section 5.3(a) hereof, a participating
Director may elect during calendar year 2007, consistent with the requirements of IRS Notice 2006-79 and the final regulations under Section 409A, (i) to elect to receive, or begin to receive, distribution of his Deferred Fee Account as of
a designated date not earlier than (A) the date that is six (6) months after the date the election is made and (B) January 1, 2008 or a later year prior to the date he terminates service as a Director, and/or (ii) to change
the form of payment of his Deferred Fee Account to another form of payment permitted under the Plan, provided that in no event shall distribution be permitted to be made, or begin to be made, later than 30 days following his termination of service
as a Director, except that, if the Director is also a Specified Employee at the time of his separation from service as a Director, such distribution cannot be made, or begin to be made, earlier than six (6) months following such separation from
service. 
 5.4 DEATH OF A DIRECTOR. If a Director dies with any amount credited to his Deferred Fee Account, then his
Beneficiary shall be entitled to receive the entire amount in a lump sum. Such payment shall be made within ninety days following the Director’s death or, if later, before the end of the taxable year in which the Director’s death occurs.

 5.5 CHANGE OF CONTROL. In the event of a Change of Control, the Director shall receive, in a lump sum payment (regardless of
whether the Director has elected lump sum or installment payments pursuant to Section 5.2 hereof),the entire amount then credited to his Deferred Fee Account within 30 days of the date of such Change in Control. 

  
 5 

 ARTICLE VI 
 HARDSHIP WITHDRAWALS 
 6.1 WITHDRAWALS FROM DEFERRED FEE ACCOUNT.

 (a) Neither the Director, his Beneficiary, nor any other individual or entity shall have any right to make any withdrawals
from the Director’s Deferred Fee Account prior to the payment date elected pursuant to Article V, or to alter any installment payments provided under this Agreement except as described in Section 5.3. 

(b) Notwithstanding Section 6.1(a) hereof, upon request to the Company, a Director may, in the sole discretion of the Company, be
entitled to withdraw an amount credited to his Deferred Fee Account in the event of an Unforeseeable Financial Emergency. Whether the Director is faced with an Unforseeable Financial Emergency permitting a withdrawal shall be determined by the
Compensation Committee or its delegate for this purpose based on the relevant facts and circumstances, but such a withdrawal will be permitted only to the extent that the Unforeseeable Financial Emergency cannot be relieved through reimbursement or
compensation from insurance or otherwise or the liquidation of the Director’s assets (to the extent such liquidation would not cause a severe financial hardship) or by the cessation of deferrals to the Plan. The amount of any withdrawal shall
be limited to the amount reasonably necessary to satisfy the emergency need, which may include amounts necessary to pay any federal, state, local or foreign income taxes or penalties reasonably anticipated to result from the distribution amount.

 ARTICLE VII 
 BENEFICIARIES 
 7.1 DESIGNATION OF BENEFICIARY. Each Director may designate
from time to time any person or persons, natural or otherwise, as his Beneficiary or Beneficiaries to whom benefits under Section 5.4 hereof are to be paid if he dies while entitled to benefits. Each Beneficiary designation shall be made either
in the Deferred Fee Agreement or on a form prescribed by the Secretary of the Company and shall be effective only when filed with the Secretary during the Director’s lifetime. Each Beneficiary designation filed with the Secretary shall revoke
all Beneficiary designations previously made by the Director. The revocation of a Beneficiary designation shall not require the consent of any designated Beneficiary. 
 ARTICLE VIII 
 ADMINISTRATION 

8.1 RIGHT TO TERMINATE. 
 (a) The Board of Directors may amend or terminate the Plan at any time in whole or in part with respect to Director’s Fees not yet earned. No amendment or termination of the Plan shall reduce the
amount credited to a Director’s Deferred Fee Account, the amount owed to him by the Company as of the date of amendment or termination, or the number of Stock Units to be credited to his Deferred Fee Account. Such termination will not
accelerate the distribution of amounts credited to a Director’s Deferred Fee Account. 

  
 6 

 (b) Notwithstanding Section 8.1(a) hereof, the Board of Directors may terminate the
Plan and distribute all Deferred Fee Accounts if the following conditions are satisfied: (i) such termination does not occur proximate to a downturn in the financial health of the Company; (ii) the Company terminates all Elective Account
Balance Plans; (iii) all payments in liquidation of the plan (other than payments that would be payable under the terms of the plan if the action to terminate and liquidate the Plan had not occurred) are made not less than twelve months after
the Company takes all necessary action to irrevocably terminate and liquidate the Plan; (iv) all payments in liquidation of the Plan are made not more than twenty-four months after the date the Company takes all necessary action to irrevocably
terminate and liquidate the Plan; and (v) for three years after the Company takes all necessary action to irrevocably terminate and liquidate the Plan, the Company does not adopt any Elective Account Balance Plans. 

8.2 NO FUNDING OBLIGATION. The obligation of the Company to pay any benefits under this Plan shall be unfunded and unsecured and any
payments under this Plan shall be made from the general assets of the Company. The Company, however, in its discretion, may set aside assets or purchase annuity or life insurance contracts to discharge all or part of its obligations under this Plan.
The assets set aside or the annuity or life insurance contracts shall remain in the name of the Company and it is intended that no trust is to be created by setting aside the assets or purchasing annuity or life insurance contracts. A
Director’s rights under the Plan may not be voluntarily or involuntarily assigned or transferred, other than by will or by the laws of descent and distribution, and shall not be subject in any manner to attachment or other legal process for the
debts of the Director. The Director’s rights hereunder are exercisable during his lifetime only by him, or by his guardian or legal representative. The Director shall be a general creditor of the Company with respect to the obligations
established under this Plan. 
 8.3 APPLICABLE LAW. This Plan shall be construed and enforced in accordance with the laws of the
Commonwealth of Pennsylvania, except to the extent superseded by federal law. 
 8.4 ADMINISTRATION AND INTERPRETATION. The
Compensation Committee, shall have the authority and responsibility to administer, construe and interpret this Plan to Compensation Committee may delegate any of its administrative duties hereunder to others. Benefits due and owing to a Director or
Beneficiary under the Plan shall be paid when due without any requirement that a claim for benefits be filed. However, any Director or Beneficiary who has not received the benefits to which he believes himself entitled may file a written claim with
the Compensation Committee, which shall act on the claim within thirty days, and such action on any such claims shall be conclusive and binding on all interested parties. 

  
 7 

 IN WITNESS WHEREOF, the P. H. Glatfelter Company has caused this Plan to be executed this 22
day of December, 2008. 
  

							
	ATTEST:	 		 	P. H. GLATFELTER COMPANY
				
	 /s/ Thomas G. Jackson
	 		 	By	 	 /s/ William T. Yanavitch

	[Corporate Seal]	 		 		 	Vice President Human Resources and Administration

  
 8 

 Exhibit A 
 ELECTION FORM 
 under the P. H. Glatfelter Company 

Amended and Restated Deferred Compensation Plan for Directors 

 

	1.	Amount of Deferral (please complete A or B): 

  

					
	A.	 		  	I elect to defer         % (50, 75 or 100) of my director’s fees.
			
	B.	 		  	I elect not to defer any of my director’s fees.

  

	2.	Distribution of Deferred Amounts (complete A or B only if you selected A in #1): 

 

					
	A.	 		  	Amounts deferred pursuant to this election form shall be distributed in a lump sum.
			
	B.	 		  	Amounts deferred pursuant to this election form shall be distributed in annual installments over a period of five years.

 With respect to fees earned in any calendar year, the election to defer (or not to defer) must be made, and because
irrevocable, on or before the immediately preceding December 31. Any election or amended election received by the Company after that date shall not be effective. 
 An election shall remain effective for all subsequent plan years unless and until the Director completes a new election or notifies the Company, in writing, that the election is cancelled. Any such
change or cancellation shall be effective only for the plan years following the plan year in which such change or cancellation is made. 
  

			
	Name (please print):	 	  

			
		
	Signature:	 	  

			
		
	Date:	 	  

			
		
	Date Received by the Company:	 	  

  
 Exhibit A

 Exhibit B 
 SPECIAL ELECTION FORM 
 under the P. H. Glatfelter Company

 Amended and Restated Director’s Plan for Directors 
 IMPORTANT NOTE: Complete this Special Election form only if you want to change the timing and/or form of distribution of your Deferred Fee Account. If you do not complete this form, your
Deferred Fee Account will be paid following your termination of service as a Director, in the form you selected when you initially joined the Plan. 
 1. Accelerated Distribution. Complete only if you would like to receive a distribution or commence distribution of your Deferred Fee Account prior to the date on which you terminate service
as a director. 
  

			
		 	I elect to receive, or begin to receive, distribution of my Deferred Fee Account on, or commencing on
                     (insert date). Such election will apply only to amounts in my Deferred Fee Account as of the date I have
designated.

 The date selected must be no earlier than six months following the date of this election. The distribution of a lump
sum benefit will be made within 30 days following the date designated. The distribution of an installment benefit will commence within 30 days following the date selected and any subsequent installment payments will be made within 30 days following
the first, second, third and fourth anniversaries of the date selected. All distributions will be made subject to withholding. 
 If you
terminate service as a Director prior to the date selected, the distribution of your Deferred Fee Account will be made or will commence to be made within 30 days following the date of such termination. 

2. Form of Distribution of Deferred Amounts. Complete only if you would like to change the form of distribution for amounts in your
Deferred Fee Account. This election will apply to amounts distributed upon the termination of your service as a director or on an accelerated basis pursuant to an election made pursuant to (1) above. 

I elect to receive my Deferred Fee Account (select A or B): 
 A.          in a lump sum. 

B.          in annual installments over five years. 

I understand that 
  

	 	(i)	my election, once made, pursuant to this Special Election is irrevocable. 

  

	 	(ii)	Notwithstanding the foregoing, if I should terminate my directorship with six months of making this election, my Deferred Fee Account will be paid, or begin to be paid,
within 50 days of my termination of service as a director, in the form I designated when I initially joined the Plan, without regard to this Special Election. 

 

			
	Name (please print):	 	  

			
		
	Signature:	 	  

			
		
	Date:	 	  

			
		
	Date Received by the Company:	 	  

  
 Exhibit B

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