Document:

EX-10.1

 Exhibit 10.1 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 dated the 7th day of March, 2012 (hereinafter referred to as the
“Agreement”) 
 made by and between 
 Mercer International Inc.  
 Suite 1120, 700 West Pender Street, Vancouver, British
Columbia, V6C 1G8, Canada 
 (hereinafter referred to as the “Company”) 

– and – 

Claes-Inge Isacson 
 c/o Stendal Pulp
Holding GmbH, Charlottenstraße 59, 10117 Berlin, Germany 
 (hereinafter referred to as the “Executive”) 

Whereas: 
  

	A.	 The Executive assumed the position of Chief Operating Officer of the Company in November 2006, pursuant to an employment agreement made between
the parties dated the 5th day of December 2008 and amended
November 23, 2009 and January 1, 2011 (collectively, the “Prior Agreement”); and 

  

	B.	The parties hereto have agreed to amend and restate the Prior Agreement in its entirety upon the terms and conditions set forth in this Agreement.

 § 1 
 Functions and Responsibilities 
 1. The Executive agrees to serve, at no additional
remuneration, in such other executive capacities and to assume such responsibilities and perform such duties consonant with his position as an executive of the Company as the Company may require and assign to him from time to time, including with
subsidiaries of the Company. 
 In accordance with this Section, the Executive shall serve as the Managing Director of the Company’s
wholly-owned subsidiary Stendal Pulp Holding GmbH (“SPH”). 
 2. As the Chief Operating Officer of the Company, the Executive
will be responsible for all of the company’s activities related to fiber management, pulp manufacturing, and human resources. The Executive is responsible to develop strategic operating plans and processes to increase overall efficiency and
safety of all facilities. In general terms he is responsible for cost effective production and developing plans to maximize efficiency at all locations. As the Managing Director of SPH, the Executive will be responsible for the representation of the
Company to third parties. 
 3. The Executive shall carry out the duties and responsibilities of his position as Chief Operating Officer of
the Company and Managing Director of SPH in accordance with all applicable laws, the articles and by-laws of the Company, the articles of association of SPH and the directives of the board of directors of the Company and the shareholder of SPH.

 4. The Executive shall be responsible to and shall report to the Chief Executive Officer and Chairman
of the Company. 
 5. The Executive’s office location is Berlin, Germany. 

§ 2 

Term of Agreement 

1. This Agreement is effective as of the date first above written and replaces all earlier agreements between the parties (including, without
limitation, the Prior Agreement). 
 2. This Agreement is entered into and will remain in effect until the earlier of July 31, 2013
(the “End of Term”), whereupon it shall terminate without a Termination Notice (as hereinafter defined), or the date it is otherwise terminated as provided herein, provided that no less than six (6) months prior to the End of Term,
the End of Term may be extended by one (1) additional year by mutual agreement of the parties hereto. 
 3. This Agreement may be
terminated by either party upon the provision of six (6) months’ written notice (a “Termination Notice”), unless the termination is due to “Just Cause” as a result of the occurrence of any of the following events:
(i) serious misconduct, dishonestly or disloyalty of the Executive related to the performance of his duties, functions or responsibilities under this Agreement; (ii) willful and continued failure by the Executive to substantially perform
his duties, functions or responsibilities under this Agreement; (iii) any other material breach of this Agreement by the Executive; or (iv) any event or circumstance that would constitute cause for termination of employment at law. No
notice period is required in the case of termination for Just Cause and this Agreement may be immediately terminated at the option of the Company. 
 For purposes of this Agreement, no act, or failure to act, by the Executive shall be “willful” unless it is done, or omitted to be done, in bad faith and without a reasonable belief that the act
or omission was in the best interests of the Company. 
 4. If a Termination Notice is given with respect to this Agreement, regardless by
which party, the Company shall be entitled to suspend the Executive’s obligation to perform services for the Company until the actual termination date or may, for the transitory period until the actual termination date, assign the Executive to
other positions with the Company or its affiliates. 
 § 3 

Compensation 

1. During the term of this Agreement the Company shall pay and provide the Executive the following compensation for his services: 

a) An annual base salary of €360,500 which amount is reviewed by the Company in January of each year. The annual base salary shall
be paid in twelve (12) equal installments at the end of each calendar month subject to deductions in respect of statutory remittances including deductions for applicable tax and social security. 

  
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 b) Subject to the financial performance of the Company, an annual target bonus based on two
months’ salary and the achievement of specific objectives with an opportunity to exceed same in the event of exceptional performance. The bonus is paid in arrears at the beginning of the following year. In case of termination of this Agreement
within the year, the bonus is paid pro rata. 
 2. Upon termination of this Agreement other than pursuant to § 2(3), the
Company shall reimburse the Executive for reasonable out-of-pocket bona fide travel, moving and relocation expenses incurred by the Executive in connection with his relocation from Germany back to Sweden. 

§ 4 

Benefits and Insurance 

1. The Executive and, as applicable, his family, shall be entitled to receive such health, dental, life, short-term and long-term disability
insurance benefits as are commonly provided by the Company to executive officers at a level commensurate with the Executive’s position. 

3. In case of temporary incapacitation of the Executive caused by illness or another reason for which the Executive is not responsible, German
statutory law is applicable for the continuation of compensation payments. 
 4. The Executive shall be eligible to participate in the
Company’s defined contribution retirement program for its European based executive officers. The Executive shall be entitled to a contribution by the Company to such program in the amount of 10% of the Executive’s base salary plus 5% of
any bonus received by the Executive and the Company shall fund such contribution on a monthly basis. 
 5. The Executive shall be entitled
to the lease and use of an automobile pursuant to the Company’s policy on automobiles for executives as may be in effect from time to time. Specifically, the Executive shall be provided with an upper middle class company car which he may also
use for personal purposes. All costs arising in connection with the use of the vehicle, including auto lease, insurance, maintenance and operating costs shall be borne by the Company. The income tax on the monetary advantage of the private use shall
be paid by the Executive. 
 § 5 
 Vacation 
 The Executive shall be entitled to an annual vacation of six weeks. The time
during which such vacation is taken shall be decided in consultation with the Company. 
 § 6 

Severance 
 In the event
of dismissal without Just Cause or a change of control of the Company, the Executive shall be entitled to receive a severance amount equal to eighteen (18) months of the Executive’s then base salary plus bonus. A change of control of the
Company shall mean the consummation of a merger, amalgamation or consolidation of the Company with or into another entity or any other corporate reorganization, if more than 50% of the combined voting power of the continuing or surviving
entity’s securities outstanding immediately after such merger, amalgamation, consolidation or reorganization are owned by persons who were not shareholders of the Company immediately prior to such merger, amalgamation, consolidation or
reorganization. 

  
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 § 7 
 Indemnification 
 The Company agrees to indemnify the Executive on the terms and conditions
set out in the Indemnity Agreement entered into between the Executive and the Company. 
 § 8 

Additional Employment, Non-Competition Clause 
 1. The Executive shall devote his full attention and time, as well as professional knowledge and experience, exclusively to the Company and its affiliates. The acceptance of any additional
employment, whether or not compensated, including the service on supervisory or advisory boards or similar position is subject to the prior written consent of the Company, which consent may be withheld in the discretion of the Company. 

2. During the time of his employment with the Company the Executive shall not engage, directly or indirectly, in any venture, business or enterprise
which competes with the Company or with which the Company maintains relations. 
 § 9 

Confidentiality 
 The
Executive agrees that he will keep all affairs of the Company absolutely confidential to third parties. This obligation shall survive the termination of this Agreement. 
 § 9 
 Records 

and other Company Property 

When leaving the service of the Company, or after being suspended from his obligation to render services pursuant to § 2 subparagraph 4, the
Executive agrees to return to the Company any and all documents, correspondence, records, drafts and the like which concern Company matters and which are still in his possession. The Executive is not entitled to exercise a right of retention with
respect to such records and objects. 
 § 10 
 Final Provisions 
 1. Amendments and additions to this Agreement, including this
provision, must be in writing. There are no oral side agreements to this Agreement. This Agreement supersedes all earlier agreements. 

2. Should any provision of this Agreement become wholly or in part invalid, the remaining parts of this Agreement shall not be affected. The invalid
provision shall be replaced in such case by such valid provision which comes as close as possible to the economic intent of the parties. 

  
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 3. This Agreement constitutes the entire agreement between the parties with respect to the subject
matter of this Agreement and supersedes every previous agreement, communication, expectation, negotiation, representation or understanding, whether oral or written, express or implied, statutory or otherwise, among the parties with respect to the
subject matter of this Agreement, including, without limitation, the Prior Agreement. 
 4. This Agreement may be executed in several parts in
the same form, and by facsimile, and such other parts as so executed shall together constitute one original document, and such parts, if more than one, shall be read together and construed as if all the signing parties had executed one copy of the
said Agreement. 
 IN WITNESS WHEREOF the parties have executed this Agreement as of the date first above written. 

 

			
	 MERCER INTERNATIONAL INC.

		
	By:	 	 /s/ David M. Gandossi

		 	Authorized Signatory
		
		 	 /s/ Claes-Inge Isacson

		 	CLAES-INGE ISACSON

  
 5EX-10.1

 EXHIBIT 10.1 AMENDMENT TO LOAN AGREEMENT 

THIS AMENDMENT TO LOAN AGREEMENT (the “Amendment”), dated as of March 9, 2012, is made by and among GTY MD
LEASING, INC., a Delaware corporation (“SPE Owner”), GETTY PROPERTIES CORP., a Delaware Corporation (“Getty Properties”), GETTY REALTY CORP., a Maryland corporation (“Company”),
and TD BANK, N.A., a national banking association (“Lender”). 
 RECITALS 

Lender, SPE Owner, Getty Properties and Company parties to a certain Loan Agreement, dated as of September 25, 2009 (as amended,
modified, supplemented or replaced from time to time, the “Loan Agreement”; capitalized terms defined in the Loan Agreement and undefined herein shall have the same defined meanings when such terms are used in this Amendment).
Borrower has requested that Lender amend certain provisions of the Loan Agreement. Lender has agreed to do so, subject to the other terms of this Amendment. Accordingly, for valuable consideration, the receipt and sufficiency of which are
acknowledged, the parties hereto agree as follows: 
 AGREEMENT 

1. Incorporation of Recitals. The Recitals hereto are incorporated herein by reference to the same extent and with the same force and effect as if
fully set forth herein. 
 2. Amendments to Loan Agreement. The Loan Agreement is hereby amended as follows: 

(a) The following definitions in the Schedule of Defined Terms to the Loan Agreement are and amended to read as follows: 

“Company Credit Agreement - The $175,000,000 Amended and Restated Credit Agreement, dated as of March 9,
2012, by and between Company, the Lenders party thereto from time to time, JPMorgan Chase Bank, N.A., as Administrative Agent, as the same may be amended, modified, supplemented or replaced from time to time.” 

“Permitted Investments” means: 
 (a) owning, leasing and operating gasoline station or convenience store properties, and related petroleum distribution terminals, and other retail real property and other related business activities,
including the creation or acquisition of any interest in any Subsidiary (or entity that following such creation or acquisition would be a Subsidiary), for the purpose of owning, leasing and operating gasoline station or convenience store properties,
and related petroleum distribution terminals, and other retail real property, and other related business activities; and 
 (b)
providing purchase money mortgages or other financing to Persons in connection with the sale of a Property. 

  
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 “Term Loan Maturity Date - March 31, 2013. 

(b) Section 3.3 of the Loan Agreement providing for the conversion of the Term Loan into the Secured Loan is deleted. 

(c) Section 6.5.b of the Loan Agreement is amended to add the parenthetical “(and/or cause its Tenants to maintain)”
immediately following the word “maintain” in the first line of such Section. 
 (d) Section 7.1 the Loan Agreement
is amended to read as follows: 
 “7.1. Financial Covenants of Company. Company shall not: 

(a) Loan-to-Value Ratio. Permit, at any time, the Loan-to-Value Ratio to be greater than 70%. 

(b) Liquid Assets. Permit, at any time, the sum of (i) the aggregate amount of Unrestricted Cash and Cash
Equivalents owned by Company and (ii) the aggregate amount of Unused Commitments, to be less than $30,000,000. 
 (c) Fixed Charge Coverage Ratio. Permit, at the last day of any fiscal quarter, the Fixed Charge Coverage Ratio to be less than 1.00:1.00. 

(d) Minimum EBITDA. Permit, at the last day of any fiscal quarter, annualized EBITDA to be less than $25,000,000;
provided, however, EBITDA, for the purposes of this Section 7.1(d) only, shall allow for the add-back of (x) up to $6,500,000 in real estate taxes actually paid by Company or its Subsidiaries with respect to the GPMI Properties during the
first calendar quarter of 2012 and (y) up to $5,000,000 in real estate taxes actually paid by Company or its Subsidiaries with respect to the GPMI Properties during any subsequent calendar quarter during the term of the Term Loan. 

For purposes of calculating compliance with this Section 7.1, and notwithstanding how any terms may have been defined
elsewhere in this Agreement, all of the foregoing tests shall be measured on a consolidated basis for Company and its Subsidiaries and terms defined in the Company Credit Agreement as in effect on March 9, 2012 shall have the same defined
meanings when such terms are used in this Section 7.1.” 
 (d) Section 7.5(c) of the Loan Agreement is amended to
add the parenthetical “(other than the GPMI Properties (as defined in the Company Credit Agreement) which may be sold and/or leased by Company and its Subsidiaries)” immediately after the words “property, business or assets”.

  
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 (e) Clause (i) of Section 7.6 of the Loan Agreement is amended to read as follows:

 “i. during any fiscal year of Company, Company may make Restricted Payments in cash provided that:
(a) Unrestricted Cash and Cash Equivalents shall not be less than $7,500,000 following the making of the Restricted Payment, (b) not less than $17,000,000 of pro forma Gross Revenue (as defined in the Company Credit Agreement) (based on
interest income from mortgages and notes receivable and rent from Leases in effect as of the date of determination that are not subject to any material litigation) for the three (3) months immediately preceding the date on which such Restricted
Payment is declared, (c) the aggregate amount of any such cash dividend issued between the March 9, 2012 and the Term Loan Maturity Date shall not exceed $1 per share and (d) no Default or Event of Default shall exist as of the date
that such Restricted Payment is declared or made; and” 
 (f) Section 7.7 of the Loan Agreement is amended to replace
the proviso at the end of such Section with the following: 
 “provided that the aggregate amount of all Permitted
Investments described in clause (b) of the definition thereof of Company and its Subsidiaries shall not exceed $25,000,000.00 (excluding any such Permitted Investments existing on March 9, 2012)” 

(g) Section 7.12 of the Loan Agreement is deleted. 
 (h) Section 8.01(n) of the Loan Agreement is amended to replace the clause “$2,500,000, in any fiscal year of the Company, or $5,000,000 in the aggregate” with “$15,000,000 in the
aggregate” and Schedule 8.1 attached to the Loan Agreement is replaced with the Schedule 8.1 attached to this Amendment. 

(i) Borrower acknowledges and agrees that a Recording Event has occurred and agrees that all of the conditions set forth in
Section 3.1 of the Loan Agreement shall be satisfied not later than September 30, 2012. Borrower further agrees that in consideration of Lender’s agreement to extend the Term Loan Maturity Date and otherwise agree to the terms of this
Amendment, if ratio of the unpaid principal balance of the Term Loan to the appraised value of the Mortgage Properties, as set forth in appraisals ordered and approved by Lender (the “Loan-to-Value Ratio”), exceeds 70%, and Lender gives
written notice thereof to Borrower, Borrower shall, not later than September 30, 2012 (or if such notice is not given prior to August 31, 2012, within 30 days after such notice is given) (1) add such additional Qualified Real Estate
Assets (as defined in the Company Credit Agreement) as additional security for the Term Loan as may be necessary to bring the Loan-to-Value Ratio below 70%, and (2) satisfy the conditions set forth in Section 3.1 of the Loan Agreement with
respect to such additional security; provided, however, if Borrower is unable, despite good-faith diligent efforts, to obtain all materials required hereunder to satisfy such conditions of Section 3.1 of the Loan Agreement with
respect to such Qualified Real Estate Assets (including, without limitations, appraisals and environmental reports), then Borrower shall have an additional 30 days to accomplish same, provided that Borrower is diligently pursuing any materials not
yet received. 
 (j) Except as specifically modified by this Amendment, the terms and provisions of the Loan Agreement and the
Pledge Agreement are ratified and confirmed by each party hereto and remain in full force and effect. 

  
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 (k) Borrower and Lender agree that each reference in the Loan Documents to the Loan
Agreement shall be deemed to be a reference to the Loan Agreement as amended hereby. 
 3. Consent to Company Credit Agreement.
Notwithstanding anything in the Loan Agreement or other Loan Documents to the contrary, Lender hereby consents to the execution, delivery and performance of the Company Credit Agreement and each of the other “Loan Documents” (as defined in
the Company Credit Agreement) and acknowledges and agrees that execution, delivery and performance of the Company Credit Agreement and such other Loan Documents, including, without limitation, the incurrence of any Indebtedness thereunder, the
granting of any Lien on any property or asset of Company and its Subsidiaries (excluding the Mortgage Properties or any direct interest in SPE Owner) or the guaranteeing of all or any part of the “Obligations” (as defined in the Company
Credit Agreement) by any Subsidiary of Company (other than SPE Owner), in each case whether or not the same was considered to be in the ordinary course of business of Company or on fair and reasonable terms no less favorable than would be obtained
in a comparable arm’s length transaction with a Person that is not an Affiliate, or the exercise of any remedy by the “Administrative Agent” (as defined in the Company Credit Agreement) or the “Lenders” (as defined in the
Company Credit Agreement) thereunder, shall not constitute a Default or Event of Default under the Loan Agreement or other Loan Documents or permit Lender to exercise any right or remedy under the Loan Agreement or other Loan Documents. 

4. Amendment Only; No Novation; Modification of Loan Documents. Borrower acknowledges and agrees that this Amendment only amends the terms of the
Loan Agreement and does not constitute a novation, and Borrower ratifies and confirms the terms and provisions of, and its obligations under, the Loan Agreement and the other Loan Documents in all respects. Borrower acknowledges and agrees that each
reference in the Loan Documents to any particular Loan Document shall be deemed to be a reference to such Loan Document as amended by this Amendment. To the extent of a conflict between the terms of any Loan Document and the terms of this Amendment,
the terms of this Amendment shall control. 
 5. No Further Amendments. Nothing in this Amendment or any prior amendment to the Loan
Documents shall require Lender to grant any further amendments to the terms of the Loan Documents. Borrower acknowledges and agrees that there are no defenses, counterclaims or setoffs against any of their respective obligations under the Loan
Documents. 
 6. Representations and Warranties. Borrower represents and warrants that this Amendment has been duly authorized, executed
and delivered by it in accordance with resolutions adopted by its Board of directors. When executed and delivered, the Loan Documents as hereby amended will be binding obligations of Borrower, enforceable in accordance with their terms and will not
violate any provisions of law or conflict with, result in a breach of or constitute a default under the organizational documents, including articles of incorporation and bylaws of Borrower or, except for any such conflict, breach or default that,
individually or in the aggregate, could not reasonably be expect to result in a Material Adverse Effect, under any other agreement to which Borrower is a party. All representations and warranties made by Borrower in the Loan Documents are
incorporated by reference in this Amendment and are deemed to have been repeated as of the date of this Amendment with the same force and effect as if set forth in this Amendment, except that 

 

	 	(i)	any representation or warranty relating to any financial statements shall be deemed to be applicable to the financial statements most recently delivered to Lender in
accordance with the provisions of the Loan Documents, 

  
 4 

	 	(ii)	the representation and warranty in Section 5.4(b) of the Loan Agreement shall be remade with the “December 31, 2008” date replaced with “December
31, 2011”, and with the phrase “, except as disclosed in any public filings,” added after “December 31, 2011”, 

  

	 	(iii)	the representation and warranty at Section 5.8(b) regarding the Public Utility Holding Company Act of 1935 shall not be remade, and 

 

	 	(iv)	the representation and warranty at Section 5.13 shall be remade after adding the words, “Except to the extent that Company and its Subsidiaries are relying on
their tenants as to primary coverage in accordance with each such tenant’s lease,” at the beginning of such representation and warranty. 

 7. Fees and Expenses. Borrower agrees to pay to Lender, on the date hereof, an extension fee of 0.125% of the Term Loan balance outstanding on the date hereof. Borrower also agrees to pay all costs
and expenses of Lender incurred in connection herewith, including, without limitation, attorneys fees. 
 8. Severability. Any provision
of this Amendment held to be illegal, invalid or unenforceable in any jurisdiction, shall, as to such jurisdiction, be ineffective to the extent of such illegality, invalidity or unenforceability without affecting the legality, validity or
enforceability of the remaining provisions hereof or thereof; and the illegality, invalidity or unenforceability of a particular provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction. 
 9. Governing Law. This Amendment shall be construed in accordance with and be governed by the laws (without giving
effect to the conflict of law principles thereof) of the State of Maryland. 
 9. Counterparts. This Amendment may be executed by one or
more of the parties to this Amendment on any number of separate counterparts (including by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. It shall not be necessary that the signature
of, or on behalf of, each party, or that the signatures of the persons required to bind any party, appear on more than one counterpart. 
 [SIGNATURES ON FOLLOWING PAGES] 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be signed by their
respective duly authorized representatives all as of the day and year first above written. 
  

					
	GTY MD LEASING, INC.,	 	
	a Delaware corporation	 	
			
	By:	 	  
	 	(SEAL)
			
	Name:	 	  
	 	
			
	Title:	 	  
	 	
		
	GETTY PROPERTIES CORP., a	 	
	Delaware corporation	 	
			
	By:	 	  
	 	(SEAL)
			
	Name:	 	  
	 	
			
	Title:	 	  
	 	
		
	GETTY REALTY CORP., a	 	
	Maryland corporation	 	
			
	By:	 	  
	 	(SEAL)
			
	Name:	 	  
	 	
			
	Title:	 	  
	 	
		
	TD BANK, N.A.	 	
			
	By:	 	  
	 	(SEAL)
			
	Name:	 	  
	 	
			
	Title:	 	  
	 	

 Signature Page to Amendment to Loan Agreement

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