SEC Contract Filing

Filing Date: 2024-11-05

Document Content:
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>11
<FILENAME>tm2427380d4_ex10-4.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.4</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2B2829">November&nbsp;4,
2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2728">David C. Elder</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2728">[Address Redacted]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #2A2728">Re: New Role
Going Forward</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #2A2728">Dear David:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #272425">At
the outset, we thank you for your years of service to Glatfelter Corporation <U>(&quot;Glatfelter'')</U>. </FONT><FONT STYLE="color: #242223">As
we have discussed, the purpose of this letter agreement (this <U>&quot;Agreement&quot;)</U> is to set out our mutual agreement regarding
the terms and conditions of your go forward consulting role following the successful merger of certain business, operations and activities
of Berry Global Group,&nbsp;Inc. with Glatfelter (the <U>&quot;Transaction&quot;).</U> Glatfelter is the surviving entity following the
Transaction and was renamed Magnera Corporation (&quot;Magnera&quot;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #272425">Please review
this Agreement carefully and, if you are m agreement with the terms contained herein, please sign and return it to me.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #272425"> 1. <U>New Role and Term</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #242223">(a)
Your employment with Glatfelter/Magnera was terminated on the closing of the Transaction and your benefits, rights and obligations
related to this termination are set out separately in a Separation Agreement and General Release <U>(&quot;Separation
Agreement&quot;).</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #252324">(b) For
the period beginning on November&nbsp;<B><I>5, </I></B>2024 and ending January&nbsp;31, 2025 (the <U>&quot;Transition Services
Period&quot;),</U> you will serve as a consultant and independent contractor to Magnera on an as requested basis, not to exceed
forty (40) hours per calendar month. During the Transition Services Period, you will assist in the transition of your role and in
the transfer of your institutional knowledge and experience to your successor and other Magnera team members. Magnera may request an
extension of the Transition Services Period but you must mutually agree to any such extension before it becomes effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; color: #242323">(c)
During the Transition Services Period, all services provided by you will be in the capacity of an independent contractor and,
therefore, you will not be treated as an employee for employee benefit or federal tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in; color: #242223">You will be reimbursed for all
reasonable business expenses you incur during the Transition Services Period in accordance with Magnera's expense reimbursement policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; color: #242223">2. <U>Consulting
Fee.</U> During the Transition Services Period, you will be paid a consulting fee at the rate of $300 per hour, up to a maximum of $12,000
per calendar month (the <U>&quot;Consulting fee&quot;</U>). Magnera will pay each calendar month's Consulting Fee as a single lump sum
within ninety (90) days following the end of such calendar month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; color: #252323">3. <U>Other
Agreements.</U> This Agreement sets out the entire agreement between you and Magnera pertaining to the subject matter hereof. For the
avoidance of doubt, this Agreement does not effect, amend, modify or otherwise impact the Separation Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; color: #282527">4. <U>Gove