<SEC-DOCUMENT>0001299933-15-000113.txt : 20150126
<SEC-HEADER>0001299933-15-000113.hdr.sgml : 20150126
<ACCEPTANCE-DATETIME>20150126160225
ACCESSION NUMBER:		0001299933-15-000113
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20150121
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150126
DATE AS OF CHANGE:		20150126

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLATFELTER P H CO
		CENTRAL INDEX KEY:			0000041719
		STANDARD INDUSTRIAL CLASSIFICATION:	PAPER MILLS [2621]
		IRS NUMBER:				230628360
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-03560
		FILM NUMBER:		15548580

	BUSINESS ADDRESS:	
		STREET 1:		96 S GEORGE ST
		STREET 2:		STE 500
		CITY:			YORK
		STATE:			PA
		ZIP:			17401
		BUSINESS PHONE:		7172252709

	MAIL ADDRESS:	
		STREET 1:		96 S GEORGE ST
		STREET 2:		STE 500
		CITY:			YORK
		STATE:			PA
		ZIP:			17401
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>htm_51171.htm
<DESCRIPTION>LIVE FILING
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<TITLE> P. H. Glatfelter Company (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	Date of Report (Date of Earliest Event Reported):
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	&nbsp;
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	January 21, 2015
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	P. H. Glatfelter Company
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<BR>__________________________________________<BR>
	(Exact name of registrant as specified in its charter)
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	Pennsylvania
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	001-03560
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	23-0628360
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_____________________<BR>
	(State or other jurisdiction
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_____________<BR>
	(Commission
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______________<BR>
	(I.R.S. Employer
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	of incorporation)
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	File Number)
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	Identification No.)
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	&nbsp;&nbsp;
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	96 S. George Street, Suite 520, York, Pennsylvania
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	&nbsp;
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	17401
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_________________________________<BR>
	(Address of principal executive offices)
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	&nbsp;
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___________<BR>
	(Zip Code)
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	Registrant&#146;s telephone number, including area code:
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	717 225 4711
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	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
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	&nbsp;
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<!-- CoverPageRegistrant END --><P><FONT SIZE="2">
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:</FONT>
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<P><FONT SIZE="2">
[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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<B>
	Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
</B>
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</P>
<P ALIGN="LEFT">
<FONT SIZE="2">
On January 21, 2015, P. H. Glatfelter Company, through Glatfelter Switzerland Sarl, a wholly-owned  subsidiary, entered into a Separation Agreement with Jonathan Bourget, a named executive officer. Pursuant to the terms of the Separation Agreement which are substantially in accordance with the provisions of his employment agreement, Mr. Bourget will receive $360,230 representing salary, unused vacation and a pro rata share of his 2015 targeted incentive bonus through July 31, 2015, the effective date of his separation. In addition, Mr. Bourget will receive $39,290 related to outplacement services and tax assistance. This description is qualified in its entirety by reference to the Separation Agreement filed herewith as Exhibit 99.2 and incorporated herein by reference. <br><br>A copy of the employment agreement is attached to this Current Report as Exhibit 99.1 and is incorporated herein by reference.
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<B>
	Item 9.01 Financial Statements and Exhibits.
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(d) Exhibits<br><br>The following exhibits are filed herewith:<br><br>99.1 Employment Agreement between Glatfelter Switzerland Sarl, a wholly owned subsidiary of P. H. Glatfelter Company, and Jonathan Bourget, dated November 1, 2011. <br><br>99.2 Separation Agreement between Glatfelter Switzerland Sarl, a wholly owned subsidiary, of P. H. Glatfelter Company, and Jonathan Bourget, dated January 21, 2015.
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<B>
	SIGNATURES
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	Pursuant to the requirements of the Securities Exchange Act of 1934, the
	registrant has duly caused this report to be signed on its behalf by the
	undersigned hereunto duly authorized.
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	P. H. Glatfelter Company
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	&nbsp;&nbsp;
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<I>
	January 26, 2015
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<I>
	By:
</I>
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	&nbsp;
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<I>
	Kent K. Matsumoto
</I>
<BR>
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	&nbsp;
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	&nbsp;
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	&nbsp;
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<I>
	Name: Kent K. Matsumoto
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<I>
	Title: Vice President, General Counsel & Corporate Secretary
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	Exhibit&nbsp;Index
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	Exhibit No.
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	Description
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	99.1
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	&nbsp;
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Employment Agreement between Glatfelter Switzerland Sarl, a wholly owned subsidiary of P. H. Glatfelter Company, and Jonathan Bourget, dated November 1, 2011.
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	99.2
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	&nbsp;
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Separation Agreement between Glatfelter Switzerland Sarl, a wholly owned subsidiary of P. H. Glatfelter Company, and Jonathan Bourget, dated January 21, 2015.
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<TYPE>EX-99.1
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<FILENAME>exhibit1.htm
<DESCRIPTION>EX-99.1
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<TITLE> EX-99.1 </TITLE>
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<BODY style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="margin-left:4%; font-size: 10pt"><FONT style="font-size: 7pt">. </FONT><FONT style="font-size: 8pt">&#145;
</FONT>

<P align="right" style="font-size: 8pt"><FONT style="font-size: 12pt">Exhibit&nbsp;99.1</FONT>



<P align="right" style="font-size: 12pt"><FONT style="font-size: 7.5pt">I (10)</FONT>



<P align="left" style="margin-left:12%; margin-right:26%; font-size: 7.5pt"><FONT style="font-size: 11.5pt"><B>Employment
Agreement</B>
</FONT>

<P align="left" style="margin-left:12%; margin-right:35%; font-size: 11.5pt"><FONT style="font-size: 10.5pt">between
</FONT>

<P align="left" style="margin-left:12%; margin-right:31%; font-size: 10.5pt"><B>Jonathan Bourget</B>


<P align="left" style="margin-left:12%; margin-right:30%; font-size: 10.5pt">Chemin de Thiere 4


<P align="left" style="margin-left:12%; margin-right:32%; font-size: 10.5pt">1272 Genolier


<P align="left" style="margin-left:12%; margin-right:33%; font-size: 10.5pt">Switzerland


<P align="left" style="margin-left:12%; margin-right:22%; font-size: 10.5pt">(hereinafter referred to as
&#147;Mr.&nbsp;Bourget&#148;)


<P align="left" style="margin-left:12%; margin-right:37%; font-size: 10.5pt">and


<P align="left" style="margin-left:12%; margin-right:27%; font-size: 10.5pt"><B>Glatfelter Switzerland
Sari</B>


<P align="left" style="margin-left:12%; margin-right:32%; font-size: 10.5pt">c/oKPMG SA


<P align="left" style="margin-left:12%; margin-right:28%; font-size: 10.5pt">Chemin de Normandie
14


<P align="left" style="margin-left:12%; margin-right:33%; font-size: 10.5pt">1206 Geneve


<P align="left" style="margin-left:12%; margin-right:33%; font-size: 10.5pt">Switzerland


<P align="left" style="margin-left:12%; margin-right:22%; font-size: 10.5pt">(hereinafter referred to as &#147;the
Company&#148;)


<P align="left" style="margin-left:12%; margin-right:34%; font-size: 10.5pt"><B>Preamble</B>


<P align="left" style="margin-left:12%; margin-right:3%; font-size: 10.5pt">Mr.&nbsp;Bourget will be appointed as President of the Board of
Directors & Vice President & General Manager of the Company. In this
function, he will provide his services for the Advanced Airlaid
Materials Business Unit (&#147;AAMBU&#148;) within the P. H. Glatfelter Company
group of companies. In connection with such appointments the Company
and Mr.&nbsp;Bourget enter into the following employment agreement.


<P align="left" style="margin-left:11%; margin-right:36%; font-size: 10.5pt"><B>Art. 1</B>


<P align="left" style="margin-left:11%; margin-right:28%; font-size: 10.5pt"><B>Duties and
Responsibilities</B>


<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10.5pt">This Employment Agreement shall commence on 12 July&nbsp;2010,
subject to any oral agreement by the parties to determine an
earlier commencement date. On the commencement date Mr.&nbsp;Bourget
shall commence his activities as President of the Board of Directors
and Vice President </FONT><FONT style="font-size: 10pt">& </FONT><FONT style="font-size: 10.5pt">General Manager of the Company.
</FONT>

<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10.5pt">Mr.&nbsp;Bourget shall report for \ a transition period to Martin Rapp,
Vice President & General Manager of the Composite Fibers Business
Unit. After this transition period, Mr.&nbsp;Bourget shall report to
Dante Parrini, Executive Vice President & Chief Operating Officer of
the P.H. Glatfelter Company, who will inform him about the end of
the transition period.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10.5pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The shareholders&#146; meeting shall be entitled
at any time to determine Mr.&nbsp;Bourget&#146;s areas of responsibility
and reporting line differently.</TD>
    <TD width="4%" style="background: transparent">&nbsp;</TD>
</TR>

</TABLE>


<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10.5pt">Mr.&nbsp;Bourget shall represent the Company jointly with another
director or an officer having commercial power of attorney
(Prokurist). The Company may grant Mr.&nbsp;Bourget sole power of
representation.


<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10.5pt">Mr.&nbsp;Bourget shall perform his duties and responsibilities with
due diligence and in all re&#173; spects in accordance with the statutory
provisions, the Articles of Association of the Company, any by-laws
of the Company and any general or specific instructions by the
Company or the Executive Vice President </FONT><FONT style="font-size: 10pt">& </FONT><FONT style="font-size: 10.5pt">Chief Operating
Officer or the Chief Executive Officer of the P.H. Glatfelter
Company.
</FONT>

<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10.5pt">During the term of this Agreement Mr.&nbsp;Bourget shall devote all
of his efforts and his entire professional know-how and experience
exclusively to the Company.


<P align="left" style="margin-left:11%; margin-right:36%; font-size: 10.5pt"><B>Art. 2</B>


<P align="left" style="margin-left:11%; margin-right:28%; font-size: 10.5pt"><B>Duration and
Termination</B>


<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10.5pt">This Agreement is entered into for an unlimited period of time.
There is no probation period applicable.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10.5pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Agreement may be terminated with a
notice period of six (6)&nbsp;months as per the end of a calendar
month. Notice to terminate must be given in writing.</TD>
    <TD width="4%" style="background: transparent">&nbsp;</TD>
</TR>

</TABLE>


<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10.5pt">This Agreement ends, without notice of termination being
required, upon the end of the month in which Mr.&nbsp;Bourget reaches the
age of 65&nbsp;years.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10.5pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall be entitled at any time, in
particular but without limitation if notice has been given,
irrespective by whom and for which reason, to release Mr.
Bourget from his duty to work for the Company with immediate
effect, provided that the Company shall continue to pay the
agreed remuneration and subject to taking into account any
vacation Mr.&nbsp;Bourget is entitled to.</TD>
    <TD width="4%" style="background: transparent">&nbsp;</TD>
</TR>

</TABLE>


<P align="left" style="margin-left:11%; margin-right:36%; font-size: 10.5pt"><B>Art.3</B>


<P align="left" style="margin-left:11%; margin-right:30%; font-size: 10.5pt"><B>Additional
Activities</B>


<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10.5pt">Upon request of the Executive Vice President </FONT><FONT style="font-size: 10pt">& </FONT><FONT style="font-size: 10.5pt">Chief
Operating Officer of the P.H. Glatfelter Company or the shareholders&#146;
meeting, Mr.&nbsp;Bourget, in addition to his position as President of
the Board of Directors and Vice President & General Manager of the
Com&#173; pany, shall assume functions such as membership in a board of
directors and similar offices in companies of the P.H. Glatfelter
Company group of companies as well as in the industry or in
associations with a company of the P.H. Glatfelter Company group
being a member.
</FONT>

<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10.5pt">Mr.&nbsp;Bourget shall be obliged to resign from such offices without
undue delay upon the termination of this Agreement or upon request of
the Executive Vice President </FONT><FONT style="font-size: 10pt">& </FONT><FONT style="font-size: 10.5pt">Chief Operating Officer or
the Chief Executive Officer of the P.H. Glatfelter Company.
</FONT>

<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10.5pt">Additional activities other than those mentioned in paragraph 1,
prior to their assumption, require the written consent of the
Executive Vice President & Chief Operating Officer or the Chief
Executive Officer of the P.H. Glatfelter Company. Consent will be
granted if the Company and the P.H. Glatfelter Company group overall
do not have any legitimate interest in Mr.&nbsp;Bourget refraining from
such activity.


<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10.5pt">The above consent requirement applies also to shareholdings in other
undertakings who are competitors, customers or suppliers of the
Company or another company of the P.H. Glatfelter Company group if
Mr.&nbsp;Bourget can exert influence on the business relationship between
the Company or another company of the P.H. Glatfelter Company group
and the other undertaking due to his shareholder&#146;s position or
activities.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10.5pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Publications and lectures which affect the Company&#146;s or the P.H.
Glatfelter Company group&#146;s interests or reveal any information
about the Company or the P.H. Glatfelter Company group require
the prior written consent of the Executive Vice President &
Chief Operating Officer of the P.H. Glatfelter Company.</TD>
    <TD width="4%" style="background: transparent">&nbsp;</TD>
</TR>

</TABLE>


<P align="left" style="margin-left:11%; margin-right:36%; font-size: 10.5pt">Art. 4


<P align="left" style="margin-left:11%; margin-right:34%; font-size: 10.5pt">Base Salary


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10.5pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 10pt">In connection with this Agreement, Mr.&nbsp;Bourget shall receive an
annual base salary in the amount of EUR 235&#146;000 gross. The base
salary shall be payable in twelve equal monthly installments of
EUR 19&#146;583.35 gross each at the end of each month.</FONT></TD>
    <TD width="4%" style="background: transparent">&nbsp;</TD>
</TR>

</TABLE>


<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10pt">The first installment being payable for July&nbsp;2010 and
the salary will be paid in Swiss francs (exchange rate as per
commencement date &#091;see above art. 1&#093;; the exchange rate as per 12
July&nbsp;2010 is EUR 1 </FONT><FONT style="font-size: 8pt">= </FONT><FONT style="font-size: 10pt">SFR 1,3375). The gross salary will be
reduced by the Swiss legal statutory deductions (AHV </FONT><FONT style="font-size: 10.5pt"><I>I </I></FONT><FONT style="font-size: 10pt">IV
</FONT><FONT style="font-size: 10.5pt"><I>I </I></FONT><FONT style="font-size: 10pt">EO </FONT><FONT style="font-size: 10.5pt"><I>I </I></FONT><FONT style="font-size: 10pt">ALVI BVG). The Compensation Committee
of the P.H. Glatfelter Company board will review Mr.&nbsp;Bourget&#146;s
base salary and reset the exchange rate annually, with the
objective of maintaining parity of payments in Swiss Francs.
</FONT>

<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10pt">Mr.&nbsp;Bourget is eligible for a salary increase effective 1 February
2011. Factors having an impact on the extent of the increase
include in particular but without limitation budget, business
conditions, the performance of the Company and the P.H. Glatfelter
Company group overall as well as Mr.&nbsp;Bourget&#146;s personal
performance.


<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10pt">The base salary and the management bonus (Art. 6) shall each be
payable pro rata temporis in the calendar year in which this
Agreement commences or ends.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any activities under Art.3 para. 1 as well as
any activities outside the usual working hours are compensated
for by the base salary and the management bonus (Art. 6).</TD>
    <TD width="4%" style="background: transparent">&nbsp;</TD>
</TR>

</TABLE>


<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10pt">Should Mr.&nbsp;Bourget, due to activities under Art. 3 para. 1,
receive a compensation or expense allowance he shall forward such
compensation or expense allowance to the Company .


<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10pt">Mr.&nbsp;Bourget shall return to the Company any overpayments of
any kind, including receivables from incorrect calculation of
taxes, social security contributions and the like.


<P align="left" style="margin-left:11%; margin-right:36%; font-size: 10pt"><FONT style="font-size: 10.5pt">Art. 5
</FONT>

<P align="left" style="margin-left:11%; margin-right:33%; font-size: 10.5pt">Signing Bonus


<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10.5pt"><FONT style="font-size: 10pt">Mr.&nbsp;Bourget will receive a signing bonus in the amount of
EUR 35&#146;000 gross which will become due 60&nbsp;days after the
effective commencement date (payable in Swiss francs at the
exchange rate as per commencement date, see above art. 4).
</FONT>

<P align="left" style="margin-left:11%; margin-right:36%; font-size: 10pt"><FONT style="font-size: 10.5pt"><B>Art. 6</B>
</FONT>

<P align="left" style="margin-left:11%; margin-right:31%; font-size: 10.5pt"><B>Management Bonus</B>


<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10.5pt">Mr.&nbsp;Bourget will participate in the management bonus incentive
program. Mr.&nbsp;Bourget&#146;s annual target management bonus under this
program shall be 40% of his base salary, i.e. currently EUR 94&#146;000.
Mr.&nbsp;Bourget&#146;s maximum management bonus under this program will be 80%
of his base salary. The amount of the management bonus shall be
determined on the basis of achieved results as determined by the P.H.
Glatfelter Company board. The current bonus plan measures performance
by the operating net income and the cash flow. All senior executives
participate in the same plan for 2010.


<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10.5pt">For 2010, Mr.&nbsp;Bourget will receive a pro rata bonus based on his
start date following the performance metrics identified above. As of
January&nbsp;2012, Mr.&nbsp;Bourget&#146;s target manage&#173; ment bonus will be
adjusted to 45% of his base salary.


<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10.5pt">The Management Bonus is payable in Swiss francs at the exchange rate
as per com&#173; mencement date (see above art. 4). The Compensation
Committee of the P.H. Glatfelter Company board will reset the
exchange rate annually in conjunction with the salary re&#173; view.


<P align="left" style="margin-left:11%; margin-right:36%; font-size: 10.5pt"><B>Art. 7</B>


<P align="left" style="margin-left:11%; margin-right:24%; font-size: 10.5pt"><B>Glatfelter Long Term Incentive
Plan</B>


<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10.5pt">Mr.&nbsp;Bourget will be eligible to participate in the normal P.H.
Glatfelter Company long term incentive plan for senior executives
with an annual equity value targeted at EUR80&#146;000.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10.5pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The forms of payment and delivery are
established by the <FONT style="font-size: 11pt"><B>P.H. </B><FONT style="font-size: 10.5pt">Glatfelter Company board and
currently include the use of restricted stock units and stock
only stock appreciation rights (&#147;SOSARs&#148;). 80% of the equity
value is delivered in SOSARs with 20% in the re&#173; stricted stock
units.</FONT></TD>
    <TD width="4%" style="background: transparent">&nbsp;</TD>
</TR>

</TABLE>


<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10.5pt">Subject to approval by the Compensation Committee of the P.H.
Glatfelter Company board, this equity grant will be provided on or
about 23 July&nbsp;2010 for the first time. Un&#173; der this plan Mr.&nbsp;Bourget
will be eligible each year for new equity grants based on his
performance and business conditions. Typically, equity grants are
awarded in the first quarter of each plan year.


<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10.5pt">This art. 7 is for information purposes only. All rights and
obligations in relation to Mr.


<P align="left" style="font-size: 10.5pt"><FONT style="font-size: 11pt">Bourget&#146;s participation in the P.H. Glatfelter Company long term incentive are governed
</FONT>

<P align="left" style="margin-left:11%; margin-right:4%; font-size: 11pt"><FONT style="font-size: 10.5pt">by the Long Term Incentive Plan as approved in May&nbsp;2009
by the shareholders of the P.H. Glatfelter Company.
</FONT>

<P align="left" style="margin-left:11%; margin-right:36%; font-size: 10.5pt">Art. 8


<P align="left" style="margin-left:11%; margin-right:26%; font-size: 10.5pt">Change of Control
Agreement


<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10.5pt">After one year of satisfactory service as determined by the
P.H. Glatfelter Company board Mr.&nbsp;Bourget will be entitled to a
change of control agreement. Such agreement shall provide for two
years of total compensation (base salary, management bonus and long
term incentive) if the P.H. Glatfelter Company were acquired by
another firm. This provision does not apply on any change of control
within the P.H. Glatfelter Company group.


<P align="left" style="margin-left:11%; margin-right:36%; font-size: 10.5pt">Art. </FONT><FONT style="font-size: 10pt">9
</FONT>

<P align="left" style="margin-left:11%; margin-right:33%; font-size: 10pt"><FONT style="font-size: 10.5pt">Car
Allowance
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10.5pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mr.&nbsp;Bourget is entitled to a company car
which he is allowed to use for private as well as business
purposes. In respect thereof, Mr.&nbsp;Bourget can choose between
two options:</TD>
    <TD width="4%" style="background: transparent">&nbsp;</TD>
</TR>

</TABLE>


<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10.5pt">(1)&nbsp;Either, the P.H. Glatfelter Company leases a car on behalf of
the Company at its own discretion, or


<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10.5pt">(2)&nbsp;Mr.&nbsp;Bourget shall receive a car allowance of EUR
20&#146;000 gross per year (EUR1&#146;666.65 gross each month; payable
in Swiss francs at the exchange rate as per commencement date or
as being reset annually in conjunction with the salary review &#091;see
art. 4&#093;).


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10.5pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mr.&nbsp;Bourget informs the Vice President Human
Resources & Administration of the P.H. Glatfelter Company about
his choice as soon as practical. He may reconsider his choice
every year in December (December&nbsp;2011 for the first time).</TD>
    <TD width="4%" style="background: transparent">&nbsp;</TD>
</TR>

</TABLE>


<P align="left" style="margin-left:11%; margin-right:8%; font-size: 10.5pt">Any income tax payable on such car allowance shall be
borne by Mr.&nbsp;Bourget. Art. 10


<P align="left" style="margin-left:11%; margin-right:35%; font-size: 10.5pt">Vacation


<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10.5pt">Mr.&nbsp;Bourget shall be entitled to an annual vacation of 30&nbsp;days.
Vacation shall be taken only following coordination with the
Executive Vice President & Chief Operating Officer of the P.H.
Glatfelter Company.


<P align="left" style="margin-left:11%; margin-right:36%; font-size: 10.5pt">Art. 11


<P align="left" style="margin-left:11%; margin-right:29%; font-size: 10.5pt"><B>Prevention from
Work</B>


<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10.5pt">In the event of illness or any other prevention from work Mr.
Bourget shall inform the Executive Vice President </FONT><FONT style="font-size: 10pt">&
</FONT><FONT style="font-size: 10.5pt">Chief Operating Officer of the P.H. Glatfelter Company
without undue delay thereof and its expected duration. Upon request,
Mr.&nbsp;Bourget shall submit a medical certificate about the illness and
its expected duration. The P.H. Glatfel&#173; ter Company is entitled to
appoint an examining doctor and to ask Mr.&nbsp;Bourget to consult him
for examination purposes.
</FONT>

<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10.5pt">For the duration of the illness or any other temporary prevention
from work Mr.&nbsp;Bourget will receive the base salary (sec. 324a Code
of Obligations).


<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10.5pt">Should the prevention from work continue for more than six
months the management bonus according to Art. 6 for the relevant
business year shall be reduced by 1/12 for each of the following
months during which Mr.&nbsp;Bourget is not working full time.


<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10.5pt">Mr.&nbsp;Bourget herewith assigns to the Company any claims for
damages against third par&#173; ties that have caused his illness or other
prevention from work to the extent that the Com&#173; pany continues
salary payments.


<P align="left" style="margin-left:11%; margin-right:36%; font-size: 10.5pt"><B>Art. 12</B>


<P align="left" style="margin-left:11%; margin-right:27%; font-size: 10.5pt"><B>Intellectual Property
Rights</B>


<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10.5pt">Any intellectual property rights acquired by Mr.&nbsp;Bourget
following the commencement of this Agreement and which are within
the Company&#146;s or the P.H. Glatfelter Company group&#146;s areas of
activity shall become the Company&#146;s unrestricted property. As far
as a transfer of such a right should legally not be feasible, Mr.
Bourget waives to execute such right. Mr.&nbsp;Bourget is obliged to
inform the Company in writing and to perform all actions and to make
all declarations which are necessary to achieve such transfer or
waiver (sec. 332 para. 3 Code of Obligations). </FONT><FONT style="font-size: 10pt">It </FONT><FONT style="font-size: 10.5pt">is at
the full discretion of the Company to exploit Mr.&nbsp;Bourget&#146;s
inventions and designs. Mr.&nbsp;Bourget is in no case entitled to a
compensation for such exploitation unless an invention or design was
not a result of the fulfillment of con&#173; tractual obligations (sec.
332 para 4 Code of Obligations).
</FONT>

<P align="left" style="margin-left:11%; margin-right:36%; font-size: 10.5pt"><B>Art. 13</B>


<P align="left" style="margin-left:11%; margin-right:33%; font-size: 10.5pt"><B>Confidentiality</B>


<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10.5pt">Mr.&nbsp;Bourget is obliged to keep strictly confidential the
contents of this Agreement within the Company as well as externally.


<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10.5pt">Mr.&nbsp;Bourget shall keep confidential vis-a-vis third parties all
Company matters which he becomes aware of within the framework of
his activities in connection with this Agreement or otherwise. Third
parties shall include other members of the Company&#146;s staff to the
extent that they are not authorized due to their professional
activities for the Company to receive such information. The
confidentiality obligation comprises in particular business and
manufacturing secrets, confidential data and information, as well as
product and Company-, or AAMBU-related know-how.


<P align="left" style="margin-left:11%; margin-right:6%; font-size: 10.5pt">The obligations under para. <B>1 </B>above shall survive the
termination of this Agreement.


<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10.5pt">Upon the Company&#146;s first request, at the latest upon the termination
of this Agreement, Mr.&nbsp;Bourget shall return to the Company all
property of the Company, all documents re&#173; garding the Company, the
P.H. Glatfelter Company, its products or AMBU matters, and all other
work materials received from the Company or the P.H. Glatfelter
Company group of companies that are in his possession, in particular
computers, electronic files and data, software and other equipment.
This obligation includes also documents which are addressed to Mr.
Bourget personally but in his role as President of the Board of
Directors and Vice President & General Manager of the Company and
copies of documents which Mr.&nbsp;Bourget has sent personally but in his
role as President of the Board of Directors and Vice President &
General Manager of the Company to third parties. Any right of reten&#173;
tion shall be excluded.


<P align="left" style="margin-left:11%; margin-right:36%; font-size: 10.5pt"><B>Art. 14</B>


<P align="left" style="margin-left:11%; margin-right:28%; font-size: 10.5pt"><B>Covenant not to
compete</B>


<P align="left" style="margin-left:11%; margin-right:4%; font-size: 10.5pt">Mr.&nbsp;Bourget shall be obliged during the term of this Agreement and
for a period of one year following its termination not to become
active for an undertaking which directly or indirectly competes with
the Company or the P.H. Glatfelter Company group in the product
categories within the AMBU or that is affiliated with such a
competing undertaking. This covenant not to compete encompasses also
the establishment, the acquisition and the indirect or direct
participation in a competing undertaking. This covenant not to
compete is applicable on all countries in which a subsidiary of the
Company or the P.H. Glatfelter Company group is domiciled and all
countries in which Mr.&nbsp;Bourget had or has contact to a customer of
the P.H. Glatfelter Company group.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10.5pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the term of the post-contractual
covenant not to compete Mr.&nbsp;Bourget shall receive compensation
in the amount of 100% of his last annual base salary (Art. 4).
The Company may waive the post-contractual covenant not to
compete prior to the expiring of this Agreement by written
declaration with the effect that no obligation to pay
compensation</TD>
    <TD width="4%" style="background: transparent">&nbsp;</TD>
</TR>

</TABLE>


<P align="left" style="margin-left:11%; margin-right:34%; font-size: 10.5pt">is applicable.


<P align="left" style="margin-left:11%; margin-right:5%; font-size: 10.5pt">If Mr.&nbsp;Bourget breaches the covenant not to compete the Company
shall be entitled to a contractual penalty of 1112 of his last
annual base salary (Art. 4) for each individual breach that occurs
or for each week during which a breach persists. The right to claim
further damage remains unaffected by the payment of a contractual
penalty and such payment does not waive the post-contractual
covenant not to compete.


<P align="left" style="margin-left:11%; margin-right:36%; font-size: 10.5pt"><B>Art.l6</B>


<P align="left" style="margin-left:11%; margin-right:33%; font-size: 10.5pt"><B>Work Location</B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10.5pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Initially, Mr.&nbsp;Bourget works from his home with required business
travel to the respective mill sites as well as customer and
supplier visits. The Company provides reasonable business tools
including laptop computer, printer and mobile phone.</TD>
    <TD width="5%" style="background: transparent">&nbsp;</TD>
</TR>

</TABLE>


<P align="left" style="margin-left:11%; margin-right:5%; font-size: 10.5pt">The assignment of Mr.&nbsp;Bourget may involve a relocation based on
business requirements. In such an event, the Company will provide
appropriate executive relocation assistance, compensation, and
benefits.


<P align="left" style="margin-left:11%; margin-right:36%; font-size: 10.5pt"><B>Art.17</B>


<P align="left" style="margin-left:11%; margin-right:33%; font-size: 10.5pt"><B>Miscellaneous</B>


<P align="left" style="margin-left:11%; margin-right:5%; font-size: 10.5pt">Following the termination of this Agreement all mutual claims of the
parties shall forfeit, unless they are claimed in writing from the
other party within a period of three months since the termination of
this Agreement. If the other party rejects the claim or does not
accept it within three weeks the relevant claim shall also forfeit,
unless it is claimed in court within a period of three months from
the notification of the rejection or the expiry of the three weeks
period (beginning upon the notification of the claim), as the case
may be. This paragraph shall not apply to any claims in relation to
any obligation which, according to this Agreement, has
post-contractual effects.


<P align="left" style="margin-left:11%; margin-right:5%; font-size: 10.5pt">Any side agreements and changes to this Agreement must be made
in writing in order to be valid. This also applies to the
cancellation or amendment of this written form require&#173; ment. Oral
side agreements to this Agreement do not exist, unless provided
otherwise in this Agreement.


<P align="left" style="margin-left:11%; margin-right:5%; font-size: 10.5pt">Should any provision hereof be or become invalid the validity
of the other provisions of this Agreement shall not be affected
thereby. In such a case the invalid provision shall be replaced with
a valid provision which comes as close as possible to what the
parties intended the invalid provision to achieve commercially.



<P align="left" style="margin-left:4%; font-size: 10.5pt"><FONT style="font-size: 5.5pt">&#146; </FONT><FONT style="font-size: 8pt">&#145;
</FONT>

<P align="right" style="font-size: 8pt"><FONT style="font-size: 7.5pt">10 (10)</FONT>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 7.5pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 10.5pt">This Agreement, upon its coming into force, replaces the
P.H. Glatfelter Company&#146;s offer letter of 15 July&nbsp;2010.</FONT></TD>
    <TD width="6%" style="background: transparent">&nbsp;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10.5pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Agreement shall be governed by and be
construed in accordance with the substantive laws of
Switzerland, without regard to the conflict of laws principles
thereof.</TD>
    <TD width="6%" style="background: transparent">&nbsp;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10.5pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The place of jurisdiction for any disputes
arising out or in connection with this Agreement is
Switzerland. After a dispute has arisen, the Parties may
conclude a jurisdiction agreement or an arbitration agreement.</TD>
    <TD width="6%" style="background: transparent">&nbsp;</TD>
</TR>

</TABLE>


<P align="left" style="margin-left:10%; margin-right:10%; font-size: 10.5pt">Place, date
Glatfelter Switzerland Sari

<DIV align="center">
<TABLE style="font-size: 10.5pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 10.5pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 11pt"> York, PA</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 11pt">January&nbsp;12, 2011</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 11pt">/s/ William T. Yanavitch II</FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10.5pt">Place, date</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 11pt">Geneva, Switzerland</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 11pt">November&nbsp;1, 2010</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 11pt">/s/ Jonathan Bourget</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt; display: none">




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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit2.htm
<DESCRIPTION>EX-99.2
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 3.2//EN">
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<HEAD>
<TITLE> EX-99.2 </TITLE>
</HEAD>
<BODY TEXT="#000000" BGCOLOR="#FFFFFF" ALINK="#0000FF" HLINK="#FF0000" VLINK="#800080">

<BODY style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>Separation Agreement</B>
</FONT>

<P align="left" style="font-size: 12pt"><FONT style="font-size: 11pt">between
</FONT>

<P align="left" style="font-size: 11pt"><B>Jonathan Bourget</B>
<BR>
Chemin de Thiere 4, 1272 Grenolier, Switzerland


<P align="left" style="font-size: 11pt">(hereinafter referred to as &#147;<B>Mr.&nbsp;Bourget</B>&#148;)


<P align="left" style="font-size: 11pt">and


<P align="left" style="font-size: 11pt"><B>Glatfelter Switzerland S&#224;rl</B>
<BR>
c/o KPMG SA, rue de Lyon 111, 1203 Gen&#232;ve, Switzerland


<P align="left" style="font-size: 11pt">(hereinafter referred to as &#147;<B>the Company</B>&#148;)


<P align="left" style="font-size: 11pt"><B>Whereas</B>, Mr.&nbsp;Bourget began employment with the Company on 12 July&nbsp;2010 and the Parties subsequently
entered into an Employment Agreement dated 1 November&nbsp;2010 and 12 January&nbsp;2011 (&#147;<B>Employment
Agreement</B>&#148;), under which Mr.&nbsp;Bourget was appointed as President of the Board of Directors & Vice
President & General Manager of the Company and provided services in this function for the Advanced
Airlaid Materials Business Unit (&#147;<B>AAMBU</B>&#148;) within the P.H. Glatfelter Company group of companies;


<P align="left" style="font-size: 11pt"><B>Whereas</B>, the Company gave notice and has terminated the employment on 8 January&nbsp;2015 (&#147;<B>Dismissal
Date</B>&#148;) effective 31 July&nbsp;2015 (ordinary dismissal with notice period);


<P align="left" style="font-size: 11pt"><B>Whereas</B>, the Parties had amicable conversations on the terms of the termination and agree that they
wish to enter into a separation agreement to confirm the termination of the employment and the
terms thereof;


<P align="left" style="font-size: 11pt"><B>Therefore</B>, the parties hereto agree as follows:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 13pt"><B>1.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 13pt">Termination of employment</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 13pt"><FONT style="font-size: 11pt">The Employment Agreement as well as any annexes and/or amendments to this contract are
herewith terminated by mutual agreement effective 31 July&nbsp;2015 (&#147;<B>Termination Date</B>&#148;).
</FONT>

<P align="left" style="font-size: 11pt">The Company agrees to keep in existence the Glatfelter Switzerland S&#224;rl structure through the
termination date.


<P align="left" style="font-size: 11pt">With this termination of employment all other agreements or contracts between Mr.&nbsp;Bourget and any
entity of the P.H. Glatfelter Company group of companies and all of its subsidiaries, parents,
branches, divisions, affiliates and related entities, including but not limited to Glatfelter
Switzerland S&#224;rl (collectively &#147;<B>Glatfelter</B>&#148;), end upon Termination Date.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 13pt"><B>2.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 13pt">Resignation from offices</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 13pt"><FONT style="font-size: 11pt">Mr.&nbsp;Bourget was appointed as President of the Board of Directors and Vice President & General
Manager of the Company.
</FONT>

<P align="left" style="font-size: 11pt">Mr.&nbsp;Bourget acknowledges that he is obliged to resign from all additional offices without delay in
accordance with article 3 of the Employment Agreement. The Vice President, General Counsel and
Corporate Secretary of P.H. Glatfelter Company will inform Mr.&nbsp;Bourget on the process to resign and
the necessary steps to undertake in this regard.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 13pt"><B>3.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 13pt">Performance of duties</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 13pt"><FONT style="font-size: 11pt">As per 31 January&nbsp;2015 (&#147;<B>Suspension Date</B>&#148;), Mr.&nbsp;Bourget is suspended from his work duties.
Between Suspension Date and Termination Date Mr.&nbsp;Bourget shall be available from time to time, as
requested, to assist with matters of transition.
</FONT>

<P align="left" style="font-size: 11pt">Between the Suspension Date and the Termination Date, Mr.&nbsp;Bourget is not allowed to work for
another employer or contractor or on a self-employed basis, and he is not allowed to act, or enter
into any obligations, in the name or on behalf of Glatfelter.


<P align="left" style="font-size: 11pt">Prior to the Termination Date, Mr.&nbsp;Bourget may however accept a new position with a different
company provided that the Chief Executive Officer of the P.H. Glatfelter Company group gives his
express consent prior to the acceptance of employment or appointment for such position. In the
event Mr.&nbsp;Bourget accepts a new position with the consent of the Company&#146;s Chief Executive Officer,
the Company will convert all remaining monthly payments defined in Sections&nbsp;4, 5, and 7, otherwise
owed to Mr.&nbsp;Bourget by the termination date, into a final lump sum payment to be issued as soon as
administratively practicable following the notification.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 13pt"><B>4.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 13pt">Salary and benefits</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 13pt"><FONT style="font-size: 11pt">The Company will continue to pay the base salary until Termination Date. Salary payment will
include the car allowance in accordance with article 9 of the Employment Agreement. The monthly
salary payment (including car allowance) will amount to CHF 30,190 gross.
</FONT>

<P align="left" style="font-size: 11pt">The pension plan entitlements for Mr.&nbsp;Bourget will be terminated effective on Termination Date.
Further information will be provided in a timely matter. The Company will continue to pay for
pension plan contributions until Termination Date.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 13pt"><B>5.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 13pt">Bonus</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 13pt"><FONT style="font-size: 11pt">The Company will pay the earned management bonus for the year 2014 in accordance with the
applicable bonus incentive program and article 6 of the Employment Agreement. The payment for the
bonus 2014 will be executed in March.
</FONT>

<P align="left" style="font-size: 11pt">The 2015 management bonus will be payable at target on a pro-rated basis for the months of January
through July and will be paid out together with the last base salary payment. The 2015 bonus
amounts to CHF 98,375 gross.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 13pt"><B>6.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 13pt">Long Term Incentive Plan</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 13pt"><FONT style="font-size: 11pt">Due to the termination of employment, all Stock-only Stock Appreciation Rights (&#147;<B>SOSARs</B>&#148;),
Restricted Stock Units (&#147;<B>RSUs</B>&#148;) and Performance Shares (&#147;<B>PSAs</B>&#148;) that have not vested upon
Termination Date are forfeited effective Termination Date.
</FONT>

<P align="left" style="font-size: 11pt">Mr.&nbsp;Bourget may however exercise any SOSARs that vested prior to Termination Date within 90&nbsp;days
following the Termination Date in accordance with section 4(d) of the Stock-only Stock Appreciation
Right Award Certificate. Mr.&nbsp;Bourget may transact any previously vested and issued RSUs and PSAs
in accordance with normal and customary stock trading practices.


<P align="left" style="font-size: 11pt">It is understood that the Company will not grant to Mr.&nbsp;Bourget additional SOSARs, RSUs, or PSAs in
2015.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 13pt"><B>7.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 13pt">Additional Payments</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 13pt"><FONT style="font-size: 11pt">Mr.&nbsp;Bourget will receive CHF 38,440 gross as payment for unused vacation effective on the
Termination Date.
</FONT>

<P align="left" style="font-size: 11pt">To assist Mr.&nbsp;Bourget with his employment transition, the Company shall pay a lump sum of CHF
14,880 gross as outplacement and career assistance.


<P align="left" style="font-size: 11pt">The Company shall also provide Mr.&nbsp;Bourget a lump sum of CHF 15,500 gross to assist with additional
tax payments in 2015 related to his split country of residence and employment, and an additional
CHF 4,300 gross to assist with any costs related to financial planning and tax filings for 2015.
This payment is in addition to the Company paying the additional tax expense incurred by Mr.
Bourget for the tax years 2011 through 2014, as a result of his split country of residence and
employment. In return, Mr.&nbsp;Bourget agrees to return to the Company any Swiss tax credits or
refunds received for his employment at the Company for the tax years 2011 through 2015, to be used
to offset any Company tax expenses related to his split country of residence and employment.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 13pt"><B>8.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 13pt">Return of property</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 13pt"><FONT style="font-size: 11pt">Upon the Company&#146;s first request, at the latest upon Termination Date, Mr.&nbsp;Bourget shall
return to the Company all property of the Company, all documents regarding the Company, the P.H.
Glatfelter Company, its product or AAMBU matters, and all other work materials received from the
Company or the P.H. Glatfelter Company group of companies that are in his possession, in particular
computers, electronic files and data, software and other equipment. This obligation includes also
documents which are addressed to Mr.&nbsp;Bourget personally in his role as President of the Board of
Directors and Vice President & General Manager of the Company and copies of documents which
Mr.&nbsp;Bourget has sent personally but in his role as President of the Board of Directors and Vice
President & General Manager of the Company to third parties. Any right of retention shall be
excluded. Mr.&nbsp;Bourget will not keep a copy nor make a copy of anything referred to in this clause.
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 13pt"><B>9.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 13pt">Waiver of covenant not to compete</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 13pt"><FONT style="font-size: 11pt">Article&nbsp;14 of the Employment Agreement provides for a post-contractual covenant not to
compete. The Company herewith waives the post-contractual covenant not to compete with the effect
that the Company is under no obligation to pay to Mr.&nbsp;Bourget compensation in consideration of the
waived covenant not to compete.
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 13pt"><B>10.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 13pt">Taxes, deductions and withholding</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 13pt"><FONT style="font-size: 11pt">The Company shall withhold from any amounts payable under this Agreement such federal, state
or local taxes or deductions as shall be required to be withheld pursuant to any applicable law or
regulation. The Company makes no representations regarding the tax implications of the payments to
be made to Mr.&nbsp;Bourget under this Agreement or otherwise.
</FONT>

<P align="left" style="font-size: 11pt">Mr.&nbsp;Bourget hereby acknowledges and agrees that he shall be solely responsible for all income and
other taxes or deductions incurred by him in respect of the payments provided to him under this
Agreement.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 13pt"><B>11.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 13pt">Communication</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 13pt"><FONT style="font-size: 11pt">The Company announces Mr.&nbsp;Bourget&#146;s departure in coordination with Mr.&nbsp;Bourget, but at the
sole discretion of the Company. Mr.&nbsp;Bourget shall adhere to the agreed wording when he communicates
his departure.
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 13pt"><B>12.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 13pt">Confidentiality</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 13pt"><FONT style="font-size: 11pt">The Parties agree to keep the content of this Agreement confidential within the Company as
well as externally.
</FONT>

<P align="left" style="font-size: 11pt">Mr.&nbsp;Bourget shall keep confidential vis-&#224;-vis third parties all Company matter which he became
aware of during his employment and activities in connection with the Employment Agreement or
otherwise. The confidentiality obligation comprises in particular business and manufacturing
secrets, confidential data and information, as well as product- and Company, or AAMBU-related
know-how.


<P align="left" style="font-size: 11pt">The confidentiality obligations shall unrestrictedly survive beyond execution of this Agreement.
The Company reserves the right to claim for damages if Mr.&nbsp;Bourget were to breach his
confidentiality obligations under this Agreement.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 13pt"><B>13.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 13pt">Indemnification</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 13pt"><FONT style="font-size: 11pt">Mr.&nbsp;Bourget shall receive continued protection from any alleged claims and wrongful acts that
arise as a result of his employment as an officer of the Company, based on the Company&#146;s Directors
and Officers Insurance in effect during his tenure.
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 13pt"><B>14.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 13pt">Releases</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 13pt"><FONT style="font-size: 11pt">Upon execution of this Agreement by both Parties, all obligations, rights and claims between
Mr.&nbsp;Bourget and the Company, or any entity of the P.H. Glatfelter Company group of companies and
all of its subsidiaries, parents, branches, divisions, affiliates and related entities shall
forfeit, except for the obligations, rights and claims under this Agreement.
</FONT>

<P align="left" style="font-size: 11pt">Mr.&nbsp;Bourget understands that by signing this Agreement including this clause, he is providing a
complete waiver of all claims that may have arisen, whether known or unknown, up until the time
that this Agreement is executed.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 13pt"><B>15.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 13pt">Declarations</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 13pt"><FONT style="font-size: 11pt">Mr.&nbsp;Bourget declares that he has carefully reviewed this Agreement and that he has had the
opportunity to clarify any of its terms and conditions. Therefore, he hereby acknowledges that he
understands the contents hereof, freely and voluntarily assents to all the terms and conditions
hereof and understands the final and binding effect of this Agreement.
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 13pt"><B>16.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 13pt">Entire Agreement</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 13pt"><FONT style="font-size: 11pt">This Agreement contains the entire understanding and agreement between the Parties and
supersedes, except as expressly provided in this Agreement, all of the prior agreements,
understandings, discussions, negotiations, and undertakings, whether written or oral between the
Parties with respect to such subject matter.
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 13pt"><B>17.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 13pt">Amendments</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 13pt"><FONT style="font-size: 11pt">No provision of this Agreement may be amended, unless such amendment is agreed upon in writing
and duly signed by the Parties.
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 13pt"><B>18.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 13pt">Severability</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 13pt"><FONT style="font-size: 11pt">In the event that any covenant, provision or restriction contained in this Agreement is found
to be void or unenforceable (in whole or in part) by a court of competent jurisdiction, it shall
not affect or impair the validity of any other covenant, provisions or restrictions contained
herein, nor shall it affect the validity or enforceability of such provisions in any other
jurisdiction or in regard to other circumstances. Any covenants, provisions or restrictions found
to be void or unenforceable are declared to be separate and distinct, and the remaining covenants,
provisions and restrictions shall remain in full force and effect.
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 13pt"><B>19.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 13pt">Governing law and jurisdiction</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 13pt"><FONT style="font-size: 11pt">This Agreement is governed by and shall be construed in accordance with the substantive laws
of Switzerland without reference to the principles of conflicts of laws.
</FONT>

<P align="left" style="font-size: 11pt">The Swiss courts at the respondent&#146;s domicile or seat shall have exclusive jurisdiction over any
dispute under or in connection with this Agreement.

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">York, PA January&nbsp;21, 2015
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Glatfelter Switzerland S&#224;rl<BR>
/s/ William T. Yanavitch II</DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">Place, Date<BR>
York, PA January&nbsp;21, 2015
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">William T. Yanavitch, II<BR>
Sr. Vice President, Human Resources<BR>
and Administration<BR>
/s/ Amy R. Wannemacher</DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">Place, Date<BR>
Geneva, January&nbsp;19, 2015
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amy R. Wannemacher<BR>
Vice President of Tax<BR>
/s/ Jonathan Bourget</DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">Place, Date
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jonathan Bourget</DIV></TD>
</TR>
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