Magnera Corp — Director's Dealing 2006

Nov 2, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GLATFELTER P H CO (GLT)
CIK: 0000041719
Period of Report: 2006-11-01

Reporting Person: NAPLES RONALD J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-11-01	Common Stock, Par Value $.01	A	622	$14.48	Acquired	4238	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-11-01	Phantom Stock	$14.48	A	35.26	Acquired		Common Stock, Par Value $.01 (35.26)	Direct

Footnotes

F2: These phantom stock units were accrued under the P. H. Glatfelter Company Deferred Compensation Plan for Directors on quarterly dividend payments of $.09 and will be settled in cash following termination of the reporting person's service as a Director.

F1: As part of the Director's compensation, each Director receives a retainer of $13,500.00 semi-annually, 1/3 is paid in cash and 2/3 in GLT stock. These shares represent the stock portion of this retainer.

F3: Expiration of these Phantom Shares will occur when the Director retires, and the share are converted to cash.