Magnera Corp — Director's Dealing 2011

May 3, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GLATFELTER P H CO (GLT)
CIK: 0000041719
Period of Report: 2011-05-01

Reporting Person: STEWART LEE C (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-01	Common Stock, Par Value $.01	A	872	$13.38	Acquired	19957	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-01	Restricted Stock Units	$0	A	2242	Acquired	2014-05-06	Common Stock, Par Value $.01 (2242)	Direct

Footnotes

F1: As part of the Director's compensation, each director receives a retainer of $17,500 semi-annually, 1/3 is paid in cash, and 2/3 in GLT stock. These shares represent the stock portion of this retainer.

F2: Not applicable to this transaction. RSUs have no value until vested.

F3: This grant vests one-third on 5/1/2012, one-third on 5/1/2013 and the final one-third vests, and all restrictions lapse, on the day prior to the 2014 Annual Meeting, or 5/6/2014