# EDGAR Filing Document

**Accession Number:** 0001338749
**File Stem:** 0001193125-26-032108
**Filing Date:** 2026-2
**Character Count:** 37395
**Document Hash:** e841e807a4aea9b8cb1d9b77df5f1174
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-032108.hdr.sgml**: 20260202

**ACCESSION NUMBER**: 0001193125-26-032108

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260130

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

**ITEM INFORMATION**: Material Modifications to Rights of Security Holders

**ITEM INFORMATION**: Changes in Control of Registrant

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260202

**DATE AS OF CHANGE**: 20260130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** POTLATCHDELTIC CORP
- **CENTRAL INDEX KEY:** 0001338749
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 820156045
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32729
- **FILM NUMBER:** 26584775

**BUSINESS ADDRESS:**
- **STREET 1:** 601 WEST FIRST AVENUE
- **STREET 2:** SUITE 1600
- **CITY:** SPOKANE
- **STATE:** WA
- **ZIP:** 99201
- **BUSINESS PHONE:** (509) 835-1500

**MAIL ADDRESS:**
- **STREET 1:** 601 WEST FIRST AVENUE
- **STREET 2:** SUITE 1600
- **CITY:** SPOKANE
- **STATE:** WA
- **ZIP:** 99201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** POTLATCH CORP
- **DATE OF NAME CHANGE:** 20060206

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Potlatch Holdings, Inc.
- **DATE OF NAME CHANGE:** 20050914

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### PURSUANT TO SECTION 13 OR 15(d)

#### OF THE SECURITIES EXCHANGE ACT OF 1934

#### Date of Report (Date of earliest event reported): January 30, 2026

## POTLATCHDELTIC CORPORATION
(Exact name of registrant as specified in its charter)

#### (Redwood Merger Sub, LLC, as successor by merger to PotlatchDeltic Corporation)

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **1-32729** | **82-0156045** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

#### 601 West First Avenue, Suite 1600

#### Spokane, Washington

#### 99201

#### (Address of principal executive offices)

#### (Zip code)

#### Registrant's telephone number, including area code:
(509) 835-1500

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:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

#### Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange<br>on which registered** |
| Common Stock ($1.00 par value) | PCH | Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

#### Introductory Note
On January 30, 2026, pursuant to the Agreement and Plan of Merger (the "<u>Merger Agreement</u>"), dated as of October 13, 2025, by and among PotlatchDeltic Corporation, a Delaware corporation ("<u>PotlatchDeltic</u>" or the "<u>Company</u>"), Rayonier Inc., a North Carolina corporation ("<u>Rayonier</u>"), and Redwood Merger Sub, LLC, a Delaware limited liability company and direct, wholly-owned subsidiary of Rayonier (the "<u>Company Surviving Entity</u>"), PotlatchDeltic merged with and into the Company Surviving Entity, with the Company Surviving Entity continuing as the surviving corporation (the "<u>Merger</u>").

---

| | |
|:---|:---|
| **Item 2.01** | **Completion of Acquisition or Disposition of Assets.**  |

---

The information set forth in the Introductory Note of this Current Report on Form 8-K is incorporated by reference into this Item 2.01.

At the effective time of the Merger (the "<u>Effective Time</u>"), each share of the common stock of PotlatchDeltic, par value $1.00 per share (the "<u>PotlatchDeltic Common Stock</u>"), that was outstanding immediately prior to the effective time of the Merger (the "<u>Effective Time</u>") was canceled and converted into the right to receive 1.8185 (the "<u>Adjusted Exchange Ratio</u>") Rayonier common shares, no par value (the "<u>Rayonier Common Shares</u>") and $0.61 in cash (together, the "<u>Merger Consideration</u>"). No fractional Rayonier Common Shares were issued in the Merger, and holders of PotlatchDeltic Common Stock are entitled to receive cash in lieu of any such fractional shares.

At the Effective Time, each PotlatchDeltic restricted stock unit award ("<u>PotlatchDeltic RSU</u>") outstanding immediately prior to the Effective Time was converted into a Rayonier restricted stock unit award ("<u>Rayonier RSU</u>") with respect to a number of Rayonier Common Shares calculated based on the number of shares of PotlatchDeltic Common Stock underlying the applicable PotlatchDeltic RSU multiplied by 1.8449 (the "<u>Equity Award Exchange Ratio</u>"), rounded to the nearest whole number of shares.

At the Effective Time, each PotlatchDeltic performance share award ("<u>PotlatchDeltic PSA</u>") was converted into a Rayonier RSU award with respect to a number of Rayonier Common Shares calculated based on the number of shares of PotlatchDeltic Common Stock underlying the applicable PotlatchDeltic PSA, which was determined by deeming any performance-based criteria applicable to such PotlatchDeltic PSA achieved at 100%, 176.19% and 100% of target performance in respect of awards granted in 2024, 2025, and 2026, respectively, multiplied by the Equity Award Exchange Ratio, rounded to the nearest whole number of shares.

At the Effective Time, each PotlatchDeltic stock equivalent unit ("<u>PotlatchDeltic Stock Equivalent Unit</u>") outstanding immediately prior to the Effective Time was converted into a stock equivalent unit with respect to a number of Rayonier Common Shares calculated based on the number of shares of PotlatchDeltic Common Stock underlying the applicable PotlatchDeltic Stock Equivalent Unit multiplied by the Equity Award Exchange Ratio, rounded to the nearest whole number of shares.

At the Effective Time, each outstanding PotlatchDeltic stock option ("<u>PotlatchDeltic Option</u>") was converted into the right to receive a number of Rayonier Common Shares, equal to (i) the Equity Award Exchange Ratio multiplied by (ii) the quotient of (a) the total value of all options held by such holder based on the Merger Consideration Value (which shall be the product of the average of the closing-sale price of a Rayonier Common Share for the consecutive period of five (5) trading days ending on the trading day preceding the Closing Date, and the Equity Award Exchange Ratio) less the applicable exercise prices of such options, divided by (b) the Merger Consideration Value. Notwithstanding the foregoing, at the Effective Time, each PotlatchDeltic Option outstanding with an exercise price equal to or greater than the Merger Consideration Value as of immediately prior to the Effective Time was canceled for no consideration.

The issuance of Rayonier Common Shares in connection with the Merger, as described above, was registered under the Securities Act of 1933, as amended, pursuant to Rayonier's registration statement on Form S-4 (File No. 333-292031), filed with the Securities and Exchange Commission (the "<u>SEC</u>") and declared effective on December 23, 2025.

------

The forgoing description of the transactions consummated pursuant to the Merger Agreement does not purport to be complete and is qualified in its entirety by reference to the Merger Agreement, which was filed as Exhibit 2.1 to PotlatchDeltic's Current Report on Form 8-K filed with the SEC on October 14, 2025, which is incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 3.01** | **Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.**  |

---

The information set forth in Item 2.01 of this Current Report on Form 8-K is incorporated by reference into this Item 3.01.

Prior to the Merger, the PotlatchDeltic Common Stock was registered pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>") and listed on The Nasdaq Global Select Market ("<u>Nasdaq</u>") under the symbol "PCH." In connection with the consummation of the Merger, PotlatchDeltic notified Nasdaq of the consummation of the Merger and requested that Nasdaq (i) halt trading of the PotlatchDeltic Common Stock, (ii) suspend trading of and delist the PotlatchDeltic Common Stock and (iii) file with the SEC a notification of removal from listing and/or registration on Form 25 (a "<u>Form 25</u>") to effect the delisting of the PotlatchDeltic Common Stock from Nasdaq and the deregistration of the PotlatchDeltic Common Stock under Section 12(b) of the Exchange Act.

As requested by PotlatchDeltic, the trading of shares of PotlatchDeltic Common Stock shall be halted by Nasdaq effective immediately following the after-hours trading session on the evening of January 30, 2026, and Nasdaq will file a Form 25 with the SEC on February 2, 2026. In addition, the Company Surviving Entity intends to file a certification and notice of termination of registration on Form 15 with the SEC requesting the termination of registration of the PotlatchDeltic Common Stock under Section 12(g) of the Exchange Act and the suspension of reporting obligations under Sections 13 and 15(d) of the Exchange Act with respect to the PotlatchDeltic Common Stock.

---

| | |
|:---|:---|
| **Item 3.03** | **Material Modification to the Rights of Security Holders.**  |

---

The information set forth in Items 2.01, 3.01 and 5.01 of this Current Report on Form 8-K is incorporated by reference into this Item 3.03.

At the Effective Time, all shares of PotlatchDeltic Common Stock issued and outstanding immediately prior to the Effective Time (other than shares of PotlatchDeltic Common Stock to be canceled in accordance with the Merger Agreement) were converted into the right to receive the Merger Consideration and were canceled and ceased to exist.

---

| | |
|:---|:---|
| **Item 5.01** | **Changes in Control of Registrant.**  |

---

The information set forth in the Introductory Note and Item 2.01 of this Current Report on Form 8-K is incorporated by reference into this Item 5.01.

At the Effective Time, as contemplated under the Merger Agreement, PotlatchDeltic merged with and into the Company Surviving Entity, with the Company Surviving Entity continuing as the surviving entity and a direct, wholly owned subsidiary of Rayonier.

---

| | |
|:---|:---|
| **Item 5.02** | **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**  |

---

The information set forth in the Introductory Note and Item 2.01 of this Current Report on Form 8-K is incorporated by reference into this Item 5.02.

In connection with the Merger, and at and upon the Effective Time, all of the members of the board of directors of PotlatchDeltic ceased to be directors of PotlatchDeltic and all of PotlatchDeltic's officers ceased to be officers of PotlatchDeltic.

------

In connection with the Merger, Linda M. Breard, Michael J. Covey, Eric J. Cremers, D. Mark Leland, and Lenore M. Sullivan became directors of Rayonier at the Effective Time.

Immediately following the Effective Time, the sole managing member of Redwood Merger Sub, LLC, Rayonier Inc. became the sole managing member of the Company Surviving Entity, and the officers of Redwood Merger Sub, LLC became the officers of the Company Surviving Entity.

---

| | |
|:---|:---|
| **Item 5.03** | **Amendments to Certificate of Incorporation or Bylaws; Change in Fiscal Year.**  |

---

At the Effective Time, the Fourth Restated Certificate of Incorporation and the Amended and Restated Bylaws of the Company ceased to be in effect and the Certificate of Formation and Limited Liability Company Agreement of Redwood Merger Sub, LLC in existence prior to the Effective Time became the Certificate of Formation and the Limited Liability Company Agreement of the Company Surviving Entity, in accordance with the Merger Agreement.

Copies of such Certificate of Formation and Limited Liability Company Agreement are attached hereto as Exhibits 3.1 and 3.2, respectively, and are incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

---

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| 2.1 | [Agreement and Plan of Merger, dated October 13, 2025, by and among Rayonier Inc., Redwood Merger Sub, LLC and PotlatchDeltic Corporation (incorporated by reference to Exhibit 2.1 to PotlatchDeltic's Form 8-K filed on October 14, 2025).†](http://www.sec.gov/Archives/edgar/data/1338749/000119312525237912/d936326dex21.htm) |
| 3.1 | [Certificate of Formation of Redwood Merger Sub, LLC.](d65514dex31.htm) |
| 3.2 | [Limited Liability Company Agreement of Redwood Merger Sub, LLC.](d65514dex32.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

† Schedules (or similar attachments) have been omitted pursuant to Item 601(a)(5) of Regulation S-K. PotlatchDeltic hereby undertakes to furnish supplementally copies of any of the omitted schedules upon request by the SEC.

------

#### SIGNATURES
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.

---

| | |
|:---|:---|
| Redwood Merger Sub, LLC<br> (successor by merger to PotlatchDeltic Corporation) | Redwood Merger Sub, LLC<br> (successor by merger to PotlatchDeltic Corporation) |
| By: | /s/ Mark R. Bridwell |
|  | Mark R. Bridwell |
|  | Authorized Person |

---

Dated: January 30, 2026

## Exhibit 3.1

**Exhibit 3.1** 

CERTIFICATE OF FORMATION

OF

REDWOOD MERGER SUB, LLC

This Certificate of Formation of Redwood Merger Sub, LLC (the <u>"Company"),</u> dated as of September 30, 2025, is being duly executed and filed by Mark R. Bridwell, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 <u>Del. C.</u> § 18-10 I, <u>et seq.).</u>

FIRST. The name of the limited liability company formed hereby is Redwood Merger Sub, LLC.

SECOND. The address of the registered office of the Company in the State of Delaware is c/o The Corporation Trust Company, 1209 Orange Street, Wilmington, Delaware 19801, County of New Castle.

THIRD. The name and address of the registered agent for service of process on the Company in the State of Delaware is The Corporation Trust Company, 1209 Orange Street, Wilmington, Delaware 19801, County of New Castle.

IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

---

| |
|:---|
| /s/ Mark R. Bridwell |
| Mark R. Bridwell |
| Authorized Person |

---

## Exhibit 3.2

**Exhibit 3.2** 

**LIMITED LIABILITY COMPANY AGREEMENT** 

**OF** 

**REDWOOD MERGER SUB, LLC** 

Dated as of September 30, 2025

This Limited Liability Company Agreement (this "<u>Agreement</u>") of Redwood Merger Sub, LLC is entered into by Rayonier Inc. (the "<u>Member</u>").

The Member hereby forms a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (<u>6 Del. C.</u> § 18-101, <u>et seq</u>.), as amended from time to time (the "<u>Act</u>"), to be treated as an entity that is disregarded as separate from its owner for U.S. federal income tax purposes, and hereby agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Name</u>. The name of the limited liability company formed hereby is Redwood Merger Sub, LLC (the
" <u>Company</u> "). The Company may do business under that name and, as permitted by applicable law, under any other name determined from time to time by the Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Purpose</u>. The Company is formed for the object and purpose of, and the nature of the business to be
conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Term</u>. The term of the Company commenced on the date the certificate of formation of the Company was
filed in the office of the Secretary of State of the State of Delaware and shall continue until the Company is dissolved pursuant to the provisions of Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Registered</u> <u> </u> <u>Office</u>. The address of the registered office of the Company in the State of
Delaware is c/o The Corporation Trust Company, 1209 Orange Street, Wilmington, Delaware 19801, County of New Castle. The Company may also have offices at such other places within or without the State of Delaware as the Member may from time to time
designate or the business of the Company may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Registered Agent</u>. The name and address of the registered agent of the Company for service of process on
the Company in the State of Delaware is The Corporation Trust Company, 1209 Orange Street, Wilmington, Delaware 19801, County of New Castle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Member</u>. The name and the mailing address of the Member are as follows:

Name Address <br> Rayonier Inc. 1 Rayonier Way Wildlight, Florida 32097

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Management of the Company</u>. (a) The Member shall be the "Manager" as defined in the Act.
The property, business and affairs of the Company shall be managed and conducted by the Member. The Company may only act and bind itself through the consent of the Member, or through the actions of the agents and employees of the Company (as
described in paragraph (b) below) if and to the extent authorized by this Agreement or by the consent of the Member in accordance with the provisions of this Agreement. The Member shall have the power to do any and all acts necessary or
convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a member under the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Member may (i) authorize by written action any person to enter into and perform any agreement on behalf of the Company, (ii) appoint one or more officers with such titles and duties and powers as the Member may determine and (iii) appoint individuals, with such titles as it may select, as employees or officers of the Company to act on behalf of the Company, with such power and authority as the Member may delegate from time to time to any such person. Any such persons, officers and employees designated by the Member to act on behalf of the Company may be appointed or removed by the Member at any time and from time to time, with or without cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any person or entity dealing with the Company, the Member or any of the persons described in paragraph (b) above (collectively, the "<u>Authorized Persons</u>") may rely upon a certificate signed by the Member (or the Secretary of the Company), as to the identity of the Member or an Authorized Person and as to the authority of the Member or such Authorized Person to execute and deliver any instrument or document on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Mark R. Bridwell (or such other person as may from time to time be designated by the Member for such purpose) are hereby designated as Authorized Persons, within the meaning of the Act, to execute, deliver and cause to be filed any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in a jurisdiction in which the Company may wish to conduct business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Dissolution;</u> <u> </u> <u>Liquidation</u>. (a) The Company shall dissolve, and its affairs shall be
wound up upon the first to occur of the following: (i) the written consent of the Member or (ii) any other event or circumstance giving rise to the dissolution of the Company under the Act, unless the Company's existence is continued
pursuant to the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon dissolution of the Company, the Company shall immediately commence to wind up its affairs and the Member shall promptly liquidate the business of the Company. During the period of the winding up of the affairs of the Company, the rights and obligations of the Member under this Agreement shall continue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of dissolution, the Company shall conduct only such activities as are necessary to wind up its affairs (including the sale of the assets of the Company in an orderly manner), and the assets of the Company shall be applied as follows: (i) first, to creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Company (whether by payment or the making of reasonable provision for payment thereof); and (ii) thereafter, to the Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the completion of the winding up of the Company, the Member shall file a certificate of dissolution in accordance with the Act.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Capital</u> <u> </u> <u>Contributions</u>. No capital contribution has yet been made to the Company. The
Member shall have the right, but not the obligation, to make capital contributions to the Company at the times and in the amounts determined by the Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Allocation</u> <u> </u> <u>of</u> <u> </u> <u>Profits</u> <u> </u> <u>and</u> <u> </u> <u>Losses</u>. The
Company's profits and losses shall be allocated at the end of each calendar year (and at such other times, if any, as the Member shall determine) to the Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Distributions</u>. Distributions may be made to the Member at the times and in the aggregate amounts
determined by the Member. Notwithstanding anything to the contrary contained herein, the Company, and the Member on behalf of the Company, shall not make a distribution to the Member on account of the interest of the Member in the Company if such
distribution would violate § 18-607 of the Act or any other applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Assignments</u>. The Member may assign in whole or in part its membership interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Resignation</u>. A Member may only resign from the Company if it has transferred all of its interest in the
Company to another person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Admission of Additional Members</u>. One or more additional members of the Company may be admitted to the
Company with the consent of the Member upon such additional member(s)'s execution of a counterpart signature page to this Agreement. Upon the admission to the Company of any additional member(s), the Member shall cause this Agreement to be
amended and restated to reflect the admission of such additional member(s) and the initial capital contribution, if any, of such additional member(s), and to include such other provisions as the members may agree to reflect the change of status of
the Company upon the admission of such additional member(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Liability</u> <u> </u> <u>of</u> <u> </u> <u>the</u> <u> </u> <u>Member</u>. Except as otherwise provided by the
Act, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and the Member shall not be obligated personally for any such debt,
obligation or liability of the Company solely by reason of being a member of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Exculpation</u>. (a) To the fullest extent permitted by applicable law, neither the Member, any
Authorized Person, nor any of their respective affiliates, directors, trustees, members, officers, controlling persons or employees (each, a " <u>Covered Person</u> "), shall be liable to the Company or the Member for any loss, liability,
damage or claim incurred by reason of any act or omission performed or omitted by such Covered Person in good faith on behalf of the Company. Whenever in this Agreement a Covered Person is permitted or required to make decisions in good faith, the
Covered Person shall act under such standard and shall not be subject to any other or different standard imposed by this Agreement or any relevant provisions of law or in equity or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Covered Person shall be fully protected in relying in good faith upon the records of the Company and upon such information, opinions, reports or statements presented to the Company by any person or entity as to matters the Covered Person reasonably believes are within such person's or entity's professional or expert competence.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Fiduciary Duty</u>. To the extent that, at law or in equity, a Covered Person has duties (including
fiduciary duties) and liabilities relating thereto to the Company or to the Member, a Covered Person acting under this Agreement shall not be liable to the Company or to the Member for such Covered Person's good faith reliance on the
provisions of this Agreement. The provisions of this Agreement, to the extent that they restrict the duties and liabilities of a Covered Person otherwise existing at law or in equity, are agreed by the parties hereto to replace such other duties and
liabilities of such Covered Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Indemnification and Insurance</u>. (a) <u>Right to Indemnification</u>. Each person who was or is made
a party or is threatened to be made a party to or is involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (hereinafter a "proceeding"), by reason of the fact that he or she, or a person of
whom he or she is the legal representative, is or was a Manager or officer of the Company or is or was serving at the request of the Company as a manager, director or officer, employee or agent of another company, corporation, partnership, joint
venture, trust or other enterprise, including service with respect to employee benefit plans, whether the basis of such proceeding is alleged action in an official capacity as a director, officer, employee or agent or in any other capacity while
serving as a director, officer, employee or agent, shall be indemnified and held harmless by the Company to the fullest extent authorized by the Act, as the same exists or may hereafter be amended (but, in the case of any such amendment, to the
fullest extent permitted by law, only to the extent that such amendment permits the Company to provide broader indemnification rights than said law permitted the Company to provide prior to such amendment), against all expense, liability and loss
(including attorneys' fees, judgments, fines, amounts paid or to be paid in settlement, and excise taxes or penalties arising under the Employee Retirement Income Security Act of 1974) reasonably incurred or suffered by such person in
connection therewith and such indemnification shall continue as to a person who has ceased to be a Manager, director, officer, employee or agent and shall inure to the benefit of his or her heirs, executors and administrators; provided, however,
that, except as provided in paragraph (b) hereof, the Company shall indemnify any such person seeking indemnification in connection with a proceeding (or part thereof) initiated by such person only if such proceeding (or part thereof) was
authorized by the Manager. The right to indemnification conferred in this Section shall be a contract right and shall include the right to be paid by the Company the expenses incurred in defending any such proceeding in advance of its final
disposition; provided, however, that, if the Act requires, the payment of such expenses incurred by a Manager or officer in his or her capacity as a Manager or officer (and not in any other capacity in which service was or is rendered by such person
while a director or officer, including, without limitation, service to an employee benefit plan) in advance of the final disposition of a proceeding, shall be made only upon delivery to the Company of an undertaking, by or on behalf of such Manager
or officer, to repay all amounts so advanced if it shall ultimately be determined that such Manager or officer is not entitled to be indemnified under this Section or otherwise. The Company may, by action of the Manager, provide indemnification to
employees and agents of the Company with the same scope and effect as the foregoing indemnification of the Manager and officers.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Right of Claimant to Bring Suit</u>. If a claim under paragraph (a) of this Section is not paid in full by the Company within thirty days after a written claim has been received by the Company, the claimant may at any time thereafter bring suit against the Company to recover the unpaid amount of the claim and, if successful in whole or in part, the claimant shall be entitled to be paid also the expense of prosecuting such claim. It shall be a defense to any such action (other than an action brought to enforce a claim for expenses incurred in defending any proceeding in advance of its final disposition where the required undertaking, if any is required, has been tendered to the Company) that the claimant has not met the standards of conduct which make it permissible under the Act for the Company to indemnify the claimant for the amount claimed, but the burden of proving such defense shall be on the Company. Neither the failure of the Company (including its Manager, independent legal counsel or its Member(s)) to have made a determination prior to the commencement of such action that indemnification of the claimant is proper in the circumstances because he or she has met the applicable standard of conduct set forth in the Act, nor an actual determination by the Company (including its Manager, independent legal counsel or its Member(s)) that the claimant has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that the claimant has not met the applicable standard of conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Non Exclusivity of Rights</u>. The right to indemnification and the payment of expenses incurred in defending a proceeding in advance of its final disposition conferred in this Section shall not be exclusive of any other right which any person may have or hereafter acquire under any statute, provision of this Agreement, other agreement, action of the Manager or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Insurance</u>. The Company may maintain insurance, at its expense, to protect itself and any Manager, officer, employee or agent of the Company or another company, corporation, partnership, joint venture, trust or other enterprise against any such expense, liability or loss, whether or not the Company would have the power to indemnify such person against such expense, liability or loss under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Expenses</u>. To the fullest extent permitted by applicable law, expenses (including attorneys' fees
and disbursements) incurred by a Covered Person in defending any claim, demand, action, suit or proceeding shall, from time to time, be advanced by the Company prior to the final disposition of such claim, demand, action, suit or proceeding, subject
to recapture by the Company following a later determination that such Covered Person was not entitled to be indemnified hereunder.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Amendment, Waiver, Etc.</u> This Agreement may not be amended or supplemented, and no waiver of or consent
to departures from the provisions hereof shall be effective, unless set forth in a writing signed by the Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Miscellaneous</u>. This Agreement constitutes the entire agreement of the Member with respect to the subject
matter hereof and supersedes all prior agreements and understandings pertaining thereto. This Agreement shall be binding upon and inure to the benefit of the Member and its successors and permitted assigns. The invalidity or unenforceability of any
particular provision of this Agreement shall not affect the other provisions hereof, and this Agreement shall be construed in all respects as if such invalid or unenforceable provision was omitted. Except as provided in Sections 16 through 19 with
respect to the exculpation and indemnification of Covered Persons, nothing in this Agreement shall confer any rights upon any person or entity other than the Member and his successors and permitted assigns. The provisions of this Agreement are
intended only for the regulation of relations between the Member and former or prospective members and the Company. This Agreement is not intended for the benefit of non-Member creditors and no rights are
granted to non-Member creditors under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Governing Law</u>. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED UNDER, THE LAWS OF THE STATE OF
DELAWARE (WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES), ALL RIGHTS AND REMEDIES BEING GOVERNED BY SUCH LAWS.

------

IN WITNESS WHEREOF, the undersigned being the sole Member and Manager of the Company, intending to be legally bound hereby, has duly executed this Agreement as of the date first above written.

---

| | |
|:---|:---|
| RAYONIER INC. | RAYONIER INC. |
| By: | /s/ Mark R. Bridwell |
| Name: | Mark R. Bridwell |
| Title: | Senior Vice President, General Counsel and Corporate Secretary |

---

*[Signature Page to Redwood Merger Sub, LLC Operating Agreement]*