Document:

exv10w1

 

Exhibit 10.1

COPANO ENERGY, L.L.C.

CHANGE IN CONTROL SEVERANCE PLAN

Effective as of December 12, 2007

     1. Purpose. This Copano Energy, L.L.C. Change in Control Severance Plan (the “Plan”) is
intended to assure Copano Energy, L.L.C. (the “Company”) that it will have the continued
dedication of specified key employees and eliminate the distractions of personal uncertainties
associated with potential transactions that the Company may undertake in the future by providing
for certain severance benefit payments to those key employees on employment termination in
connection with a Change in Control, as defined below.

     2. Definitions. The terms set forth below have the following meanings:

          “Affiliate” means, (i) with respect to any Person, any other Person that directly or
indirectly through one or more intermediaries controls, is controlled by or is under common control
with, the Person in question and (ii) with respect to the Company, Copano/Operations for so long as
Copano/Operations provides management, operations and administrative support services to the
Company or its subsidiaries. As used herein, the term “control” means the possession, direct or
indirect, of the power to direct or cause the direction of the management and policies of a Person,
whether through ownership of voting securities, by contract or otherwise.

          “Base Salary” means the Participant’s annual base salary at the highest rate in effect during
the one-year period immediately preceding the date of the Change in Control or, if greater, the
highest rate in effect during the one-year period immediately preceding the Participant’s
termination of employment.

          “Binding CIC Agreement” means a definitive written agreement to which the Company is a party
and which, if consummated, would constitute a Change in Control.

          “Board” means the Board of Directors of the Company.

          “Cause” shall mean (a) gross negligence or willful misconduct in the performance of the duties
and services required of the Participant by the Company; (b) the Participant’s willful and
continued failure to substantially perform his duties and other obligations (for reasons other than
physical or mental incapacity) and such failure continues for a period of 30 days after written
notice by the Company of the existence of such failure; provided, however, that only one such
notice by the Company need be sent and, if such failure re-occurs thereafter, no further notice and
opportunity to cure such failure shall be required; (c) the commission of any fraudulent act or
dishonesty in the course of the Participant’s employment or provision of services; or (d)
conviction of or a plea of guilty to a felony that requires an intentional, knowing or reckless
mental state (or any such equivalent mental state) under a criminal code of the United States of
America or any state thereof, whether or not committed in the course of employment by the
Participant.

          “Change in Control” of the Company means the occurrence of any of the following events:

 

 

     (i) the acquisition by any “person,” as such term is used in Sections 13(d) and 14(d)
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), other than the
Company or an Affiliate of the Company (excluding for purposes hereof, Copano/Operations as
an Affiliate of the Company), of “beneficial ownership” (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of securities of the Company representing more than
50% of the combined voting power of the Company’s then outstanding securities entitled to
vote generally in the election of directors; or

     (ii) the consummation of a reorganization, merger, consolidation or other form of
business transaction or series of business transactions, in each case, with respect to which
persons who were the members of the Company immediately prior to such reorganization, merger
or consolidation or other transaction do not, immediately thereafter, own more than 50% of
the combined voting power entitled to vote generally in the election of directors of the
reorganized, merged or consolidated company’s then outstanding voting securities; or

     (iii) the sale, lease or disposition (in one or a series of related transactions) by
the Company of all or substantially all the Company’s assets to any Person or its
Affiliates, other than to an Affiliate of the Company (excluding for purposes hereof,
Copano/Operations as an Affiliate of the Company); or

     (iv) a change in the composition of the Board, as a result of which fewer than a
majority of the directors are Incumbent Directors. “Incumbent Directors” shall mean
directors who either (A) are directors of the Company as of the Effective Date, or (B) are
elected, or nominated for election, thereafter to the Board with the affirmative votes of at
least a majority of the Incumbent Directors at the time of such election or nomination, but
“Incumbent Director” shall not include an individual whose election or nomination is in
connection with (i) an actual or threatened election contest (as such terms are used in Rule
14a-11 of Regulation 14A promulgated under the Exchange Act) or an actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the Board or (ii)
a plan or agreement to replace a majority of the then Incumbent Directors; or

     (v) the approval by the Board or the members of the Company of a complete or
substantially complete liquidation or dissolution of the Company.

          “Code” means the United States Internal Revenue Code of 1986, as amended from time to time.

          “Committee” means the Compensation Committee of the Board or any person or persons appointed
by the Board to administer the Plan.

          “Company” means Copano Energy, L.L.C., and any successor thereto.

          “Copano/Operations” means Copano/Operations, Inc., a Texas corporation.

          “Effective Date” means December 12, 2007.

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          “Employee” means an individual employed by the Company or an Affiliate of the Company.

          “Employer” means the Company or any Affiliate that employs a Participant.

          “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

          “Good Reason” means any of the following events that occurs without the Participant’s prior
written consent and (i) upon a Change in Control or within 18 months thereafter or (ii) after the
entry into a Binding CIC Agreement but prior to the consummation of such Change in Control or the
abandonment or termination of such Binding CIC Agreement:

          (i) a material diminution in the Participant’s Base Salary (provided, however, without
limiting the interpretation of “material,” a 5% or greater reduction in Participant’s Base Salary
shall be deemed “material” in all circumstances); (ii) a material diminution in the Participant’s
authority, duties, or responsibilities; (iii) a requirement that the Participant report to a
supervisor, whose authority, duties, or responsibilities are materially diminished in comparison to
the authority, duties and responsibilities of the supervisor to whom the Participant reported prior
to the Change in Control, including a requirement that a Participant report to a corporate officer
or employee instead of reporting directly to the Board (or the board of directors or similar
governing body of the surviving parent entity following a Change in Control or other transaction);
(iv) a material diminution in the budget over which the Participant retains authority; (v)
reassignment of Participant to any office located more than 25 miles from where the office to which
Participant is assigned is located as of the date the Participant receives a Participant Notice
(or, if the Participant consents to a subsequent relocation, as of the date of the last relocation
to which Participant has consented); or (vi) any other action or inaction that constitutes a
material breach by the Company or a subsidiary thereof of any employment agreement under which the
Participant provides services.

No act or omission shall constitute “Good Reason” for purposes of this Plan unless the Participant
provides to the Company a written notice clearly and fully describing the particular acts or
omissions which the Participant reasonably believes in good faith constitutes “Good Reason” within
90 days of the first date of such acts or omissions, and an opportunity, within 30 days following
its receipt of such notice, to cure such acts or omissions. If such acts or omissions are not cured
within the 30 day cure period, Participant shall provide a notice of termination for Good Reason to
the Company

          “Participant” means an Employee who is designated as eligible for a Plan benefit under Section
3(b).

          “Participant Notice” means the written or electronic agreement by which a benefit under this
Plan shall be evidenced.

          “Person” means an individual or a corporation, limited liability company, partnership, joint
venture, trust, unincorporated organization, association, government agency or political
subdivision thereof or other entity.

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          “Plan” means the Copano Energy, L.L.C. Change in Control Severance Plan, as amended from time
to time.

          “Section 409A” means Code Section 409A, and all regulations and guidelines applicable thereto
issued or promulgated by the appropriate government agency or regulatory body.

          “Target Bonus” means the Target Award established for purposes of the Company’s Management
Incentive Compensation Plan or any similar annual target bonus established pursuant to a successor
annual bonus program of the Company or an Affiliate for the year in which the Participant’s
employment is terminated or, if greater, for the year in which the Change in Control occurs.

     3. Administration and Eligibility.

          (a) Administration. The Plan shall be administered by the Committee, which shall have
full and exclusive power to interpret this Plan and to adopt rules, regulations and guidelines to
carry out this Plan as it deems necessary or appropriate. The Committee, in its discretion, may
retain the services of an outside administrator to perform any of its Plan functions. Any
Committee decision in interpreting and administering this Plan shall lie within its sole and
absolute discretion and shall be final, conclusive and binding on all parties concerned.

          (b) Eligibility to Participate. From time to time the Committee, in its sole
discretion, shall designate in writing the Employees who shall be eligible to receive Plan
benefits, and may designate additional Participants at any time prior to a Change in Control.

          (c) Eligibility for Severance Benefits. If the employment of a Participant who is
employed by the Company or a subsidiary thereof is terminated without Cause or by the Participant
for Good Reason or the services to the Company of a Participant who is employed by
Copano/Operations are directly or indirectly terminated by the Company without Cause or by the
Participant for Good Reason, in either case (i) upon a Change of Control or within 18 months
thereafter or (ii) after the Company’s entry into a Binding CIC Agreement but prior to the
consummation of such Change in Control or the abandonment or termination of such Binding CIC
Agreement, then the Company will provide or cause to be provided to the Participant the rights and
benefits in Section 4 below (the “Severance Benefit”).

     4. Severance Benefits. If a Participant is eligible for a Severance Benefit under Section
3(c), then the Company shall provide or cause to be provided to the Participant benefits as
follows:

          (a) Payment at Termination. The Company shall pay to the Participant a cash lump-sum
payment equal to the percentage specified in the applicable Participant Notice multiplied by the
sum of (i) the Participant’s Base Salary and (ii) the Participant’s Target Bonus. The payment
shall be payable in a single lump sum within 30 days of termination, except as otherwise set forth
in Section 10(f) hereof.

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          (b) Insurance Benefits. The Company shall make available to the Participant, and any
eligible dependents, medical and dental coverage as required under Code Section 4980B, at no cost
to the Participant for a period of up to 18 months.

          (c) Parachute Tax Limitation. If the Severance Benefit described in Section 4(a) is
subject to the excise tax imposed by Code Section 4999 or any interest or penalties are incurred by
the Participant with respect to such excise tax (such excise tax, together with any such interest
and penalties, hereinafter collectively referred to as the “Excise Tax”), then the provisions of
either of clause (i) or (ii) of this paragraph shall apply, whichever provision results in the
Participant retaining the greater amount of the Severance Benefits after payment of the Excise Tax:

               (i) the lump sum payment pursuant to Section 4(a) shall be reduced such that all
potential “parachute payments” to the Participant will not exceed 2.99 times his “base
amount”, as such terms are used in Code Section 280G; or

               (ii) the lump sum shall not be reduced, and the Participant shall be responsible for
the payment of the Excise Tax from the Severance Benefit.

          (d) No Duty to Mitigate; Offsets. A Participant’s severance benefit entitlement shall
not be governed by any duty to mitigate the Participant’s damages by seeking further employment nor
offset by any compensation which the Participant may receive from future employment.

     5. Company Benefit Plans and Employment Agreements. The specific arrangements referred to in
this Plan are not intended to exclude or limit a Participant’s participation or rights in other
benefit plans or programs in which the Participant currently participates, including, but not
limited to, the Company’s Management Incentive Compensation Plan and Long-Term Incentive Plan, or
may participate from time to time, or any employment agreement to which the Participant is or may
become a party; provided, however, that (i) if the aggregate of payments due under this Plan is
greater than amounts owed under any individual severance agreement or arrangement entered into
between the Company or a subsidiary thereof and a Participant, whether reflected in an employment
agreement or otherwise (“Individual Severance Agreement”), then payments made under this Plan shall
be in lieu of payments owed under such Individual Severance Agreement and (ii) if the aggregate of
payments due under this Plan is less than amounts owed under an Individual Severance Agreement,
than payments made under an Individual Severance Agreement shall be in lieu of payments under this
Plan.

     6. Full Satisfaction of Obligations. The Company’s obligation to pay or provide, or to cause
to be paid or provided, to Participants the amounts and benefits and to make the arrangements
provided in this Plan shall be absolute and unconditional and shall not be affected by any
circumstances (including, without limit, any claim, counterclaim, recoupment, defense or other
right, which the Employer may have against a Participant or anyone else). Except for such
circumstances requiring notice in the event of Good Reason, all amounts payable by or on behalf of
the Company shall be paid without notice or demand. Each and every payment made by or on behalf of
the Company shall be final and the Company and its Affiliates, for any reason

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whatsoever, shall not seek to recover all or any part of that payment from a Participant or
from whomever shall be entitled thereto.

     7. Plan Term. The term of this Plan shall be for a period commencing on the Effective Date
and ending on the later of (i) the third anniversary of the Effective Date, (ii) the date 18 months
after the date of a Change in Control with respect to which a Binding CIC Agreement was entered
into prior to the third anniversary of the Effective Date, (iii) the abandonment or termination of
a Binding CIC Agreement entered into prior to the third anniversary of the Effective Date, or (iv)
the date that all Participants who have become entitled to any Plan payments shall have received
those payments in full. Prior to the expiration of the Plan term as set forth in the first
sentence hereof, the Plan shall not be amended, substituted, revoked or terminated in any respect
which adversely affects a Participant’s rights under the Plan without the Participant’s consent.

     8. Notices. All notices hereunder shall be in writing and shall be delivered personally, sent
by facsimile transmission or sent by certified, registered or overnight mail, postage prepaid.
Such notices shall be deemed to have been duly given upon receipt, if personally delivered, upon
telephonic confirmation of receipt if sent by facsimile transmission, and if mailed, upon receipt,
in each case addressed to the parties at the following addresses or at such other addresses as
shall be specified in writing and in accordance with this Section:

If to the Company:

Copano Energy, L.L.C.

2727 Allen Parkway, Ste. 1200

Houston, Texas 77019

Attn: Chief Executive Officer

If to a Participant:

Last known address in the records of the Employer.

     9. Claims Procedure. If a Participant makes a written request alleging a right to receive
Plan benefits or alleging a right to receive an adjustment in Plan benefits being paid, the
Committee shall treat it as a benefit claim. All benefit claims under the Plan shall be sent to
the Committee and must be received within 60 days following the time the payment of any benefit
under the Plan would be due. The decision will be made within 60 days after the Committee receives
the claim unless the Committee determines additional time due to special circumstances is needed.
If the Committee determines that an extension to process a claim is required, the final decision
may be deferred up to 150 days after the claim is received, if the claimant is notified in writing
of the need for the extension and the anticipated date of a final decision before the end of the
initial 60 day period.

          If the Committee decides that any individual who has claimed a right to receive benefits, or
different benefits, under the Plan is not entitled to receive all or any part of the benefits
claimed, it will inform the claimant in writing, in terms calculated to be understood by the
claimant, of the specific reasons for the denial, the Plan provisions on which the denial is based,
a description of additional material or information necessary to perfect the claim and an

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explanation of why the material or information is needed, and an explanation of the Plan’s
claim review procedures, including the individual’s right to bring a civil action under Section
502(a) of ERISA following a denial on review. The claimant is entitled to a full and fair review
of the denied claim after actual or constructive notice of a denial.

          If a claim is denied, the claimant, or his authorized representative, may file a written
request for review with the Committee, setting forth the grounds for the request and any supporting
facts, comments or arguments he wishes to make, within 60 days after actual or constructive notice.
If a written request for review is not received within this 60 day period, the denial will be
final. The claimant shall have reasonable access to all relevant documents pertaining to the
claim.

          If a claimant requests review of a claim, the Committee or the persons responsible to conduct
the review on the Committee’s behalf shall conduct a full and review the claim. Unless special
circumstances require an extension of the review period, the Committee will render its decision no
later than the date of its next regularly scheduled meeting, unless the request is filed less than
30 days before that meeting. If the request is filed less than 30 days before a regularly
scheduled meeting, the Committee will render its decision no later than the date of the second
regularly scheduled meeting after it receives the request. However, if special circumstances
require an extension of the review period, a final decision shall be rendered no later than the
third regularly scheduled meeting after it receives the request for review, if the claimant is
notified in writing of the special circumstances and the date of the expected decision, before the
time is extended due to special circumstances. Committee decisions shall be in writing and
provided no later than five days after the decision is made. The decision shall include specific
reasons for the action taken, including the specific Plan provisions on which the decision is
based, and an explanation of the individual’s right to bring a civil action under Section 502(a) of
ERISA. The claimant shall be notified of the right to reasonable access, on request, to relevant
documents or other information without charge.

     10. Miscellaneous.

          (a) Assignment. Except as set forth in 10(c) below, no right, benefit or interest
hereunder shall be subject to assignment, anticipation, alienation, sale, encumbrance, charge,
pledge, hypothecation or set-off for any claim, debt or obligation, or subject to execution,
attachment, levy or similar process.

          (b) Construction. Nothing in this Plan shall be construed to amend any provision of
any plan or policy of the Company or any Affiliate except as otherwise expressly noted herein.
This Plan is not, and shall not be deemed to create, any commitment by the Company or any Affiliate
to continue a Participant’s employment. The captions of this Plan are not part of the provisions
and shall have no force or effect. Whenever the context requires, the masculine gender includes
the feminine gender, and words used in the singular or plural will include the other.

          (c) Successors. A Participant’s rights under this Plan are personal to the
Participant and shall not be assignable by a Participant other than by will or the laws of descent
and distribution without the Company’s prior written consent. This Plan shall inure to the

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benefit of and be enforceable by a Participant’s legal representatives. The Company will
require any successor to assume this Plan, and to agree to perform this Plan in the same manner and
to the same extent that the Company would be required to perform this Plan if no succession had
taken place.

          This Plan shall be binding upon and inure to the benefit of the Company and any successor
organization or organizations which shall succeed to substantially all of the Company’s business
and/or assets (whether directly or indirectly by merger, consolidation, acquisition of
substantially all the Company’s assets or otherwise, including by operation of law).

          (d) Waiver of Breach. The failure of the Company, Employer or the Participant at any
time to require performance by the other of any provision hereof shall in no way affect any of
their respective rights thereafter to enforce the same, nor shall the waiver by the Company,
Employer or the Participant of any breach of any provision hereof be taken or held to be a waiver
of any succeeding breach of any provision or as a waiver of the provision itself.

          (e) Tax Withholding. The Company and/or Employer, as appropriate, may withhold from
any payments or benefits payable under this Plan all federal, state, city or other taxes that will
be required pursuant to any law or governmental regulation or ruling.

          (f) Section 409A. The payments and benefits provided pursuant to this Plan are
intended to be exempt from Section 409A as “short-term deferrals” or otherwise. Notwithstanding
any provision of this Plan to the contrary, if the Participant is a “specified employee”, and if
the payment under Section 4(a) hereof is deferred compensation subject to Section 409A, the
character and timing of the payment shall be as determined in this Section 10(f). It is hereby
specified that the amount of the payment under Section 4(a) that does not exceed the limit
specified in Treasury Regulation Section 1.409A-1(b)(9)(iii)(A) is considered a separate payment
and shall be paid at the time specified in Section 4(a). To the extent that the payment under
Section 4(a) is subject to Section 409A and exceeds the limit specified in Treasury Regulation
Section 1.409A-1(b)(9)(iii)(A), such excess amount shall not be payable before the earlier of (i)
the date that is six months after the Participant’s termination, (ii) the date of the Participant’s
death, or (iii) the date that otherwise complies with the requirements of Section 409A. If any
provision of this Plan would result in imposition of an additional tax under Section 409A, that
provision will be reformed to avoid imposition of the additional tax and no action taken to comply
with Section 409A shall be deemed to adversely affect a Participant’s rights.

          (g) Governing Law and Venue. This Plan, and the rights and obligations of the parties
hereunder, shall be governed by and construed in accordance with the laws of the State of Texas and
venue for any action pursuant hereto shall be in the appropriate state or federal court in Harris
County, Texas.

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COPANO ENERGY, L.L.C.

CHANGE IN CONTROL SEVERANCE PLAN

Participation Notice

[For Level I Participants]

Date of Notice: [DATE]

To: [NAME OF EMPLOYEE]

The purpose of this Participation Notice is to inform you that you have been selected to
participate in the Copano Energy, L.L.C. Change in Control Severance Plan (the “Plan”).

The amount of the Severance Benefit for which you may be eligible pursuant to Section 4(a) of the
Plan will be 200% multiplied by the sum of (i) your Base Salary and (ii) your Target Bonus.

As set forth in Section 5 of the Plan, (i) if the aggregate of payments due under this Plan is
greater than amounts owed under an Individual Severance Agreement, then payments made under this
Plan shall be in lieu of payments owed under such Individual Severance Agreement and (ii) if the
aggregate of payments due under this Plan is less than amounts owed under an Individual Severance
Agreement, than payments made under an Individual Severance Agreement shall be in lieu of payments
under this Plan.

Further detail and requirements related to your Severance Benefit are set forth in the Plan, which
is attached to and incorporated into this Participation Notice.

	 	 	 	 	 
	 	COPANO ENERGY, L.L.C.

 	 
	 	By:  	
 	 
	 	 	[Name] 	 
	 	 	[Title] 	 
	 

Accepted and agreed to by:

	 	 	 	 	 
	 	 	 
	By:  	 	 	 
	 	[Employee Name] 	 	 

Attachment: Change in Control Severance Plan

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COPANO ENERGY, L.L.C.

CHANGE IN CONTROL SEVERANCE PLAN

Participation Notice

[For Level II Participants]

Date of Notice: [DATE]

To: [NAME OF EMPLOYEE]

The purpose of this Participation Notice is to inform you that you have been selected to
participate in the Copano Energy, L.L.C. Change in Control Severance Plan (the “Plan”).

The amount of the Severance Benefit for which you may be eligible pursuant to Section 4(a) of the
Plan will be 100% multiplied by the sum of (i) your Base Salary and (ii) your Target Bonus.

As set forth in Section 5 of the Plan, (i) if the aggregate of payments due under this Plan is
greater than amounts owed under an Individual Severance Agreement, then payments made under this
Plan shall be in lieu of payments owed under such Individual Severance Agreement and (ii) if the
aggregate of payments due under this Plan is less than amounts owed under an Individual Severance
Agreement, than payments made under an Individual Severance Agreement shall be in lieu of payments
under this Plan.

Further detail and requirements related to your Severance Benefit are set forth in the Plan, which
is attached to and incorporated into this Participation Notice.

	 	 	 	 	 
	 	COPANO ENERGY, L.L.C.

 	 
	 	By:  	 	 
	 	 	[Name]

[Title] 	 
	 

Accepted and agreed to by:

	 	 	 	 	 
	 	 	 
	By:  	 	 	 
	 	[Employee Name] 	 	 
	 

Attachment: Change in Control Severance Plan

-10-exv10w1

 

Exhibit 10.1

WEYERHAEUSER COMPANY

DEFERRED COMPENSATION PLAN

Amended and Restated Effective January 1, 2007

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	1.	 	Purpose	 	 	1	 
	 
	 	 	 	 	 	 	 	 
	2.	 	Effective Dates and Other Bonus Award Plans	 	 	1	 
	 
	 	 	 	 	 	 	 	 
	3.	 	Applicable Law	 	 	2	 
	 
	 	 	 	 	 	 	 	 
	4.	 	Definitions	 	 	2	 
	 
	 	 	 	 	 	 	 	 
	5.	 	Eligibility	 	 	5	 
	 
	 	 	 	 	 	 	 	 
	6.	 	Deferrals	 	 	6	 
	 

	 	(a)
	 	Deferral Amounts	 	 	6	 
	 

	 	(b)
	 	Election Procedure	 	 	6	 
	 
	 	 	 	 	 	 	 	 
	7.	 	Accounts	 	 	7	 
	 

	 	(a)
	 	Base Salary Deferrals	 	 	7	 
	 

	 	(b)
	 	Cash Award Deferrals	 	 	7	 
	 

	 	(c)
	 	Stock Equivalent Deferrals	 	 	7	 
	 
	 	 	 	 	 	 	 	 
	8.	 	Payments	 	 	8	 
	 

	 	(a)
	 	Base Salary Deferrals and Cash Award Deferrals	 	 	8	 
	 

	 	(b)
	 	Stock Equivalent Deferrals
	 	 	10	 
	 
	 	 	 	 	 	 	 	 
	9.	 	General Payment Provisions	 	 	12	 
	 

	 	(a)
	 	Cash Payment; Default Payment	 	 	12	 
	 

	 	(b)
	 	Small Accounts	 	 	12	 
	 

	 	(c)
	 	No Acceleration	 	 	13	 
	 

	 	(d)
	 	Unforeseeable Emergency	 	 	13	 
	 

	 	(e)
	 	Segregation of Funds	 	 	14	 
	 

	 	(f)
	 	Beneficiaries	 	 	14	 
	 

	 	(g)
	 	Withholding Payment	 	 	14	 
	 

	 	(h)
	 	Incompetency	 	 	14	 
	 
	 	 	 	 	 	 	 	 
	10.	 	Administration and Amendment of the Plan	 	 	15	 
	 

	 	(a)
	 	Powers of the Committee	 	 	15	 
	 

	 	(b)
	 	Expenses of the Plan	 	 	15	 
	 

	 	(c)
	 	Amendment and Termination	 	 	15	 
	 

	 	(d)
	 	Participants’ Rights	 	 	15	 
	 
	 	 	 	 	 	 	 	 
	11.	 	Claims Procedure	 	 	16	 
	 

	 	(a)
	 	Filing a Claim	 	 	16	 
	 

	 	(b)
	 	Claim Review.
	 	 	16	 
	 

	 	(c)
	 	Appealing a Claim Denial	 	 	17	 
	 

	 	(d)
	 	Decision on Appeal	 	 	17	 
	 

	 	(e)
	 	Filing Suit	 	 	18	 

					
	 	 	 	 	 
	Weyerhaeuser Company	 	 	 	 
	Deferred Compensation Plan
	 	-i-
	 	12/17/07

 

 

	 	 	 	 	 	 	 	 	 
	12.	 	Miscellaneous	 	 	19	 
	 

	 	(a)
	 	Rights Unsecured	 	 	19	 
	 

	 	(b)
	 	Construction of Plan	 	 	19	 
	 

	 	(c)
	 	Alienation Prohibited	 	 	20	 
	 

	 	(d)
	 	Taxes	 	 	20	 
	 

	 	(e)
	 	No Guaranty of Tax Consequences	 	 	20	 
	 

	 	(f)
	 	Participant’s Cooperation	 	 	20	 
	 

	 	(g)
	 	Successors and Assigns	 	 	20	 
	 

	 	(h)
	 	Applicable Law and Venue	 	 	20	 
	 

	 	(i)
	 	Notice	 	 	21	 
	 
	 	 	 	 	 	 	 	 
	Schedule A — Award Plans	 	 	 	 

					
	 	 	 	 	 
	Weyerhaeuser Company	 	 	 	 
	Deferred Compensation Plan
	 	-ii-
	 	12/17/07

 

 

WEYERHAEUSER COMPANY

DEFERRED COMPENSATION PLAN

(Amended and Restated Effective January 1, 2007)

	1.	 	Purpose. The purpose of this Weyerhaeuser Company Amended and Restated Deferred
Compensation Plan (“Plan”) is to:

	 	(a)	 	Give recognition, in addition to base salaries, to Participants who contribute
significantly to the business success of the Company, thereby further ensuring that the
Company will continue to benefit from a strong and able management.
	 
	 	(b)	 	Permit Participants to defer receipt of any part or all of certain base salary
and incentive awards.
	 
	 	(c)	 	Permit and encourage Stock Equivalent Participants to receive deferred Awards
in Stock Equivalents, the growth in value of which should reflect better performance by
the Company during the period of deferral.
	 
	 	(d)	 	Encourage Participants to remain in the service of the Company until
Retirement.

	2.	 	Effective Dates and Other Bonus Award Plans. The Plan was originally effective as
of May 1, 1969 and most recently restated through June 12, 2003 under the name of the
Comprehensive Incentive Compensation Plan (the “Prior Plan”). This restatement is effective
January 1, 2007 (“Effective Date”), changes the Prior Plan’s name to the Deferred
Compensation Plan and applies only to Base Salary and Awards earned and vested after the
Effective Date and to Participants credited with at least one hour of service thereafter
(the “Current Plan”). All Base Salary and Awards subject to deferral under the Prior Plan
that were earned and vested prior to the Effective Date shall continue to be subject to the
terms and conditions of the Prior Plan as in effect on December 31, 2004 (the “2004 Plan”).
All Base Salary and Awards subject to deferral that were earned or vested between January 1,
2005 and December 31, 2006 shall be subject to the terms and conditions of this restatement,
as modified by the operation of the Plan in accordance with transition and other official

					
	 	 	 	 	 
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	 	 	guidance issued pursuant to Section 409A. No amendment to the Current Plan on and after
the Effective Date is intended to, nor shall it be deemed to, apply to other than the terms
and conditions of the Current Plan unless expressly provided by such amendment. All amounts
deferred pursuant to the provisions of prior bonus award plans and not the Plan shall be
paid in accordance with the provisions of such prior bonus award plans. All references to
the “Comprehensive Incentive Compensation Plan” in any other benefit plan, program or policy
maintained by the Company for active employees on or after the Effective Date shall be
deemed changed to “Deferred Compensation Plan.”

	3.	 	Applicable Law. The Company intends that the Plan will constitute, and will be
construed and administered as, an unfunded plan of deferred compensation for a select group
of management or highly compensated employees within the meaning of ERISA and the Code. In
addition, the Current Plan is intended to comply with Section 409A and any official guidance
issued thereunder. Notwithstanding any other provision of the Current Plan, the Current Plan
shall be interpreted, operated and administered in a manner consistent with this intention
to the extent the Committee deems necessary to comply with Section 409A and any official
guidance issued thereunder and to avoid the imposition of any penalty thereunder. The Plan
is not intended to be qualified under Code Section 401(a).
	 
	4.	 	Definitions.

	 	(a)	 	“2004 Plan” has the meaning set forth in Paragraph 2.
	 
	 	(b)	 	“Award” means the amount of incentive bonus granted to a Participant for an
Award Year as determined under the terms of an Award Plan. For purposes of the WRECO
Short-Term Incentive Plan, the term “Award” includes holdback within the meaning of
such plan in addition to the short-term incentive award thereunder.
	 
	 	(c)	 	“Award Plan” means an incentive compensation plan designated by the President
of Weyerhaeuser Company or the most senior officer of any participating Company (or his
or her delegate), as applicable, as eligible for deferrals under the Plan. Award Plans
are listed in Schedule A hereto.

					
	 	 	 	 	 
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	 	(d)	 	“Award Year” means the fiscal year in which the service is performed for which
a Participant earns an Award. For an Award involving a multi-year performance period,
Award Year means the applicable performance period.
	 
	 	(e)	 	“Base Salary” means a Participant’s annual rate of pay for the applicable
calendar year, excluding all other pay elements (such as bonus payments and relocation
allowances).
	 
	 	(f)	 	“Base Salary Deferral” means the portion of Base Salary deferred under the
Plan, with interest.
	 
	 	(g)	 	“Board” means the Board of Directors of Weyerhaeuser Company.
	 
	 	(h)	 	“Cash Award Deferral” means the portion of an Award deferred under the Plan in
the form of cash, with interest.
	 
	 	(i)	 	“Code” means the Internal Revenue Code of 1986, as amended.
	 
	 	(j)	 	“Committee” means the Compensation Committee of the Board and includes any
individual or entity to which or whom such Committee has delegated authority to act
with respect to the Plan.
	 
	 	(k)	 	“Company” means Weyerhaeuser Company and includes, where indicated by the
context, each of its majority-owned subsidiaries and affiliates who participate in the
Plan as of the Effective Date or with the approval of the Board.
	 
	 	(l)	 	“Current Plan” has the meaning set forth in Paragraph 2.
	 
	 	(m)	 	“Disability” or “Disabled” means a medical condition in which a Participant is
either entitled to total and permanent disability benefits under the Social Security
Act or judged to be totally and permanently disabled by the Committee or any person or
other committee to which the Committee has delegated the authority to make such
determinations.
	 
	 	(n)	 	“Effective Date” has the meaning set forth in Paragraph 2.

					
	 	 	 	 	 
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	 	(o)	 	“Eligible Employee” means any Employee who is eligible under the terms of
Paragraph 5.
	 
	 	(p)	 	“Employee” means any person who is classified by the Company as actively
employed by the Company and who is compensated on a salaried basis (exempt or
non-exempt) as reflected on the Company’s payroll records but excluding any such person
who is reclassified by a court, governmental agency or the Company as a common law
employee of the Company.
	 
	 	(q)	 	“ERISA” means the Employee Retirement Income Security Act of 1974, as amended.
	 
	 	(r)	 	“Participant” means an Eligible Employee who has deferred Base Salary or an
Award under the Plan, but under no circumstances shall any member of the Committee be
deemed to be a Participant hereunder.
	 
	 	(s)	 	“Payment Year” means the fiscal year in which the Award is paid.
	 
	 	(t)	 	“President” shall mean the individual designated from time to time as the
President of the Company.
	 
	 	(u)	 	“Price per share” means the closing price of the common stock of the Company on
the New York Stock Exchange on the Trading Day in question.
	 
	 	(v)	 	“Prior Plan” has the meaning set forth in Paragraph 2.
	 
	 	(w)	 	“Retirement” means a Separation from Service with the Company constituting a
“Retirement” as defined in the Weyerhaeuser Company Retirement Plan for Salaried
Employees.
	 
	 	(x)	 	“Section 409A” means Code Section 409A and regulations and other guidance
promulgated thereunder.
	 
	 	(y)	 	“Separation from Service” has the meaning set forth under Section 409A and
generally includes a Participant’s termination of employment with Weyerhaeuser Company
and all of its majority-owned subsidiaries.

					
	 	 	 	 	 
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	 	(z)	 	“Specified Employee” means a Participant who, as of the date of the
Participant’s termination of employment for any reason, is a key employee of
Weyerhaeuser Company. A Participant is a key employee if the Participant meets the
requirements of Code Section 416(i)(1)(A)(i), (ii) or (iii) (applied in accordance with
the regulations thereunder and disregarding Code Section 416(i)(5)) at any time during
the twelve-month period ending on a Specified Employee identification date. If a
Participant is a key employee as of December 31, the Participant shall be treated as a
Specified Employee for the entire twelve-month period beginning on the next following
April 1.
	 
	 	(aa)	 	“Stock Equivalent” means a deferred unit of account which is equivalent in
value to one share of common stock of the Company.
	 
	 	(bb)	 	“Stock Equivalent Deferral” means the portion of the Award deferred under the
Plan in the form of Stock Equivalents, increased or decreased by a reference to the
market price and dividend history of shares of common stock of the Company.
	 
	 	(cc)	 	“Stock Equivalent Participant” means an employee designated by the Senior Vice
President — Human Resources of the Company as eligible for a Stock Equivalent
Deferral.
	 
	 	(dd)	 	“Trading Day” means a day that the New York Stock Exchange is open for
business.
	 
	 	(ee)	 	“Unforeseeable Emergency” means a severe financial hardship to the Participant
resulting from a sudden or unexpected illness or accident of the Participant, the
Participant’s spouse or dependent (as defined in Code Section 152(a)), loss of the
Participant’s property due to casualty, or other similar extraordinary and
unforeseeable circumstances arising as a result of events beyond the control of the
Participant.
	 
	 	(ff)	 	“WRECO” means Weyerhaeuser Real Estate Company.

	5.	 	Eligibility. Each Eligible Employee is eligible to participate under the Plan as of
the date determined by the Senior Vice President — Human Resources of Weyerhaeuser Company,
or

					
	 	 	 	 	 
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	 	 	by the most senior officer of any participating Company (or his or her delegate) with
respect to its Eligible Employees.

	6.	 	Deferrals.

	 	(a)	 	Deferral Amounts. A Participant may elect to defer receipt of (i) a
percentage (which is no less than 10% and no more than 50%) of his or her Base
Salary otherwise payable during a calendar year or (ii) a percentage (which is no
less than 10% and no more than 100%) of an Award.
	 
	 	(b)	 	Election Procedure.

	 	(i)	 	General. A Participant shall notify the Committee in writing
during an election period (at such time and pursuant to such procedures as
determined and communicated by the Committee) prior to the beginning of each
applicable calendar year or Award Year. Notwithstanding the foregoing sentence,
the election made with respect to the Awards under the WRECO Long-Term
Incentive Plan shall be made during the election period preceding the end of
the first year of the applicable performance period. The election for a Stock
Equivalent Participant shall include a choice between Cash Award Deferrals or
Stock Equivalent Deferrals. The election shall specify the timing and form of
payments to the extent provided in this Paragraph and Paragraph 8, and it shall
be irrevocable according to its terms but not later than the day immediately
prior to the applicable calendar year or Award Year.
	 
	 	(ii)	 	Newly-Eligible Employees. Upon initial eligibility for
the Plan, an employee may begin participation by submitting the election
referred to in subparagraph (i) above to the Committee within thirty days of
the date the employee became eligible to participate in the Plan. Such
election shall only be effective for the deferral of compensation paid for
services to be performed after the election. If no deferral election is
submitted within this 30-day period, the employee shall next be eligible to
participate beginning January 1st of the next following calendar year or Award
Year and must submit a

					
	 	 	 	 	 
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	 	 	 	deferral election in accordance with paragraph (i) above. This
subparagraph (ii) shall not apply to any employee who, though newly eligible
to participate in the Plan, was previously eligible to participate in the
Plan (other than the accrual of earnings) at any time during the 24-month
period ending on the date the employee again became eligible to participate
in the Plan.

	7.	 	Accounts.

	 	(a)	 	Base Salary Deferrals. All amounts deferred under the Base Salary
Deferral shall be credited to the Participant’s account on the day they would
otherwise have been paid in cash. Interest shall thereafter accrue on Base Salary
Deferrals at a rate to be designated from time to time by the Committee through the
payment date. Interest shall be compounded monthly.
	 
	 	(b)	 	Cash Award Deferrals. All amounts deferred as a Cash Award Deferral
shall be credited to the Participant’s account as of the end of the Award Year with
respect to which the deferred Award was made. Interest shall accrue on the Cash
Award Deferrals at a rate to be designated from time to time by the Committee
commencing with the first day of the calendar year following the Award Year and
through the payment date. Interest shall be compounded monthly.
	 
	 	(c)	 	Stock Equivalent Deferrals.

	 	(i)	 	General. All amounts deferred as a Stock Equivalent Deferral shall
be credited to the Stock Equivalent Participant’s account promptly following
the determination of deferred units in accordance with subparagraph (iii)
below. The minimum deferral period for Stock Equivalent Deferrals is five
years. The minimum deferral period shall begin January 1 of the year
following the Award Year.
	 
	 	(ii)	 	Premiums. Stock Equivalent Participants’ accounts shall be credited
with a premium based on an Award deferred in the form of Stock Equivalents.
The premium shall be calculated by multiplying the amount of an Award
deferred in the form of Stock Equivalents by a multiple to be determined by the

					
	 	 	 	 	 
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	 	 	 	Committee on an annual basis. The premium shall be credited to each such
Participant’s account as Stock Equivalents and credited at the same time as
the related deferred Award. The premium, including any appreciation and
dividend equivalents thereon, shall be forfeited if such Participant’s
employment with the Company terminates prior to completing the minimum
five-year deferral period for any reason other than death, Disability or
Retirement.

	 	(iii)	 	Number of Deferred Units. To determine the number of deferred units
or fractions thereof credited to a Stock Equivalent Participant’s account,
the amount of Stock Equivalent Deferrals and any premium shall be divided by
the median closing price per share of Company stock for the last 11 Trading
Days of January in the year following the Award Year. Any change in the
common shares of the Company whether through merger, consolidation, stock
split, or other change in the Company’s structure shall be similarly
reflected in the number of Stock Equivalent units credited to such
Participants’ accounts. Any such adjustments made by the Committee shall be
conclusive and binding for all purposes of the Plan.
	 
	 	(iv)	 	Dividend Equivalents. Each Stock Equivalent unit credited to a
Stock Equivalent Participant’s account shall also be credited with an amount
equivalent to each dividend declared on common shares of the Company. The
amount of such dividend equivalents shall be divided by the closing price
per share of common stock on the payable date for such dividend to determine
the number of additional deferred units or fractions thereof credited to
such Participant’s account, which shall be credited to such account as of
the payable date.

	8.	 	Payments.

	 	(a)	 	Base Salary Deferrals and Cash Award Deferrals.

	 	(i)	 	Timing of Payment. Payment of Base Salary Deferrals and
Cash Award Deferrals shall commence in the calendar year immediately following
the

					
	 	 	 	 	 
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	 	 	 	year of a Separation from Service (generally in January of such calendar
year), unless a Participant elects at the time of his or her deferral election
a commencement date of one to five years following the date of the Separation
from Service or in a specified year at least two years from the year of the
Participant’s election. In no event shall payment be made earlier than six
months after the date of the Separation from Service with respect to a
Participant who is a Specified Employee as of the date of his or her Separation
from Service. Such six-month delay does not apply if the Participant properly
elected payment to commence on the basis of a specified year.

	 	(ii)	 	Form of Payment. At the time of electing a Base Salary
Deferral or a Cash Award Deferral, a Participant may elect payment in the form
of a lump sum or in annual installments payable each applicable year in
accordance with the following rules:

	 	(A)	 	In the event of a Separation from Service for
Reason of Disability or Retirement, annual installments may be paid
over a period up to 20 years; and
	 
	 	(B)	 	In the event of a Separation from Service for
reasons other than Disability or Retirement, if the Participant elected
the payment of annual installments over a period of more than five
years, such election shall be automatically limited and deemed to be an
election of annual installment payments over a period of five years
following his or her Separation from Service.

The above elections are inapplicable in the case of the Participant’s death,
in which case the provisions of Paragraph 9(f) shall apply. The above
elections are inapplicable in the case the Participant’s 80th birthday
occurs prior to the distribution of all amounts in his or her accounts, in
which case all such amounts shall be paid in a lump sum on or before March 15 of the calendar
year following his or her 80th birthday, with adjustments as necessary to
the number of annual installments payments. The amount of each installment

					
	 	 	 	 	 
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payment shall be computed by multiplying a fraction, the numerator of which
is one and the denominator of which is the number of years remaining in the
payment period, by the remaining installments plus accrued interest (e.g.,
1/10th is paid in the first year of a 10-year payment period; 1/9th of the
remaining balance in the second year; 1/8th of the remaining balance in the
third year, etc., over the 10 years).

	 	(b)	 	Stock Equivalent Deferrals.

	 	(i)	 	Timing of Payment. Payment of amounts deferred as Stock
Equivalent Deferrals shall commence in the calendar year immediately following
the year of a Separation from Service (generally in February of such calendar
year) unless a Stock Equivalent Participant elects at the time of his or her
deferral election a commencement date of one to five years following the date
of the Separation from Service or of a specified year at least two years from
the year of the Stock Equivalent Participant’s election), in each case subject
to the minimum five-year deferral period for Stock Equivalent Deferrals. In no
event shall payment be made earlier than six months after the date of the
Separation from Service with respect to a Stock Equivalent Participant who is a
Specified Employee as of the date of his or her Separation from Service. Such
six-month delay does not apply if the Stock Equivalent Participant properly
elected payment to commence on the basis of a specified year.

	 	(ii)	 	Form of Payment. At the time of electing Stock
Equivalent Deferrals, a Stock Equivalent Participant may elect payment in the
form of a lump sum or in annual installments payable each applicable February
in accordance with the following rules:

	 	(A)	 	In the event of a Separation from Service for
Reason of Disability or Retirement, annual installments may be paid
over a period up to 20 years but may not begin before the minimum
five-year deferral period has been satisfied; and

					
	 	 	 	 	 
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	 	(B)	 	In the event of a Separation from Service for
reasons other than Disability or Retirement, if the Stock Equivalent
Participant elected the payment of annual installments over a period of
more than five years, such election shall be automatically limited and
deemed to be an election of annual installment payments over a period
of five years following his or her Separation from Service.

	 	 	 	The above elections are inapplicable in the case of the Stock Equivalent
Participant’s death, in which case the provisions of Paragraph 9(f) shall
apply but the minimum five-year deferral period shall not apply. The above
elections are inapplicable in the case such Participant’s 80th birthday
occurs prior to the distribution of all amounts in his or her account, in
which case all such amounts shall be paid in a lump sum on or before March
15 of the next calendar year following his or her 80th birthday, with
adjustments as necessary to the number of annual installments payments. The
amount of each annual installment payment shall be computed by multiplying a
fraction, the numerator of which is one and the denominator of which is the
number of installments remaining, by the remaining portion of units credited
to the Stock Equivalent Participant’s account to determine the number of
units for which payment is to be made. The number of units shall be
multiplied by the median closing price per share of Company stock for the
last 11 Trading Days of January of the Payment Year to determine the amount
of cash to be paid.
	 
	 	(iii)	 	Automatic Account Transfer. Subject to the forfeiture
provision of Paragraph 7(c)(ii), upon the date of a Stock Equivalent
Participant’s Separation from Service for reasons other than due to death,
Disability or Retirement, his or her account shall be automatically transferred
to the Plan’s interest-bearing account described in Paragraph 7 and interest
shall accrue thereafter. No dividend equivalents shall accrue thereafter.
	 
	 	(iv)	 	Election at 60th Birthday. At any time after a Stock
Equivalent Participant’s 60th birthday, such Participant (or his or her
beneficiary or beneficiaries) may

					
	 	 	 	 	 
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irrevocably elect to establish and fix a firm price for some or all Stock
Equivalents currently credited to such portion of his or her account to the
extent such Stock Equivalents have satisfied the minimum five-year deferral
period. The firm price shall then be the price per share of the common stock
of the Company as of any Trading Day concurrent with the delivery of such
election to the Plan’s recordkeeper if delivered before the close of the New
York Stock Exchange, or the next following Trading Day if delivered after
the closing of the New York Stock Exchange. Effective for elections on and
after January 1, 2007, interest at the rate described in Paragraph 7(b)
shall thereafter be earned and compounded monthly (for elections between
January 1, 2005 and December 31, 2006, the monthly compounding begins from
the date the last dividend equivalent was credited under Paragraph
7(c)(iv)). An election under this Paragraph shall not accelerate actual
payment of the Stock Equivalent Participant’s account.

	9.	 	General Payment Provisions.

	 	(a)	 	Cash Payment; Default Payment. All payments under the Plan shall be
made in cash. If the Participant fails to make a valid election of a payment option,
the payment shall be made in a single lump sum payment in the calendar year
immediately following the Separation from Service, except to the extent a six-month
delay is required pursuant to Paragraph 8(a)(i) and subject to the minimum five-year
deferral period for Stock Equivalent Deferrals.
	 
	 	(b)	 	Small Accounts. Notwithstanding any payment election made by a
Participant or other provision of the Plan to the contrary, effective January 1,
2007, the Participant’s accounts shall be paid in a single lump sum payment if the
payment accompanies a Separation from Service after such date and the Participant’s
vested interest in the Plan does not exceed $10,000. Payment shall be made in a
single lump sum in the calendar year immediately following the Separation from
Service, except to the extent a six-month delay is required pursuant to Paragraph
8(a)(i) and subject to the minimum five-year deferral period for Stock Equivalent
Deferrals.

					
	 	 	 	 	 
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	 	(c)	 	No Acceleration. The acceleration of the time or schedule of any
payment due under the Plan is generally prohibited. The Committee may, however,
accelerate certain distributions under the Plan to the extent expressly permitted
under Section 409A.
	 
	 	(d)	 	Unforeseeable Emergency. Payment of a Participant’s accounts may be
made to the Participant in the event of an Unforeseeable Emergency, subject to the
following provisions:

	 	(i)	 	A Participant may, while he or she remains an active Employee,
make application to the Committee to receive a payment in a lump sum of all or
a portion of his or her vested accounts because of an Unforeseeable Emergency;
	 
	 	(ii)	 	A payment because of an Unforeseeable Emergency shall not
exceed the amount required to satisfy the Unforeseeable Emergency plus amounts
necessary to pay taxes reasonably anticipated as a result of such payment,
after taking into account the extent to which the Unforeseeable Emergency may
be relieved through reimbursement or compensation by insurance or otherwise or
by liquidation of the Participant’s assets (to the extent the liquidation of
such assets would not itself cause severe financial hardship);
	 
	 	(iii)	 	The Participant’s request for a payment on account of an
Unforeseeable Emergency must be made in writing to the Committee, supported by
such evidence as the Committee may require and specify (A) the nature of the
financial hardship, (B) the total amount requested to be paid from the
Participant’s vested accounts and (C) the total amount of the actual expense
incurred or to be incurred on account of the Unforeseeable Emergency; and
	 
	 	(iv)	 	If a payment on account of an Unforeseeable Emergency is
approved by the Committee, such payment shall be made as soon as
administratively practicable following the date of approval.

A payment due to an Unforeseeable Emergency shall not affect any deferral election
previously made by the Participant.

					
	 	 	 	 	 
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	 	(e)	 	Segregation of Funds. The Company shall be under no obligation to
segregate any deferred funds, and each Participant should realize that such
unsegregated funds are subject to the claims of the Company’s general creditors.
	 
	 	(f)	 	Beneficiaries. A Participant may appoint a beneficiary or beneficiaries
to receive payments of the Participant’s accounts upon the Participant’s death.
Effective July 1, 2006, all payments owed to the Participant’s beneficiary or
beneficiaries shall be in a lump sum (for the period between January 1, 2005 and
June 30, 2006, any such beneficiary could make payment elections under the same
terms and conditions as applicable to the Participant). In the absence of a proper
appointment of a beneficiary, all such payments shall be paid to the Participant’s
estate in a lump sum. The beneficiary appointment shall be made in a form to be
supplied by the Committee and may be revoked or superseded at any time by the
Participant’s written direction.
	 
	 	(g)	 	Withholding Payment. If the Committee has any doubt as to the location
of the Participant or the proper beneficiary hereunder, the Committee shall have the
right to direct the Company to withhold payment until the matter is finally
adjudicated. Moreover, the Committee may direct the Company to withhold payment if
the Committee reasonably anticipates that the payment will violate then current
federal securities laws or other applicable law, provided that the payment shall be
made at the earliest date at which the Committee reasonably anticipates that the
making of the payment will not cause such violation. Any payment made by the Company
in good faith and in accordance with the terms of the Plan and the directions of the
Committee shall fully discharge any liability of the Company or the Plan with
respect to such payment.
	 
	 	(h)	 	Incompetency. If the Committee determines that a benefit under the Plan
is to be paid to a minor, a person declared incompetent or a person incapable of
handling the disposition of that person’s property, then, until a claim for such
benefit has been made by a duly appointed guardian or other legal representative,
the Committee may provide for such payment or any part thereof to be made to any
other person or institution then contributing toward or providing for the care and
maintenance of such person, or, solely in the case of a minor, to a custodian under
the Uniform Gifts to

					
	 	 	 	 	 
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Minors Act or similar statute. Any such payment shall be a payment for the account
of the Participant or his or her beneficiary, as applicable, and fully discharge any
liability of the Company or the Plan with respect to such payment.

	10.	 	Administration and Amendment of the Plan.

	 	(a)	 	Powers of the Committee. Full power and authority to construe and
interpret the Plan and make all decisions regarding eligibility and benefits shall
be vested in the Committee as from time to time constituted by the Board. Decisions
hereunder by the Committee or any other authorized individual or entity shall be
final, conclusive and binding on all parties, including Employees, Participants and
the Company.
	 
	 	(b)	 	Expenses of the Plan. The expenses of administering the Plan shall be
borne by the Company.
	 
	 	(c)	 	Amendment and Termination. The Board in its sole discretion may (i)
amend, suspend or terminate the Plan and (ii) supplement or replace the Plan with or
by other deferred compensation plans; provided, however, that no amendment to the
provisions providing for the payment of compensation in the form of stock of the
Company shall be effective unless approved by the shareholders of the Company to the
extent such approval is required by applicable law. Notwithstanding the foregoing
sentence, the Committee in its sole discretion may also amend the Plan to the extent
the Committee determines the amendment is necessary or advisable to (i) implement
legally required changes or (ii) incorporate administrative changes which will not
result in a substantial adverse financial effect on the Company.
	 
	 	(d)	 	Participants’ Rights. No amendment, suspension or termination of the
Plan shall affect any Award already granted or any deferral already made, and in the
event of any such change, any deferred compensation credited to a Participant’s
account shall be paid as provided herein. No Participant shall have any right or
interest in the Plan or its continuance or in his or her continued participation in
the Plan, other than in the deferred compensation credited to his or her account.
The Plan shall not be subject to any mistake of fact claim.

					
	 	 	 	 	 
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	11.	 	Claims Procedure.

	 	(a)	 	Filing a Claim. A Participant or a beneficiary (the “Claimant”), or the
authorized representative of either, who believes that the Participant or
beneficiary has been denied benefits to which he or she is entitled under the Plan
may file a written claim for such benefits with the Committee. Any claim must be in
writing and must contain the reason for making the claim, the facts supporting the
claim, the amount claimed and the Claimant’s name and his or her (or his or her
authorized representative’s) address.
	 
	 	(b)	 	Claim Review. Claims shall be decided by the Committee, which will
generally make its decision with respect to a claim and notify the Claimant (or his
or her authorized representative) in writing of such decision within 90 days after
receiving the claim. The Committee may extend this 90-day period for an additional
90 days if it determines that special circumstances require additional time to
process the claim. The Committee shall notify the Claimant (or his or her authorized
representative) in writing of any such extension within 90 days of receiving the
claim. The notice will included the reasons why the extension is necessary and the
date by which the Committee expects to render its decision on the claim.
	 
	 	 	 	If the Participant’s claim is partially or completely denied, the written notice to
the Claimant (or his or her authorized representative) shall include:

	 	(i)	 	The specific reason or reasons for the denial;
	 
	 	(ii)	 	Reference to the specific Plan provisions on which the denial
is based;
	 
	 	(iii)	 	A description of any additional material or information
necessary for the Claimant to perfect the claim and an explanation of why such
material or information is necessary; and
	 
	 	(iv)	 	A description of the Plan’s claim appeal procedure (and the
time limits applicable thereto), including a statement of the Claimant’s right
to bring a civil action under Section 502(a) of ERISA, following an adverse
determination on appeal.

					
	 	 	 	 	 
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Deferred Compensation Plan
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If a Claimant submits a claim in accordance with the procedure described above and
does not hear from the Committee within 90 days, the Claimant may consider the claim
denied.

	 	(c)	 	Appealing a Claim Denial. If a claim is partially or completely denied,
the Claimant has the right to appeal the denial. To appeal a claim denial, the
Claimant (or his or her authorized representative) must file a written request for
appeal with the Committee within 60 days after receiving written notice of the claim
denial. This written request for appeal should include:

	 	(i)	 	A statement of the grounds on which the appeal is based;
	 
	 	(ii)	 	Reference to the specific Plan provisions that support the
claim;
	 
	 	(iii)	 	The reasons or arguments why the Claimant believes the claim
should be granted and the evidence supporting each reason or argument; and
	 
	 	(iv)	 	Any other comments, documents, records or information relating
to the claim that the Claimant wishes to submit.

The Claimant (or his or her authorized representative) will be provided, upon
request and free of charge, reasonable access to, and copies of, all documents,
records and other information relevant (within the meaning of 29 C.F.R. §
2560.503-1(m)(8)) to his or her claim.

	 	(d)	 	Decision on Appeal. Appeals shall be decided by the Committee, which
will generally render its decision with respect to an appeal and notify the Claimant
(or his or her authorized representative) in writing of such decision within 60 days
after receiving the appeal. The Committee may extend this 60-day period for an
additional 60 days if it determines that special circumstances require additional
time to process the appeal. The Committee shall notify the Claimant (or his or her
authorized representative) in writing of any such extension within 60 days of
receiving the appeal. The notice will include the reasons why the extension is
necessary and the date by which the Committee expects to render its decision on the
appeal. In reaching its decision, the Committee will take into account all of the
comments, documents,

					
	 	 	 	 	 
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Deferred Compensation Plan
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records and other information that the Claimant (or his or her authorized
representative) submitted, without regard to whether such information was submitted
or considered by the Committee in its initial denial of the claim.

If a claim is partially or completely denied on appeal, the written notice of claim
denial shall include the following:

	 	(i)	 	The specific reason or reasons for the denial;
	 
	 	(ii)	 	Reference to the specific Plan provisions on which the denial
is based;
	 
	 	(iii)	 	A statement that the Claimant (or his or her authorized
representative) is entitled to receive, upon request and free of charge,
reasonable access to, and copies of, all documents, records and other
information relevant (within the meaning of 29 C.F.R. § 2560.503-1(m)(8)) to
the claim; and
	 
	 	(iv)	 	A statement of the Claimant’s right to bring an action under
Section 502(a) of ERISA.

If a Claimant files an appeal in accordance with the procedure described above and
does not hear from the Committee within 60 days, the Claimant may consider the
appeal denied.

	 	(e)	 	Filing Suit. A Participant or his or her beneficiary must comply with
the claim and appeal procedures described above before seeking any other legal
recourse (including filing a lawsuit) regarding claims for benefits. If a Claimant
wishes to file a court action after exhausting the foregoing procedures, the
Claimant (or his or her authorized representative) must file such action in a court
of competent jurisdiction within one year after the date on which the Claimant (or
his or her authorized representative) received the Committee’s written denial of the
appeal. Court actions may not be commenced after this one-year period. Any judicial
review of the Committee’s decision on a claim shall be limited to whether, in the
particular instance, the Committee abused its discretion. In no event will such
judicial review be on a de novo basis, because the Committee has discretionary
authority to determine

					
	 	 	 	 	 
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Deferred Compensation Plan
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eligibility for (and the amount of) benefits under the Plan and to construe and
interpret the terms and provisions of the Plan.

	12.	 	Miscellaneous.

	 	(a)	 	Rights Unsecured. The right of a Participant or his or her beneficiary
to receive a payment hereunder will be an unsecured claim against the general assets
of the Company, and neither the Participant nor his or her beneficiary will have any
rights in or against any amount credited to his or her Account or any other specific
assets of the Company. The Plan at all times shall be considered entirely unfunded
for tax purposes. Any funds set aside by the Company for the purpose of meeting its
obligations under the Plan, including any amounts held by a trustee, will continue
for all purposes to be part of the general assets of the Company and will be
available to the Company’s general creditors in the event of the Company’s
bankruptcy or insolvency. The Company’s obligation under the Plan will be that of an
unfunded and unsecured promise to pay benefits in the future.
	 
	 	(b)	 	Construction of Plan. Nothing in the Plan shall be construed to give
any Employee (or any other person) any right to receive Awards or any other type of
compensation from the Company. No Participant or beneficiary shall have any right to
receive a payment under the Plan except in accordance with the terms of the Plan.
Establishment and maintenance of the Plan shall not be construed to give any
Eligible Employee (or any other person) the right to be retained as an Employee or
as a member of the Board. Nothing contained in the Plan shall constitute a guarantee
by the Company or any other person or entity that the assets of the Company will be
sufficient to pay any benefits under the Plan. If any provision of the Plan is held
to be invalid or illegal for any reason, such invalidity or illegality shall not
affect the remaining parts of the Plan, but the Plan shall be construed as if the
invalid or illegal provision had never been included in the Plan. Unless some other
meaning or intent is apparent from the context, the plural includes the singular and
vice versa; and masculine, feminine and neuter words are used interchangeably. Any
headings used herein are included for ease of reference only, and are not to be
construed so as to alter the terms hereof.

					
	 	 	 	 	 
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Deferred Compensation Plan
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	 	(c)	 	Alienation Prohibited. Amounts credited to a Participant’s accounts are
not subject in any manner to anticipation, alienation, sale, transfer, assignment,
pledge, encumbrance, charge, garnishment, execution or levy of any kind, either
voluntary or involuntary, and any attempt to anticipate, alienate, sell, transfer,
assign, pledge, encumber, charge or otherwise dispose of any right to any benefit
hereunder will be null and void and not binding on the Plan or the Company.
	 
	 	(d)	 	Taxes. The Company or any other payor may withhold from a benefit
payment under the Plan or from any other compensation payable by the Company to the
Participant any federal, state or local taxes required by law to be withheld with
respect to a deferral, payment or accrual under the Plan, and will report such
payments and other Plan-related information to the appropriate governmental agencies
as required under applicable law.
	 
	 	(e)	 	No Guaranty of Tax Consequences. None of the Company, the Committee or
any other person guaranties any particular federal or state income, payroll,
personal property or other tax consequence will occur because of participation in
the Plan. A Participant should consult with professional tax advisors regarding all
questions relative to the tax consequences arising from participation in the Plan.
	 
	 	(f)	 	Participant’s Cooperation. A Participant shall cooperate with the
Company by furnishing any and all information requested by the Committee in order to
facilitate the administration of the Plan or the payment of benefits hereunder. If
the Participant refuses to cooperate, the Company shall have no further obligation
to the Participant under the Plan.
	 
	 	(g)	 	Successors and Assigns. The terms and conditions of the Plan, as
amended and in effect from time to time, will be binding on the Company’s successors
and assigns, including, without limitation, any entity into which the Company may be
merged or with which the Company may be consolidated.
	 
	 	(h)	 	Applicable Law and Venue. The Plan and all determinations made and
actions taken pursuant hereto, to the extent not otherwise governed by the laws of
the United States, will be governed by the laws of the State of Washington without
giving effect

					
	 	 	 	 	 
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Deferred Compensation Plan
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to the choice or conflicts of law provisions thereof. If the Company or any
Participant or beneficiary initiates litigation related to the Plan, the venue for
such action will be King County, Washington.

	 	(i)	 	Notice. Any notice required to be furnished by a Participant shall be
deemed to be provided if sent in accordance with information and instructions
communicated to Participants from time to time.

* * * * *

					
	 	 	 	 	 
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Deferred Compensation Plan
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Weyerhaeuser Company

Deferred Compensation Plan

Restated Effective January 1, 2007

Schedule A

Award Plans

Weyerhaeuser Company Annual Incentive Plan (effective January 1, 2006)

WRECO Management Long-Term Incentive Plan

WRECO Management Short-Term Incentive Plan

Weyerhaeuser Company Residential Wood Products Sales Incentive Plan (effective January 1, 2006)

Weyerhaeuser Company Management Incentive Plan (terminated as of December 31, 2005)

WBM Area/General Managers’ Incentive Plan (terminated as of December 31, 2005)

					
	 	 	 	 	 
	Weyerhaeuser Company

Deferred Compensation Plan
	 	-1-
	 	12/17/07

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