Document:

exv10w1

Exhibit 10.1

CIC Tier I US

Form of Weyerhaeuser Company

Executive Change-in-Control Agreement

The following executive officers are covered by the Weyerhaeuser Company Executive
Change-in-Control Agreement:

Daniel S. Fulton

Ernesta Ballard

Patricia M. Bedient

James M. Branson

Lawrence B. Burrows

Srinivasan Chandrasekaran

Miles P. Drake

Thomas F. Gideon

John A. Hooper

Sandy D. McDade

 

 

CIC Tier I US

Form of Executive

Change in Control Agreement

(Tier I)

Weyerhaeuser Company

January 1, 2010

 

 

CIC Tier I US

Contents

	 	 	 	 	 	 	 
	Article 1.
	 	Term of This Agreement	 	 	1	 
	 
	 	 	 	 	 	 
	Article 2.
	 	Definitions	 	 	2	 
	 
	 	 	 	 	 	 
	Article 3.
	 	Participation and Continuing Eligibility Under This Agreement	 	 	7	 
	 
	 	 	 	 	 	 
	Article 4.
	 	Severance Benefits	 	 	7	 
	 
	 	 	 	 	 	 
	Article 5.
	 	Form and Timing of Severance Benefits	 	 	10	 
	 
	 	 	 	 	 	 
	Article 6.
	 	The Company’s Payment Obligation	 	 	11	 
	 
	 	 	 	 	 	 
	Article 7.
	 	Dispute Resolution	 	 	11	 
	 
	 	 	 	 	 	 
	Article 8.
	 	Outplacement Assistance	 	 	12	 
	 
	 	 	 	 	 	 
	Article 9.
	 	Section 409A	 	 	12	 
	 
	 	 	 	 	 	 
	Article 10.
	 	Successors and Assignment	 	 	12	 
	 
	 	 	 	 	 	 
	Article 11.
	 	Miscellaneous	 	 	13	 

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Weyerhaeuser Company

                                         (Executive)

Executive Change in Control Agreement (Tier I)

     THIS EXECUTIVE CHANGE IN CONTROL AGREEMENT (Tier I) is made and entered into by and
between Weyerhaeuser Company (hereinafter referred to as the “Company”) and                                         
(hereinafter referred to as the “Executive”).

     WHEREAS, the Board of Directors of the Company has approved the Company entering into change
in control agreements with certain key executives of the Company;

     WHEREAS, the Executive is a key executive of the Company;

     WHEREAS, should the possibility of a Change in Control of the Company arise, the Board
believes it is imperative that the Company and the Board should be able to rely on the Executive to
continue in his position, and that the Company should be able to receive and rely on the
Executive’s advice, if requested, as to the best interests of the Company and its shareholders
without concern that the Executive might be distracted by the personal uncertainties and risks
created by the possibility of a Change in Control; and

     WHEREAS, should the possibility of a Change in Control arise, in addition to his regular
duties, the Executive may be called upon to assist in the assessment of such possible Change in
Control, advise management and the Board as to whether such Change in Control would be in the best
interests of the Company and its shareholders, and to take such other actions as the Board might
determine to be appropriate.

     NOW THEREFORE, to assure the Company that it will have the continued dedication of the
Executive and the availability of his advice and counsel notwithstanding the possibility, threat,
or occurrence of a Change in Control of the Company, and to induce the Executive to remain in the
employ of the Company, and for other good and valuable consideration, the Company and the Executive
agree as follows:

Article 1. Term of This Agreement

     Subject to the provisions of Article 10, this Agreement will commence on the Effective
Date and shall continue in effect for three (3) full calendar years. However, at any time prior to
the end of such three-year (3) period, and at any time prior to the end of any extended term, the
Committee may, in its discretion, extend the term of this Agreement for any period of time up to
three (3) additional years. Notwithstanding the foregoing, this Agreement is subject to annual
review and may be amended or otherwise modified by the Committee in its sole discretion subsequent
to such annual review, provided that no Change in Control shall have occurred.

     However, in the event a Change in Control occurs during the term of this Agreement, this
Agreement will remain in effect for the longer of (i) twenty-four (24) full calendar months beyond
the month in which such Change in Control occurred or (ii) until all obligations of the Company to
the Executive hereunder have been fulfilled, and until all benefits required hereunder have
been paid to the Executive.

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Article 2. Definitions

     Whenever used in this Agreement, the following terms shall have the meanings set forth
below and, when the meaning is intended, the initial letter of the word is capitalized:

	 	(a)	 	“Agreement” means this Executive Change in Control Agreement (Tier I).
	 
	 	(b)	 	“Base Salary” means the salary of record paid to the Executive as annual salary,
excluding amounts received under incentive or other bonus plans, whether or not deferred.
	 
	 	(c)	 	“Beneficial Owner” shall have the meaning ascribed to such term in Rule 13d-3 of the
General Rules and Regulations under the Exchange Act.
	 
	 	(d)	 	“Beneficiary” means the persons or entities designated or deemed designated by an
Executive pursuant to Section 12.2.
	 
	 	(e)	 	“Board” means the Board of Directors of the Company.
	 
	 	(f)	 	“Cause” means the Executive’s:

	 	(i)	 	Willful and continued failure to perform substantially the
Executive’s duties with the Company after the Company delivers to the Executive
written demand for substantial performance specifically identifying the manner in
which the Executive has not substantially performed the Executive’s duties;
	 
	 	(ii)	 	Conviction of a felony; or
	 
	 	(iii)	 	Willfully engaging in illegal conduct or gross misconduct that is
materially and demonstrably injurious to the Company.

     For purposes of this Section 2(f), no act or omission by the Executive shall be considered
“willful” unless it is done or omitted in bad faith or without reasonable belief that the
Executive’s action or omission was in the best interests of the Company. Any act or failure to act
based on: (A) authority given pursuant to a resolution duly adopted by the Board or (B) advice of
counsel for the Company shall be conclusively presumed to be done or omitted to be done by the
Executive in good faith and in the best interests of the Company. For purposes of subsections (i)
and (iii) above, the Executive shall not be deemed to be terminated for Cause unless and until
there shall have been delivered to the Executive a copy of a resolution duly adopted by the
affirmative vote of not less than three-quarters (3/4) of the entire membership of the Board at a
meeting called and held for such purpose (after reasonable notice is provided to the Executive and
the Executive is given an opportunity, together with counsel, to be heard before the Board) finding
that in the good faith opinion of the Board, the Executive is guilty of the conduct described in
subsection (i) or (iii) above and specifying the particulars thereof in detail.

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	 	(g)	 	“Change in Control” or “CIC” of the Company shall be deemed to have occurred as of
the first day that any one or more of the following conditions shall have been satisfied:

	 	(i)	 	Any Person, but excluding the Company and any subsidiary of the
Company and any employee benefits plan (or related trust) sponsored or maintained
by the Company or any subsidiary of the Company (collectively, “Excluded
Persons”), directly or indirectly, becomes the Beneficial Owner of securities of
the Company representing thirty-five percent (35%) or more of the combined voting
power of the Company’s then outstanding securities with respect to the election of
directors of the Company and such ownership continues for at least a period of
thirty (30) days (with the end of such period being deemed the effective date of
the CIC); or
	 
	 	(ii)	 	During any twenty-four (24) consecutive month period, the individuals
who, at the beginning of such period, constitute the Board (the “Incumbent
Directors”) cease for any reason other than death to constitute at least a
majority of the Board; provided, however, that except as set forth in the
following sentence, an individual who becomes a member of the Board subsequent to
the beginning of the twenty-four (24) month period shall be deemed to have
satisfied such twenty-four (24) month requirement (and be an Incumbent Director)
if such director was elected by, or on the recommendation of or with the approval
of, at least two-thirds (2/3) of the directors who then qualified as Incumbent
Directors either actually (because they were directors at the beginning of such
period) or by prior operation of the provisions of this Section 2(g)(ii).
Notwithstanding the proviso set forth in the preceding sentence, if any such
individual initially assumes office as a result of or in connection with either an
actual or threatened solicitation with respect to the election of directors (as
such terms are used in Rule 14a-12(c) of Regulation 14A promulgated under the
Exchange Act) or other actual or threatened solicitation of proxies or consents by
or on behalf of a Person other than the Board, then such individual shall not be
considered an Incumbent Director. For purposes of this Section 2(g)(ii), if at
any time individuals who initially assumed office as a result of or in connection
with an arrangement or understanding between the Company and any Person (an
“Entity Designee”) constitute at least one-half (1/2) of the Board, none of such
Entity Designees shall be considered Incumbent Directors from that time forward;
or
	 
	 	(iii)	 	There is consummated:

(A) a plan of complete liquidation of the Company; or

(B) a sale or disposition of all or substantially all the Company’s assets
in one or a series of related transactions; or

(C) a merger, consolidation, or reorganization of the Company or the
acquisition of outstanding Common Stock and as a result of or in connection
with such transaction (1) thirty-five percent (35%) or more of the
outstanding Common Stock or the voting securities of the Company outstanding
immediately prior thereto or the outstanding shares of common stock or the
combined voting power of the outstanding voting securities of the surviving

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entity are owned, directly or indirectly, by any other corporation or Person
other than (x) an Excluded Person or (y) a Person who is, or if such Person
beneficially owned five percent (5%) or more of the outstanding Common Stock
would be, eligible to report such Person’s beneficial ownership on Schedule
13G pursuant to the rules under Section 13(d) of the Exchange Act or (z) a
Person that has entered into an agreement with the Company pursuant to which
such Person has agreed not to acquire additional voting securities of the
Company (other than pursuant to the terms of such agreement), solicit
proxies with respect to the Company’s voting securities or otherwise
participate in any contest relating to the election of directors of the
Company, or take other actions that could result in a Change in Control of
the Company; provided that this exclusion shall apply only so long as such
agreement shall remain in effect, or (2) the voting securities of the
Company outstanding immediately prior thereto do not immediately after such
transaction continue to represent (either by remaining outstanding or by
being converted into voting securities of the surviving entity) more than
sixty percent (60%) of the combined voting power of the voting securities of
the Company (or such surviving entity) outstanding immediately after such
merger, consolidation, or reorganization.

	 	(h)	 	“Change in Control Price” means, with respect to a share of the Company’s common
stock, the higher of:

	 	(i)	 	the highest reported sales price, regular way, of such share of
common stock in any transaction reported on the New York Stock Exchange Composite
Tape or other national exchange on which such shares are listed during the 60-day
period prior to and including the date of the Change in Control; or
	 
	 	(ii)	 	if the Change in Control is the result of a tender or exchange offer
or a merger, reorganization or consolidation or sale or other disposition of all
or substantially all of the assets of the Company, the highest price per such
share of common stock paid in such transaction; provided, however, that in the
case of incentive Options and SARs relating to incentive Options, the Change in
Control Price shall be the average of the high and low per share trading prices
(or the average of the opening and closing prices, or the closing price, if so
determined by the Committee) for the Company’s common stock as reported on the
consolidated transaction reporting system for New York Stock Exchange issues
during regular session trading or such other source the Committee deems reliable
for a single trading day or an average of trading days not to exceed 30 days from
the grant date of such Equity Award or other date on which such Equity Award is
exercised or deemed exercised pursuant to Section 5.2.

To the extent the consideration paid in any such transaction described above consists
all or in part of securities or other non-cash consideration, the value of such
securities or other non-cash consideration shall be determined in the sole discretion of
the Board.

	 	(i)	 	“Code” means the United States Internal Revenue Code of 1986, as amended.

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	 	(j)	 	“Committee” means the Compensation Committee of the Board, or any other committee
appointed by the Board to perform the functions of the Compensation Committee.
	 
	 	(k)	 	“Company” means Weyerhaeuser Company, a Washington corporation (including any and all
subsidiaries), or any successor thereto as provided in Article 11.
	 
	 	(l)	 	“Disability” shall have the meaning ascribed to it in the Company’s Retirement Plan
for Salaried Employees, or in any successor to such plan.
	 
	 	(m)	 	“Effective Date” means January 1, 2008.
	 
	 	(n)	 	“Effective Date of Termination” means the date on which a Qualifying Termination
occurs that triggers the payment of Severance Benefits hereunder.
	 
	 	(o)	 	“Equity Awards” means any awards made from time to time to the Executive of options
to purchase the Company’s common stock (“Options”), restricted shares of the Company’s
common stock, stock appreciation rights (“SARs”), stock units denominated in units of the
Company’s common stock, performance shares, dividend equivalents, or other incentive
awards payable in shares of the Company’s common stock under the terms of the LTIP.
	 
	 	(p)	 	“Exchange Act” means the United States Securities Exchange Act of 1934, as amended.
	 
	 	(q)	 	“Executive” means a key executive of the Company who has been presented with and
signed this Agreement.
	 
	 	(r)	 	“Good Reason” shall mean, without the Executive’s express written consent, the
occurrence of any one or more of the following events:

	 	(i)	 	A material reduction in the Executive’s authority, duties, or
responsibilities existing immediately prior to the CIC;
	 
	 	(ii)	 	Within two (2) years following a Change in Control, and without the
Executive’s consent, the Company’s requiring the Executive to be based at a
location that is at least fifty (50) miles farther from the Executive’s primary
residence immediately prior to a Change in Control than is such residence from the
Company’s headquarters immediately prior to a Change in Control, except for
required travel on the Company’s business to an extent substantially consistent
with the Executive’s business obligations as of the Effective Date;
	 
	 	(iii)	 	A material reduction by the Company of the Executive’s Base Salary as
in effect immediately prior to the CIC;
	 
	 	(iv)	 	A material reduction in the benefits coverage in the aggregate provided
to the Executive immediately prior to the CIC; provided, however, that reductions
in the level of benefits coverage shall not be deemed to be “Good Reason” if the
Executive’s overall benefits coverage is substantially consistent with the average
level of benefits coverage of other executives who have positions commensurate with
the Executive’s position at the acquiring company;

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	 	(v)	 	A material reduction in the Executive’s level of participation,
including the Executive’s target-level opportunities, in any of the Company’s
short- and/or long-term incentive compensation plans in which the Executive
participates as of the Effective Date (for this purpose a material reduction shall
be deemed to have occurred if the aggregate “incentive opportunities” are reduced
by ten percent (10%) or more); or a material increase in the relative difficulty
of the measures used to determine the payouts under such plans (as reasonably
determined by the Executive); provided, however, that reductions in the levels of
participation or increase in relative difficulty of payout measures shall not be
deemed to be “Good Reason” if the Executive’s reduced level of participation or
difficulty of measures in each such program remains substantially consistent with
the level of participation or difficulty of the measures of some or all other
executives who have positions commensurate with the Executive’s position at the
acquiring company; or
	 
	 	(vi)	 	The failure of the Company to obtain a satisfactory agreement from any
successor to the Company to assume and agree to perform this Agreement, as
contemplated in Article 11.

Under this Agreement, Good Reason shall not be deemed to exist unless a “Change in
Control” has occurred within the time frame described in Section 4.2. Moreover, in no
event shall the Executive’s resignation be for Good Reason unless (A) an event set forth
above shall have occurred and the Executive provides the Company with written notice
thereof within thirty (30) days after the Executive has knowledge of the occurrence or
existence of such event, which notice specifically identifies the event that the
Executive believes constitutes Good Reason, and (B) the Company fails to correct the
event so identified in all material respects within thirty (30) days after receipt of
such notice.

	 	(s)	 	“LTIP” is the Weyerhaeuser Company 2004 Long-Term Incentive Plan or a successor
long-term incentive plan under which Equity Awards may be granted to the Executive from
time to time.
	 
	 	(t)	 	“Non-Competition and Release Agreement” is an agreement, in substantially the form
attached hereto in Annex A, executed by and between the Executive and the Company as a
condition to the Executive’s receipt of the benefits described in Section 4.3.
	 
	 	(u)	 	“Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the
Exchange Act and used in Sections 13(d) and 14(d) thereof, including a “group” as defined
in Section 13(d).
	 
	 	(v)	 	“Qualifying Termination” means any of the events described in Section 4.2, the
occurrence of which triggers the payment of Severance Benefits under Section 4.3.
	 
	 	(w)	 	“Retirement” shall mean early or normal retirement under the Company’s Retirement
Plan for Salaried Employees.
	 
	 	(x)	 	“Severance Benefits” means the Severance Benefits associated with a Qualifying
Termination, as described in Section 4.3.

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Article 3. Participation and Continuing Eligibility Under This Agreement

     3.1 Participation. Subject to Section 3.2, as well as the remaining terms of this
Agreement, the Executive shall remain eligible to receive benefits hereunder during the term of
this Agreement.

     3.2 Removal From Coverage. In the event the Executive’s job classification is reduced below
the minimum level required for eligibility to continue to be covered by severance protection as
determined at the sole discretion of the Committee, the Committee may remove the Executive from
coverage under this Agreement. Such removal shall be effective three (3) months after the date the
Company notifies the Executive of such removal. Removals occurring within two (2) years after a
CIC, shall be null and void for purposes of this Agreement.

Article 4. Severance Benefits

     4.1 Right to Severance Benefits. The Executive shall be entitled to receive from the
Company Severance Benefits if

	 	(a)	 	the Executive’s employment with the Company shall end for any reason
specified in Section 4.2; and
	 
	 	(b)	 	the Executive is not (i) reemployed by the Company or any subsidiary or
affiliate of the Company whether in a salaried, hourly, temporary, or full-time
capacity, or (ii) retained as a consultant or contractor by the Company or any
subsidiary or affiliate of the Company, or (iii) retained as a consultant or
contractor by an entity acquiring the Company, unless the reemployment or retention
of such Executive has the prior written approval of the Company’s Senior Vice
President of Human Resources, of the Company.

Receipt of Severance Benefits shall disqualify the Executive from eligibility to receive any
other severance benefits from the Company, including, without limitation, those under any
Executive Severance Agreement between the Company and the Executive, as such agreement may
be amended, supplemented, or otherwise modified from time to time, or, if such agreement
is no longer in effect, any successor agreement thereto.

     4.2 Qualifying Termination. The occurrence of any one or more of the following events within
twenty-four (24) full calendar months following the effective date of a CIC of the Company shall
trigger the payment of Severance Benefits to the Executive under this Agreement:

	 	(a)	 	An involuntary termination of the Executive’s employment by the
Company, authorized by the Company’s Senior Vice President of Human Resources, for
reasons other than for Cause, mandatory Retirement under the Company’s applicable
policies, or the Executive’s death, Disability, or voluntary termination of
employment (including voluntary Retirement) without Good Reason; or
	 
	 	(b)	 	a voluntary termination by the Executive for Good Reason.

     4.3 Description of Severance Benefits. In the event that the Executive becomes entitled to
receive Severance Benefits (and further contingent on the proper execution of the Non-Competition
and Release Agreement as set forth in Section 4.8), as provided in Sections 4.1 and 4.2, and
subject

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to the cap described in Section 6.1, the Company shall pay to the Executive and provide him
with the following:

	 	(a)	 	An amount equal to three times the highest rate of the Executive’s
annualized Base Salary rate in effect at any time up to and including the Effective
Date of Termination.
	 
	 	(b)	 	An amount equal to three times the Executive’s target annual bonus
established for the bonus plan year in which the Executive’s Effective Date of
Termination occurs (or, if higher, the target annual bonus established for the
bonus plan year in which the CIC occurs).
	 
	 	(c)	 	An amount equal to the Executive’s unpaid Base Salary and accrued
vacation pay through the Executive’s last day of work.
	 
	 	(d)	 	An amount equal to the Executive’s unpaid actual annual bonus, paid for
the plan year in which the Executive’s Effective Date of Termination occurs,
multiplied by a fraction, the numerator of which is the number of days completed in
the then-existing fiscal year through the Effective Date of Termination and the
denominator of which is three hundred sixty-five (365). Any payments hereunder are
in lieu of any bonuses otherwise payable under the Company’s applicable annual
incentive plans.
	 
	 	(e)	 	A lump sum payment of seventy-five thousand dollars ($75,000) (net of
required payroll and income tax withholding) in order to assist the Executive in
paying for replacement health and welfare coverage for a reasonable period
following the Executive’s Effective Date of Termination.
	 
	 	(f)	 	Full vesting of the Executive’s benefits under any and all supplemental
retirement plans in which the Executive participates. For purposes of determining
the amount of an Executive’s benefits in such plans, such benefits shall be
calculated under the assumption that the Executive’s employment continued following
the Effective Date of Termination for three (3) full years (i.e., three (3)
additional years of age and service credits shall be added); provided, however,
that for purposes of determining “final average pay” under such programs, the
Executive’s actual pay history as of the effective date of termination shall be
used. Payout of such amounts shall occur at the time established under such plans.
	 
	 	 	 	To the extent that the Executive is subject to a reduction of such benefits due
to application of any early retirement provisions, the three (3) additional years
of age shall be incorporated in the early retirement reduction calculation so as
to offset such reduction. Also, three (3) additional years of age, but not any
additional service, shall be used to determine the Executive’s eligibility for
early retirement benefits.
	 
	 	(g)	 	An amount equal to the value of the stock equivalents representing
premiums (including any appreciation and dividend equivalents) that are forfeited
under the Weyerhaeuser Company Deferred Compensation Plan, in connection with the
Executive’s Qualifying Termination. If no such premiums are forfeited under the

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	 	 	 	Weyerhaeuser Company Deferred Compensation Plan, then no amount shall be payable
under this Section 4.3(g).

	 	(h)	 	Unless otherwise provided in the instrument evidencing the Equity Award
or in a written employment or other agreement between the Executive and the
Company:

(i) Full vesting of any Equity Awards, which shall become immediately exercisable
and remain exercisable throughout their entire term;

(ii) Termination or lapsing of any restriction periods and restrictions imposed
on such Equity Awards that are not performance based;

(iii) Termination or lapsing of any restriction or other conditions applicable to
any such Equity Awards and such Equity Awards shall become free of all
restrictions, limitations or conditions and become fully vested and transferable
to the full extent of the original grant; and

(iv) Recognition of the target payout opportunities attainable under all
outstanding Equity Awards that are performance-based, which Equity Awards shall
be deemed to have been fully earned for the entire performance periods and
restrictions on such Equity Awards shall lapse and such Equity Awards shall be
immediately settled or distributed.

     4.4 Termination for Disability. Following a CIC of the Company, if the Executive’s employment
is terminated due to Disability, no compensation or benefits shall be payable under this Agreement
and the Executive shall instead receive his Base Salary through the Effective Date of Termination,
at which point in time the Executive’s benefits shall be determined in accordance with the
Company’s disability and other applicable compensation and benefits plans and programs then in
effect.

     4.5 Termination for Retirement or Death. Following a CIC of the Company, if the Executive’s
employment is terminated by reason of his death or voluntary Retirement other than for Good Reason,
no compensation or benefits shall be payable under this Agreement and the Executive’s benefits
shall instead be determined in accordance with the Company’s retirement and other applicable
compensation and benefits plans and programs then in effect.

     4.6 Termination for Cause or by the Executive Other Than for Good Reason or Retirement.
Following a CIC of the Company, if the Executive’s employment is terminated either (i) by the
Company for Cause or (ii) by the Executive (other than for Disability or death) and other than for
Good Reason, no compensation or benefits shall be payable under this Agreement and the Executive’s
benefits shall instead be determined in accordance with the Company’s applicable compensation and
benefits plans and programs then in effect.

     4.7 Notice of Termination. Any termination by the Company or by the Executive for Good Reason
under this Article 4 shall be communicated by a Notice of Termination, unless the Executive is
terminated for Cause, in which case no Notice of Termination is required. For purposes of this
Agreement, a “Notice of Termination” shall mean a written notice that shall indicate the specific
termination provision in this Agreement relied upon, and shall set forth in reasonable detail the
facts

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and circumstances claimed to provide a basis for termination of the Executive’s employment
under the provision so indicated.

     4.8 Delivery of Non-Competition and Release Agreement. The payment of Severance Benefits is
conditioned on the Executive’s timely execution of the Non-Competition and Release Agreement. The
Company will deliver the Non-Competition and Release Agreement when it provides a Notice of
Termination to the Executive or promptly following the Company’s receipt of a Notice of Termination
from the Executive. The Non-Competition and Release Agreement shall be deemed effective upon the
expiration of the required waiting periods under applicable state and/or federal laws as more
specifically described therein.

     To support the enforcement of the Non-Competition and Release Agreement, the parties agree
that the minimum value of the Non-Competition and Release Agreement at the time this Agreement was
entered into was at least 1.5 times the Executive’s Base Salary that has been built into the
severance formula in Section 4.3.

     4.9 Removal From Representative Boards. In the event the terminating Executive occupies any
board of directors seats solely as a Company representative, as a condition to receiving the
severance set forth in Section 4.3 the Executive shall immediately resign such position upon his
termination of employment with the Company, unless specifically requested in writing by the Company
otherwise.

Article 5. Form and Timing of Severance Benefits

     5.1 Form and Timing of Severance Benefits. The Severance Benefits described in Sections
4.3(a), 4.3(b), 4.3(c), 4.3(d), 4.3(e) and 4.3(g) shall be paid in cash to the Executive in a
single lump sum, subject to the Non-Competition and Release Agreement referred to in Section 4.8,
as soon as practicable following the Effective Date of Termination, but in no event beyond thirty
(30) days from the later of the Effective Date of Termination and the successful expiration of the
waiting periods described in Section 4.8.

     5.2 Treatment of Certain Equity Awards. Notwithstanding any other provision of this
Agreement, during the 60-day period from and after a Change in Control (the “Exercise Period”), if
the Committee shall determine at, or at any time after, the time of grant, an Executive holding a
Option or SAR exercisable pursuant to Section 4.3(h) shall have the right, in lieu of the payment
of the purchase price for the shares of the Company’s common stock being purchased under the Option
or SAR and by giving notices to the Company, to elect (within the Exercise Period) to surrender all
or part of the Option or SAR to the Company and to receive cash, within 30 days of such notice, in
an amount equal to the amount by which the Change in Control Price per share on the date of such
election shall exceed the purchase price per share of Company’s common stock under the Option or
SAR (the “spread”) multiplied by the number of shares of the Company’s common stock granted under
the Option or SAR as to which the right granted under this Section 5.2 shall have been exercised.

     5.3 Withholding of Taxes. The Company shall be entitled to withhold from any amounts
payable under this Agreement all taxes as legally shall be required (including, without limitation,
any United States federal taxes and any other state, city, or local taxes).

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Article 6. The Company’s Payment Obligation

     6.1 Payment Obligations Absolute. Except as provided in this Article 6 and Article 7 ,
the Company’s obligation to make the payments and the arrangements provided for hereof shall be
absolute and unconditional, and shall not be affected by any circumstances, including, without
limitation, any offset, counterclaim, recoupment, defense, or other right that the Company may have
against the Executive or anyone else. All amounts payable by the Company hereunder shall be paid
without notice or demand. Except as provided in this Article 6 and in Article 7, each and every
payment made hereunder by the Company shall be final, and the Company shall not seek to recover all
or any part of such payment from the Executive or from whosoever may be entitled thereto, for any
reasons whatsoever.

     The Executive shall not be obligated to seek other employment in mitigation of the amounts
payable or arrangements made under any provision of this Agreement, and the obtaining of any such
other employment shall in no event effect any reduction of the Company’s obligations to make the
payments and arrangements required to be made under this Agreement.

     6.2 Contractual Rights to Benefits. Subject to Article 1 and Sections 3.2 and 6.3, this
Agreement establishes and vests in the Executive a contractual right to the benefits to which he
may become entitled hereunder. However, nothing herein contained shall require or be deemed to
require, or prohibit or be deemed to prohibit, the Company to segregate, earmark, or otherwise set
aside any funds or other assets, in trust or otherwise, to provide for any payments to be made or
required hereunder.

     6.3 Forfeiture of Severance Benefits and Other Payments. Notwithstanding any other provision
of this Agreement to the contrary, if it is determined by the Company that the Executive has
violated any of the restrictive covenants contained in the Executive’s Non-Competition and Release
Agreement, the Executive shall be required to repay to the Company an amount equal to the economic
value of all Severance Benefits and other payments already provided to the Executive under this
Agreement and the Executive shall forever forfeit the Executive’s rights to any unpaid Severance
Benefits and other payments hereunder. Additional forfeiture provisions may apply pursuant to
other agreements and policies between the Executive and the Company, and any such forfeiture
provisions shall remain in full force and effect.

Article 7. Dispute Resolution

     7.1 Claims Procedure. The Executive may file a written claim with the Company’s Senior
Vice President of Human Resources, who shall consider such claim and notify the Executive in
writing of his or her decision with respect thereto within ninety (90) days (or within such longer
period not to exceed one hundred eighty (180) days, as the Senior Vice President of Human Resources
determines is necessary to review the claim, provided that the Senior Vice President of Human
Resources notifies the Executive in writing of the extension within the original ninety (90) day
period). If the claim is denied, in whole or in part, the Executive may appeal such denial to the
Committee, provided the Executive does so in writing within sixty (60) days of receiving the
determination by the Senior Vice President of Human Resources. The Committee shall consider the
appeal and notify the Executive in writing of its decision with respect thereto within sixty (60)
days (or within such longer period not to exceed one hundred twenty (120) days as the Committee
determines is necessary to review the appeal, provided that the Committee notifies the Executive in
writing of the extension within the original sixty (60) day period).

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CIC Tier I US

     7.2 Finality of Determination. The determination of the Committee with respect to any
question arising out of or in connection with the administration, interpretation, and application
of this Agreement shall be final, binding, and conclusive on all persons and shall be given the
greatest deference permitted by law.

Article 8. Outplacement Assistance

     Following a Qualifying Termination (as described in Section 4.2) the Executive shall be
reimbursed by the Company for the costs of all outplacement services incurred by the Executive
within the two (2) year period after the Effective Date of Termination; provided, however, that the
total reimbursement shall be limited to twenty thousand dollars ($20,000) and shall be completed by
the end of the calendar year in which such two (2) year period expires.

Article 9. Section 409A

     Notwithstanding anything to the contrary in this Agreement, to the extent the Executive
must be treated as a “specified employee” within the meaning of Section 409A of the Code (“Section
409A”), any Severance Benefits due to the Executive on or within the six (6) month period following
the Executive’s actual termination date will accrue during such six (6) month period to the extent
required by Section 409A and will become payable in a lump sum payment on the date six (6) months
and one (1) day following the date of the Executive’s actual termination; provided, however, that
such payments will be paid earlier, at the times and on the terms set forth in the applicable
provisions of this Agreement, if the Company reasonably determines that the imposition of
additional tax under Section 409A will not apply to an earlier payment of such payments. In
addition, this Agreement will be interpreted, operated, and administered by the Company to the
extent deemed reasonably necessary to avoid imposition of any additional tax or income recognition
prior to actual payment to the Executive under Section 409A, including any temporary or final
Treasury regulations and guidance promulgated thereunder.

Article 10. Successors and Assignment

     10.1 Successors to the Company. The Company will require any successor (whether direct
or indirect, by purchase, merger, consolidation, or otherwise) of all or substantially all of the
business and/or assets of the Company or of any division or subsidiary thereof to expressly assume
and agree to perform the Company’s obligations under this Agreement in the same manner and to the
same extent that the Company would be required to perform them if no such succession had taken
place. Failure of the Company to obtain such assumption and agreement prior to the effective date
of any such succession shall be a material breach of this Agreement and shall entitle the Executive
to compensation from the Company in the same amount and on the same terms as he would be entitled
to hereunder if he had terminated his employment with the Company voluntarily for Good Reason.
Except for the purposes of implementing the foregoing, the date on which any such succession
becomes effective shall be deemed the Effective Date of Termination.

     10.2 Assignment by the Executive. This Agreement shall inure to the benefit of and be
enforceable by each Executive’s personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees, and legatees. If the Executive dies while any amount
would still be payable to him hereunder had he continued to live, all such amounts, unless
otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the
Executive’s Beneficiary. If the Executive has not named a Beneficiary, then such amounts shall be
paid to the

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Executive’s devisee, legatee, or other designee, or if there is no such designee, to the
Executive’s estate.

Article 11. Miscellaneous

     11.1 Employment Status. Except as may be provided under any other agreement between the
Executive and the Company, the employment of the Executive by the Company is “at will” and, prior
to the effective date of a CIC, may be terminated by either the Executive or the Company at any
time, subject to applicable law.

     11.2 Beneficiaries. The Executive may designate one or more persons or entities as the primary
and contingent Beneficiaries of any Severance Benefits owing to the Executive under this Agreement.
Such designation must be in the form of a signed writing acceptable to the Committee and pursuant
to such other procedures as the Committee may decide. If no such designation is on file with the
Company at the time of the Executive’s death, or if no designated Beneficiaries survive the
Executive for more than fourteen (14) days, any Severance Benefits owing to the Executive under
this Agreement shall be paid to the Executive’s estate.

     11.3 Gender and Number. Except where otherwise indicated by the context, any masculine term
used herein also shall include the feminine, the plural shall include the singular, and the
singular shall include the plural.

     11.4 Severability. In the event any provision of this Agreement shall be held illegal or
invalid for any reason, the illegality or invalidity shall not affect the remaining parts of this
Agreement, and this Agreement shall be construed and enforced as if the illegal or invalid
provision had not been included. Further, the captions of this Agreement are not part of the
provisions hereof and shall have no force and effect.

     11.5 Modification. Except as provided in Article 1 and Section 3.2, no provision of this
Agreement may be modified, waived, or discharged following a CIC unless such modification, waiver,
or discharge is agreed to in writing and signed by the Executive and by an authorized member of the
Committee, or by the respective parties’ legal representatives and successors.

     11.6 Effect of Agreement. This Agreement shall completely supersede and replace any and all
portions of any contracts, plans, provisions, or practices pertaining to severance entitlements
owing to the Executive from the Company other than the Executive Severance Agreement between the
Company and the Executive dated January 1, 2010, and is in lieu of any notice requirement, policy,
or practice. Without limiting the generality of the preceding sentence, the Executive’s potential
rights to severance pay, benefits, and notice under the Executive Change in Control Agreement (Tier
I) dated January 1, 2008 (the “2008 Agreement”) shall be completely replaced and superseded by this
Agreement and such 2008 Agreement shall be of no further force and effect. As such, the Severance
Benefits described herein shall serve as the Executive’s sole recourse with respect to termination
of employment by the Company following a CIC. In addition, Severance Benefits shall not be counted
as “compensation,” or any equivalent term, for purposes of determining benefits under other
agreements, plans, provisions, or practices owing to the Executive from the Company, except to the
extent expressly provided therein. Except as otherwise specifically provided for in this
Agreement, the Executive’s rights under all such agreements, plans, provisions, and practices
continue to be subject to the respective terms and conditions thereof.

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     11.7 Applicable Law. To the extent not preempted by the laws of the United States, the laws of
the state of Washington shall be the controlling law in all matters relating to this Agreement.

     IN WITNESS WHEREOF, the parties have executed this Agreement on the dates appearing below.

	 	 	 	 	 	 	 
	Weyerhaeuser Company	 	Executive
	 
	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 
	 

	 	 
	 	 	 	 
	Its:

	 	 	 	Name:	 	 
	 

	 	 
	 	 	 	 
	Date:

	 	 	 	Date:	 	 
	 

	 	 
	 	 	 	 

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Exhibit 10.2

SRR Severance Tier I US

Form of Weyerhaeuser Company

Executive Severance Agreement

The following executive officers are covered by the Weyerhaeuser Company Executive Severance
Agreement:

Daniel S. Fulton

Ernesta Ballard

Patricia M. Bedient

James M. Branson

Lawrence B. Burrows

Srinivasan Chandrasekaran

Miles P. Drake

Thomas F. Gideon

John A. Hooper

Sandy D. McDade

The terms and conditions of the agreement are the same for all participants except that upon
termination the severance benefits paid to the Chief Executive Officer are equal to two times the
executive’s base salary and bonus. The severance benefits paid to the remaining executive officers
are equal to one and a half times their base salary and bonus.

 

 

SRR Severance Tier I US

Form of

Executive Severance Agreement

(Tier I)

Weyerhaeuser Company

January 1, 2010

 

 

SRR Severance Tier I US

Contents

	 	 	 	 	 	 	 
	Article 1.
	 	Term of This Agreement	 	 	1	 
	 
	 	 	 	 	 	 
	Article 2.
	 	Definitions	 	 	1	 
	 
	 	 	 	 	 	 
	Article 3.
	 	Participation and Continuing Eligibility under this Agreement	 	 	3	 
	 
	 	 	 	 	 	 
	Article 4.
	 	Severance Benefits	 	 	3	 
	 
	 	 	 	 	 	 
	Article 5.
	 	Form and Timing of Severance Benefits	 	 	5	 
	 
	 	 	 	 	 	 
	Article 6.
	 	The Company’s Payment Obligation	 	 	5	 
	 
	 	 	 	 	 	 
	Article 7.
	 	Dispute Resolution	 	 	6	 
	 
	 	 	 	 	 	 
	Article 8.
	 	Outplacement Assistance	 	 	6	 
	 
	 	 	 	 	 	 
	Article 9.
	 	Successors and Assignment	 	 	7	 
	 
	 	 	 	 	 	 
	Article 10.
	 	Section 409A	 	 	7	 
	 
	 	 	 	 	 	 
	Article 11.
	 	Miscellaneous	 	 	7	 

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Weyerhaeuser Company

___________________ (Executive)

Severance Agreement (Tier I)

     THIS EXECUTIVE SEVERANCE AGREEMENT (Tier I) is made and entered into by and between
Weyerhaeuser Company (hereinafter referred to as the “Company”) and __________________
(hereinafter referred to as the “Executive”).

     WHEREAS, the Board of Directors of the Company has approved the Company entering into
severance agreements with certain key executives of the Company;

     WHEREAS, the Executive is a key executive of the Company;

     NOW THEREFORE, for good and valuable consideration, the Company and the Executive agree as follows:

Article 1. Term of This Agreement

     Subject to the provisions of Article 10, this Agreement will commence on the Effective Date
and shall continue in effect for three (3) full calendar years. However, at any time prior to the
end of such three-year (3) period and, at any time prior to the end of any extended term, the
Committee may, in its discretion, extend the term of this Agreement for any period of time up to
three (3) additional years. Notwithstanding the foregoing, this Agreement is subject to annual
review and may be amended or otherwise modified by the Committee in its sole discretion subsequent
to such annual review prior to the Effective Date of Termination.

Article 2. Definitions

     Whenever used in this Agreement, the following terms shall have the meanings set forth below
and, when the meaning is intended, the initial letter of the word is capitalized:

	 	(a)	 	“Agreement” means this Executive Severance Agreement (Tier I).
	 
	 	(b)	 	“Base Salary” means the salary of record paid to the Executive as annual salary,
excluding amounts received under incentive or other bonus plans, whether or not deferred.
	 
	 	(c)	 	“Beneficiary” means the persons or entities designated or deemed designated by an
Executive pursuant to Section 11.2.
	 
	 	(d)	 	“Board” means the Board of Directors of the Company.
	 
	 	(e)	 	“Cause” means the Executive’s:

	 	(i)	 	Willful and continued failure to perform substantially the
Executive’s duties with the Company after the Company delivers to the Executive
written demand for substantial performance specifically identifying the manner in
which Executive has not substantially performed the Executive’s duties;

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	 	(ii)	 	Conviction of a felony; or
	 
	 	(iii)	 	Willfully engaging in illegal conduct or gross misconduct which is
materially and demonstrably injurious to the Company.

     For purposes of this Section 2(e), no act or omission by the Executive shall be considered
“willful” unless it is done or omitted in bad faith or without reasonable belief that the
Executive’s action or omission was in the best interests of the Company. Any act or failure to act
based upon (A) authority given pursuant to a resolution duly adopted by the Board or (B) advice of
counsel for the Company shall be conclusively presumed to be done or omitted to be done by the
Executive in good faith and in the best interests of the Company. For purposes of subsections
(i)-(iii) above, the Executive shall not be deemed to be terminated for Cause unless and until
there shall have been delivered to the Executive a copy of a resolution duly adopted by the
affirmative vote of not less than three-quarters (3/4) of the entire membership of the Board at a
meeting called and held for such purpose (after reasonable notice is provided to the Executive and
the Executive is given an opportunity, together with counsel, to be heard before the Board) finding
that in the good faith opinion of the Board, the Executive is guilty of the conduct described in
subsection (i) or (iii) above and specifying the particulars thereof in detail.

	 	(f)	 	“CIC” of the Company shall have the definition set forth in the CIC Agreement.
	 
	 	(g)	 	“CIC Agreement” means the Executive Change in Control Agreement between the Company
and the Executive, as such agreement may be amended, supplemented or otherwise modified
from time to time, or, if such agreement is no longer in effect, any successor agreement
thereto.
	 
	 	(h)	 	“Code” means the United States Internal Revenue Code of 1986, as amended.
	 
	 	(i)	 	“Committee” means the Compensation Committee of the Board, or any other committee
appointed by the Board to perform the functions of the Compensation Committee.
	 
	 	(j)	 	“Company” means Weyerhaeuser Company, a Washington corporation (including any and all
subsidiaries), or any successor thereto as provided in Article 9.
	 
	 	(k)	 	“Disability” shall have the meaning ascribed to it in the Company’s Retirement Plan
for Salaried Employees, or in any successor to such plan.
	 
	 	(l)	 	“Effective Date” means the date this Agreement is executed on behalf of the Company,
or such other date as the Board shall designate.
	 
	 	(m)	 	“Effective Date of Termination” means the date on which a Qualifying Termination
occurs that triggers the payment of Severance Benefits hereunder.
	 
	 	(n)	 	“Executive” means a key executive of the Company who has been presented with and
signed this Agreement.
	 
	 	(o)	 	“Non-Competition and Release Agreement” is an agreement, in substantially the form
attached hereto in Annex A, executed by and between the Executive and the Company as a
condition to the Executive’s receipt of Severance Benefits.

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	 	(p)	 	“Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the
Exchange Act and used in Sections 13(d) and 14(d) thereof, including a “group” as defined
in Section 13(d).
	 
	 	(q)	 	“Qualifying Termination” means any of the events described in Section 4.2, the
occurrence of which triggers the payment of Severance Benefits under Section 4.3.
	 
	 	(r)	 	“Retirement” shall mean early or normal retirement under the Company’s Retirement
Plan for Salaried Employees.
	 
	 	(s)	 	“Severance Benefits” means Severance Benefits described in Section 4.3.

Article 3. Participation and Continuing Eligibility under this Agreement

     3.1 Participation. Subject to Section 3.2, as well as the remaining terms of this Agreement,
the Executive shall remain eligible to receive benefits hereunder during the term of this
Agreement.

     3.2 Removal From Coverage. In the event the Executive’s job classification is reduced below
the minimum level required for eligibility to continue to be covered by severance protection as
determined at the sole discretion of the Committee, the Committee may remove the Executive from
coverage under this Agreement. Such removal shall be effective three (3) months after the date the
Company notifies the Executive of such removal.

Article 4. Severance Benefits

     4.1 Right to Severance Benefits.

	 	(a)	 	Subject to Section 4.1(b), the Executive shall be entitled to receive
from the Company Severance Benefits, if the Executive’s employment with the Company
shall end for any reason specified in Section 4.2, and the Executive is not (i)
reemployed by the Company or any subsidiary or affiliate of the Company whether in
a salaried, hourly, temporary or full-time capacity, or (ii) retained as a
consultant or contractor by the Company or any subsidiary or affiliate of the
Company, or (iii) retained as a consultant or contractor by an entity acquiring
assets from the Company, unless the participation by the Executive has the prior
written approval of the Company’s Senior Vice President of Human Resources.
	 
	 	(b)	 	If the Executive’s employment with the Company is terminated as a
result of the acquisition (either through the sale of assets or the sale of stock)
or the outsourcing of the services previously provided internally by Company
employees of the unit in which the Executive was employed, and the Executive is
employed by the acquiring entity, the Executive is not eligible to receive
Severance Benefits hereunder.
	 
	 	 	 	The Executive is not eligible to receive both severance benefits under the CIC
Agreement and Severance Benefits hereunder. Accordingly, if the Executive
receives severance benefits under the CIC Agreement, he shall not receive
Severance Benefits hereunder. However, if the Executive suffers a Qualifying
Termination, and if the Company has undergone a CIC such that the Executive’s

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	 	 	 	Effective Date of Termination falls within the window period described in Section
4.2 of the CIC Agreement, the Executive’s total Severance Benefits shall equal
the amounts described as severance benefits under the CIC Agreement (potentially
requiring additional payments to the extent the amounts already paid as Severance
Benefits hereunder do not equal the amounts payable as severance benefits under
the CIC Agreement).

     4.2 Qualifying Termination. An involuntary termination of the Executive’s employment by the
Company, authorized by the Company’s Senior Vice President of Human Resources, for reasons other
than Cause, mandatory Retirement under the Company’s applicable policies, or the Executive’s death,
Disability, or voluntary termination of employment (whether by Retirement or otherwise) at any time
other than within twenty-four (24) full calendar months following the effective date of a CIC shall
trigger the payment of Severance Benefits to the Executive under this Agreement.

     4.3 Description of Severance Benefits. Subject to the conditions of Section 4.6, in the event
that the Executive becomes entitled to receive Severance Benefits, as provided in Sections 4.1 and
4.2, the Company shall pay to the Executive and provide him with the following:

	 	(a)	 	An amount equal to
_________ times the highest rate of the Executive’s
annualized Base Salary rate in effect at any time up to and including the Effective
Date of Termination.
	 
	 	(b)	 	An amount equal to
_________ times the Executive’s target annual bonus
established for the bonus plan year in which the Executive’s Effective Date of
Termination occurs.
	 
	 	(c)	 	An amount equal to the Executive’s unpaid Base Salary and accrued
vacation pay through the last day the Executive worked.
	 
	 	(d)	 	An amount equal to the Executive’s unpaid actual annual bonus, paid for
the plan year in which the Executive’s Effective Date of Termination occurs,
multiplied by a fraction, the numerator of which is the number of days completed in
then-existing fiscal year through the Effective Date of Termination and the
denominator of which is three hundred sixty-five (365). Any payments hereunder are
in lieu of bonuses otherwise payable under the Company’s applicable annual
incentive plans.
	 
	 	(e)	 	A lump sum payment of ten thousand dollars ($10,000) (net of required
payroll and income tax withholding) in order to assist the Executive in paying for
replacement health and welfare coverage for a reasonable period following the
Executive’s Effective Date of Termination.

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     4.4 Termination for Cause or by the Executive. If the Executive’s employment is terminated
either (i) by the Company for Cause or (ii) by the Executive, the Company shall pay the Executive
his full Base Salary and accrued vacation through the last day worked, at the rate then in effect,
plus all other amounts to which the Executive is entitled under any compensation plans of the
Company, at the time such payments are due, and the Company shall have no further obligations to
the Executive under this Agreement.

     4.5 Notice of Termination. Any termination by the Company under this Article 4 shall be
communicated by a Notice of Termination, unless the Executive is terminated for Cause, in which
case no Notice of Termination is required. For purposes of this Agreement, a “Notice of
Termination” shall mean a written notice that shall indicate the specific termination provision in
this Agreement relied upon, and shall set forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of the Executive’s employment under the provision so
indicated.

     4.6 Delivery of Non-Competition and Release Agreement. The payment of Severance Benefits is
conditioned on the Executive’s timely execution of the Non-Competition and Release Agreement. The
Company will deliver the Non-Competition and Release Agreement when it provides a Notice of
Termination to the Executive. The Non-Competition and Release Agreement shall be deemed effective
upon the expiration of the required waiting periods under any applicable state and/or federal laws,
as more specifically described therein.

     To support the enforcement of the Non-Competition and Release Agreement, the parties agree
that the minimum value of the Non-Competition and Release Agreement at the time this Agreement was
entered into was at least 1.5 times the Executive’s Base Salary which has been built into the
severance formula contained in Section 4.3.

     4.7 Removal From Representative Boards. In the event the terminating the Executive occupies
any board of directors seats solely as a Company representative, as a condition to receiving the
severance set forth in Section 4.3, the Executive shall immediately resign such position upon his
termination of employment with the Company, unless specifically requested in writing by the Company
otherwise.

Article 5. Form and Timing of Severance Benefits

     5.1 Form and Timing of Severance Benefits. The Severance Benefits described in Section 4.3
shall be paid in cash to the Executive in a single lump sum, subject to the Non-Competition and
Release Agreement described in Section 4.6, as soon as practicable following the Effective Date of
Termination, but in no event beyond thirty (30) days from the later of the Effective Date of
Termination and the successful expiration of the waiting periods described in Section 4.6.

     5.2 Withholding of Taxes. The Company shall be entitled to withhold from any amounts payable
under this Agreement all taxes as legally shall be required (including, without limitation, any
United States federal taxes and any other state, city, or local taxes).

Article 6. The Company’s Payment Obligation

     6.1 Payment Obligations Absolute. Except as provided in this Article 6 and in Article 7, the
Company’s obligation to make the payments and the arrangements provided for herein shall be
absolute and unconditional, and shall not be affected by any circumstances, including, without

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limitation, any offset, counterclaim, recoupment, defense, or other right that the Company may
have against the Executive or anyone else. All amounts payable by the Company hereunder shall be
paid without notice or demand. Except as provided in Section 5.1, this Article 6 and in Article 7,
each and every payment made hereunder by the Company shall be final, and the Company shall not seek
to recover all or any part of such payment from the Executive or from whosoever may be entitled
thereto, for any reasons whatsoever.

     6.2 Contractual Rights to Benefits. Subject to Sections 3.2 and 6.3, this Agreement
establishes and vests in the Executive a contractual right to the benefits to which he may become
entitled hereunder. However, nothing herein contained shall require or be deemed to require, or
prohibit or be deemed to prohibit, the Company to segregate, earmark, or otherwise set aside any
funds or other assets, in trust or otherwise, to provide for any payments to be made or required
hereunder.

     6.3 Forfeiture of Severance Benefits and Other Payments. Notwithstanding any other provision
of this Agreement to the contrary, if it is determined by the Company that the Executive has
violated any of the restrictive covenants contained in the Executive’s Non-Competition and Release
Agreement, the Executive shall be required to repay to the Company an amount equal to the economic
value of all Severance Benefits and other payments already provided to the Executive under this
Agreement and the Executive shall forever forfeit the Executive’s rights to any unpaid Severance
Benefits and other payments hereunder. Additional forfeiture provisions may apply pursuant to
other agreements and policies between the Executive and the Company, and any such forfeiture
provisions shall remain in full force and effect.

Article 7. Dispute Resolution

     7.1 Claims Procedure. The Executive may file a written claim with the Company’s Senior Vice
President of Human Resources, who shall consider such claim and notify the Executive in writing of
his decision with respect thereto within ninety (90) days (or within such longer period not to
exceed one hundred eighty (180) days, as the Senior Vice President of Human Resources determines is
necessary to review the claim, provided that the Senior Vice President of Human Resources notifies
the Executive in writing of the extension within the original ninety (90) day period). If the
claim is denied, in whole or in part, the Executive may appeal such denial to the Committee,
provided the Executive does so in writing within sixty (60) days of receiving the determination by
the Senior Vice President of Human Resources. The Committee shall consider the appeal and notify
the Executive in writing of its decision with respect thereto within sixty (60) days (or within
such longer period not to exceed one hundred twenty (120) days as the Committee determines is
necessary to review the appeal, provided that the Committee notifies the Executive in writing of
the extension within the original sixty (60) day period).

     7.2 Finality of Determination. The determination of the Committee with respect to any
question arising out of or in connection with the administration, interpretation, and application
of this Agreement shall be final, binding, and conclusive on all persons and shall be given the
greatest deference permitted by law.

Article 8. Outplacement Assistance

     Following a Qualifying Termination (as described in Section 4.2), the Executive shall be
reimbursed by the Company for the costs of all outplacement services obtained by the Executive

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within the two (2) year period after the Effective Date of Termination; provided, however,
that the total reimbursement shall be limited to twenty thousand dollars ($20,000) and shall be
completed by the end of the calendar year in which such two (2) year period expires.

Article 9. Successors and Assignment

     9.1 Successors to the Company. This Agreement shall be binding on the successors of the Company.

     9.2 Assignment by the Executive. This Agreement shall inure to the benefit of and be
enforceable by each the Executive’s personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees, and legatees. If the Executive dies while any amount
would still be payable to him hereunder had he continued to live, all such amounts, unless
otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the
Executive’s Beneficiary. If the Executive has not named a Beneficiary, then such amounts shall be
paid to the Executive’s devisee, legatee, or other designee, or if there is no such designee, to
the Executive’s estate.

Article 10. Section 409A

     All Severance Benefits payable under this Agreement are intended to comply with the “short
term deferral” exception specified in Internal Revenue Service Notice 2005-1, or otherwise be
excepted from coverage under Section 409A of the Code (“Section 409A”). Notwithstanding the
foregoing sentence, to the extent such exception is not available and the Executive must be treated
as a “specified employee” within the meaning of Section 409A of the Code (“Section 409A”), any
Severance Benefits payable in cash and due to the Executive on or within the six (6) month period
following the Executive’s actual termination date will accrue during such six (6) month period and
will become payable in a lump sum payment on the date six (6) months and one (1) day following the
date of the Executive’s actual termination; provided, however, that such payments will be paid
earlier, at the times and on the terms set forth in the applicable provisions of this Agreement, if
the Company reasonably determines that the imposition of additional tax under Section 409A will not
apply to an earlier payment of such payments. In addition, this Agreement will be interpreted,
operated, and administered by the Company to the extent deemed reasonably necessary to avoid
imposition of any additional tax or income recognition prior to actual payment to the Executive
under Section 409A, including any temporary or final treasury regulations and guidance promulgated
thereunder.

Article 11. Miscellaneous

     11.1 Employment Status. Except as may be provided under any other agreement between the
Executive and the Company, the employment of the Executive by the Company is “at will,” and may be
terminated by either the Executive or the Company at any time, subject to applicable law.

     11.2 Beneficiaries. The Executive may designate one or more persons or entities as the primary
and/or contingent Beneficiaries of any Severance Benefits owing to the Executive under this
Agreement. Such designation must be in the form of a signed writing acceptable to the Committee and
pursuant to such other procedures as the Committee may decide. If no such designation is on file
with the Company at the time of the Executive’s death, or if no designated Beneficiaries survive
the

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Executive for more than fourteen (14) days, any Severance Benefits owing to the Executive
under this Agreement shall be paid to the Executive’s estate.

     11.3 Gender and Number. Except where otherwise indicated by the context, any masculine term
used herein also shall include the feminine, the plural shall include the singular, and the
singular shall include the plural.

     11.4 Severability. In the event any provision of this Agreement shall be held illegal or
invalid for any reason, the illegality or invalidity shall not affect the remaining parts of this
Agreement, and this Agreement shall be construed and enforced as if the illegal or invalid
provision had not been included. Further, the captions of this Agreement are not part of the
provisions hereof and shall have no force and effect.

     11.5 Modification. Except as provided in Article 1 and Section 3.2, no provision of this
Agreement may be modified, waived, or discharged following the Effective Date of Termination unless
such modification, waiver, or discharge is agreed to in writing and signed by the Executive and by
an authorized member of the Committee, or by the respective parties’ legal representatives and
successors.

     11.6 Effect of Agreement. This Agreement shall completely supersede and replace any and all
portions of any contracts, plans, provisions, or practices pertaining to severance entitlements
owing to the Executive from the Company other than the CIC Agreement, and is in lieu of any notice
requirement, policy, or practice. Without limiting the generality of the preceding sentence, the
Executive’s potential rights to severance pay, benefits, and notice under the Weyerhaeuser Company
the Executive Severance Agreement (Tier I) dated January 1, 2008 (the “2008 Agreement”) shall be
completely replaced and superseded by this Agreement and the 2008 Agreement shall be of no further
force and effect. As such, the Severance Benefits described herein shall serve as the Executive’s
sole recourse with respect to termination of employment by the Company other than a termination
that entitles the Executive to severance benefits under the terms of the CIC Agreement. In
addition, Severance Benefits shall not be counted as “compensation,” or any equivalent term, for
purposes of determining benefits under other agreements, plans, provisions, or practices owing to
the Executive from the Company, except to the extent expressly provided therein. Except as
otherwise specifically provided for in this Agreement, the Executive’s rights under all such
agreements, plans, provisions, and practices continue to be subject to the respective terms and
conditions thereof.

     11.7 Applicable Law. To the extent not preempted by the laws of the United States, the laws of
the state of Washington shall be the controlling law in all matters relating to this Agreement.

     IN WITNESS WHEREOF, the parties have executed this Agreement on the dates appearing below.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Weyerhaeuser Company	 	 	 	Executive	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	 	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Its:
	 	 	 	 	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	Date:
	 	 	 	 	 	 	 	Date:	 	 	 	 
	 

	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

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ANNEX A

NON-COMPETITION AND RELEASE AGREEMENT

FOR THE EXECUTIVE SEVERANCE AGREEMENT (TIER I)

1. Parties.

     The parties to this Non-Competition and Release Agreement are NAME (“the Executive”), and
WEYERHAEUSER COMPANY, a Washington corporation, and all successors thereto (“Company”).

2. Date.

     The date of this Non-Competition and Release Agreement (this “Release Agreement”) is MONTH
DAY, YEAR (DATE DELIVERED TO EXECUTIVE) (the “Date of this Agreement”).

3. Recitals.

     Executive’s employment with Company is ending. Executive is a participant in the Weyerhaeuser
Company Executive Severance Agreement (Tier I) (“Severance Agreement”) and is eligible for
Severance Benefits under the Severance Agreement on condition Executive executes a non-competition
and release agreement. This Release Agreement sets forth the terms of Executive’s severance from
Company.

4. Defined Terms.

     When defined terms from the Severance Agreement are used herein, they shall have the same
definitions as provided in Article 2 of the Severance Agreement.

5. Termination of Employment.

     (NOTE: This Section 5 may be different depending on what arrangements are made with Executive
about running out vacation or being paid for unused earned vacation.)

     Effective MONTH DAY, YEAR, Executive’s employment with Company shall terminate (“Termination
Date”). Executive’s last day at work shall be MONTH DAY, YEAR, after which Employee will be on
paid vacation through the Termination Date. Executive shall resign all positions with Company,
whether as an officer, employee, or agent, in each case effective on the Termination Date.

6. Payments.

     Upon expiration of the Revocation Period, defined below, without exercise of the right to
revoke, Executive shall receive or be entitled to receive the Severance Benefits and other payments
to the extent set forth in the Severance Agreement, including, but not limited to, the forfeiture
provisions of Section 6.3 thereof.

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7. Release.

     Executive hereby releases Company, and all successors, subsidiaries, and affiliates of
Company, and all officers, directors, employees, agents, and shareholders of Company, and each of
them, from any and all claims, liability, demands, rights, damages, costs, attorneys’ fees, and
expenses of whatever nature that exist as of the date of execution of this Release Agreement,
whether known or unknown, foreseen or unforeseen, asserted or unasserted, including, but not
limited to, all claims arising out of Executive’s employment and/or Executive’s termination from
employment, and including all claims arising out of applicable state and federal laws, Title VII of
the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Americans with
Disabilities Act, the Employee Retirement Income Security Act of 1974, state and federal Family
Leave Acts, and any other applicable tort, contract, or other common law theories; provided,
however, that this release shall not extend to any compensatory payments or other benefits due to
Executive following the expiration of the Revocation Period pursuant to the terms and conditions of
any applicable benefit plans, programs and agreements maintained by Company for the benefit of
Executive or to which Company and Executive are parties.

8. Confidentiality Agreement.

     8.1 Company’s Confidential Information. During the course of performing Executive’s
duties as a Company employee, Executive was exposed to and acquired Company’s Confidential
Information. As used herein, “Confidential Information” refers to any and all information of a
confidential, proprietary, or trade secret nature that is maintained in confidence by Company for
the protection of its business. Confidential Information includes, but is not limited to,
Company’s information about or related to (i) any current or planned products, (ii) research and
development or investigations related to prospective products, (iii) proprietary software and
systems, (iv) suppliers or customers, (v) cost information, profits, sales information, and
accounting and unpublished financial information, (vi) business and marketing plans and methods,
and (vii) any other information not generally known to the public that, if misused or disclosed to
a competitor, could reasonably be expected to adversely affect the Company.

     8.2 Nondisclosure of Confidential Information. Executive acknowledges that the
Confidential Information is a special, valuable, and unique asset of Company. Executive agrees to
keep in confidence and trust all Confidential Information for so long as such information (i) is
not generally known to the public or to persons outside Company who could obtain economic value
from its use and (ii) is subject to efforts by Company that are reasonable under the circumstances
to maintain its secrecy. Executive agrees that Executive will not directly or indirectly use the
Confidential Information for the benefit of Executive or any other person or entity.

9. Nonsolicitation.

     9.1 Nonsolicitation of Employees. Executive agrees that for a period of two (2) years
following the Termination Date, Executive shall not directly or indirectly solicit or attempt to
induce any employee of Company, any successor corporation, or a subsidiary of Company to work for
Executive or any competing company or competing business organization.

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SRR Severance Tier I US

     9.2 Nonsolicitation of Customers and Vendors. Executive agrees that for a period of
two (2) years following the Termination Date, Executive shall not directly or indirectly solicit or
attempt to induce any customer, vendor, or supplier of Company to end its relationship with Company
and/or conduct business with Executive or any entity in which Executive has a financial interest.

10. Non-competition.

     Executive agrees that for a period of one (1) year following the Termination Date, Executive
shall not directly or indirectly, whether as an employee, officer, director, shareholder, agent, or
consultant, engage or participate in any business that competes with Company, provided that nothing
in this Section 10 shall preclude Executive from (i) performing any services on behalf of an
investment banking, commercial banking, auditing, or consulting firm or (ii) investing five percent
(5%) or less in the common stock of any publicly traded company, provided such investment does not
give Executive the right or ability to control or influence the policy decisions of any competing
business.

11. Review and Rescission Rights.

     Executive has forty-five (45) days from the Date of this Agreement (the “Review Period”)
within which to decide whether to sign this Release Agreement. If Executive signs this Release
Agreement, Executive may revoke this Release Agreement if, within seven (7) days after signing (the
“Revocation Period”), Executive delivers notice in writing to an Executive Compensation Manager of
Company.

     This Release Agreement will not become effective, and the Severance Benefits dependent on the
execution of this Release Agreement will not become payable, until this Release Agreement is
signed, the Revocation Period expires, and Executive has not exercised the right to revoke this
Release Agreement.

     Executive may sign this Release Agreement prior to the end of the forty-five (45) day Review
Period, thereby commencing the seven (7) day Revocation Period. Whether Executive decides to sign
before the end of the Review Period is entirely up to Executive.

     Executive will receive the same severance payments regardless of when Executive signs this
Release Agreement, as long as Executive signs prior to the end of the Review Period and does not
revoke this Release Agreement.

     Executive acknowledges that Executive’s release of rights is in exchange for Severance
Benefits to which Executive otherwise legally would not be entitled.

12. Advice of Counsel.

     Executive acknowledges that Executive has been advised to consult with an attorney before
signing this Release Agreement.

13. Disputes.

     Any dispute or claim that arises out of or relates to this Release Agreement shall be resolved
in accordance with the provisions of Article 7 of the Severance Agreement. Notwithstanding the

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SRR Severance Tier I US

     provisions of this Section 13, any claim by Company for injunctive relief under the provisions
of Section 8, 9, or 10 herein, or any subparts thereof, shall not be subject to the terms of this
Section 13.

14. Governing Law.

     To the extent not preempted by the laws of the United States, Washington law governs this
Release Agreement, notwithstanding its choice of law rules.

15. Entire Agreement.

     All of the parties’ agreements, covenants, representations, and warranties, express or
implied, oral or written, concerning the subject matter of this Release Agreement are contained in
this Release Agreement. All prior and contemporaneous conversations, negotiations, agreements,
representations, covenants, and warranties concerning the subject matter of this Release Agreement
are merged into this Release Agreement. This is an integrated agreement.

16. Miscellaneous.

     The benefits and obligations of this Release Agreement shall inure to the successors and
assigns of the parties. The parties acknowledge that the only consideration for this Release
Agreement is the consideration expressly described herein, that each party fully understands the
meaning and intent of this Release Agreement, that this Release Agreement has been executed
voluntarily, and that the terms of this Release Agreement are contractual.

17. Severability.

     Executive agrees that each provision in this Release Agreement will be treated as a separate
and independent clause, and the enforceability of any one clause will in no way impair the
enforceability of any of the other clauses in this Release Agreement. Moreover, if one or more of
the provisions contained in this Release Agreement, whether for the benefit of Executive or
Company, are for any reason held to be excessively broad as to scope, activity, or subject so as to
be unenforceable at law, such provision or provisions will be construed by limiting and reducing it
or them, so as to be enforceable to the maximum extent compatible with the applicable law as it
then appears.

18. Section and Paragraph Titles.

     Section and paragraph titles in this Release Agreement are used for convenience only and are
not intended to and shall not in any way enlarge, define, limit, or extend the rights or
obligations of the parties or affect the interpretation of this Release Agreement.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	WEYERHAEUSER COMPANY	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	 	 	Date:
	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	[NAME OF EXECUTIVE]	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Date:	 	 	 	 
	 	 	 	 	 	 	 	 	 

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