Document:

Exhibit

Exhibit 10.10

International Paper Company
Notice of Award under the
2017 Performance Share Plan (“PSP”)

NAME
ADDRESS
ADDRESS

Identification Number:  Employee ID #

THIS CERTIFIES THAT, effective January 1, 2017, the Management Development and Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of International Paper Company (the “Company”) has authorized the grant (the “Award”) of performance-based restricted stock units (“Performance Share Units” or “PSUs”) to [NAME] (the “Participant”) under the terms and conditions of the International Paper Company Amended and Restated 2009 Incentive Compensation Plan (the “Plan”).  The Award is subject to the Terms and Conditions on the reverse side of this certificate.  

Date of Award:     January 1, 2017

Target Number of PSUs:        [###]

Performance Period:    January 1, 2017 through December 31, 2019

The Committee has approved the target number of PSUs for this Award, which is [XX].  The actual number of PSUs that the Participant may receive under this Award will be based on the Company’s performance achievement over the 2017-2019 performance period.  The actual number of PSUs that the Participant may receive at the end of the 2017-2019 performance period may be greater or less than the target number of PSUs based on the Company’s actual performance achievement. The actual number of PSUs to be paid at the end of the performance period may be reduced at the discretion of the Committee.

Terms not otherwise defined in this certificate have the meaning assigned to them in the Plan.  In the event of any inconsistency between the Terms and Conditions and the provisions of the Plan, the Plan will govern.  By accepting this Award, the Participant acknowledges receipt of a copy of the Company’s PSP prospectus, represents that he or she is familiar with the terms and conditions of the Plan and agrees to accept this Award subject to all the terms and conditions of the Plan and of the Award.

IN WITNESS WHEREOF, the Company has caused this Award to be executed by its duly authorized officer as of the 1st day of January, 2017.

International Paper Company

Mark S. Sutton
Chairman and Chief Executive Officer

TERMS AND CONDITIONS OF AWARD

This Performance Share Plan award agreement is made between you, the Participant, and International Paper Company, a New York corporation (the “Company”), by direction of the Management Development and Compensation Committee (the “Committee”) of the Board of Directors (the “Board”).  This award (“Award”) is subject to the provisions of the Company’s Amended and Restated 2009 Incentive Compensation Plan (the “Plan”).  Terms not defined herein are defined in the Plan. This award agreement serves as your acceptance of the PSP award and the terms and conditions described in this agreement.  
		
	1.
	Compliance with Laws and Regulations.  It is intended that this Award, and any securities issued pursuant to this Award, will comply with all provisions of federal and applicable state securities laws.

		
	2.
	Performance-Based Restricted Stock Units 

		
	(a)
	All performance-based restricted stock units (“Performance Share Units” or “PSUs”) issued under this Award will be contingently awarded with respect to the specific three-year performance period (the “Performance Period”) as described in the Notice of Award set forth on the reverse. PSUs may not be sold, transferred, pledged or assigned at any time.  You will be asked to file a beneficiary designation form with the Company that names the beneficiary or beneficiaries of the Award.

		
	(b)
	Payout of an Award is contingent solely upon the Company’s achievement of the performance goals over the Performance Period, and not on individual performance.

		
	(c)
	All dividend equivalent units accrued during the Performance Period will be reinvested in additional PSUs (which will be allocated to the same Performance Period and will be subject to being earned on the same basis as the original Award).

		
	3.
	Payment of Withholding Taxes.  Generally, to pay withholding taxes due on an Award upon payout, the Company will reduce the number of PSUs paid to you by an amount sufficient to pay statutorily required withholding taxes.

		
	4.
	Method of Determining Actual Award and Removal of Restrictions

		
	(a)
	As soon as practicable after the Performance Period, the number of PSUs to be paid under this Award will be determined by the Committee.  The decision by the Committee will be final, conclusive and binding upon all parties, including the Company, the shareowners and you.  Following the Committee’s approval of the payout, you will receive unrestricted shares of Company common stock equal to the number of PSUs payable to you. 

		
	(b)
	You will receive prorated PSUs in the following events: (i) termination of your employment if you are eligible for a termination allowance (and, in the United States, you sign the Company’s termination agreement and release in connection with the payment of a termination allowance); (ii) termination of your employment as a result of the divestiture of your business (iii) death; (iv) Disability; or (v) voluntary resignation after retirement eligibility as defined under the Retirement Plan of the Company. In these events, you (or, if applicable, your beneficiary or estate) will receive the number of PSUs that would have been earned based on actual Company performance, prorated based for your months of service during the Performance Period.  Such PSUs are payable at the same time and in the same form as otherwise payable under the Plan.

		
	(c)
	Your award will be forfeited and cancelled upon the following events: (i) termination of your employment for Cause, (ii) in the United States, your refusal to sign the Company’s termination agreement and release in connection with the payment of a termination allowance, (iii) voluntary resignation before retirement eligibility, (iv) violation of a Non-Competition Agreement or Non-Solicitation Agreement, (v) failure of an Executive Officer to provide one-year’s notice of retirement, (vi) your Misconduct, or (vii) termination of your employment on or before February 1 of the first year of the three-year performance period for the award.

		
	(d)
	Except as may be provided in a Change in Control Agreement, in the event of Change in Control of the Company, the Award will be treated as described in the Administrative Guidelines for the Plan.  

		
	(e)
	In the event the Company’s financial statements are required to be restated as a result of errors, omissions or fraud, the Company may recover all or a portion of any Award with respect to any fiscal year of the Company the financial results of which are negatively affected by such restatement.

		
	5.
	Changes in Stock.  In the event of any stock dividend, split, reclassification or other analogous change in capitalization, or any distribution (other than regular cash dividends) to holders of the Company’s common stock, the Committee will make such adjustments, if any, as it deems to be equitable in the number of PSUs awarded you.

		
	6.
	Other Terms and Conditions

		
	(a)
	The Board or the Committee may, at any time and from time to time, amend, modify or terminate the Plan without shareowner approval, subject to certain limitations described in the plan. Further, the granting of an Award is discretionary by the Company. The Company may change the eligibility or other provisions of the Plan with Committee approval at any time.

		
	(b)
	You (or your estate or beneficiary) will promptly provide all information related to this Award that is requested by the Company for its tax returns.

		
	(c)
	You (and your surviving spouse, beneficiary, executor, administrator, heirs, successors or assigns) hereby agree to accept as binding, conclusive and final all decisions that are made by the Committee with respect to interpretations of the terms and condition of the Plan or this Award and with respect to any questions or disputes arising under the Plan or this Award.

		
	(d)
	Participation in the Plan and receipt of this Award will not give you any right to a subsequent award, or any right to continued employment by the Company for any period, nor will the granting of an award give the Company any right to your continued services for any period. You understand that this Award is in addition to, and not a part of, your annual salary.

		
	(e)
	You agree that if execution of a Non-Competition and/or a Non-Solicitation Agreement is required, this Award will be contingent upon your execution of such agreement(s).Summary Sheet of Executive Cash Compensation

 Exhibit 10.1 

SUMMARY SHEET OF EXECUTIVE CASH COMPENSATION 

This Summary Sheet is being updated to (i) reflect the increase in base salary of Perry E. Davis which occurred on November 13, 2016,
(ii) reflect the planned salary reduction of Jack D. Crusa as part of his retirement transition, and (iii) include the adoption of the 2017 Individual Performance Goals (the “IPGs”) assigned to the Company’s named executive
officers by the Compensation Committee (the “Committee”) on February 20, 2017. 
 Except as indicated below, the following table sets forth
annual base salaries provided to the Company’s principal executive officer, principal financial officer and other named executive officers in 2015 and as adopted for 2016 by the Committee on March 23, 2016. The base salary of Perry E.
Davis was also increased on November 13, 2016. 
  

													
	 Named Executive Officers
	  	2015 Base
Salaries	 	  	2016 Base
Salaries	 	  	After November
2016 Increase	 
	 Karl G. Glassman, President and Chief Executive Officer1
	  	$	840,000	  	  	$	1,100,000	  	  	$	—  	  
	 Matthew C. Flanigan, EVP and Chief Financial Officer
	  	$	507,000	  	  	$	523,000	  	  	$	—  	  
	 Perry E. Davis, EVP, President – Residential Products & Industrial Products
	  	$	370,000	  	  	$	385,000	  	  	$	425,000	  
	 Jack D. Crusa, SVP –
Operations2
	  	$	365,000	  	  	$	380,000	  	  	$	—  	  
	 David. S. Haffner, Former Board Chair and Chief Executive Officer3
	  	$	1,130,000	  	  	$	1,130,000	  	  	$	—  	  

  

	1 	Mr. Glassman served as the Company’s President and Chief Operating Officer through December 31, 2015. Upon his promotion to President and Chief Executive Officer on January 1, 2016, the Committee
increased his salary to $1,100,000 at its meeting on January 4, 2016. 

	2 	As previously reported, Mr. Crusa notified the Company that his retirement date is expected to be December 31, 2017. As determined in January 2017, as part of Mr. Crusa’s retirement transition, he
will continue to receive his current annual base salary until April 2, 2017 when such rate will be reduced to $190,000. His salary rate is expected to be further reduced to $152,000 on July 9, 2017. 

	3 	Mr. Haffner served as the Company’s Board Chair and Chief Executive Officer through December 31, 2015. Pursuant to Mr. Haffner’s former employment agreement with the Company, he is entitled to
continue to receive his annual base salary (at the rate of $1,130,000) for all of 2016 and on a prorated basis through the 2017 Annual Shareholders Meeting, which is scheduled to be held in May. 

Except as noted below, the named executive officers were eligible to receive a cash annual incentive under the Company’s 2014 Key Officers Incentive Plan
(filed March 25, 2014 as Appendix A to the Company’s Proxy Statement) (the “KOIP”) in accordance with the 2016 Award Formula (filed March 28, 2016 as Exhibit 10.1 to the Company’s Form 8-K). Each executive’s cash
award was calculated by multiplying his annual base salary at the end of the KOIP plan year by his Target Percentage, then applying the award formula adopted by the 

 Committee for that year. The Target Percentages in 2015 and 2016 for the principal executive officer, principal
financial officer and other named executive offices are shown in the following table. 
  

									
	 Named Executive Officers
	  	2015
Target
Percentages	 	 	2016
Target
Percentages	 
	 Karl G. Glassman, President and Chief Executive Officer
	  	 	90	% 	 	 	115	% 
	 Matthew C. Flanigan, EVP and Chief Financial Officer
	  	 	80	% 	 	 	80	% 
	 Perry E. Davis, EVP, President – Residential Products & Industrial Products
	  	 	60	% 	 	 	60	% 
	 Jack D. Crusa, SVP –
Operations1
	  	 	60	% 	 	 	60	% 
	 David S. Haffner, Former Board Chair and Chief Executive Officer2
	  	 	115	% 	 	 	115	% 

  

	1 	As previously reported, Mr. Crusa notified the Company that his retirement date is expected to be December 31, 2017. As determined in January 2017, as part of Mr. Crusa’s retirement transition, he
will participate in the Company’s Key Management Incentive Compensation Plan (the “KMICP”), which is a cash bonus plan for non-executive officers. The award formula for the KMICP is expected to be adopted in March 2017. Historically,
the KMICP has had performance objectives based on Return on Capital Employed (70% relative weight) and Free Cash Flow (30% relative weight). 

	2	Mr. Haffner served as the Company’s Board Chair and Chief Executive Officer through December 31, 2015. Pursuant to Mr. Haffner’s former
employment agreement with the Company, he will continue to receive an annual incentive payment with a Target Percentage of 115% for all of 2016 and on a prorated basis through the 2017 Annual Shareholders Meeting, which is scheduled to be held in
May. Mr. Haffner’s 2016 annual incentive was calculated in the same manner as a Corporate Participant under the 2016 KOIP Award Formula (based on Return on Capital Employed (ROCE) (60% relative weight); Cash Flow (20% relative weight); and
IPGs (20% relative weight)); however, since Mr. Haffner did not have IPGs, as discussed below, his incentive award was based 70% on ROCE and 30% on Cash Flow. 

Individual Performance Goals. On February 20, 2017, the Committee adopted IPGs for our named executive officers. Except as noted below, we
expect that 20% of each executive’s cash award in 2017 under our 2014 Key Officers Incentive Plan will be based on the achievement of the IPGs and will be included in the 2017 award 

  
 2 

 formula adopted by the Committee at the end of March 2017. The IPGs for our named executive officers in 2017 are,
and as previously reported for 2015 and 2016, were: 
  

							
	 Named Executive Officers
	  	 2015 IPGs
	  	 2016 IPGs
	  	 2017 IPGs

	Karl G. Glassman, President and Chief Executive Officer	  	Business unit portfolio management, margin enhancement, revenue growth, acquisition integration, profitability of targeted businesses	  	Strategic planning, growth initiatives and succession planning	  	Strategic planning and succession planning
				
	Matthew C. Flanigan, EVP and Chief Financial Officer	  	Information technology and risk management initiatives, leadership development	  	Strategic planning, credit facility renewal, information technology and internal audit improvements	  	Strategic planning, information technology improvements, succession planning and efficiency initiatives;
				
	Perry E. Davis, EVP, President – Residential Products & Industrial Products	  	Acquisition objectives, growth of targeted businesses, leadership development	  	Growth of targeted businesses and supply chain initiatives	  	Growth initiatives and succession planning
				
	Jack D. Crusa, SVP –Operations1	  	Capital improvements, growth and restructuring of targeted businesses, purchasing initiatives	  	Production improvements for targeted businesses, purchasing initiatives and succession planning	  	None assigned
				
	David S. Haffner, Former Board Chair and Chief Executive Officer2	  	Strategic planning, business unit portfolio management, acquisition integration	  	None assigned	  	None assigned

  

	1	As previously reported, Mr. Crusa notified the Company that his retirement date is expected to be December 31, 2017. As determined in January 2017, as part
of Mr. Crusa’s retirement transition, he will participate in the Company’s Key Management Incentive Compensation Plan (the “KMICP”), which is a cash bonus plan for non-executive officers. As such, he did not receive IPGs for
2017. The award formula for the KMICP is expected to be adopted in March 2017. Historically, the KMICP has had performance objectives based on Return on Capital Employed (70% relative weight) and Free Cash Flow (30% relative weight).

	2 	Mr. Haffner served as the Company’s Board Chair and Chief Executive Officer through December 31, 2015. He was not employed by the Company after this date. As such, he did not receive IPGs for 2016 or
2017. 

 The achievement of the IPGs is measured by the following schedule. 

Individual Performance Goals Payout Schedule 

(1-5 scale) 
  

					
	 Achievement
	  	Payout	 
	 1 – Did not achieve goal
	  	 	0	% 
	 2 – Partially achieved goal
	  	 	50	% 
	 3 – Substantially achieved goal
	  	 	75	% 
	 4 – Fully achieved goal
	  	 	100	% 
	 5 – Significantly exceeded goal
	  	 	up to 150	% 

  
 3

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