Document:

Excess Benefit Plan

 Exhibit 10.11 
 RAYONIER INC. 
 EXCESS BENEFIT PLAN 
 As Amended and Restated as of December 31, 2007 

 INTRODUCTION 
 This Excess Benefit Plan has been authorized by the Board of Directors of Rayonier Inc. to be applicable effective on and after March 1, 1994 to pay supplemental benefits to employees who have qualified or may
qualify for benefits under the Retirement Plan for Salaried Employees of Rayonier Inc. 
 All benefits payable under this Plan, which is
intended to constitute both an unfunded excess benefit plan under Sections 3(36) and 4(b)(5) of Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and an unfunded deferred compensation plan for a
select group of management or highly compensated employees under Title I of ERISA, shall be paid out of the general assets of the Company. The Company may establish and fund a trust in order to aid it in providing benefits due under the Plan. The
Plan is not intended to meet the qualification requirements of Section 401 of the Internal Revenue Code of 1986, as amended. 

 RAYONIER INC. 
 EXCESS BENEFIT PLAN 
 TABLE OF CONTENTS 
  

									
	 	 	 	    	 	  	 	  	Page
	 ARTICLE

	
	 INTRODUCTION

				
		 	 I
	    	 DEFINITIONS
	  	2
				
		 	 II
	    	 PARTICIPATION; AMOUNT AND PAYMENT OF BENEFITS
	  	
				
		 		    	 2.01    Participation
	  	4
		 		    	 2.02    Amount of Benefits
	  	5
		 		    	 2.03    Vesting
	  	6
		 		    	 2.04    Payment of Benefits
	  	6
		 		    	 2.05    Change of Beneficiary
	  	8
		 		    	 2.06    Restoration to Service
	  	9
				
		 	 III
	    	 GENERAL PROVISIONS
	  	
				
		 		    	 3.01    Funding
	  	10
		 		    	 3.02    Duration of Benefits
	  	10
				
		 	 IV
	    	 ADMINISTRATION
	  	
				
		 		    	 4.01    Discontinuance, Amendment and Termination.
	  	11
		 		    	 4.02    Vesting Upon Termination or Discontinuance
	  	11
		 		    	 4.03    Special Provisions Upon Change in Control
	  	11
		 		    	 4.04    Administration and Interpretation
	  	12
		 		    	 4.05    Appointment of Subcommittees
	  	12
		 		    	 4.06    No Contract of Employment
	  	12
		 		    	 4.07    Facility of Payment
	  	13
		 		    	 4.08    Withholding Taxes
	  	13
		 		    	 4.09    Nonalienation
	  	13
		 		    	 4.10    Forfeiture for Cause
	  	13
		 		    	 4.11    Claims Procedure
	  	14
		 		    	 4.12    Construction
	  	14

 RAYONIER INC. 
 EXCESS BENEFIT PLAN 
 ARTICLE I 
 DEFINITIONS 
  

	1.01	 Definitions. The following terms when capitalized herein shall have the meanings assigned below. 

  

	1.02	 Associated Company shall mean any Associated Company, as defined in the Retirement Plan, not participating in the Plan. 

  

	1.03	 Board of Directors shall mean the Board of Directors of Rayonier Inc. 

  

	1.04	 Change in Control shall have the same meaning as a “change in control event” under the provisions of Treasury Regulation
§1.409A-3(i)(5)(i)). 

  

	1.05	 Code shall mean the Internal Revenue Code of 1986, as amended from time to time, and Code Section 409A Rules shall mean Section 409A
of the Code and the final regulations and other IRS guidance promulgated thereunder, as in effect from time to time. 

  

	1.06	 Committee shall mean the Plan Administration Committee. 

  

	1.07	 Company shall mean Rayonier Inc. or any successor by merger, purchase or otherwise, with respect to its employees and those of its subsidiaries and
affiliated companies which are designated as Participating Units, as that term is defined in the Retirement Plan. 

  

	1.08	 Compensation shall mean a Participant’s Compensation, as that term is defined in the Retirement Plan. 

  

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	1.09	 ERISA shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time. 

  

	1.10	 Excess Benefit Portion shall mean the portion of the Plan which is intended to constitute an unfunded excess benefit plan under Sections 3(36) and
4(b)(5) of Title I of ERISA. 

  

	1.11	 ITT Retirement Plan shall mean the ITT Industries Salaried Retirement Plan as in effect on December 19, 1995 or any successor thereto.

  

	1.12	 Participant shall mean a Member of the Retirement Plan who is participating in the Plan pursuant to Section 2.01 hereof.

  

	1.13	 Plan shall mean the Rayonier Inc. Excess Benefit Plan, as set forth herein or as amended from time to time. 

  

	1.14	 Plan Year shall mean the calendar year. 

  

	1.15	 Retirement Plan shall mean the Retirement Plan for Salaried Employees of Rayonier Inc., as amended from time to time. 

  

	1.16	 Select Management Portion shall mean the portion of the Plan which is intended to constitute an unfunded deferred compensation plan for a select group of
management or highly compensated employees under Title I of ERISA. 

  

	1.17	 Separation Delay Period shall mean the six month period following the date of a Participant’s Separation from Service (or such other applicable
period as may be provided for by Section 409A(a)(2)(B)(i) of the Code as in effect at the time), or earlier upon the death of the Participant, such that any payment delayed during the Separation Delay Period is to be paid on the first business
day of the seventh month following the Separation from Service or, if earlier, such Participant’s death. 

  

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	1.18	 Separation from Service and Short-Term Deferral and Specified Employee shall have the respective meanings assigned such terms under the Code
Section 409A Rules. 

  

	1.19	 Timely Election means a written election to receive payments at a different time and/or in a different form than specified in Section 2.04, which
election has been authorized by the Committee, which may withhold authorization in its sole discretion, and which election is made pursuant to a form preapproved by the Committee, and is properly made in a timely manner as required by the provisions
of Section 409A of the Code with respect to such elections. 

 ARTICLE II 
 PARTICIPATION; AMOUNT AND PAYMENT OF BENEFITS 
  

	2.01	 Participation. Each Member of the Retirement Plan whose annual benefit at the time of payment exceeds the limitations imposed by Code Section 415(b)
or 415(e) (as in effect prior to January 1, 2000) shall participate in the Excess Benefit Portion of the Plan. Each Member of the Retirement Plan whose annual benefit at the time of payment is limited by reason of the Code
Section 401(a)(17) limitation on Compensation or is reduced as a result of deferrals of Compensation under the Rayonier Inc. Excess Savings and Deferred Compensation Plan shall participate in the Select Management Portion of the Plan. A
Participant’s participation in the Plan shall terminate upon the Participant’s death or other termination of employment with the Company unless a benefit is payable under the Plan with respect to the Participant or his beneficiary under
the provisions of this Article II. 

  

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	2.02	 Amount of Benefits. The benefits under this Article II with respect to a Participant shall be a monthly payment for the life of the Participant equal
to the excess, if any, of (a) the monthly retirement income which would have been payable to the Participant over his lifetime under Section 4.01, 4.02, 4.03, 4.04, 4.05, 8.06(c), or 8.06(d) of the Retirement Plan, whichever is applicable,
prior to the application of the offset determined pursuant to Section 4.01(b)(i)(4) or Section 4.09 of the Retirement Plan beginning at the Participant’s Annuity Starting Date, as defined in Section 1.02 of the Retirement Plan,
determined without regard to the provisions contained in Section 4.08 of the Retirement Plan relating to the maximum limitation on pensions (the Excess Benefit Portion), without regard to the limitation on Compensation set forth in Code
Section 401(a)(17) and contained in Section 1.11 of the Retirement Plan, and without regard to deferrals of Compensation under the Rayonier Inc. Excess Savings and Deferred Compensation Plan (the Select Management Portion), over
(b) the sum of the following amounts: 

  

	 	(i)	 the amount actually payable to the Participant under the Retirement Plan; 

  

	 	(ii)	 the amount of the benefit payable to the Participant under the ITT Retirement Plan or any other defined benefit plan maintained by ITT Industries, Inc. as
constituted on January 1, 2000 (or any successor thereto), the Company or any Associated Company with respect to any service which is recognized as Benefit Service for purposes of the computation of benefits under the Retirement Plan; and

  

	 	(iii)	 the amount of the benefit payable to the Participant under any nonqualified defined benefit plan maintained by ITT Industries, Inc. as constituted on
January 1, 2000 (or any successor thereto), the Company or any Associated Company with respect to any service which is recognized as Benefit Service for purposes of the computation of benefits under the Retirement Plan.

  

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 For purposes of this Section 2.02, if any benefit described in (b) above is
payable in a form other than a single life annuity commencing on the Participant’s Annuity Starting Date, as defined in Section 1.02 of the Retirement Plan, such benefit shall be converted to a single life annuity, commencing on such date,
of equivalent actuarial value, and “equivalent actuarial value” shall be computed on the basis set forth in Section 1.16 of the Retirement Plan. 
  

	2.03	 Vesting 

  

	 	(a)	 A Participant shall be vested in, and have a nonforfeitable right to, the benefit payable under this Article II to the same extent as the Participant is
vested in his Accrued Benefit under Section 4.05 of the Retirement Plan. 

  

	 	(b)	 Notwithstanding any provision of this Plan to the contrary, in the event of a Change in Control, all Participants shall become fully vested in the benefits
provided under this Plan. 

  

	2.04	 Payment of Benefits 

  

	 	(a)	 Following a Participant’s retirement or other termination of employment with the Company, other than by reason of death, the Participant shall receive the
benefit payable under Section 2.02 above to the extent vested pursuant to Section 2.03 above, as an annuity over the life of the Participant calculated in the same manner as under the Retirement Plan, unless an approved Timely Election has
been accepted, in which case the form and timing of payment shall be made pursuant to such Timely Election. If the participant is not eligible to commence payments under the Retirement Plan, the benefit will be calculated based on the equivalent
actuarial value as defined under the 

  

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Retirement Plan. If the form of payment is other than an annuity over the life of the Participant, such benefit shall be adjusted as provided in
Section 4.06 of the Retirement Plan to reflect such different payment form. 

  

	 	(b)	 In the event a Participant dies while in active service with the Company, the Participant’s beneficiary for purposes of Section 4.07 of the Retirement
Plan, if any, shall receive a monthly payment for the life of the beneficiary commencing at the same time the beneficiary receives a benefit under Section 4.07 of the Retirement Plan. The amount of benefit payable to such beneficiary shall be
equal to the excess, if any, of (i) the monthly income which would have been payable to such beneficiary under Section 4.07 of the Retirement Plan based on the hypothetical retirement benefit as calculated under clause (a) of
Section 2.02 hereof over (ii) the sum of the following amounts: 

  

	 	(A)	 the amount actually payable to such beneficiary under the Retirement Plan; 

  

	 	(B)	 the amount payable to such beneficiary under the ITT Retirement Plan or any other defined benefit plan maintained by ITT Industries, Inc. as constituted on
January 1, 2000 (or any successor thereto), the Company or any Associated Company with respect to any service which is recognized as Benefit Service for purposes of the computation of benefits under the Plan; and 

 

	 	(C)	 the amount payable to such beneficiary under any nonqualified defined benefit plan maintained by ITT Industries, Inc. as constituted on January 1, 2000 (or
any successor thereto), the Company or any Associated Company with respect to any service which is recognized as Benefit Service for purposes of the computation of benefits under the Retirement Plan. 

  

 Page 7 

	 	(c)	 Notwithstanding the foregoing paragraphs (a) and (b) of this Section 2.04, if the lump sum value of the benefits payable to or on behalf of a
Participant under this Article II, determined by using the interest rate assumption used by the Pension Benefit Guaranty Corporation for valuing benefits for single employer plans that terminate in the month in which his applicable retirement
date under the Retirement Plan is effective, and the 1984 George B. Buck Unisex Mortality Table. 75 percent male, 25 percent female, is less than $15,000, then such lump sum amount shall be paid to such Participant, or such
Participant’s beneficiary, as the case may be, as soon as practicable following the date such benefits would otherwise have commenced, in lieu of any other form of benefit. If the Participant has not attained age 55 at the time the lump
sum is payable, the lump sum shall be the value of the benefit that would have been payable to the Participant at age 55 if the Participant had received a single life annuity. If the Participant has attained age 55 at the time the lump sum
is payable, the lump sum shall be the value of the benefit that would have been payable immediately to the Participant in the form of a single life annuity. 

  

	 	(d)	 No distribution under this Section 2.04 that is made on account of a Participant’s Separation from Service shall be made earlier than the end of the
Separation Delay Period if the distribution is on account of such Separation from Service and at that date the Participant is a Specified Employee; provided that, such delay in payment shall not apply to any portion of a distribution that is
excepted from such delay under the Code Section 409A Rules as a Short-Term Deferral. 

  

	2.05	 Change of Beneficiary. In the event a benefit commences to be paid under this Article II to the Participant in a form other than an annuity for
the life of the Participant only following the 

  

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Participant’s retirement or other termination of employment with the Company, other than by reason of death, the Participant may, at any time, upon
written notice to the Committee, change the beneficiary under this Plan to anyone, including his estate. In the event of a change of beneficiary hereunder, no consent of the beneficiary previously designated will be required. However, payments under
this Plan to any beneficiary named by the Participant shall be payable in the same amount and for the same duration as the benefits that would have been payable to the person named as beneficiary by the Participant when his benefits under the Plan
commenced to be paid. 

  

	2.06	 Restoration to Service. If permitted by the Code Section 409A Rules as in effect at the time, at the Company’s election if a Participant who
retired or otherwise terminated employment with the Company is restored to service, any payment of a benefit hereunder (a) shall cease and (b) upon his subsequent retirement or termination, his benefits hereunder shall be recomputed in
accordance with the provisions of this Article II and reduced by the equivalent actuarial value (as determined in accordance with the restoration of service provisions in Section 4.11(c) of the Retirement Plan), of the benefit payments
previously paid under the Plan, if any; provided that, the timing of the payments at that time shall be made in accordance with Section 2.04 with respect to the then Separation from Service so as to comply with the Code Section 409A Rules.

  

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 ARTICLE III 
 GENERAL PROVISIONS 
  

	3.01	 Funding 

  

	 	(a)	 All amounts payable in accordance with this Plan shall constitute a general unsecured obligation of the Company. Such amounts, as well as any administrative
costs relating to the Plan, shall be paid out of the general assets of the Company, to the extent not paid from the assets of any trust established pursuant to paragraph (b) below. 

  

	 	(b)	 The Company may, for administrative reasons, establish a grantor trust for the benefit of Participants in the Plan. The assets placed in said trust shall be held
separate and apart from other Company funds, and shall be used exclusively for the purposes set forth in the Plan and the applicable trust agreement, subject to the following conditions: 

  

	 	(i)	 the creation of said trust shall not cause the Plan to be other than “unfunded” for purposes of Title I of ERISA; 

  

	 	(ii)	 the Company shall be treated as “grantor” of said trust for purposes of Section 677 of the Code; and 

  

	 	(iii)	 the agreement of said trust shall provide that its assets may be used upon the insolvency or bankruptcy of the Company to satisfy claims of the Company’s
general creditors, and that the rights of such general creditors are enforceable by them under federal and state law. 

  

	3.02	 Duration of Benefits. Benefits shall accrue under the Plan on behalf of a Participant only for so long as the provisions of Section 415 or
401(a)(17) of the Code limit the retirement benefits that are payable under the Retirement Plan or deferrals of Compensation under the Rayonier Inc. Excess Savings and Deferred Compensation Plan reduce such retirement benefits.

  

 Page 10 

 ARTICLE IV 
 ADMINISTRATION 
  

	4.01	 Discontinuance, Amendment, and Termination. The Compensation and Management Development Committee of the Board of Directors reserves the right to modify,
amend, in whole or in part, discontinue benefit accrual under, or terminate the Plan at any time. However, no modification or amendment shall be made to Section 4.02, and no modification, discontinuance, amendment or termination shall adversely
affect the right of any Participant to receive the benefits accrued as of the date of such modification, discontinuance, amendment, or termination. 

  

	4.02	 Vesting Upon Termination or Discontinuance. If the Company terminates the Plan, or discontinues benefit accruals thereunder, each Participant shall
be fully vested in his accrued benefit; for purposes of the foregoing, “accrued benefit” shall mean the value of a Participant’s benefit under the Plan, as of the date of termination or discontinuance, based upon the
Participant’s Compensation and Credited Service (as that term is defined in the Retirement Plan) accrued as of such date. Benefits under the Plan shall be paid in the manner and at the times indicated in Article II, unless the Compensation
and Management Development Committee of the Board of Directors shall determine otherwise, in accordance with Code Section 409A Rules. The Plan will be deemed to be terminated when all the liabilities of the Plan have been discharged.

  

	4.03	 Special Provisions Upon Change in Control. Notwithstanding any provision of this Plan to the contrary, upon the occurrence of a Change in Control the
benefit that would become payable to or on behalf of a Participant under Article II as if the Participant terminated employment with the Company on the date of the Change in Control shall become payable. All benefits previously 

  

 Page 11 

	 	 
payable and the benefits that become payable under this Section 4.03 shall be paid in a lump sum determined in accordance with Section 2.04(c), but
subject to delay as provided in Section 2.04(d). If the Participant has already commenced receipt of benefits at the time the lump sum becomes payable, the lump sum shall be the remaining unpaid value of the benefit in the form of payment
elected by the Participant. 

  

	4.04	 Administration and Interpretation. Full power and authority to construe, interpret and administer the Plan shall be vested in the Committee. Any
interpretation of the Plan by the Committee or any administrative act by the Committee shall be final and binding on all Participants and beneficiaries. All rules relating to the quorum of the Committee and to the conduct of its business shall also
apply to the Committee in administering this Plan. 

  

	4.05	 Appointment of Subcommittees. The members of the Committee may appoint from their number such committees with such powers as they shall determine,
may authorize one or more of their number or any agent to execute or deliver any instrument or instruments in their behalf, and may employ such counsel, agents and other services as they may require in carrying out their duties. Subject to the
limitations of the Plan, the Committee shall, from time to time, establish rules and regulations for the administration of the Plan and the transaction of its business and shall maintain or cause to be maintained all records which it shall deem
necessary for purposes of the Plan. 

  

	4.06	 No Contract of Employment. The establishment of the Plan shall not be construed as conferring any legal rights upon any person for a continuation of
employment, nor shall it interfere with the rights of the Company to discharge any employee and to treat him without regard to the effect which such treatment might have upon him as a Participant in the Plan. 

  

 Page 12 

	4.07	 Facility of Payment. In the event that the Committee shall find that a Participant is unable to care for his affairs because of illness or accident, the
Committee may direct that any benefit payment due him, unless claim shall have been made therefor by a duly appointed legal representative, be paid to his spouse, a child, a parent or other blood relative, or to a person with whom he resides, and
any such payment so made shall be a complete discharge of the liabilities of the Company and the Plan therefor. 

  

	4.08	 Withholding Taxes. The Company shall have the right to deduct from each payment to be made under the Plan and any trust any required withholding taxes.

  

	4.09	 Nonalienation. Subject to any applicable law, no benefit under the Plan shall be subject in any manner to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance or charge, and any attempt to do so shall be void, nor shall any such benefit be in any manner liable for or subject to garnishment, attachment, execution or levy, or liable for or subject to the debts, contracts,
liabilities, engagements or torts of a Participant. 

  

	4.10	 Forfeiture for Cause. In the event that a Participant shall at any time be convicted of a crime involving dishonesty or fraud on the part of such
Participant in his relationship with the Company, all benefits that would otherwise be payable to him or to a beneficiary under the Plan shall be forfeited. 

  

 Page 13 

	4.11	 Claims Procedure. The Committee shall provide adequate notice in writing to any Participant, former Participant or beneficiary whose claim for a benefit
under this Plan has been denied, setting forth the specific reasons for such denial. Pursuant to the Claims Procedure, initially as provided in Annex I hereto and made a part hereof, the Committee shall afford a reasonable opportunity to any such
Participant, former Participant or beneficiary for a full and fair review by the Committee of a decision denying the claim. The Committee’s decision on any such review shall be final and binding on the Participant, former Participant or
beneficiary and all other interested persons. 

  

	4.12	 Construction 

  

	 	(a)	 The Plan shall be construed, regulated and administered under the laws of the State of Florida, to the extent not preempted by ERISA or other federal law.

  

	 	(b)	 When used herein, the masculine pronoun shall include the feminine pronoun, and the singular shall include the plural, where appropriate.

  

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 Adopted, as amended, effective the 31st day of December, 2007. 
  

									
		 		 		 	 RAYONIER INC.

					
	 Attest:
	 		 		 	 By:
	 	  

		 		 		 		 	 W. Edwin Frazier

	 Title:
	 	  
	 		 	 Title:
	 	 Senior Vice President, Administration

  

 Page 15 

 ANNEX I 
 TO RAYONIER INC. 
 EXCESS BENEFIT PLAN 
 Claims Procedure 
 (a) Initial Review and Decision. Any claim for
benefits under, or other relief with respect to, this Plan shall be submitted in writing to the Committee’s delegee or in such manner or to such person or other entity as the Committee may from time to time provide. If any claim is wholly or
partially denied, the claimant shall be given notice in writing within a reasonable period of time after receipt of the claim by the Plan (not to exceed 90 days after receipt of the claim or, if special circumstances require an extension of time,
written notice of the extension shall be furnished to the claimant prior to the end of the initial 90-day period and an additional 90 days will be granted to consider the claim). The notice of denial shall be written in a manner calculated to be
understood by the claimant and shall set forth the following information: 
 (i) The specific reasons for such denial;

 (ii) Specific reference to pertinent Plan provisions on which the denial is based; 
 (iii) A description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why
such material or information is necessary; and 
 (iv) A statement that any appeal the claimant wishes to make of the denial
must be in writing to the Committee within sixty (60) days after receipt of the notice of the denial of benefits. The notice must further advise the claimant of his or her right to bring a civil action under Section 502(a) of ERISA
following an adverse benefit determination on review. 
 (b) Review and Decision on Appeal. Any appeal of a claim for benefits under
the Plan shall be submitted to the Committee. Any such appeal shall be submitted in writing or in such other manner as the Committee may from time to time provide. If a claimant should appeal, he or she, or his or her duly authorized representative,
may submit to the Committee written comments, documents, records and other information relating to the claim. The claimant, or his or her duly authorized representative, may review all documents, records and other information relevant to the
claimant’s claim. 
 The Committee shall reexamine all facts to the appeal taking into account all comments, documents, records and
other information submitted by the claimant relating to the claim, regardless of whether such information was submitted or considered in the initial benefit determination, and make a final determination as to whether the denial is justified under
the circumstances. 
 With respect to the Committee’s review of the appeal, the following shall apply: 
 If the Committee holds regularly scheduled meetings at least quarterly, the Committee shall consider a claimant’s written request for
review at its next regularly scheduled meeting following receipt of the claimant’s request, provided, however, that, if the claimant’s request is received less than 30 days before the Committee’s next regularly scheduled meeting, such
request shall be 

  

 Page 16 

 
considered at the second regularly scheduled Committee meeting following receipt of the claimant’s written request for review. If the Committee
determines that an extension of time for processing is required, written notice of extension shall be furnished to the claimant prior to the termination of the initial period. In no event shall the Committee render a decision respecting a denial for
a claim later than the third regularly scheduled Committee meeting following receipt of the claimant’s written request for review. 
 If the Committee does not have a meeting scheduled within 90 days of receipt of a claimant’s written request for review, the Committee shall advise the claimant of its decision within 60 days of receipt of the
claimant’s request, unless special circumstances would make rendering a decision within such 60 days unfeasible. If the Committee determines that an extension of time for processing is required, written notice of extension shall be furnished to
the claimant prior to the termination of the initial 60-day period. In no event shall the Committee render a decision respecting a denial for a claim for benefits later than 120 days after its receipt of a request for review. 
 If the appeal is denied, the Committee’s written notification to the claimant shall set forth: 
 (1) The specific reason for the adverse determination; 
 (2) Specific reference to pertinent Plan provisions on which the Committee based its adverse determination; 
 (3) A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies, of, all documents, records and other information relevant to the
claimant’s claim for benefits; and 
 (4) A statement that the claimant has a right to bring a civil action under
Section 502(a) of ERISA. 
 A decision of the Committee shall be binding on all persons affected thereby. 
  

 Page 17Excess Savings and Deferred Compensation Plan

 Exhibit 10.14 
 Rayonier Inc. Excess Savings 
 and Deferred Compensation Plan 
 (Amended and Restated Effective December 31, 2007) 

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	ARTICLE I	 	The Plan	  	1
	        1.1	 	         Establishment of the Plan
	  	1
	         1.2
	 	        Purpose	  	1
			
	ARTICLE II	 	Definitions	  	1
	         2.1
	 	        Definitions	  	1
	         2.2
	 	        Gender and Number	  	4
			
	ARTICLE III	 	Participation	  	4
	         3.1
	 	        Eligibility	  	4
	         3.2
	 	        Commencement	  	5
	         3.3
	 	        Termination of Eligibility	  	5
			
	ARTICLE IV	 	Excess Savings and Contributions	  	5
	         4.1
	 	        Accounts	  	5
	         4.2
	 	        Base Salary	  	5
	         4.3
	 	        Bonus Deferral	  	6
	         4.4
	 	        Excess Regular Matching Contribution Account	  	6
	         4.5
	 	        Excess Additional Discretionary Matching Contribution Account	  	6
	         4.8
	 	        Excess Profit Sharing Contribution Account	  	7
	         4.7
	 	        Adjustment to Accounts	  	7
	         4.8
	 	        Vesting	  	7
	         4.9
	 	        Date of Payment	  	7
	         4.10
	 	        Form of Payment	  	8
	         4.11
	 	        Death Benefits	  	9
	         4.12
	 	        Hardship Withdrawals	  	9

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	         4.13
	  	         Change of Control
	  	9
			
	 ARTICLE V
	  	 Rights of Participants
	  	9
	         5.1
	  	         Contractual Obligation
	  	9
	         5.2
	  	         Unsecured Interest
	  	10
			
	 ARTICLE VI
	  	 Administration
	  	10
	         6.1
	  	         Administration
	  	10
	         6.2
	  	         Indemnification
	  	10
	         6.3
	  	         Expenses
	  	10
	         6.4
	  	         Tax Withholding
	  	10
	         6.5
	  	         Claims Procedure
	  	11
			
	 ARTICLE VII
	  	 Miscellaneous
	  	12
	         7.1
	  	         Nontransferability
	  	12
	         7.2
	  	         Rights Against the Company
	  	13
	         7.3
	  	         Amendment or Termination
	  	13
	         7.4
	  	         Applicable Law
	  	13
	         7.5
	  	         Illegality of Particular Provision
	  	13

  

 -ii- 

 ARTICLE I The Plan 
  

	1.1	 Establishment of the Plan 

 Rayonier Inc. heretofore established and presently maintains an unfunded supplemental retirement plan for eligible salaried Employees, first effective as of March 1, 1994, known as the
“Rayonier Inc. Excess Savings and Deferred Compensation Plan” (hereinafter referred to as the “Plan”). This amendment and restatement of the Plan is effective December 31, 2007. 1 
  

	1.2	 Purpose 

 The Plan is
intended to provide Employees with contributions lost due to restrictions on defined contribution plans under Sections 401(a)(17), 401(k), 401(m), 402(g), and 415 of the Code, which primarily affect higher-paid Employees. The intent is to provide
these Employees with allocations under this Plan that, when added to such Employees’ contributions under the Rayonier Investment and Savings Plan for Salaried Employees, will be similar to contributions other Employees can receive under such
plan. The Plan also provides eligible Employees with the opportunity to defer a portion of their salary and all or any portion of their bonuses otherwise payable for a Plan Year. The Plan is intended to be an unfunded plan under the Employee
Retirement Income Security Act of 1974, as amended, that is maintained for the purpose of providing deferred compensation for a select group of management or highly compensated Employees. 
 ARTICLE II Definitions 
  

	2.1	 Definitions 

 Capitalized
terms used in the Plan shall have the respective meanings set forth below: 
  

	 	(a)	 “Accounts” shall mean a Participant’s Excess Savings Account (comprised of an Excess Tax-Deferred Contribution Account, an Excess Regular
Matching Contribution Account, an Excess Additional Discretionary Matching Contribution Account and an Excess Profit Sharing Account), an Excess Base Salary Deferral Account, and a Bonus Deferral Account. 

  
  

	 1
	 Effective September 1, 1995, the Plan was amended to provide Employees with an opportunity to defer that portion
of the Employee’s Base Salary in excess of the qualified plan limitation under Section 401(a)(17) of the Internal Revenue Code of 1986, as amended, (the “Code”) which primarily impacts higher-paid Employees. Effective
January 1, 2002, the Plan was amended to authorize participation by Employees who are members of a select group of management or highly compensated employees, as determined by the Plan Administrator, and whose salary exceeds $170,000. Effective
December 31, 2007 the Plan is amended to comply with the requirements of Section 409A of the Code. 

  

 1 

	 	(b)	 “Additional Discretionary Matching Contribution” shall have the meaning set forth in the Qualified Plan. 

  

	 	(c)	 “Base Salary” shall mean an Employee’s compensation from the Company at the Employee’s base rate, determined prior to any election by
the Participant pursuant to Section 401(k) or 125 of the Code, excluding any overtime, bonus, foreign service allowance, or any other form of compensation. 

  

	 	(d)	 “Beneficiary” shall mean the person designated under Section 4.11. 

  

	 	(e)	 “Bonus Deferral” shall mean the amount of annual bonus that the Participant elects to defer under Section 4.3.

  

	 	(f)	 “Bonus Deferral Account” shall mean the account established for the Participant on the books of the Company under Section 4.1.

  

	 	(g)	 “Bonus Deferral Agreement” shall mean a written agreement between the Company and the Participant to defer all or a portion of the
Participant’s annual bonus, as described in Section 4.3. 

  

	 	(h)	 “Change of Control” shall have the same meaning as a “change in control event” under the provisions of Treasury Regulation
§1.409A-3(i)(5)(i)) under Section 409A(a)(2)(A)(v) of the Code. 

  

	 	(i)	 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and “Code Section 409A Rules” shall mean
Section 409A of the Code and the final regulations and other IRS guidance promulgated thereunder, as in effect from time to time. 

  

	 	(j)	 “Company” shall mean Rayonier, Inc. 

  

	 	(k)	 “Employee” shall have the meaning set forth in the Qualified Plan. 

  

	 	(l)	 “Excess Additional Discretionary Matching Contribution” shall mean the amount credited to the Participant under Section 4.5.

  

	 	(m)	 “Excess Additional Discretionary Matching Contribution Account” shall mean the account established for the Participant on the books of the
Company under Section 4.1. 

  

	 	(n)	 “Excess Base Salary Deferral Account” shall mean the account established for the Participant on the books of the Company under Section 4.1.

  

 2 

	 	(o)	 “Excess Base Salary Deferral Agreement” shall mean a written agreement between the Company and the Participant to defer all or a portion of the
Participant’s Base Salary, as described in Section 4.2(b). 

  

	 	(p)	 “Excess Base Salary Deferrals” shall mean the amount of Base Salary that the Participant elects to defer, as described in Section 4.2(b).

  

	 	(q)	 “Excess Regular Matching Contribution” shall mean the amount credited to the Participant under Section 4.4. 

 

	 	(r)	 “Excess Regular Matching Contribution Account” shall mean the account established for the Participant on the books of the Company under
Section 4.1. 

  

	 	(s)	 “Excess Profit Sharing Contribution Account” shall mean the account established for the Participant on the books of the Company under
Section 4.6 

  

	 	(t)	 “Excess Savings Account” shall mean an account comprised of an Excess Tax-Deferred Contribution Account, an Excess Regular Matching Contribution
Account, and an Excess Additional Discretionary Matching Contribution Account. 

  

	 	(u)	 “Excess Tax-Deferred Contribution” shall mean those amounts deferred by the Participant under Section 4.2(a). 

 

	 	(v)	 “Excess Tax-Deferred Contribution Account” shall mean an account established for the Participant on the books of the Company under
Section 4.1 to which the Participant’s Excess Tax-Deferred Contributions are credited. 

  

	 	(w)	 “Participant” shall mean an Employee who participates in the Plan pursuant to Article III. 

  

	 	(x)	 “Plan Administrator” shall mean the entity described in Article VI. 

  

	 	(y)	 “Plan Year” shall mean the plan year of the Qualified Plan. 

  

	 	(z)	 “Profit Sharing Contribution” shall have the meaning set forth in the Qualified Plan. 

  

	 	(aa)	 “Qualified Plan” shall mean the Rayonier Investment and Savings Plan for Salaried Employees, which is intended to be qualified under
Section 401(a) of the Code. 

  

	 	(bb)	 “Regular Matching Contribution” shall have the meaning set forth in the Qualified Plan. 

  

 3 

	 	(cc)	 “Separation Delay Period” shall mean the six month period following the date of a Participant’s Separation from Service (or such other
applicable period as may be provided for by Section 409A(a)(2)(B)(i) of the Code as in effect at the time), or earlier upon the death of the Participant, such that any payment delayed during the Separation Delay Period is to be paid on the
first business day of the seventh month following the Separation from Service or, if earlier, such Participant’s death. 

  

	 	(dd)	 “Separation from Service” and “Short-Term Deferral” and “Specified Employee” shall have the respective
meanings assigned such terms under the Code Section 409A Rules. 

  

	 	(ee)	 “Tax-Deferred Contribution” shall have the meaning set forth in the Qualified Plan. 

  

	 	(ff)	 “Valuation Date” shall have the meaning set forth in the Qualified Plan. 

  

	2.2	 Gender and Number 

 Unless
the context clearly requires otherwise, the masculine pronoun whenever used shall include the feminine and neuter pronoun, and the singular shall include the plural. 
 ARTICLE III Participation 
  

	3.1	 Eligibility 

 With respect
to a Plan Year, each management Employee or highly compensated Employee designated by the Plan Administrator who participates in the Qualified Plan and whose Base Salary exceeds the annual indexed amount under Section 401(a)(17) of the Code
shall be eligible to participate in respect of the Excess Savings Account provisions of the Plan and each management Employee or highly compensated Employee designated by the Plan Administrator who whose Base Salary is expected to exceed $170,000 as
of the beginning of the Plan Year or at the time of hire shall be eligible to participate in respect of the Excess Base Salary Deferral Account and Bonus Deferral Account provisions of the Plan. 
  

 4 

	3.2	 Commencement 

 Each Employee
shall become a Participant on the first day of the month coincident with or next following the date he satisfies the eligibility requirements of Section 3.1. 
  

	3.3	 Termination of Eligibility 

 An individual shall cease to be a Participant as of the date such individual ceases to meet all of the applicable requirements of Section 3.1 above; provided, however, that benefits accrued as of such date shall not be reduced and
shall be paid as provided herein. 
 ARTICLE IV Excess Savings and Contributions 
  

	4.1	 Accounts 

 The Company shall
establish and maintain as a bookkeeping entry an Excess Savings Account (with separate bookkeeping entries for the Excess Tax-Deferred Contribution Account, the Excess Regular Matching Contribution Account, the Excess Additional Discretionary
Matching Contribution Account and the Excess Profit Sharing Account), an Excess Base Salary Deferral Account, and a Bonus Deferral Account for each Participant. During each Plan Year, the Company shall credit to the appropriate Account the amounts
described in this Article IV. Notwithstanding any other provision of the Plan, all Employee deferrals and Company credits to any Account provided in this Article IV shall be limited as necessary to comply with any applicable limitations of
1.409A-2(a)(9) and 1.409A-3(j)(5) of the Code Section 409A Rules. 
  

	4.2	 Base Salary 

  

	 	(a)	 Excess Tax-Deferred Contributions. Each Employee described in Section 3.1 whose Base Salary exceeds the annual indexed amount under
Section 401(a)(17) of the Code may enter into an Excess Tax-Deferred Contribution Agreement with the Company under which the Participant elects to defer an amount equal to the excess of up to 6 percent of the Base Salary that would otherwise be
payable to him each payroll period during each subsequent Plan Year over the Tax-Deferred Contributions made for such Participant to the Qualified Plan for the corresponding payroll period. Such election shall be irrevocable and shall remain in
effect for such Plan Year and all subsequent Plan Years unless the Participant, prior to the beginning of a Plan Year, elects to revoke or amend the Excess Tax-Deferred Contribution Agreement. An Excess Tax-Deferred Contribution Agreement may be
reinstated or amended prior to the beginning of any Plan Year for Excess Base Salary payable in that Plan Year. Notwithstanding the foregoing, an Employee who becomes eligible during a Plan Year to participate in the Plan may execute an Excess
Tax-Deferred Contribution Agreement with respect to unearned Base Salary within 30 days of becoming eligible. The Company shall credit the Excess Tax-Deferred Contributions to the Participant’s Excess Tax-Deferred Contribution Account as of the
payroll period to which the Excess Tax-Deferred Contributions relate. 

  

 5 

	 	(b)	 Excess Base Salary Deferral. Each Employee described in Section 3.1 may enter into an Excess Base Salary Deferral Agreement with respect to any Plan
Year. Prior to the beginning of such Plan Year or at the time of hire, the Employee may elect to defer all or any portion of the Employee’s excess Base Salary otherwise payable to him during that Plan Year; provided, however, that such deferral
shall be reduced by the amount of any Excess Tax-Deferred Contributions made under Section 4.2(a) with respect to such Excess Base Salary. Such Excess Base Salary Deferral Agreement shall remain in effect for such Plan Year and shall be
irrevocable. The Company shall credit the Excess Base Salary Deferral to the Participant’s Excess Base Salary Deferral Account as of the payroll period to which the Excess Base Salary Deferral relates. 

  

	4.3	 Bonus Deferral 

 An Employee
described in Section 3.1 may enter into a Bonus Deferral Agreement with the Company under which the Participant elects to defer all or any portion of any bonus that would otherwise be payable to him in respect of a Plan Year. Such Bonus
Deferral Agreement shall be entered into by the Participant and the Company on or prior to the December 1 preceding the beginning of the Plan Year for which services are rendered with respect to the bonus, shall remain in effect for the Plan
Year, and shall be irrevocable. The Company shall credit the above amounts to the Participant’s Bonus Deferral Account as of the payroll period to which the deferral relates. In addition, the Plan Administrator may, from time to time, and in
its sole discretion and subject to such rules as may be required by the Code Section 409A Rules, permit Participants to elect to defer other extraordinary amounts of compensation to the Plan in addition to the deferrals permitted under
Section 4.2 and 4.3. Any amounts deferred pursuant to this Section 4.3 shall be contributed to the Participant’s Account and shall be subject to the provisions of this Plan. 
  

	4.4	 Excess Regular Matching Contribution Account 

 During each Plan Year, the Company shall credit to a Participant’s Excess Regular Matching Contribution Account an amount that is equal to 60 percent of Excess Tax-Deferred Contributions for that Plan Year, but
in no event more than an amount equal to 3.6 percent of Base Salary over the Regular Matching Contributions made for such Participant under the Qualified Plan for such Plan Year. The Excess Regular Matching Contribution shall be credited to the
Participant’s Excess Regular Matching Contribution Account as of the same date or dates that the Excess Tax-Deferred Contributions are allocated to the Participant’s Excess Tax-Deferred Contributions Account. 
  

	4.5	 Excess Additional Discretionary Matching Contribution Account 

 During each Plan Year that an Additional Discretionary Matching Contribution is made under the Qualified Plan, the Company shall credit to a Participant’s Excess Additional Discretionary
Matching Contribution Account an amount that is equal to the Additional Discretionary 

  

 6 

 
Matching Contribution percentage under the Qualified Plan multiplied by the Participant’s Excess Tax-Deferred Contributions for that Plan Year. The
Excess Additional Discretionary Matching Contribution shall be credited to the Participant’s Excess Additional Discretionary Matching Contribution Account as of the same date or dates that the Excess Tax-Deferred Contributions are allocated to
the Participant’s Excess Tax-Deferred Contributions Account. 
  

	4.6	 Excess Profit Sharing Contribution Account 

 During each Plan Year, the Company shall credit to a Participant’s Excess Profit Sharing Contribution Account an amount that is equal to the Profit Sharing Contribution that would have been made under the
Qualified Plan without giving affect to the limitation on annual compensation imposed by Section 401(a)(17) of the Code over the actual Profit Sharing Contribution made for such Participant under the Qualified Plan for such Plan Year.

  

	4.7	 Adjustment to Accounts 

 As
of each Valuation Date, the Excess Base Salary Deferral Account and the Bonus Deferral Account of each Participant shall be credited or debited on the books of the Company with a gain or loss equal to the adjustment that would be made if assets
equal to each such Account had been invested with a rate of return equal to the rate of return of 10-Year Treasury Notes (adjusted monthly) plus 1.5 percent. As of each Valuation Date, the Excess Savings Account of each Participant shall be credited
or debited on the books of the Company with a gain or loss equal to the adjustment that would be made if assets equal to such Account had been invested with a rate of return equal to 120% of the long-term Applicable Federal Rate (adjusted monthly).

  

	4.8	 Vesting 

 Except as provided
in Section 4.10, a Participant shall have a nonforfeitable right to amounts credited to the Participant’s Accounts. 
  

	4.9	 Date of Payment 

 A
Participant’s Excess Savings Account shall be payable upon the Participant’s termination of employment. At the time the Participant executes the Excess Base Salary Deferral Agreement and the Bonus Deferral Agreement, the Participant shall
designate the date upon which the amounts deferred under such agreements shall become payable. Such amounts may be made payable either before, after, or upon the Participant’s termination of employment; provided, however, that, subject to the
provisions of Section 4.10, such election shall be irrevocable. Notwithstanding the foregoing, any amounts attributable to deferrals made after December 31, 2004 that are payable under this Section 4.9 on account of a
Participant’s Separation from Service shall be made earlier than the end of the Separation Delay Period if the distribution is on account of such Separation from Service and at that date the Participant is a Specified Employee; provided that,
such delay in payment shall not apply to any portion of a distribution that is excepted from such delay under the Code Section 409A Rules as a Short-Term Deferral. 
  

 7 

	4.10	 Form of Payment 

  

	 	(a)	 Excess Base Salary and Bonus Deferral. At the time the Participant executes the Excess Base Salary Deferral Agreement and the Bonus Deferral Agreement,
the Participant shall elect one of the following forms of payment for amounts credited to the Excess Base Salary Deferral Account and one of the following forms of payment for amounts credited to the Bonus Deferral Account:

  

	 	(1)	 Lump Sum. The Participant shall receive a single sum cash payment equal to the amount credited to such Account. 

  

	 	(2)	 Installments. The Participant shall receive the amount credited to such Account in annual installments payable over a period not exceeding 15 years.
Earnings shall continue to be credited on the unpaid amounts. 

 In the event the Participant changes any of
the foregoing elections prior to the date of payment or changes the time of payment elected under Section 4.9, then, notwithstanding the provisions of Section 4.8 and except as provided in Section 4.12, the Participant shall forfeit 6
percent of the amount otherwise payable to the Participant under such election, and such forfeited amount shall cease to be an obligation of the Company and the Plan. No change of election may be made with respect to any amounts attributable to
deferrals made after December 31, 2004. 
  

	 	(b)	 Excess Savings Account. At the time the Participant executes the Excess Tax-Deferred Contribution Agreement, the Participant shall elect one of the
following forms of payment for amounts credited to the Excess Savings Account: 

  

	 	(1)	 Lump Sum. The Participant shall receive a single sum cash payment equal to the amount credited to the Excess Savings Account.

  

	 	(2)	 Installments. The Participant shall receive the amount credited to the Excess Savings Account in annual installments payable over a period not exceeding
15 years. Earnings shall continue to be credited on the unpaid amounts. 

 In the event the Participant
changes the foregoing election prior to the date of payment, then, notwithstanding the provisions of Section 4.8 and except as provided in Section 4.12, the Participant shall forfeit 6 percent of the amount otherwise payable to the
Participant under such election, such forfeited amount shall cease to be an obligation of the Company and the Plan, and no subsequent changes may be made by the Participant. No change of election may be made with respect to any amounts attributable
to deferrals made after December 31, 2004. 
  

 8 

	4.11	 Death Benefits 

 At the time
the Participant executes the Excess Tax-Deferred Contribution Agreement, the Excess Base Salary Deferral Agreement, and the Bonus Deferral Agreement, the Participant shall designate a Beneficiary to receive death benefits payable under this
Section 4.11. In the event of the death of the Participant prior to full payment of amounts credited to the Participant’s Accounts, the unpaid amounts shall be paid within 90 days of the participants death in a single sum cash payment to
the Beneficiary. If no Beneficiary is designated or if no Beneficiary survives the Participant, the Participant’s surviving spouse or, in the case of an unmarried Participant, the designated Beneficiary under the Rayonier Salaried Life
Insurance Plan shall be the Beneficiary. In the event that no spouse survives the Participant or, in the case of an unmarried Participant, that the life insurance benefits have been assigned or that no Beneficiary has been designated under the
Rayonier Salaried Life Insurance Plan, the Beneficiary shall be the Participant’s estate. 
  

	4.12	 Hardship Withdrawals 

 Notwithstanding the provisions of Section 4.10, a Participant may, prior to the date payment of his Accounts is otherwise to be made, request a financial hardship withdrawal from any of his Accounts. A hardship withdrawal shall be
available only upon a determination by the Company’s Senior Vice President, Administration, that the Participant has suffered a severe and unanticipated emergency caused by an event that is beyond the control of the Participant. The amount of
the withdrawal shall be limited to the amount necessary to satisfy the hardship. The Company’s Senior Vice President, Administration, shall examine all relevant facts and circumstances to determine whether the Participant has a financial
hardship and may require a Participant to submit any and all documentation that he deems necessary to substantiate the existence of a financial hardship. 
  

	4.13	 Change of Control 

 Notwithstanding the provisions of Sections 4.9 and 4.10, upon the occurrence of a Change of Control, a Participant shall receive a single sum cash payment equal to the amount credited to the Participant’s Accounts; provided that, any
distribution described in the last sentence of Section 4.9 with respect to a Participant who is a Specified Employee shall not be paid prior to the end of the Separation Delay Period. 
 ARTICLE V Rights of Participants 
  

	5.1	 Contractual Obligation 

 It
is intended that the Company is under a contractual obligation to make payments under this Plan when due. The benefits under this Plan shall be paid out of the general assets of the Company. 
  

 9 

	5.2	 Unsecured Interest 

 No
special or separate fund shall be established and no segregation of assets shall be made to assure the payment of benefits hereunder. No Participant hereunder shall have any right, title, or interest whatsoever in any specific asset of the Company.
Nothing contained in this Plan and no action taken pursuant to its provisions shall create or be construed to create a trust of any kind, or a fiduciary relationship, between the Company and a Participant or any other person. To the extent that any
person acquires a right to receive payments under this Plan, such right shall be no greater than the right of any unsecured general creditor of the Company. It is the intention of the Company that this Plan be unfunded for tax purposes and for
purposes of Title I of ERISA and any trust created by the Company and any assets held by such trust to assist the Company in meeting its obligations under the Plan shall meet the requirements necessary to retain such unfunded status. 
 ARTICLE VI Administration 
  

	6.1	 Administration 

 The Plan
shall be administered by the Company as Plan Administrator. The Plan Administrator may appoint one or more individuals and delegate such of its powers and duties described herein as it deems desirable to any such individual, in which case every
reference herein made to the Plan Administrator shall be deemed to mean or include the individuals as to matters within their jurisdiction; provided, however, that in the absence of any contrary appointment or delegation, the authority, powers, and
duties herein shall be assigned to the Company’s Senior Vice President, Administration. The Plan Administrator shall, in its sole discretion, be authorized to construe and interpret all provisions of the Plan, to adopt rules and practices
concerning the administration of the same, and to make any determinations and calculations necessary or appropriate hereunder. The determination of the Plan Administrator as to any disputed question arising under this Plan, including questions of
construction and interpretation, shall be final, binding, and conclusive on all persons. 
  

	6.2	 Indemnification 

 To the
extent permitted by law, all agents and representatives of the Plan Administrator shall be indemnified by the Company and saved harmless against any claims, and the expenses of defending against such claims, resulting from any action or conduct
relating to the administration of the Plan, except claims arising from gross negligence, willful neglect, or willful misconduct. 
  

	6.3	 Expenses 

 The cost of
benefit payments from this Plan and the expenses of administering the Plan shall be borne by the Company. 
  

	6.4	 Tax Withholding 

 The
Company may withhold from a payment any federal, state, or local taxes required by law to be withheld with respect to such payment and such sums as the Company may reasonably estimate are necessary to cover any taxes for which the Company may be
liable and which may be assessed with regard to such payment. 
  

 10 

	6.5	 Claims Procedure 

  

	 	(a)	 Submission of Claims. Claims for benefits under the Plan shall be submitted in writing to the Plan Administrator or to an individual designated by the
Plan Administrator for this purpose. 

  

	 	(b)	 Denial of Claim. If any claim for benefits is wholly or partially denied, the claimant shall be given written or electronic notice within 90 days
following the date on which the claim is filed, which notice shall set forth — 

  

	 	(1)	 the specific reason or reasons for the denial; 

  

	 	(2)	 specific reference to pertinent Plan provisions on which the denial is based; 

  

	 	(3)	 a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is
necessary; and 

  

	 	(4)	 an explanation of the Plan’s claim review procedures and time limits applicable to such procedures, including a statement that the claimant has a right to
bring a civil action under Section 502(a) of ERISA following an adverse benefit determination on review. 

 If special circumstances require an extension of time for processing the claim, written notice of an extension shall be furnished to the claimant prior to the end of the initial period of 90 days following the date on which the claim is
filed. Such an extension may not exceed a period of 90 days beyond the end of said initial period. 
  

	 	(c)	 Claim Review Procedure. The claimant or his authorized representative may submit a written request for review to the Plan Administrator no later than 60
days after the date on which written or electronic notification of the denial is received by the claimant (or, if applicable, within 60 days after the date on which such denial is deemed to have occurred). 

 The claim for review shall be given a full and fair review that takes into account all comments, documents, records and other information
that relates to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. 
 Not later than 60 days after receipt of the request for review, the Plan Administrator shall render and furnish to the claimant written or electronic notice of the decision on review, which notice shall set forth
— 
  

 11 

	 	(1)	 the specific reason or reasons for the decision; 

  

	 	(2)	 specific reference to pertinent Plan provisions on which the decision is based; 

  

	 	(3)	 a statement that the claimant has a right to bring a civil action under Section 502(a) of ERISA following an adverse benefit determination on review; and

  

	 	(4)	 a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to and copies of, all documents, records and other
information relevant to the claim for benefit. A document is relevant to the claim for benefits if it was relied upon in making the determination, was submitted, considered or generated in the course of making the determination or demonstrates that
benefit determinations are made in accordance with the Plan and that Plan provisions have been applied consistently with respect to similarly situated claimants. 

 If special circumstances require an extension of time for processing the claim, the decision shall be rendered as soon as possible, but
not later than 120 days after receipt of the request for review, provided that written notice and explanation of the delay are given to the claimant prior to commencement of the extension. Such decision by the Plan Administrator shall not be subject
to further review. 
  

	 	(d)	 Exhaustion of Remedy. No claimant shall institute any action or proceeding in any state or federal court of law or equity, or before any administrative
tribunal or arbitrator, for a claim for benefits under the Plan, until the claimant has first exhausted the procedures set forth in this Section. 

 ARTICLE VII Miscellaneous 
  

	7.1	 Nontransferability 

 In no
event shall the Company make any payment under this Plan to any assignee or creditor of a Participant or of a Beneficiary, except as otherwise required by law. Prior to the time of a payment hereunder, a Participant or a Beneficiary shall have no
rights by way of anticipation or otherwise to assign or otherwise dispose of any interest under this Plan, nor shall rights be assigned or transferred by operation of law. 
  

 12 

	7.2	 Rights Against the Company 

 Neither the establishment of the Plan, nor any modification thereof, nor any payments hereunder, shall be construed to give any Participant the right to be retained in the employ of the Company or to interfere with the right of the Company
to discharge the Participant at any time. 
  

	7.3	 Amendment or Termination 

 The Plan may be amended, modified, or terminated at any time by the Company provided that, except as may be required in the reasonable judgment of the Company to comply with the 409A Rules, no such amendment, modification, or termination
shall reduce or diminish without the consent of a Participant or Beneficiary, if applicable, such person’s right to receive any benefit accrued hereunder prior to the date of such amendment, modification, or termination. Notice of such
amendment, modification, or termination shall be given in writing to each Participant and Beneficiary of a deceased Participant having an interest in the Plan to whom the provision applies. 
  

	7.4	 Applicable Law 

 This
instrument shall be binding on all successors and assignees of the Company and shall be construed in accordance with and governed by the laws of the State of Florida, subject to the provisions of all applicable Federal laws. 
  

	7.5	 Illegality of Particular Provision 

 The illegality of any particular provision of this document shall not affect the other provisions, and the document shall be construed in all respects as if such invalid provision were omitted. 
 In Witness Whereof, Rayonier Inc. has caused this instrument to be executed, effective December 31, 2007. 
  

			
	 Rayonier, Inc.

		
	 By
	 	  

		 	 W. Edwin Frazier, III
 Senior Vice President, Administration
 and Corporate Secretary

  

 13

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