Document:

Exhibit

Exhibit 10.6

                                                    
AMENDMENT TO RAYONIER INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES ("the Plan")

WHEREAS, Rayonier Inc. (the "Employer") maintains the Rayonier Investment and Savings Plan for Salaried Employees (the "Plan") for its employees;

WHEREAS, Rayonier Inc. has decided that it is in its best interest to amend the Plan;

WHEREAS, Section 14.0l(b) of the Plan authorizes the Employer to amend the selections under the Rayonier Investment and Savings Plan for Salaried Employees Adoption Agreement.

NOW THEREFORE BE IT RESOLVED, that the Rayonier Investment and Savings Plan for Salaried Employees Adoption Agreement is amended as follows. The amendment of the Plan is effective as of 10-1-2017.

1. The Adoption Agreement is amended to read:

1-1    EMPLOYER INFORMATION:
Name: Rayonier Inc.    
 Address:
Wildlight, 1 Rayonier Way
Yulee, FL 32097
Telephone: (904) 357-9100                    Fax:                                         

		
	2.
	The Adoption Agreement is amended to read:

1-5    RELATED EMPLOYERS: Is the Employer part of a group of Related Employers (as defined in Section 1.120 of the Plan)?
x    Yes
o    No
If yes, Related Employers may be listed below. A Related Employer must complete a Participating Employer Adoption Page for Employees of that Related Employer to participate in this Plan. The failure to cover the Employees of a Related Employer may result in a violation of the minimum coverage rules under Code §410(b). (See Section 2.02(c) of the Plan.)
Raydient Inc., Terrapointe LLC, Raydient LLC, Wildlight LLC. Rayonier Operating Co LLC                     
[Note: This AA §1-5 is for informational purposes. The failure to identify all Related Employers under this AA §1-5 will not jeopardize the qualified status of the Plan.]

		
	3.
	The Adoption Agreement is amended to read:

6A-5 ROTH DEFERRALS. Roth Deferrals (as defined in Section 3.03(e) of the Plan) are not permitted under the Plan, unless designated otherwise under this AA §6A-5.
		
	x  (a)
	Availability of Roth Deferrals. Roth Deferrals are permitted under the Plan. [Note: If Roth Deferrals are effective as of a date later than the Effective Date of the Plan, designate such special Effective Date in AA §6A-9 below. Roth Deferrals may not be made prior to January 1, 2006.]

		
	x   (b)
	Distribution of Roth Deferrals. Unless designated otherwise under this subsection, to the extent a Participant takes a distribution or withdrawal from his/her Salary Deferral Account(s), the Participant may designate the extent to which such distribution is taken from the Pre-Tax Deferral Account or from the Roth Deferral Account. (See Section

8.11(b)(2) of the Plan for default distribution rules if a Participant fails to designate the appropriate Account for corrective distributions from the Plan.)
Alternatively, the Employer may designate the order of distributions for the distribution types listed below:
x (1)    Distributions and withdrawals.

		
	o  (i)
	Any distribution will be taken on a pro rata basis from the Participant’s Pre-Tax Deferral Account and Roth Deferral Account

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	x  (ii)
	Any distribution will be taken first from the Participant’s Roth Deferral Account and then from the Participant’s Pre-Tax Deferral Account.

		
	o  (iii)
	Any distribution will be taken first from the Participant’s Pre-Tax Deferral Account and then from the Participant’s Roth Deferral Account.

x  (2)    Distribution of Excess Deferrals.
		
	o  (i)
	Distribution of Excess Deferrals will be made from Roth and Pre-Tax Deferral Accounts in the same proportion that deferrals were allocated to such Accounts for the calendar year.

		
	x (ii)
	Distribution of Excess Deferrals will be made first from the Roth Deferral Account and then from the Pre-Tax Deferral Account.

		
	o (iii)
	Distribution of Excess Deferrals will be made first from the Pre-Tax Deferral Account and then from the Roth Deferral Account.

		
	x  (3)
	Distribution of Salary Deferrals to Highly Compensated Employees to correct ADP or ACP Test failure.

		
	o  (i)
	Distribution of Excess Contributions (or Excess Aggregate Contributions) will be made from Roth and Pre-Tax Deferral Accounts in the same proportion that deferrals were allocated to such Accounts for the Plan Year.

		
	x  (ii)
	Distribution of Excess Contributions (or Excess Aggregate Contributions) will be made first from the Roth Deferral Account and then from the Pre-Tax Deferral Account.

		
	o  (iii)
	Distribution of Excess Contributions (or Excess Aggregate Contributions) will be made first from the Pre-Tax Deferral Account and then from the Roth Deferral Account.

		
	o (c)
	In-Plan Roth Conversions (pre-2013 provisions). Unless elected under this subsection, the Plan does not permit a Participant to make an In-Plan Roth Conversion under the Plan. To override this provision to allow Participants to make an In-Plan Roth Conversion, this subsection must be completed.

o  (l)    Effective date. Effective _____________ [not earlier than 9/27/2010 or later than 12/31/2012], a Participant
may elect to convert all or any portion of his/her non-Roth vested Account Balance to an In-Plan Roth Conversion Account.
[Note: The Plan must provide/or Roth Deferrals under AA §6A-5 as of the effective date designated in this subsection (1). The provisions under this subsection do not address the provisions under the American Taxpayer Relief Act of2012 (ATRA). To apply the rules under ATRA for In-Plan Roth Conversions made on or after January 1, 2013, see Appendix B of the Plan and Interim Amendment #I.]
		
	o  (2)
	Additional in-service distribution options for In-Plan Roth Conversions. For a Participant to convert his/her contributions to Roth contributions, the Participant must be eligible to take a distribution from the

Plan. This subsection (2) may be used to add the in-service distribution options under the Plan applicable only to In-Plan Roth Conversion s.
o (i)    In-service distribution events: In addition to any in-service distribution options described in AA
§ l0, the following in-service distribution options apply for In-Plan Roth Conversions: [Check the appropriate boxes.]
o (A)    Attainment of age 591⁄2 for all contribution sources
		
	o (B)
	Attainment of age 591⁄2 for Salary Deferrals (including QNECs, QMACs and Safe Harbor Contributions, if applicable)

		
	o (C)
	Attainment of age_ for contribution sources other than Salary Deferrals (and QNECs, QMACs and Safe Harbor Contributions, if applicable).

		
	o (D)
	Completion of____(cannot be less than 60) months of participation in the Plan. (Not applicable to Salary Deferrals, QNECs, QMACs or Safe Harbor Contributions, as applicable.)

		
	o (E)
	The amounts being withdrawn have been held in Plan for at least two years. (Not applicable to Salary Deferrals, QNECs, QMACs or Safe Harbor Contributions, as applicable.)

o (F)    Other distribution event: _________________________________________________
[Note: For Salary Deferrals (including any QNECs, QMACs or Safe Harbor Contributions), a Participant must be at least age 591⁄2 to take an in-service distribution. For Employer Contributions and Matching Contributions, the Plan may authorize an in-service distribution upon a stated event, including 

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the attainment of any age. Any selection in subsection (F) must be d finitely determinable and not subject to Employer discretion. ]
o(ii)    In-service distribution option available only to accomplish In-Plan Roth Conversion. If this           subsection (ii) is checked, the in-service distribution options described in subsection (i) will be permitted only to accomplish an In-Plan Roth Conversion.
[Note: An in-service distribution may be limited solely to accomplish a Roth conversion only if the Plan does not already authorize an in-service distribution. Thus, this subsection (ii) will not apply to the extent an in-service distribution is already authorized under the Plan.]
		
	o (3) 
	Contribution sources. An Employee may only elect to make an In-Plan Roth Conversion from the following sources: [Check all contribution sources available under the Plan from which an In-Plan Roth Conversion is available.]

o (i)    All available sources under the Plan
o (ii)    Pre-tax Salary Deferrals
o (iii)    Employer Contributions
o (iv)    Matching Contributions
o (v)    Safe Harbor Contributions
o (vi)    QNECs and QMACs
o (vii)    After-Tax Contributions
o (viii)     Ro11over Contributions
o (ix)    Describe:      
[Note: Any selection in subsection (ix) must be definitely determinable and not subject to Employer discretion.]
		
	o (4) 
	Limits applicable to In-Plan Roth Conversions. The following limits apply in determining the amounts that are eligible for an In-Plan Roth Conversion.

		
	o (i)
	Check this box if Roth conversions may only be made from contribution sources that are fu11y vested (i.e., 100% vested).

[Note:  If an In-Plan Roth Conversion is permitted from partially-vested sources, special rules apply for determining the vested percentage of such amounts after conversion. See Section 7.09 of the Plan.]
o (ii)    A Participant may not make an In-Plan Roth Conversion of less than $___    (may not exceed $1,000). 
o (iii)    A Participant may not make an In-Plan Roth Conversion of any outstanding loan amount.
[Note: If this subsection (iii) is not checked, a Participant may convert amounts that are attributable to an outstanding loan, to the extent the loan relates to a contribution source that is eligible for conversion under subsection (3) above.]
o (iv)    Describe: _________________________________________________________________________

[Note: Any selection in subsection (iv) must be definitely determinable and not subject to Employer discretion.]
		
	o (5) 
	Amounts available to pay federal and state taxes generated from an In-Plan Roth Conversion.

		
	o (i)
	In-service distribution. If the Plan does not otherwise permit an in-service distribution at the time of the In-Plan Roth Conversion and this subsection (i) is checked, a Participant may elect to take an in-service distribution solely to pay taxes generated from the In-Plan Roth Conversion.

		
	o (ii)
	Participant loan. Generally, a Participant may request a loan from the Plan to the extent permitted under Section 13 of the Plan and Appendix B of this Adoption Agreement. However, to the extent a Participant loan is not otherwise allowed and this subsection (ii) is selected, a Participant may receive a Participant loan solely to pay taxes generated from an In-Plan Roth Conversion.

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[Note: if this subsection (ii) is selected and Participant loans are not otherwise authorized under the Plan, any Participant loan made pursuant to this subsection (ii) will be made in accordance with the default loan policy described in Section 13 of the Plan.]

		
	o (6)
	Distribution from In-Plan Roth Conversion Account. Distributions from the In-Plan Roth Conversion account will be permitted as follows:

		
	o (i)
	 In-service distributions will not be permitted from an In-Plan Roth Conversion account until the earliest date a distribution would otherwise be permitted for any contribution source eligible for conversion, without regard to the conversion distribution.

o (ii)    An in-service distribution may be made from the In-Plan Roth Conversion account at any time.
		
	o (iii)
	A separate In-Plan Roth Conversion account will be maintained for converted amounts attributable to Rollover Contributions and/or After-Tax Contributions. An in-service distribution may be made at any time from this separate account.

o (iv)    Describe distribution options: ______________________________________________________

[Note: This subsection (6) may not be used to eliminate an in-service distribution option that was otherwise available at the time of the In-Plan Roth Conversion. Thus, for example, if a Participant is permitted to make an In-Plan Roth Conversion of After-Tax Contributions or Rollover contributions, and such contributions are eligible for immediate distribution at the time of the In-Plan Roth Conversion, those amounts must continue to be available for distribution after the In-Plan Roth Conversion, Subsection (iii) permits the protection of the
immediate distribution option for Rollover and After-Tax Contributions while still delaying the distribution of other contribution sources. If subsection (iii) is checked, subsection (i) or (iv) should also be checked to describe distribution options/or other contribution sources. To the extent a selection in this subsection (6)
results in an improper elimination of a distribution right, the provisions of this subsection (6) will not apply.]

o (d)    Describe any special rules that apply to Roth Deferrals under the Plan: _____________________________________
[Note: Any special rules must satisfy the nondiscrimination requirements under Code §401(a)(4).]

		
	4.
	The Adoption Agreement is amended to read:

		
	6A-9 
	SPECIAL DEFERRAL EFFECTIVE DATES. Unless designated otherwise under this AA §6A-9, a Participant is eligible to make Salary Deferrals under the Plan as of the Effective Date of the Plan (as designated in the Employer Signature Page).

However, in no case may a Participant begin making Salary Deferrals prior to the later of the date the Employee becomes a Participant, the date the Participant executes a Salary Reduction Agreement or the date the Plan is adopted or effective. (See Section 3.03(a) of the Plan.)
To designate a later Effective Date for Salary Deferrals or Roth Deferrals, complete this AA §6A-9.
		
	 o (a)
	Salary Deferrals. A Participant is eligible to make Salary Deferrals under the Plan as of:

o (1)    the date the Plan is executed by the Employer (as indicated on the Employer Signature Page).
o (2)    ___ (insert date).
		
	x (b)
	Roth Deferrals. The Roth Deferral provisions under AA §6A-5 are effective as of 2-1-2018    . [If Roth Deferrals are permitted under AA §6A-5 above, Roth Deferrals are effective as of the Effective Date applicable to Salary

Deferrals under this AA §6A-9, unless a later date is designated under this subsection.]

		
	5.
	The Adoption Agreement is amended to read:

6B-3    CONTRIBUTIONS ELIGIBLE FOR MATCHING CONTRIBUTIONS ("ELIGIBLE CONTRIBUTIONS"). Unless
designated otherwise under this AA §6B-3, all Salary Deferrals, including any Roth Deferrals and Catch-Up Contributions are eligible for the Matching Contributions designated under AA §6B-2.
x (a)    Matching Contributions. Only the following contribution sources are eligible for a Matching Contribution under AA
§6B-2:
x (l)    Pre-tax Salary Deferrals
x (2)    Roth Deferrals
x (3)    Catch-Up Contributions
[Note: Any amounts excluded under this subsection do not apply to Safe Harbor Matching Contributions under AA

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§6C-2. See AA §6D-2 to determine eligibility of After-Tax Employee Contributions for Matching Contributions.]
		
	o(b)
	Application of Matching Contributions to elective deferrals made under another plan maintained by the Employer. If this subsection is checked, the Matching Contributions described in AA §68-2 will apply to elective deferrals made under another plan maintained by the Employer.

o (1)    The Matching Contribution designated in AA §6B-2 above will apply to elective deferrals under the following
plan maintained by the Employer: ___________    

o (2)    The following special rules apply in determining the amount of Matching Contributions under this Plan with
respect to elective deferrals under the plan described in subsection (1): _______________________________

[Note: This subsection may be used to describe special provisions applicable to Matching Contributions provided with respect to elective deferrals under another plan maintained by the Employer, including another qualified plan, Code §403(b) plan or Code §457(b) plan.]
x  (c)    Special rules. The following special rules apply for purposes of determining the Matching Contribution under this AA
§6B-3: A Participant who receives a non-hardship withdrawal of After-tax or Company Matching contributions is suspended from receiving Company Matching contributions for three months following the date of withdrawal.
[Note: Any special rules must satisfy the nondiscrimination requirements under Code §401(a)(4) and the regulations thereunder. If contribution sources are limited/or only certain Matching Contributions those limitations may be described under this subsection.]

		
	6.
	The Participating Employer Page has been modified to add Raydient LLC, Terrapointe LLC, Wildlight LLC, and Rayonier Operating Co LLC as participating employers. The modified Participating Employer Page(s) are attached to this Amendment.

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PARTICIPATING EMPLOYER ADOPTION PAGE
		
	x
	Check this selection and complete this page if a Participating Employer (other than the Employer that signs the Signature Page above) will participate under this Plan as a Participating Employer. [Note: See Section 16 of the Plan for rules relating to the adoption of the Plan by a Participating Employer if there is more than one Participating Employer, each one should execute a separate Participating Employer Adoption Page. Any reference to the "Employer" in this Adoption Agreement is also a reference to the Participating Employer, unless otherwise noted.]

PARTlCIPATlNG EMPLOYER INFORMATION:
Name: Terrapointe LLC    
Address: Wildlight 1 Rayonier Way    
City, State, Zip Code: Yulee, Florida  32097    
EMPLOYER IDENTIFICATION NUMBER (EIN): 59-3607205    
FORM OF BUSINESS: LLC    
EFFECTIVE DATE: The Effective Date should be completed to document whether this Plan is a new plan or restatement of a prior plan with respect to the Participating Employer. (Additional special Effective Dates may apply under Modifications to Adoption Agreement.)
x    New plan. The Participating Employer is adopting this Plan as a new Plan effective 10-1-2017     . [Note: Date can be no earlier than the
first day of the Plan Year in which the Plan is adopted.]
o    Restated plan. The Participating Employer is adopting this Plan as a restatement of a prior plan.
		
	(a)
	Name of plan(s) being restated:    

		
	(b)
	This restatement is effective     [Note: Date can be no earlier than January 1, 2007.]

		
	(c)
	The original effective date of the plan(s) being restated is: 

o    Cessation of participation. The Participating Employer is ceasing its participation in the Plan effective as of:    
ALLOCATlON OF CONTRIBUTIONS. Any contributions made under this Plan (and any forfeitures relating to such contributions) will be allocated to all Participants of the Employer (including the Participating Employer identified on this Participating Employer Adoption Page).
To override this default provision, check below.
		
	o
	Check this box if contributions made by the Participating Employer signing this Participating Employer Adoption Page (and any forfeitures relating to such contributions) will be allocated only to Participants actually employed by the Participating Employer making the contribution. If this box is checked, Employees of the Participating Employer signing this Participating Employer Adoption Page will not share in an allocation of contributions (or forfeitures relating to such contributions) made by the Employer or any other Participating Employer. [Note: Use of this section may require additional testing. See Section 16.04 of the Plan. ]

MODIFICATIONS TO ADOPTION AGREEMENT. The selections in the Adoption Agreement (including any special effective dates identified in Appendix A) will apply to the Participating Employer executing this Participating Employer Adoption Page.
To modify the Adoption Agreement provisions applicable to a Participating Employer, designate the modifications in (a) or (b) below.
o (a)    Special Effective Dates. Check this (a) if different special effective dates apply with respect to the Participating Employer signing this 
Participating Employer Adoption Page. Attach a separate Addendum to the Adoption Agreement entitled "Special Effective Dates for 
Participating Employer" and identify the special effective dates as they apply to the Participating Employer.
o (b)    Modification of Adoption Agreement elections. Section(s) ___ of the Agreement are being modified for this Participating
Employer. The modified provisions are effective     .
[Note: Attach a description of the modifications to this Participating Employer Adoption Page.]
SIGNATURE. By signing this Participating Employer Adoption Page, the Participating Employer agrees to adopt (or to continue its participation in) the Plan identified on page l of this Agreement. The Participating Employer agrees to be bound by all provisions of the Plan and Adoption Agreement as completed by the signatory Employer, unless specifically provided otherwise on this Participating Employer Adoption Page. The Participating Employer also agrees to be bound by any future amendments (including any amendments to terminate the Plan) as adopted by the signatory Employer. By signing this Participating Employer Adoption Page, the individual below represents that he/she has the authority to sign on behalf of the Participating Employer.
         	
		
	Terrapointe LLC
	 

	(Name of Employer)
	 

	 
	 

	Shelby Pyatt
	VP, HR and IT

	(Name of authorized representative)
	(Title)

	 
	 

	/s/ SHELBY PYATT
	11/9/2017

	(Signature)
	(Date)

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PARTICIPATING EMPLOYER ADOPTION PAGE

		
	x
	Check this selection and complete this page if a Participating Employer (other than the Employer that signs the Signature Page above) will participate under this Plan as a Participating Employer. [Note: See Section 16 of the Plan/or rules relating to the adoption of the Plan by a Participating Employer. If there is more than one Participating Employer, each one should execute a separate Participating employer Adoption Page. Any reference to the "Employer" in this Adoption Agreement is also a reference to the Participating Employer, unless otherwise noted.]

PARTlClPATlNG EMPLOYER lNFORMATlON:
Name: Raydient LLC                                                        
Address: Wildlight l Rayonier Way                                                    
City, State, Zip Code: Yulee, Florida  32097    
EMPLOYER  lDENTlFlCATlON NUMBER (EIN): 59-3607205                                                           
FORM OF BUSlNESS: LLC    
EFFECTlVE DATE: The Effective Date should be completed to document whether this Plan is a new plan or restatement of a prior plan with respect to the Participating Employer. (Additional special Effective Dates may apply under Modifications to Adoption Agreement.)
		
	x
	New plan. The Participating Employer is adopting this Plan as a new Plan effective 10-1-17        . [Note: Date can be no earlier than the first day of the Plan Year in which the Plan is adopted.]

o    Restated plan. The Participating Employer is adopting this Plan as a restatement of a prior plan.
(a)    Name of plan(s) being restated:_________________________________________________________________________________________
(b)    This restatement is effective     [Note: Date can be no earlier than January 1, 2007]
		
	(c)
	The original effective date of the plan(s) being restated is:    

o    Cessation of participation. The Participating Employer is ceasing its participation in the Plan effective as of:     
ALLOCATlON OF CONTRIBUTlONS. Any contributions made under this Plan (and any forfeitures relating to such contributions) will be allocated to all Participants of the Employer (including the Participating Employer identified on this Participating Employer Adoption Page).
To override this default provision, check below.
		
	o
	Check this box if contributions made by the Participating Employer signing this Participating Employer Adoption Page (and any forfeitures relating to such contributions) will be allocated only to Participants actually employed by the Participating Employer making the contribution. If this box is checked, Employees of the Participating Employer signing this Participating Employer Adoption Page will not share in an allocation of contributions (or forfeitures relating to such contributions) made by the Employer or any other Participating Employer. [Note: Use of this section may require additional testing. See Section 16.04 of the Plan.]

MODIFICATIONS TO ADOPTlON AGREEMENT. The selections in the Adoption Agreement (including any special effective dates identified in Appendix A) will apply to the Participating Employer executing this Participating Employer Adoption Page.
To modify the Adoption Agreement provisions applicable to a Participating Employer, designate the modifications in (a) or (b) below.
		
	o (a)
	Special Effective Dates. Check this (a) if different special effective dates apply with respect to the Participating Employer signing this Participating Employer Adoption Page. Attach a separate Addendum to the Adoption Agreement entitled "Special Effective Dates for participating Employer" and identify the special effective dates as they apply to the Participating Employer.

o (b)    Modification of Adoption Agreement elections. Section(s) ____of the Agreement are being modified for this Participating
Employer. The modified provisions are effective                                          .
[Note: Attach a description of the modifications to this Participating Employer Adoption Page.]
SIGNATURE. By signing this Participating Employer Adoption Page, the Participating Employer agrees to adopt (or to continue its participation in) the Plan identified on page l of this Agreement. The Participating Employer agrees to be bound by all provisions of the Plan and Adoption Agreement as completed by the signatory Employer, unless specifically provided otherwise on this Participating Employer Adoption Page. The Participating Employer also agrees to be bound by any future amendments (including any amendments to terminate the Plan) as adopted by the signatory Employer. By signing this Participating Employer Adoption Page, the individual below represents that he/she has the authority to sign on behalf of the Participating Employer.
       	
		
	Raydient LLC
	 

	(Name of Employer)
	 

	 
	 

	Shelby Pyatt
	VP, HR and IT

	(Name of authorized representative)
	(Title)

	 
	 

	/s/ SHELBY PYATT
	11/9/2017

	(Signature)
	(Date)

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PARTICIPATING EMPLOYER ADOPTION PAGE
		
	x
	Check this selection and complete this page if a Participating Employer (other than the Employer that signs the Signature Page above) will participate under this Plan as a Participating Employer. [Note: See Section /6 of the Plan for rules relating to the adoption of the Plan by a Participating Employer. If there is more than one Participating Employer, each one should execute a separate Participating Employer Adoption Page. Any reference to the "Employer" in this Adoption Agreement is also a reference to the Participating Employer, unless otherwise noted.]

PARTICIPATING EMPLOYER INFORMATION:
Name: Wildlight LLC    
Address: Wildlight 1 Rayonier Way    
City, State, Zip Code: Yulee, Florida  32097        
EMPLOYER IDENTIFICATION NUMBER (EIN):  81-3453961    
FORM OF BUSINESS:  LLC    
EFFECTIVE DATE: The Effective Date should be completed to document whether this Plan is a new plan or restatement of a prior plan with respect to the Participating Employer. (Additional special Effective Dates may apply under Modifications to Adoption Agreement.)
		
	x
	New plan. The Participating Employer is adopting this Plan as a new Plan effective 10-1-17   . [Note: Date can be no earlier than the first day of the Plan Year in which the Plan is adopted.]

o    Restated plan. The Participating Employer is adopting this Plan as a restatement of a prior plan.
(a)     Name of plan(s) being restated:_____________________________________________________________________________________________ 
		
	(b)
	This restatement is effective      [Note: Date can be no earlier than January 1m 2007]

		
	(c)
	The original effective date of the plan(s) being restated is:    

		
	o
	Cessation of participation. The Participating Employer is ceasing its participation in the Plan effective as of:     

ALLOCATlON OF CONTRlBUTIONS. Any contributions made under this Plan (and any forfeitures relating to such contributions) will be allocated to all Participants of the Employer (including the Participating Employer identified on this Participating Employer Adoption Page).
To override this default provision, check below.
		
	o
	Check this box if contributions made by the Participating Employer signing this Participating Employer Adoption Page (and any forfeitures relating to such contributions) will be allocated only to Participants actually employed by the Participating Employer making the contribution. lf this box is checked, Employees of the Participating Employer signing this Participating Employer Adoption Page will not share in an allocation of contributions (or forfeitures relating to such contributions) made by the Employer or any other Participating Employer. [Note: Use of this section may require additional testing. See Section 16.04 of the Plan.]

MODIFICATIONS TO ADOPTION AGREEMENT. The selections in the Adoption Agreement (including any special effective dates identified in Appendix A) will apply to the Participating Employer executing this Participating Employer Adoption Page.
To modify the Adoption Agreement provisions applicable to a Participating Employer, designate the modifications in (a) or (b) below.
		
	o (a)
	Special Effective Dates, Check this (a) if different special effective dates apply with respect to the Participating Employer signing this Participating Employer Adoption Page. Attach a separate Addendum to the Adoption Agreement entitled "Special Effective Dates for Participating Employer" and identify the special effective dates as they apply to the Participating Employer.

o (b)    Modification of Adoption Agreement elections. Section(s)       of the Agreement are being modified for this Participating
Employer. The modified provisions are effective __________________________________________________________________________.
[Note: Attach a description of the modifications to this Participating Employer Adoption Page.]
SIGNATURE. By signing this Participating Employer Adoption Page, the Participating Employer agrees to adopt (or to continue its participation in) the Plan identified on page l of this Agreement. The Participating Employer agrees to be bound by all provisions of the Plan and Adoption Agreement as completed by the signatory Employer, unless specifically provided otherwise on this Participating Employer Adoption Page. The Participating Employer also agrees to be bound by any future amendments (including any amendments to terminate the Plan) as adopted by the signatory Employer. By signing this Participating Employer Adoption Page, the individual below represents that he/she has the authority to sign on behalf of the Participating Employer.
      	
		
	Wildlight LLC
	 

	(Name of Employer)
	 

	 
	 

	Shelby Pyatt
	VP, HR and IT

	(Name of authorized representative)
	(Title)

	 
	 

	/s/ SHELBY PYATT
	11/9/2017

	(Signature)
	(Date)

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PARTICIPATING EMPLOYER ADOPTION PAGE
		
	x
	Check this selection and complete this page if a Participating Employer (other than the Employer that signs the Signature Page above) will participate under this Plan as a Participating Employer. [Note: See Section 16 of the Plan for rules relating to the adoption of the Plan by a Participating Employer. If there is more than one Participating Employer, each one should execute a separate Participating Employer Adoption Page. Any reference to the "Employer" in this Adoption Agreement is also a reference to the Participating Employer, unless otherwise noted.]

PARTIClPATING EMPLOYER lNFORMATlON:
Name: Rayonier Operating Company LLC                                                                                                                                                                                      
Address: Wildlight I Rayonier Way                                                                                                                                                                        
City, State, Zip Code: Yulee, Florida 32097                                                                                                                                                                        

EMPLOYER lDENTIFICATION NUMBER (EIN): 27-2793120                                                                                                                                                      
FORM OF BUSINESS: LLC                                                                                                                                                                                                                    

EFFECTIVE DATE: The Effective Date should be completed to document whether this Plan is a new plan or restatement of a prior plan with respect to the Participating Employer. (Additional special Effective Dates may apply under Modifications to Adoption Agreement.)
		
	x
	New plan. The Participating Employer is adopting this Plan as a new Plan effective 1-1-2018.  [Note: Date can be no earlier than the first day of the Plan Year in which the Plan is adopted.]

		
	o
	Restated plan. The Participating Employer is adopting this Plan as a restatement of a prior plan.

		
	(a)
	Name of plan(s) being restated:     

		
	(b)
	This restatement is effective ________________________________________________ [Note: Date can be no earlier than January 1, 2007]

		
	(c)
	The original effective date of the plan(s) being restated is:     

		
	o
	Cessation of participation. The Participating Employer is ceasing its participation in the Plan effective as of:     

ALLOCATION OF CONTRIBUTIONS. Any contributions made under this Plan (and any forfeitures relating to such contributions) will be allocated to all Participants of the Employer (including the Participating Employer identified on this Participating Employer Adoption Page).
To override this default provision, check below.
		
	o
	Check this box if contributions made by the Participating Employer signing this Participating Employer Adoption Page (and any forfeitures relating to such contributions) will be allocated only to Participants actually employed by the Participating Employer making the contribution. If this box is checked, Employees of the Participating Employer signing this Participating Employer Adoption Page will not share in an allocation of contributions (or forfeitures relating to such contributions) made by the Employer or any other Participating Employer. [Note: Use of this section may require additional testing. See Section 16.04 of the Plan.]

MODIFlCATIONS TO ADOPTION AGREEMENT. The selections in the Adoption Agreement (including any special effective dates identified in Appendix A) will apply to the Participating Employer executing this Participating Employer Adoption Page.
To modify the Adoption Agreement provisions applicable to a Participating Employer, designate the modifications in (a) or (b) below.
		
	o (a)
	Special Effective Dates. Check this (a) if different special effective dates apply with respect to the Participating Employer signing this Participating Employer Adoption Page. Attach a separate Addendum to the Adoption Agreement entitled "Special Effective Dates for Participating Employer" and identify the special effective dates as they apply to the Participating Employer.

o (b)    Modification of Adoption Agreement elections. Section(s) ___ of the Agreement are being modified for this Participating
Employer. The modified provisions are effective     .
[Note: Attach a description of the modifications to this Participating Employer Adoption Page.]
SIGNATURE. By signing this Participating Employer Adoption Page, the Participating Employer agrees to adopt (or to continue its participation in) the Plan identified on page I of this Agreement. The Participating Employer agrees to be bound by all provisions of the Plan and Adoption Agreement as completed by the signatory Employer, unless specifically provided otherwise on this Participating Employer Adoption Page. The Participating Employer also agrees to be bound by any future amendments (including any amendments to terminate the Plan) as adopted by the signatory Employer. By signing this Participating Employer Adoption Page, the individual below represents that he/she has the authority to sign on behalf of the Participating Employer.
         	
		
	Rayonier Operating Company LLC
	 

	(Name of Employer)
	 

	 
	 

	Shelby Pyatt
	VP, HR and IT

	(Name of authorized representative)
	(Title)

	 
	 

	/s/ SHELBY PYATT
	11/9/2017

	(Signature)
	(Date)

© Copyright 2017    Massachusetts Mutual Life insurance Company    10-1-2017
Version: V1.8sub- 2    Page 9

EMPLOYER SIGNATURE PAGE

PURPOSE OF EXECUTION. This Signature Page is being executed for Rayonier Investment and Savings Plan for Salaried Employees to effect:
o  (a)    The adoption of a new plan, effective__ [insert Effective Date of Plan]. [Note: Date can be no earlier than the first day of the
Plan year in which the Plan is adopted.]
o (b)    The restatement of an existing plan, in order to comply with the requirements of PPA, pursuant to Rev. Proc. 2011-49.
		
	(1)
	Effective date of restatement: ___. [Note: Date can be no earlier than January 1, 2007. Sec/ion 14.01(f)(2) of Plan provides for retroactive effective dates for all PPA provisions. Thus, a current effective date may be used under this subsection (1) without jeopardizing reliance. ]

(2)    Name of plan(s) being restated:     
(3)    The original effective date of the plan(s) being restated:     
		
	x (c)
	An amendment or restatement of the Plan (other than to comply with PPA). If this Plan is being amended, a snap-on amendment may be used to designate the modifications to the Plan or the updated pages of the Adoption Agreement may be substituted for the original pages in the Adoption Agreement. All prior Employer Signature Pages should be retained as part of this Adoption Agreement.

		
	(1)
	Effective Date(s) of amendment/restatement: 10-1-2017    

		
	(2)
	Name of plan being amended/restated: Rayonier Investment and Savings Plan for Salaried Employees    

		
	(3)
	The original effective date of the plan being amended/restated: 3-1-1994        

		
	(4)
	If Plan is being amended, identify the Adoption Agreement section(s) being amended: Section 1-l to change the Employer  Address; Section 1-5 and the Participating Employer Adoption Page to add Raydient LLC, Terrapointe LLC, 

and Wildlight LLC as related and participating employers effective October l, 2017 and to add Rayonier Operating Co LLC as a related and participating employer effective January 1, 2018: Sections 6A-5, 6A-9, and 6B-3 to permit Roth Deferrals into the Plan effective February 1, 2018.

VOLUME SUBMITTER SPONSOR INFORMATION. The Volume Submitter Sponsor (or authorized representative) will inform the Employer of any amendments made to the Plan and will notify the Employer if it discontinues or abandons the Plan. To be eligible to receive such notification, the Employer agrees to notify the Volume Submitter Sponsor (or authorized representative) of any change in address. The Employer may direct inquiries regarding the Plan or the effect of the Favorable IRS Letter to the Volume Submitter Sponsor (or authorized representative) at the following location:
Name of Volume Submitter Sponsor (or authorized representative): Massachusetts Mutual Life Insurance Company    
Address: 1295 State Street Springfield, MA 01111-0001    
Telephone number: (800) 309-3539    
IMPORTANT INFORMATION ABOUT THIS VOLUME SUBMITTER PLAN. A failure to properly complete the elections in this Adoption Agreement or to operate the Plan in accordance with applicable law may result in disqualification of the Plan. The Employer may rely on the Favorable IRS Letter issued by the National Office of the Internal Revenue Service to the Volume Submitter Sponsor as evidence that the Plan is qualified under Code §40l(a), to the extent provided in Rev. Proc. 2011-49. The Employer may not rely on the Favorable IRS Letter in certain circumstances or with respect to certain qualification requirements, which are specified in the Favorable IRS Letter issued with respect to the Plan and in Rev. Proc. 2011-49. In order to obtain reliance in such circumstances or with respect to such qualification requirements, the Employer must apply to the office of Employee Plans Determinations of the Internal Revenue Service for a determination letter. See Section 1.66 of the Plan.
By executing this Adoption Agreement, the Employer intends to adopt the provisions as set forth in this Adoption Agreement and the related Plan document. By signing this Adoption Agreement, the individual below represents that he/she has the authority to execute this Plan document on behalf of the Employer. This Adoption Agreement may only be used in conjunction with Basic Plan Document #04. The Employer understands that the Volume Submitter Sponsor has no responsibility or liability regarding the suitability of the Plan for the Employer's needs or the options elected under this Adoption Agreement. It is recommended that the Employer consult with legal counsel before executing this Adoption Agreement.
	
		
	Rayonier Inc.
	 

	(Name of Employer)
	 

	 
	 

	Shelby Pyatt
	VP, HR and IT

	(Name of authorized representative)
	(Title)

	 
	 

	/s/ SHELBY PYATT
	11/9/2017

	(Signature)
	(Date)

© Copyright 2017    Massachusetts Mutual Life insurance Company    10-1-2017
Version: V1.8sub- 2    Page 10Exhibit

EXHIBIT 10.31

RAYONIER 
2018
 
ANNUAL BONUS PROGRAM 
(as amended and restated December 2017)

71477348.8 174916-000540 

Rayonier
Annual Bonus Program

1.  Purpose
This Rayonier Annual Bonus Program (“Bonus Program”) is adopted pursuant to the Rayonier Non-Equity Incentive Plan (the “Plan”) and is the vehicle through which the Compensation and Management Development Committee (the “Committee”) of the Rayonier Board of Directors will make awards to key personnel that have an impact on the Company’s achievement of annual or other short-term Performance Objectives.  
The Bonus Program is effective for Performance Periods designated by the Committee until such time as the Bonus Program is modified or terminated.
2.  Definitions
For purposes of the Bonus Program, the following terms have the indicated definitions.  Terms not defined here have the same meaning as under the Plan.
		
	(a)
	“Available Bonus Pool” means with respect to any Performance Period, the sum of the Preliminary Bonus Awards for all Designated Employees excluding Covered Executives, as adjusted by any change made by the Committee pursuant to Section 4(d)(i); provided that, such sum shall not exceed the amount specified in Section 4(a). 

		
	(b)
	“Bonus Award” means the bonus payable in respect of a specified Performance Period to a Designated Employee determined in accordance with Section 4.

		
	(c)
	“Bonus Program” means this Rayonier Annual Bonus Program, as it may be modified from time to time by the Committee.

		
	(d)
	 “Clawback Policy” has the meaning set forth in Section 8(j).

		
	(e)
	“Code” means the Internal Revenue Code of 1986, as it may be amended from time to time, and the applicable regulations thereunder.

		
	(f)
	“Rayonier Performance Factor” or “RPF” has the meaning set forth in Section 5.   

		
	(g)
	“Covered Executive” has the same meaning as set forth in the Plan.

		
	(h)
	“Designated Employees” means with respect to any applicable Performance Period, the Covered Executives and other U.S. based employees as designated by the Committee prior to the end of the first quarter of the Performance Period.

		
	(i)
	“Exchange Act” means the Securities Exchange Act of 1934, as amended.

		
	(j)
	“Performance Period” means the Company’s fiscal year or any other period designated by the Committee with respect to which Bonus Awards are granted.

		
	(k)
	“Performance Bonus Award” is the Bonus Award determined in accordance with this Bonus Program and the Plan.

		
	(l)
	“Plan” means the Rayonier Non-Equity Incentive Plan, pursuant to which this Bonus Program is adopted, or any successor thereto.

 
1

 
71477348.8 174916-000540 

		
	(m)
	“Preliminary Bonus Award” means: 

		
	(i)
	for Designated Employees other than Covered Executives, the product of multiplying (a) the employee’s Target Award times (b) the Rayonier Performance Factor calculated in accordance with Exhibit A; and 

		
	(ii)
	for Covered Executives, an amount equal to 150% of the executive’s Target Award unless the Rayonier Performance Factor is 0%, in which case the Preliminary Bonus Award will be zero.

		
	(n)
	 “Target Award” means with respect to a Designated Employee, the amount expressed as a percent of the Designated Employee’s Performance Period base pay earnings.

3.  Administration
The Committee shall administer the Bonus Program for all Designated Employees in accordance with the Plan, provided that, as specified in the Committee’s Charter, the Bonus Award for the Chief Executive Officer shall be subject to review and approval by the independent members of the Board of Directors.  
Before payment of any Bonus Award is made to a Covered Executive under this Bonus Program, the Committee shall have complied with the provisions of Section 4(d)(iv).
4.  Procedures for Establishing and Determining Performance Bonus Awards
		
	(a)
	Maximum Bonus Pool for a Performance Period. The aggregate amount payable as Bonus Awards for any Performance Period for all Designated Employees shall not exceed 150% of the sum of the Target Awards for all Executives. 

		
	(b)
	Setting Performance Goals, Performance Objectives and Target Awards.  Within ninety (90) days of the start date of each Performance Period (or by such earlier time as may be required in the future by the applicable provisions of the Code in the case of Covered Executives), the Committee shall: 

		
	(i)
	Determine the Designated Employees by class or otherwise who will participate in the Bonus Program for the particular Performance Period;

		
	(ii)
	Determine the parameters of the Rayonier Performance Factor to be applied for the Performance Period in accordance with Section 5(a) and substantially in the form set forth on Exhibit A;

		
	(iii)
	Establish the Target Award for the Performance Period for the Designated Employees covered by the Bonus Program by class or otherwise, including for each Covered Executive, by reference to a percent of base salary by Salary Grade at the end of the performance period as set forth on Exhibit B; and

		
	(c)
	Calculation of Performance Bonus Awards.  In the case of Designated Employees who are not Covered Executives, individual Performance Bonus Awards are determined based upon the Designated Employee’s Preliminary Bonus Award, adjusted up to +30/-100% based upon the Designated Employee’s performance against identified individual objectives established for each Designated Employee; provided that, the sum of all Performance Bonus Awards for Designated Employees who are not Covered Executives cannot exceed the Available Bonus Pool. Notwithstanding any adjustments recommended in respect of a Designated Employee’s performance against identified individual objectives, the Committee may increase or reduce the final Performance Bonus Award of any Designated Employee who is not a Covered Executive where it deems appropriate, in its sole discretion, subject 

 
2

 
71477348.8 174916-000540 

to the aggregate limitation in Section 4(a) for all Bonus Awards. Covered Executive Performance Bonus Awards are calculated pursuant to (d)(ii) of this Section 4.  
		
	(d)
	Certification of RPF and Finalization of Bonus Awards.  At the end of each Performance Period, the Committee shall:

		
	(i)
	Review the calculation of the Available Bonus Pool and the Preliminary Bonus Award payout levels for all Designated Employees covered by the Bonus Program, and if the Committee deems necessary or appropriate, exercise its discretion to increase or decrease the Available Bonus Pool based on such factors as it may deem relevant.  Preliminary Bonus Awards of Designated Employees that comprise the Available Bonus Pool will be adjusted proportionately in the event of such a discretionary adjustment. The Committee shall make such adjustments as provided for in Section 4 (c) to individual Performance Bonus Awards to Designated Employees who are not Covered Executives as the Committee deems appropriate in its discretion;

		
	(ii)
	With respect to each Covered Executive, determine the reductions if any to the Covered Executives’ Preliminary Bonus Awards based upon the Committee’s review of each Covered Executive’s performance in terms of the RPF and performance against identified individual objectives established for each Covered Executive, with such determination in the sole negative discretion of the Committee;

		
	(iii)
	Establish the form of payment and the payment date for Bonus Awards for the Performance Period for Covered Executives as provided in Section 6; and

		
	(iv)
	Prior to the payment of a Bonus Award to any Covered Executive, certify by Committee resolution or otherwise in writing, in accordance with the requirements of Section 162(m) of the Code and Section 5(e)(B) of the Plan, whether the material terms for paying such Bonus Award in respect of the Performance Period have been achieved or met.

5.  Rayonier Performance Factor
		
	(a)
	Criteria for Establishing the RPF.  The “Rayonier Performance Factor” shall consist of those Performance Goals permitted under the Plan that are selected by the Committee for the specified Performance Period, and weighted as designated by the Committee for such Performance Period so as to reflect Performance Objectives under the Plan.  Such selection and weighting in determining the Rayonier Performance Factor may be changed from time to time by the Committee consistent with the provisions of the Plan in respect of Covered Executives, provided that with respect to a particular Performance Period, the Rayonier Performance Factor shall be established generally prior to the commencement of such Performance Period and in all events not later than the end of the first quarter of any Performance Period.  

		
	(b)
	Initial RPF Performance Goals and Parameters.  The Rayonier Performance Factor shall be computed as specified in Exhibit A hereto until changed by the Committee as provided in Section 5(a), with such adjustments to reported earnings for accounting rule changes, special non-recurring items, discontinued operations, and similar adjustments as are approved by the Committee made so as to provide consistent measurements of continuing performance.  

 
3

 
71477348.8 174916-000540 

6.  Payment of Bonus Awards
		
	(a)
	Entitlement to Payments Generally.  Subject to Sections 4(d)(iii) and (iv) for Covered Executives, Bonus Awards for a Performance Period shall be paid at such time as designated by the Committee following the closing of the Performance Period and its determination of the final Bonus Awards as provided in Section 4(d), to Designated Employees who are employed by the Company on the payment date or whose employment terminated as a result of death, disability or normal retirement following the end of the applicable Performance Period.  The Chief Executive Officer shall determine if a pro-rated Bonus Award shall be paid to any Designated Employee, other than a Covered Executive, whose employment terminated as a result of death, disability or normal retirement during the applicable Performance Period.  Except as provided in the previous sentence, the Committee shall determine in its sole discretion if a Bonus Award shall be paid to any Designated Employee who is not employed by the Company on the payment date.  

		
	(b)
	Employment After Commencing of a Performance Period.  Subject to such modifications as may be approved by the Committee, Designated Employees who commence employment after the start of a Performance Period may be granted a Bonus Award determined pro-rata for the term of such employee’s employment during the Performance Period.  To the extent a new Designated Employee may become entitled to a Bonus Award hereunder, a Target Award shall be computed for such Designated Employee to reflect such pro-rata participation and the Available Bonus Pool shall be adjusted to reflect such Target Award.

		
	(c)
	Form of Payment.  Bonus Awards shall be paid in cash, except that Bonus Awards for Covered Executives may be paid in cash, stock, other stock-based or stock-denominated units or any combination thereof as determined by the Committee to the extent permitted by the Plan at the time, and subject to compliance with any applicable listing requirements and securities laws.  

		
	(d)
	Timing of Payments.  Before payment of any Bonus Award is made to a Covered Executive under this Bonus Program, the Committee shall have complied with the provisions of Section 4(d)(iv).  It is anticipated that for Designated Employees other than Covered Executives, if authorized by the Committee, payments of Bonus Awards can be based on preliminary data available in the last month of the Performance Period and made shortly after the end of the Performance Period, subject to confirmation following the close of the Performance Period by report to the Committee at its next regularly scheduled meeting following such payments indicating that payment was made in compliance with the terms of the Bonus Program.  The time of payment shall be as determined by the Committee, though in all events payment shall be made prior to the end the applicable short-term deferral period under Section 409A of the Code.

7.  Termination and Amendment
Subject to the provisions of the Plan, the Committee may terminate or amend the Bonus Program at any time.
8.  Other Provisions
		
	(a)
	No Designated Employee shall have any claim or right to be granted a Bonus Award under the Bonus Program until such Bonus Award is actually made.  Neither the existence of this Bonus Program, nor any action taken hereunder, shall be construed as giving any Designated Employee any right to be retained in the employ of the Company or in any way interfere 

 
4

 
71477348.8 174916-000540 

with or limit the right of the Company to terminate any Designated Employee’s employment at any time.  Nothing contained in this Bonus Program shall limit the ability of the Company to make payments or awards to Designated Employees under any other plan, agreement or arrangement in effect at time the Bonus Program is established or upon a subsequent date. 
		
	(b)
	No employee shall, at any time, have a right to become a Designated Employee in the Bonus Program for any Performance Period, for any reason, including notwithstanding the individual’s having previously participated in the Bonus Program.

		
	(c)
	The Company shall have the right to deduct from a Bonus Award or from any other amounts due the Designated Employee from the Company, any taxes or other amounts required or permitted to be withheld by law.

		
	(d)
	No Designated Employee or any other party claiming an interest in amounts earned under the Bonus Program shall have any interest whatsoever in any specific asset of the Company.  To the extent that any person or entity acquires a right to receive payments under the Bonus Program, such rights shall be that of an unsecured general creditor of the Company.

		
	(e)
	All questions pertaining to the construction, regulation, validity and effect of the provisions of the Bonus Program shall be determined in the sole discretion of the Committee pursuant to the Plan.

		
	(f)
	With the exception of payments made following the death of a Designated Employee, the rights and benefits of a Designated Employee hereunder are personal to the Designated Employee and shall not be subject to any voluntary or involuntary alienation, assignment, pledge, transfer, encumbrance, attachment, garnishment or other disposition.

		
	(g)
	Bonus Awards under this Bonus Program shall not constitute compensation for the purpose of determining participation or benefits under any other plan of the Company unless specifically included as compensation in such plan.

		
	(h)
	If any provision of this Bonus Program would cause a Performance Bonus Award not to constitute “qualified performance-based compensation” under Section 162(m) with respect to a Covered Executive, that provision shall be severed from, and shall be deemed not to be a part of, the Bonus Program, in respect of such Covered Executive but the other provisions hereof shall remain in full force and effect.

		
	(i)
	In the event that changes are made to Section 162(m) to permit greater flexibility under the Bonus Program, the Committee may make any adjustments it deems appropriate.

		
	(j)
	Notwithstanding any other provision in this Plan to the contrary, any Bonus Award issued thereunder and any amount received with respect of any Bonus Award, shall be subject to potential cancellation, recoupment, rescission, payback, or other action in accordance with the terms of the Company’s Clawback Policy as in effect from time to time (the “Clawback Policy”.

		
	(k)
	This Bonus Program is governed by the Plan, and the Committee reserves the full discretion provided for under the Plan in administering this Bonus Program.

9.  Adoption Date
This Bonus Program was first adopted by the Committee on December 9, 2004 with application for Performance Periods commencing January 1, 2005, and amended and restated as herein provided on December 13, 2017, with application for Performance Periods commencing January 1, 2018.

 
5

 
71477348.8 174916-000540 

Administration
December 2017

Exhibit A
RAYONIER  
ANNUAL BONUS PROGRAM
METHODOLOGY FOR COMPUTING THE PAYOUT
FOR THE 2018 PERFORMANCE PERIOD

	
		
	2018 Performance Goals
	Payout Range

	Recurring Cash Flow (“RCF”) (1) divided by Budget RCF (Weighted 80%)
	0% - 120%

	Strategic Performance Objectives / Quality of Earnings Assessment (2) (Weighted 20%)
	0% - 30%

		
	1)
	Recurring Cash Flow is defined as Cash Available for Distribution (“CAD”) plus interest expense (to exclude capital structure decisions) plus cash taxes. 

		
	2)
	The Compensation Committee of the Board of Directors will determine the Strategic Performance Objectives / Quality of Earnings Assessment payout based on management’s performance against approved annual strategic objectives and an overall assessment of quality of earnings.

Rayonier Performance Factor Payout Calculation:

	
				
	 
	Threshold
	Target
	Maximum

	RCF Performance (against budget)
	80%
	100%
	110%

	Financial Payout (1) (weighted)
	40%
	80%
	120%

	Strategic/Quality of Earnings Payout (weighted)
	0%
	20%
	30%

	Total Payout
	40%
	100%
	150%

		
	(1)
	Values are interpolated between threshold and target and target and maximum

     

 

 
6

 
71477348.8 174916-000540

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