Document:

EX-10.3

 Exhibit 10.3 

FORM OF EMPLOYEE MATTERS AGREEMENT 

by and between 
 INTERNATIONAL
PAPER COMPANY 
 (“Parent”) 

and 
 SYLVAMO CORPORATION 

(“SpinCo”) 
 dated as of
[•], 2021 
  

 Table of Contents 

 

							
	 	 	 	  	Page	 
	 ARTICLE I. DEFINITIONS 
	  	 	2	 
	 Section 1.1.
	 	Definitions	  	 	2	 
	 Section 1.2.
	 	Capitalized Terms	  	 	10	 
		
	 ARTICLE II. EMPLOYEES 
	  	 	10	 
	 Section 2.1.
	 	Employees	  	 	10	 
	 Section 2.2.
	 	Termination of Employment or Benefits	  	 	11	 
	 Section 2.3.
	 	Employees With Right to Return	  	 	11	 
	 Section 2.4.
	 	No Right to Continued Employment	  	 	12	 
	 Section 2.5.
	 	Non-Solicitation; Non-Hire	  	 	13	 
	 Section 2.6.
	 	Certain Tax Matters	  	 	15	 
	 Section 2.7.
	 	Work Visas	  	 	15	 
		
	 ARTICLE III. COLLECTIVE BARGAINING AGREEMENTS AND OBLIGATIONS 
	  	 	15	 
	 Section 3.1.
	 	Assumption and Continuation of Agreements	  	 	15	 
		
	 ARTICLE IV. BENEFITS PLANS AND PROGRAMS 
	  	 	16	 
	 Section 4.1.
	 	Continuation of Compensation and Benefits for Non-Represented Transferred Employees	  	 	16	 
	 Section 4.2.
	 	No Participation in Parent Plans	  	 	17	 
	 Section 4.3.
	 	Establishment of SpinCo Mirror Plans	  	 	17	 
	 Section 4.4.
	 	Terms of Participation by Transferred Employees	  	 	18	 
	 Section 4.5.
	 	Right to Amend SpinCo Plans	  	 	18	 
		
	 ARTICLE V. PENSION PLANS 
	  	 	19	 
	 Section 5.1.
	 	Establishment of Pension Plans	  	 	19	 
	 Section 5.2.
	 	Assumption of Parent Pension Plan Liabilities and Transfer of Assets from the Parent Pension Trust	  	 	19	 
	 Section 5.3.
	 	Assumption of Liabilities Under Parent Non-Qualified Pension Plan and Payment by Parent of Accrued Liabilities	  	 	23	 
	 Section 5.4.
	 	International Pension Plans	  	 	25	 
	 Section 5.5.
	 	Continuation of Elections and Application to SpinCo Dependents	  	 	25	 
		
	 ARTICLE VI. HEALTH AND WELFARE 
	  	 	25	 
	 Section 6.1.
	 	Parent Health and Welfare Plans.	  	 	25	 
	 Section 6.2.
	 	Adoption of SpinCo Health and Welfare Plans.	  	 	26	 
	 Section 6.3.
	 	COBRA and HIPAA	  	 	28	 
	 Section 6.4.
	 	Workers’ Compensation Claims	  	 	28	 

  
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	 Section 6.5.
	 	Leave of Absence Programs	  	 	29	 
	 Section 6.6.
	 	Time-Off Benefits.	  	 	29	 
	 ARTICLE VII. SAVINGS PLANS 
	  	 	30	 
			
	 Section 7.1.
	 	Adoption of SpinCo Savings Plans	  	 	30	 
	 Section 7.2.
	 	Assumption of Liabilities and Transfer of Assets With Respect to Parent Qualified Savings Plans	  	 	30	 
	 Section 7.3.
	 	Treatment of Parent Non-Qualified Savings Plan Accounts	  	 	31	 
	 Section 7.4.
	 	Continuation of Elections and Application to SpinCo Dependents	  	 	33	 
		
	 ARTICLE VIII. EQUITY BASED INCENTIVE AWARDS 
	  	 	33	 
	 Section 8.1.
	 	Treatment of Outstanding PSP Awards by Parent	  	 	33	 
	 Section 8.2.
	 	Treatment of Outstanding Parent Restricted Share Unit and Restricted Stock Awards	  	 	34	 
	 Section 8.3.
	 	Replacement Awards for Cancelled Shares	  	 	34	 
	 Section 8.4.
	 	Establishing the Number of Shares Subject to SpinCo Awards	  	 	34	 
		
	 ARTICLE IX. SHORT TERM INCENTIVES AND SALES COMMISSION PROGRAMS 
	  	 	35	 
	 Section 9.1.
	 	Management Incentive Plan	  	 	35	 
	 Section 9.2.
	 	Hourly Incentive Plans and Sales Commission Programs	  	 	35	 
	 Section 9.3.
	 	SpinCo Obligations In Respect of Incentive Plans	  	 	35	 
		
	 ARTICLE X. ASSUMPTION OF LIABILITIES 
	  	 	36	 
	 Section 10.1.
	 	Assumption of Liabilities.	  	 	36	 
	 Section 10.2.
	 	Reimbursement	  	 	37	 
	 Section 10.3.
	 	Indemnification	  	 	38	 
	 Section 10.4.
	 	Procedures for Indemnification for Third-Party Claims	  	 	39	 
	 Section 10.5.
	 	Reductions for Insurance Proceeds and Other Amounts	  	 	39	 
	 Section 10.6.
	 	Contribution	  	 	39	 
	 Section 10.7.
	 	Consequential Damages	  	 	40	 
		
	 ARTICLE XI. GENERAL AND ADMINISTRATIVE 
	  	 	40	 
	 Section 11.1.
	 	Cooperation	  	 	40	 
	 Section 11.2.
	 	Consent of Third Parties	  	 	42	 
	 Section 11.3.
	 	Survival	  	 	42	 
	 Section 11.4.
	 	Interpretation	  	 	42	 
	 Section 11.5.
	 	No Third Party Beneficiary	  	 	43	 
	 Section 11.6.
	 	Notices	  	 	43	 
	 Section 11.7.
	 	Governing Law	  	 	44	 
	 Section 11.8.
	 	Disputes	  	 	45	 
	 Section 11.9.
	 	Specific Performance	  	 	45	 
	 Section 11.10.
	 	No Assignment; No Amendment; Counterparts	  	 	45	 

 EXHIBITS 
 Exhibit A. Sales
Commissions Programs 
 SCHEDULES 
 Schedule 2.4. Minimum
Severance Benefits for Non-Represented Employees 
  

  
 ii 

 FORM OF EMPLOYEE MATTERS AGREEMENT 

This Employee Matters Agreement (together with all exhibits, schedules, appendices and annexes hereto, this “Agreement”),
dated as of [•], 2021 is by and between International Paper Company, a New York corporation (“Parent”), and Sylvamo Corporation, a Delaware corporation (“SpinCo”) (each a “Party” and
collectively, the “Parties”). Capitalized terms used herein and not otherwise defined shall have the respective meanings assigned to them in ARTICLE I. 

WHEREAS, SpinCo is a wholly-owned, direct Subsidiary of Parent; 

WHEREAS, the board of directors of Parent (the “Parent Board”) has determined that it is in the best interests of Parent and
its shareholders to create a new publicly traded company that will operate the SpinCo Business; 
 WHEREAS, in furtherance of the foregoing,
the Parent Board has determined that it is appropriate and desirable to effect the Separation and the Distribution (as each such term is defined in the Separation Agreement); 

WHEREAS, to effectuate the Separation and Distribution, Parent and SpinCo have entered into a Separation and Distribution Agreement, dated as
of [•], 2021 (the “Separation Agreement”); 
 WHEREAS, in addition to the matters addressed by the Separation
Agreement, the Parties desire to enter into this Agreement that is an “Ancillary Agreement” under the Separation Agreement to set forth the terms and conditions of certain employment, compensation and benefit matters; and 

WHEREAS, the Parties acknowledge that this Agreement, the Separation Agreement and the other Ancillary Agreements under the Separation
Agreement represent the integrated agreement of Parent and SpinCo relating to the Separation and Distributions, are being entered into together and would not have been entered into independently. 

NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained in this Agreement, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows: 
  

 ARTICLE I. 

DEFINITIONS 
 Section 1.1.
Definitions. 
 “Actuarial Assumptions” means the actuarial assumptions used in connection with the most recently
completed actuarial report of the accounting liabilities under the applicable Parent Pension Plan, except that, any actuarial assumption changes regarding accounting liabilities to the applicable Parent Pension Plan as a result of Parent’s
actuary’s 2021 experience study will be utilized to the extent different, and the discount rate applied in determining such liabilities shall be determined as of the Interim Transfer Date. 

“Affiliate” has the meaning ascribed to it in the Separation Agreement. 

“Agreement” has the meaning ascribed to it in the Recitals to this Agreement 

“Applicable CBA” means the Labor Agreement between International Paper Company (Ticonderoga Mill) and the United Steel
Workers, Local 4-0005 and Local 4-0497, effective June 1, 2017, and incorporates, as applicable, any language required by the IP Mill Master Agreement Memorandum
dated September 1, 2015 and expiring on August 31, 2023. 
 “Assumption Date” means the date as of which SpinCo
[assumes][assumed] the obligations of the Parent under the Applicable CBA[, which shall in all events be no later than immediately prior to the Effective Time][which was September 1, 2021]. 

“Bargaining Units” means the bargaining units under the Applicable CBA immediately prior to the Assumption Date. 

“Benefit Payments” has the meaning ascribed to it in Section 5.2(d)(ii). 

“Business Day” has the meaning ascribed to it in Section 11.4. 

“Business Employee” means each individual employee of Parent or a Subsidiary of Parent who (i) as of the day immediately
prior to the Interim Transfer Date, was assigned to a position in which at least two-thirds of his or her services as an employee of the Parent or a Subsidiary of the Parent were devoted to or for the benefit
of the SpinCo Business (including any such individual assigned to such a position who is not actively working as of the Effective Time as a result of an illness, injury or leave of absence approved by Parent’s Human Resources department or
otherwise taken in accordance with applicable Law) or (ii) is identified by Parent or pursuant to Parent’s job posting process as the person to fulfill a position unassigned as of the day immediately prior to the Interim Transfer Date in
which the person would be expected to devote at least two-thirds of his or her services as an employee of the Parent or a Subsidiary of the Parent to or for the benefit of the SpinCo Business. 

  
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 “Cancelled Parent PSP Shares” has the meaning ascribed to in
Section 8.1. 
 “Cancelled Parent Restricted Shares” has the meaning ascribed to in Section 8.2. 

“COBRA” has the meaning ascribed to it in Section 6.3. 

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

“Effective Time” has the meaning ascribed to it in the Separation Agreement. 

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

“Excluded Employees” has the meaning set forth in Section 2.5(a)(iv). 

“Final Asset Transfer” has the meaning ascribed to it in Section 5.2(d)(ii). 

“Former Business Employee” means any individual who had at any time provided services in respect of the SpinCo Business or
the SpinCo Assets, but (i) as of the Interim Transfer Date, is no longer actively employed by Parent or any Subsidiary or (ii) is employed by Parent or a Subsidiary, but as of the day immediately prior to the Interim Transfer Date no
longer qualified as a Business Employee (and does not otherwise thereafter again become a Business Employee prior to the Effective Time). 

“FSA Participants” has the meaning ascribed to it in Section 6.2(c). 

“Governmental Authority” has the meaning ascribed to it in the Separation Agreement. 

“Group” means either of the Parent Group or the SpinCo Group, as the context requires. 

“Hourly Incentive Plans” means the Ticonderoga Gain Sharing Plan, the Sumter Sheeting Facility Gain Sharing Plan, and the
Eastover Gain Sharing Plan. 
 “Indemnifiable Losses” means all Losses, Liabilities, damages, claims, demands, judgments or
settlements of any nature or kind, including, but not limited to, all costs and expenses (legal, accounting or otherwise) that are reasonably incurred relating thereto, suffered by an Indemnified Party, including, but not limited to, any costs or
expenses of enforcing any indemnity hereunder that are reasonably incurred. 

  
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 “Indemnified Parties” has the meaning ascribed to it in
Section 10.3(b). 
 “Indemnifying Party” means a Person that is obligated under this Agreement to provide
indemnification. 
 “Initial Asset Transfer” has the meaning ascribed to it in Section 5.2(d)(i). 

“Insured WC Claims” has the meaning ascribed to it in Section 6.4. 

“Interim Transfer Date” means September 1, 2021. 

“Internal Reorganization” has the meaning ascribed to it in the Separation Agreement. 

“Law” has the meaning ascribed to it in the Separation Agreement. 

“Layoff with Right of Recall” means any Represented Employee who has been formally laid off by any member of the Parent
Group, the SpinCo Group or a Transferred Entity under circumstances that entitle such Represented Employee to a right of recall by his or her employer and whose period of eligibility for recall pursuant to the Applicable CBA has not expired, or
whose right to recall has not been forfeited pursuant to the Applicable CBA, as of the Effective Time. 
 “Leave Employee”
means any Business Employee who, as of the Effective Time, (i) is on a Leave of Absence or receiving long-term disability benefits under a Parent Plan or a SpinCo Plan and (ii) is not a Retained Employee. 

“Leave Employee Commencement Date” has the meaning ascribed to it in Section 2.3(a). 

“Leave of Absence” means a leave from active employment that is expected to continue following the Effective Time and that
(i) was granted in accordance with the applicable policies and procedures (including, but not limited to, any policy or procedures implemented to comply with the United Services Employment and Reemployment Rights Act, the Americans with
Disabilities Act, the Family and Medical Leave Act or similar state or other Law or with the Applicable CBA) of a member of the Parent Group, the SpinCo Group or a Transferred Entity or (ii) arose due to an illness or injury that results in the
individual being eligible for short-term disability benefits, sickness and accident benefits or workers’ compensation under the Parent’s or SpinCo’s (as applicable) short-term disability or sickness and accident plan or state or other
Law. For the avoidance of doubt, any employee who is not at work on the day of the Effective Time due to vacation, sickness or accident that has not qualified the individual for short-term disability or accident benefits, workers’ compensation
or other temporary absence, but whose employment continues in accordance with the Parent Group’s or SpinCo Group’s employment policies (such as due to the use of personal days), shall be considered to be actively at work on the day of the
Effective Time. Any individual who is receiving long-term disability benefits at the Effective Time shall not be considered to be on a “Leave of Absence” for purposes of this definition. 

  
 4 

 “Liabilities” means any and all obligations, benefit entitlements, losses,
claims, charges, debts, demands, actions, costs and expenses (including, but not limited to, those arising under any contract, collective bargaining agreement, or plan, and administrative and related costs and expenses of any plan, program, or
arrangement), of any nature whatsoever, whether absolute or contingent, vested or unvested, matured or unmatured, liquidated or unliquidated, accrued or unaccrued, known or unknown, whenever arising. 

“Liability Event” has the meaning ascribed to it in Section 10.6(b). 

“Losses” has the meaning ascribed to it in the Separation Agreement. 

“Management Incentive Plan” means the International Paper Company 2021 Management Incentive Plan, as amended. 

“Parent” has the meaning ascribed to it in the preamble to this Agreement. 

“Parent Board” has the meaning ascribed to it in the Recitals to this Agreement. 

“Parent Cancelled Share Value” shall mean the closing price of a share of the common stock of the Parent on the New York
Stock Exchange on the last trading day immediately preceding the Effective Time. 
 “Parent FSAs” means the International
Paper Company EBRA and Tax-Free Health Care Contributions Plan and the International Paper Company Tax-Free Health Care Contributions for Hourly Employees Plan. 

“Parent Group” has the meaning ascribed to it in the Separation Agreement. 

“Parent Hourly Savings Plan” means the International Paper Company Hourly Savings Plan. 

“Parent Indemnified Parties” has the meaning ascribed to it in Section 10.3(a). 

“Parent Liabilities” means all Liabilities of Parent and the Parent Subsidiaries. In no event shall the term Parent
Liabilities include any Liabilities that are transferred from or otherwise cease to be Liabilities of any of Parent or any other member of the Parent Group pursuant to this Agreement, or that have, or will become, SpinCo Employee Liabilities. 

  
 5 

 “Parent Non-Qualified Pension Plan”
means the International Paper Company Pension Restoration Plan for Salaried Employees. 
 “Parent
Non-Qualified Pension Plan Liabilities” has the meaning ascribed to it in Section 5.3(b). 

“Parent Non-Qualified Savings Plan” means the International Paper Company Deferred
Compensation Savings Plan. 
 “Parent Non-Qualified Savings Plan Liabilities” has
the meaning ascribed to it in Section 7.3(b). 
 “Parent PBO Funding Percentage” has the meaning ascribed to it in
Section 5.2(g). 
 “Parent Pension Plans” mean the Parent Qualified Pension Plan and the Parent Non-Qualified Pension Plan. 
 “Parent Plan” means any plan, policy, program, payroll
practice, on-going arrangement, contract, trust, insurance policy or other agreement or funding vehicle, whether written or unwritten, maintained or sponsored by Parent or any of its Subsidiaries or Affiliates
(or any of their respective predecessors) at any time on or prior to the Effective Time for the purpose of providing compensation or benefits to any current or former employee of any such person. 

“Parent Qualified Pension Plan” means the Retirement Plan of International Paper Company. 

“Parent Qualified Plan Net Assets” has the meaning ascribed to it in Section 5.2(g). 

“Parent Qualified Savings Plans” mean the Parent Hourly Savings Plan and the Parent Salaried Savings Plan. 

“Parent Salaried Savings Plan” means the International Paper Company Salaried Savings Plan. 

“Parent Savings Plans” means the Parent Qualified Savings Plans and the Parent
Non-Qualified Savings Plan. 
 “Parent Severance Plan” means the
(i) International Paper Company Salaried Employee Severance Plan and (ii) any other severance plan or policy of any member of the Parent Group applicable to Business Employees. 

“Parent Subsidiaries” mean all direct and indirect Subsidiaries that are, or continue to be, Subsidiaries of Parent
immediately after the Effective Time. For the avoidance of doubt, for purposes of this Agreement none of the Transferred Entities, nor any other member of the SpinCo Group, shall be a Parent Subsidiary. 

  
 6 

 “Parent Trust” has the meaning ascribed to it in Section 5.2(d)(i).

 “Parent Welfare Plans” has the meaning ascribed to it in Section 6.1(a). 

“Party” and “Parties” have the respective meanings ascribed to them in the preamble to this Agreement. 

“Pension Plan Asset Transfer Amount” has the meaning ascribed to it in Section 5.2(b). 

“Person” has the meaning ascribed to it in the Separation Agreement. 

“Pro-Rated Fraction” has the meaning ascribed to it in Section 9.1. 

“Pro-Rated Parent Award” has the meaning ascribed to it in Section 8.1. 

“Representative” means, with respect to any Person, any of such Person’s directors, managers or persons acting in a
similar capacity, officers, employees, agents, consultants, financial and other advisors, accountants, attorneys and other representatives. 

“Represented Employee” means any Business Employee who is a member of the Bargaining Unit. 

“Restricted Employees” has the meaning ascribed to it in Section 2.5(a). 

“Retained Employee” means any individual (a) who, as of the Effective Time, (i) is actively employed by, or on an
approved Leave of Absence or Layoff with Right of Recall from a member of the Parent Group, or (ii) had been primarily employed in the SpinCo Business or with respect to the SpinCo Assets and (b) whose employment Parent has determined not
to transfer to SpinCo or a member of the SpinCo Group. 
 “Sales Commission Programs” means the programs listed on Exhibit
A of this Agreement. 
 “Separation Agreement” has the meaning ascribed to it in the fourth recital to this Agreement. 

“SpinCo” has the meaning ascribed to it in the preamble to this Agreement. 

“SpinCo Assets” has the meaning ascribed to it in the Separation Agreement. 

  
 7 

 “SpinCo Business” has the meaning ascribed to it in the Separation
Agreement. 
 “SpinCo Dependents” means, with respect to any Transferred Employee, any individual who, by virtue of a
relationship with the Transferred Employee, was eligible to receive benefits under the terms of any applicable Parent Pension Plan, Parent Savings Plan, or Parent Welfare Plan immediately prior to the Interim Transfer Date. For the avoidance of
doubt, a SpinCo Dependent includes only those persons who then actually met the relevant plan’s requirements for eligibility for benefits (i) as a beneficiary or alternate payee, in the case of any applicable Parent Pension Plan or Parent
Savings Plan, or (ii) as a dependent, in the case of any applicable Parent Welfare Plans as of the time eligibility for benefits must be determined. 

“SpinCo Employee Liabilities” means the liabilities assumed by SpinCo pursuant to Section 10.1 hereof. 

“SpinCo FSA” has the meaning ascribed to it in Section 6.2(c)(i). 

“SpinCo Group” has the meaning ascribed to it in the Separation Agreement. 

“SpinCo Indemnified Parties” has the meaning ascribed to it in Section 10.3(b). 

“SpinCo Mirror Plans” means the SpinCo Qualified Pension Plan, the SpinCo
Non-Qualified Pension Plan, the SpinCo Qualified Savings Plan and the SpinCo Non-Qualified Savings Plan. 

“SpinCo Non-Qualified Pension Plan” has the meaning ascribed to it in
Section 5.1. 
 “SpinCo Non-Qualified Savings Plan” has the meaning ascribed
to it in Section 7.1(b). 
 “SpinCo PBO Funding Percentage” has the meaning ascribed to it in Section 5.2(g).

 “SpinCo PBO Liabilities” has the meaning ascribed to it in Section 5.2(f). 

“SpinCo Pension Plans” means the SpinCo Qualified Pension Plan and the SpinCo
Non-Qualified Pension Plans. 
 “SpinCo Plan” means any plan, policy, program,
payroll practice, on-going arrangement, contract, trust, insurance policy or other agreement or funding vehicle, whether written or unwritten, maintained or sponsored by any member of the SpinCo Group,
including without limitation each SpinCo Mirror Plan, that provides or will provide compensation or benefits to any Transferred Employee or SpinCo Dependent. 

  
 8 

 “SpinCo Qualified Pension Plan” has the meaning ascribed to it in
Section 5.1. 
 “SpinCo Qualified Savings Plan” has the meaning ascribed to it in Section 7.1(a). 

“SpinCo Replacement Share Value” shall be an amount equal to the average of the closing prices of the SpinCo common stock on
the principal exchange or national quotation system upon which such common stock is traded or listed for each of the 10 trading days commencing with and next following the Effective Time. 

“SpinCo Subsidiary” means each Subsidiary of SpinCo, including with respect to periods after the Effective Time, each of the
Transferred Entities. 
 “SpinCo Trust” has the meaning ascribed to it in Section 5.2(d)(i). 

“SpinCo Welfare Plans” has the meaning ascribed to it in Section 6.2(a). 

“Subsidiary” has the meaning ascribed to it in the Separation Agreement. 

“Successorship Provisions” means the successorship provisions set forth in Clause F of Part II of the IP Mill Master
Agreement Memorandum which forms a part of the Applicable CBA. 
 “Suitable Position” means, in respect of a Business
Employee other than a Represented Employee, terms of employment that provide for a position which would not entitle such Business Employee to any severance benefits under the Parent Severance Plan if such Business Employee were terminated in
connection with the consummation of the transactions contemplated by the Separation Agreement, or solely in the case of a Represented Employee, such terms as may be required pursuant to the terms of the Applicable CBA. 

“Tax” has the meaning ascribed to it in the Tax Matters Agreement. 

“Tax Matters Agreement” has the meaning ascribed to it in the Separation Agreement. 

“Third-Party Claim” has the meaning ascribed to it in the Separation Agreement. 

“Time-Off Benefits” has the meaning ascribed to it in Section 6.6. 

“Total PBO Liabilities” has the meaning ascribed to it in Section 5.2(f). 

“Transferred Employees” means (i) each Business Employee who has accepted an offer of employment with, and has become an
employee of, a member of the SpinCo Group or (ii) whose employment otherwise transfers to a member of the SpinCo Group by operation of law or otherwise. 

  
 9 

 “Transferred Entities” has the meaning ascribed to it in the Separation
Agreement. 
 “Union” means the United Steel Workers, Local 4-0005 and Local 4-0497, which represent the employees of the Bargaining Unit. 
 “Workers’ Compensation
Claims” has the meaning ascribed to it in Section 6.4. 
 Section 1.2. Capitalized Terms. Any other capitalized
term used and not defined herein, but defined in the Separation Agreement, shall have the meaning ascribed thereto in the Separation Agreement. 

ARTICLE II. 
 EMPLOYEES 

Section 2.1. Employees. 

Prior to the Effective Time, except for (i) Retained Employees, (ii) Business Employees who are Leave Employees at the Interim
Transfer Date and (iii) those Business Employees (including, where applicable, Leave Employees) whose employment transfers to a member of the SpinCo Group automatically by operation of Law, SpinCo has caused or shall cause the applicable member
of the SpinCo Group to offer employment to each Business Employee in a Suitable Position. At or prior to the Effective Time, the employment of each Transferred Employee has or shall be transferred to, and each such employee has or shall become an
employee of, a member of the SpinCo Group, without any interruption or cessation of employment or break in service. Except with respect to Represented Employees, an individual’s acceptance of an offer of employment from a member of the SpinCo
Group shall be conclusive evidence that such offer constituted a Suitable Position. If a member of the SpinCo Group fails to offer a Business Employee (other than Retained Employee) a Suitable Position prior to the Effective Time and such Business
Employee’s employment does not otherwise transfer to a member of the SpinCo Group by operation of law, such Business Employee shall be entitled to receive severance under the Parent Severance Plan applicable to such Business Employee and SpinCo
shall reimburse Parent for the aggregate amount of the severance benefits payable, regardless of when payable to the affected employee, within 30 days following the Effective Time. Each Business Employee who receives and who declines an offer of a
Suitable Position with a member of the SpinCo Group shall be deemed to have voluntarily resigned employment with the member of the Parent Group by which such Business Employee was employed, effective as of the Effective Time (or such earlier date as
of which such Business Employee ceases to provide services to such member of the Parent Group), and for the avoidance of doubt shall not be entitled to any severance benefits from any member of the Parent Group under any Parent Severance Plan or
otherwise, unless otherwise required by Law. All individuals employed by the 

  
 10 

 
Parent Group at the Effective Time who are not Business Employees shall remain employees of Parent or another member of the Parent Group immediately following the Effective Time, except in the
case of such an individual who accepts an offer of employment from SpinCo or an Affiliate prior to the Effective Time. Nothing in this Agreement shall, or shall be construed to, modify, alter, diminish or otherwise interfere with or supersede or
override any right afforded to any Transferred Employee or any obligation imposed on any member of the SpinCo Group at or by operation of applicable Law. 

Section 2.2. Termination of Employment or Benefits. 

Except as otherwise expressly and specifically provided herein, (i) no provision of this Agreement or the Separation Agreement, and
(ii) no actions by the Parent Group or the SpinCo Group taken in contemplation of, or in connection with, this Agreement, the Internal Reorganization or the Separation Agreement shall be construed to create any right, or accelerate any
entitlement, to any compensation or benefit whatsoever on the part of any Business Employee (including any Business Employee who becomes a Transferred Employee), or to limit the ability of the SpinCo Group or the Parent Group, respectively,
to administer any SpinCo Plan or Parent Plan, as applicable, in accordance with its terms and as may be expressly provided in this Agreement. Without limiting the generality of the foregoing, nothing described above in Section 2.1 or elsewhere
in this Agreement shall cause any Transferred Employee to be deemed to have incurred a termination of employment or to have created any entitlement to any severance benefits or the commencement of any other benefits under any Parent Plan or the
Applicable CBA, unless otherwise required by Law. 
 Section 2.3. Employees With Right to Return. 

(a) Leave Employees. With respect to all Leave Employees receiving short-term disability benefits as of the Interim Transfer Date,
except as otherwise required by applicable Law, Parent Group shall retain all obligations to provide such short-term disability benefits and other benefits for such Leave Employees while the Leave Employees continue to be eligible for short-term
disability benefits under the short- term disability plans maintained by the Parent Group. The foregoing sentence shall not apply to any Leave Employee who is employed by a member of the SpinCo Group as of immediately prior to the Interim Transfer
Date or whose employment automatically transfers to a member of the SpinCo Group by operation of Law, in which case the appropriate member of the SpinCo Group shall be responsible for providing such Leave Employee disability benefits and any other
rights conveyed to such Transferred 

  
 11 

 
Employee at applicable law. Any Business Employee who becomes a Leave Employee on or after the Interim Transfer Date shall be treated as a Transferred Employee for all purposes of this Agreement.
SpinCo Group shall honor any reinstatement rights that exist for Leave Employees under applicable Law, the Applicable CBA or otherwise under the policies and practices of the Parent Group (including Business Employees who become Leave Employees on
or after the Interim Transfer Date). In the event that any Leave Employee who becomes a Leave Employee prior to the Interim Transfer Date later becomes an employee of the SpinCo Group by reason of the exercise of any such reinstatement rights, from
and after the date such Leave Employee commences employment with the SpinCo Group (the “Leave Employee Commencement Date”) such Leave Employee shall be afforded the same rights afforded to a Transferred Employee hereof, except that
such rights shall extend solely from such Leave Employee Commencement Date and not the Effective Time. Parent and SpinCo shall in good faith take such actions as shall be necessary or appropriate to implement the provisions of this
Section 2.3(a) and of the other applicable provisions of this Agreement with regard to such newly characterized Transferred Employee. Unless otherwise required by applicable law, the Applicable CBA or otherwise under the policies and practices
of the Parent Group, SpinCo and its Affiliates shall have no obligation hereunder to employ or offer employment to any Leave Employee who becomes a Leave Employee prior to the Interim Transfer Date later and who is not cleared to return to work or
who otherwise fails to present himself of herself for active work within twelve (12) months following the Effective Time. 
 (b)
Reinstatement of Former Business Employees. Notwithstanding anything in this Agreement to the contrary and subject to any judicial challenge or appeal undertaken by Parent, in the event that an arbitration or judicial decision orders that a
Former Business Employee whose employment terminated with the Parent Group prior to the Effective Time be reinstated to employment with back pay, Parent shall be responsible for the back pay and any other
pre-reinstatement monetary damages or other relief awarded (including benefits-related relief), and SpinCo shall be responsible for the reinstatement of the Former Business Employee in accordance with the
terms and conditions of the decision. Upon any such reinstatement, such Former Business Employee shall become a Transferred Employee, SpinCo shall have the obligations in respect of such Former Business Employee that it has to Transferred Employees
generally and Parent and SpinCo shall in good faith take such actions as shall be necessary or appropriate to implement the provisions of this Section 2.3(b) and of the Agreement with regard to such newly characterized Transferred Employee.

 Section 2.4. No Right to Continued Employment. 

Subject to the Applicable CBA and applicable Law, nothing contained in this Agreement shall confer on any employee of any member of the Parent
Group or any Transferred Employee any right to continued employment. Except as specifically provided in this Section 2.4, the Applicable CBA, or Section 3.1(a) or 4.1, this Agreement shall not limit the ability of SpinCo to change, at any
time after the Effective Time and in its sole discretion, a Transferred Employee’s position, compensation or benefits for performance-related, business or any other reasons or require any member of the SpinCo Group to continue the employment of
a Transferred Employee for any particular period of time after the Effective Time, provided that SpinCo shall bear all liability for any such termination of employment (including a termination of employment

  
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of a Leave Employee resulting from job or position elimination). With respect to any such terminations of employment of (a) any Transferred Employee occurring prior to the first anniversary
of the Effective Time or (b) any Leave Employee occurring within the period in which such Leave Employee would have been entitled to severance or termination benefits under the policies and practices of the Parent Group, SpinCo shall provide to
such terminated Transferred Employees or Leave Employees (in each case other than a Represented Employee) severance and termination benefits no less favorable in the aggregate than the severance and termination benefits that are described on
Schedule 2.4 to this Agreement. For the avoidance of doubt, each Transferred Employee shall receive full credit for years of service with the Parent Group for purposes of calculating the amount of severance payable to any such Transferred Employee
under any applicable plan, program or arrangement sponsored or maintained by the applicable member of the SpinCo Group, such that, to the extent service, compensation or other factors are taken into account under the terms of such plan, program or
arrangement, the Transferred Employee’s entitlement to severance shall be calculated taking into account all service, all compensation, and all other factors that, as of the Interim Transfer Date or the date on which the Effective Time occurs,
as applicable, would have been taken into account under any Parent Plan providing severance benefits applicable to such Transferred Employee had such Transferred Employee’s employment been terminated immediately before the Interim Transfer Date
or the date on which the Effective Time occurs, as applicable. 
 Section 2.5.
Non-Solicitation; Non-Hire. 
 (a) Non-Solicitation. Each of Parent and SpinCo agrees that, for a period of eighteen (18) months from the Effective Time, it shall not, and shall cause each member in its respective Group to not, solicit for
employment any individual who is an employee of a member of the other Group as of immediately prior to the Effective Time (“Restricted Employees”); provided that the foregoing restrictions shall not apply: 

(i) to any Restricted Employee who responds to general solicitations not targeted at the Restricted Employees, 

(ii) to any Restricted Employee who is hired pursuant to the application of internal job posting policies and practices at the
Parent Group, where the posting of the position occurred prior to the Effective Time; 
 (iii) to any Restricted Employee
whose employment was involuntarily terminated by the employing Party in a severance-qualifying termination before the employment discussions with the soliciting Party commenced; 

(iv) to any Restricted Employee whose prospective employment by the soliciting Party is agreed to in writing by the employing
Party, or in the case of a Restricted Employee who is not currently employed, the Party who last employed Restricted Employee (the employees referenced in each of clauses (i)-(iv) above, the “Excluded Employees”); 

  
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 (v) to any Restricted Employee located in a jurisdiction where adherence to
such restriction would violate applicable Law. 
 (b) Non-Hire. Each of Parent and SpinCo
agrees that, for a period of eighteen (18) months from the Interim Transfer Date, it shall not, and shall cause each member in its respective Group not to, hire any person who at any time (i) during the six months prior to the Effective
Time, or (ii) during the 18 month period after the Interim Transfer Date, was an employee of any member of the other Group; provided that the foregoing restrictions shall not apply (i) to the hire of an Excluded Employee,
(ii) to the hire of any employee whose hire is agreed to in writing by Parent and SpinCo or (iii) to any Restricted Employee located in any jurisdiction where adherence to such restriction would violate applicable Law. 

(c) Transferred Employees. Subject to Section 2.5(b), nothing in this Section 2.5 shall preclude any member of the SpinCo
Group from hiring any Business Employees in accordance with the provisions of this Agreement. 
 (d) Remedies; Enforcement. Each Party
acknowledges and agrees that (i) injury to the employing Party or employing Group member from any breach by another Party or member of another Party’s Group of the obligations set forth in this Section 2.5 would be irreparable and
impossible to measure and (ii) the remedies at Law for any breach or threatened breach of this Section 2.5, including monetary damages, would therefore be inadequate compensation for any loss and the employing Party or employing Group
member shall have the right to specific performance and injunctive or other equitable relief in accordance with this Section 2.5, in addition to any and all other rights and remedies at Law or in equity, and all such rights and remedies shall
be cumulative. Each Party understands and acknowledges that the restrictive covenants and other agreements contained in this Section 2.5 are an essential part of this Agreement and the transactions contemplated hereby. It is the intent of the
Parties that the provisions of this Section 2.5 shall be enforced to the fullest extent permissible under applicable Law applied in each jurisdiction in which enforcement is sought. If any particular provision or portion of this
Section 2.5 shall be adjudicated to be invalid or unenforceable, such provision or portion thereof shall be deemed amended to the minimum extent necessary to render such provision or portion valid and enforceable, such amendment to apply only
with respect to the operation of such provision or portion thereof in the particular jurisdiction in which such adjudication is made. 

  
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 Section 2.6. Certain Tax Matters. 

With respect to compensation payable by Parent in 2021, including salary payable through the day prior to the Interim Transfer Date and any
bonus payable pursuant to Section 9.1, Parent shall, and shall cause its Affiliates to (i) be responsible for all employment, payroll, social security, disability, unemployment, workers’ compensation or other similar Taxes, tax
withholding or similar obligations, and all reporting obligations, in each case in respect of Transferred Employees, and (ii) furnish a Form W-2 or similar earnings statement to all Transferred Employees
employed in the United States and, to the extent applicable, shall furnish similar earnings statements to non-U.S. Transferred Employees in accordance with Law. With respect to compensation payable by SpinCo
in 2021 or thereafter, including salary payable from and after the Interim Transfer Date, SpinCo shall, and shall cause its Affiliates to (x) be responsible for all employment, payroll, social security, disability, unemployment, workers’
compensation or other similar Taxes, tax withholding or similar obligations, and all reporting obligations, in each case in respect of Transferred Employees and (y) furnish a Form W-2 or similar earnings
statement to all Transferred Employees employed in the United States and, to the extent applicable, shall furnish similar earnings statements to non-U.S. Transferred Employees in accordance with Law. 

Section 2.7. Work Visas.  

With respect to each Transferred Employee who requires a work visa under applicable immigration Laws in order to obtain and maintain employment
with the applicable member of the SpinCo Group, the Parties acknowledge and agree that the member of the SpinCo Group that employs each such individual from and following the Interim Transfer Date (or such later date on which such person became a
Transferred Employee) is, to the extent applicable and necessary to maintain necessary work authorizations, intended to be a successor in interest to the member of the Parent Group that employed such individual prior to the transfer of employment
contemplated herein for purposes of applicable immigration Laws, including without limitation for purposes of sponsoring such Transferred Employees for his or her required work visas where applicable. 

ARTICLE III. 
 COLLECTIVE
BARGAINING AGREEMENTS AND OBLIGATIONS 
 Section 3.1. Assumption and Continuation of Agreements. 

(a) Successor Provisions of the Applicable CBA. SpinCo hereby acknowledges that Parent has informed SpinCo of the Successorship
Provisions. In accordance with such Successorship Provisions, as of the Assumption Date, Parent has caused or shall cause SpinCo, and SpinCo has agreed or agrees to assume all the obligations of the Parent under, and to be bound by, the Applicable
CBA until its expiration date and to treat all the affected employees of the Bargaining Unit in accordance with the terms of the Applicable CBA. SpinCo has agreed or agrees to honor all contractual agreements regarding seniority, including
provisions for lay off and recall, 

  
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under the Applicable CBA and to make its hiring decisions with respect to Bargaining Unit positions according to the contractual rules that would apply as though such hiring were a decision to
recall or layoff Bargaining Unit employees). It is understood and agreed that (i) SpinCo will not be required to have the same number of employees in the Bargaining Unit as the Parent had immediately prior to the Assumption Date, and
(b) subject to otherwise applicable provisions of this Agreement, SpinCo may make changes in the benefit programs required by the Applicable CBA, provided that the benefits in all events continue to be substantially equivalent in the
aggregate to those provided under the Applicable CBA immediately prior to the Assumption Date. So long as the Union consents to SpinCo’s assumption of the obligations of the Parent under the Applicable CBA, the Union shall be a third party
beneficiary of the provisions of this Section 3.1. 
 (b) SpinCo Responsible as of the Assumption Date. As of the Assumption
Date, any and all binding obligations arising out of, relating to or resulting from the Applicable CBA or the Parent Plans with respect to Represented Employees shall be or become solely the obligations of the SpinCo Group; provided that
Parent or a Parent Plan shall be responsible for (1) all Liabilities attributable to any individual who is a Former Business Employee (except to the extent expressly provided with respect to reinstated Leave Employees in Section 2.3(a) or
reinstated Former Business Employees in Section 2.3(b)). 
 (c) Continuation of Compensation and Benefits for Transferred Employees
Who Are Represented Employees. As of the Assumption Date, SpinCo shall be responsible to, and shall, assure that the compensation, benefits, hours, terms and conditions of employment of Represented Employees shall continue to be governed by the
Applicable CBA. 
 (d) No Limitation on Bargaining Rights. Except as expressly provided in the Applicable CBA, nothing in this Article
III or elsewhere in this Agreement shall preclude SpinCo or, as applicable, any member of the SpinCo Group from bargaining in good faith, after the Assumption Date or the Effective Time, with the Union representing those Represented Employees. 

ARTICLE IV. 
 BENEFITS PLANS AND
PROGRAMS 
 Section 4.1. Continuation of Compensation and Benefits for Non-Represented
Transferred Employees. 
 With respect to Transferred Employees who are not Represented Employees, for a period of one year following the
Effective Time and subject to their continued employment with SpinCo or a member of the SpinCo Group, SpinCo shall, or shall cause another member of the SpinCo Group to, (i) pay all such non-represented
Transferred Employees at least the same rate of base salary as was paid to each such non-represented Transferred Employee by SpinCo or the SpinCo Group immediately prior to the Effective Time,
(ii) provide annual bonus opportunities to each such non-represented 

  
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Transferred Employee at least the same target level as annual bonus opportunities made available to such non-represented Transferred Employee immediately
prior to the Effective Time and (iii) provide each such non-represented Transferred Employee and, if and to the extent applicable, SpinCo Dependents eligibility for SpinCo’s or any of its
Affiliates’, as applicable, employee benefit plans in accordance with their terms, as in effect as of the Effective Time (which benefits shall include, at a minimum, health insurance, a tax-qualified
defined contribution retirement plan, and paid time off for sick/medical reasons and personal reasons, including vacation), or such greater benefits as may be required by applicable Law. 

Section 4.2. No Participation in Parent Plans. 

Effective at the Interim Transfer Date or at such later date occurring on or before the Effective Time as the applicable SpinCo Plan shall
provide benefits to Transferred Employees (or persons who are expected to be Transferred Employees), (i) the participation of each member of the SpinCo Group in each of the (or the applicable) Parent Plans shall cease, and (ii) no
Transferred Employee shall be entitled to receive or accrue any benefits under any such Parent Plans with respect to services rendered or compensation earned after the Effective Time (or the earlier date the Transferred Employee becomes a
participant in the applicable SpinCo Plan). For the avoidance of doubt, to the extent that any Transferred Employee receives benefits pursuant to any program or arrangement established or maintained by any government or any subdivision or agency
thereof, SpinCo or the appropriate member of the SpinCo Group shall assume responsibility to contribute to or otherwise participate in (and Parent and its Affiliates will cease to have any obligation to contribute or participate in) such program or
arrangement as to each applicable Transferred Employee as of the Interim Transfer Date or such later date occurring before the Effective Time as of which the Transferred Employee becomes employed by any member of the SpinCo Group. 

Section 4.3. Establishment of SpinCo Mirror Plans. 

On or before, and effective as of no later than, the Interim Transfer Date, SpinCo shall have adopted the SpinCo Mirror Plans and the SpinCo
Welfare Plans, and shall have designated the other SpinCo Plans, that shall provide benefits to the Transferred Employees in the United States. As of no later than the Interim Transfer Date, each SpinCo Mirror Plan shall provide benefits that are
substantially identical in all material respects to the corresponding Parent Plan as in effect immediately prior to the Interim Transfer Date. Immediately after the Interim Transfer Date, the terms of the SpinCo Mirror Plans, as they relate to
Transferred Employees who are not Represented Employees, shall be governed by Section 4.4 and SpinCo shall have all rights described under the last sentence in Section 4.5. 

  
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 Section 4.4. Terms of Participation by Transferred Employees. 

Except as otherwise expressly provided herein, each of the SpinCo Plans is and shall be, with respect to Transferred Employees who are
participants in such plan, in all respects, the successor in interest to and shall recognize all rights and entitlements that are accrued as of the Interim Transfer Date, under the corresponding Parent Plan in which such Transferred Employee
participated prior to the Interim Transfer Date or as of the Effective Time, as applicable. With respect to Transferred Employees, each SpinCo Plan shall provide that all service, all compensation, and all other factors affecting benefit
determinations that, as of the Interim Transfer Date or the date on which the Effective Time occurs, as applicable, were recognized under the corresponding Parent Plan (for periods immediately before the Interim Transfer Date or the date on which
the Effective Time occurs, as applicable) have received or shall receive corresponding recognition and credit and have been or shall be taken into account under such SpinCo Plan to the same extent as though arising under such SpinCo Plan, except to
the extent that duplication of benefits would result. All beneficiary designations made by Transferred Employees under the corresponding Parent Plans have, to the extent reasonably practicable and permitted by applicable Law, been or shall be
transferred to and be in full force and effect under the corresponding SpinCo Plans until such beneficiary designations are replaced or revoked by the Transferred Employee who made the beneficiary designation. Prior to and after the Effective Time,
Parent and SpinCo agree to cooperate with each other and to provide, or cause to be provided, all reasonably requested data, documents, or other information necessary to avoid such duplication of benefits, to the extent permitted by applicable Law.
Notwithstanding anything to the contrary in this Agreement, where employee benefits provided to a Transferred Employee by a member of the Parent Group must be preserved or maintained pursuant to applicable Law (e.g., pursuant to the Transfer of
Undertakings (Protection of Employment) Regulations 2006 (SI 2006/246)) or pursuant to an agreement with an employee representative body (e.g., a works council), such benefits shall be provided in accordance with such applicable Law or agreement.

 Section 4.5. Right to Amend SpinCo Plans. 

Subject to the Applicable CBA, nothing in this Agreement to the contrary, other than those provisions that expressly and specifically require
particular benefits to be maintained after the Effective Time and, in such event, only for the period so required, shall preclude SpinCo (or, as applicable, any member of the SpinCo Group) from amending, merging, modifying, terminating, eliminating,
reducing, or otherwise altering in any respect after the Effective Time any SpinCo Plan, any benefit under any SpinCo Plan or any trust, insurance policy or funding vehicle related to any SpinCo Plan. 

  
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 ARTICLE V. 

PENSION PLANS 
 Section 5.1.
Establishment of Pension Plans. 
 SpinCo or a member of the SpinCo Group has established defined benefit pension plans for the
benefit of Transferred Employees in the United States. One such plan, which is qualified under Section 401(a) of the Code, is and will be responsible for benefits of Transferred Employees who are participants and their beneficiaries in the
Parent Qualified Pension Plan (the “SpinCo Qualified Pension Plan”). Another plan, which is not qualified under Section 401(a) of the Code, is and will be responsible for benefits of participants and beneficiaries in the Parent
Non-Qualified Pension Plan who are Transferred Employees (the “SpinCo Non-Qualified Pension Plan”). The SpinCo Qualified Pension Plan and SpinCo Non-Qualified Pension Plan is identical in all material respects to the corresponding Parent Pension Plan in which the applicable Transferred Employees participated immediately prior to the Interim Transfer Date.
SpinCo is and shall be responsible for taking or causing to be taken all necessary, reasonable, and appropriate action to establish, maintain and administer the SpinCo Qualified Pension Plan, so that it qualifies under Section 401(a) of the
Code and the related trust thereunder is exempt from Federal income taxation under Section 501(a) of the Code. 
 Section 5.2.
Assumption of Parent Pension Plan Liabilities and Transfer of Assets from the Parent Pension Trust. 
 (a) Assumption of
Liabilities by SpinCo Pension Plans. Subject to clause (b) below, effective as of the Interim Transfer Date, all Liabilities under the Parent Qualified Pension Plan relating to Transferred Employees shall cease to be Liabilities of the
Parent Qualified Pension Plan and shall be assumed in full and in all respects by the SpinCo Qualified Pension Plan. 
 (b) Calculation of
Pension Plan Asset Allocation. As soon as practicable after the Interim Transfer Date, Parent’s actuary shall calculate and certify the amounts to be transferred in the aggregate from the Parent Qualified Pension Plan, which shall be equal
to the amount determined in accordance with the requirements of Section 414(l) of the Code and the regulations thereunder, based on the present value of benefits in respect of all Transferred Employees) and persons entitled to receive a benefit
in respect of such Transferred Employees, calculated applying the de minimis rule in the regulations promulgated under Section 414(l) of the Code (the “Pension Plan Asset Transfer Amount”). 

  
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 (c) Confirmation of Calculations. As soon as reasonably practicable after the
Effective Time, Parent’s actuary shall certify to SpinCo the Pension Plan Asset Transfer Amount to be transferred to the SpinCo Qualified Pension Plan. If requested by SpinCo within ten (10) days after such certification, Parent’s
actuary shall provide SpinCo’s actuary with a complete computer file containing the employee data and all other relevant information used by Parent’s actuary or otherwise reasonably requested by SpinCo’s actuary as needed to confirm
the Pension Plan Asset Transfer Amount. The Pension Plan Asset Transfer Amount shall become final and binding upon the Parties at the close of business on the one hundred twentieth (120th) day following Parent’s actuary’s certification to
SpinCo of the Pension Plan Asset Transfer Amount, unless prior to such one hundred twentieth (120th) day SpinCo delivers a written notice to Parent stating that SpinCo believes that the calculation of the Pension Plan Asset Transfer Amount
contains factual or mathematical errors or otherwise fails to comport with the Actuarial Assumptions. Any such notice shall state in reasonable detail the basis for such belief. Should SpinCo timely provide such notice, the Parties shall use their
reasonable best efforts to resolve promptly any disagreements regarding such calculations. In the event that the Parties cannot resolve such disagreements, the Parties shall jointly select an independent third actuary with whom none of the Parties
have a material relationship, who shall render its determination promptly (and in any case within thirty (30) days of being engaged to review the disputed matter). The third actuary’s determination shall be made in accordance with the
requirements of this Section 5.2(c) and shall be binding on the Parties. The third actuary shall be required to confirm the determination of the Parent actuary unless, and solely to the extent that, the third actuary determines that
(i) such determination contains factual or mathematical errors or (ii) the determination of the Parent actuary has no reasonable basis or otherwise fails to comport with the Actuarial Assumptions, in each case applying an abuse of
discretion standard. In no event (except for inaccuracy of the data provided) shall the amount determined by the third actuary be more than the amount claimed by SpinCo or less than the amount shown in the calculations of Parent’s actuary. Each
of the Parties shall bear the fees, costs and expenses of their respective actuaries, and the fees, costs and expense of the third actuary shall be borne one half by Parent and one half by SpinCo. Any decision by the third actuary shall be treated
as confidential information by the Parties, except as may be required to obtain judgment on the award or enforce performance thereof or except as disclosure may be required by law. 

(d) Transfer of Assets to SpinCo Pension Trust. 

(i) As soon as practicable and no more than thirty (30) days after the Effective Time, Parent shall cause to be
transferred from the trust established under the Parent Qualified Pension Plan (the “Parent Trust”) to a trust established in respect of the SpinCo Qualified Pension Plan (the “SpinCo Trust”), an initial amount of
assets (the “Initial Asset Transfer”). The amount of the Initial Asset Transfer shall be equal to 90% of the amount the enrolled actuary for the Parent Qualified Pension Plan determines in good faith to be the Pension Plan
Asset Transfer Amount. The amount determined under the preceding sentence shall accrue interest for the period commencing as of the date on which the Effective Time falls and ending on the date the Initial Asset Transfer is received by the SpinCo
Trust, at a rate equal to the discount rate that would apply for purposes of the Actuarial Assumptions as of such date. 

  
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 (ii) As soon as practicable and no more than ten (10) days after the
final calculation and certification of the Pension Plan Asset Transfer Amount, Parent will cause the Parent Trust to transfer to the SpinCo Trust assets in an amount equal to the Pension Plan Asset Transfer Amount with respect to the Parent
Qualified Pension Plan less the sum of (A) the Initial Asset Transfer, and (B) the aggregate amount of any benefit payments (the “Benefit Payments”), if any, made by the Parent Qualified Pension Plan in respect of Transferred
Employees from and after the Interim Transfer Date and prior to the time of transfer (the “Final Asset Transfer”). The amount determined under the preceding sentence shall accrue interest on the applicable amount from the Interim
Transfer Date determined in the manner described in Section 5.2(d)(i) above. If the sum of the Initial Asset Transfer plus the Benefit Payments exceeds the Pension Plan Asset Transfer Amount, then the SpinCo Trust shall return such excess,
which shall accrue interest determined in the manner described above from the date of the Initial Asset Transfer or the date of the Benefit Payment, as applicable, to the date of return, to the Parent Trust relating to the Parent Qualified Pension
Plan. 
 (iii) Except as may be mutually agreed by the Parties, the Initial Asset Transfer and the Final Asset Transfer shall
be made entirely in cash. 
 (e) To the extent that one or more Leave Employees or Former Business Employees shall become Transferred
Employees pursuant to Section 2.3 after the Interim Transfer Date, as soon as practicable after the first anniversary of the Effective Time (or such later date as of which a Former Business Employee shall become a Transferred Employee), the
parties shall effect a transfer of assets from the Parent Qualified Pension Plan to the SpinCo Qualified Pension Plan in respect of such newly characterized Transferred Employees, applying the principles set forth in this Section 5.2 in respect
of the Pension Assets Transfer Amount in regard to such Transferred Employees’ benefits accrued under the Parent Qualified Pension Plan as of the Effective Time. 

(f) At the same time as it certifies the Pension Asset Transfer Amount pursuant to Section 5.2(c), Parent’s actuary shall also
calculate and inform SpinCo of (i) the aggregate amount of the liabilities under the Parent Qualified Pension Plan for all participants thereunder (the “Total PBO Liabilities”) and (ii) the aggregate amount of the
liabilities in respect of the Transferred Employees under the Parent Qualified Pension Plan (the “SpinCo PBO Liabilities”), as of the Interim Transfer Date in each case using the Actuarial Assumptions but determined on a projected
benefit obligation basis (and not in 

  
 21 

 
accordance with the provisions of Section 414(l) of the Code). If requested by SpinCo within ten (10) days after the date Parent informs SpinCo of the amount of the Total PBO
Liabilities and SpinCo PBO Liabilities, Parent’s actuary shall provide SpinCo’s actuary with information used by Parent’s actuary to calculate such Liabilities. The calculation of the Total PBO Liabilities and the SpinCo PBO
Liabilities shall become final and binding upon the Parties at the close of business on the one-hundredth and twentieth (120th) day following SpinCo’s receipt of Parent’s actuary’s delivery to
SpinCo of the Total PBO Liabilities and the SpinCo PBO Liabilities, unless prior to such one hundred and twentieth (120th) day SpinCo delivers a written notice to Parent stating that SpinCo believes that the calculation of either the Total
PBO Liabilities or the SpinCo PBO Liabilities contains factual or mathematical errors or otherwise fails to comport with the Actuarial Assumptions and states in reasonable detail the basis for such belief. In the event that SpinCo’s actuary
shall deliver such a written notice to Parent, the Parties shall follow the procedures substantially identical to those set forth in Section 5.2(c) with regard to the Pension Plan Asset Transfer Amount to determine the final amount related to
the Total PBO Liabilities or the SpinCo PBO Liabilities, as applicable. 
 (g) Once the amount of the Total PBO Liabilities and the SpinCo
PBO Liabilities are final, the Parties shall then determine the percentages derived by dividing: 
 (i) (A) the
remainder of (1) the fair market value of the assets of the Parent Qualified Plan as of the Interim Transfer Date minus (2) the final Pension Asset Transfer Amount (such remainder, the “Parent Qualified Plan Net Assets”)
by (B) the remainder of (1) the Total PBO Liabilities minus (2) the SpinCo PBO Liabilities (such resulting percentage, the “Parent PBO Funding Percentage”); and 

(ii) (A) the final Pension Plan Asset Transfer Amount by (B) the SpinCo PBO Liabilities (such resulting percentage,
the “SpinCo PBO Funding Percentage”). 
 If the Parent PBO Funding Percentage exceeds the SpinCo PBO Funding Percentage, the Parent shall
pay to SpinCo, within thirty (30) days after such percentages are determinable, an amount in cash equal to the amount that would be required to be added to the final Pension Plan Asset Transfer Amount to cause the SpinCo PBO Funding Percentage
to equal the Parent PBO Funding Percentage. If the SpinCo PBO Funding Percentage exceeds the Parent PBO Funding Percentage, SpinCo shall pay to Parent, within thirty (30) days after such percentages are determinable, an amount in cash equal to
the amount that would be required to be added to the Parent Qualified Plan Net Assets to cause the Parent PBO Funding Percentage to equal the SpinCo PBO Funding Percentage. 

  
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 Section 5.3. Assumption of Liabilities Under Parent
Non-Qualified Pension Plan and Payment by Parent of Accrued Liabilities. 
 (a) SpinCo Non-Qualified Plan to Assume Liabilities. Effective as of the Effective Time, all Liabilities under the Parent Non-Qualified Pension Plan relating to persons who are
Transferred Employees shall cease to be Liabilities of the Parent Non-Qualified Pension Plan and shall be assumed in full and in all respects by the SpinCo Non-Qualified
Pension Plan. SpinCo is and shall be responsible for taking or causing to be taken all necessary, reasonable, and appropriate action to establish, maintain and administer the SpinCo Non-Qualified Pension Plan
and from and after the Interim Transfer Date, shall be solely responsible for all ongoing rights of or relating to such Transferred Employees for future participation in the SpinCo Non-Qualified Pension Plan.

 (b) Determination of Parent Non-Qualified Pension Plan Liabilities. As soon as reasonably
practicable after the Effective Time, Parent’s actuary shall certify to SpinCo the Liabilities, individually and in the aggregate, in respect of the Transferred Employees under the Parent Non-Qualified
Pension Plan at the Interim Transfer Date, based on the present value of benefits in respect of each such Transferred Employees at the Interim Transfer Date (the “Parent Non-Qualified Pension Plan
Liabilities”). If requested by SpinCo within ten (10) days after the date Parent certifies to SpinCo the amount of the Parent Non-Qualified Pension Plan Liabilities, Parent’s actuary shall
provide SpinCo’s actuary with a complete computer file containing the employee data and all other relevant information used by Parent’s actuary or otherwise reasonably requested by SpinCo’s actuary as needed to calculate the Parent Non-Qualified Pension Plan Liabilities (including data and information related to such calculation and otherwise appropriate for SpinCo’s actuary to consider, and any other data and information reasonably
requested by SpinCo’s actuary). The calculation of the Parent Non-Qualified Pension Plan Liabilities shall become final and binding upon the Parties at the close of business on the one-hundred twentieth (120th) day following Parent’s actuary’s certification to SpinCo of the Parent Non-Qualified Pension Plan Liabilities to make its determination
and any additional information reasonably requested by SpinCo’s actuary, unless prior to such one hundred twentieth (120th) day SpinCo delivers a written notice to Parent stating that SpinCo believes that the calculation of the Parent Non-Qualified Pension Plan Liabilities contains factual or mathematical errors or otherwise fails to comport with the Actuarial Assumptions and states in reasonable detail the basis for such belief. In the event
that SpinCo’s actuary shall deliver such a written notice to Parent, the Parties shall follow the procedures substantially identical to those set forth in Section 5.2(c) with regard to the Pension Plan Asset Transfer Amount to determine
the final amount related to the Parent Non-Qualified Pension Plan Liabilities. 

  
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 (c) Reimbursement Process for Parent
Non-Qualified Pension Plan Liabilities. As of June 30 and January 31 each calendar year, and/or such other date or dates as may be agreed between the Parties, starting in the calendar year
following the Effective Time, SpinCo shall send Parent a statement showing all distributions made in the period immediately preceding the date covered through the last statement (or from the Effective Time with respect to the first such statement)
in respect of the benefits paid to all Transferred Employees under the SpinCo Non-Qualified Pension Plan, showing in adequate detail the amount of payments made in respect to each such Transferred Employee and
the portion thereof attributable to such Transferred Employee’s entitlement under the Parent Non-Qualified Pension Plan Liabilities and the method for such attribution. Within 30 days of the receipt of
such statement, Parent shall pay to SpinCo the amount described in Section 5.3(d), provided that, in no event shall Parent be required to pay SpinCo an amount (i) in respect of any Transferred Employee, greater than the accrued benefit of
such Transferred Employee at the Interim Transfer Date taken into account in determining the Parent Non-Qualified Pension Plan Liabilities or (ii) in the aggregate greater than the amount of the Parent Non-Qualified Pension Plan Liabilities as of the Interim Transfer Date. Notwithstanding the forgoing, (x) at the sole discretion of Parent, Parent may at any time and from time to time prepay all or any portion
of the aggregate amount that it would otherwise be required to pay SpinCo in respect of the Transferred Employees under this Section 5.3(c) in respect of the Parent Non-Qualified Pension Plan Liabilities,
and unless Parent agrees to another offset schedule, any such prepaid amount shall be applied to offset any amounts that Parent would otherwise be required to pay hereunder as of the next semi-annual statement and each subsequent statement until
fully applied to such future payments and (y) any amounts paid under the SpinCo Non-Qualified Pension Plan which SpinCo fails to include in a statement of payments that is delivered to Parent within
fourteen months of the actual payment date shall no longer be subject to reimbursement by Parent under this Section 5.3(c) and shall remain the sole responsibility of SpinCo. Any payment made by Parent pursuant this Section 5.3(c) shall be
made for the account of SpinCo or its Subsidiary and not for the benefit of any Transferred Employee participating in the SpinCo Non-Qualified Pension Plan, each of whom shall remain an unsecured creditor of
SpinCo or its applicable Subsidiary in respect of his or her SpinCo Non-Qualified Pension Plan benefit. 

(d) Reimbursement Determined on an After-Tax Basis. The amount payable by Parent pursuant to
Section 5.3(c) with respect to each statement provided by SpinCo shall equal (i) the amount of the distributions made to Transferred Employees under the SpinCo Non-Qualified
Pension Plan listed on the applicable statement (reduced as a result of any applicable limitations described in Section 5.3(c)), less (ii) the amount of the reduction in U.S. federal and state income Taxes payable by SpinCo as a
result of the payment of such distributions. For purposes of this Section 5.3(d), the amount of the reduction in U.S. federal and state income Taxes payable by SpinCo as a result of such distributions shall be deemed to
equal (x) the amount of such distributions under the SpinCo Non-Qualified Pension Plan reflected on such statement, multiplied by (y) the highest marginal U.S. federal income Tax rate
applicable to U.S. corporations on the date such distributions were paid plus the applicable weighted average state income Tax rate on the date such distributions were paid. 

  
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 Section 5.4. International Pension Plans. 

Except as otherwise provided herein, at the Effective Time (or at any earlier date required at applicable law), SpinCo shall or shall cause
another member of the SpinCo Group to assume each Parent Plan providing pension or retirement benefits to Business Employees in jurisdictions outside of the United States. Notwithstanding the foregoing, Parent shall or shall cause a member of the
Parent Group to retain the liabilities to Business Employees who do not become Transferred Employees under the Parent Plans in which employees located in Italy or Spain participate as of immediately prior to the Effective Time. 

Section 5.5. Continuation of Elections and Application to SpinCo Dependents. 

To the extent (a) reasonably practicable and (b) that the relevant information has been made available to SpinCo, SpinCo shall cause
the SpinCo Qualified Pension Plan and the SpinCo Non-Qualified Pension Plan to recognize and maintain all existing elections, including, but not limited to, beneficiary designations, payment forms and other
rights of alternate payees under qualified domestic relation orders as were in effect under the corresponding Parent Qualified Pension Plan and Parent Non-Qualified Pension Plan immediately prior to the
Interim Transfer Date, unless and until changed or modified in accordance with the terms of the applicable plan or otherwise in accordance with applicable law. To the extent applicable, the provisions of this Article V shall also apply to SpinCo
Dependents. From the Effective Time, Parent shall cooperate with SpinCo to provide any reasonably requested information regarding such administrative matters. 

ARTICLE VI. 
 HEALTH AND WELFARE

 Section 6.1. Parent Health and Welfare Plans.  

(a) Parent or one or more of the Parent Subsidiaries maintain or contribute to health and welfare plans. The health and welfare plans include,
but are not limited to, plans providing severance and active employee health, dental, disability and life insurance benefits, for the benefit of eligible employees and certain former employees, including certain Former Business Employees who have
retired as of the date of the Separation Agreement or will retire prior to the Effective Time (the “Parent Welfare Plans”). As of the Interim Transfer Date, each person who was a Transferred Employee or SpinCo Dependent on such date
ceased to be covered under the Parent Welfare Plans. Parent and the Parent Welfare Plans are and shall continue to be responsible for all Liabilities relating to (i) Former Business Employees (except to the extent expressly

  
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provided with respect to reinstated Leave Employees in Section 2.3(a) or reinstated Former Business Employees in Section 2.3(b)), (ii) Retained Employees and (iii) Transferred
Employees or SpinCo Dependents with respect to, in each case, (A) medical, vision, or dental plan claims in respect of services that were performed or goods provided prior to the Interim Transfer Date (or, if later, the date on which such
individual becomes an employee of a member of the SpinCo Group), (B) life insurance claims in respect of deaths occurring prior to the Interim Transfer Date (or, if later, the date on which such individual becomes an employee of a member of the
SpinCo Group), and (C) any payments due any Transferred Employees under the terms of a Parent disability plan with respect to any period prior to the Interim Transfer Date (or, if later, the date on which such individual becomes an employee of
a member of the SpinCo Group). 
 (b) Except for the Parent FSA account balances described in Section 6.2(c), nothing in this Agreement
shall require Parent or any other Parent Group member or any Parent Welfare Plans to transfer assets or reserves with respect to the Parent Welfare Plans, including, but not limited to, any plan providing severance, health, dental or life insurance
benefits, to SpinCo, the Transferred Entities, any other member of the SpinCo Group, or the SpinCo Welfare Plans. 
 Section 6.2.
Adoption of SpinCo Health and Welfare Plans.  
 (a) Establishment of Welfare
Plans. From and after the Interim Transfer Date, and subject to the provisions of Section 3.1 and Section 4.1, SpinCo has maintained and shall continue to maintain or cause to be maintained health and welfare plans, which (i) with
respect Transferred Employees in the United States other than Represented Employees, includes, but is not limited to, plans providing severance and active health, dental, disability and life insurance benefits that provide benefits to Transferred
Employees, (ii) with respect to Represented Employees is as required pursuant to the terms of an Applicable CBA, and (iii) with respect to employees outside of the United States, is as required by Law (the “SpinCo Welfare
Plans”). 
 (b) Terms of Participation in SpinCo Welfare Plans. From and after the Interim Transfer Date, SpinCo has caused
and shall continue to cause the SpinCo Welfare Plans to (i) waive all limitations as to preexisting conditions, exclusions, service conditions and waiting period limitations, and any evidence of insurability requirements applicable to any such
Transferred Employees and SpinCo Dependents other than such limitations, exclusions, and conditions that were in effect with respect to Transferred Employees and SpinCo Dependents as of the Interim Transfer Date, in each case under and in accordance
with the terms of the corresponding Parent Welfare Plans and (ii) honor any deductibles, out-of-pocket maximums and
co-payments incurred by Transferred Employees and SpinCo Dependents under and in accordance with the terms of the corresponding Parent Welfare Plans in satisfying the applicable deductibles, out-of-pocket expenses or co-payments under such Parent Welfare Plans for the calendar year

  
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in which the Effective Time occurs. SpinCo has caused and shall continue to cause the SpinCo Welfare Plans to recognize and maintain all existing elections, including, but not limited to,
beneficiary designations, as were in effect under the corresponding Parent Welfare Plans, unless and until changed or modified in accordance with the terms of the applicable plan or otherwise in accordance with applicable law. To the extent
applicable, the provisions of this Section 6.2(b) shall also apply to SpinCo Dependents. From the Interim Transfer Date, Parent shall cooperate with SpinCo to provide any reasonably requested information regarding such administrative matters,
to the extent permitted by applicable Law. 
 (c) Transfer of Parent FSA Assets. Parent will make available to SpinCo, prior to the
Effective Time, a list of individuals who will become or continue to be Transferred Employees as of the Effective Time and who are participants in the Parent FSAs (the “FSA Participants”), together with the elections made prior to
the Interim Transfer Date with respect to such accounts through the Interim Transfer Date. 
 (i) SpinCo shall take all
actions necessary and legally permissible to ensure that as of the Interim Transfer Date, it has adopted one or more SpinCo Welfare Plans in which Parent FSA Participants may participate and that constitutes a Code Section 125 plan
(“SpinCo FSA”). SpinCo shall further take all actions necessary and legally permissible to amend SpinCo’s FSA to provide that as of the Interim Transfer Date and for the plan year in which the Interim Transfer Date occurs, but
not for any specific time thereafter, subject to any collective bargaining obligations, (A) the FSA Participants shall become participants in SpinCo’s FSA, with a deemed effective date as of the beginning of the applicable Parent
FSA’s plan year and at the level of coverage provided under the applicable Parent FSA, (B) the FSA Participants’ salary reduction elections shall be taken into account for the remainder of SpinCo’s FSA plan year as if made under
SpinCo’s FSA; and (C) SpinCo’s FSA shall reimburse medical expenses incurred by the FSA Participants at any time during the applicable Parent FSA’s plan year (including, but not limited to, claims incurred prior to the Effective
Time but unpaid prior to the Effective Time), up to the amount of the FSA Participants’ election and reduced by amounts previously reimbursed by the applicable Parent FSA. 

(ii) Parent shall take all actions necessary and legally permissible to amend each of the Parent FSAs to provide that the FSA
Participants shall cease to be eligible for reimbursements from the applicable Parent FSA as of the Interim Transfer Date. 

(iii) As soon as practicable following the Effective Time, Parent shall transfer to SpinCo, and SpinCo agrees to accept, those
amounts (plus all related individual participant records and accountings) which represent the debit and credit balances under the Parent FSAs of the FSA Participants and the transfer of such amounts shall take into account on a net basis
participants’ payroll deductions and claims paid through the Effective Time. 

  
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 Section 6.3. COBRA and HIPAA. 

From and after the Interim Transfer Date, SpinCo has been and shall continue to be responsible for administering compliance with the
continuation coverage requirements for “group health plans” under Title X of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), and the requirements under the Health Insurance Portability and
Accountability Act of 1996 with respect to Transferred Employees and any SpinCo Dependents for the period after the Interim Transfer Date. Parent will retain any Parent Liabilities under the Parent Welfare Plans to provide COBRA coverage to any
Former Business Employee and any of his or her eligible dependents who incurred a qualifying event under COBRA at or prior to the Interim Transfer Date and who is still eligible to receive such continuing coverage as of or after the Interim Transfer
Date. 
 Section 6.4. Workers’ Compensation Claims. 

All Liabilities for any workers’ compensation claims or coverage, whether arising under any Law of any state, territory, or possession of
the United States or the District of Columbia or otherwise (“Workers’ Compensation Claims”), made by current or former employees (including Transferred Employees) of either Party arising out of or related to the operation of
the SpinCo Business (including SpinCo Discontinued Operations or SpinCo Divested Operations), which claims shall have been made not later than two years after the Effective Time, but which relate in whole or in part to injuries or occurrences
arising prior to the Effective Time, shall be covered, to the extent covered under any Parent Policy, under and in accordance with the applicable provisions of such Parent Policy (“Insured WC Claims”) or, if applicable, as otherwise
required at applicable Law. Except to the extent provided in the foregoing sentence, from and after the Effective Time, SpinCo or the appropriate member of the SpinCo Group shall assume and have all Liabilities for any Workers’
Compensation Claims made by current or former employees (including Transferred Employees) of either Party arising out of or related to the operation of the SpinCo Business, SpinCo Discontinued Operations or SpinCo Divested Operations, even if such
claims relate in whole or in part to injuries, conditions or events arising or occurring on or prior to the Effective Time. Parent or the appropriate member of the Parent Group shall be responsible for the administration of any Insured WC
Claims on behalf of all parties against which such claim is made. With regard to any Workers’ Compensation Claims that are not Insured WC Claims, each Party shall be fully responsible for the administration of all claims for which it has
responsibility pursuant to the foregoing provisions of this Section 6.4. If SpinCo is unable to assume any Liability otherwise allocated to it hereunder or the administration 

  
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of any such claim because of the operation of applicable state Law or for any other reason, Parent shall retain such Liabilities and SpinCo shall reimburse and otherwise fully indemnify Parent
for all such Liabilities (subject to reduction for any amounts payable from insurance), including, but not limited to, the costs of administering the plans, programs or arrangements under which any such Liabilities have accrued or otherwise arisen,
and SpinCo shall enter into reasonable arrangements acceptable to Parent (such acceptance not to be unreasonably withheld) to secure the payment of such Liabilities. All reimbursement amounts shall be paid in accordance with the procedure set
forth in Section 6.4. Notwithstanding anything to the contrary, this Section 6.4 shall not apply to claims arising out of Latent Injury Liabilities, which shall be governed by the Separation Agreement. 

Section 6.5. Leave of Absence Programs. 

From and after the Interim Transfer Date, SpinCo is and shall continue to be responsible for the administration and compliance of all leaves of
absences and related programs (including, but not limited to, compliance with the United Services Employment and Reemployment Rights Act, the Family and Medical Leave Act, the Americans with Disabilities Act or similar state or other Laws or with
the Applicable CBA) affecting Transferred Employees for the period at and after the Interim Transfer Date. 
 Section 6.6. Time-Off Benefits.  
 The SpinCo Group has
credited and shall continue to credit each Transferred Employee with the amount of accrued but unused vacation time, sick time and other time-off benefits (together the
“Time-Off Benefits”) as such individual had with the Parent Group or the Transferred Entities as of the Interim Transfer Date (or, if later, the date on which such individual becomes an
employee of a member of the SpinCo Group) and has provided and shall continue to provide such individuals with the same rights, benefits, and entitlements in respect to such Time-Off Benefits as they were
entitled to from the Parent Group or the Transferred Entities as of the Interim Transfer Date (or, if later, the date on which such individual becomes an employee of a member of the SpinCo Group), provided that nothing in this Section 6.6
requires the SpinCo Group to apply the accrual rules for Time-Off Benefits of Parent Group or the Transferred Entities in effect immediately prior to the Interim Transfer Date with respect to service of
Transferred Employees after the Interim Transfer Date. 

  
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 ARTICLE VII. 

SAVINGS PLANS 
 Section 7.1.
Adoption of SpinCo Savings Plans. 
 (a) From and after the Interim Transfer Date, SpinCo has or has caused the appropriate member of
the SpinCo Group to establish a defined contribution plan and corresponding trust effective as of the Interim Transfer Date for the benefit of Transferred Employees who participate in a Parent Qualified Savings Plan immediately prior to the Interim
Transfer Date (the “SpinCo Qualified Savings Plan”). The SpinCo Qualified Savings Plan (i) meets and shall continue to meet all requirements of applicable Law, including, but not limited to, Section 411(d)(6) of the Code,
and (ii) accept the transfer of assets from the Parent Qualified Savings Plans contemplated by Section 7.2. As of and from the Interim Transfer date, SpinCo has been and shall continue to be responsible for taking or causing to be taken
all necessary, reasonable and appropriate action to establish, maintain and administer the SpinCo Qualified Savings Plan so that it qualifies under Section 401(a) of the Code and the related trusts thereunder are exempted from Federal income
taxation under Section 501(a)(1) of the Code. 
 (b) From and after the Interim Transfer Date, SpinCo or a member of the SpinCo Group
has established a defined contribution plan for the benefit of Transferred Employees who participated in the Parent Non-Qualified Savings Plan immediately prior to the Interim Transfer Date (the
“SpinCo Non-Qualified Savings Plan”). The SpinCo Non-Qualified Savings Plan is not and shall not be qualified under Section 401(a) of the Code, and
will accept the transfer of all Liabilities under the Parent Non-Qualified Savings Plan contemplated by Section 7.3. 

Section 7.2. Assumption of Liabilities and Transfer of Assets With Respect to Parent Qualified Savings Plans. 

(a) Effective as of the Interim Transfer Date, but subject to the asset transfer specified in Section 7.2(b) below, the SpinCo Qualified
Savings Plan shall assume and be solely responsible for all Liabilities for or relating to Transferred Employees under the Parent Hourly Savings Plan. Effective as of the Interim Transfer Date, but subject to the asset transfer specified in
Section 7.2(b) below, the SpinCo Qualified Savings Plan shall assume and be solely responsible for all Liabilities for or relating to Transferred Employees under the Parent Salaried Savings Plan. SpinCo shall be solely responsible for all
ongoing rights of or relating to Transferred Employees for future participation (including, but not limited to, the right to make contributions through payroll deductions) in the SpinCo Qualified Savings Plan. 

  
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 (b) As soon as practicable and no more than thirty (30) days after the Effective Time,
Parent shall cause the account balances (including, but not limited to, any outstanding loan balances) in each Parent Qualified Savings Plan attributable to Transferred Employees to be transferred to the SpinCo Qualified Savings Plan in the form of
(x) promissory notes, to the extent of Transferred Employees’ account balances that represent outstanding loans; (y) an in-kind transfer of securities, to the extent of Transferred
Employees’ account balances that are held through the open brokerage window under a Parent Qualified Savings Plan and to the extent the SpinCo Qualified Savings Plan is capable of accepting such in-kind
transfer; or (z) cash, to the extent of account balances of Transferred Employees do not represent outstanding loans of Transferred Employees or securities transferred in-kind pursuant to clause (y).
SpinCo shall cause the SpinCo Qualified Savings Plan to accept such transfer of accounts and underlying assets and, effective as of the date of such transfer, to assume and to fully perform pay or discharge, all obligations of the Parent Qualified
Savings Plans relating to the accounts of Transferred Employees (to the extent those assets related to those accounts are actually transferred from a Parent Qualified Savings Plan). The transfers shall be conducted in accordance with
Section 414(l) of the Code, Treasury Regulation Section 1.414(l) -1, and Section 208 of ERISA. 

Section 7.3. Treatment of Parent Non-Qualified Savings Plan Accounts. 

(a) Assumption of Liabilities under Parent Non-Qualified Savings Plan. Effective as of the
Interim Transfer Date, all Liabilities under the Parent Non-Qualified Savings Plan relating to persons who are Transferred Employees shall cease to be Liabilities of the Parent
Non-Qualified Savings Plan and shall be assumed in full and in all respects by the SpinCo Non-Qualified Savings Plan. SpinCo is and shall be responsible for taking or
causing to be taken all necessary, reasonable, and appropriate action to establish, maintain and administer the SpinCo Non-Qualified Savings Plan and from and after the Interim Transfer Date shall be solely
responsible for all ongoing rights of or relating to Transferred Employees for future participation in the SpinCo Non-Qualified Savings Plan. 

(b) Determination of Parent Non-Qualified Savings Plan Liabilities. As soon as practicable after
the Effective Time, Parent shall calculate and certify to SpinCo the Liabilities, individually and in the aggregate, in respect of the Transferred Employees who were participants in the Parent Non-Qualified
Savings Plan at the Interim Transfer Date, based on the value of the notional account balances in respect of each such Transferred Employees as of the Interim Transfer Date (the “Parent Non-Qualified
Savings Plan Liabilities”). Within ten (10) days after the date Parent certifies to SpinCo the amount of the Parent Non-Qualified Savings Plan Liabilities, Parent’s record keeper
shall provide SpinCo or its record keeper with a complete computer file containing the employee data and all other relevant information used to calculate the Parent Non-Qualified Savings Plan Liabilities. The
calculation of the Parent Non-Qualified Savings Plan Liabilities shall become final and binding upon the Parties at the close of business on the one hundred twentieth (120th) day following SpinCo’s
receipt of such computer file, unless prior to such one hundred twentieth (120th) day SpinCo delivers a written 

  
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notice to Parent stating that SpinCo believes that the calculation of the Parent Non-Qualified Savings Plan Liabilities contains factual or mathematical
errors. In the event that SpinCo shall deliver such a written notice to Parent, the Parties shall follow the procedures substantially identical to those set forth in Section 5.2(c) with regard to the Pension Plan Asset Transfer Amount to
determine the final amount related to the Parent Non-Qualified Savings Plan Liabilities (using such appropriate third party plan administrator rather than an actuary as the arbitrator of any unresolved
dispute). 
 (c) Reimbursement Process for Parent Non-Qualified Savings Plan Liabilities. 

As of June 30 and January 31 each calendar year, or such other times as may be agreed between the Parties, starting in the calendar
year following the Effective Time, SpinCo shall send Parent a statement showing all distributions made in the immediately preceding six month period (or from the Effective Time with respect to the first such statement) in respect of the benefits
paid to all Transferred Employees under the SpinCo Non-Qualified Savings Plan, showing in adequate detail the amount of payments made in respect to each such Transferred Employee. Within 30 days of the receipt
of such statement, Parent shall pay to SpinCo the amount described in Section 7.3(d), provided that, in no event shall Parent be required to pay SpinCo an amount (i) in respect of any Transferred Employee, an amount greater than the
notional account balances of such Transferred Employee as of the Interim Transfer Date taken into account in determining the Parent Non-Qualified Savings Plan Liabilities or (ii) in the aggregate greater
than the amount of the Parent Non-Qualified Savings Plan Liabilities as of the Interim Transfer Date. Notwithstanding the forgoing, (x) at the sole discretion of the Parent, the Parent may at any time and
from time to time prepay all or any portion of the aggregate amount that it would otherwise be required to pay SpinCo in respect of the Transferred Employees under this Section 7.3(c) in respect of the Parent
Non-Qualified Savings Plan Liabilities, and unless Parent agrees to another offset schedule, any such prepaid amount shall be applied to offset any amounts that Parent would otherwise be required to pay
hereunder as of the next semi-annual statement and each subsequent statement until fully applied to such future payments and (y) any amounts paid under the SpinCo Non-Qualified Savings Plan which SpinCo
fails to include in a statement of payments that is delivered to Parent within fourteen months of the actual payment date shall no longer be subject to reimbursement by Parent under this Section 7.3(c) and shall remain the sole responsibility
of SpinCo. Any payment made by Parent pursuant this Section 7.3(c) shall be made for the account of SpinCo or its Subsidiary and not for the benefit of any Transferred Employee who is a Participant in the SpinCo
Non-Qualified Savings Plan, each of whom shall remain an unsecured creditor of SpinCo or its applicable Subsidiary in respect of his or her SpinCo Non-Qualified Savings
Plan benefit.     

  
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 (d) Reimbursement Determined on an After-Tax
Basis. The amount payable by Parent pursuant to Section 7.3(c) with respect to each statement provided by SpinCo shall equal (i) the amount of the distributions made to Transferred Employees under the SpinCo Non-Qualified Savings Plan listed on the applicable statement (reduced as a result of any applicable limitations described in Section 7.3(c)), less (ii) the amount of the reduction in U.S. federal
and state income Taxes payable by SpinCo as a result of the payment of such distributions. For purposes of this Section 7.3(d), the amount of the reduction in U.S. federal and state income Taxes payable by SpinCo as a
result of such distributions shall be deemed to equal (x) the amount of such distributions under the SpinCo Non-Qualified Savings Plan reflected on such statement, multiplied by (y) the
highest marginal U.S. federal income Tax rate applicable to U.S. corporations on the date such distributions were paid plus the applicable weighted average state income Tax rate on the date such distributions were paid. 

Section 7.4. Continuation of Elections and Application to SpinCo Dependents. 

SpinCo has caused and shall continue to cause the SpinCo Qualified Savings Plans and the SpinCo
Non-Qualified Savings Plan to recognize and maintain all elections in effect as of immediately prior to the Interim Transfer Date, including, but not limited to, beneficiary designations, payment forms and
other rights of alternate payees under qualified domestic relation orders as were in effect under the corresponding Parent Qualified Savings Plan and Parent Non-Qualified Savings Plan, unless and until changed
or modified in accordance with the terms of the applicable plan or otherwise in accordance with applicable law. To the extent applicable, the provisions of this Article VII shall also apply to SpinCo Dependents. Parent shall cooperate with SpinCo to
provide any reasonably requested information regarding such administrative matters. 
 ARTICLE VIII. 

EQUITY BASED INCENTIVE AWARDS 

Section 8.1. Treatment of Outstanding PSP Awards by Parent. 

The target number of shares of Parent stock subject to each outstanding performance share plan award held by a Transferred Employee at the
Effective Time shall be multiplied by the percentage determined by the quotient of (i) the number of months in the performance period applicable to such award that has been completed on the day immediately prior to the Effective Time divided by
(ii) the number of months in the entire performance period, as determined by Parent in accordance with the Parent stock incentive plan. Each such outstanding performance share award shall remain outstanding as to such adjusted target number of
shares of Parent common stock (the “Pro-Rated Parent Award”), and eligible to vest and be paid based upon the achievement of the applicable performance criteria (including in respect of any
dividend equivalents granted in connection with such award), at the same time and subject to the same terms and conditions as though the Transferred Employee had remained employed by Parent through the date the performance share awards, in respect
of such performance period, are payable to employees of Parent. The target number of shares of Parent stock subject to each outstanding performance share plan award held by a Transferred Employee at the Effective Time in excess of the target number
of shares subject to the Pro-Rated Parent Award shall be cancelled and forfeited as of the Effective Time (the “Cancelled Parent PSP Shares”). 

  
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 Section 8.2. Treatment of Outstanding Parent Restricted Share Unit and Restricted
Stock Awards. 
 Each outstanding award of restricted shares of Parent common stock and each award that constitutes a promise to deliver
shares of Parent common Stock held by a Transferred Employee at the Effective Time (other than performance share plan awards which shall be treated as set forth in Section 8.1) shall be cancelled and forfeited as of the Effective Time (the
“Cancelled Parent Restricted Shares”). 
 Section 8.3. Replacement Awards for Cancelled Shares. 

Unless otherwise agreed between Parent and a Transferred Employee prior to the date on which the Effective Time falls, effective as of the
Effective Time, SpinCo shall grant each Transferred Employee who forfeits Cancelled Parent PSP Shares or Cancelled Parent Restricted Shares one or more replacement awards in respect of such cancelled shares having the terms and conditions set forth
in this Section 8.3. With respect to Cancelled Parent Restricted Shares, SpinCo shall grant a replacement award in respect of the number of shares of SpinCo common stock determined in accordance with Section 8.4 that shall have terms and
conditions substantially identical to those applicable to the Cancelled Parent Restricted Shares, except that SpinCo shall replace Parent for all purposes of such award and continuing service with SpinCo and its affiliates shall determine the right
of the Transferred Employee to vest in (or receive a payment in respect of) the shares of SpinCo common stock subject to such award. With respect to Cancelled Parent PSP Shares, SpinCo shall grant a replacement award for the number of shares of
SpinCo common stock as determined in accordance with Section 8.4 that shall be eligible to vest and become payable in three equal installments on each of the three payment dates applicable to the Cancelled PSP Shares to which such replacement
award relates, based solely upon the continued performance of services with SpinCo and its affiliates through the applicable vesting date, and have other terms and conditions substantially equivalent to the terms and conditions applicable under the
corresponding Parent performance share plan award. 
 Section 8.4. Establishing the Number of Shares Subject to SpinCo Awards.

 The number of shares of SpinCo common stock to be subject to any replacement award granted in accordance with Section 8.3 shall be
equal to the quotient of (i) the product of (A) the Parent Cancelled Share Value multiplied by (B) the number of cancelled shares of Parent common stock which the applicable SpinCo award is replacing, divided by (ii) the SpinCo
Replacement Share Value. 

  
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 ARTICLE IX. 

SHORT TERM INCENTIVES AND SALES COMMISSION PROGRAMS 

Section 9.1. Management Incentive Plan. 

Except with respect to any Transferred Employee who during 2021 held a title with Parent of at least Senior Vice President and in all cases as
set forth under the terms and conditions of the Management Incentive Plan, Parent shall pay to each Transferred Employee participating in the Management Incentive Plan immediately prior to the Effective Time a cash bonus amount, not later than 30
days following the Effective Time, equal to such Transferred Employee’s target annual incentive opportunity under such plan for 2021, multiplied by a fraction (the “Pro-Rated Fraction”),
the numerator of which is the number of calendar months in 2021 in which such Transferred Employee worked 15 days or more, determined through and including the day immediately prior to the Effective Time, and the denominator of which is 12. With
respect to any Transferred Employee who during 2021 held a title with Parent of at least Senior Vice President and in all cases as set forth under the terms and conditions of the Management Incentive Plan, Parent shall pay to each such Transferred
Employee, at the same time that bonuses are paid generally to other officers of Parent, an amount in respect of his or her participation in the Management Incentive Plan for 2021 equal to the product of (i) the amount that such Transferred
Employee would have been eligible to receive under the terms and conditions of such Management Incentive Plan had he or she remained employed by Parent through the date of payment and (ii) the Pro-Rated
Fraction. 
 Section 9.2. Hourly Incentive Plans and Sales Commission Programs. 

Parent or a Transferred Entity shall pay any amounts that are earned under each Hourly Incentive Plan and each Sales Commission Program to
Transferred Employees prior to the Effective Time. The SpinCo Group shall be responsible for all Liabilities to Transferred Employees under each Hourly Incentive Plan and each Sales Commission Program for amounts that are earned in accordance with
the terms of such plans and programs on or after the Effective Time. 
 Section 9.3. SpinCo Obligations In Respect of Incentive
Plans. 
 The SpinCo Group shall maintain in effect the Hourly Incentive Plans and each Sales Commission Program until the first
anniversary of the Effective Time; provided, however, SpinCo shall have the right to amend each such Hourly Incentive Plan and Sales Commission Program as necessary to reflect the changes resulting from the transactions contemplated by the
Separation Agreement, including, without limitation, changes to the performance metrics under such plans and programs to use SpinCo performance metrics. 

  
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 ARTICLE X. 

ASSUMPTION OF LIABILITIES 

Section 10.1. Assumption of Liabilities.  

(a) By SpinCo. Except as otherwise expressly provided for in this Agreement, not later than the Effective Time, SpinCo shall or shall
cause a member of the SpinCo Group (including the Transferred Entities) or a SpinCo Plan to assume, perform, and discharge all of the following, regardless of when or where such Liabilities arose or arise or are incurred: 

(i) all Liabilities to or relating to Transferred Employees and their dependents and beneficiaries, to the extent relating to,
arising out of or resulting from employment on or prior to the Effective Time, including, but not limited to, all Liabilities governed by the Applicable CBA, but excluding all Liabilities retained by Parent as provided in this Agreement including,
but not limited to, the Liabilities retained by Parent pursuant to Section 10.1(c) below; and 
 (ii) all other
Liabilities relating to, or arising out of, or resulting from obligations, liabilities, and responsibilities expressly assumed or retained by SpinCo or a member of the SpinCo Group pursuant to this Agreement or the Applicable CBA. 

(b) By Parent. Parent shall or shall cause the applicable Parent Plan or Parent Group member to retain and discharge all of the
following: 
 (i) all Liabilities to or relating to Retained Employees and Former Business Employees, and any individuals who
are not Business Employees (and the foregoing’s dependents and beneficiaries), to the extent relating to, arising out of or resulting from former, present, or future employment with the Parent Group, including, but not limited to, all
Liabilities governed by the collective bargaining agreements that cover Retained Employees, Former Business Employees, and any individuals who are not Business Employees (and the foregoing’s dependents and beneficiaries); 

(ii) all Liabilities with respect to Pro-Rated Parent Awards; 

(iii) all Liabilities expressly assumed or retained under Sections 3.1(b), 6.1(a) and 6.4; 

  
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 (iv) all Liabilities under the Management Incentive Plan, the Hourly
Incentive Plans and the Sales Commission Programs for amounts that become due and payable under the terms of such programs prior to the Effective Time, as provided in Article IX; and 

(v) all other Liabilities relating to, or arising out of, or resulting from obligations, liabilities, and responsibilities
expressly assumed or retained by the Parent Group or a Parent Plan pursuant to this Agreement or the collective bargaining agreements that cover Retained Employees, Former Business Employees, and any individuals who are not Business Employees (and
the foregoing’s dependents and beneficiaries). 
 (c) Allocation of Liabilities among Parent and SpinCo with respect to grievances and
demands for arbitration pending as of the Effective Time shall be as set forth in Sections 10.1(a) and (b). Parent shall retain liability for such claims relating to Former Business Employees and, except as provided in Section 10.1(c), SpinCo
shall assume liability for such claims relating to the Transferred Employees. 
 (d) For the avoidance of doubt, allocation of Liabilities
for Taxes that (i) are imposed on Parent or a Parent Plan that, in either case, arise from or relate to a Parent Plan or (ii) are imposed on SpinCo or a SpinCo Plan that, in either case, arise from or relate to a SpinCo Plan shall be as
set forth in the Tax Matters Agreement, other than, in the case of each of clauses (i) and (ii), Taxes described in Section 2.6. 

(e) In the event that any Third Party Claim is asserted in respect of which an Indemnifying Party could have liability to any Person hereunder,
such Third Party Claim shall be addressed following the procedures set forth in Section [4.5] of the Separation Agreement. 

Section 10.2. Reimbursement. 

(a) By SpinCo. From time to time after the Effective Time, SpinCo shall promptly reimburse Parent, but in no event more than thirty
(30) days after delivery by Parent of an invoice therefor containing reasonable substantiating documentation of such costs and expenses, for the cost of any obligations or Liabilities that Parent or a Parent Plan elects to, or is compelled
to, pay or otherwise satisfy, that are or that pursuant to this Agreement have become, the responsibility of SpinCo or any SpinCo Subsidiary; provided, however, that if payment in respect of any such Liability is made by a Parent Plan,
SpinCo or the appropriate SpinCo Plan shall reimburse the Parent Plan directly. To the extent that any SpinCo Subsidiary is responsible for any of the SpinCo Employee Liabilities, each member of the SpinCo Group shall be jointly and severally liable
to Parent or Parent Plan, as applicable, for the payment of such Liabilities by such SpinCo Subsidiary. 

  
 37 

 (b) By Parent. From time to time after the Effective Time, Parent shall promptly
reimburse SpinCo, but in no event more than thirty (30) days after delivery by SpinCo of an invoice therefor containing reasonable substantiating documentation of such costs and expenses, for the cost of any obligations or Liabilities
that SpinCo or a SpinCo Plan elects to, or is compelled to, pay or otherwise satisfy, that are or that pursuant to this Agreement have become, the responsibility of Parent; provided, however, that if payment in respect of any such
Liability is made by a SpinCo Plan, Parent or the appropriate Parent Plan shall reimburse such SpinCo Plan directly. 
 (c) Any reimbursement
made by either Party pursuant to this Section 10.2 shall be treated by the Parties as a reimbursement to the other Party for having acted as the reimbursing Party’s agent for purposes of paying the corresponding expenses. 

Section 10.3. Indemnification. 

(a) SpinCo agrees that from and after the Effective Time it shall indemnify, defend and hold harmless Parent, each of its Subsidiaries, and
their respective directors, officers, shareholders, partners, members, attorneys, accountants, agents, representatives and employees and their heirs, successors and permitted assigns, each in their capacity as such (the “Parent Indemnified
Parties”) from, against and in respect of any claims, damages, losses, charges, Liabilities, actions, suits, proceedings, judgments, settlements, assessments, interest, penalties, and reasonable costs and expenses (including reasonable
attorneys’ fees and expenses) (collectively, “Losses”) actually incurred or suffered by any of the Parent Indemnified Parties arising out of or resulting from, (i) the failure of any member of the SpinCo Group to
pay, perform, discharge or satisfy any Liabilities assumed in Section 10.1(a) of this Agreement (other than any Liabilities which arise due to the failure of Parent to satisfy its obligations under Article VIII hereof or to satisfy any
Liability assumed in Section 10.1(b) and (c) hereof), and (ii) any other breach of the duties or obligations of any member of the SpinCo Group, as set forth in this Agreement. SpinCo shall take commercially reasonable efforts to
procure insurance against any Indemnifiable Losses arising from the obligations set forth in this Agreement. 
 (b) Parent hereby agrees that
from and after the Effective Time it shall indemnify, defend and hold harmless SpinCo, its Affiliates, and their respective directors, officers, shareholders, partners, members, attorneys, accountants, agents, representatives and employees (other
than the Business Employees) and their heirs, successors and permitted assigns, each in their capacity as such (the “SpinCo Indemnified Parties” and, collectively with the Parent Indemnified Parties, the “Indemnified
Parties”) from, against and in respect of any Losses actually incurred or suffered by, any of the SpinCo Indemnified Parties arising out of or resulting from (i) the failure to pay, perform, discharge or satisfy any Parent Liabilities
(other than Parent Liabilities which arise due to the failure of any member of the SpinCo Group or any SpinCo Plans to satisfy any liabilities assumed by SpinCo in Section 10.1(a) hereof) and (ii) any other breach of the duties and
obligations set forth in this Agreement. 

  
 38 

 Section 10.4. Procedures for Indemnification for Third-Party Claims. 

Except as specifically set forth in this Agreement, in the event that Parent or any other Parent Indemnified Party shall seek indemnification
in respect of any SpinCo Employee Liabilities, or SpinCo or any SpinCo Indemnified Party shall seek indemnification in respect of any Parent Liabilities, such person shall comply with and follow the procedures regarding indemnification set forth in
Article [IV] of the Separation Agreement, which shall apply to claims for indemnification hereunder in the same manner as though such claims were eligible for indemnification under the Separation Agreement, but assuming that such claims were not
subject to any limitation on the ability to claim indemnification under such Separation Agreement. 
 Section 10.5. Reductions for
Insurance Proceeds and Other Amounts. 
 The amount that any Indemnifying Party is or may be required to pay to any Indemnified Party
pursuant to this Article X shall be reduced (retroactively or prospectively) in the same manner as provided in Section [4.3] of the Separation Agreement as though such claims were eligible for indemnification under the Separation Agreement, but
assuming that such claims were not subject to any limitation on the ability to claim indemnification under such Separation Agreement. 

Section 10.6. Contribution. 

(a) If the indemnification provided for in this Article X is unavailable to, or insufficient to hold harmless, any Indemnified Party in respect
of any Losses for which indemnification is provided for herein, then the relevant Indemnifying Party shall contribute to the Losses for which such indemnification is unavailable or insufficient in such proportion as is appropriate to reflect the
relative fault of such Indemnifying Party and such Indemnified Party in connection with the circumstances which resulted in such Losses as well as any other relevant equitable considerations. 

(b) The relative fault of Parent and SpinCo shall be determined by reference to, among other things, the Parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent the applicable act, failure to act, statement or omission that is the basis for the Liability (the “Liability Event”), and whether the Liability Event occurred
because of one Party’s reasonable reliance on the other. 

  
 39 

 (c) Parent and SpinCo agree that it would not be just and equitable if contribution pursuant
to this Section 10.6 were determined by any method of allocation which does not take account of the equitable considerations referred to in Section 10.6(b). The aggregate amount of losses, liabilities, claims, damages and expenses incurred
by an Indemnitee shall be deemed to include any legal or other expenses reasonably incurred by such Indemnitee in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body,
commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. 

Section 10.7. Consequential Damages. 

Notwithstanding anything to the contrary contained in this Agreement or the Separation Agreement, no Person shall be liable under this Article
X for any consequential, punitive, special or exemplary damages, regardless of the form of action, whether in contract, tort, strict liability or otherwise, and whether or not such damages were foreseen or unforeseen, except to the extent awarded by
a court of competent jurisdiction in connection with a Third-Party Claim. 
 ARTICLE XI. 

GENERAL AND ADMINISTRATIVE 

Section 11.1. Cooperation. 

(a) General. Each of the Parties hereto will use its commercially reasonable efforts to promptly take, or cause to be taken, any and all
actions and to do, or cause to be done, any and all things necessary, proper and advisable under applicable laws and regulations to consummate the transactions contemplated by this Agreement, including without limitation, adopting plans or plan
amendments. Each of the Parties hereto shall cooperate fully on any issue relating to the transactions contemplated by this Agreement for which the other Party seeks a determination letter or any other filing, consent, or approval with respect to
governmental authorities regarding a benefit plan. 
 (b) Cooperation in Benefits, Plan, and Other Employee Transition. Parent shall
administer the Parent Plans with respect to Business Employees in the ordinary course of business between the date of the Separation Agreement and the Interim Transfer Date or the Effective Time, as applicable. Without limitation, the Parties’
cooperation under this Agreement shall include Parent (and its employees and agents) acting to provide SpinCo (and its employees and agents) with all information that is reasonably requested by SpinCo in connection with meeting, and reasonably
necessary for SpinCo to comply with, its obligations under this Agreement, including but not limited to, in connection with providing compensation, benefits, hours and terms and conditions of employment of Represented Employees that are governed by
the Applicable CBA, establishing and administering SpinCo’s ongoing benefit plans for Business Employees, and assessing appropriate insurances for the period on and after the Effective Time. The information to be provided to SpinCo (and its
employees and agents) shall include, without limitation, names of employees anticipated to be assigned to SpinCo and their respective work status, demographics and data; plan records; 

  
 40 

 
underwriting and risk assessment information; records relating to workers’ compensation claims; records related to collective bargaining and the processing of grievances (including, but not
limited to all transcripts of negotiations, written proposals and negotiation binders); access to any information related to prior events and past practice that become relevant in future arbitrations; and periodic updates on the foregoing; in each
case, so long as such information is reasonably necessary for SpinCo to comply with its obligations under this Agreement. Such information may be requested by SpinCo at any time following the date of the Separation Agreement and extending following
the Effective Time as long as SpinCo reasonably has a need for such information, and shall be provided by Parent or a Parent agent as soon as reasonably practicable without incurring undue expense (with any increased third party cost being borne by
SpinCo) and in a de-identified format to the extent necessary to comply with privacy provisions of federal or applicable state law. 

(c) Communications. SpinCo shall not make any written communications (including websites or other passive communication channels) that
are directed to the directors, officers or employees of Parent or any of its Subsidiaries pertaining to compensation or benefit matters that are affected by the transactions contemplated by the Separation Agreement without Parent’s written
consent; provided that SpinCo may communicate with Union representatives (including any Union representatives who are also employees of Parent Group) in relation to SpinCo’s duties under the Applicable CBA and SpinCo may provide
transition information regarding SpinCo’s benefits (including any benefit identification cards). Notwithstanding the restriction in the preceding sentence, SpinCo may provide notices to Business Employees relating to the requirements of
Sections 404(c) of ERISA or other legally required notices (after giving Parent a reasonable opportunity for review and reasonably considering Parent’s comments on these notices), and the Parties shall cooperate in the notices’ timely
distribution in advance of the Effective Time (in accordance with the timing requirements of laws regarding such notices, in order to permit plan changes, whether before or after the Effective Time). The Parties shall each designate a single point
of contact to facilitate prompt approvals of communications. 
 (d) Cooperation in Labor and Employment Disputes. Parent shall
promptly notify SpinCo of any organizing activities or of any representation petition submitted to the NLRB and of any work stoppages, with respect to any Business Employees. For the avoidance of doubt, Parent shall retain sole decision-making
authority with respect to all employment matters prior to the Effective Date. 

  
 41 

 Section 11.2. Consent of Third Parties. 

If any provision of this Agreement is dependent on the consent of any third party (such as a vendor) and such consent is withheld, the Parties
shall use their reasonable best efforts to implement the applicable provisions of this Agreement to the full extent practicable. If any provision of this Agreement cannot be implemented due to the failure of such third party to consent, the Parties
shall negotiate in good faith to implement the provision in a mutually satisfactory manner. The phrase “reasonable best efforts” as used in this Agreement shall not be construed to require the incurrence of any non-routine or commercially unreasonable expense or liability or the waiver of any right. 

Section 11.3. Survival. 

This Agreement shall survive the Effective Time. 

Section 11.4. Interpretation. 

In this Agreement, (a) words in the singular shall be deemed to include the plural and vice versa and words of one gender shall be deemed
to include the other genders as the context requires; (b) the terms “hereof,” “herein,” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole
(including all of the Schedules, Exhibits and Appendices hereto and thereto) and not to any particular provision of this Agreement; (c) Article, Section, Schedule, Exhibit and Appendix references are to the Articles, Sections, Schedules,
Exhibits and Appendices to this Agreement unless otherwise specified; (d) unless otherwise stated, all references to any agreement (including this Agreement and each Ancillary Agreement) shall be deemed to include the Exhibits, Schedules and
Annexes to such agreement; (e) the word “including” and words of similar import when used in this Agreement shall mean “including, without limitation,” unless otherwise specified; (f) the word “or” shall not
be exclusive; (g) unless otherwise specified in a particular case, the word “days” refers to calendar days; (h) references to “Business Day” shall mean any day other than a Saturday, a Sunday or a day on which
banking institutions are generally authorized or required by law to close in (x) Memphis, Tennessee or (y) New York, New York; (i) references herein to this Agreement or any other agreement contemplated herein shall be deemed to refer
to this Agreement or such other agreement as of the date on which it is executed and as it may be amended, modified or supplemented thereafter, unless otherwise specified; the word “extent” in the phrase “to the extent” shall
mean the degree to which a subject or other thing extends, and such phrase shall not mean simply “if”; (j) unless otherwise specified, all dollar amounts, including the symbol “$”, refer to the lawful currency of the United
States of America; and (k) all references to “the date hereof” or “the date of this Agreement” and words of similar import shall all be references to [•], 2021. 

  
 42 

 Section 11.5. No Third Party Beneficiary. 

(a) Nothing in this Agreement shall confer upon any person (nor any beneficiary thereof) any rights under or with respect to any plan, program,
agreement or arrangement described in or contemplated by this Agreement and each person (and any beneficiary thereof) shall be entitled to look only to the express terms of any such plan, program, agreement or arrangement for his, her or its rights
thereunder. The purpose of this Agreement is to specify the respective potential responsibilities and obligations of Parent and SpinCo (and their respective affiliates) as between each other, but it does not affect, impair, enhance, modify, construe
or interpret the rights of any Parent Employee, Retained Employee, Former Business Employee or Business Employee under or in respect of any such plan, program, agreement or arrangement. 

(b) Nothing in this Agreement shall create any right of a Person to object or to refuse to assent to the assumption of or succession to, by any
member of the SpinCo Group or the SpinCo Group, any benefit plan, collective bargaining agreement or other agreement relating to conditions of employment, termination of employment, severance or employee benefits, nor shall this Agreement be
construed as recognizing that any such rights exist. 
 (c) Nothing in this Agreement shall amend or shall be construed to amend, or
interpret the terms of, any plan, program, agreement or arrangement described in or contemplated by this Agreement. 
 Section 11.6.
Notices. 
 Any notice, demand, claim, or other communication under this Agreement shall be in writing and shall be deemed given to a
Party when (a) delivered to the appropriate address by hand or by nationally recognized overnight courier services (costs prepaid); (b) by email with receipt confirmed; (c) received or rejected by the addressee, if
sent by certified mail, return receipt requested, in each case to the following addresses or e-mail address and marked to the attention of the person designated below (or to such other address, e-mail address or person as a Party may designate by notice to the other Parties): 

  
 43 

 (a) If to Parent, to: 

 

			
	 International Paper Company

 
 6400 Poplar Avenue

 
 Memphis, Tennessee 38197

 
 Attention: [•]

 
 E-mail:
[•]
  
 With copies to:

 

	 Debevoise & Plimpton LLP

919 Third Avenue

	 New York, NY 10022

	 Attention:
	  	 William Regner

		  	Emily Huang
		  	Franklin Mitchell
	 E-Mail:
	  	 wdregner@debevoise.com

		  	efhuang@debevoise.com
		  	flmitchell@debevoise.com

 (b) If to SpinCo, to: 
  

	
	 [•]
  

[•]
  

[•]
  

[•]
  

[•]
  

 Section 11.7. Governing Law. 

This Agreement (and any claims or disputes arising out of or related hereto or thereto or to the transactions contemplated hereby and thereby
or to the inducement of any party to enter herein and therein, whether for breach of contract, tortious conduct or otherwise and whether predicated on common law, statute or otherwise) and all issues and questions concerning the construction,
validity, enforcement and interpretation of this Agreement (and all Schedules hereto) shall be governed by, and construed in accordance with, the Laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or
provisions (whether of the State of Delaware or any other jurisdiction) including all matters of validity, construction, effect, enforceability, performance and remedies. 

  
 44 

 Section 11.8. Disputes. 

Except as expressly provided in Section 2.5(c), Section 5.2(c), Section 5.3(b) and Section 7.3(b), any disputes arising
under this Agreement shall be resolved applying the dispute resolution provisions set forth in [Article VII] of the Separation Agreement. 

Section 11.9. Specific Performance. 

The Parties acknowledge and agree that any breach of this Agreement would give rise to irreparable harm for which monetary damages would not
be an adequate remedy. The Parties accordingly agree that, in addition to any other rights or remedies it may have at law or in equity, the other Party shall be entitled to (x) enforce the terms of this Agreement by decree of specific
performance without the necessity of proving the inadequacy of monetary damages as a remedy and (y) seek injunctive relief against any breach or threatened breach of this Agreement. Neither Party will contest an action by the other Party
for injunctive relief or an order of specific performance on the basis that there is an adequate remedy at law, or that an award of specific performance is not an appropriate remedy for any reason, at law or in equity. The Parties agree to not seek
and agree to waive any requirement for the securing or posting of a bond in connection with a Party seeking or obtaining any relief pursuant to this Section 11.9. 

Section 11.10. No Assignment; No Amendment; Counterparts. 

This Agreement may not be assigned by either Party (except by operation of law) without the written consent of the other, and shall bind and
inure to the benefit of the Parties hereto and their respective successors and permitted assignees. This Agreement may not be amended or supplemented except by an agreement in writing signed by Parent and SpinCo. This Agreement may be executed in
counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. 
  

  
 45 

 IN WITNESS WHEREOF, each Party has caused its duly authorized officer to execute this
Agreement, as of the date first written above. 
  

					
	Date:
                                         
                                   	 		  	 INTERNATIONAL PAPER COMPANY
  

By: 
 Its:

			
	Date:
                                         
                                   	 		  	 SYLVAMO CORPORATION
  

By: 
 Its:EX-10.4

 Exhibit 10.4 
  

 
  

FORM OF REGISTRATION RIGHTS AGREEMENT 

dated as of 
 [•],
2021 
 between 

Sylvamo Corporation 

and 
 International
Paper Company 
  
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  

	
	DEFINITIONS	  

			
	 1.1
	 	 Definitions
	  	 	1	 
	 1.2
	 	 Interpretation
	  	 	5	 
	
	ARTICLE II	  

	
	REGISTRATION RIGHTS	  

			
	 2.1
	 	 Shelf Registration
	  	 	5	 
	 2.2
	 	 Demand Registrations
	  	 	7	 
	 2.3
	 	 Priority
	  	 	8	 
	 2.4
	 	 Piggyback Registrations
	  	 	8	 
	 2.5
	 	 Lock-up Agreements
	  	 	10	 
	 2.6
	 	 Registration Procedures
	  	 	10	 
	 2.7
	 	 Registration Expenses
	  	 	16	 
	 2.8
	 	 Underwritten Offering
	  	 	17	 
	 2.9
	 	 Suspension of Registration
	  	 	17	 
	 2.10
	 	 Indemnification
	  	 	18	 
	 2.11
	 	 Conversion of Other Securities
	  	 	22	 
	 2.12
	 	 Rule 144; Rule 144A
	  	 	22	 
	 2.13
	 	 Transfer of Registration Rights
	  	 	22	 
	
	ARTICLE III	  

	
	PROVISIONS APPLICABLE TO ALL DISPOSITIONS OF REGISTRABLE SECURITIES BY INTERNATIONAL PAPER	  

			
	 3.1
	 	 Underwriter Selection
	  	 	23	 
	 3.2
	 	 Cooperation with Sales
	  	 	23	 
	 3.3
	 	 Further Assurances
	  	 	23	 
	
	ARTICLE IV	  

	
	VOTING RESTRICTIONS	  

			
	 4.1
	 	 Voting of the Company’s Common Stock
	  	 	24	 

  
 i 

							
	ARTICLE V	  

	
	MISCELLANEOUS	  

			
	 5.1
	 	 Term
	  	 	24	 
	 5.2
	 	 Other Holder Activities
	  	 	25	 
	 5.3
	 	 No Inconsistent Agreements
	  	 	25	 
	 5.4
	 	 Amendment, Modification and Waiver
	  	 	25	 
	 5.5
	 	 No Third-Party Beneficiaries
	  	 	25	 
	 5.6
	 	 Entire Agreement
	  	 	25	 
	 5.7
	 	 Severability
	  	 	25	 
	 5.8
	 	 Counterparts
	  	 	26	 
	 5.9
	 	 Specific Performance; Remedies
	  	 	26	 
	 5.10
	 	 GOVERNING LAW
	  	 	26	 
	 5.11
	 	 WAIVER OF JURY TRIAL
	  	 	26	 
	 5.12
	 	 Jurisdiction; Venue
	  	 	26	 
	 5.13
	 	 Notice
	  	 	27	 

  
 ii 

 FORM OF REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement, dated as of [•], 2021 (this “Agreement”), is between Sylvamo Corporation, a Delaware
corporation (the “Company”), and International Paper Company, a New York corporation (“International Paper”). 

WHEREAS, International Paper and the Company are party to that certain Separation and Distribution Agreement, dated as of [•],
2021, pursuant to which, among other things, International Paper intends to distribute a portion of the shares of the Company’s common stock, par value $1.00 (the “Common Stock”), on a pro rata basis to International
Paper’s stockholders (the “Distribution”); 
 WHEREAS, following the Distribution, International Paper will
continue to own approximately 19.9% of the outstanding shares of the Common Stock; and 
 WHEREAS, in connection with the
Distribution, SpinCo has agreed to provide International Paper certain rights with respect to the registration and sale of the Common Stock as set forth herein. 

NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein and for good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 
 ARTICLE I 

DEFINITIONS 
 1.1
Definitions. 
 In this Agreement, the following terms shall have the following meanings: 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under
common control with such person. 
 “Block Sale” means the sale of Registrable Securities to one or several purchasers in a
registered transaction by means of (i) a bought deal, (ii) a block trade or (iii) a direct sale. 

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

“Business Day” means any day except (i) Saturday, (ii) Sunday and (iii) any other day on which
commercial banks in New York are authorized or obligated by law or executive order to close. 
 “Common Stock” has the
meaning set forth in the recitals. 

  
 1 

 “Company” has the meaning set forth in the recitals. 

“Company Outside Counsel” means one counsel selected by the Company to act on its behalf, which counsel, for the avoidance of
doubt, may be the same counsel as Holders’ Counsel. 
 “control” (including the terms “controlling,”
“controlled by” and “under common control with”), with respect to the relationship between or among two or more Persons, means the possession, directly or indirectly, of the power to direct or cause the direction of
the affairs or management of a Person, whether through the ownership of voting securities, as trustee or executor, by contract or otherwise. 

“Covered Person” has the meaning set forth in Section 2.10(a). 

“Demand Registration” has the meaning set forth in Section 2.2(a). 

“Effective Date” means the date the Distribution is completed. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “FINRA” means the Financial Industry Regulatory Authority. 

“Holder” means any of (i) International Paper and (ii) any Permitted Transferee. 

“Holders’ Counsel” means, if International Paper is participating in an offering of Registrable Securities, one counsel
selected by International Paper for the Holders participating in such offering, or otherwise, one counsel selected by the Holders of a majority of the Registrable Securities included in such offering, which counsel, for the avoidance of doubt, may
be the same counsel as Company Outside Counsel. 
 “Loss” or “Losses” each has the meaning set forth in
Section 2.10(a). 
 “Material Disclosure Event” means, as of any date of determination, any pending or imminent event
relating to the Company or any of its subsidiaries that the Board of Directors reasonably determines in good faith, after consultation with Company Outside Counsel, (i) would require disclosure of material,
non-public information relating to such event in any Registration Statement under which Registrable Securities may be offered and sold (including documents incorporated by reference therein) in order that such
Registration Statement would not be materially misleading and (ii) would not otherwise be required to be publicly disclosed by the Company at that time in a periodic report to be filed with or furnished to the SEC under the Exchange Act
but for the submission or filing of such Registration Statement. 
 “Permitted Transferee” means any Subsidiary of
International Paper. 

  
 2 

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

“Piggyback Registration” means any registration of Registrable Securities under the Securities Act requested by a Holder in
accordance with Section 2.4(a). 
 “register,” “registered” and “registration”
refers to a registration made effective by preparing and filing a Registration Statement with the SEC in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such Registration Statement, and compliance with
applicable state securities laws of such states in which Holders notify the Company of their intention to offer Registrable Securities. 

“Registrable Securities” means (i) all shares of Common Stock held by a Holder and (ii) any equity
securities issued or issuable, directly or indirectly, with respect to any such securities referred to in (i) above by way of conversion or exchange thereof or stock dividend or stock split or in connection with a combination of shares,
recapitalization, reclassification, merger, amalgamation, arrangement, consolidation or other reorganization; provided that any securities constituting Registrable Securities will cease to be Registrable Securities when (a) such
securities are sold to a Person who is not a Permitted Transferee, in a private transaction in which the transferor’s rights under this Agreement are not assigned in accordance with this Agreement to the transferee of the securities,
(b) such securities are sold pursuant to an effective Registration Statement, (c) such securities are sold to a Person who is not a Permitted Transferee pursuant to Rule 144 or (d) such securities shall have
ceased to be outstanding. 
 “Registration Expenses” has the meaning set forth in Section 2.7. 

“Registration Statement” means any registration statement of the Company under the Securities Act that permits the public
offering of any of the Registrable Securities pursuant to the provisions of this Agreement, including the prospectus, amendments and supplements to such registration statement, including post-effective amendments, all exhibits, all material
incorporated by reference or deemed to be incorporated by reference in such registration statements and all other documents filed with the SEC to effect a registration under the Securities Act. 

“Rule 144” means Rule 144 promulgated by the SEC under the Securities Act. 

“Rule 144A” means Rule 144A promulgated by the SEC under the Securities Act. 

“Rule 405” means Rule 405 promulgated by the SEC under the Securities Act. 

“Rule 415” means Rule 415 promulgated by the SEC under the Securities Act. 

  
 3 

 “SEC” means the U.S. Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Selling Expenses” means all underwriting discounts, selling commissions and transfer taxes applicable to
the sale of Registrable Securities hereunder. 
 “Selling Holder” means a Holder that holds Registrable Securities
registered (or to be registered) on a Registration Statement. 
 “Selling Holder Information” means information furnished
to the Company in writing by a Selling Holder expressly for use in any Registration Statement, which information is limited to the name of such Selling Holder, the number of offered shares of Common Stock and the address and other information with
respect to such Selling Holder included in the “Principal and Selling Stockholders” (or similarly titled) section of the Registration Statement. 

“Shelf Registration Statement” means a Registration Statement that contemplates offers and sales of securities pursuant to
Rule 415. 
 “Short-Form Registration Statement” means Form S-3 or any successor or
similar form of Registration Statement pursuant to which the Company may incorporate by reference its filings under the Exchange Act made after the date of effectiveness of such Registration Statement. 

“Subsidiary” means (i) any corporation of which a majority of the securities entitled to vote generally in the
election of directors thereof, at the time as of which any determination is being made, are owned by International Paper, either directly or indirectly and (ii) any joint venture, general or limited partnership, limited liability company
or other legal entity in which International Paper is the record or beneficial owner, directly or indirectly, of a majority of the voting interests or the general partner (or a majority of the voting interests of the general partner). 

“Suspension” has the meaning set forth in Section 2.9. 

“Take-Down Notice” has the meaning set forth in Section 2.1(e). 

“Underwritten Offering” means a discrete registered offering of securities under the Securities Act in which securities of
the Company are sold by one or more underwriters pursuant to the terms of an underwriting agreement. 

  
 4 

 1.2 Interpretation. 

(a) The words “hereto,” “hereunder,” “herein,” “hereof” and words of similar import, when used in this
Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement, unless expressly stated otherwise herein. 

(b) Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed
followed by the words “without limitation.” 
 (c) The definitions contained in this Agreement are applicable to the singular as
well as the plural forms of such terms. 
 (d) “Writing,” “written” and comparable terms refer to printing, typing, and
other means of reproducing words (including electronic media) in a visible form. 
 (e) All references to “$” or
“dollars” mean the lawful currency of the United States of America. 
 (f) The table of contents and headings contained in this
Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 
 (g) Except as
expressly stated in this Agreement, all references to any statute, rule or regulation are to the statute, rule or regulation as amended, modified, supplemented or replaced from time to time (and in the case of statutes, include any rules and
regulations promulgated under the statute) and to any successor to such statute, rule or regulation. 
 (h) Except as expressly stated in
this Agreement, all references to agencies, self-regulatory organizations or governmental entities in this Agreement shall be deemed to be references to the comparable successor thereto. 

ARTICLE II 

REGISTRATION RIGHTS 
 2.1
Shelf Registration. 
 (a) Filing. Upon the written request of any Holder, at any time after the date that is twelve full
calendar months following the effective date of the Form 10 filed by the Company with the SEC in connection with the Distribution (or, if sooner, the date on which the Company first becomes eligible to use a Short-Form Registration Statement), the
Company shall promptly (but no later than 30 days after the receipt of such request) file with the SEC a Shelf Registration Statement (which, if permitted, shall be an “automatic shelf registration statement” as defined in Rule 405)
relating to the offer and 

  
 5 

 
sale by such Holder of all or part of the Registrable Securities. Promptly after its receipt of a request to file a Shelf Registration Statement (but in any event within two Business Days), the
Company shall give written notice of such request to all other Holders, if any, and include all Registrable Securities that have been requested by any other Holders by written notice to the Company within two Business Days after the Company has
given the Holders notice of the request to file a Shelf Registration Statement. If at any time while Registrable Securities are outstanding and the Company is eligible to utilize a Shelf Registration Statement, the Company files any Shelf
Registration Statement for its own benefit or for the benefit of holders of any of its securities other than the Holders, the Company shall include in such Shelf Registration Statement such disclosures as may be required under the Securities Act to
ensure that the Holders may sell their Registrable Securities pursuant to such Shelf Registration Statement through the filing of a prospectus supplement rather than a post-effective amendment. 

(b) Effectiveness. The Company shall use its reasonable best efforts to (i) cause such Shelf Registration Statement to be
declared effective under the Securities Act as promptly as practicable after such Shelf Registration Statement is filed and (ii) keep such Shelf Registration Statement (or a replacement Shelf Registration Statement) continuously
effective and in compliance with the Securities Act and usable for the resale of Registrable Securities, until such time as there are no Registrable Securities remaining. 

(c) Sales by Holders. The plan of distribution contained in any Shelf Registration Statement referred to in this Section 2.1 (or
any related prospectus supplement) shall be determined by International Paper, if International Paper or an Affiliate of International Paper is a requesting Holder for such Shelf Registration Statement, or otherwise by the other requesting Holder or
Holders. Each Holder shall be entitled to sell Registrable Securities pursuant to the Shelf Registration Statement referred to in this Section 2.1 from time to time and at such times as such Holder shall determine. 

(d) Underwritten Offering. If any Holder intends to sell Registrable Securities pursuant to any Shelf Registration Statement referred to
in this Section 2.1 through an Underwritten Offering, the Company shall take all steps to facilitate such an offering, including the actions required pursuant to Section 2.6 and Article III, as appropriate; provided that the Company
shall not be required to facilitate such Underwritten Offering unless so requested by International Paper. Any Holder shall be entitled to request an unlimited number of Underwritten Offerings under this Section 2.1. 

(e) Shelf Take-Downs. At any time that a Shelf Registration Statement covering Registrable Securities is effective, if any Holder
delivers a notice to the Company (a “Take-Down Notice”) stating that it intends to effect an Underwritten Offering of all or part of its Registrable Securities included by it on such Shelf Registration Statement, the Company shall
amend or supplement such Shelf Registration Statement as may be necessary in order to enable such Registrable Securities to be 

  
 6 

 
distributed pursuant to the Underwritten Offering. In connection with any Underwritten Offering pursuant to this Section 2.1, the Company shall within two Business Days deliver the Take-Down
Notice to any other Holder with securities included on such Shelf Registration Statement and permit such Holder to include its Registrable Securities included on the Shelf Registration Statement in such Underwritten Offering if any such Holder
notifies the Company within two Business Days after the Company has given Holders notice of the Take-Down Notice. 
 (f) No Notice in
Block Sales. Notwithstanding any other provision of this Agreement, if International Paper wishes to engage in a Block Sale (including a Block Sale off of a Shelf Registration Statement or an effective automatic shelf registration statement, or
in connection with the registration of the Registrable Securities of International Paper under an automatic shelf registration statement for purposes of effectuating a Block Sale), then notwithstanding the foregoing or any other provisions
hereunder, no Permitted Transferee or any other holder shall be entitled to receive any notice of or have its Registrable Securities included in such Block Sale. 

2.2 Demand Registrations. 

(a) Right to Request Additional Demand Registrations. At any time after the Effective Date, any Holder may, by providing a written
request to the Company, request to sell all or part of the Registrable Securities pursuant to a Registration Statement separate from a Shelf Registration Statement (a “Demand Registration”). Each request for a Demand Registration
shall specify the kind and estimated aggregate amount of Registrable Securities to be registered and the intended methods of disposition thereof (which, if not specified, shall be by way of Underwritten Offering). Promptly after its receipt of a
request for a Demand Registration (but in any event within two Business Days), the Company shall give written notice of such request to all other Holders. Within 30 days after the date the Company has given the Holders notice of the request for
Demand Registration, the Company shall submit or file a Registration Statement, in accordance with this Agreement, with respect to all Registrable Securities that have been requested to be registered in the request for Demand Registration and that
have been requested by any other Holders by written notice to the Company within two Business Days after the Company has given the Holders notice of the request for Demand Registration. 

(b) Limitations on Demand Registrations. Subject to Section 2.2(a) and this Section 2.2(b), any Holder shall be entitled to
request an unlimited number of Demand Registrations. Any Holder shall be entitled to participate in a Demand Registration initiated by any other Holder. The Company shall not be obligated to effect more than one Demand Registration in any 90-day period. Any Demand Registration shall be in addition to any registration on a Shelf Registration Statement. 

  
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 (c) Effectiveness. The Company shall be required to maintain the effectiveness of the
Registration Statement with respect to any Demand Registration for a period of at least 90 days after the effective date thereof or such shorter period during which all Registrable Securities included in such Registration Statement have actually
been sold; provided, however, that such period shall be extended for a period of time equal to the period the Holder of Registrable Securities refrains from selling any securities included in such Registration Statement at the request
of the Company or an underwriter of the Company pursuant to the provisions of this Agreement. 
 (d) Withdrawal. A Holder may, by
written notice to the Company, withdraw its Registrable Securities from a Demand Registration at any time prior to the effectiveness of the applicable Registration Statement. Upon receipt of notices from all applicable Holders to such effect, the
Company shall cease all efforts to seek effectiveness of the applicable Registration Statement. 
 2.3 Priority. If a registration
pursuant to Section 2.1 or 2.2 above is an Underwritten Offering and the managing underwriters of such proposed Underwritten Offering advise the Holders in writing that, in their good faith opinion, the number of securities requested to be
included in such Underwritten Offering exceeds the number which can be sold in such offering without being likely to have a material adverse effect on the price, timing or distribution of the securities offered or the market for the securities
offered, then the number of securities to be included in such Underwritten Offering shall be reduced in the following order of priority: first, there shall be excluded from the Underwritten Offering any securities to be sold for the account
of any selling securityholder other than the Holders; second, there shall be excluded from the Underwritten Offering any securities to be sold for the account of the Company; and finally, the number of Registrable Securities of any
Holders that have been requested to be included therein shall be reduced, pro rata based on the number of Registrable Securities owned by each such Holder, in each case to the extent necessary to reduce the total number of securities to be
included in such offering to the number recommended by the managing underwriters. 
 2.4 Piggyback Registrations. 

(a) Piggyback Request. Whenever the Company proposes to register any of its securities (for its account or for the account of any
selling securityholder) under the Securities Act or equivalent non-U.S. securities laws (other than (i) pursuant to Section 2.1 or 2.2 hereof, (ii) pursuant to a registration
statement on Form S-4 or any similar or successor form or (iii) pursuant to a registration solely relating to an offering and sale to employees or directors of the Company pursuant to any employee
stock plan or other employee benefit plan arrangement), and the registration form to be submitted or filed may be used for the registration or qualification for distribution of Registrable Securities, the Company shall give prompt written notice to
all Holders of its intention to effect such a registration (but in no event less than 10 days prior to the proposed date of submission 

  
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or filing of the applicable Registration Statement) and, subject to Section 2.4(c), shall include in such registration all Registrable Securities with respect to which the Company has
received written requests for inclusion therein within 10 days after the date the Company’s notice is given to such Holders (a “Piggyback Registration”). There shall be no limitation on the number of Piggyback Registrations
that the Company shall be required to effect under this Section 2.4. 
 (b) Withdrawal and Termination. The Company shall be
required to maintain the effectiveness of the Registration Statement for a registration requested pursuant to Section 2.4(a) until the earlier to occur of (i) 90 days after the effective date thereof and (ii) consummation of
the distribution by the Holders of the Registrable Securities included in such Registration Statement. Any Holder that has made a written request for inclusion in a Piggyback Registration may withdraw its Registrable Securities from such Piggyback
Registration by giving written notice to the Company on or before the fifth day prior to the planned effective date of such Piggyback Registration. The Company may, without prejudice to the rights of Holders to request a registration pursuant to
Section 2.1 or 2.2 hereof, at its election, give written notice of such determination to each Holder of Registrable Securities and terminate or withdraw any registration under this Section 2.4 prior to the effectiveness of such
registration, whether or not any Holder has elected to include Registrable Securities in such registration, and, except for the obligation to pay or reimburse Registration Expenses, the Company shall be relieved of its obligation to register any
Registrable Securities in connection with such registration and will have no liability to any Holder in connection with such termination or withdrawal. 

(c) Priority of Piggyback Registrations. If the managing underwriters advise the Company and Holders of Registrable Securities in
writing that, in their good faith opinion, the number of securities requested to be included in an Underwritten Offering to be effected pursuant to a Piggyback Registration exceeds the number which can be sold in such offering without being likely
to have a material adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, then the securities to be included in such Underwritten Offering shall be reduced in the following order of
priority: first, the number of securities requested to be included in such Underwritten Offering by any securityholder other than International Paper shall be reduced; second, the number of securities to be included in the Underwritten Offering
shall be reduced pro rata based, in the case of International Paper, on the number of Registrable Securities owned by International Paper, and in the case of the Company, the number of securities to be sold for the account of the Company, in
each case to the extent necessary to reduce the total number of Registrable Securities to be included in such offering to the number recommended by the managing underwriters. No registration of Registrable Securities effected pursuant to a request
under this Section 2.4 shall be deemed to have been effected pursuant to Sections 2.1 or 2.2 or shall relieve the Company of its obligations under Sections 2.1 or 2.2. 

  
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 2.5 Lock-up Agreements. Each of the Company
and the Holders agrees, upon notice from the managing underwriters in connection with any registration for an Underwritten Offering of the Company’s securities (other than pursuant to a registration statement on Form S-4 or any similar or successor form, or pursuant to a registration solely relating to an offering and sale to employees or directors of the Company pursuant to any employee stock plan or other employee benefit plan
arrangement), not to effect (other than pursuant to such registration) any public sale or distribution of Registrable Securities, including, but not limited to, any sale pursuant to Rule 144, or make any short sale of, loan, grant any option for the
purchase of, or otherwise dispose of, any Registrable Securities, any other equity securities of the Company or any securities convertible into or exchangeable or exercisable for any equity securities of the Company without the prior written consent
of the managing underwriters for a period of up to 90 days (or such shorter period as may be agreed to by the managing underwriter(s)); provided that such restrictions shall not apply in any circumstance to (i) securities acquired
by a Holder in the public market subsequent to the Effective Date, (ii) distributions-in-kind to a Holder’s limited or other partners, members,
shareholders or other equity holders, (iii) any direct or indirect transfer to a Permitted Transferee or (iv) such other exceptions as may be agreed to by the managing underwriter(s). Notwithstanding the foregoing, no
holdback agreements of the type contemplated by this Section 2.5 shall be required of Holders unless each of the Company’s directors and executive officers agrees to be bound by a substantially identical holdback agreement for at least the
same period of time. 
 2.6 Registration Procedures. Subject to the proviso of Section 2.1(d), if and whenever the Company is
required to effect the registration of any Registrable Securities pursuant to this Agreement, the Company shall use its reasonable best efforts to effect and facilitate the registration, offering and sale of such Registrable Securities in accordance
with the intended method of disposition thereof as promptly as is practicable, and the Company shall as expeditiously as possible: 
 (a)
prepare and submit or file with the SEC (within 30 days after the date on which the Company has given Holders notice of any request for a Demand Registration) a Registration Statement with respect to such Registrable Securities, make all required
submissions or filings (including FINRA filings) in connection therewith and thereafter and (if the Registration Statement is not automatically effective upon filing) use its reasonable best efforts to cause such Registration Statement to become
effective; provided that, before submitting or filing a Registration Statement or any amendments or supplements thereto (including free writing prospectuses under Rule 433), the Company will furnish to Holders’ Counsel for such
registration copies of all such documents proposed to be submitted or filed (including exhibits thereto), which documents will be subject to review of such counsel, and such other documents reasonably requested by such counsel, including any comment
letter from the SEC and any communications from any stock exchange on which the Registrable Securities are trading, and give the Holders 

  
 10 

 
participating in such registration an opportunity to comment on such documents and keep such Holders reasonably informed as to the registration process; provided further that if the
Board of Directors determines in its good faith judgment that registration at the time would require the inclusion of financial or other information (including pro forma financial information), which requirement the Company is reasonably
unable to comply with, then the Company may defer the filing (but not the preparation) of the Registration Statement which is required to effect the applicable registration for a reasonable period of time (but not in excess of 45 days from the date
on which the Company has given Holders notice of any request for a Demand Registration); 
 (b) prepare and file with the SEC such amendments
and supplements to any Registration Statement as may be necessary to keep such Registration Statement effective for a period of either (i) not less than 90 days or, if such Registration Statement relates to an Underwritten Offering in
the case of a Demand Registration, such longer period as in the opinion of counsel for the managing underwriters a prospectus is required by law to be delivered in connection with sales of Registrable Securities by an underwriter or dealer or the
maximum period of time permitted by the Securities Act in the case of a Shelf Registration Statement, or (ii) such shorter period ending when all of the Registrable Securities covered by such Registration Statement have been disposed of
(but in any event not before the expiration of any longer period required under the Securities Act); 
 (c) furnish to each Selling Holder,
Holders’ Counsel and the underwriters such number of copies, without charge, of any Registration Statement, each amendment and supplement thereto, including each preliminary prospectus, final prospectus, all exhibits and other documents
submitted or filed therewith and such other documents as such Persons may reasonably request from time to time in order to facilitate the disposition of the Registrable Securities owned by such Selling Holder; provided that, before amending
or supplementing any Registration Statement, the Company shall furnish to the Holders a copy of each such proposed amendment or supplement and not submit or file any such proposed amendment or supplement to which any Selling Holder reasonably
objects. The Company hereby consents to the use of such prospectus and each amendment or supplement thereto by each of the Selling Holders of Registrable Securities and the underwriters, if any, in connection with the offering and sale of the
Registrable Securities covered by such prospectus and any such amendment or supplement thereto; 
 (d) use its reasonable best efforts to
register or qualify any Registrable Securities under such other securities or blue sky laws of such jurisdictions as any Selling Holder, and the managing underwriters, if any reasonably request, use its reasonable best efforts to keep each such
registration or qualification (or exemption therefrom) effective during the period such Registration Statement is required to be kept effective and do any and all other acts and things that may be necessary or reasonably advisable to enable such

  
 11 

 
Selling Holder and each underwriter, if any, to consummate the disposition of Registrable Securities in such jurisdictions; provided that the Company will not be required to
(i) qualify generally to do business in any such jurisdiction where it would not otherwise be required to qualify but for this subsection, (ii) subject itself to taxation in any jurisdiction where it is not then so subject or
(iii) consent to general service of process in any such jurisdiction where it is not then so subject (other than service of process in connection with such registration or qualification or any sale of Registrable Securities in connection
therewith); 
 (e) use its reasonable best efforts to (i) cause all Registrable Securities covered by any Registration Statement
to be registered with or approved by such other governmental agencies, authorities or self-regulatory bodies as may be necessary or reasonably advisable in light of the business and operations of the Company to enable the Selling Holders to
consummate the disposition of such Registrable Securities in accordance with the intended method or methods of disposition thereof and (ii) comply with the provisions of the Securities Act and with the rules and regulations of such other
bodies with respect to the disposition of all Registrable Securities covered by such Registration Statement; 
 (f) during any time when a
prospectus is required to be delivered under the Securities Act, promptly notify each Selling Holder and Holders’ Counsel upon discovery that, or upon the discovery of the happening of any event as a result of which, the prospectus contains an
untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading in light of the circumstances under which they were made and, as promptly as practicable, prepare and furnish to such Selling Holders a
reasonable number of copies of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain any untrue statement of a material fact or omit to state
any fact necessary to make the statements therein not misleading in the light of the circumstances under which they were made; 
 (g)
promptly notify each Selling Holder and Holders’ Counsel (i) when the Registration Statement, any prospectus supplement or any post-effective amendment to the Registration Statement has been submitted or filed and, with respect to
such Registration Statement or any post-effective amendment, when the same has become effective, (ii) of any written comments by the SEC or any request by the SEC for amendments or supplements to such Registration Statement or to amend
or to supplement any prospectus contained therein or for additional information, (iii) of the issuance by the SEC of any stop order suspending the effectiveness of such Registration Statement or the initiation or threatening of any
proceedings for any of such purposes, (iv) if at the time the Company has reason to believe that the representations and warranties of the Company contained in any agreement (including any underwriting agreement) contemplated by
Section 2.6(j) below cease to be true and correct and (v) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of such Registrable Securities for sale
in any jurisdiction, or the initiation or threatening of any proceeding for such purpose; 

  
 12 

 (h) cause all such Registrable Securities to be listed on each securities exchange on which
similar securities issued by the Company are then listed or, if no similar securities issued by the Company are then listed on any securities exchange, use its reasonable best efforts to cause all such Registrable Securities to be listed on the New
York Stock Exchange; 
 (i) provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of
such Registration Statement, and, if required, obtain a CUSIP number for such Registrable Securities not later than such effective date; 

(j) enter into such customary agreements (including underwriting agreements with customary provisions in such forms as may be requested by the
managing underwriters) and take all such other actions as the Selling Holders or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (including, without limitation, effecting
a share split or a combination of shares); 
 (k) make available for inspection by any Selling Holder, Holders’ Counsel, any underwriter
participating in any disposition pursuant to the applicable Registration Statement and any attorney, accountant or other agent retained by any such Selling Holder or underwriter all financial and other records, pertinent corporate documents and
documents relating to the business of the Company reasonably requested by such Selling Holder, cause the Company’s officers, directors, employees and independent accountants to supply all information reasonably requested by any such Selling
Holder, Holders’ Counsel, underwriter, attorney, accountant or agent in connection with such Registration Statement and make senior management of the Company available for customary due diligence and drafting activity; provided that any
such Person gaining access to information or personnel pursuant to this Section 2.6(k) shall (i) reasonably cooperate with the Company to limit any resulting disruption to the Company’s business and (ii) agree to
use reasonable efforts to protect the confidentiality of any information regarding the Company which the Company determines in good faith to be confidential, and of which determination such Person is notified, unless (A) the release of
such information is requested or required by deposition, interrogatory, requests for information or documents by a governmental entity, subpoena or similar process, (B) the release of such information, in the opinion of such Person, is
required to be released by law or applicable legal process, (C) such information is or becomes publicly known without a breach of this Agreement, (D) such information is or becomes available to such Person on a non-confidential basis from a source other than the Company or (E) such information is independently developed by such Person. In the case of a proposed disclosure pursuant to (A) or (B) above, such
Person shall be required to give the Company written notice of the proposed disclosure prior to such disclosure and, if requested by the Company, assist the Company in seeking to prevent or limit the proposed disclosure; 

  
 13 

 (l) otherwise use its reasonable best efforts to comply with all applicable rules and
regulations of the SEC, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve months beginning with the first day of the Company’s first full calendar quarter
after the effective date of the applicable Registration Statement, which earnings statement will satisfy the provisions of Section 11(a) of the U.S. Securities Act (including, at the Company’s option, Rule 158 thereunder); 

(m) in the case of an Underwritten Offering, promptly incorporate in a prospectus supplement or post-effective amendment such information as
the managing underwriters or any Selling Holder reasonably requests to be included therein, the purchase price being paid therefor by the underwriters and any other terms of the Underwritten Offering of the Registrable Securities to be sold in such
offering, and promptly make all required filings of such prospectus supplement or post-effective amendment; 
 (n) in the event of the
issuance of any stop order suspending the effectiveness of a Registration Statement, or of any order suspending or preventing the use of any related prospectus or ceasing trading of any securities included in such Registration Statement for sale in
any jurisdiction, use its reasonable best efforts to promptly obtain the withdrawal of such order; 
 (o) make senior management of the
Company available to assist to the extent reasonably requested by the managing underwriters of any Underwritten Offering to be made pursuant to such registration in the marketing of the Registrable Securities to be sold in the Underwritten Offering,
including the participation of such members of the Company’s senior management in “road show” presentations and other customary marketing activities, including
“one-on-one” meetings with prospective purchasers of the Registrable Securities to be sold in the Underwritten Offering, and otherwise to facilitate, cooperate
with, and participate in each proposed offering contemplated herein and customary selling efforts related thereto, in each case to the same extent as if the Company were engaged in a primary registered offering of its Common Stock; 

(p) use reasonable best efforts to: (a) obtain all consents of independent public accountants required to be included in the
Registration Statement and (b) in connection with each offering and sale of Registrable Securities, obtain one or more comfort letters, addressed to the underwriters and to the Selling Holders, dated the date of the underwriting
agreement for such offering and the date of each closing under the underwriting agreement for such offering, signed by the Company’s independent public accountants in customary form and covering such matters of the type customarily covered by
comfort letters as the underwriters or International Paper, if International Paper is a Selling Holder in such offering, or otherwise by the Holders of a majority of the Registrable Securities being sold in such offering, as applicable, reasonably
request; 

  
 14 

 (q) use reasonable best efforts to obtain: (a) all legal opinions from Company
Outside Counsel (or internal counsel if acceptable to the managing underwriters) required to be included in the Registration Statement and (b) in connection with each closing of a sale of Registrable Securities, legal opinions from
Company Outside Counsel (or internal counsel if acceptable to the managing underwriters), addressed to the underwriters and the Selling Holders, dated as of the date of such closing, with respect to the Registration Statement, each amendment and
supplement thereto (including the preliminary prospectus) and such other documents relating thereto in customary form and covering such matters of the type customarily covered by legal opinions of such nature; 

(r) upon the occurrence of any event contemplated by Section 2.6(f) above, promptly prepare a supplement or post-effective amendment to
the Registration Statement or a supplement to the related prospectus or any document incorporated or deemed to be incorporated therein by reference, or file any other required document so that, as thereafter delivered to the purchasers of the
Registrable Securities being sold thereunder, such prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; 
 (s) reasonably cooperate with each seller of Registrable Securities and each
underwriter or agent participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with the FINRA; 

(t) take no direct or indirect action prohibited by Regulation M under the Exchange Act; provided that, to the extent that any
prohibition is applicable to the Company, the Company will take all reasonable action to make such prohibition inapplicable; and 
 (u) use
its reasonable best efforts to take or cause to be taken all other actions, and do and cause to be done all other things necessary or reasonably advisable in the opinion of Holders’ Counsel to effect the registration, marketing and sale of such
Registrable Securities. 
 The Company agrees not to submit, file or make any amendment to any Registration Statement with respect to any
Registrable Securities, or any amendment of or supplement to the prospectus used in connection therewith, that refers to any Holder covered thereby by name, or otherwise identifies such Holder as the holder of any securities of the Company, without
the consent of such Holder, such consent not to be unreasonably withheld or delayed, unless and to the extent such disclosure is required by law, rule or regulation, in which case the Company shall provide prompt written notice to such Holders prior
to the submission or filing of such amendment to any Registration Statement or amendment of or supplement to such prospectus or any free writing prospectus. 

  
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 Each Holder of Registrable Securities as to which any registration is being effected shall
furnish the Company with such information regarding such Holder and pertinent to the disclosure requirements relating to the registration and the distribution of such securities as the Company may from time to time reasonably request in writing.

 If the Company files any Shelf Registration Statement for the benefit of the holders of any of its securities other than the Holders, the
Company agrees that it shall use its reasonable best efforts to include in such registration statement such disclosures as may be required by Rule 430B under the Securities Act (referring to the unnamed selling security holders in a generic manner
by identifying the initial offering of the securities to the Holders) in order to ensure that the Holders may be added to such Shelf Registration Statement at a later time through the filing of a Prospectus supplement rather than a post-effective
amendment. 
 2.7 Registration Expenses. Whether or not any Registration Statement is submitted or filed or becomes effective, the
Company shall pay directly or promptly reimburse all reasonable out-of-pocket costs, fees and expenses incident to the Company’s performance of or compliance with
this Agreement, including (i) all registration and filing fees, (ii) all fees and expenses associated with filings to be made with any securities exchange or with any other governmental or quasi-governmental authority,
(iii) all fees and expenses of compliance with securities or blue sky laws, including reasonable fees and disbursements of counsel in connection therewith, (iv) all printing expenses (including expenses of printing
certificates for Registrable Securities and of printing prospectuses if the printing of prospectuses is requested by the Holders or the managing underwriters, if any), (v) all “road show” expenses incurred in respect of any
Underwritten Offering, including all costs of travel, lodging and meals, (vi) all messenger, telephone and delivery expenses, (vii) all fees and disbursements of Company Outside Counsel, (viii) all fees and
disbursements of all independent certified public accountants of the Company (including expenses of any “cold comfort” letters required in connection with this Agreement) and all other persons, including special experts, retained by the
Company in connection with such Registration Statement, (ix) all reasonable fees and disbursements of underwriters (other than Selling Expenses) customarily paid by the issuers or sellers of securities and, (x) all other
costs, fees and expenses incident to the Company’s performance or compliance with this Agreement (all such expenses, “Registration Expenses”). The Selling Holders shall be responsible for the fees and expenses of Holders’
Counsel (if such Holders’ Counsel is different from Company Outside Counsel) and Selling Expenses. The Company will, in any event, pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees
performing legal or accounting duties), the expenses of any annual audit or quarterly review and the expenses of any liability insurance. The Company shall have no obligation to pay any Selling Expenses. 

  
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 2.8 Underwritten Offering. 

(a) No Holder may participate in any registration hereunder that is an Underwritten Offering unless such Holder (i) agrees to sell
its Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements (including, without limitation, pursuant to the terms of any over-allotment or “green
shoe” option requested by the managing underwriters; provided that no Holder will be required to sell more than the number of Registrable Securities that such Holder has requested the Company to include in any registration), (ii)
completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements, and (iii) cooperates with the Company’s
reasonable requests in connection with such registration or qualification (it being understood that the Company’s failure to perform its obligations hereunder, which failure is caused by such Holder’s failure to cooperate, will not
constitute a breach by the Company of this Agreement); provided that no such Holder shall be required to make any representations or warranties in connection with any such registration other than representations and warranties as to
(A) such Holder’s ownership of Registrable Securities to be transferred free and clear of all liens, claims, and encumbrances created by such Holder and (B) such Holder’s power and authority to effect such transfer;
provided further that any obligation of such Holder to indemnify any Person pursuant to any underwriting agreement shall be several, not joint and several, among such Holders selling Registrable Securities, and such liability shall be
limited to the net proceeds received by such Holder, as applicable, from the sale of Registrable Securities pursuant to such registration (which proceeds shall include the amount of cash or the fair market value of any assets in exchange for the
sale or exchange of such Registrable Securities or that are the subject of a distribution), and the relative liability of each such Holder shall be in proportion to such net proceeds. 

2.9 Suspension of Registration. In the event of a Material Disclosure Event at the time of the submission or filing, initial
effectiveness or continued use of a Registration Statement, including a Shelf Registration Statement, the Company may, upon giving at least 10 days’ prior written notice of such action to the Holders delay the submission or filing or initial
effectiveness of, or suspend use of, such Registration Statement (a “Suspension”); provided, however, that the Company shall not be permitted to exercise a Suspension (i) more than twice during any 12-month period, (ii) for a period exceeding 60 days on any one occasion, (iii) unless for the full period of the Suspension, the Company does not offer or sell securities for its own
account, does not permit registered sales by any holder of its securities and prohibits offers and sales by its 

  
 17 

 
directors and officers, or (iv) at any time within seven days prior to the anticipated pricing of an Underwritten Offering pursuant to a Demand Registration or within 35 days after
the pricing of such an Underwritten Offering. In the case of a Suspension, the Holders will suspend use of the applicable prospectus in connection with any sale or purchase of, or offer to sell or purchase, Registrable Securities, upon receipt of
the notice referred to above. In connection with a Demand Registration, prior to the termination of any Suspension, the Holder that made the request for Demand Registration will be entitled to withdraw its Demand Notice. Upon receipt of notices from
all Holders of Registrable Securities included in such Registration Statement to such effect, the Company shall cease all efforts to secure effectiveness of the applicable Registration Statement. The Company shall immediately notify the Holders upon
the termination of any Suspension. 
 2.10 Indemnification. 

(a) The Company agrees to indemnify and hold harmless to the fullest extent permitted by law, each Holder, any Person who is or might be deemed
to be a controlling person of the Company or any of its subsidiaries within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act their respective direct and indirect general and limited partners, advisory board
members, directors, officers, trustees, managers, members, agents, Affiliates and shareholders, and each other Person, if any, who controls any such Holder or controlling person within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act and any such Person’s direct and indirect general and limited partners, advisory board members, directors, officers, trustees, managers, members, agents, Affiliates and shareholders (each such person being
referred to herein as a “Covered Person”) against, and pay and reimburse such Covered Persons for any losses, claims, damages, liabilities, joint or several, costs (including, without limitation, costs of preparation and reasonable
attorneys’ fees and any legal or other fees or expenses incurred by such Covered Person in connections with any investigation or proceeding), expenses, judgments, fines, penalties, charges and amounts paid in settlement (collectively,
“Losses” and, individually, each a “Loss”) to which such Covered Person may become subject under the Securities Act, the Exchange Act, any state blue sky securities laws, any equivalent non-U.S. securities laws or otherwise, insofar as such Losses (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon (i) any untrue or alleged
untrue statement of material fact contained or incorporated by reference in any Registration Statement, prospectus, preliminary prospectus or free writing prospectus, or any amendment thereof or supplement thereto, or any document incorporated by
reference therein, or any other such disclosure document (including reports and other documents filed under the Exchange Act and any document incorporated by reference therein) or other document or report, (ii) any omission or alleged
omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, or (iii) any violation by the Company of any rule or regulation promulgated under the Securities Act or any

  
 18 

 
state securities laws applicable to the Company and relating to action or inaction required of the Company in connection with any such registration, and the Company will pay and reimburse such
Covered Persons for any legal or any other expenses actually and reasonably incurred by them in connection with investigating, defending or settling any such loss, claim, liability, action or proceeding; provided that the Company shall not be
liable in any such case to the extent that any such Loss (or action or proceeding in respect thereof) arises out of or is based upon an untrue statement or alleged untrue statement, or omission or alleged omission, made or incorporated by reference
in such Registration Statement, any such prospectus, preliminary prospectus or free writing prospectus or any amendment or supplement thereto, or any document incorporated by reference therein, or any other such disclosure document (including
reports and other documents filed under the Exchange Act and any document incorporated by reference therein) or other document or report, or in any application in reliance upon, and in conformity with, the Selling Holder Information. In connection
with an Underwritten Offering, the Company, if requested, will indemnify the underwriters, their officers and directors and each Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above
with respect to the indemnification of the Covered Persons and in such other manner as the underwriters may request in accordance with their standard practice. 

(b) In connection with any Registration Statement in which a Holder is participating, each such Holder will indemnify and hold harmless the
Company, its directors and officers, employees, agents and any Person who is or might be deemed to be a controlling person of the Company or any of its subsidiaries within the meaning of Section 15 of the Securities Act or Section 20 of
the Exchange Act against any Losses to which the Company or any such director or officer, any such underwriter or controlling person may become subject under the Securities Act, the Exchange Act, any state blue sky securities laws, any equivalent non-U.S. securities laws or otherwise, insofar as such Losses (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon (i) any untrue or alleged
untrue statement of material fact contained in the Registration Statement, prospectus, preliminary prospectus or free writing prospectus, or any amendment thereof or supplement thereto, or in any application or document incorporated by reference
therein, or any other such disclosure document (including reports and other documents filed under the Exchange Act and any document incorporated by reference therein) or other document or report, or (ii) any omission or alleged omission
of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is made in such Registration Statement, any such prospectus, preliminary
prospectus or free writing prospectus, or any amendment or supplement thereto, or in any application or document incorporated by reference therein, or any other such disclosure document (including reports and other documents filed under the Exchange
Act and any document incorporated by reference therein) or other document or report, in reliance upon and in conformity with the Selling Holder Information furnished 

  
 19 

 
by such Holder (and except insofar as such Losses arise out of or are based upon any such untrue statement or omission or alleged untrue statement or omission based upon information relating to
any underwriter furnished to the Company in writing by such underwriter expressly for use in such Registration Statement), and such Holder will reimburse the Company and each such director, officer, underwriter and controlling Person for any legal
or any other expenses actually and reasonably incurred by them in connection with investigating, defending or settling any such loss, claim, liability, action or proceeding; provided, however, that the obligations of such Holder
hereunder shall not apply to amounts paid in settlement of any such Losses (or actions in respect thereof) if such settlement is effected without the consent of such Holder (which consent shall not be unreasonably withheld); and provided
further that the obligation to indemnify and hold harmless shall be individual and several to each Holder and shall be limited to the amount of net proceeds received by such Holder from the sale of Registrable Securities covered by such
Registration Statement. 
 (c) Any Person entitled to indemnification hereunder shall give prompt written notice to the indemnifying party of
any claim or the commencement of any proceeding with respect to which it seeks indemnification pursuant hereto; provided, however, that any delay or failure to so notify the indemnifying party shall relieve the indemnifying party of
its obligations hereunder only to the extent, if at all, that it is actually and materially prejudiced by reason of such delay or failure. The indemnifying party shall have the right, exercisable by giving written notice to an indemnified party
promptly after the receipt of written notice from such indemnified party of such claim or proceeding, to assume, at the indemnifying party’s expense, the defense of any such claim or proceeding, with counsel reasonably acceptable to such
indemnified party; provided that (i) any indemnified party shall have the right to select and employ separate counsel and to participate in the defense of any such claim or proceeding, but the fees and expenses of such counsel
shall be at the expense of such indemnified party unless (A) the indemnifying party has agreed in writing to pay such fees or expenses or (B) the indemnifying party shall have failed to assume, or in the event of a
conflict of interest cannot assume, the defense of such claim or proceeding within a reasonable time after receipt of notice of such claim or proceeding or fails to employ counsel reasonably satisfactory to such indemnified party or to pursue the
defense of such claim in a reasonably vigorous manner or (C) the named parties to any proceeding (including impleaded parties) include both such indemnified and the indemnifying party, and such indemnified party has reasonably concluded
(based upon advice of its counsel) that there may be legal defenses available to it that are inconsistent with those available to the indemnifying party or that a conflict of interest is likely to exist among such indemnified party and any other
indemnified parties (in which case the indemnifying party shall not have the right to assume the defense of such action on behalf of such indemnified party); and (ii) subject to clause (i)(C) above, the indemnifying party shall not, in
connection with any one such claim or proceeding or separate but substantially similar or related claims or proceedings in the same jurisdiction, arising out of the same general allegations 

  
 20 

 
or circumstances, be liable for the fees and expenses of more than one firm of attorneys (together with appropriate local counsel) at any time for all of the indemnified parties, or for fees and
expenses that are not reasonable. Whether or not the indemnifying party assumes the defense, the indemnifying party shall not have the right to settle such action without the consent of the indemnified party. No indemnifying party shall consent to
entry of any judgment or enter into any settlement which (x) does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release, in form and substance reasonably satisfactory
to the indemnified party, from all liability in respect of such claim or litigation for which such indemnified party would be entitled to indemnification hereunder or (y) involves the imposition of equitable remedies or the imposition of
any obligations on the indemnified party or adversely affects such indemnified party other than as a result of financial obligations for which such indemnified party would be entitled to indemnification hereunder. 

(d) If the indemnification provided for in this Section 2.10 is held by a court of competent jurisdiction to be unavailable to an
indemnified party with respect to any Losses (other than in accordance with its terms), then the indemnifying party, in lieu of indemnifying such indemnified party thereunder, will contribute to the amount paid or payable by such indemnified party
as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other hand in connection with the statements or omissions which resulted in
such Losses as well as any other relevant equitable considerations. The relevant fault of the indemnifying party and the indemnified party will be determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. Notwithstanding the foregoing, the amount any Holder will be obligated to contribute pursuant to this Section 2.10(d) will be limited to an amount equal to the net proceeds to such Holder from the Registrable
Securities sold pursuant to the Registration Statement which gives rise to such obligation to contribute (less the aggregate amount of any damages which the Holder has otherwise been required to pay in respect of such Loss or any substantially
similar Loss arising from the sale of such Registrable Securities). No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. 
 (e) To the extent that any of the Holders is, or would be expected to be, deemed to be an
underwriter of Registrable Securities pursuant to any SEC comments or policies or any court of law or otherwise, the Company agrees that (i) the indemnification and contribution provisions contained in this Section 2.10 shall be
applicable to the benefit of such Holder in its role as deemed underwriter in addition to its capacity as a Holder (so long as the amount for which any other Holder is or becomes responsible does 

  
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not exceed the amount for which such Holder would be responsible if the Holder were not deemed to be an underwriter of Registrable Securities) and (ii) such Holder and its
representatives shall be entitled to conduct the due diligence which would normally be conducted in connection with an offering of securities registered under the Securities Act, including receipt of customary opinions and comfort letters. 

(f) The indemnification provided for under this Agreement will remain in full force and effect regardless of any investigation made by or on
behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and will survive the registration and sale of any securities by any Person entitled to any indemnification hereunder and the expiration or
termination of this Agreement. 
 2.11 Conversion of Other Securities. If any Holder offers any options, rights, warrants or other
securities issued by it that are offered with, convertible into or exercisable or exchangeable for any Registrable Securities, the Registrable Securities underlying such options, rights, warrants or other securities shall be eligible for
registration pursuant to Sections 2.1, 2.2 and 2.4 hereof. 
 2.12 Rule 144; Rule 144A. The Company shall use its reasonable best
efforts to file in a timely fashion all reports and other documents required to be filed by it under the Securities Act and the Exchange Act and shall take such further action as the Holders may reasonably request, all to the extent required by the
SEC as a condition to the availability of Rule 144, Rule 144A or any similar rule or regulation hereafter adopted by the SEC under the Securities Act. 

2.13 Transfer of Registration Rights. International Paper may transfer all or any portion of its rights under this Agreement to any
transferee of Registrable Securities constituting not less than 10% of the outstanding shares of Common Stock of the Company; provided that no such transfer of Registrable Securities shall be made to any Person listed on Schedule A hereto
without the prior written consent of the Company if such transfer is other than in connection with (i) an SEC-registered offering (whether or not an Underwritten Offering) or (ii) to
the public through a broker, dealer or market maker pursuant to Rule 144 or Rule 145 (or other exemption from registration under the Securities Act). Any transfer of registration rights pursuant to this Section 2.13 from International Paper to
any Person that is not a Permitted Transferee shall be effective upon receipt by the Company of written notice from the transferor stating the name and address of the transferee and identifying the amount of Registrable Securities with respect to
which rights under this Agreement are being transferred. 

  
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 ARTICLE III 

PROVISIONS APPLICABLE TO ALL DISPOSITIONS OF REGISTRABLE 

SECURITIES BY INTERNATIONAL PAPER 

3.1 Underwriter Selection. In any public or private offering of Registrable Securities in which International Paper is a Selling
Holder, other than pursuant to a Piggyback Registration, International Paper shall have the sole right, following consultation with the Company, to select the managing underwriters to arrange such Underwritten Offering, which shall be one or more
investment banking institutions of national or international standing. 
 3.2 Cooperation with Sales. In addition to the provisions
of Section 2.6 hereof, applicable to sales of Registrable Securities pursuant to a registration, in connection with any sale or disposition of Registrable Securities by International Paper, the Company shall provide full cooperation, including:

 (a) providing access to employees, management and company records to any purchaser or potential purchaser, and to any underwriters,
initial purchasers, brokers, dealers or agents involved in any sale or disposition, subject to entry into customary confidentiality arrangements; 

(b) participation in road shows, investor and analyst meetings, conference calls and similar activities; 

(c) using reasonable best efforts to obtain customary auditor comfort letters and legal opinions; 

(d) entering into customary underwriting and other agreements; 

(e) using reasonable best efforts to obtain any regulatory approval or relief necessary for any proposed sale or disposition; and 

(f) submitting or filing of registration statements with the SEC or with other authorities or making other regulatory or similar filings
necessary or advisable in order to facilitate any sale or disposition. 
 3.3 Further Assurances. The Company shall use its
reasonable best efforts to cooperate with and facilitate, and shall not interfere with, the disposition by International Paper of its holdings of Registrable Securities. 

  
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 ARTICLE IV 

VOTING RESTRICTIONS 
 4.1
Voting of the Company’s Common Stock. 
 (a) From the date of the Distribution and until the date that International Paper and
its Permitted Transferees cease to own any shares of Common Stock, International Paper shall, and shall cause any Permitted Transferee to (in each case, to the extent that they own any shares of Common Stock), be present, in person or by proxy, at
each and every stockholder meeting of the Company, and otherwise to cause all Registrable Securities owned by them to be counted as present for purposes of establishing a quorum at any such meeting, and to vote or consent on any matter (including
waivers of contractual or statutory rights), or cause to be voted or consented on any such matter, all such shares of Common Stock in proportion to the votes cast by the other holders of Common Stock on such matter. 

(b) From the date of this Agreement and until the date that International Paper and its Permitted Transferees cease to own any shares of Common
Stock, International Paper hereby grants, and shall cause each Permitted Transferee (in each case, to the extent that they own any shares of Common Stock) to grant, an irrevocable proxy, which shall be deemed coupled with an interest sufficient in
law to support an irrevocable proxy to the Company or its designees, to vote, with respect to any matter (including waivers of contractual or statutory rights), all shares of Common Stock owned by them, in proportion to the votes cast by the other
holders of Common Stock on such matter; provided that (i) such proxy shall automatically be revoked as to a particular share of Common Stock upon any transfer of such share of Common Stock from International Paper or a Permitted
Transferee to a Person other than International Paper or a Permitted Transferee and (ii) nothing in this Section 4.1(b) shall limit or prohibit any such transfer. 

(c) International Paper acknowledges and agrees (on behalf of itself and each Permitted Transferee) that the Company will be irreparably
damaged in the event any of the provisions of this Article IV are not performed by International Paper in accordance with their terms or are otherwise breached. Accordingly, it is agreed that the Company shall be entitled to an injunction to prevent
breaches of this Article IV and to specific enforcement of the provisions of this Article IV. 
 ARTICLE V 

MISCELLANEOUS 
 5.1
Term. This Agreement shall terminate upon such time as no Registrable Securities remain outstanding, except for the provisions of Sections 2.7, 2.10 and 3.3 and this Article 4, each of which shall survive such termination. 

  
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 5.2 Other Holder Activities. Notwithstanding anything in this Agreement, none of the
provisions of this Agreement shall in any way limit a Holder or any of its Affiliates from engaging in any brokerage, investment advisory, financial advisory, financing, asset management, trading, market making, arbitrage, investment activity and
other similar activities conducted in the ordinary course of their business. 
 5.3 No Inconsistent Agreements. The Company
represents and warrants that it has not entered into and covenants and agrees that it will not enter into, any agreement with respect to its securities which is inconsistent with, more favorable than or violates the rights granted to the Holders of
Registrable Securities in this Agreement. 
 5.4 Amendment, Modification and Waiver. This Agreement may be amended, modified or
supplemented at any time by written agreement of the named parties hereto without any other party’s agreement or consent. Any failure of any party to comply with any term or provision of this Agreement may be waived by the other party, by an
instrument in writing signed by such party, but such waiver or failure to insist upon strict compliance with such term or provision shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure to comply. 

5.5 No Third-Party Beneficiaries. Other than as set forth in Section 2.10 with respect to the indemnified parties and as expressly
set forth elsewhere in this Agreement, nothing in this Agreement, express or implied, is intended to confer upon any person, other than the parties, and their respective successors and permitted assigns, any rights or remedies under or by reason of
this Agreement. Only the parties that are signatories to this Agreement and any Joinder Agreement substantially in the form of Exhibit A hereto (and their respective permitted successors and assigns) shall have any obligation or liability under, in
connection with, arising out of, resulting from or in any way related to this Agreement or any other matter contemplated hereby, or the process leading up to the execution and delivery of this Agreement and the transactions contemplated hereby,
subject to the provisions of this Agreement. 
 5.6 Entire Agreement. Except as otherwise expressly provided herein, this Agreement
constitutes the entire agreement among the parties with respect to the subject matter of this Agreement and supersedes all prior agreements and understandings, both written and oral, between or on behalf of International Paper or its Affiliates, on
the one hand, and the Company or its Affiliates, on the other hand, with respect to the subject matter of this Agreement. 
 5.7
Severability. In the event that any provision of this Agreement is declared invalid, void or unenforceable, the remainder of this Agreement shall remain in full force and effect, and such invalid, void or unenforceable provision shall be
interpreted in a manner that accomplishes, to the extent possible, the original purpose of such provision. 

  
 25 

 5.8 Counterparts. This Agreement may be executed in any number of counterparts, each
of which shall be deemed an original and all of which together shall constitute one and the same instrument. The counterparts of this Agreement may be executed and delivered by facsimile or other electronic imaging means (including in .pdf or .tif
format sent by electronic mail) and other electronic signatures (including without limitation, DocuSign and AdobeSign or any other similar platform) by a party to the other party and the receiving party may rely on the receipt of such document so
executed and delivered by facsimile or other electronic imaging means as if the original had been received. 
 5.9 Specific Performance;
Remedies. In the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the affected party shall have the right to specific performance and injunctive or other equitable relief
of its rights under this Agreement, in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. The other party shall not oppose the granting of such relief. The parties agree that
the remedies at law for any breach or threatened breach hereof, including monetary damages, are inadequate compensation for any loss and that any defense in any action for specific performance that a remedy at law would be adequate is waived. Any
requirements for the securing or posting of any bond with such remedy are hereby waived. 
 5.10 GOVERNING LAW. THIS AGREEMENT SHALL
BE GOVERNED BY, AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF TO THE EXTENT THAT SUCH
PRINCIPLES WOULD APPLY THE LAW OF ANOTHER JURISDICTION. 
 5.11 WAIVER OF JURY TRIAL. EACH PARTY KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW) ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY OF ANY DISPUTE ARISING UNDER OR RELATING TO THIS AGREEMENT AND AGREES THAT ANY SUCH DISPUTE SHALL BE TRIED BEFORE A JUDGE SITTING WITHOUT A
JURY. 
 5.12 Jurisdiction; Venue. Any suit, action or proceeding relating to this Agreement shall be brought exclusively in the
United States District Court for the Southern District of New York or in the courts of the State of New York, in each case located in New York County, New York. The parties hereby consent to the exclusive jurisdiction of such courts for any such
suit, action or proceeding, and irrevocably waive, to the fullest extent permitted by law, any objection to such courts that they may now or hereafter have based on improper venue or forum non conveniens. 

  
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 5.13 Notice. Unless otherwise specified herein, all notices required or permitted to
be given under this Agreement shall be in writing, shall refer specifically to this Agreement and shall be delivered personally, sent by a nationally recognized overnight courier service or sent in the form of an electronic transmission (receipt
confirmation requested), and shall be deemed to be effective upon delivery. All such notices shall be addressed to the receiving Party at such Party’s address or email address set forth below, or at such other address or email address as the
receiving Party may from time to time furnish by notice as set forth in this Section 5.13: 
 If to International Paper, to: 

International Paper Company 

6400 Poplar Avenue 
 Memphis,
Tennessee 38197 
 Attn: General Counsel 

Email: 
 If to the Company, to:

 Sylvamo Corporation 
 6400
Poplar Avenue 
 Memphis, Tennessee 38197 

Attn: General Counsel 
 Email:

 [Signature Page Follows] 

  
 27 

 In witness whereof, the parties have caused this Registration Rights Agreement to be
executed and delivered as of the date first above written. 
  

			
	SYLVAMO CORPORATION
		
	By:	 	
                     
   

		 	Name:
		 	Title:
	
	INTERNATIONAL PAPER COMPANY
		
	By:	 	
                    

		 	Name:
		 	Title:

 Exhibit A 

JOINDER AGREEMENT 

Reference is made to the Registration Rights Agreement, dated as of [•], 2021 (as amended from time to time, the “Registration
Rights Agreement”), by and among Sylvamo Corporation and International Paper Company and the other parties thereto, if any. The undersigned agrees, by execution hereof, to become a party to, and to be subject to the rights and obligations
under the Registration Rights Agreement. 
 [NAME] 
  

			
	By:	 	
                     
       

		 	Name:
		 	Title:

 Date: 
 Address: 

 

			
	Acknowledged by:
	
	SYLVAMO CORPORATION
		
	By:	 	
                     
                   

		 	Name:
		 	Title:

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