Document:

EX-4(c).12

 EXHIBIT 4(c).12 

9 February 2017 
 Pierre Dufour 
 Schumannstrasse 29 

Frankfurt 60325 

Germany 
 Dear
Pierre 
 Appointment as Non-executive Director 
 Subject to final approval by the Board of National Grid plc (the “Company”), I am delighted to advise that your appointment as a Non-executive Director of the Company will be effective
from 16 February 2017. This letter sets out the terms of your appointment. It is agreed that this is a contract for services and not a contract of employment. 
 Appointment 
 Your appointment, commencing on 16 February 2017, will
be subject to your election by shareholders at the Company’s Annual General Meeting (“AGM”) in 2017, following which it is expected that you will be subject to annual re-election by shareholders in accordance with our commitment to
best practice, unless your appointment is otherwise terminated earlier in accordance with the Company’s Articles of Association as amended from time to time (the “Articles”) or by and at the discretion of either the Board or you upon
1 month’s written notice. Continuation of your contract of appointment is therefore contingent on satisfactory performance and re-election by shareholders at forthcoming AGMs. 

In the event that shareholders do not support your appointment or other shareholder action terminates your appointment you will not be
entitled to receive damages for breach of contract and will not be entitled to any other compensation (or payment in lieu of notice). 
 Non-executive Directors are typically expected to serve two three-year terms, subject to the terms of this letter; any extension to this is subject to review by the Nominations Committee (prior to making
recommendations to the Board) having regard to corporate governance best practice from time to time. 
 Time Commitment

 Overall we anticipate a time commitment of approximately 2-21/2 days on average per month, after the induction phase, taking into account reading and preparation time for Board and
Committee meetings. This will include attendance at Board meetings (estimated 9 scheduled meetings per year including Board strategy session(s) – (of which currently 3 are held in the US) plus ad hoc and emergency meetings, Committee meetings,
the AGM, any extraordinary general meetings. It is planned that certain Board meetings will be held at the Company’s operational sites (in the UK and US). 

  

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 Post induction, as a Non-executive Director you will also be expected to undertake at least
one site visit per year to the business, the location to be agreed with myself or the Chief Executive. 
 In addition, you will
be expected to devote appropriate preparation time ahead of each meeting and such other time as is reasonably required to discharge your duties as a Director (for example if the Company is involved in increased activity because it is involved in a
major transaction). 
 If you are unable to attend a meeting, you should notify the Group General Counsel & Company
Secretary and prior to the meeting communicate your opinions and comments on the matters to be considered to me or the relevant Committee chairman so they can be taken into account at the meeting. 

By confirming this appointment, you have agreed that you are able to allocate sufficient time to meet the expectations of your role
including appropriate preparation time. My agreement should be sought before accepting additional commitments that might affect the time you are able to devote to your role as a Non-executive Director of the Company. 

Role 

All Directors, both Non-executive and Executive, have the same general legal responsibilities to the Company. The Board as a whole is
collectively responsible for debating and approving the strategic direction of the Company and for promoting the success of the Company for the benefit of its members by directing and supervising the Company’s affairs. All Directors must
therefore take decisions objectively in the interests of the Company, in compliance with their statutory and fiduciary duties, and not do anything which is harmful to the Company or its business. 

All directors are expected to comply with the Company’s policies, procedures, rules and regulations from time to time in force,
including in particular, the Company’s Standards of Ethical Business Conduct and its Share Dealing Code. 
 The Board:

  

	 	 •
	 	 provides effective business leadership of the Company within a framework of prudent and effective controls which enable risk to be assessed and
managed; 

  

	 	 •
	 	 sets the Company’s strategic aims, ensures that the necessary financial and human resources are in place for the Company to meet its
objectives, and reviews management performance; and 

  

	 	 •
	 	 sets the Company’s values and standards and ensures that its obligations to its shareholders and others are understood and met.

 In addition to these requirements of all Directors, the role of the Non-executive Director has the
following key elements: 
  

	 	 •
	 	 Strategy: Non-executive Directors should constructively challenge and contribute to the development of strategy;

  

	 	 •
	 	 Performance: Non-executive Directors should scrutinise the performance of management in meeting agreed goals and objectives and monitor the
reporting of performance; 

  

	 	 •
	 	 Risk: Non-executive Directors should satisfy themselves that the financial function of the Company is professionally managed and that
financial controls and systems of risk management are robust and defensible; and 

  

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	 	 •
	 	 People: Non-executive Directors are responsible for determining appropriate levels of remuneration for Executive Directors and have a prime
role in appointing, and where necessary removing, senior management, and in succession planning. 

 You should
also have regard to the Guidance on Board Effectiveness, issued by the Financial Reporting Council in March 2011, of which an extract summarising the role of a Non-executive Director is set out at Schedule 1 to this letter. 

Committees 
 Initially, you have been invited to serve on the Safety, Environment and Health Committee and the Remuneration Committee. This is subject to change from time to time, as determined by the Board.

 In addition, all Non-executive Directors are members of the Nominations Committee, meetings of which are held on an ad hoc
basis. No fee is paid for Nominations Committee attendance. 
 This letter refers to your appointment as a Non-executive
Director of the Company. Terms of Reference of all Board Committees are set out in the Directors’ information pack which will be sent to you shortly. 
 Fees 
 This letter sets out the only payments you will receive for
performing your duties in accordance with this letter. Accordingly, no other remuneration or benefits will be provided and, in particular, you will not participate in any of the Company’s remuneration or benefit programmes, arrangements,
schemes or plans. 
 As a non UK-based Director, you will be paid £78,000 per annum and you will also be entitled to
a Committee membership fee of £9,000 per annum, per Committee membership. NB: The Committee membership fee does not apply to the Nominations Committee which meets on an ad hoc basis. 

These payments will be made monthly on or around 15th day of each month and will be pro-rated from the date of your appointment. You will not receive any further fees for
membership of, or attendance at, any ad hoc Board or Committee meetings. If, for a reason related to illness, disability or injury, you are unable to carry out your duties, payment of any fee(s) during any period of incapacity will be at the
discretion of the Board. 
 The Company will reimburse you, in accordance with the Articles and any expenses procedures from
time to time in force, for any reasonable expenses properly incurred in performing your duties. All expenses must be properly documented. Details regarding travel are set out in the Travel Guidelines for Directors document in the Directors
information pack, which may change from time to time. 
 The Executive Committee and Board shall review the above fees from time
to time and they are therefore subject to change. All fees and payments will be made subject to any tax or other deductions required to be made by the Company. 

  

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 Outside interests 

It is accepted and acknowledged that you have business interests other than those of the Company. As a condition to your appointment
commencing you are required to declare any such directorships, appointments and interests in writing. 
 In the event that you
become aware of any potential conflicts of interest, these should be disclosed to me and/or the Group General Counsel & Company Secretary as soon as apparent. Additionally, if at any time you are considering acquiring any new business
interest (including as described in the letter to you regarding initial disclosures on appointment), you should raise the matter initially with me and/or the Group General Counsel & Company Secretary. Where an interest may give rise to a
conflict of interest with the Company or any of its subsidiaries or associate companies, the interest may need to be disclosed to the Board and its prior consent obtained. 
 Independent status 
 The Board has determined you to be independent
according to the provisions of the UK Corporate Governance Code. As an independent Director it is important that you remain independent in character and judgement. If you become aware of anything that may affect, or could appear to affect, this
determination of independence, this should be disclosed to me and/or the Group General Counsel & Company Secretary as soon as apparent. 
 Confidentiality 
 You will, naturally, during your appointment and
following its termination not disclose or communicate to any person (except as required by law or in the course of the proper performance of your duties under this letter, or with the consent of the Board) nor use for your own account or advantage
any private or confidential information in any form whatsoever relating to the Company or any of its subsidiaries or associate companies (“Confidential Information”) which you obtained during your appointment or otherwise. Additionally,
you will use your best endeavours to prevent the unauthorised use or disclosure of any such Confidential Information. 
 This
restriction will continue to apply after your appointment ends without limit in time but will not apply to information which becomes public, unless through unauthorised disclosure by you. After your appointment ends you will return all documents and
information (whether written, visual or electronic) under your control which belong to the Company. 
 Your attention is also
drawn to the requirements under both legislation and regulation together with Company policies and procedures as to the disclosure of ‘inside’ or ‘price sensitive’ information. Consequently you should avoid making any statements
that might risk a breach of these requirements without prior clearance from me or the Group General Counsel & Company Secretary. 

  

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 Induction 
 You will be provided with a comprehensive, formal and tailored induction to the Company and its businesses based on your experience and background and on which Committees you are to serve. You will also
receive a Directors’ information pack comprising information on the Company’s businesses and operations together with matters relating to corporate governance and corporate responsibility. We will also arrange various site visits and
meetings with senior and middle management and the Company’s auditors. We will also arrange for you to meet major shareholders as appropriate. 
 Should you feel you require additional information on any area please contact the Group General Counsel & Company Secretary to arrange this. 

Review Process 
 The performance of individual Directors, the Board and Board Committees is evaluated annually. If, in the interim, there are any matters which cause you concern in relation to your role you should discuss
them with me as soon as is appropriate. I will also regularly review and agree your training and development needs. 

Directors’ Indemnity and Liability Insurance 
 In the event that you are made a party or are threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative by
reason of the fact that you are or were a director of the Company, the Company shall indemnify you against expenses (including legal fees) actually and reasonably incurred by you in connection with such action, suit or proceeding and against
judgments, fines and amounts paid in settlement in connection with such action, suit or proceeding to the fullest extent permitted by the Companies Act 2006 as amended and any other applicable law or regulation, as from time to time in effect. Such
right of indemnification shall be without prejudice to any other rights to which you may be entitled. The terms and conditions of this indemnity are set out in a separate deed of indemnity entered into or to be entered into between you and the
Company. 
 The Company has Directors’ and Officers’ liability insurance and currently intends to maintain such cover
for the full term of your appointment. A summary of the cover is included in your Directors’ information pack. 

Independent Professional Advice 
 Occasions may arise when you consider that you need independent professional advice in the furtherance of your duties as a Director. Please advise me or the Group General Counsel and Company Secretary
should you wish to seek such advice. The Company will reimburse the full cost of expenditure incurred in respect of such advice, in accordance with the UK Corporate Governance Code and any relevant Company policy. 

Disclosure of interests in transactions and Dealings in Shares 

Under the Companies Act 2006, where a Director of a company is in any way, directly or indirectly, interested in a proposed transaction
or arrangement with the Company or one that has been entered into by the Company, he must declare the 

  

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nature and extent of that interest. You may give any such notice at a meeting of the Directors, in writing or by general notice. 

During the continuance of your appointments you will be expected to comply (and to procure that your spouse and dependant children
comply) where relevant with any rule of law or regulation of any competent authority or of the Company from time to time in force in relation to dealings in shares, debentures and other securities of the Company and unpublished price sensitive
information affecting the shares, debentures and other securities of the Company. A copy of the Company’s Share Dealing Code is provided in the Directors’ information pack. 

You should also have regard to, and your appointment is subject to, your duties as a Director in light of the Articles, applicable
general law, the Companies Act 2006, the Listing, Prospectus, Disclosure and Transparency Rules of the Financial Services Authority, the UK Corporate Governance Code and obligations arising as a result of the Company’s American Depositary
Shares being listed on the New York Stock Exchange, as set out in the relevant section of the Directors’ information pack. 

The Company currently has no share ownership requirements for its non-executive directors. 

Governing Law 
 The agreement contained in this letter and any non-contractual obligations arising out of or in connection with it shall be governed by, and construed in accordance with English law and shall be subject
to the exclusive jurisdiction of the English courts. 
 Entire Agreement 

This appointment letter represents the entire understanding, and constitutes the whole agreement, in relation to your appointment and
supersedes any previous agreement between yourself and the Company with respect thereto. 
 On a personal level, I am delighted
that you have agreed to accept this appointment to the Board of the Company and I look forward to our building a good working relationship. 

  

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 Please acknowledge receipt and acceptance of the above terms by signing and returning the
enclosed copy of this letter. 
 Yours sincerely 
 /s/ Sir Peter Gershon 
 Chairman 

For and on behalf of National Grid plc 
 I hereby acknowledge receipt of and accept the terms set out in this letter. 

Signed /s/Pierre Dufor..................................... 

Pierre Dufour 

Dated ...February 13, 2017.................................. 

  

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 Schedule 1 
 Guidance for Non-Executive Directors 
 (extracted from the March 2011 FRC
Guidance on Board Effectiveness) 
 A non-executive director should, on appointment, devote time to a comprehensive, formal and
tailored induction which should extend beyond the boardroom. Initiatives such as partnering a non-executive director with an executive board member may speed up the process of him or her acquiring an understanding of the main areas of business
activity, especially areas involving significant risk. The director should expect to visit, and talk with, senior and middle managers in these areas. 
 Non-executive directors should devote time to developing and refreshing their knowledge and skills, including those of communication, to ensure that they continue to make a positive contribution to the
board. Being well-informed about the company, and having a strong command of the issues relevant to the business, will generate the respect of the other directors. 
 Non-executive directors need to make sufficient time available to discharge their responsibilities effectively. The letter of appointment should state the minimum time that the non-executive director will
be required to spend on the company’s business, and seek the individual’s confirmation that he or she can devote that amount of time to the role, consistent with other commitments. The letter should also indicate the possibility of
additional time commitment when the company is undergoing a period of particularly increased activity, such as an acquisition or takeover, or as a result of some major difficultly with one or more of its operations. 

Non-executive directors have a responsibility to uphold high standards of integrity and probity. They should support the chairman and
executive directors in instilling the appropriate culture, values and behaviours in the boardroom and beyond. 
 Non-executive
directors should insist on receiving high-quality information sufficiently in advance so that there can be thorough consideration of the issues prior to, and informed debate and challenge at, board meetings. High-quality information is that which is
appropriate for making decisions on the issue at hand – it should be accurate, clear, comprehensive, up-to-date and timely; contain a summary of the contents of any paper; and inform the director of what is expected of him or her on that issue.

 Non-executive directors should take into account the views of shareholders and other stakeholders, because these views may
provide different perspectives on the company and its performance. 

  

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 Exhibit 10.1 

EXECUTION VERSION 
 This FIRST
AMENDMENT, dated as of June 5, 2017 (this “Amendment Agreement”), to that certain Credit Agreement, dated as of June 24, 2014 (as amended from time to time prior to the date hereof, the “Existing Credit
Agreement”; capitalized terms used in this sentence without definition shall have the respective meanings given to them in such Existing Credit Agreement), is made by and among Rayonier A.M. Products Inc., as Borrower (the
“Borrower”), Rayonier Advanced Materials Inc., as Designated Borrower, Holdings and as a Guarantor (“Holdings”), the Subsidiary Loan Parties from time to time party thereto, the lenders from time to time party
thereto, and Bank of America, N.A., as administrative agent and collateral agent (the “Administrative Agent”). Unless otherwise defined herein, terms defined in the Amended Credit Agreement (as defined below) and used herein shall
have the meanings given to them in the Amended Credit Agreement. 
 WHEREAS, the Borrower has requested certain amendments to (i) the
Existing Credit Agreement and (ii) the Deed to Secure Debt, Security Agreement, Assignment of Rents and Leases and Fixture Filing (Georgia), dated as of October 17, 2014 (the “Jesup Facility Mortgage”), by and from
Rayonier Performance Fibers, LLC (“Performance Fibers”) to Administrative Agent; 
 WHEREAS, in order to effect the
foregoing, (i) Holdings, the Borrower and the other parties hereto (including Lenders constituting the “Required Lenders” under, and in each case as defined in, the Existing Credit Agreement) desire to amend, as of the Amendment
Effective Date (as defined below), the Existing Credit Agreement, subject to the terms and conditions set forth herein and (ii) Performance Fibers and the other parties hereto (including Lenders constituting the Required Lenders under, and in
each case as defined in, the Existing Credit Agreement) desire to approve and authorize an amendment to the Jesup Facility Mortgage, subject to the terms and conditions set forth herein; 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows: 
 Section 1. Amendment of the Existing Credit
Agreement. Effective as of the Amendment Effective Date, the Existing Credit Agreement and all schedules and exhibits thereto are hereby amended (the Existing Credit Agreement as amended by the Amendments (as defined below), the “Amended
Credit Agreement”) to:  
 (a) insert the following additional definitions in Section 1.01 of the Existing Credit
Agreement (in their appropriate alphabetical order): 
 “Bail-In Action” means the exercise of any Write-Down and Conversion
Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 
 “Bail-In
Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to
time which is described in the EU Bail-In Legislation Schedule. 

 “EEA Financial Institution” means (a) any credit institution or investment
firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this
definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

 “EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative
authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Escrowed Proceeds” means any funds constituting the aggregate cash proceeds from an issuance of term B Incremental Term
Loans, incurred in connection with the Tembec Transactions, to the extent that such funds have been deposited into an escrow account pursuant to customary escrow arrangements pending consummation of the Tembec Transactions. 

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any
successor Person), as in effect from time to time. 
 “Other Term B Loans” means any (i) Other Term Loans, structured
as incremental term “B” loans incurred under this Agreement to finance the Tembec Transactions, or (ii) Other Term Loans that (x) are structured for sale to institutional investors and (y) have an average annual mandatory
amortization payment (calculated over the stated term of such Other Term Loans) equal to or less than 5.0% per annum, including in each case, any Permitted Refinancing Indebtedness in respect of Other Term B Loans that would constitute Other
Term B Loans under the preceding clause (ii) of this definition. 
 “Tembec” means Tembec Inc., a corporation continued
and existing under the laws of Canada. 
 “Tembec Arrangement Agreement” means the Arrangement Agreement, dated as of the
Tembec Arrangement Agreement Signing Date, between Holdings and Tembec, as amended, restated or otherwise modified from time to time. 

“Tembec Arrangement Agreement Signing Date” means May 24, 2017. 

“Tembec Transactions” means the acquisition by Holdings of up to all of the outstanding common shares of Tembec pursuant to
the Tembec Arrangement Agreement, the financing transactions in connection therewith, the repayment, redemption, discharge and/or other satisfaction of certain existing indebtedness of Tembec and/or its subsidiaries and the payment of fees, costs
and expenses in connection with the foregoing. 

  
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 “Write-Down and Conversion Powers” means, with respect to any EEA Resolution
Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In
Legislation Schedule. 
 (b) replace clause (iv) of the definition of “Defaulting Lender” in
Section 1.01 of the Existing Credit Agreement as follows: 
 “(iv) has, or has a direct or indirect parent company that has
(A) become insolvent, or become generally unable to pay its debts as they become due, or admitted in writing its inability to pay its debts as they become due, or made a general assignment for the benefit of its creditors, (B) become the
subject of a proceeding under any Debtor Relief Law, (C) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar person charged with reorganization or liquidation of its
business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (D) become the subject of a Bail-In Action; provided that a Lender shall not be a
Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide
such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or
disaffirm any contracts or agreements made with such Lender”. 
 (c) replace clause (1) of the definition of
“Incremental Amount” in Section 1.01 of the Existing Credit Agreement as follows: 
 “(1) the greater of
(i) the excess, if any, of (A) $350,000,000 minus (B) (x) the aggregate amount of Incremental Commitments established pursuant to Section 2.15 and (y) the aggregate issued amount of Incremental Notes issued pursuant to
Section 2.15 and (ii) any amounts so long as immediately after giving effect to the establishment of commitments in respect thereof (and assuming any such Incremental Revolving Facility Commitments are fully drawn) and the use of the
proceeds of the loans thereunder, (x) during any Collateral Suspension Period, the Total Net Leverage Ratio (tested on a Pro Forma Basis only on the date of the initial incurrence of the applicable Incremental Facility) does not exceed
3.50:1.00 and (y) at any other time, the Total Net Senior First Lien Secured Leverage Ratio (tested on a Pro Forma Basis only on the date of the initial incurrence of the applicable Incremental Facility) does not exceed 3.00:1.00 (it being
understood and agreed that in the event that any tranche of Incremental Term Loans is used to finance the Tembec Transactions, the foregoing subclause (ii) shall be determined and tested solely as of the Tembec Arrangement Agreement Signing
Date, so long as the aggregate principal amount of all tranches of Incremental Term Loans incurred to finance, or otherwise in connection with, the Tembec Transactions does not exceed $450,000,000; plus”.

  
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 (d) replace the definition of “Senior First Lien Secured Net Debt” in
Section 1.01 of the Existing Credit Agreement as follows: 
 ““Senior First Lien Secured Net Debt” at any
date means (i) the remainder of (A) the aggregate principal amount of Consolidated Debt of Holdings and its Subsidiaries outstanding at such date that is then secured by Liens on all or any portion of the assets of Holdings and its
Subsidiaries, less (B) the aggregate principal amount of Consolidated Debt of Holdings and its Subsidiaries outstanding at such date that is then secured only by Liens on the Collateral that are junior or subordinated to the Liens securing the
Finance Obligations (other than any Obligations, including Incremental Loans or Refinancing Debt, secured by Liens that are junior in right of security to the Liens on Collateral securing any other Facility), less (ii) up to $100,000,000 of
Unrestricted Cash as of such date, and less (iii) solely in connection with (and prior to the consummation of) the Tembec Transactions, the aggregate amount of the Escrowed Proceeds held in accordance with the definition thereof.”. 

(e) replace the definition of “Total Net Leverage Ratio” in Section 1.01 of the Existing Credit Agreement as
follows: 
 ““Total Net Leverage Ratio” means, on any date, the ratio, calculated on a Pro Forma Basis, of
(i) (x) the aggregate principal amount of Consolidated Debt of Holdings and its Subsidiaries outstanding at such date, less (y) up to $100,000,000 of Unrestricted Cash as of such date, and less (z) solely in connection with (and
prior to the consummation of) the Tembec Transactions, the aggregate amount of the Escrowed Proceeds held in accordance with the definition thereof, to (ii) EBITDA for the period of the most recent four consecutive fiscal quarters ending prior
to the date of such determination for which internal consolidated financial statements of Holdings have been delivered to the Administrative Agent, all determined on a consolidated basis in accordance with GAAP.”. 

(f) in Section 2.15(a) of the Existing Credit Agreement, replace the words “Incremental Term Commitment” with the words
“Incremental Term Loan Commitments”. 
 (g) replace clause (b)(iii) of Section 2.15 of the Existing Credit
Agreement as follows: 
 “(iii) the weighted average life to maturity of any Other Term Loans shall be no shorter than the remaining
weighted average life to maturity of the Term A-2 Loans (it being understood and agreed that in the event that any tranche of Incremental Term Loans with terms requiring amortization payments not in excess of 10.0% per annum is used to finance
the Tembec Transactions, then solely with respect to such Incremental Term Loans this clause shall not apply);”. 

  
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 (h) replace the second sentence of Section 2.17(a)(iv) of the Existing Credit
Agreement as follows: 
 “Subject to Section 11.26, no reallocation hereunder shall constitute a waiver or release of any
claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non Defaulting Lender as a result of such Non Defaulting Lender’s increased exposure following such
reallocation.”. 
 (i) add the following language at the immediate end of clause (c) of Section 6.10: 

“Notwithstanding the foregoing, the Collateral Agent shall not enter into any Mortgage in respect of any Real Property of any Loan Party
that is not subject to a Mortgage as of the Closing Date prior to the date that is 20 Business Days after the date on which the Collateral Agent has made available to the Lenders (which may be delivered electronically) the following documents in
respect of such Real Property: (i) a completed life of loan flood hazard determination from a third party vendor; (ii) if such Real Property is located in a “special flood hazard area”, (A) a notification to the applicable
Loan Party of that fact and (if applicable) notification to the applicable Loan Party that flood insurance coverage is not available and (B) evidence of the receipt by the applicable Loan Party of such notice; and (iii) if such notice is
required to be provided to the applicable Loan Party and flood insurance is available in the community in which such Real Property is located, evidence of required flood insurance with respect to such Real Property in an amount and otherwise in
compliance with all applicable flood insurance laws and regulations.”. 
 (j) replace clause (gg) of Section 7.02 of
the Existing Credit Agreement as follows: 
 “Liens on or in respect of any amounts held by a trustee or other escrow agent under any
indenture or other debt agreement issued or funded in escrow in connection with the consummation of the Tembec Transactions pursuant to customary escrow arrangements that are reasonably acceptable to the Administrative Agent, pending the release
thereof;”. 
 (k) replace clause (dd) of Section 7.04 of the Existing Credit Agreement as follows: 

“(dd) additional Investments; provided, that at the time of such Investment and after giving full effect thereto, (A) no
Event of Default shall have occurred and be continuing or would result therefrom, (B) (x) during any Collateral Suspension period, the Total Net Leverage Ratio shall not be in excess of 3.50:1.00 on a Pro Forma Basis and (y) at any other
time, the Total Net Leverage Ratio shall not be in excess of 4.00:1.00 on a Pro Forma Basis and (C) the Total Net Senior First Lien Secured Leverage Ratio shall not be in excess of 3.00:1.00 on a Pro Forma Basis (it being understood and agreed
that in connection with the consummation of the Tembec Transactions, the determinations required pursuant to subclauses (B) and (C) of the first proviso to this Section 7.04(dd) shall be made solely as of the Tembec Arrangement
Agreement Signing Date); provided, that any 

  
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Investments made in reliance of this Section 7.04(dd) (including any Investments made pursuant to clause (viii)(c) of the definition of “Permitted Business Acquisition”) shall
reduce the Cumulative Credit in an amount equal to the amount of such Investment; provided, further, that the Cumulative Credit shall not be reduced below zero as a result thereof;”. 

(l) replace the first sentence of Section 11.23(a) of the Existing Credit Agreement as follows: 

“At such time as Holdings has achieved the Collateral Suspension Ratings Level, and so long as (x) there are no Other Term B Loans
outstanding and (y) no Event of Default shall have occurred and be continuing, Holdings shall have the right, which may be exercised by written notice to the Administrative Agent, to require that the Collateral be released from any security
interest created by the Loan Documents.”. 
 (m) add the following new Section 11.26 at the immediate end of Article
XI of the Existing Credit Agreement as follows: 
 “Section 11.26 Acknowledgment and Consent to Bail-In of EEA Financial
Institutions. Solely to the extent any Lender or L/C Issuer that is an EEA Financial Institution is a party to this Agreement and notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or
understanding among any such parties, each party hereto acknowledges that any liability of any Lender or L/C Issuer that is an EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to
the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising
hereunder which may be payable to it by any Lender or L/C Issuer party hereto that is an EEA Financial Institution; and 

(b) the effects of any Bail-In Action on any such liability, including, if applicable: 

(i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such
liability under this Agreement or any other Loan Document; or 
 (iii) the variation of the terms of such liability in
connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.”. 

  
 6 

 The insertions, deletions, replacements, amendments and other modifications set forth in the
immediately preceding clauses (a) – (m) are referred to collectively as the “Amendments”. 

Section 2. Consent to Amendment of Jesup Facility Mortgage. Performance Fibers and the Lenders party hereto,
constituting the Required Lenders, hereby agree that the Jesup Facility Mortgage may be amended pursuant to an amendment, in form and substance reasonably satisfactory to Performance Fibers and the Administrative Agent, to release from the Jesup
Facility Mortgage (and from any Liens granted pursuant thereto) (i) certain structures (“Excluded Improvements”) located at the Jesup Facility, as described on Schedule I-A hereto, (ii) certain fixtures located at
the Jesup Facility, as described on Schedule I-B hereto, and (iii) certain personalty located at the Jesup Facility, as described on Schedule I-C hereto, and such Required Lenders hereby authorize the Administrative Agent to enter
into such an amendment on or after the date hereof (and to execute any other agreements, instruments, releases or other documents, and take any other related actions, as it may determine to be reasonably necessary or advisable) to effect such
releases. 
 Section 3. Representations and Warranties. To induce the Administrative Agent and the
Lenders to enter into this Amendment Agreement, each of Holdings, the Borrower and each other Guarantor hereby represents and warrants to the Administrative Agent and the Lenders on the date hereof that: 

(a) Each of Holdings, the Borrower and each other Guarantor has the power and authority to execute and deliver this Amendment Agreement, and to
perform their respective obligations hereunder and under the Amended Credit Agreement. The execution and delivery by each of Holdings, the Borrower and each other Guarantor of this Amendment Agreement, and the performance of their respective
obligations hereunder and under the Amended Credit Agreement, have been duly authorized by all necessary corporate, stockholder, partnership or limited liability company action, and this Amendment Agreement and the Amended Credit Agreement each
constitute a legal, valid and binding obligation of each of Holdings, the Borrower and each other Guarantor enforceable against it in accordance with its respective terms, subject to (i) the effects of bankruptcy, insolvency, moratorium,
reorganization, fraudulent conveyance or other similar laws affecting creditors’ rights generally, (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and
(iii) implied covenants of good faith and fair dealing. 
 (b) As of the Amendment Effective Date, no Event of Default or Default shall
have occurred and be continuing or would result from this Amendment Agreement or the Amended Credit Agreement, or any transactions contemplated hereby or thereby. 

(c) Each of the representations and warranties of Holdings, the Borrower and each other Guarantor contained in Article IV of the
Amended Credit Agreement are true and correct in all material respects on and as of the Amendment Effective Date, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and
warranties shall be true and correct in all material respects as of such earlier date) and except to the extent such representations and warranties are qualified with “materiality” or “Material Adverse Effect” or similar terms,
in which case such representations and warranties shall be true and correct in all respects. 

  
 7 

 Section 4. Effectiveness of this Amendment Agreement and the Amended
Credit Agreement. The effectiveness of this Amendment Agreement, the amendment of the Existing Credit Agreement set forth herein, and the approval and authorization with respect to the amendment of the Jesup Facility Mortgage set forth herein
are all subject to the satisfaction of the following conditions precedent (the date on which all of such conditions shall first be satisfied (or waived), which in the case of clause (b) may be substantially concurrent with the satisfaction of
the other conditions specified below, the “Amendment Effective Date”): 
 (a) The Administrative Agent’s (or
its counsel’s) receipt of the following: 
 (i) either (x) a counterpart of this Amendment Agreement signed on
behalf of each party hereto (including, in all events, the Loan Parties, the Administrative Agent and Lenders comprising at least the Required Lenders (as defined in the Existing Credit Agreement)) or (y) customary written evidence reasonably
satisfactory to the Administrative Agent (which may include telecopy or electronic transmission of a signed signature page of this Amendment Agreement) that such party has signed a counterpart of this Amendment Agreement; and 

(ii) an officer’s certificate signed by a Responsible Officer of the Borrower certifying as to the matters set forth in
Section 3(b) and 3(c) hereof; and 
 (b) the Borrower shall have paid all fees, costs and expenses due and payable to the
Administrative Agent, for itself and on behalf of the Lenders, and its counsel on the Amendment Effective Date for which the Borrower has received an invoice (provided that such invoice may reflect an estimate and/or only costs processed to
date and shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent, including with respect to fees, costs or expenses incurred prior to the Amendment Effective Date). 

Section 5. Effect of Amendment. (a) Except as expressly set forth herein or in the Amended Credit
Agreement, this Amendment Agreement shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders or the Administrative Agent under the Existing Credit Agreement or any other
Loan Document and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Existing Credit Agreement or any other provision of the Existing Credit Agreement or of any
other Loan Document, all of which, subject to the terms of the Amended Credit Agreement, are ratified and affirmed in all respects and shall continue in full force and effect. Nothing herein shall be deemed to entitle Holdings and the Borrower to a
consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Existing Credit Agreement, Amended Credit Agreement or any other Loan Document in similar or
different circumstances. 
 (b) On and after the Amendment Effective Date, each reference in the Existing Credit Agreement to
“this Agreement”, “hereunder”, “hereof’, “herein”, or words of like import, and each reference to the “Credit Agreement” in any other Loan Document shall be deemed a reference to the Amended Credit
Agreement. This Amendment Agreement shall constitute a “Loan Document” for all purposes of the Amended Credit Agreement and the other Loan Documents. 

  
 8 

 Section 6. Governing Law. THIS AMENDMENT AGREEMENT AND ANY
CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AMENDMENT AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF THAT WOULD REQUIRE THE APPLICATION OF LAWS OF ANOTHER JURISDICTION. 

Section 7. Counterparts. This Amendment Agreement may be executed in any number of counterparts (and by
different parties hereto in separate counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Amendment
Agreement by telecopy or electronic transmission shall be as effective as delivery of a manually executed counterpart hereof. 

Section 8. Headings. Section headings in this Amendment Agreement are for convenience of reference only, and shall
not govern the interpretation of any of the provisions of this Amendment Agreement. 
 [Remainder of page intentionally blank; signature
pages follow] 

  
 9 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment Agreement as of the date
first written above. 
  

			
	RAYONIER A.M. PRODUCTS INC.,
		 	as Borrower
		
	By:	 	/s/ Frank A. Ruperto
		 	Name: Frank A. Ruperto
		 	Title:   Senior Vice President

  

			
	RAYONIER ADVANCED MATERIALS INC.,
		 	as Holdings, as the Designated Borrower and as a Guarantor
		
	By:	 	/s/ Frank A. Ruperto
		 	Name: Frank A. Ruperto
		 	 Title:   Chief Financial Officer and Senior Vice President, Finance and
Strategy

 [Signature Page to First Amendment] 

 
			
	 RAYONIER A.M. SALES AND TECHNOLOGY INC.

RAYONIER PERFORMANCE FIBERS, LLC
 RAYONIER A.M. PROPERTIES LLC

RAYONIER A.M. CHINA LIMITED

RAYONIER ADVANCED MATERIALS INDUSTRIES LTD.

RAYONIER A.M. FAR EAST LTD.,

		 	as Guarantor
		
	By:	 	/s/ Paul G. Boynton
		 	Name: Paul G. Boynton
		 	Title:   President

  

			
	SOUTHERN WOOD PIEDMONT COMPANY,
		 	as Guarantor
		
	By:	 	/s/ William R. Manzer
		 	Name: William R. Manzer
		 	Title:   President

 [Signature Page to First Amendment] 

 
			
	 BANK OF AMERICA, N.A.,

		 	as Administrative Agent
		
	By:	 	/s/ Darleen R. DiGrazia
		 	Name: Darleen R. DiGrazia
		 	Title:   Vice President

 [Signature Page to First Amendment] 

 
			
	 BANK OF AMERICA, N.A.,
 as an L/C
Issuer, as Swing Line Lender and as a Lender

		
	By:	 	/s/ Mark Halmrast
		 	Name: Mark Halmrast
		 	Title:   Managing Director

 [Signature Page to First Amendment] 

 
			
	 WELLS FARGO BANK N.A.,
 as a
Lender

		
	By:	 	/s/ Dennis Spencer
		 	Name: Dennis Spencer
		 	Title:   Senior Vice President

 [Signature Page to First Amendment] 

 
			
	 COBANK, ACB,
 as an L/C
Issuer

		
	By:	 	/s/ Zachary Carpenter
		 	Name: Zachary Carpenter
		 	Title:   Vice President

 [Signature Page to First Amendment] 

 
			
	 COBANK, FCB,
 as a
Lender

		
	By:	 	/s/ Zachary Carpenter
		 	Name: Zachary Carpenter
		 	Title:   Vice President

 [Signature Page to First Amendment] 

 
			
	 AMERICAN AGCREDIT, FLCA,
 as a
Voting Participant

		
	By:	 	/s/ Michael J. Balok
		 	Name: Michael J. Balok
		 	Title:   Vice President

 [Signature Page to First Amendment] 

 
			
	 FARM CREDIT BANK OF TEXAS,
 as a
Voting Participant

		
	By:	 	/s/ Luis M. H. Requejo
		 	Name: Luis M. H. Requejo
		 	Title:   Director Capital Markets

 [Signature Page to First Amendment] 

 
			
	 FARM CREDIT WEST, FLCA
 as a Voting
Participant

		
	By:	 	/s/ Robert Stornetta
		 	Name: Robert Stornetta
		 	Title:   Vice President

 [Signature Page to First Amendment] 

 
			
	 FARM CREDIT EAST, ACA
 as a Voting
Participant

		
	By:	 	/s/ Kerri Sears
		 	Name: Kerri Sears
		 	Title:   Vice President

 [Signature Page to First Amendment] 

 
			
	 NORTHWEST FARM CREDIT SERVICES, FLCA

as a Voting Participant

		
	By:	 	/s/ Jeremy VanderVegt
		 	Name: Jeremy VanderVegt
		 	Title:   Vice President

 [Signature Page to First Amendment] 

 
			
	 FARM CREDIT OF FLORIDA, ACA,
 as a
Lender

		
	By:	 	Michael W. Zolkos
		 	Name: Michael W. Zolkos
		 	Title:   Cap. Mkts. Officer

 [Signature Page to First Amendment] 

 
			
	 AGFIRST FARM CREDIT BANK,
 as a
Voting Participant

		
	By:	 	/s/ Matthew H Jeffords
		 	Name: Matthew H Jeffords
		 	Title:   Vice President

 [Signature Page to First Amendment] 

 
			
	 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

as a Lender

		
	By:	 	/s/ Christopher Day
		 	Name: Christopher Day
		 	Title:   Authorized Signatory
		
	By:	 	/s/ Joan Park
		 	Name: Joan Park
		 	Title:   Authorized Signatory

 [Signature Page to First Amendment] 

 
			
	 DNB CAPITAL LLC,
 as a
Lender

		
	By:	 	/s/ Kristie Li
		 	Name: Kristie Li
		 	Title:   Senior Vice President
		
	By:	 	/s/ Thomas Tangen
		 	Name: Thomas Tangen
		 	Title:   Senior Vice President Head of Healthcare

 [Signature Page to First Amendment] 

 
			
	 SUNTRUST BANK,
 as a
Lender

		
	By:	 	/s/ Chris Hursey
		 	Name: Chris Hursey
		 	Title:   Director

 [Signature Page to First Amendment] 

 
			
	 TD BANK N.A.,
 as a
Lender

		
	By:	 	/s/ Michele Dragonetti
		 	Name: Michele Dragonetti
		 	Title:   Senior Vice President

 [Signature Page to First Amendment] 

 
			
	 U.S. BANK NATIONAL ASSOCIATION,
 as
a Lender

		
	By:	 	/s/ Jonathan F. Lindvall
		 	Name: Jonathan F. Lindvall
		 	Title:   Senior Vice President

 [Signature Page to First Amendment] 

 Schedule I-A 

Jesup Facility Mortgage – Excluded Improvements 

The buildings, structures, and improvements known as the Lagoon Substation and the Strong Lagoon Substation, located on the Land (as defined in the Jesup
Facility Mortgage), both having an address at 4470 Savannah Highway, Jesup, Georgia 31545, as referred to and more particularly described in the Standard Flood Hazard Determination Forms (Flood Certificate #1705347515 and #1705296339, both prepared
by CoreLogic Flood Services). 
 [See Exhibit A attached to this Amendment Agreement for the Standard Flood Hazard Determination Forms]

 Schedule I-B 

Jesup Facility Mortgage – Excluded Fixtures 

All fixtures, materials, supplies, equipment, systems, machinery, apparatus, furniture, furnishings, appliances and other items of personal property now owned
or hereafter acquired by Grantor (as defined in the Jesup Facility Mortgage) and now or hereafter attached to, installed in, situated in, on or about or used in connection with any of the Excluded Improvements. 

[See Exhibit A attached to this Amendment Agreement for the Standard Flood Hazard Determination Forms] 

 Schedule I-C 

Jesup Facility Mortgage – Excluded Personalty 

All right, title and interest of Grantor (as defined in the Jesup Facility Mortgage) in and to all goods, accounts, general intangibles, instruments,
documents, chattel paper and all other personal property of any kind or character, including such items of personal property as defined in the UCC (defined in the Deed to Secure Debt (as defined in the Jesup Facility Mortgage)), now owned or
hereafter acquired by Grantor and now or hereafter affixed to, placed upon, used in connection with, arising from or otherwise related to the Excluded Improvements. 

[See Exhibit A attached to this Amendment Agreement for the Standard Flood Hazard Determination Forms] 

 Exhibit A 

Standard Flood Hazard Determination Forms 

[On file with the Administrative Agent]

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