Document:

Exhibit 10.1 Trx Bns

Exhibit 10.1
January 24, 2014

NAME
Rayonier Inc 
1301 Riverplace Blvd.
Jacksonville, FL 32207

Transaction Bonus Agreement 
Dear NAME:
As you are aware, it was announced that Rayonier Inc. ("Rayonier") believes that it is in its shareholders’ best interest to separate Rayonier into two publicly traded companies (the "Spinoff Transaction") - one focused on Timber and Real Estate and a new corporation focused on Performance Fibers and other performance materials ("PFCo").  You are an important member of our team and your continued commitment to facilitate the Spinoff Transaction and remain employed with us through at least six months following the date of the closing of the Spinoff Transaction is crucial to our continued success.  The period from today through the date that is six months after the closing of the Spinoff Transaction or through December 31, 2014 if the Spinoff Transaction is abandoned, is referred to in this agreement as the "Eligibility  Period". 
To acknowledge the value of your commitment to this joint effort in successfully completing the Spinoff Transaction and helping to transition Rayonier to two publicly traded companies, this letter agreement describes a “transaction bonus” to which you will become entitled upon the satisfaction of certain conditions and compliance with the other terms of this agreement.  After you have reviewed this agreement, please execute a copy where indicated after my signature below and return it to me to acknowledge your understanding and agreement with its terms. 
		
	A.
	Transaction Bonus 

Contingent upon your satisfaction of the Eligibility Conditions described below, you will become entitled to a bonus equal to $____________ (your "Transaction Bonus") at the conclusion of the Eligibility Period in accordance with the terms of this letter agreement.  
		
	B.
	Eligibility Conditions

The "Eligibility Conditions" (all of which must be satisfied) are as follows:
(i)  Performance Conditions. You have continued to work diligently and in good faith for, and in the interests of your employer (whether it be Rayonier and/or PFCo), and its shareholders and affiliates through the end of the Eligibility Period or, if earlier, the date of your Qualifying Termination (defined below), as determined in the sole discretion of the Compensation and Management Development Committee of the Rayonier Board of Directors. It is understood that your duties during the Eligibility Period may include additional or different responsibilities to those performed today, as you assist in the transition of each company to independent operation. 
(ii)  Employment Condition. You are continuously employed by Rayonier and/or PFCo from the date of this agreement through the end of the Eligibility Period; provided, however, that if your 

employment with Rayonier or PFCo (as applicable) is terminated without Cause (as defined in Rayonier’s Severance Plan, prior to the end of the Eligibility Period (a "Qualifying Termination"), you will be deemed to have satisfied the employment condition.  
 (iii) Confidentiality Condition.  You have kept the terms of this agreement in strict confidence, it being acknowledged that this letter agreement constitutes confidential information of Rayonier and is subject to the terms of agreements you have previously executed and delivered with respect to your obligations to maintain the confidentiality of Rayonier’s confidential information (without regard to the fact that Rayonier and/or PFCo may have a legal obligation to disclose the terms of this agreement).
Notwithstanding the foregoing, in the event that while you are employed by Rayonier or PFCo a “change in control” (as defined in your employer’s Incentive Stock Plan) occurs with respect to your employer prior to the end of the Eligibility Period, the Eligibility Conditions will be deemed satisfied as of the date of the Change in Control of your employer.
		
	C.
	Payment of Your Transaction Bonus.  

Upon confirmation that you have satisfied the Eligibility Conditions, your Transaction Bonus will be paid to you in a lump sum, less required deductions and withholding, within ten (10) days following the end of the Eligibility Period; provided that, if you satisfy the employment condition because you experience a Qualifying Termination, payment will be made within ten (10) days following your execution and non-revocation of a release of claims against Rayonier, PFCo and their respective affiliates within the applicable time periods set forth in the release.
		
	D.
	Covenants

By your signature below, you acknowledge and agree that the agreements you have made in this agreement are reasonable and that, without limiting the rights or remedies of Rayonier, PFCo or their respective affiliates under any other agreement or arrangement, if you violate the terms of this agreement at any time, you will forfeit the right to your Transaction Bonus and, if the Transaction Bonus has been paid, you hereby agree that you will forthwith repay the full amount thereof to Rayonier or PFCo or the applicable affiliate that paid the Transaction Bonus to you, and you consent to Rayonier, PFCo or such affiliate, to the extent permitted by law, deducting the amount of your Transaction Bonus previously paid from any amounts Rayonier, PFCo or such affiliate owes to you.
		
	E.
	Coordination with Other Plans and Arrangements

Your entitlement to receive a Transaction Bonus does not affect your right to receive severance upon any termination of employment under any existing severance plan or policy of Rayonier or a Rayonier affiliate, or any other benefit to which you may be legally entitled under any existing plan of Rayonier or a Rayonier affiliate, except as specifically provided herein.  The Transaction Bonus shall not count toward or be considered in determining payments or benefits due under any other plan, program or agreement in which you are eligible or to which you are a party.   Notwithstanding the foregoing, you acknowledge that if you become entitled to benefits under the Rayonier Executive Severance Pay Plan, dated December, 2007 or any substantially identical plan adopted by Rayonier or PFCo (each a "Senior Executive Severance Plan") as a result of a Change in Control (as defined in such Senior Executive Severance Plan) occurring during the Eligibility Period or the six-month period immediately following the Eligibility Period, the benefits under the Senior Executive Severance Plan will be reduced by the amount of any Transaction Bonus to which you become entitled.
Your Transaction Bonus is intended to constitute a payment pursuant to the “short-term deferral” exception under Code Section 409A, and this agreement will be interpreted consistent with that intent and operate 

in accordance with the requirements of Code Section 409A, including any applicable exceptions. Notwithstanding anything in this agreement to the contrary, in no event will your Transaction Bonus be paid later than two and one-half months after the last day of the fiscal year in which you become entitled to it.
		
	F.
	Miscellaneous. 

Nothing in this agreement shall be construed as changing your status as an employee-at-will of your employer and its affiliates during the Eligibility Period or at any other time. 
The terms and provisions of this agreement shall be binding on and inure to your benefit, your heirs, executors, administrators, and other legal representatives and shall be binding on and inure to the benefit of your employer (whether Rayonier or PFCo) and its affiliates, successors and assigns.  Rayonier shall have the right to assign this letter in connection with the Spinoff Transaction and, following the Spinoff Transaction, the entity to which this letter is assigned shall be the sole obligor under this agreement.
This agreement constitutes the entire agreement between the parties with respect to the Transaction Bonus and no other agreement, oral or otherwise, shall be binding upon the parties unless it is in writing and signed by the party against whom enforcement is sought. There are no promises, representations, inducements or statements between the parties with respect to this matter other than those that are expressly contained in this agreement. 
If any provision of this agreement is held by a court of competent jurisdiction to be void or unenforceable for any reason, in whole or in part, the remaining provisions of this agreement, or their remaining portions, will nevertheless continue with full force and effect, and you agree that a court of competent jurisdiction will have jurisdiction to reform such provision to the extent necessary to cause it be to enforceable to the maximum extent permitted by law, and you agree to be bound by such reformation.
This agreement shall be governed by and construed in accordance with the laws of the State of Florida.
* * * * 
Please indicate your understanding and agreement with the above by signing the attached copy of this agreement and returning it to the attention of James L. Posze, Jr. 

	
		
	 
	 

	RAYONIER INC.

	 
	 

	By:
	 

	Title:
	SVP, Human Resources

	
	
	 

	ACCEPTED AND AGREED:

	 

	 

	NAME

	 

	 

	Date:exhibit4.5PNCAmendment_No2S4

EXHIBIT  4.5

AMENDMENT NO. 2 TO 
REVOLVING CREDIT AND SECURITY AGREEMENT
THIS AMENDMENT NO. 2 (this "Amendment") is entered into as of November 6, 2013, by and among TECUMSEH PRODUCTS COMPANY, a corporation organized under the laws of the State of Michigan (“Tecumseh Products”), TECUMSEH COMPRESSOR COMPANY, a corporation organized under the laws of the State of Delaware (“Tecumseh Compressor”), TECUMSEH PRODUCTS OF CANADA, LIMITED, a Canadian corporation (“Tecumseh Products Canada”), and EVERGY, INC., a corporation organized under the laws of the State of Delaware (“Evergy”) (Tecumseh Products, Tecumseh Compressor, Tecumseh Products Canada, and Evergy are each a “Borrower”, and collectively “Borrowers”), PNC BANK, NATIONAL ASSOCIATION ("PNC"), the various financial institutions named therein or which hereafter become a party thereto (together with PNC, collectively, "Lenders") and PNC, as agent for the Lenders (in such capacity, "Agent").
BACKGROUND
WHEREAS, Borrowers, Agent and Lenders are parties to a Revolving Credit and Security Agreement dated as of April 21, 2011, as amended by Amendment No. 1 to Revolving Credit and Security Agreement dated December 30, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the "Loan Agreement") pursuant to which Agent and Lenders provide Borrowers with certain financial accommodations; and 
WHEREAS, in connection with the foregoing, Borrowers have requested that Agent and Lenders amend certain provisions of the Loan Agreement, and Agent and Lenders are willing to do so on the terms and conditions in this Amendment.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
1.Definitions.  All capitalized terms not otherwise defined herein shall have the meanings given to them in the Loan Agreement.
2.    Amendment to Loan Agreement.  Schedule 4.15(h) attached to the Loan Agreement is replaced with the Schedule attached as Exhibit A to this Amendment.
3.    Conditions of Effectiveness of Amendment.  This Amendment is not effective until Agent has received fully executed copies of this Amendment and all Exhibits and related documents (the “Conditions Precedent”).
4.    Representations and Warranties.  The parties hereto represent and warrant that this Amendment and the Loan Agreement, as amended hereby, constitute legal, valid and binding obligations of the parties hereto and are enforceable against such parties in accordance with their respective terms.

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EXHIBIT  4.5

5.    Effect on the Agreement.
(a)    Upon the effectiveness of Section 2 hereof, each reference in the Loan Agreement to "this Agreement," "hereunder," "hereof," "herein" or words of like import shall mean and be a reference to the Loan Agreement as amended hereby.
(b)    Except as specifically amended herein, the Loan Agreement, and all other documents, instruments and agreements executed and/or delivered in connection therewith, shall remain in full force and effect, and are hereby ratified and confirmed.
(c)    The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of Agent or Lenders, nor constitute a waiver of any provision of the Loan Agreement, or any other documents, instruments or agreements executed and/or delivered under or in connection therewith.
6.    Governing Law.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns and shall be governed by and construed in accordance with the laws of the State of Michigan, without regard to any conflicts of laws principles thereto that would call for the application of the laws of another jurisdiction.
7.    Headings.  Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.
8.    Counterparts; Facsimile and PDF.  This Amendment may be executed by the parties hereto in one or more counterparts, each of which shall be deemed an original and all of which when taken together shall constitute one and the same agreement.  Any signature delivered by a party by facsimile transmission or electronic transmission in PDF format shall be deemed to be an original signature hereto.

[Remainder of Page Intentionally Left Blank – Signature Page Follows]

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EXHIBIT  4.5

IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first written above.
PNC BANK, NATIONAL ASSOCIATION, 
as Lender and as Agent
By: /s/ Todd Milenius             
Todd Milenius, Vice President
ACKNOWLEDGED AND AGREED:
TECUMSEH PRODUCTS COMPANY 
TECUMSEH COMPRESSOR COMPANY 
TECUMSEH PRODUCTS OF CANADA, LIMITED 
EVERGY, INC.
By: /s/ Janice E. Stipp                                                       
Janice E. Stipp, Chief Financial Officer and Treasurer

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EXHIBIT  4.5

EXHIBIT A
Schedule 4.15(h) - Deposit and Investment Accounts
	
						
	Borrower
	Financial Institution
	Type of Account
	Lockbox/ Account Number
	Parameters for Accounts Not Subject to Control Agreements

	Tecumseh Compressor
	Peoples Bank & Trust Company
	Payroll
	900292125
	

	See Comment 1 below.

	Tecumseh Canada
	JPMorgan Chase
	General Account
	4673368101
	

	N/A.  Subject to Control Agreement.

	Tecumseh Canada
	JPMorgan Chase
	General Account
	4673368210
	

	N/A.  Subject to Control Agreement.

	Tecumseh Canada
	Royal Bank of Canada
	General Account-USD
	26
	

	N/A.  Subject to Control Agreement

	Tecumseh Canada
	Royal Bank of Canada
	General Account- CAD
	4001905 1 
	

	N/A.  Subject to Control Agreement

	Evergy
	Commercial Bank & Trust
	Deposit
	55530
	

	See Comment 2 below.

	Evergy
	Commercial Bank & Trust
	Petty Cash
	67040
	

	See Comment 2 below.

	Evergy
	Commercial Bank & Trust
	Payroll
	20699
	

	See Comment 2 below.

	Tecumseh Products
	Black Rock
	Investment
	32941
	

	N/A.  Subject to Control Agreement.

	Tecumseh Products
	OptionsXpress
	Commodities
	67020322
	

	See Comment 3 below.

	Tecumseh Products
	JPMorgan Chase
	CD
	100072450377
	

	See Comment 4 below.

Comment 1 - This account can remain open and not subject to a control agreement if the average monthly balance at no time exceeds $2,000.  Borrower must deliver to Agent monthly bank statements with respect to this account to evidence compliance with these parameters.
Comment 2 - These accounts can remain open and not subject to a control agreement provided no Event of Default has occurred and the average aggregate monthly balance of these accounts at no time exceeds $25,000.  
Comment 3 - This account can remain open and not subject to a control agreement, provided, however, that if an Event of Default occurs, Borrowers shall only maintain amounts in such account as are reasonably likely to be necessary to meet the hedging obligations related to this account.  
Comment 4 - This certificate of deposit can remain in place, subject to a pledge in favor of JPMorgan Chase and not subject to a control agreement, provided, however, that if an Event of Default occurs, Borrowers shall only maintain amounts in such certificate of deposit as are reasonably likely to be necessary to meet the hedging obligations related to this account.
		
	1.
	Borrowers advised Agent that Tecumseh Canada does not presently have a lockbox and there is no lockbox associated with this account.  Tecumseh Canada, Agent, and the Royal Bank of Canada are party to a control agreement with respect to this account.  If a lockbox is put in place with respect to this account, a new control agreement or amendment to the existing control account agreement addressing the lockbox, which is satisfactory to Agent, must be entered into in order for the lockbox and this account to continue to be permitted by Agent.  

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