Document:

Unfunded Supplemental Retirement Plan For Senior Managers

 EXHIBIT 10.21 
 INTERNATIONAL PAPER COMPANY 
 UNFUNDED SUPPLEMENTAL RETIREMENT PLAN 
 FOR SENIOR MANAGERS 
 As Amended and Restated Effective January 1, 2008 
 PREAMBLE 
 This Plan was originally
established as the International Paper Company Unfunded Excess-Benefit Plan for Senior Managers and became effective as of November 1, 1983, pursuant to a resolution of the Board of Directors of International Paper Company (the
“Board”) dated October 11, 1983. Effective as of November 12, 1985, the name of the Plan was changed to the International Paper Company Unfunded Supplemental Retirement Plan for Senior Managers, and additional benefit
provisions were added to the Plan as set forth herein. The Plan was amended effective as of April 1, 1991, to delete the statutory limitation excess benefit provision from the Plan, because International Paper Company (together with certain
affiliates and subsidiaries in which the Company has a substantial ownership interest shall be collectively referred to as the “Company”) has established a separate plan to provide statutory limitation excess benefits to salaried
employees of the Company and its United States subsidiaries. The Plan was amended effective September 8, 1992, to change the calculation of the Supplemental Benefit payable under the Plan. The Plan was amended effective July 1, 1993, to
change the definition of Compensation under the Plan. The Plan was amended effective December 1, 1993, to specify the optional forms of benefit payment and death benefits. 
 The Plan was amended effective January 1, 2000, among other things, to change the definition of Compensation under the Plan, establish a pensionable pay minimum for purposes of the Plan, clarify the
vesting provisions applicable to participants, change certain provisions relating to the commencement of the Supplemental Benefit payable under the Plan and to clarify the calculation of the pre-retirement death benefit. The Plan was amended
effective January 1, 2001, and amended effective October 9, 2001, to change the definition of Compensation under the Plan. 
 The Plan was amended and restated effective January 1, 2005, to comply with the provisions of the American Jobs Creation Act of 2004, and to make certain other changes, including to change the normal form of benefit payment to a lump
sum and to detail the rules for an annuity form of payment, to change the commencement of benefit rules, to define rules for determining the lump sum interest rate, to allow as credited service employment with affiliated companies, to establish a
minimum service requirement of five years of vesting service to receive benefits under the Plan, to establish new formulas for the calculation of benefits for employees who become eligible to participate in the Plan after July 1, 2004, and to
provide the Board and the Management Development and Compensation Committee of the Board (the “Committee”) with the authority to adjust the application of any term of the Plan with respect to any Eligible Employee, to the extent it
determines that such action will further the purposes of the Plan. 
 The Plan was amended effective January 1, 2006, to permit
modifications of the Plan in accordance with the transition rules under the American Jobs Creation Act of 2004 and to permit payment under the Plan of Federal Insurance Contributions Act taxes due and payable on a Participant’s Supplemental
Benefit. The Plan was amended effective January 1, 2007, to provide an exemption to the criteria for Eligible Employees in the event that an otherwise eligible person would be precluded from participation in the Plan based on an inability to
participate in the Retirement Plan or Salaried Savings Plan because of United States citizenship or residency requirements of such plans. 
 The Plan was amended and restated effective January 1, 2008, among other things, to conform the Plan to the final regulations promulgated under Section 409A of the Internal Revenue Code of 1986, as amended, and to exclude
compensation paid to Eligible Employees by a non-wholly owned business entity outside the United States. 
  

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	1.	 Name and Purpose. 

 This Plan
shall be known as the International Paper Company Unfunded Supplemental Retirement Plan for Senior Managers (the “Plan”). The Plan is an unfunded plan maintained by the Company for the purpose of providing deferred compensation for
a select group of management or highly compensated employees within the meaning of the exemption provisions of Parts 2, 3 and 4 of Subtitle B of Title I of the Employee Retirement Income Security Act of 1974, as amended (and related regulations and
provisions of the Internal Revenue Code of 1986, as amended). 
  

	2.	 Funding of Benefits. 

 The
benefits payable under the Plan will be paid from the Company’s general assets as payments become due under the Plan, and will not be funded in advance through an Internal Revenue Service qualified trust arrangement or through insurance annuity
contracts. From time to time the Company may arrange for insurance annuity contracts on the lives of Eligible Employees (the proceeds of which are payable to the Company) in order to insure the Company for part or all of the payments which the
Company will make under the Plan. All Eligible Employees participating in the Plan agree to authorize the Company to purchase such insurance contracts. Eligible Employees participating in the Plan (and their beneficiaries) will not have any
beneficial interest in such insurance contracts or in the proceeds of such insurance contracts. With respect to claims for benefits under the Plan, Eligible Employees and their beneficiaries shall be general unsecured creditors of the Company.

  

	3.	 Eligible Employees. 

 The
persons who are eligible to receive benefits under the Plan (“Eligible Employees”) are persons who are (A) salaried employees of the Company on or after the effective date of the Plan, (B) elected by the Board as Senior
Vice Presidents of the Company or designated by the Chief Executive Officer as participants in the Plan, and (C) either (i) participants in the Retirement Plan of International Paper Company (the “Retirement Plan”), if
hired before July 1, 2004, or (ii) participants in the International Paper Company Salaried Savings Plan (the “Salaried Savings Plan”) eligible for a Retirement Savings Account, if hired on or after July 1, 2004,
unless participation in either the Retirement Plan or the Salaried Savings Plan is prohibited based on United States citizenship or residency requirements of such plans, in which case this requirement (C) shall be waived. All of the terms and
conditions of the Plan shall be binding upon any surviving spouse, beneficiaries, executor, administrator, heirs or successors of an Eligible Employee. 
  

	4.	 Vesting. 

 An Eligible Employee
who has attained his or her Vesting Date while employed by the Company shall be vested in his or her benefits under the Plan. 
 For
purposes of the Plan, “Vesting Date”, with respect to an Eligible Employee whose benefit under the Plan is determined under Section 5(A), shall mean the earlier of: 
  

	 	(A)	 his or her attainment of age 62 and completion of five years of Vesting Service (as defined in the Retirement Plan); or 

  

	 	(B)	 his or her attainment of age 61 and completion of 20 years of Vesting Service. 

 For purposes of the Plan, “Vesting Date”, with respect to an Eligible Employee whose benefit under the Plan is determined under Section 5(B) or Section 5(C), shall mean:

  

	 	(A)	 his or her attainment of age 55; and 

  

	 	(B)	 completion of five years of Vesting Service. 

  

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	5.	 Amount and Time of Payment of Supplemental Benefit. 

 The annual supplemental retirement benefit entitlement for an Eligible Employee under the Plan (the “Supplemental Benefit”) is determined in accordance with Section 5(A), Section 5(B) or
Section 5(C), whichever is applicable, and is payable at the time and in the form as provided in Section 5(D), as set forth below: 
  

	 	(A)	 Calculation of the Amount of the Supplemental Benefit for Participants in the Plan Prior to July 1, 2004. 

 Except as expressly otherwise provided herein, the Supplemental Benefit is the greatest of (i), (ii), or (iii) below:

  

	 	(i)	 The Participant’s annual Unrestricted Benefit determined under the terms of the International Paper Company Pension Restoration Plan (the “Pension
Restoration Plan”), plus, the single-life annuity payable at age 65 under the Federal Paper Board SERP to the extent applicable to any Participant in this Plan. 

  

	 	(ii)	 An amount equal to the lesser of (a) or (b), reduced by (c) below: 

  

	 	(a)	 3.25% of the Eligible Employee’s Compensation (as defined in Section 5(A)(iv)(c) below) multiplied by the number of years of his or her Credited Service.

  

	 	(b)	 Fifty percent (50%) of the Eligible Employee’s Compensation. 

  

	 	(c)	 The product of: 

  

	 	(1)	 3.25% of the Eligible Employee’s Primary Social Security Benefit multiplied by the number of years of his or her Credited Service projected to age 65, subject to a
maximum of 50% of the Eligible Employee’s Primary Social Security Benefit; and  

  

	 	(2)	 The ratio of years of the Eligible Employee’s Credited Service at the determination date to his or her Credited Service projected to age 65.

  

	 	(iii)	 Twenty-five percent (25%) of the Eligible Employee’s Compensation. 

 The amount calculated under the formula set forth above is a single life annuity and shall be reduced by all of the following amounts: 
  

	 	(a)	 the actual amount of the Eligible Employee’s vested benefit under the Retirement Plan (determined on the basis of a single-life annuity);

  

	 	(b)	 the single life annuity actuarial equivalent of any retirement benefit in respect of which the Eligible Employee has a legally binding right on or before December 31,
2007 and which is payable to the Eligible Employee pursuant to an objective, nondiscretionary formula from or under: (v) a qualified defined benefit plan sponsored by the Company (other than the Retirement Plan); (w) any
qualified defined contribution plan sponsored by the Company (other than the Salaried Savings Plan); (x) any non-qualified defined benefit plan sponsored by the Company (other than the Benefit Restoration Plan); (y) any
non-qualified defined contribution plan sponsored by the Company (other than the International Paper Company Deferred Compensation Savings Plan (the “Deferred Compensation Plan”)); or (z) a contractual-type arrangement
with the Company providing retirement income or similar benefits; and 

  

	 	(c)	 to the extent Credited Service is granted under Section 5(A)(iv)(b) below for service with an acquired company and/or an Affiliated Company, the single-life annuity
actuarial equivalent of any retirement benefit in respect of which the Eligible Employee has a legally binding right on or before the date as of which such Credited Service is granted and which is payable 

  

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to the Eligible Employee with respect to the period of Credited Service so granted, whether payable from or under: (x) a qualified defined benefit plan or
defined contribution plan sponsored by the acquired company and/or the Affiliated Company; (y) any non-qualified defined benefit plan or defined contribution plan sponsored by the acquired company and/or the Affiliated Company; or
(z) a contractual-type arrangement with the acquired company and/or the Affiliated Company providing retirement income or similar benefits. 

  

	 	(iv)	 Definitions. In calculating the Supplemental Benefit under Section 5(A) above: 

  

	 	(a)	 The term “Affiliated Company” means a company in which the Company has at least a 50% ownership interest. 

  

	 	(b)	 The terms “Credited Service” and “Primary Social Security Benefit” shall have the same meaning as defined in the Retirement Plan
except the term “Credited Service”, with respect to an Eligible Employee, shall also include (i) service by such Eligible Employee with an acquired company or with an Affiliated Company, where employment with such entity is not
considered Credited Service under the Retirement Plan, in either case solely to the extent specified by the Plan Administrator, and (ii) any period prior to such Eligible Employee’s attainment of age 65 during which he or she is entitled
to benefits under the Company’s long-term disability plan applicable to him or her. 

  

	 	(c)	 Except as set forth below, the term “Compensation”, with respect to any Eligible Employee and any determination date, shall equal the sum of:

  

	 	(1)	 such Eligible Employee’s highest annual base salary during the three consecutive calendar years prior to such date of determination; plus

  

	 	(2)	 the Eligible Employee’s target award (whether or not deferred) under the Company’s Management Incentive Plan for the year in which the Eligible Employee
terminates or retires. 

 Notwithstanding the above, Compensation shall not include any
awards or income described in Section 1.142 of the Retirement Plan. 
 Further, Compensation shall not
include compensation paid to a Participant by a non-wholly owned business entity outside the United States in which the Company or an Affiliated Company has an ownership interest for service to such non-U.S. business entity; rather, in such
situation, Compensation shall include the amount determined by the Committee. 
 Further, in the case of any Eligible
Employee who is entitled to benefits under the Company’s long-term disability plan applicable to him or her, Section 5(A)(iv)(c)(1) and Section 5(A)(iv)(c)(2) shall be replaced as follows: 
  

	 	(1)	 such Eligible Employee’s annual base salary in effect as of the last day of active employment prior to becoming entitled to benefits under the Company’s
long-term disability plan applicable to him or her; and 

  

	 	(2)	 the Eligible Employee’s target award (whether or not deferred) under the Company’s Management Incentive Plan for the year in which the Eligible Employee became
disabled. 

  

	 	(B)	 Calculation of the Amount of the Supplemental Benefit for Participants Hired Prior to July 1, 2004 and Eligible to Participate in the Plan On or After July 1,
2004. 

  

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 The Supplemental Benefit is the Participant’s annual Unrestricted Benefit
determined under the terms of the Pension Restoration Plan reduced by: 
  

	 	(i)	 The actual amount of the Participant’s vested benefit under the Retirement Plan (determined on the basis of a single life annuity); and 

	 	

	 	(ii)	 The amount of the Participant’s accrued benefit under the Pension Restoration Plan (determined on the basis of a single life annuity) as of the date the Eligible
Employee became a Participant in this Plan pursuant to Section 3. Any reductions in the accrued Pension Restoration Benefit for early commencement shall be based upon the Eligible Employee’s age and period of service as of the date that
payments commence, including periods of service rendered after an Eligible Employee became a Participant in this Plan. 

 An Eligible Employee’s Supplemental Benefit shall be reduced by 4% for each year that commencement of payment precedes age 62. 
 The Plan Administrator may grant additional Credited Service for the calculation of the Supplemental Benefit in accordance with the provisions of Section 5(A)(iv)(b). In the event additional Credited
Service is granted, the Supplemental Benefit shall be calculated as the sum of the Eligible Employee’s vested benefit under the Retirement Plan and the Pension Restoration Plan (both determined using the additional Credited Service and on a
single life annuity basis) for the period of Credited Service beginning on the date such person becomes a Participant under this Plan, reduced by the actual amount of the Eligible Employee’s vested benefit as of his or her termination of
employment under the Retirement Plan and accrued benefit to the date of Plan eligibility under the Pension Restoration Plan. The Supplemental Benefit so determined shall be reduced by the accrued benefit to date of Plan eligibility of the
single-life annuity actuarial equivalent of any retirement benefit due the Eligible Employee from the acquired company and/or Affiliated Company relating to the Credited Service so granted, whether payable under a qualified defined benefit plan,
non-qualified defined benefit plan or contractual-type arrangement. 
  

	 	(C)	 Calculation of the Amount of the Supplemental Benefit for Participants Hired and Eligible to Participate in the Plan On or After July 1, 2004.

 The Supplemental Benefit is the Participant’s annual Unrestricted Benefit determined under
the terms of the Pension Restoration Plan that would be paid to the Eligible Employee, on a single life annuity basis, assuming he or she is eligible for a pension under the 1.67% salaried benefit formula of the Retirement Plan, such amount reduced
by the Eligible Employee’s Retirement Savings Account balances in the Salaried Savings Plan and the Deferred Compensation Savings Plan as of his or her termination of employment with the Company. The Retirement Savings Account balances in the
Salaried Savings Plan and the Deferred Compensation Savings Plan shall be converted to a single life annuity using the same actuarial basis as is used to determine a lump sum payment under Section 6(A). 
 The Plan Administrator may grant additional Credited Service for the calculation of the Supplemental Benefit in accordance with the
provisions of Section 5(A)(iv)(b). In the event additional Credited Service is granted, the Supplemental Benefit shall be calculated as specified in the above paragraph, but including such additional Credited Service in calculating the assumed
Retirement Plan benefit and Pension Restoration Plan benefit. The Supplemental Benefit so determined shall be reduced by the accrued benefit to date of Plan eligibility of the single-life annuity actuarial equivalent of any retirement benefit due
the Eligible Employee from the acquired company and/or Affiliated Company relating to the Credited Service so granted, whether payable under a qualified defined benefit plan, non-qualified defined benefit plan or contractual-type arrangement.

 Notwithstanding the foregoing, in lieu of the Supplemental Benefit determined above, upon recommendation by
management with Committee approval, an Eligible Employee who is actively employed on or after age 62 and has completed at least 10 years of Vesting Service is entitled to a Supplemental Benefit equal to 25% of Final Average Compensation (as defined
under the standard 1.67% salaried benefit formula of the Retirement Plan) reduced by the Eligible Employee’s Retirement Savings Account balances in the Salaried Savings Plan and the Deferred Compensation Savings Plan as of his or her
termination of employment 

  

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with the Company. The Retirement Savings Account balances in the Salaried Savings Plan and the Deferred Compensation Savings Plan shall be converted to a single life
annuity using the same actuarial basis as is used to determine a lump sum payment under Section 6(A). 
 An
Eligible Employee’s Supplemental Benefit shall be reduced by 4% for each year that commencement of payment precedes age 62. 
  

	 	(D)	 Time of Payment of the Supplemental Benefit. 

 As specified in Section 6 below, for an Eligible Employee who terminates employment following his or her Vesting Date, payment of the Supplemental Benefit shall commence following his or her
Retirement Date. 
 “Retirement Date” with respect to an Eligible Employee whose benefit under the
Plan is determined under Section 5(A) shall mean the first of the month following the Eligible Employee’s termination of employment with the Company and the earliest to occur of: 
  

	 	(i)	 his or her attainment of age 62 and completion of 10 years of Vesting Service; 

  

	 	(ii)	 his or her attainment of age 61 and completion of 20 years of Vesting Service; or 

  

	 	(iii)	 his or her attainment of age 65 and completion of five Years of Vesting Service. 

 “Retirement Date” with respect to an Eligible Employee whose benefit under the Plan is determined under the
standard provisions of Section 5(B) or Section 5(C) shall mean the first of the month following the Eligible Employee’s termination of employment with the Company and the earlier to occur of: 
  

	 	(i)	 his or her attainment of age 55 and the completion of 10 years of Vesting Service: or 

  

	 	(ii)	 his or her attainment of age 65 and completion of five years of Vesting Service. 

  

	 	(E)	 Payment of FICA Taxes. 

 At the time Federal Insurance Contributions Act (“FICA”) taxes become due and payable by a Participant on his or her Supplemental Benefit, such FICA taxes shall be paid from the Plan as follows: 
  

	 	(i)	 if FICA taxes are payable in the same calendar year that payment of the Supplemental Benefit commences under Section 6 below, the FICA taxes shall be withheld from
the Supplemental Benefit paid in that calendar year and remitted on behalf of the Participant to the U.S. Treasury; or 

  

	 	(ii)	 if FICA taxes are payable in a calendar year prior to the calendar year that payment of the Supplemental Benefit commences under Section 6 below, the amount of the
FICA taxes and any corresponding federal, state or local income tax withholding shall be paid from the Plan on behalf of the Participant to the U.S. Treasury and applicable tax authorities, and the Participant’s Supplemental Benefit shall be
reduced by the amount of these tax payments. 

  

	 	(F)	 Calculation of Payment of Supplemental Benefit for a Participant Whose Benefit is Calculated under Section 5(A) and Who is Vested Prior to Normal Vesting Date.

 Notwithstanding anything else in this Plan to the contrary, the Committee may provide that any
Participant whose benefit is calculated under Section 5(A) and who has attained age 55 and completed at least five years of Vesting Service shall be vested in such benefit prior to attaining age 61; provided that, in such event, such
Participant’s 
  

	 	(i)	 accrued benefit payable under the Pension Restoration Plan shall be paid at the time and in the manner determined in accordance with the terms of the Pension Restoration
Plan (determined without regard to such SERP vesting); and 

  

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	 	(ii)	 Supplemental Benefit calculated under Section 5(A) shall also be reduced by the accrued Pension Restoration Plan benefit described in Section 5(F)(i), above (but
prior to early retirement reductions, if any) and shall be paid in the form described in Section 6 at the earliest date at which such Participant could receive a distribution under the SERP in accordance with Section 5(D), based on his age
and years of Vesting Service. 

  

	6.	 Form of Benefit Payment. 

  

	 	(A)	 Payment Form. The form of payment of the Supplemental Benefit is a lump sum payment. Payment of the Supplemental Benefit to an Eligible Employee shall be made on
the later of the January 1 coinciding with or next following the Eligible Employee’s Retirement Date or the date six months following the Eligible Employee’s termination of employment with the Company (the “Normal Payment
Date”). 

  

	 	(B)	 Calculation of the Lump Sum Payment. The lump sum payment under Section 6(A) above shall be determined based on the UP-94G mortality table (male) and as further
detailed below: 

  

	 	(i)	 With respect to an Eligible Employee whose benefit under the Plan is determined under Section 5(A), the amount of the lump sum payment shall be determined by applying
a discount rate based on the municipal bond rate (published daily in the Wall Street Journal under Bonds, Tracking Bond Benchmarks, Muni Master, 7-12 Year) for the December 31 preceding the Eligible Employee’s Normal Payment Date.
Notwithstanding the foregoing, an Eligible Employee may make an election prior to his or her Retirement Date to have the discount rate determined as of any day beginning on January 1 of the calendar year in which he or she attains age 61. The
Eligible Employee must file this election in writing with the Plan Administrator on or before the day to which the elected discount rate applies. The Eligible Employee may only make one such election and such election is irrevocable.

  

	 	(ii)	 With respect to an Eligible Employee whose benefit under the Plan is determined under Section 5(B) or Section 5(C), the amount of the lump sum payment shall be
determined by applying a discount rate based on the average municipal bond rate (published daily in the Wall Street Journal under Bonds, Tracking Bond Benchmarks, Muni Master, 7-12 Year) for the month of December preceding the Eligible
Employee’s Normal Payment Date. Notwithstanding the foregoing, an Eligible Employee may make an election prior to his or her Retirement Date to have the discount rate determined as of any month beginning with the month the Eligible Employee
announces his or her retirement, provided such announcement is at least 12 months in advance of the Eligible Employee’s Retirement Date. The Eligible Employee must file this election in writing with the Plan Administrator by the last day of the
month to which the elected discount rate applies. The Eligible Employee may only make one such election and such election is irrevocable. In determining the lump sum payment of the Eligible Employee’s Supplemental Benefit, the discount rate
shall be the lower of (i) the discount rate so elected by the Eligible Employee or (ii) the Plan discount rate for the month of December preceding the Eligible Employee’s Normal Payment Date. 

 The Committee reserves the right to change the discount rate from time to time. 
  

	 	(C)	 Death Benefit Prior to Retirement. In the event an Eligible Employee dies on or after completing five years of Vesting Service, but prior to his or her Retirement Date,
the Supplemental Benefit shall be payable to his or her surviving spouse, if any, in the form of a pre-retirement surviving spouse’s benefit, based on the provisions of the Retirement Plan. Any such pre-retirement surviving spouse’s
benefit shall be paid in the manner set forth for determining a “Qualified Joint and Survivor Annuity” under the Retirement Plan (providing 50% of the Eligible Employee’s reduced benefit to his or her spouse).

  

	 	(D)	 Death Benefit After Retirement. In the event an Eligible Employee dies on or after his or her Retirement Date, but prior to payment of a benefit under Section 6(A)
above, the Supplemental 

  

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Benefit shall be payable to the Eligible Employee’s named beneficiary in the normal form of a lump sum payment as soon as practicable following the Eligible
Employee’s death. An Eligible Employee may designate a beneficiary to receive the death benefit payable under this Section 6(D). Such designation shall be in writing on a form prescribed by the Plan Administrator and may be changed from
time to time. If no beneficiary is designated or surviving at the time of the Eligible Employee’s death, the death benefit shall be payable to the spouse of the Eligible Employee or, if the Eligible Employee is unmarried, to the estate of the
Eligible Employee. 

  

	7.	 Benefit Not Assignable. 

 An Eligible Employee’s rights under the Plan shall not be subject to assignment, encumbrance, garnishment, attachment or charge, whether voluntary or involuntary, and in the event of any such assignment, action or
proceeding, any benefit otherwise payable under the Plan shall be deemed terminated or forfeited. 
  

	8.	 Termination of Benefit/Repayment of Benefit. 

  

	 	(A)	 Solely with respect to an Eligible Employee whose benefit under the Plan is determined under Section 5(A), eligibility of a person to participate in the Plan, or to
receive payment of any benefit under the Plan, shall be subject to being terminated by the Committee, in the Committee’s sole discretion, if the person: 

  

	 	(i)	 shall, without the consent of the Committee, breach any covenant in favor of the Company with respect to the disclosure of confidential information, the hiring or
solicitation of employees, or competition with the Company, as the same may be contained in any agreements approved by the appropriate officers of the Company and as in effect from time to time (the “Non-Competition Agreement” and the
“Non-Solicitation Agreement”); or 

  

	 	(ii)	 shall have been involuntarily terminated by the Company for “good cause” (as defined below), or shall have been found by the Committee to have engaged in any
action inimical to the interests of the Company, dishonesty or other serious misconduct in connection with the person’s employment by the Company, for purposes of this subparagraph “good cause” for involuntary termination shall
mean termination upon: 

 (a) the willful and continued failure substantially to perform properly assigned duties
with the Company (other than any such failure resulting from incapacity due to physical or mental illness) after a written demand is delivered by the Board which specifically identifies the manner in which the Board believes that properly assigned
duties have not been substantially performed; or 
 (b) the willful engaging in conduct which is demonstrably and materially injurious
to the Company, monetarily or otherwise; 
 for purposes of this Section 8(A)(ii), no act, or failure to act, shall be deemed
“willful” unless done (or omitted to be done) not in good faith and without reasonable belief that the action or omission was in the best interest of the Company; notwithstanding the foregoing, a person shall not be deemed to have
been terminated for good cause unless and until there shall have been delivered a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters (3/4) of the entire membership of the Board at a meeting of the Board
(after reasonable notice to the person and an opportunity, together with counsel, to be heard before the Board), finding that in the good faith opinion of the Board, the person was guilty of conduct set forth in Section 8(A)(ii)(a) or
Section 8(A)(ii)(b) above and specifying the particulars thereof in detail. 
  

	 	(B)	 Solely with respect to an Eligible Employee whose benefit under the Plan is determined under Section 5(A), in the event an Eligible Employee who has retired and
received payment of the Supplemental Benefit in the form of a lump-sum distribution breaches any of the terms of his or her Non-Competition Agreement or Non-Solicitation Agreement, as set forth in Section 8(A)(i) above, he 

  

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or she shall repay to the Company a portion of the Supplemental Benefit received. The amount which shall be repaid is the difference between:

  

	 	(i)	 the amount of Supplemental Benefit the Eligible Employee has received from the Company by the time the Committee notifies the Eligible Employee of its objection to such
breach of the agreement; and  

  

	 	(ii)	 the amount the Eligible Employee would have received by the time of such notification had the Supplemental Benefit been paid on a single-life annuity basis; 

 plus reasonable interest as recommended by the Company’s Chief Financial Officer.

  

	9.	 Amendment or Termination of Plan and Application of Specific Terms. 

 The Company reserves the right to amend, modify or terminate the Plan at any time by action of the Board; provided that such
action shall not adversely affect any Eligible Employee’s right to a benefit which accrued pursuant to the provisions of the Plan prior to such action. The Board, with respect to any Eligible Employee who is a member of the Board, or the
Committee, with respect to other Eligible Employees, may adjust the application of any term of the Plan with respect to any Eligible Employee, except a change in the timing of vesting or distribution of the Supplemental Benefit, to the extent it
determines, in its discretion, that such action will further the purposes of the Plan, provided that such action is consistent with Section 409A of the Internal Revenue Code and regulations promulgated thereunder. 
  

	10.	 Administration of Plan. 

 The Company’s Senior Vice President of Human Resources shall be the Plan Administrator of the Plan. The Plan Administrator shall have discretion to interpret the Plan, to determine eligibility and amounts of benefits under
the Plan and to decide any questions or disputes under the Plan (except for any necessary decisions by the Board or by the Committee pursuant to Section 8 and Section 9 above). 
 All decisions that are made by the Board or by the Committee or by the Plan Administrator with respect to the Plan (or made by the
Board or the Committee, in those circumstances where discretion in the administration of the Plan has been reserved to such body) shall be final and binding on the Company and the Eligible Employees (and their heirs or beneficiaries). 
  

	11.	 Change of Control of International Paper Company. 

  

	 	(A)	 Solely with respect to an Eligible Employee whose benefit under the Plan is determined under Section 5(A), if a “Change of Control” of the Company (as
defined in Section 11(B) below) occurs, then: 

  

	 	(i)	 the minimum amount under the formula set forth in Section 5(A)(iii) above shall be increased from 25% to 50% of the Eligible Employee’s Compensation; and

  

	 	(ii)	 the Eligible Employee’s Supplemental Benefit under the Plan shall become vested and nonforfeitable, and shall not be subject to termination pursuant to any of the
provisions of Section 8 above. 

  

	 	(B)	 For purposes of this Section 11, the term “Change of Control” of the Company shall mean a change in control of a nature that would be required to be
reported in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934 as amended (“Exchange Act”); provided that, without limitation, a Change of Control shall be
deemed to have occurred if: 

  

	 	(i)	 any “person” as such term is used in Section 13(d) and 14(d)(2) of the Exchange Act (other than employee benefit plans sponsored by the Company) is or
becomes the beneficial owner, directly or indirectly, of securities of the Company representing 20% or more of the combined voting power of the Company’s then outstanding securities; or 

  

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	 	(ii)	 during any period of two consecutive years, individuals who at the beginning of such period constitute the Board, cease for any reason to constitute at least a majority
thereof, unless the election, or the nomination for election, by the Company’s shareholders of each new director was approved by a vote of at least two-thirds (2/3) of the directors still in office who were directors at the beginning of
the period. 

  

	12.	 Claims Procedures. 

  

	 	(A)	 Any Participant or other person, or the duly authorized representative of such individual, shall be entitled to file a written claim for benefits under the Plan. The right
of any Participant or other person claiming a benefit under the Plan shall be initially determined by the Plan Administrator or his appointed agent within 90 days of the receipt of the claim. If special circumstances require an extension of time for
processing the claim, the Plan Administrator shall give a written notice of the required extension to the claimant by mail or delivery, prior to the expiration of the initial 90-day period. The notice shall indicate the circumstances requiring the
extension and the date by which the Plan Administrator expects to render a decision. In no event may the extension exceed 90 days from the end of the initial 90-day period. 

 Any partial or total denial by the Plan Administrator of a claim for benefits under the Plan shall be stated in writing and mailed
or delivered to the claimant. Such notice of denial shall (i) set forth the specific reason(s) for the denial, (ii) make reference to the specific provisions of the Plan on which the denial is based, (iii) include a description of any
additional material or information necessary to perfect the claim with an explanation of why such material or information is necessary, and (iv) provide a description of the procedure for appeal of the denied claim, including a statement of the
claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse benefit determination on appeal. 
  

	 	(B)	 A claimant or his duly authorized representative may (i) request a review of a denied claim by written request to the Plan Administrator, (ii) submit written
comments, documents, records and other information relating to the claim for benefits, and (iii) upon reasonable request and free of charge, have reasonable access to, and copies of, all documents, records and other information relevant to the
claimant’s claim for benefits. A claimant’s request for review shall be filed with the Plan Administrator within 60 days after receipt by the claimant of the notice of claim denial. 

 Within 60 days after receipt of a request for review of a denied claim, the Plan Administrator shall make a determination. If
special circumstances require an extension of time for processing the review of the denied claim, the Plan Administrator shall give a written notice of the required extension to the claimant by mail or delivery, prior to the expiration of the
initial 60-day period. The notice shall indicate the circumstances requiring the extension and the date by which the Plan Administrator expects to render a decision. In no event may the extension exceed 60 days from the end of the initial 60-day
period. 
 Any partial or total denial by the Plan Administrator of a benefit claim on review shall be stated in
writing and mailed or delivered to the claimant. Such notice of denial shall (i) set forth the specific reason(s) for the denial, (ii) make reference to the specific provisions of the Plan on which the denial is based, (iii) include a
statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claimant’s claim for benefits, and (iv) include a
statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA. 
  

	 	(C)	 Any decision by the Plan Administrator shall be written in a manner calculated to be understood by the claimant. Such decision shall be final and binding upon the person
claiming an interest in the Plan. 

  

 10Restricted Stock and Deferred Compensation Plan for Non-Employee Directors

 Exhibit 10.22 
 INTERNATIONAL PAPER COMPANY 
 RESTRICTED STOCK AND 
 DEFERRED COMPENSATION PLAN 
 FOR NON-EMPLOYEE DIRECTORS 
 Effective January 1, 2008 
  

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 INTERNATIONAL PAPER COMPANY 
 RESTRICTED STOCK AND DEFERRED COMPENSATION PLAN 
 FOR NON-EMPLOYEE DIRECTORS 
 1. Purpose and Effective Date of Plan 
 This plan shall
be known as the International Paper Company Restricted Stock and Deferred Compensation Plan for Non-Employee Directors (the “Plan”). The purpose of the Plan is to enable International Paper Company (“International Paper”) to
attract and retain persons of outstanding competence to serve as non-employee directors of International Paper, and to permit such non-employee directors to defer receipt of all or a portion of their annual retainer and committee chair fees, payable
in cash or restricted shares of International Paper common stock, for services in 2005 and thereafter. 
 Prior to January 1,
2007, equity compensation to non-employee directors was governed by the International Paper Company Restricted Stock Plan for Non-Employee Directors, originally effective January 1, 1988; and, deferrals of cash and equity compensation by
non-employee directors were governed by the International Paper Company Nonfunded Deferred Compensation Plan for Directors, originally effective December 11, 1973. Effective January 1, 2007, these two plans were combined into this Plan and
renamed the International Paper Company Restricted Stock and Deferred Compensation Plan for Non-Employee Directors. 
 The Plan was
amended, effective January 1, 2008, to conform the date used to determined the number of shares awarded for the fixed dollar value of compensation to the last business day immediately preceding the first day of the May 1 through
April 30 performance year. This was intended to conform the date used to determine the number of shares for the equity retainer under Section 4 with the date that has been used to determine the number of shares for the cash retainer under
Section 5. 
 This Plan is a non-funded, non-qualified deferred compensation plan that is intended to comply with
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). The Plan is not subject to full protection under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). 
 2. Stock Available for the Plan 
 An aggregate of 250,000
shares of $1.00 par value common stock of International Paper shall be available for delivery pursuant to the provisions of this Plan. Such shares shall be either previously unissued shares or reacquired shares. Any restricted shares of common stock
awarded under this Plan with respect to which the restrictions are not removed in accordance with the service requirements of the Plan, or which become forfeited for any reason, shall not be available for other restricted awards under the Plan and
shall become treasury stock of International Paper. 
 3. Eligibility 
 Participation in this Plan is limited to persons who serve as members of the Board of Directors (the “Board”) of International Paper and who are not employees of International Paper (or its
subsidiaries) (“Participants”). An employee-director who retires from employment with International Paper (and its subsidiaries) shall become eligible to participate in this Plan upon his or her re-election as a non-employee director.

 4. Equity Compensation 
 (a) Awards of
restricted common stock of International Paper are made to each Participant on an annual basis following the annual meeting of shareholders in an amount equal to: (i) a fixed dollar value determined by the independent members of the Board based
on a review of competitive market practices of International Paper’s comparator peer group of companies for compensation analysis (the “Compensation Comparator Group”), divided by (ii) the closing market price of common stock of
International Paper as reported for the New York Stock Exchange Composite Transactions on the last business day immediately preceding the first day of the Performance Year. 
  

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 (b) For purposes of this Plan, a “Performance Year” shall mean the one-year period
beginning on the date of the Annual Meeting of Shareholders of International Paper and ending on the last business day immediately preceding the next Annual Meeting of Shareholders of International Paper. 
 (c) A Participant who is elected by the Board to fill a vacancy during the year shall receive a number of shares of restricted common stock
representing a pro rata portion of the number of shares of restricted common stock awarded to non-employee directors for the Performance Year in which such Participant is elected. 
 (d) Each award of restricted shares under this Plan shall be immediately registered in the name of the Participant but shall be expressly subject
to all of the restrictions, service provisions, and all other terms and conditions set forth in Section 7 of this Plan. 
 5. Cash Compensation 

(a) Each non-employee director of the Board shall receive an annual cash retainer (“Cash Retainer Fee”) in an amount determined by the
independent members of the Board. Each non-employee director who serves as Chairperson of a standing committee shall receive an annual cash retainer (“Committee Chair Fee”, which together with the Cash Retainer Fee shall be referred to as
“Cash Compensation”) in addition to any other retainer in an amount determined by the independent members of the Board. The amount of the Cash Compensation shall be determined by the Board based on a review of competitive market practices
of the International Paper’s Compensation Comparator Group. 
 (b) Each non-employee director of the Board may elect in the form
and manner prescribed by International Paper to receive shares of restricted stock of International Paper in lieu of all or a portion of such Cash Compensation. A non-employee director who elects to receive shares of restricted stock in lieu of Cash
Compensation will receive an additional number of shares of restricted stock equal to the value of twenty percent (20%) of the Cash Retainer Fee. The number of shares of restricted stock to which a Participant is entitled is determined by
dividing the Cash Compensation by the closing market price of common stock of International Paper as reported for the New York Stock Exchange Composite Transactions on the last business day immediately preceding the first day of the Performance
Year. 
 6. Deferral Elections 
 (a) Prior to
the first day of a calendar year, non-employee directors may elect to defer in the form of restricted stock units (“RSUs”) receipt of all or a portion of shares of restricted common stock or Cash Compensation for services on the Board in
the following Performance Year by filing an initial deferral election notice in the manner and form prescribed by International Paper (the “Initial Deferral Election Notice”). 
 (b) Non-employee directors newly elected to the Board may submit an Initial Deferral
Election Notice by the earlier of (i) the first meeting for which such director will earn fees; or (ii) the 30th day after becoming eligible to participate in
the Plan. 
 (c) Notwithstanding the foregoing, an Initial Deferral Election Notice may not be completed during a period when directors
and officers of International Paper are restricted from trading in shares of International Paper common stock, referred to as a “Black-out Period.” 
 (d) Deferral elections are effective beginning with the first fees payable for the Performance Year and ending with the last fees payable for the Performance Year. Deferral elections do not carry over from
year to year. Participants must submit a new Initial Deferral Election Notice prior to the first day of each calendar year. 
 (e) An
Initial Deferral Election Notice may change the percentage to be deferred only with respect to fees payable on a prospective basis, and may not change the percentage to be deferred with respect to a prior year’s election. 
  

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 7. Restrictions, Removal of Restrictions, and Terms and Conditions of Awards of Restricted Shares 
 (a) A Participant shall have the right to receive all dividends and other distributions made with respect to restricted shares registered in his or
her name, and shall have the right to vote or execute proxies with respect to such registered restricted shares (other than the awards of restricted shares made prior to the date of shareowners approval of the Plan, which shall have such right only
upon such approval of the Plan or amendment affecting such awards), unless and until such shares are forfeited pursuant to the provisions of this Plan. 
 (b) A Participant shall have the right to elect in the form and manner prescribed by the Company the manner in which dividends on shares of restricted stock shall be paid to the Participant. 
 (c) All certificates of shares shall be endorsed with a legend referring to the restrictions imposed by this Plan. Possession of the certificates
of shares shall be retained by the Corporate Secretary of International Paper until the provisions of the Plan relating to removal of the restrictions have been satisfied. 
 (d) Shares of restricted stock may not be sold, assigned, pledged or otherwise transferred by the Participant unless and until all of the restrictions imposed by this Plan have been removed pursuant to the
provisions of this Plan, and a new certificate of shares has been issued by International Paper which does not contain the legend of restrictions. 
 (e) Shares of restricted stock awarded under this Plan on and after May 7, 2002, shall become free of restrictions and non-forfeitable on the first anniversary of the date of the award of the restricted shares.
Notwithstanding the foregoing, shares of restricted stock awarded under this Plan shall become free of restrictions and non-forfeitable upon the occurrence of one of the following events: 
  

	 	(i)	 the Participant’s death or disability; 

  

	 	(ii)	 mandatory retirement at the end of the calendar year during which the Participant reaches mandatory retirement age, pro rated for the number of months of service for the
Performance Year in which retirement occurs; or 

  

	 	(iii)	 resignation or failure to stand for re-election with the consent of the Board (which shall mean approval by at least 80% of the directors voting, with the affected
director abstaining), or any failure to be reelected after being duly nominated. In the event of a resignation with consent during the first year in which an award is received, the number of shares with respect to which the restrictions shall be
removed will be a pro rata portion of shares originally awarded determined by dividing the number of months served during the first year of the award by the number twelve (12). 

 None of the shares of restricted stock awarded under this Plan prior to May 7, 2002 shall become free of restrictions and non-forfeitable
until the termination of the Participant’s service as a director of International Paper. Accordingly, such shares shall become non-forfeitable upon the occurrence of one of the following events: 
  

	 	(i)	 the Participant’s death or disability; 

  

	 	(ii)	 the mandatory retirement at the end of the calendar year during which the Participant reaches mandatory retirement age; or 

  

	 	(iii)	 resignation or failure to stand for re-election with the consent of the Board (which shall mean approval by at least 80% of the directors voting, with the affected
director abstaining), or any failure to be reelected after being duly nominated. In the event of a resignation with consent during a term, the number of shares with respect to which the restrictions will be removed will be a pro rata portion
of shares originally awarded determined by dividing the period of the director’s term served to the effective date of resignation by the original term for which the director was elected or appointed. 

  

 4 

 Termination of service as a director for any reason other than those specified in this
Section 7(e), including, without limitation, any involuntary termination effected by Board action, shall result in forfeiture of the restricted shares. 
 In accordance with the International Paper Corporate Governance Principles, directors shall retire effective December 31 of the year in which the director attains age 70, if the director was elected
or appointed to the Board for the first time after July 13, 1999, or December 31 of the year in which the director attains the age of 72 for all other directors. 
 (f) In the event of a “change in control” of International Paper (as defined below), the Board may accelerate the removal of all restrictions relating to all or an equal portion of the
outstanding restricted shares. Termination of Board service resulting from a change of control will result in immediate lapse of the forfeiture provisions relating to all of the affected director’s restricted shares. In any situation involving
acceleration of the removal of restrictions relating to the awarded shares upon a change of control, the Board may elect to repurchase such shares at the then fair market price instead of releasing the shares to the Participant owning such shares.
For purposes of this Plan, a “change in control” of International Paper shall mean a change in control of a nature that would be required to be reported in response to Item 1(a) of Form 8-K promulgated under the Securities Exchange
Act of 1934, as amended (“Exchange Act”); provided that, without limitation, such a change in control shall be deemed to have occurred if (a) any “person” (as such term is used in Sections 13(d) and 14(d)(2) of the Exchange
Act other than company benefit plans) except a transaction that is approved by the Board in accordance with the standards set forth in section 7-17 of the New York Business Corporation Law or any successor provision is or becomes the beneficial
owner, directly or indirectly, of securities of International Paper representing 20% or more of the combined voting power of International Paper’s then outstanding securities, or (b) during any period of two consecutive years, individuals
who at the beginning of such period constitute the Board of Directors of International Paper cease for any reason to constitute at least a majority thereof unless the election, or the nomination for election, by shareholders of each new director was
approved by a vote of at least two-thirds of the directors then still in office who were directors at the beginning of the period. 
 (g) All shares with respect to which the restrictions are not removed in accordance with the provisions of this Plan shall be forfeited and shall revert to the Treasury of International Paper. 
 (h) All awarded shares shall remain subject to the Plan’s restrictions prohibiting sales or transfer of such shares during the period of time
while the Participant continues to serve as a director of International Paper, and all certificates of shares shall be endorsed with a legend referring to such restriction; in addition, the issuance or delivery of any shares may be postponed for
such period as may be required to comply with any applicable requirements of any national securities exchange or any requirements under any other law or regulation applicable to the issuance or delivery of such shares, and International Paper shall
not be obligated to issue or deliver any such shares if the issuance or delivery thereof shall constitute a violation of any provision of any law or any regulation of any governmental authority or any national securities exchange. 
 8. Restrictions, Removal of Restrictions, and Terms and Conditions of Awards of Restricted Share Units 
 (a) All amounts deferred in the form of RSUs shall be credited to a bookkeeping account on behalf of the Participant. Such account shall be
credited with a number of RSUs (calculated to the nearest thousandth of a unit) computed by dividing: (i) the value of the Cash Compensation and restricted stock deferred for the Performance Year by (ii) the closing market price of common
stock of International Paper as reported for the New York Stock Exchange Composite Transactions on the last business day immediately preceding the first day of the Performance Year. 
 (b) RSUs may not be sold, assigned, pledged or otherwise transferred by the Participant. If any such assignment is made, International Paper may
disregard such assignment and may discharge its obligation hereunder by making payment as though no such assignment had been made. 
 (c) A Participant has an interest as an unsecured creditor in the cash value represented by the RSUs in his or her account, but has no interests or rights in any common stock of International Paper or dividends, and has no right to elect
delivery of shares of common stock of International Paper. 
  

 5 

 (d) RSUs shall vest annually upon the last day of the Performance Year, pro rated for the number of
months of service in such Performance Year. 
 (e) Whenever a dividend is declared, the number of RSUs in the Participant’s
account shall be increased by the result of the following calculation: 
  

	 	(i)	 the number of RSUs in the Participant’s account multiplied by any cash dividend declared by International Paper on a share of its common stock, divided by the closing
market price of such common stock on the business day immediately prior to the related dividend payment date as reported for New York Stock Exchange Composite Transactions; and/or 

  

	 	(ii)	 the number of RSUs in the Participant’s account on the related dividend payment date multiplied by any stock dividend declared by International Paper on a share of
its common stock. In the event of any change in the number or kind of outstanding shares of common stock of International Paper including a stock split or splits (other than a stock dividend as provided above) an equitable and proportionate
adjustment shall be made in the number of RSUs credited to the Participant’s account. 

 (f) A statement shall
be delivered to each Participant in this Plan annually setting forth the amount deferred, the amount of RSUs credited to the Participant’s account, the amount of any payments made during the year, and the closing market price of International
Paper common stock used for determining the number of RSUs earned and credited through dividend equivalents. 
 9. Time and Method of Payment of Rsus

 (a) After a Participant ceases to be a director of International Paper, payment of RSUs shall be made in the form of a lump sum
cash payment payable in January of the next calendar year following the year in which the Participant terminates service as a director. 
 (b) The amount payable to the Participant shall be equal to (i) the number of RSUs credited to the Participant’s account multiplied by (ii) the closing price of common stock of International Paper as reported for the New York
Stock Exchange Composite Transactions on the last business day of the prior calendar year. 
 10. Amendment or Termination of Plan 
 International Paper reserves the right to amend, modify or terminate this Plan at any time by action of the Board, provided (a) no amendment
shall be made more than once every six months, other than to comport with changes in the Code, ERISA, or the rules thereunder; (b) that such action shall not adversely affect any Participant’s rights under the provisions of this Plan with
respect to awards of restricted stock or RSUs that were made prior to such action; (c) that such amendment is consistent with Section 409A of the Code and any regulations promulgated thereunder; and (d) that no modification of this
Plan shall be made which shall increase the aggregate number of shares available for award under this Plan without the approval of the shareholders of International Paper. 
 11. Source of Funds for Payment of RSUs 
 Any benefit payments to Participants pursuant to the Plan shall be paid from
the general assets of International Paper. Participants shall have the status of general unsecured creditors of International Paper and the Plan constitutes a mere promise by International Paper to make benefit payments in the future. Any contract,
policy or other asset which International Paper may utilize to assure themselves of the funds to provide the benefits under the Plan shall not serve in any way as security for the payment of Plan benefits and International Paper shall not be under
any obligation whatsoever to purchase or maintain any contract, policy or other asset to provide the benefits payable under the Plan. 
  

 6 

 12. Administration of Plan 
 This Plan shall be administered by the Senior Vice President, Human Resources of International Paper (the “Administrator”). All decisions which are made by the Administrator with respect to interpretation of the terms
of the Plan, with respect to the restrictions, terms and conditions of the restricted shares, and with respect to any questions or disputes arising under this Plan, shall be final and binding on International Paper and the Participants (and their
heirs or beneficiaries). 
 13. Changes in Stock and Adjustment of Number Under the Plan 
 In the event of any stock dividend, split-up, reclassification or other analogous change in capitalization or any distribution (other than regular
cash dividends) to holders of International Paper’s common stock, the number of shares awarded and earned under this Plan, and the aggregate number of shares covered by this Plan shall be equitably and proportionately adjusted by the
Administrator to take account of such change. 
 14. Designation of Beneficiary 
 A Participant may file with the Administrator a designation of beneficiary or beneficiaries on a form approved by the Administrator (which designation may be changed or revoked by the Participant’s
sole action) to receive distribution of all or a designated portion of the Participant’s restricted stock account and/or RSUs under this Plan upon the death of the Participant. If no beneficiary has been designated or survives the Participant,
then the account shall be distributed as directed by the executor or administrator of the Participant’s estate. 
  

 7

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