Document:

Registration Rights Agreement

 Exhibit 4.3 
 EXECUTION COPY 
 $300,000,000 
 RAYONIER TRS HOLDINGS INC. 
 3.75% Senior Exchangeable Notes due 2012 

 Unconditionally Guaranteed by Rayonier Inc. 
 REGISTRATION RIGHTS AGREEMENT 
 October 16, 2007 
 Credit Suisse Securities (USA) LLC 
 As Representative of the several Initial
Purchasers 
 c/o Credit Suisse Securities (USA) LLC 
 Eleven Madison Avenue 
 New York, New York 10010-3629 
 Dear Sirs: 
 Rayonier TRS Holdings Inc., a Delaware corporation (the “Issuer”), proposes to issue
and sell to Credit Suisse Securities (USA) LLC as Representative of the initial purchasers set forth on Schedule A hereto (the “Initial Purchasers”), upon the terms set forth in a purchase agreement dated October 10, 2007 (the
“Purchase Agreement”), $300,000,000 aggregate principal amount (which principal amount includes the $50,000,000 over-allotment option exercised by the Initial Purchasers in accordance with the Purchase Agreement) of its 3.75% Senior
Exchangeable Notes due 2012 (the “Notes”), to be fully and unconditionally guaranteed (the “Guarantee”) by Rayonier Inc., a North Carolina corporation and parent of the Issuer (the “Guarantor”, and together with the
Issuer, the “Company”). The Notes and the Guarantee are together referred to as the “Initial Securities”. The Initial Securities will be exchangeable into shares of common stock, no par value, of the Guarantor (the “Common
Stock”), at an initial exchange price of approximately $54.81 per share as described in the Offering Circular, dated as of October 10, 2007, and relating to the offering of the Initial Securities (the “Offering Circular”). The
Initial Securities will be issued pursuant to an Indenture, dated as of October 16, 2007, (the “Indenture”) among the Issuer, the Guarantor and The Bank of New York Trust Company, N.A. (the “Trustee”). As an inducement
to the Initial Purchasers, the Company agrees with the Initial Purchasers, for the benefit of the holders of the Initial Securities (including, without limitation, the Initial Purchasers) and the Common Stock issuable upon exchange of the Initial
Securities (collectively, the “Securities”) from time to time until such time as such Securities have been sold pursuant to a Shelf Registration Statement (as defined below) (each of the foregoing a “Holder”, and collectively,
the “Holders”), as follows: 
 1. Shelf Registration. (a) The Company shall, at its cost, as promptly as
practicable (but in no event more than 90 days after the First Closing Date, as defined in the Purchase Agreement), file with the United States Securities and Exchange Commission (the “Commission”) and thereafter shall use its commercially
reasonable efforts to cause to be declared effective (unless it becomes effective automatically upon filing) a registration statement (the “Shelf Registration Statement”) on an appropriate form under the Securities Act relating to the
offer and sale of the Transfer Restricted Securities (as defined in Section 5(e) hereof) by the Holders thereof from time to time in accordance with the methods of distribution set forth in the Shelf Registration Statement and Rule 415 under
the Securities Act (hereinafter, the “Shelf Registration”); provided, however, that no Holder (other than an Initial Purchaser) shall be entitled to have the Securities held by it covered by such Shelf Registration Statement unless such
Holder agrees in writing to be bound by all the provisions of this Agreement applicable to such Holder. 

 (b) The Company shall use its commercially reasonable efforts to keep the Shelf
Registration Statement continuously effective in order to permit the prospectus included therein to be lawfully delivered by the Holders of the relevant Securities, for a period of two years from the date of original issuance of the Initial
Securities or such shorter period that will terminate when all the Securities covered by the Shelf Registration Statement (i) have been sold pursuant thereto or (ii) are no longer Transfer Restricted Securities (such period being referred
to as the “Shelf Registration Period”). The Company shall be deemed not to have used its commercially reasonable efforts to keep the Shelf Registration Statement effective during the requisite period if it voluntarily takes any action that
would result in Holders of Securities covered thereby not being able to offer and sell such Securities during that period, unless such action is required by applicable law. 
 (c) Notwithstanding any other provisions of this Agreement to the contrary, the Company shall cause the Shelf Registration Statement
and the related prospectus and any amendment or supplement thereto, as of the effective date of the Shelf Registration Statement, amendment or supplement, (i) to comply in all material respects with the applicable requirements of the Securities
Act and the rules and regulations of the Commission and (ii) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of
the circumstances under which they were made, not misleading. 
 2. Registration Procedures. In connection with any Shelf
Registration contemplated by Section 1 hereof the following provisions shall apply: 
 (a) The Company shall
(i) furnish to the Initial Purchasers, prior to the filing thereof with the Commission, a copy of the Shelf Registration Statement and each amendment thereof and each supplement, if any, to the prospectus included therein and, in the event that
an Initial Purchaser (with respect to any portion of an unsold allotment from the original offering) is participating in the Shelf Registration Statement, the Company shall use its commercially reasonable efforts to reflect in each such document,
when so filed with the Commission, such comments as such Initial Purchaser reasonably may propose; and (ii) include in the prospectus included in the Shelf Registration Statement (or, if permitted by Commission Rule 430B(b), in a
prospectus supplement that becomes a part thereof pursuant to Commission Rule 430B(f)) that is delivered to any Holder pursuant to Section 2(d) and (h), the names of the Holders, who propose to sell Securities pursuant to the Shelf
Registration Statement, as selling securityholders. 
 (b) The Company shall give written notice to the Initial
Purchasers and (in the cases of clauses (ii) through (iv) hereof, the Holders of the Securities (which notice pursuant to clauses (ii) through (v) hereof shall be accompanied by an instruction to suspend the use of the prospectus
until the requisite changes have been made): 
 (i) when the Shelf Registration Statement or any amendment thereto has
been filed with the Commission and when the Shelf Registration Statement or any post-effective amendment thereto has become effective; 
 (ii) of any request by the Commission for amendments or supplements to the Shelf Registration Statement or the prospectus included therein or for additional information; 
 (iii) of the issuance by the Commission of any stop order suspending the effectiveness of the Shelf Registration Statement or the
initiation of any proceedings for that purpose, of the issuance by the Commission of a notification of objection to the use 

  

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of the form on which the Shelf Registration Statement has been filed, and of the happening of any event that causes the Company to become an “ineligible
issuer,” as defined in Commission Rule 405. 
 (iv) of the receipt by the Company or its legal counsel of any
notification with respect to the suspension of the qualification of the Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and 
 (v) of the happening of any event that requires the Company to make changes in the Shelf Registration Statement or the prospectus in
order that the Shelf Registration Statement or the prospectus do not contain an untrue statement of a material fact nor omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of the
prospectus, in light of the circumstances under which they were made) not misleading. 
 (c) The Company shall make
commercially reasonable efforts to obtain the withdrawal at the earliest possible time, of any order suspending the effectiveness of the Shelf Registration Statement. 
 (d) The Company shall make the Shelf Registration Statement and any post effective amendment or supplement thereto accessible on the
Commission’s EDGAR system and, if the Holder so requests in writing, shall furnish to each Holder of Securities included within the coverage of the Shelf Registration, without charge, at least one copy of the Shelf Registration Statement and
any post-effective amendment or supplement thereto, including financial statements and schedules, and, if the Holder so further requests in writing, all exhibits thereto (including those, if any, incorporated by reference). The Company shall not,
without the prior consent of the Initial Purchasers, make any offer relating to the Securities that would constitute a “free writing prospectus,” as defined in Commission Rule 405. 
 (e) The Company shall, during the Shelf Registration Period, deliver to each Holder of Securities included within the coverage of the
Shelf Registration, without charge, as many copies of the prospectus (including each preliminary prospectus) included in the Shelf Registration Statement and any amendment or supplement thereto as such person may reasonably request. The Company
consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by each of the selling Holders of the Securities in connection with the offering and sale of the Securities covered by the
prospectus, or any amendment or supplement thereto, included in the Shelf Registration Statement. 
 (f) Prior to any
public offering of the Securities, pursuant to any Shelf Registration Statement, the Company shall register or qualify or cooperate with the Holders of the Securities included therein and their respective counsel in connection with the registration
or qualification of the Securities for offer and sale under the securities or “blue sky” laws of such states of the United States as any Holder of the Securities reasonably requests in writing and do any and all other acts or things
necessary or advisable to enable the offer and sale in such jurisdictions of the Securities covered by such Shelf Registration Statement; provided, however, that the Company shall not be required to (i) qualify generally to do business in any
jurisdiction where it is not then so qualified or (ii) take any action which would subject it to general service of process or to taxation in any jurisdiction where it is not then so subject. 
 (g) The Company shall cooperate with the Holders of the Securities to facilitate the timely preparation and delivery of certificates
representing the Securities to be sold pursuant to any Shelf Registration Statement free of any restrictive legends and in such denominations and registered in such names as the Holders may request a reasonable period of time prior to sales of the
Securities pursuant to such Shelf Registration Statement. 
  

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 (h) Upon the occurrence of any event contemplated by paragraphs (ii) through
(v) of Section 2(b) above during the period for which the Company is required to maintain an effective Shelf Registration Statement, the Company shall promptly prepare and file a post-effective amendment to the Shelf Registration Statement
or a supplement to the related prospectus and any other required document so that, as thereafter delivered to Holders of the Securities or purchasers of Securities, the prospectus will not contain an untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. If the Company notifies the Initial Purchasers and the Holders of the
Securities in accordance with paragraphs (ii) through (v) of Section 2(b) above to suspend the use of the prospectus until the requisite changes to the prospectus have been made (such period, the “Suspension Period”, then
the Initial Purchasers and the Holders of the Securities shall suspend use of such prospectus. During the period during which the Company is required to maintain an effective Shelf Registration Statement pursuant to this Agreement, the Company will
prior to the expiration of the Shelf Registration Period file, and use its commercially reasonable efforts to cause to be declared effective (unless it becomes effective automatically upon filing) within a period that avoids any interruption in the
ability of Holders of Securities covered by the expiring Shelf Registration Statement to make registered dispositions, a new registration statement relating to the Securities, which shall be deemed the “Shelf Registration Statement” for
purposes of this Agreement. 
 (i) Not later than the effective date of the Shelf Registration Statement, the Company
will provide a CUSIP number for the Initial Securities, and the Common Stock registered under the Shelf Registration Statement and provide the trustee with printed certificates for the Initial Securities in a form eligible for deposit with The
Depository Trust Company. 
 (j) The Company will comply with all rules and regulations of the Commission to the extent
and so long as they are applicable to the Shelf Registration and will make generally available to its security holders (or otherwise provide in accordance with Section 11(a) of the Securities Act) an earnings statement satisfying the provisions
of Section 11(a) of the Securities Act, no later than 45 days after the end of a 12-month period (or 90 days, if such period is a fiscal year) beginning with the first month of the Company’s first fiscal quarter commencing after the
effective date of the Shelf Registration Statement, which statement shall cover such 12-month period. 
 (k) The Company
shall cause the indenture governing the Notes (the “Indenture”) to be qualified under the Trust Indenture Act of 1939, as amended, in a timely manner and containing such changes, if any, as shall be necessary for such qualification. In the
event that such qualification would require the appointment of a new trustee under the Indenture, the Company shall appoint a new trustee thereunder pursuant to the applicable provisions of the Indenture. 
 (l) (i) Each Holder agrees that if such Holder wishes to sell Securities pursuant to a Shelf Registration Statement and related
prospectus, it will do so only in accordance with this Section 2(l). Following the date that the Shelf Registration Statement is declared effective (or becomes effective automatically upon filing), each Holder wishing to sell Securities
pursuant to a Shelf Registration Statement and related prospectus agrees to complete and deliver a Notice and Questionnaire, in substantially the form set forth as Annex A to the Offering Circular, to the Company at least 10 business days prior to
any intended distribution of Securities under the Shelf Registration Statement. A Holder delivering such a Notice and Questionnaire is sometimes referred to herein as a “Notice Holder”. Each Holder who elects to sell Securities pursuant to
a Shelf Registration Statement agrees by submitting a Notice and Questionnaire to the person specified therein, it will be bound by the terms and conditions of the Notice and Questionnaire and this Agreement. The Company may exclude from such
registration the Securities of any Holder that fails to furnish such information within such time period, and no such Holders shall be entitled to receive Additional Interest pursuant to Section 5 hereto. Within 10 business days after the later
of receipt of a completed Notice and Questionnaire or the expiration of any Suspension Period in 

  

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effect when such questionnaire is delivered, the Company will file, if required by applicable law, a post effective amendment to the Shelf Registration
Statement or a supplement to the prospectus contained in the Shelf Registration Statement. In no event will the Company be required to file more than one post effective amendment in any calendar quarter or to file a supplement or post effective
amendment during any Suspension Period. 
 (ii) Each Holder agrees, by acquisition of the Securities, that no Holder
shall be entitled to sell any of such Securities pursuant to a Shelf Registration Statement or to receive a prospectus relating thereto, unless such Holder has furnished the Company with a Notice and Questionnaire as required pursuant to this
Section 2(l) (including the information required to be included in such Notice and Questionnaire) and the information set forth in the next sentence. Each Notice Holder agrees promptly to furnish to the Company all information required to be
disclosed in order to make the information previously furnished to the Company by such Notice Holder not misleading and any other information regarding such Notice Holder and the distribution of such Securities as the Company may from time to time
reasonably request. Any sale of any Securities by any Holder shall constitute a representation and warranty by such Holder that the information relating to such Holder and its plan of distribution is as set forth in the prospectus delivered to such
Holder in connection with such disposition, that such prospectus does not as of the time of such sale contain any untrue statement of a material fact relating to or provided by such Holder or its plan of distribution and that such prospectus does
not as of the time of such sale omit to state any material fact relating to or provided by such Holder or its plan of distribution necessary to make the statements in such prospectus, in light of the circumstances under which they were made, not
misleading. 
 (iii) Each Holder agrees by acquisition of its Securities that upon actual receipt of any notice from the
Company of the happening of any event of the kind described in Sections 2(b)(ii)-(v) hereof, such Holder will forthwith discontinue disposition of such Securities covered by such Shelf Registration Statement or prospectus until such
Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 2(h) hereof, or until it is advised in writing by the Company that the use of the applicable prospectus may be resumed, and has received
copies of any amendments or supplements thereto. 
 (m) The Company shall enter into such customary agreements
(including, if requested, an underwriting agreement in customary form) and take all such other action, if any, as any Holder of the Securities shall reasonably request in order to facilitate the disposition of the Securities pursuant to any Shelf
Registration. 
 (n) The Company shall (i) make available for inspection by not more than one representative
appointed by a majority in principal amount of Notes outstanding held by selling Holders of such Securities being sold and one firm of attorneys and one accounting firm (collectively, the “Inspectors”), at the offices where normally kept,
during reasonable business hours at such time or times as shall be mutually convenient for the Guarantor and the Inspectors as a group, all financial and other records, pertinent corporate documents and instruments of the Guarantor and its
subsidiaries (collectively, the “Records”) and (ii) cause the officers, directors and employees of the Guarantor and its subsidiaries to supply all information reasonably requested by any such Inspector as shall be reasonably
necessary to enable Inspectors to exercise any applicable due diligence responsibilities for purposes of Section 11 of the Securities Act. Records that the Guarantor determines, in good faith, to be confidential and any Records that it notifies
the Inspectors are confidential shall not be disclosed by any Inspector unless (I) the disclosure of such Records is necessary to avoid or correct a material misstatement or material omission in the Shelf Registration Statement if Shelf
Registration Statement is then available, (II) the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, (III) disclosure of such information is, in the opinion of counsel for the Notice
Holders, necessary or advisable in connection with any action, claim, suit or proceeding, directly involving or potentially involving such Notice Holder or their Inspectors and arising out of, based upon, 

  

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relating to, or involving this Agreement or any transactions contemplated hereby or arising hereunder or (IV) the information in such Records has been made
generally available to the public other than through the acts of the Inspectors; provided, however, that prior notice shall be provided as soon as practicable to the Company of the potential disclosure of any information by such Inspector pursuant
to clauses (II) or (III) of this sentence to permit the Issuer or the Guarantor to obtain a protective order (or waive the provisions of this Section 2(n). Each Inspector shall take such actions as are reasonably necessary to protect the
confidentiality of such information to the extent such actions are otherwise not inconsistent with, an impairment of or in derogation of the rights and interests of the Holder or any Inspector, unless and until such information in such Records has
been made generally available to the public other than as a result of a breach of this Agreement. 
 (o) In the case of
any Shelf Registration, the Company, if requested by the Holders of a majority in principal amount outstanding of Securities covered thereby, shall cause (i) one counsel designated by such Holders to deliver an opinion in customary form
addressed to such Holders and the managing underwriters, if any, thereof and dated, in the case of the initial opinion, the effective date of such Shelf Registration Statement (it being agreed that the matters to be covered by such opinion shall
include matters customarily covered in opinions requested in sales of securities in underwritten offerings); (ii) its officers to execute and deliver all customary documents and certificates and updates thereof requested by any underwriters of
the applicable Securities and (iii) its independent public accountants to provide to the selling Holders of the applicable Securities and any underwriter therefor a comfort letter in customary form and covering matters of the type customarily
covered in comfort letters in connection with primary underwritten offerings, subject to receipt of appropriate documentation as contemplated, and only if permitted, by Statement of Auditing Standards No. 72. 
 (p) The Company will use its commercially reasonable efforts to (a) if the Initial Securities have been rated prior to the
initial sale of such Initial Securities, confirm such ratings will apply to the Securities covered by a Shelf Registration Statement, or (b) if the Initial Securities were not previously rated, cause the Securities covered by a Shelf
Registration Statement to be rated with the appropriate rating agencies, if so requested by Holders of a majority in aggregate principal amount of Securities covered by such Shelf Registration Statement, or by the managing underwriters, if any.

 (q) In the event that any broker-dealer registered under the Exchange Act shall underwrite any Securities or
participate as a member of an underwriting syndicate or selling group or “assist in the distribution” (within the meaning of the Conduct Rules (the “Rules”) of the National Association of Securities Dealers, Inc.
(“NASD”)) thereof, whether as a Holder of such Securities or as an underwriter, a placement or sales agent or a broker or dealer in respect thereof, or otherwise, the Company will assist such broker-dealer in complying with the
requirements of such Rules, including, without limitation, by (i) if such Rules, including Rule 2720, shall so require, engaging a “qualified independent underwriter” (as defined in Rule 2720) to participate in the preparation of the
Shelf Registration Statement relating to such Securities, to exercise usual standards of due diligence in respect thereto and, if any portion of the offering contemplated by such Shelf Registration Statement is an underwritten offering or is made
through a placement or sales agent, to recommend the yield of such Securities, (ii) indemnifying any such qualified independent underwriter to the extent of the indemnification of underwriters provided in Section 5 hereof and
(iii) providing such information to such broker-dealer as may be required in order for such broker-dealer to comply with the requirements of the Rules. 
 (r) The Company shall use its commercially reasonable efforts to take all other steps necessary to effect the registration of the
Securities covered by a Shelf Registration Statement contemplated hereby. 

 3. Registration Expenses. The Company shall bear all fees and expenses incurred in connection
with the performance of its obligations under Sections 1 and 2 hereof, whether or not a Shelf Registration Statement is filed or becomes effective, and, shall bear or reimburse the Holders of the Securities covered thereby for the reasonable fees
and disbursements of one firm only of counsel designated by the Holders of a majority in principal amount of the Notes covered thereby to act as counsel for the Holders of the Securities in connection therewith. 
 4. Indemnification. (a) Each of the Issuer and the Guarantor, severally and jointly, agrees to indemnify and hold harmless each Holder
of the Securities and each person, if any, who controls such Holder within the meaning of the Securities Act or the Exchange Act (each Holder and such controlling persons are referred to collectively as the “Indemnified Parties”) from and
against any losses, claims, damages or liabilities, joint or several, or any actions in respect thereof (including, but not limited to, any losses, claims, damages, liabilities or actions relating to purchases and sales of the Securities) to which
each Indemnified Party may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions arise out of or are based upon any untrue statement or alleged untrue statement of a
material fact contained in a Shelf Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus or “issuer free writing prospectus,” as defined in Commission Rule 433 (“Issuer
FWP”), relating to a Shelf Registration, or arise out of, or are based upon, the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and shall
reimburse, as incurred, the Indemnified Parties for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action in respect thereof; provided, however, that
(i) the Company shall not be liable in any such case to the extent that such loss, claim, damage or liability arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in the Shelf
Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus or Issuer FWP relating to a Shelf Registration in reliance upon and in conformity with written information pertaining to such Holder and
furnished to the Company by or on behalf of such Holder specifically for inclusion therein and (ii) with respect to any untrue statement or omission or alleged untrue statement or omission made in any preliminary prospectus relating to a Shelf
Registration Statement, the indemnity agreement contained in this subsection (a) shall not inure to the benefit of any Holder from whom the person asserting any such losses, claims, damages or liabilities purchased the Securities concerned, to
the extent that a prospectus relating to such Securities was required to be delivered (including through satisfaction of the conditions of Commission Rule 172) by such Holder the Securities Act in connection with such purchase and any such
loss, claim, damage or liability of such Holder results from the fact that there was not conveyed to such person, at or prior to the time of the sale of such Securities to such person, an amended or supplemented prospectus or, if permitted by
Section 2(d), an Issuer FWP correcting such untrue statement or omission or alleged untrue statement or omission if the Company had previously furnished copies thereof to such Holder; provided further, however, that this indemnity agreement
will be in addition to any liability which the Company may otherwise have to such Indemnified Party. Each of the Issuer and the Guarantor, severally and jointly, shall also indemnify underwriters, their officers and directors and each person who
controls such underwriters within the meaning of the Securities Act or the Exchange Act to the same extent as provided above with respect to the indemnification of the Holders of the Securities if requested by such Holders. 
 (b) Each Holder of the Securities, severally and not jointly, will indemnify and hold harmless the Company and each person, if any, who controls the
Company within the meaning of the Securities Act or the Exchange Act from and against any losses, claims, damages or liabilities or any actions in respect thereof, to which the Company or any such controlling person may become subject under the
Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Shelf Registration
Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus or Issuer FWP relating to a Shelf Registration, or arise out of or are based upon the omission or alleged omission to state therein a material fact
necessary to make the statements therein not misleading, but in each case only to the extent that the untrue statement or omission or alleged untrue statement or omission was made in reliance upon and in conformity with written information
pertaining to such Holder and 

  

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furnished to the Company by or on behalf of such Holder specifically for inclusion therein; and, subject to the limitation set forth immediately preceding
this clause, shall reimburse, as incurred, the Company for any legal or other expenses reasonably incurred by the Company or any such controlling person in connection with investigating or defending any loss, claim, damage, liability or action in
respect thereof. This indemnity agreement will be in addition to any liability which such Holder may otherwise have to the Company or any of its controlling persons. 
 (c) Promptly after receipt by an indemnified party under this Section 4 of notice of the commencement of any action or proceeding (including a governmental investigation), such indemnified party will, if a
claim in respect thereof is to be made against the indemnifying party under this Section 4, notify the indemnifying party of the commencement thereof; but the failure to notify the indemnifying party shall not relieve the indemnifying party
from any liability that it may have under subsection (a) or (b) above except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided further that the
failure to notify the indemnifying party shall not relieve it from any liability it may have to an indemnified party otherwise than under subsection (a) or (b) above. In case any such action is brought against any indemnified party, and it
notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense
thereof, with counsel reasonably satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and after notice from the indemnifying party to such indemnified party
of its election so to assume the defense thereof the indemnifying party will not be liable to such indemnified party under this Section 4 for any legal or other expenses, other than reasonable costs of investigation, subsequently incurred by
such indemnified party in connection with the defense thereof. In any such proceeding, an indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party
unless (i) the indemnifying party and the indemnified party shall have mutually agreed to the contrary or (ii) the named parties in any such proceeding (including any impleaded parties) include an indemnifying party and an indemnified
party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood that an indemnifying party shall not, in connection with any proceeding or related
proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all indemnified parties, and that all such fees and expenses shall be reimbursed as they are incurred.
Any such separate firm for the Indemnified Parties shall be designated in writing by the Holders of the majority in principal amount of Securities, and any such separate firm for the Issuer, its directors, respective officers and such control
persons of the Issuer shall be designated in writing by the Issuer, and any such separate firm for the Guarantor, its directors, respective officers and such control persons of the Guarantor shall be designated in writing by the Guarantor. No
indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened action in respect of which any indemnified party is or could have been a party and indemnity could have been
sought hereunder by such indemnified party unless such settlement (i) includes an unconditional release of such indemnified party from all liability on any claims that are the subject matter of such action, and (ii) does not include a
statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. 
 (d) If the
indemnification provided for in this Section 4 is unavailable or insufficient to hold harmless an indemnified party under subsections (a) or (b) above, then each indemnifying party shall contribute to the amount paid or payable by
such indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to in subsection (a) or (b) above, in such proportion as is appropriate to reflect the relative fault of the
indemnifying party or parties on the one hand and the indemnified party on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities (or actions in respect thereof) as well as any other
relevant equitable considerations. The relative fault of the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material
fact relates to information supplied by the Company on the one hand or such Holder or such other indemnified party, as the case may be, on the other, and the parties’ relative intent, knowledge, access to 

  

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information and opportunity to correct or prevent such statement or omission. The amount paid by an indemnified party as a result of the losses, claims,
damages or liabilities referred to in the first sentence of this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any action or
claim which is the subject of this subsection (d). Notwithstanding any other provision of this Section 4(d), the Holders of the Securities shall not be required to contribute any amount in excess of the amount by which the net proceeds received
by such Holders from the sale of the Securities pursuant to a Shelf Registration Statement exceeds the amount of damages which such Holders have otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or
alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For
purposes of this paragraph (d), each person, if any, who controls such indemnified party within the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as such indemnified party and each person, if any, who
controls the Company within the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as the Company. 
 (e) The agreements contained in this Section 4 shall survive the sale of the Securities pursuant to a Shelf Registration Statement and shall remain in full force and effect, regardless of any termination or cancellation of this
Agreement or any investigation made by or on behalf of any indemnified party. 
 5. Additional Interest Under Certain
Circumstances. (a) Additional interest (the “Additional Interest”) with respect to the Initial Securities shall be assessed as follows if any of the following events occur (each such event in clauses (i) through
(iii) below a “Registration Default”: 
 (i) If by January 14, 2008, a Shelf Registration Statement
has not been filed with the Commission; 
 (ii) If by April 13, 2008, the Shelf Registration Statement has not been
declared effective by the Commission; or 
 (iii) If after the Shelf Registration Statement has become effective such
Shelf Registration Statement ceases to be effective (without being succeeded immediately by an effective replacement Shelf Registration Statement) or the Shelf Registration Statement or the related prospectus ceases to be usable in connection with
the resales of Securities, in accordance with and during the periods specified herein for a period of time (including any Suspension Period) which exceeds 90 days in the aggregate in any consecutive 12-month period because either (A) any event
occurs as a result of which the related prospectus forming part of such Shelf Registration Statement would include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein in the light of
the circumstances under which they were made not misleading, (B) it shall be necessary to amend such Shelf Registration Statement or supplement the related prospectus, to comply with the Securities Act or Exchange Act or the respective rules
thereunder, or (C) the occurrence or existence of any pending corporate development or other similar event with respect to the Company or a public filing with the Commission that, in the reasonable discretion of the Issuer, makes it appropriate
to suspend the availability of a Shelf Registration Statement and the related prospectus. 
 Additional Interest shall accrue on the Initial Securities over
and above the interest set forth in the title of the Initial Securities from and including the date on which any such Registration Default shall occur to but excluding the date on which all such Registration Defaults have been cured, at a rate of
0.25% per annum. 
 (b) A Registration Default referred to in Section 5(a)(iii) hereof shall be deemed not to have occurred
and be continuing in relation to a Shelf Registration Statement or the related prospectus if (i) such Registration Default has occurred solely as a result of (x) the filing of a post-effective amendment to such Shelf Registration Statement
to incorporate annual audited financial information with respect to the Company where such post-effective amendment is not yet effective and needs to be declared effective to 

  

 9 

 
permit Holders to use the related prospectus or (y) other material events, with respect to the Company that would need to be described in such Shelf
Registration Statement or the related prospectus and (ii) in the case of clause (y), the Company is proceeding promptly and in good faith to amend or supplement such Shelf Registration Statement and related prospectus to describe such events;
provided, however, that in any case if such Registration Default occurs for a continuous period in excess of 90 days in any consecutive 12 month period, Additional Interest shall be payable in accordance with the above paragraph from the day such
Registration Default occurs until such Registration Default is cured. 
 (c) Any amounts of Additional Interest due pursuant to clause
(i), (ii) or (iii) of Section 5(a) above will be payable in cash on the regular interest payment dates with respect to the Initial Securities. The amount of Additional Interest will be determined by multiplying the applicable
Additional Interest rate by the principal amount of the Initial Securities, multiplied by a fraction, the numerator of which is the number of days such Additional Interest rate was applicable during such period (determined on the basis of a 360-day
year comprised of twelve 30-day months), and the denominator of which is 360. 
 (d) Notwithstanding anything herein to the contrary, no
Holder that does not comply with Section 2(l) shall be eligible to receive Additional Interest. 
 (e) “Transfer Restricted
Securities” means each Security until (i) the date on which such Security has been effectively registered under the Securities Act and disposed of in accordance with the Shelf Registration Statement, (ii) the date on which such
Initial Securities is distributed to the public pursuant to Rule 144 under the Securities Act or is saleable pursuant to Rule 144(k) under the Securities Act (iii) the date on which such Security shall have been otherwise transferred by the
Holder thereof and a new Security not bearing a legend restricting further transfer shall have been delivered by the Issuer and subsequent disposition of such Security shall not require registration or qualification under the 1933 Act or any similar
state law then in force, or (iv) such Security ceases to be outstanding. 
 6. Rules 144 and 144A. The Company shall
use its commercially reasonable efforts to file the reports required to be filed by it under the Securities Act and the Exchange Act in a timely manner and, if at any time the Company is not required to file such reports, it will, upon the request
of any Holder of Securities, make publicly available other information so long as necessary to permit sales of their securities pursuant to Rules 144 and 144A. The Company covenants that it will take such further action as any Holder of
Securities may reasonably request, all to the extent required from time to time to enable such Holder to sell Initial Securities without registration under the Securities Act within the limitation of the exemptions provided by Rules 144 and
144A (including the requirements of Rule 144A(d)(4)). The Company will provide a copy of this Agreement to prospective purchasers of Initial Securities identified to the Company by the Initial Purchasers upon request. Upon the request of any
Holder of Securities, the Company shall deliver to such Holder a written statement as to whether it has complied with such requirements. Notwithstanding the foregoing, nothing in this Section 6 shall be deemed to require the Company to register
any of its securities pursuant to the Exchange Act. 
 7. Underwritten Registrations. If any of the Transfer Restricted
Securities covered by any Shelf Registration are to be sold in an underwritten offering, the investment banker or investment bankers and manager or managers that will administer the offering (“Managing Underwriters”) will be selected by
the Holders of a majority in aggregate principal amount of such Transfer Restricted Securities to be included in such offering. 
 No person
may participate in any underwritten registration hereunder unless such person (i) agrees to sell such person’s Transfer Restricted Securities on the basis reasonably provided in any underwriting arrangements approved by the persons
entitled hereunder to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting
arrangements. 
  

 10 

 8. Miscellaneous. 
 (a) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to
departures from the provisions hereof may not be given, except by the Company and the written consent of the Holders of a majority in principal amount of the Securities affected by such amendment, modification, supplement, waiver or consents.

 (b) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand
delivery, first-class mail, facsimile transmission, or air courier which guarantees overnight delivery: 
 (1) if to a Holder of the
Securities, at the most current address given by such Holder to the Company. 
 (2) if to the Initial Purchasers: 
 Credit Suisse Securities (USA) LLC 
 Eleven
Madison Avenue 
 New York, NY 10010-3629 
 Fax No.: (212) 325-4296 
 Attention: Transactions Advisory Group 
 with a copy to: 
 Cravath,
Swaine & Moore LLP 
 825 Eighth Avenue 
 New York, NY 10019 
 Fax No.: (212) 474-3700 
 Attention: William J. Whelan, III 
 (3) if
to the Issuer or the Guarantor: 
 Rayonier TRS Holdings Inc. 
 c/o Rayonier Inc. 
 50 N. Laura Street 
 Jacksonville, FL 32202 
 Fax No.:
(904) 598-2250 
 Attention: Vice President and General Counsel 
 with a copy to: 
 Vinson & Elkins
L.L.P. 
 666 Fifth Avenue 
 26th Floor 
 New York, NY 10101 
 Fax No.: (212) 237-0100 
 Attention: Allan D. Reiss 
 All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; three business days
after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged by recipient’s facsimile machine operator, if sent by facsimile transmission; and on the day delivered, if sent by overnight air courier guaranteeing
next day delivery. 
 (c) No Inconsistent Agreements. The Company has not, as of the date hereof, entered into, nor shall
it, on or after the date hereof, enter into, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders herein or otherwise conflicts with the provisions hereof. 
  

 11 

 (d) Successors and Assigns. This Agreement shall be binding upon the Company and its
successors and assigns. 
 (e) Counterparts. This Agreement may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
 (f) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning
hereof. 
 (g) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK. 
 (h) Severability. If any one or more of the provisions contained herein, or the application thereof in any
circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby. 

(i) Securities Held by the Company. Whenever the consent or approval of Holders of a specified percentage of principal amount of
Securities is required hereunder, Securities held by the Company or its affiliates (other than subsequent Holders of Securities if such subsequent Holders are deemed to be affiliates solely by reason of their holdings of such Securities) shall not
be counted in determining whether such consent or approval was given by the Holders of such required percentage. 
  

 12 

 If the foregoing is in accordance with your understanding of our agreement, please sign and return to the
Issuer a counterpart hereof, whereupon this instrument, along with all counterparts, will become a binding agreement among the several Initial Purchasers, the Issuer and the Guarantors in accordance with its terms. 
  

			
	Very truly yours,
	
	RAYONIER TRS HOLDINGS INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	RAYONIER INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

 The foregoing Registration 
 Rights Agreement is hereby confirmed 
 and accepted as of the date first 
 above written. 
  

							
	 CREDIT SUISSE SECURITIES (USA) LLC
 J.P. MORGAN SECURITIES INC.
 BANC OF AMERICA SECURITIES LLC
 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

		
	 by:
	 	CREDIT SUISSE SECURITIES (USA) LLC
				
		 		 	 By:
	 	  

		 		 	 Name:
	 	
		 		 	 Title:
	 	
			
		 		 	 Acting on behalf of itself and as the
 Representative of the several Purchasers

  

 13 

 SCHEDULE A 
  

					
	Initial Purchasers
			
		  	Credit Suisse Securities (USA) LLC	  	
			
		  	J. P. Morgan Securities Inc.	  	
			
		  	Banc of America Securities LLC	  	
			
		  	Merrill Lynch, Pierce, Fenner & Smith IncorporatedConvertible Bond Hedge Transaction Confirmation

 EXHIBIT 4.4 
 Opening Transaction 
  

			
	To:	  	 Rayonier TRS Holdings Inc.
 50 North Laura
Street
 Jacksonville, FL 32202

		
	From:	  	 Credit Suisse Capital LLC
 c/o Credit Suisse Securities
(USA) LLC
 Eleven Madison Avenue
 New York, NY
10010

		
	Re:	  	Convertible Bond Hedge Transaction
		
	Ref. No:	  	40114192
		
	Date:	  	October 10, 2007

  

 Dear Sir(s): 
 The purpose of this communication (this “Confirmation”) is to set forth the terms and conditions of
the above-referenced transaction entered into on the Trade Date specified below (the “Transaction”) between Credit Suisse Capital LLC (“Dealer”) represented by Credit Suisse Securities (USA) LLC, as its agent
(“Agent”) and Rayonier TRS Holdings Inc. (“Counterparty”). This communication constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below. 
 This Confirmation is subject to, and incorporates, the definitions and provisions of the 2000 ISDA Definitions (including the Annex thereto) (the
“2000 Definitions”) and the definitions and provisions of the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”, and together with the 2000 Definitions, the “Definitions”), in each case as
published by the International Swaps and Derivatives Association, Inc. (“ISDA”). In the event of any inconsistency between the 2000 Definitions and the Equity Definitions, the Equity Definitions will govern. Certain defined terms
used herein have the meanings assigned to them in the Indenture to be dated as of October 16, 2007 among Counterparty, Rayonier Inc. (“Parent”), as guarantor, and The Bank of New York Trust Company, N.A., as trustee (the
“Indenture”) relating to the USD250,000,000 principal amount of 3.75% Senior Exchangeable Notes due 2012 (the “Exchangeable Notes”). In the event of any inconsistency between the terms defined in the Indenture and
this Confirmation, this Confirmation shall govern. For the avoidance of doubt, (i) the Transaction shall be the only transaction under the Agreement and (ii) references herein to sections of the Indenture are based on the draft of the
Indenture most recently reviewed by the parties at the time of execution of this Confirmation. If any relevant sections of the Indenture are changed, added or renumbered between the execution of this Confirmation and the execution of the Indenture,
the parties will amend this Confirmation in good faith to preserve the economic intent of the parties. The parties further acknowledge that references to the Indenture herein are references to the Indenture as in effect on the date of its execution
and if the Indenture is amended following its execution, any such amendment will be disregarded for purposes of this Confirmation unless the parties agree otherwise in writing. The Transaction is subject to early unwind if the closing of the
Exchangeable Notes is not consummated for any reason, as set forth below in Section 8(k). 
 Each party is hereby advised, and each such
party acknowledges, that the other party has engaged in, or refrained from engaging in, substantial financial transactions and has taken other material actions in reliance upon the parties’ entry into the Transaction to which this Confirmation
relates on the terms and conditions set forth below. 

 This Confirmation evidences a complete and binding agreement between Dealer and Counterparty as to the
terms of the Transaction to which this Confirmation relates. This Confirmation shall be subject to an agreement (the “Agreement”) in the form of the 2002 ISDA Master Agreement as if Dealer and Counterparty had executed an agreement
in such form on the Trade Date (but without any Schedule and with the elections and modifications specified in Section 9 hereof). 
 All
provisions contained in, or incorporated by reference to, the Agreement will govern this Confirmation except as expressly modified herein. In the event of any inconsistency between this Confirmation and either the Definitions or the Agreement, this
Confirmation shall govern. 
 1. The Transaction constitutes a Share Option Transaction for purposes of the Equity Definitions. The terms of
the particular Transaction to which this Confirmation relates are as follows: 
 General Terms: 
  

			
	 Trade Date:
	  	October 10, 2007
		
	 Effective Date:
	  	October 16, 2007
		
	 Option Style:
	  	Modified American, as described under “Procedures for Exercise” below.
		
	 Option Type:
	  	Call
		
	 Seller:
	  	Dealer
		
	 Buyer:
	  	Counterparty
		
	 Shares:
	  	The Common Stock of Parent, no par value (Ticker Symbol: “RYN”).
		
	 Number of Options:
	  	The number of Exchangeable Notes in denominations of USD1,000 principal amount issued by Counterparty on the closing date for the initial issuance of the Exchangeable Notes; provided that
the Number of Options shall be automatically increased as of the date of exercise by Credit Suisse Securities (USA) LLC, as representative of the Initial Purchasers (as defined in the Purchase Agreement), of their option pursuant to Section 3 of the
Purchase Agreement dated as of October 10, 2007 among Counterparty, Parent and Credit Suisse Securities (USA) LLC, as representative of the initial purchasers party thereto (the “Purchase Agreement”) by the number of Exchangeable
Notes in denominations of USD1,000 principal amount issued pursuant to such exercise (such Exchangeable Notes, the “Additional Exchangeable Notes”). For the avoidance of doubt, the Number of Options outstanding shall be reduced by
each exercise of Options hereunder.
		
	 Option Entitlement:
	  	As of any date, a number of Shares per Option equal to the “Exchange Rate” (as defined in the Indenture, but without regard to any adjustments to the Exchange Rate pursuant to Sections
4.1(c) or 4.9 of

  

 2 

			
		  	the Indenture) as of such date; provided that the foregoing shall in no way limit or reduce Dealer’s obligations to Counterparty under the section hereof entitled “Delivery
Obligation” (including, for the avoidance of doubt, the second proviso thereof).
		
	 Number of Shares:
	  	The product of the Number of Options, the Option Entitlement and the Applicable Percentage.
		
	 Applicable Percentage:
	  	65%
		
	 Premium:
	  	USD18,135,000 (Premium per Option USD72.54); provided that if the Number of Options is increased pursuant to the proviso to the definition of “Number of Options” above, an
additional Premium equal to the product of the number of Options by which the Number of Options is so increased and the Premium per Option shall be paid on the Additional Premium Payment Date.
		
	 Premium Payment Date:
	  	The Effective Date
		
	 Additional Premium Payment Date:
	  	The closing date for the purchase and sale of the Additional Exchangeable Notes.
		
	 Exchange:
	  	The New York Stock Exchange
		
	 Related Exchange:
	  	All Exchanges

 Procedures for Exercise: 
  

			
	 Exercise Date:
	  	Each Exchange Date.
		
	 Exchange Date:
	  	Each “Exchange Date” (as defined in the Indenture) occurring during the Exercise Period for Exchangeable Notes (such Exchangeable Notes, each in denominations of USD1,000 principal
amount, the “Relevant Exchangeable Notes” for such Exchange Date).
		
	 Exercise Period:
	  	The period from and including the Effective Date to and including the Expiration Date.
		
	 Expiration Date:
	  	The earlier of (i) the last day on which any Exchangeable Notes remain outstanding and (ii) the second “Business Day” (as defined in the Indenture) immediately preceding the
“Final Maturity Date” (as defined in the Indenture).
		
	 Multiple Exercise:
	  	Applicable, as provided under “Automatic Exercise on Exchange Dates”.
		
	 Minimum Number of Options:
	  	Zero.
		
	 Maximum Number of Options:
	  	Number of Options.
		
	 Integral Multiple:
	  	Not Applicable.
		
	 Automatic Exercise on Exchange Dates:
	  	Notwithstanding anything to the contrary in the Equity Definitions, on each Exchange Date, a number of Options equal to the number of Relevant Exchangeable Notes for such Exchange Date
in

  

 3 

			
		  	denominations of USD1,000 principal amount shall be automatically exercised, subject to “Notice of Exercise” below.
		
	 Notice Deadline:
	  	In respect of any exercise of Options hereunder, the “Scheduled Trading Day” (as defined in the Indenture) immediately preceding the first “Trading Day” (as defined in the
Indenture) of the relevant “Exchange Reference Period” (as defined in the Indenture); provided that in the case of any exercise of Options hereunder in connection with the exchange of any Relevant Exchangeable Notes for any Exchange
Date occurring during the period starting on the 22nd Scheduled Trading Day immediately preceding the Final Maturity Date (the “Final Exchange Period”), the Notice Deadline shall be the New York Business Day immediately following
such Exchange Date.
		
	 Notice of Exercise:
	  	Notwithstanding anything to the contrary in the Equity Definitions, Dealer shall have no obligation to make any payment or delivery in respect of any exercise of Options hereunder unless
Counterparty notifies Dealer in writing prior to 5:00 PM, New York City time, on the Notice Deadline in respect of such exercise of (i) the number of Options being exercised on such Exercise Date, (ii) the scheduled settlement date under the
Indenture for the Relevant Exchangeable Notes for the related Exchange Date, (iii) the “Cash Percentage” (as defined in the Indenture), if any, for such Relevant Exchangeable Notes, and (iv) the first scheduled Trading Day of the Exchange
Reference Period for such Relevant Exchangeable Notes; provided that in the case of any exercise of Options hereunder in connection with the exchange of any Relevant Exchangeable Notes for any Exchange Date occurring during the Final Exchange
Period, Counterparty shall notify Dealer in writing of the information described in clause (iii) above prior to 5:00 PM, New York City time, on the Scheduled Trading Day immediately preceding the first Trading Day of the relevant Exchange Reference
Period and the content of the notice delivered on the Notice Deadline shall be as set forth in clause (i) above. For the avoidance of doubt, if Counterparty fails to give such notice when due in respect of any exercise of Options hereunder,
Dealer’s obligation to make any payment or delivery in respect of such exercise shall be permanently extinguished, and late notice shall not cure such failure. Counterparty acknowledges its responsibilities under applicable securities laws, and
in particular Section 9 and Section 10(b) of the Exchange Act (as defined below) and the rules and regulations thereunder, in respect of any election of a Cash Percentage with respect to the Exchangeable Notes.

  

 4 

					
	Dealer’s Telephone Number	  		  	
	 and Telex and/or Facsimile Number
 and Contact Details
for purpose of
	  		  	
	Giving Notice:	  	To:	  	Credit Suisse Capital LLC
		  		  	c/o Credit Suisse Securities (USA) LLC
		  		  	Eleven Madison Avenue
		  		  	New York, NY 10010
		  		  	Attn: Senior Legal Officer
		  		  	Telephone: (212) 538-2616
		  		  	Facsimile: (212) 325-8036
			
		  		  	With a copy to:
		  		  	Credit Suisse Securities (USA) LLC
		  		  	One Madison Avenue, 8th Floor
		  		  	New York, New York 10010
		  		  	Attn: Equity Derivatives Documentation
		  		  	Telephone: (212) 538-6040
		  		  	Facsimile: (917) 326-2660

 Settlement Terms: 
  

			
	Settlement Date:	  	For any Exercise Date, the settlement date for the Shares and/or cash to be delivered in respect of the Relevant Exchangeable Notes for the relevant Exchange Date under the terms of the
Indenture; provided that the Settlement Date shall not be prior to the latest of (i) the date one Settlement Cycle following the final day of the Exchange Reference Period for such Relevant Exchangeable Notes, (ii) the Exchange Business Day
immediately following the date on which Counterparty gives notice to Dealer of such Settlement Date prior to 5:00 PM, New York City time, and (iii) the Exchange Business Day immediately following the date Counterparty provides the Notice of
Delivery Obligation prior to 5:00 PM, New York City time.
		
	Delivery Obligation:	  	In lieu of the obligations set forth in Sections 8.1 and 9.1 of the Equity Definitions, and subject to “Notice of Exercise” above, in respect of any Exercise Date, Dealer will
deliver to Counterparty on the related Settlement Date a number of Shares and/or an amount of cash equal to the product of (x) the Applicable Percentage and (y) the aggregate number of Shares and/or amount of cash, if any, that Counterparty is
obligated to deliver to the holder(s) of the Relevant Exchangeable Notes for such Exchange Date pursuant to Sections 4.13(b)(ii) or (d) of the Indenture (except that such aggregate number of Shares shall be determined without taking into
consideration any fractional shares pursuant to Section 4.3 of the Indenture and shall be rounded down to the nearest whole number) and cash in lieu of fractional shares, if any, resulting from such rounding (such Shares and/or cash, collectively,
the “Exchangeable Obligation”); provided that the Exchangeable Obligation shall be determined excluding any Shares

  

 5 

			
		  	and/or cash that Counterparty is obligated to deliver to holder(s) of the Relevant Exchangeable Notes as a direct or indirect result of any adjustments to the Exchange Rate pursuant to
Sections 4.1(c) or 4.9 of the Indenture and any interest payment that the Counterparty is (or would have been) obligated to deliver to holder(s) of the Relevant Exchangeable Notes for such Exchange Date; and provided further that if such
exercise relates to the exchange of Relevant Exchangeable Notes in connection with which holders thereof are entitled to receive additional Shares and/or cash pursuant to the adjustments to the Exchange Rate set forth in Section 4.1(c) of the
Indenture, then, notwithstanding the foregoing or anything else to the contrary contained herein, the Delivery Obligation shall include such additional Shares and/or cash, except that the Delivery Obligation shall be capped so that the value of the
Delivery Obligation per Option (with the value of any Shares included in the Delivery Obligation determined by the Calculation Agent using the “Daily VWAP” (as defined in the Indenture) on the last day of the relevant Exchange Reference
Period) does not exceed the amount as determined by the Calculation Agent that would be payable by Dealer pursuant to Section 6 of the Agreement if such Exchange Date were an Early Termination Date resulting from an Additional Termination Event with
respect to which the Transaction (except that, for purposes of determining such amount, (x) the Number of Options shall be deemed to be equal to the number of Options exercised on such Exercise Date and (y) such amount payable will be determined as
if Section 4.1(c) of the Indenture were deleted) was the sole Affected Transaction and Counterparty was the sole Affected Party (determined without regard to Section 8(c) of this Confirmation). For the avoidance of doubt, if the “Daily Exchange
Value” (as defined in the Indenture) for each of the Trading Days occurring in the relevant Exchange Reference Period is less than or equal to USD50, Dealer will have no delivery obligation hereunder in respect of the related Exercise Date.

		
	 Notice of Delivery Obligation:
	  	No later than the Exchange Business Day immediately following the last day of the relevant Exchange Reference Period), Counterparty shall give Dealer notice of the final number of Shares
and/or cash comprising the relevant Exchangeable Obligation; provided that, with respect to any Exercise Date occurring during the Final Exchange Period, Counterparty may provide Dealer with a single notice of the aggregate number of Shares
and/or cash comprising the Exchangeable Obligations for all Exercise Dates occurring during such period (it being understood, for the avoidance of doubt, that the requirement of Counterparty to deliver such

  

 6 

			
		  	notice shall not limit Counterparty’s obligations with respect to Notice of Exercise or Dealer’s obligations with respect to Delivery Obligation, each as set forth above, in any
way).
		
	 Other Applicable Provisions:
	  	To the extent Dealer is obligated to deliver Shares hereunder, the provisions of Sections 9.1(c), 9.8, 9.9, 9.10, 9.11 and 9.12 of the Equity Definitions will be applicable as if
“Physical Settlement” applied to the Transaction; provided that the Representation and Agreement contained in Section 9.11 of the Equity Definitions shall be modified by excluding any representations therein relating to
restrictions, obligations, limitations or requirements under applicable securities laws that exist as a result of the fact that Counterparty is a subsidiary of the issuer of the Shares.
		
	 Restricted Certificated Shares:
	  	Notwithstanding anything to the contrary in the Equity Definitions, Dealer may, in whole or in part, deliver Shares in certificated form representing the Number of Shares to be Delivered to
Counterparty in lieu of delivery through the Clearance System.

 Adjustments: 
  

			
	Method of Adjustment:	  	Notwithstanding Section 11.2 of the Equity Definitions (which shall not apply for the purposes hereof), upon the occurrence of any event or condition set forth in paragraphs (a), (b), (c),
(d) or (e) of Section 4.6 of the Indenture, the Calculation Agent shall make the corresponding adjustment in respect of any one or more of the Number of Options, the Option Entitlement and any other variable relevant to the exercise, settlement or
payment of the Transaction, to the extent an analogous adjustment is made under the Indenture. Immediately upon the occurrence of any transaction that could reasonably be expected to give rise to an adjustment of the Exchange Rate pursuant to
Section 4.6 of the Indenture (such transaction, an “Adjustment Event”), Counterparty shall notify the Calculation Agent of such Adjustment Event; and once the adjustments to be made to the terms of the Indenture and the Relevant
Exchangeable Notes in respect of such Adjustment Event have been determined, Counterparty shall immediately notify the Calculation Agent in writing of the details of such adjustments.

 Extraordinary Events: 
  

			
	Merger Events:	  	Notwithstanding Section 12.1(b) of the Equity Definitions (which shall not apply for the purposes hereof), a “Merger Event” means the occurrence of any event or condition set forth
in Section 4.11 or Article VII of the Indenture.
		
	Consequences of Merger Events:	  	Notwithstanding Section 12.2 of the Equity

  

 7 

			
		  	Definitions (which shall not apply for the purposes hereof), upon the occurrence of a Merger Event, the Calculation Agent shall make the corresponding adjustment in respect of any adjustment
under the Indenture to any one or more of the nature of the Shares, the Number of Options, the Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction, to the extent an analogous adjustment is
made under the Indenture in respect of such Merger Event; provided that such adjustment shall be made without regard to any adjustment to the Exchange Rate for the issuance of additional Shares as set forth in Sections 4.1(c) or 4.9 of the
Indenture; and provided further that the foregoing shall in no way limit or reduce Dealer’s obligations to Counterparty under the section hereof entitled “Delivery Obligation” (including, for the avoidance of doubt, the second
proviso thereof).
		
	Notice of Merger Consideration:	  	Upon the occurrence of a Merger Event that causes the Shares to be converted into the right to receive more than a single type of consideration (determined based in part upon any form of
stockholder election), Counterparty shall reasonably promptly (but in any event prior to the Merger Date) notify the Calculation Agent of (i) the weighted average of the types and amounts of consideration received by the holders of Shares entitled
to receive cash, securities or other property or assets with respect to or in exchange for such Shares in any Merger Event who affirmatively make such an election and (ii) the details of the adjustment made under the Indenture in respect of such
Merger Event.
		
	Nationalization, Insolvency or Delisting:	  	Cancellation and Payment (Calculation Agent Determination); provided that in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a
Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, the American Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global
Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any such exchange or quotation system, such exchange or quotation system shall thereafter be deemed to be the Exchange.

 Additional Disruption Events: 
  

			
	 (a)    Change in Law:
	  	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions shall be amended by deleting “(X)” and “, or (Y) it will incur a materially increased cost in
performing its obligations under such Transaction (including, without limitation, due to any increase in tax liability, decrease in tax benefit or other adverse effect on its tax position)”.

  

 8 

			
		
	 (b)    Insolvency Filing:
	  	Applicable
		
	 (c)    Hedging Disruption:
	  	Not Applicable
		
	 (d)    Increased Cost of Hedging:
	  	Not Applicable
		
	 Determining Party:
	  	Dealer
		
	 Non-Reliance:
	  	Applicable
		
	Agreements and Acknowledgments Regarding Hedging Activities:	  	Applicable
		
	 Additional Acknowledgments:
	  	Applicable
		
	 2. Calculation Agent:
	  	Dealer. The Calculation Agent will provide Counterparty with reasonable detail concerning its calculations hereunder (including any assumptions used in making such calculations) upon request.

 3. Account Details: 
     Dealer Payment Instructions: 
 Citibank, N.A., New York 
 ABA number: 021-000-089 
 For A/C of: Credit Suisse Capital LLC 
 Account Number: 30459883 
     Counterparty Payment Instructions: 
 To be provided by Counterparty. 
 4. Offices: 
     The Office of Dealer for the Transaction is: 
 Credit Suisse Capital LLC 
 c/o Credit Suisse Securities (USA) LLC 
 Eleven Madison Avenue 
 New York, NY 10010 
     The Office of Counterparty for the Transaction is: 
 50 North Laura Street, Jacksonville, FL
32202 
 5. Notices: For purposes of this Confirmation: 
  

	 	(a)	Address for notices or communications to Counterparty: 

  

			
	To:	  	Rayonier TRS Holdings Inc.
		  	50 North Laura Street
		  	Jacksonville, Florida 32202
	Attn:	  	Carl E. Kraus
	Telephone:	  	(904) 357-9100
	Facsimile:	  	(904) 598-2271
	With a copy to:
		
	Attn:	  	Michael R. Herman
	Facsimile:	  	(904) 598-2250

  

 9 

	 	(b)	Address for notices or communications to Dealer: 

  

			
	To:	  	Credit Suisse Capital LLC
		  	c/o Credit Suisse Securities (USA) LLC
		  	Eleven Madison Avenue
		  	New York, NY 10010
		  	Attn: Senior Legal Officer
		  	Telephone: (212) 538-2616
		  	Facsimile: (212) 325-8036
		
		  	With a copy to:
		  	Credit Suisse Securities (USA) LLC
		  	One Madison Avenue, 8th Floor
		  	New York, New York 10010
		
		  	For payments and deliveries:
		  	Attn: Debbye Turnbull-Philip
		  	Telephone: (212) 538-3604
		  	Facsimile: (212) 325-8175
		
		  	For all other communications:
		  	Attn: Equity Derivatives Documentation
		  	Telephone: (212) 538-6040
		  	Facsimile: (917) 326-2660

 6. Representations, Warranties and Agreements: 
 (a) In addition to the representations and warranties in the Agreement and those contained elsewhere herein, Counterparty represents and warrants to and
for the benefit of, and agrees with, Dealer as follows: 
 (i) On the Trade Date, (A) none of Counterparty, Parent and
their respective officers and directors is aware of any material nonpublic information regarding Counterparty, Parent or the Shares and (B) all reports and other documents filed by Parent with the Securities and Exchange Commission pursuant to
the Securities Exchange Act of 1934, as amended (the “Exchange Act”) when considered as a whole (with the more recent such reports and documents deemed to amend inconsistent statements contained in any earlier such reports and
documents), do not contain any untrue statement of a material fact or any omission of a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances in which they were made, not
misleading. 
 (ii) On the Trade Date, neither Parent nor any “affiliate” or “affiliated purchaser” (each
as defined in Rule 10b-18 of the Exchange Act (“Rule 10b-18”)) of Parent shall directly or indirectly (including, without limitation, by means of any cash-settled or other derivative instrument other than the Transaction) purchase,
offer to purchase, place any bid or limit order that would effect a purchase of, or commence any tender offer relating to, any Shares (or an equivalent interest, including a unit of beneficial interest in a trust or limited partnership or a
depository share) or any security convertible into or exchangeable or exercisable for Shares. 
 (iii) Without limiting the
generality of Section 13.1 of the Equity Definitions, Counterparty and Parent acknowledge that Dealer is not making any representations or warranties with respect to the treatment of the Transaction under any accounting standards including FASB
Statements 128, 133 ( as amended), 149 or 150, EITF Issue No. 00-19, 01-6 or 03-6 (or any successor issue statements) or under FASB’s Liabilities & Equity Project. 
 (iv) Without limiting the generality of Section 3(a)(iii) of the Agreement, the Transaction will not violate Rule 13e-1 or Rule 13e-4
under the Exchange Act. 
 (v) Prior to the Trade Date, Counterparty and Parent shall each deliver to Dealer a resolution of
its board of directors authorizing the Transaction and such other certificate or certificates as Dealer shall reasonably request. 
  

 10 

 (vi) Neither Counterparty nor Parent is entering into this Confirmation to create actual
or apparent trading activity in the Shares (or any security convertible into or exchangeable for Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for Shares) or to
otherwise violate the Exchange Act. 
 (vii) Neither Counterparty nor Parent is, and after giving effect to the transactions
contemplated hereby neither Counterparty nor Parent will be, required to register as, an “investment company” as such term is defined in the Investment Company Act of 1940, as amended. 
 (viii) On each of the Trade Date, the Premium Payment Date and the Additional Premium Payment Date, if any, Counterparty and Parent is not
“insolvent” (as such term is defined under Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”)) and Counterparty and Parent would be able to purchase the Shares
hereunder in compliance with the laws of the jurisdiction of its incorporation. 
 (ix) The representations and warranties of
Counterparty and Parent set forth in Section 3 of the Agreement and Section 2 of the Purchase Agreement are true and correct as of the Trade Date, the Effective Date and the Additional Premium Payment Date and are hereby deemed to be
repeated to Dealer as if set forth herein. 
 (b) Each of Dealer and Counterparty agrees and represents that it is an “eligible contract
participant” as defined in Section 1a(12) of the U.S. Commodity Exchange Act, as amended. 
 (c) Each of Dealer and Counterparty
acknowledges that the offer and sale of the Transaction to it is intended to be exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), by virtue of Section 4(2) thereof. Accordingly,
Counterparty represents and warrants to Dealer that (i) it has the financial ability to bear the economic risk of its investment in the Transaction and is able to bear a total loss of its investment and its investments in and liabilities in
respect of the Transaction, which it understands are not readily marketable, are not disproportionate to its net worth, and it is able to bear any loss in connection with the Transaction, including the loss of its entire investment in the
Transaction, (ii) it is an “accredited investor” as that term is defined in Regulation D as promulgated under the Securities Act, (iii) it is entering into the Transaction for its own account and without a view to the
distribution or resale thereof, (iv) the assignment, transfer or other disposition of the Transaction has not been and will not be registered under the Securities Act and is restricted under this Confirmation, the Securities Act and state
securities laws, and (v) its financial condition is such that it has no need for liquidity with respect to its investment in the Transaction and no need to dispose of any portion thereof to satisfy any existing or contemplated undertaking or
indebtedness and is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of the Transaction. 
 (d) Each of Dealer and Counterparty agrees and acknowledges that Dealer is a “financial institution,” “swap participant” and
“financial participant” within the meaning of Sections 101(22), 101(53C) and 101(22A) of Title 11 of the United States Code (the “Bankruptcy Code”). The parties hereto further agree and acknowledge (A) that this
Confirmation is (i) a “securities contract,” as such term is defined in Section 741(7) of the Bankruptcy Code, with respect to which each payment and delivery hereunder is a “settlement payment,” as such term is defined
in Section 741(8) of the Bankruptcy Code, and (ii) a “swap agreement,” as such term is defined in Section 101(53B) of the Bankruptcy Code, with respect to which each payment and delivery hereunder is a “transfer,”
as such term is defined in Section 101(54) of the Bankruptcy Code, and (B) that Dealer is entitled to the protections afforded by, among other sections, Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code.

 (e) Each party acknowledges and agrees to be bound by the Conduct Rules of the National Association of Securities Dealers, Inc. applicable
to transactions in options, and further agrees not to violate the position and exercise limits set forth therein. 
  

 11 

 (f) Counterparty shall deliver to Dealer an opinion of counsel, dated as of the Effective Date and
reasonably acceptable to Dealer in form and substance, with respect to the matters set forth in paragraphs (i), (ii) and (iii) (but not with respect to applicable law) of Section 3(a) of the Agreement. 
 (g) Each party acknowledges and agrees that Dealer (i) is an “OTC derivatives dealer” as such term is defined in the Exchange Act and is
an affiliate of Agent and (ii) is not a member of the Securities Investor Protection Corporation. 
 (h) Dealer represents and warrants
to Counterparty that the Transaction evidenced by this Confirmation constitutes a “Financial Transaction” for purposes of the Guarantee dated May 16, 2001 made by Credit Suisse (USA), Inc. (formerly known as Credit Suisse First Boston
(USA), Inc.) (the “Guarantee”) referenced herein as a Credit Support Document in relation to Dealer. 
 7. [Intentionally
Omitted]. 
 8. Other Provisions: 
 (a) Right to Extend. Dealer may postpone any Settlement Date or any other date of valuation or delivery by Dealer, with respect to some or all of the relevant Options (in which event the Calculation Agent shall make appropriate
adjustments to the Delivery Obligation), if Dealer determines, in its reasonable discretion, that such extension is reasonably necessary or appropriate to preserve Dealer’s hedging or hedge unwind activity hereunder in light of existing
liquidity conditions in the cash market or the stock borrow market or other relevant market or to enable Dealer to effect purchases of Shares in connection with its hedging, hedge unwind or settlement activity hereunder in a manner that would, if
Dealer were Parent or an affiliated purchaser of Parent, be in compliance with applicable legal, regulatory or self-regulatory requirements, or with related policies and procedures applicable to Dealer. 
 (b) Additional Termination Events. The occurrence of an Amendment Event shall be an Additional Termination Event with respect to which the
Transaction is the sole Affected Transaction and Counterparty is the sole Affected Party, and Dealer shall be the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement. 
 “Amendment Event” means that Counterparty amends, modifies, supplements or obtains a waiver in respect of any term of the Indenture or
the Exchangeable Notes governing the principal amount, coupon, maturity, repurchase obligation of Counterparty, redemption right of Counterparty, any term relating to exchange of the Exchangeable Notes (including changes to the exchange price,
exchange settlement dates or exchange conditions), or any term that would require consent of the holders of not less than 100% of the principal amount of the Exchangeable Notes to amend, in each case without the prior consent of Dealer. 

(c) Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events. If Dealer shall owe Counterparty any amount
pursuant to Section 12.2 of the Equity Definitions and “Consequences of Merger Events” above, or Sections 12.3, 12.6, 12.7 or 12.9 of the Equity Definitions (except in the event of a Merger Event, Insolvency, or Nationalization, in
which the consideration or proceeds to be paid to holders of Shares consists solely of cash) or pursuant to Section 6(d)(ii) of the Agreement (except in the event of an Event of Default in which Counterparty is the Defaulting Party or a
Termination Event in which Counterparty is the Affected Party, that resulted from an event or events within Counterparty’s control) (a “Payment Obligation”), Counterparty shall have the right, in its sole discretion, to require
Dealer to satisfy any such Payment Obligation by the Share Termination Alternative (as defined below) by giving irrevocable telephonic notice to Dealer, confirmed in writing within one Scheduled Trading Day, between the hours of 9:00 A.M. and 4:00
P.M. New York City time on the Merger Date, Announcement Date or Early Termination Date, as applicable (“Notice of Share Termination”). Upon such Notice of Share Termination, the following provisions shall apply on the Scheduled
Trading Day immediately following the Merger Date, Announcement Date or Early Termination Date, as applicable: 
  

			
	Share Termination Alternative:	  	Applicable and means that Dealer shall deliver to Counterparty the Share Termination Delivery Property on the date on which the Payment

  

 12 

			
		  	Obligation would otherwise be due pursuant to Section 12.7 or 12.9 of the Equity Definitions or Section 6(d)(ii) of the Agreement, as applicable (the “Share Termination Payment
Date”), in satisfaction of the Payment Obligation.
		
	Share Termination Delivery
Property:	  	A number of Share Termination Delivery Units, as calculated by the Calculation Agent, equal to the Payment Obligation divided by the Share Termination Unit Price. The Calculation Agent shall
adjust the Share Termination Delivery Property by replacing any fractional portion of the aggregate amount of a security therein with an amount of cash equal to the value of such fractional security based on the values used to calculate the Share
Termination Unit Price.
		
	Share Termination Unit Price:	  	The value of property contained in one Share Termination Delivery Unit on the date such Share Termination Delivery Units are to be delivered as Share Termination Delivery Property, as determined
by the Calculation Agent in its discretion by commercially reasonable means and notified by the Calculation Agent to Dealer at the time of notification of the Payment Obligation.
		
	Share Termination Delivery Unit:	  	In the case of a Termination Event, Event of Default or Delisting, one Share or, in the case of an Insolvency, Nationalization or Merger Event, one Share or a unit consisting of the number or
amount of each type of property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any securities) in such Insolvency, Nationalization or Merger Event. If
such Insolvency, Nationalization or Merger Event involves a choice of consideration to be received by holders, such holder shall be deemed to have elected to receive the maximum possible amount of cash.
		
	Failure to Deliver:	  	Applicable
		
	Other applicable provisions:	  	If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9, 9.11 and 9.12 of the Equity Definitions will be applicable as if “Physical Settlement” applied to
the Transaction, except that all references to “Shares” shall be read as references to “Share Termination Delivery Units”; provided that the Representation and Agreement contained in Section 9.11 of the Equity Definitions
shall be modified by excluding any representations therein relating to restrictions, obligations, limitations or requirements under applicable securities laws as a result of the fact that Counterparty is the subsidiary of the issuer of any Share
Termination Delivery Units (or any part thereof).

 (d) Disposition of Hedge Shares. Counterparty hereby agrees that if, in the good faith
reasonable judgment of Dealer, based on the advice of a nationally recognized outside legal counsel, the Shares acquired by Dealer for the purpose of hedging its obligations pursuant to the Transaction (the “Hedge Shares”) cannot be
sold in the U.S. public market by Dealer without registration under the Securities Act, Counterparty and Parent shall, at Counterparty’s election: (i) in order to allow Dealer to sell the Hedge Shares in a registered offering, make
available to Dealer an effective registration statement under the Securities Act to cover the resale of such Hedge Shares and (A) enter into an agreement, in form and substance reasonably satisfactory to Dealer, substantially in the form of an
underwriting agreement for a registered offering, (B) provide accountant’s “comfort” letters in customary form for registered offerings of equity securities, (C) provide disclosure opinions of nationally recognized outside
counsel to Counterparty and Parent reasonably acceptable to Dealer, (D) provide other customary opinions, certificates and closing documents customary in form for registered offerings of equity securities and (E) afford Dealer a reasonable
opportunity to conduct a “due diligence” investigation with respect to Parent 

  

 13 

 
customary in scope for underwritten offerings of equity securities; provided, however, that if Dealer, in its sole reasonable discretion, is not
satisfied with access to due diligence materials, the results of its due diligence investigation, or the procedures and documentation for the registered offering referred to above, then clause (ii) or clause (iii) of this Section 8(d)
shall apply at the election of Counterparty; (ii) in order to allow Dealer to sell the Hedge Shares in a private placement, to enter into a private placement agreement substantially similar to private placement purchase agreements customary for
private placements of equity securities, in form and substance satisfactory to Dealer, including customary representations, covenants, blue sky and other governmental filings and/or registrations, indemnities to Dealer, due diligence rights (for
Dealer or any designated buyer of the Hedge Shares from Dealer), opinions and certificates and such other documentation as is customary for private placements agreements, all reasonably acceptable to Dealer (in which case, the Calculation Agent
shall make any adjustments to the terms of the Transaction that are necessary, in its reasonable judgment, to compensate Dealer for any discount from the public market price of the Shares incurred on the sale of Hedge Shares in a private placement);
or (iii) purchase the Hedge Shares from Dealer at the Daily VWAP on such Exchange Business Days, and in the amounts, requested by Dealer. 
 (e) Repurchase Notices. Counterparty or Parent shall, on any day on which Counterparty or Parent effects any repurchase of Shares, promptly give Dealer a written notice of such repurchase (a “Repurchase Notice”) on
such day if, following such repurchase, the Notice Percentage as determined on such day is (i) greater than 7.0% (or 1.0% lower than any lower percentage that could reasonably be expected to trigger any ownership limitation contained in
Parent’s articles of incorporation intended to preserve Parent’s status as a Real Estate Investment Trust (a “REIT Ownership Provision”) with respect to Dealer) and (ii) greater by 0.5% than the Notice Percentage
included in the immediately preceding Repurchase Notice (or, in the case of the first such Repurchase Notice, greater than the Notice Percentage as of the date hereof). The “Notice Percentage” as of any day is the fraction,
expressed as a percentage, the numerator of which is the Number of Shares and the denominator of which is the number of Shares outstanding on such day. In the event that Counterparty or Parent fails to provide Dealer with a Repurchase Notice on the
day and in the manner specified in this Section 8(e) then Counterparty agrees to indemnify and hold harmless Dealer, its affiliates and their respective directors, officers, employees, agents and controlling persons (Dealer and each such person
being an “Indemnified Party”) from and against any and all losses, claims, damages and liabilities (or actions in respect thereof), joint or several, to which such Indemnified Party may become subject under applicable securities
laws, including without limitation, Section 16 of the Exchange Act, relating to or arising out of such failure. If for any reason the foregoing indemnification is unavailable to any Indemnified Party or insufficient to hold harmless any
Indemnified Party, then Counterparty shall contribute, to the maximum extent permitted by law, to the amount paid or payable by the Indemnified Party as a result of such loss, claim, damage or liability. In addition, Counterparty will reimburse any
Indemnified Party for all expenses (including reasonable counsel fees and expenses) as they are incurred (after notice to Counterparty) in connection with the investigation of, preparation for or defense or settlement of any pending or threatened
claim or any action, suit or proceeding arising therefrom, whether or not such Indemnified Party is a party thereto and whether or not such claim, action, suit or proceeding is initiated or brought by or on behalf of Counterparty. This indemnity
shall survive the completion of the Transaction contemplated by this Confirmation and any assignment and delegation of the Transaction made pursuant to this Confirmation or the Agreement shall inure to the benefit of any permitted assignee of
Dealer. 
 (f) Transfer and Assignment. Either party may transfer any of its rights or obligations under the Transaction with the
prior written consent of the non-transferring party, such consent not to be unreasonably withheld. In addition, Dealer may transfer or assign without any consent of Counterparty its rights and obligations hereunder, in whole or in part, to
(i) any of its affiliates or (ii) any third party, in each case, with a rating for its long term, unsecured and unsubordinated indebtedness of A or better by Standard & Poor’s Ratings Service or its successor
(“S&P”) and A2 or better by Moody’s Investors Service or its successor (“Moody’s”); provided further that at any time at which the Equity Percentage exceeds 8.0% (or 1.0% lower than any lower
percentage that could reasonably be expected to trigger a REIT Ownership Provision with respect to Dealer) (an “Excess Ownership Position”), if Dealer is unable to effect a transfer or assignment to a third party in accordance with
the requirements set forth above after using its commercially reasonable efforts on pricing terms reasonably acceptable to Dealer such that an Excess Ownership Position no longer exists, Dealer may designate any Trading Day as an Early Termination
Date 

  

 14 

 
with respect to a portion (the “Terminated Portion”) of the Transaction, such that such Excess Ownership Position no longer exists. In the
event that Dealer so designates an Early Termination Date with respect to a portion of the Transaction, a payment or delivery shall be made pursuant to Section 6 of the Agreement and Section 8(c) of this Confirmation as if (i) an
Early Termination Date had been designated in respect of a Transaction having terms identical to the Terminated Portion of the Transaction, (ii) Counterparty shall be the sole Affected Party with respect to such partial termination and
(iii) such portion of the Transaction shall be the only Terminated Transaction. Notwithstanding the foregoing, Dealer acknowledges that its Equity Percentage on and immediately after the Effective Date may be in excess of 8.0% and Dealer hereby
agrees that it will not designate an Early Termination Date due to its initial Equity Percentage arising on and immediately after the Effective Date as a result of entering into the Transaction. The “Equity Percentage” as of any day
is the fraction, expressed as a percentage, (A) the numerator of which is the number of Shares that Dealer and any of its affiliates subject to aggregation with Dealer, for purposes of the “beneficial ownership” test under
Section 13 of the Exchange Act (collectively, “Dealer Group”), beneficially own (within the meaning of Section 13 of the Exchange Act) on such day (or, if larger, Dealer Group’s ownership as defined for purposes of
any REIT Ownership Provision with respect to Dealer) and (B) the denominator of which is the number of Shares outstanding on such day. 
 (g) Staggered Settlement. Dealer may, by notice to Counterparty prior to any Settlement Date (a “Nominal Settlement Date”), elect to deliver the Shares on two or more dates (each, a “Staggered Settlement
Date”) or at two or more times on the Nominal Settlement Date as follows: 
 (i) in such notice, Dealer will specify
to Counterparty the related Staggered Settlement Dates (each of which will be on or prior to the date that follows such Nominal Settlement Date by 20 VWAP Trading Days, but not prior to the relevant Exchange Date) or delivery times and how it will
allocate the Shares it is required to deliver under “Delivery Obligation” (above) among the Staggered Settlement Dates or delivery times; and 
 (ii) the aggregate number of Shares that Dealer will deliver to Counterparty hereunder on all such Staggered Settlement Dates and delivery times will equal the number of Shares that Dealer would otherwise be required
to deliver on such Nominal Settlement Date. 
 (h) Disclosure. Effective from the date of commencement of discussions concerning the
Transaction, Counterparty and its employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including
opinions or other tax analyses) that are provided to Counterparty relating to such tax treatment and tax structure. 
 (i) Designation by
Dealer. Notwithstanding any other provision in this Confirmation to the contrary requiring or allowing Dealer to purchase, sell, receive or deliver any Shares or other securities to or from Counterparty, Dealer may designate any of its
affiliates to purchase, sell, receive or deliver such Shares or other securities and otherwise to perform Dealer’s obligations in respect of the Transaction and any such designee may assume such obligations. Dealer shall be discharged of its
obligations to Counterparty to the extent of any such performance. 
 (j) Equity Rights. Dealer acknowledges and agrees that this
Confirmation is not intended to convey to it rights with respect to the Transaction that are senior to the claims of common stockholders in the event of Counterparty’s bankruptcy. For the avoidance of doubt, the parties agree that the preceding
sentence shall not apply at any time other than during Counterparty’s bankruptcy to any claim arising as a result of a breach by Counterparty of any of its obligations under this Confirmation or the Agreement. 
 (k) Early Unwind. In the event the sale by Counterparty of the Exchangeable Notes is not consummated with the Initial Purchasers pursuant to the
Purchase Agreement for any reason by the close of business in New York on October 16, 2007 (or such later date as agreed upon by the parties, which in no event shall be later than October 26, 2007) (October 16, 2007 or such later date
being the “Early Unwind Date”), the Transaction shall automatically terminate (the “Early Unwind”), on the Early Unwind Date and (i) the Transaction and all of the respective rights and obligations of Dealer
and Counterparty thereunder shall be cancelled and terminated and (ii) Counterparty shall pay to Dealer, other than in cases involving a breach of the Purchase Agreement by the Initial Purchasers, an amount in cash equal to the aggregate amount
of costs and expenses relating to the unwinding of Dealer’s hedging activities in respect 

  

 15 

 
of the Transaction (including market losses incurred in reselling any Shares purchased by Dealer or its affiliates in connection with such hedging
activities, unless Counterparty agrees to purchase any such Shares at the cost at which Dealer purchased such Shares). Following such termination, cancellation and payment, each party shall be released and discharged by the other party from and
agrees not to make any claim against the other party with respect to any obligations or liabilities of either party arising out of and to be performed in connection with the Transaction either prior to or after the Early Unwind Date. 
 (l) Netting and Set-off. Each of Dealer and Counterparty shall not net or set-off its obligations under the Transaction, if any, against its
rights against the other party under any other transaction or instrument. Section 6(f) of the Agreement shall not apply. 
 (m)
Waiver of Trial by Jury. EACH OF COUNTERPARTY AND DEALER HEREBY IRREVOCABLY WAIVES (ON ITS OWN BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS STOCKHOLDERS) ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THE TRANSACTION OR THE ACTIONS OF COUNTERPARTY OR ITS AFFILIATES OR DEALER OR ITS AFFILIATES IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF. 

(n) Governing Law. THIS CONFIRMATION SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO ITS CHOICE OF LAW DOCTRINE).

 (o) Submission to Jurisdiction. Each party hereby irrevocably and unconditionally submits for itself and its property in any legal
action or proceeding by the other party against it relating to the Transaction to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive jurisdiction of the Supreme Court of the State of New
York, sitting in New York County, the courts of the United States of America for the Southern District of New York, and appellate courts from any thereof. 
 (p) Counterparts. This Confirmation may be executed in several counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 
 (q) Role of Agent. Credit Suisse Securities (USA) LLC, in its capacity as Agent, will be responsible for (A) effecting this Transaction,
(B) issuing all required confirmations and statements to Dealer and Counterparty, (C) maintaining books and records relating to this Transaction in accordance with its standard practices and procedures and in accordance with applicable law
and (D) unless otherwise requested by Counterparty, receiving, delivering, and safeguarding Counterparty’s funds and any securities in connection with this Transaction, in accordance with its standard practices and procedures and in
accordance with applicable law. 
  

	 	(i)	Agent is acting in connection with this Transaction solely in its capacity as Agent for Dealer and Counterparty pursuant to instructions from Dealer and Counterparty. Agent shall
have no responsibility or personal liability to Dealer or Counterparty arising from any failure by Dealer or Counterparty to pay or perform any obligations hereunder, or to monitor or enforce compliance by Dealer or Counterparty with any obligation
hereunder, including, without limitation, any obligations to maintain collateral. Each of Dealer and Counterparty agrees to proceed solely against the other to collect or recover any securities or monies owing to it in connection with or as a result
of this Transaction. Agent shall otherwise have no liability in respect of this Transaction hereunder, by guaranty, endorsement or otherwise, except for its gross negligence or willful misconduct in performing its duties as Agent.

  

	 	(ii)	Any and all notices, demands, or communications of any kind relating to this Transaction between Dealer and Counterparty shall be transmitted exclusively through Agent at the
following address: 

 Credit Suisse Capital LLC 
 c/o Credit Suisse Securities (USA) LLC 
 Eleven Madison Avenue 
 New York, NY 10010 
 Attn: Senior Legal
Officer 
 Telephone: (212) 538-2616 
 Facsimile: (212) 325-8036 
  

 16 

 With a copy to: 
 Credit Suisse Securities (USA) LLC 
 One Madison Avenue, 8th Floor 
 New York, New York 10010 
 For payments and
deliveries: 
 Attn: Debbye Turnbull-Philip 
 Telephone: (212) 538-3604 
 Facsimile: (212) 325-8175 
 For all other communications: 
 Attn:
Equity Derivatives Documentation 
 Telephone: (212) 538-6040 
 Facsimile: (917) 326-2660 
  

	 	(iii)	The date and time of the Transaction evidenced hereby will be furnished by the Agent to Dealer and Counterparty upon written request. 

  

	 	(iv)	The Agent will furnish to Counterparty upon written request a statement as to the source and amount of any remuneration received or to be received by the Agent in connection with
the Transaction evidenced hereby. 

  

	 	(v)	Dealer and Counterparty each represents and agrees (A) that this Transaction is not unsuitable for it in the light of such party’s financial situation, investment
objectives and needs and (B) that it is entering into this Transaction in reliance upon such tax, accounting, regulatory, legal and financial advice as it deems necessary and not upon any view expressed by the other or the Agent.

 9. ISDA Master Agreement: 
 With respect to the Agreement, Counterparty and Dealer agree as follows: 
 PART 1 
 TERMINATION PROVISIONS 
  

	(a)	“Specified Entity” means in relation to Dealer for the purpose of: 

  

			
	 Section 5(a)(v) (Default under Specified Transaction) :
	  	Not Applicable
	 Section 5(a)(vi) (Cross Default):
	  	Not Applicable
	 Section 5(a)(vii) (Bankruptcy):
	  	Not Applicable
	 Section 5(b)(v) (Credit Event upon Merger):
	  	Not Applicable
		
	 and in relation to Counterparty for the purpose of:
	  	
		
	 Section 5(a)(v) (Default under Specified Transaction):
	  	Not Applicable
	 Section 5(a)(vi) (Cross Default)
	  	Not Applicable
	 Section 5(a)(vii) (Bankruptcy)
	  	Not Applicable
	 Section 5(b)(v) (Credit Event upon Merger):
	  	Not Applicable

  

 17 

	(b)	“Specified Transaction” will have the meaning specified in Section 14. 

  

	(c)	The “Cross-Default” provisions of Section 5(a)(vi) will apply to Dealer and will not apply to Counterparty. 

 If such provisions apply: 
 “Specified Indebtedness” will have the meaning specified in Section 14, except that such term shall not include obligations in respect of deposits received in the ordinary course of a party’s banking business.

 “Threshold Amount” means, with respect to Dealer, an amount equal to the greater of (i) three percent (3%) of
the shareholders’ equity of Credit Suisse (USA), Inc. (“CS USA”) determined in accordance with generally accepted accounting principles in CS USA’s country of incorporation or organization, consistently applied, as at the
end of CS USA’s most recently completed fiscal year and (ii) USD100,000,000; and with respect to Counterparty, not applicable. 
  

	(d)	The “Credit Event Upon Merger” provisions of Section 5(b)(v) will apply to Dealer and will not apply to Counterparty. The creditworthiness of the resulting,
surviving or transferee entity shall not be considered materially weaker than that of Dealer so long as the rating of the long term unsecured and unsubordinated indebtedness of such resulting, surviving or transferee entity is A or better by S&P
and A2 or better by Moody’s. 

  

	(e)	The “Automatic Early Termination” provision of Section 6(a) will not apply to Dealer or Counterparty. 

 (f) Force Majeure Event. Notwithstanding anything to the contrary contained in the Agreement, Section 5(b)(ii) of the Agreement shall not apply and, for the
avoidance of doubt, a Force Majeure Event shall not constitute a Termination Event with respect to Counterparty or Dealer. 
  

	(g)	“Termination Currency” means United States Dollars. 

 (h)
Events of Default. To the extent that Counterparty has fully satisfied its obligation to pay the Premium (including any additional Premium) under this Transaction to Dealer, the following Events of Default will not apply: 
  

	 	(i)	with respect to Counterparty only, Section 5(a)(iii) (Credit Support Default); 

  

	 	(ii)	with respect to Counterparty only, Section 5(a)(vii)(2), (5), (6), (7), (8) and (9); and 

  

	 	(iii)	with respect to Dealer and Counterparty, Section 5(a)(v) (Default under Specified Transaction). 

 (i) Failure to Pay or Deliver Event of Default. Section 5(a)(i) of the Agreement is hereby amended by changing the word “first” wherever it appears therein to “third”. 
 PART 3 
 AGREEMENT TO DELIVER
DOCUMENTS 
 For the purpose of Section 4(a)(i) and (ii) of the Agreement, each party agrees to deliver the following documents, as applicable:

  

	(a)	Tax forms, documents or certificates to be delivered are: none 

  

	(b)	Other Documents to be delivered are: 

  

 18 

							
	 PARTY REQUIRED
 TO DELIVER
DOCUMENT
	  	 FORM/DOCUMENT/
 CERTIFICATE
	  	 DATE BY WHICH TO
 BE DELIVERED
	  	 COVERED BY
SECTION 3(d)
REPRESENTATION

	 Dealer and Counterparty
	  	Certified copies of all corporate authorizations and any other documents with respect to the execution, delivery and performance of this Confirmation	  	Effective Date	  	Yes
				
	 Dealer and Counterparty
	  	Certificate of authority and specimen signatures of individuals executing this Confirmation and each Credit Support Document (as applicable)	  	Effective Date	  	Yes
				
	 Dealer
	  	Guarantee described below	  	Effective Date	  	Yes

 PART 4 
 MISCELLANEOUS 
  

	(a)	Offices. The provisions of Section 10(a) will apply to the Agreement. 

  

	(b)	Credit Support Document. Details of any Credit Support Documents: 

 In relation to Dealer: the Guarantee; and in relation to Counterparty: none. 
  

	(c)	Credit Support Provider. With respect to Dealer, CS USA; and with respect to Counterparty, Not Applicable. 

  

	(d)	Fully Paid Transactions. The condition precedent in Section 2(a)(iii)(1) shall not apply to a payment and delivery owing by a party if the other party shall have
satisfied in full all its payment or delivery obligations under Section 2(a)(i) of the Agreement and shall at the relevant time have no future payment or delivery obligations, whether absolute or contingent, under Section 2(a)(i).

  

 19 

 Counterparty hereby agrees (a) to check this Confirmation carefully and immediately upon receipt so
that errors or discrepancies can be promptly identified and rectified and (b) to confirm that the foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the agreement between Dealer and Counterparty with respect to
the Transaction, by manually signing this Confirmation or this page hereof as evidence of agreement to such terms and providing the other information requested herein and immediately returning an executed copy to Credit Suisse Capital LLC, c/o
Credit Suisse Securities (USA) LLC, Eleven Madison Avenue, New York, NY 10010-3629, Facsimile No. (212) 325-8036. 
  

			
	Yours faithfully,
	
	CREDIT SUISSE CAPITAL LLC
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

			
	 CREDIT SUISSE SECURITIES (USA) LLC,
 AS AGENT FOR CREDIT SUISSE
 CAPITAL LLC

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

			
	 Agreed and Accepted By:

	
	RAYONIER TRS HOLDINGS INC.
		
	 By:
	 	  

	 Name:
	 	
	 Title:

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