Document:

Document

Exhibit 10.24

TERMS AND CONDITIONS OF LONG-TERM INCENTIVE PLAN AWARD

This Long-Term Incentive Plan award agreement is made between you, the Participant, and Sylvamo Corporation, a Delaware corporation (the “Company”), by direction of the Management Development and Compensation Committee (the “Committee”) of the Board of Directors (the “Board”).  This award (“Award”) is subject to the provisions of the 2021 Sylvamo Corporation Incentive Compensation Plan (the “Plan”).  Terms not defined herein are defined in the Plan. Your acceptance of the Award and the terms and conditions described in this award agreement will be executive online with Morgan Stanley’s StockPlan Connect.  
1.Compliance with Laws and Regulations.  It is intended that this Award, and any securities issued pursuant to this Award, will comply with all provisions of federal and applicable state securities laws.
2.Composition of Award.  Your award is comprised of: (i) 40% Restricted Share Units (“RSUs”) and 60% Performance Share Units (“PSUs”)
(a)Restricted Share Units
i.All RSUs issued under this Award will be contingently awarded with respect to the specific vesting period (the “Vesting Period”) as reflected on Morgan Stanley StockPlan Connect. RSUs will vest on the date specified in StockPlan Connect (the “Vesting Date”). RSUs may not be sold, transferred, pledged or assigned at any time. 
ii.Payout of RSUs is contingent upon your continued service with the Company through the Vesting Date.
iii.Any dividend equivalent units accrued during the Vesting Period will be reinvested in additional RSUs, which will be allocated to the same Vesting Period and will be subject to the same terms and conditions as the original RSUs.
(b)Performance Share Units 
i.All performance share units issued under this Award will be contingently awarded with respect to the specific three-year performance period (the “Performance Period”) as detailed on Morgan Stanley StockPlan Connect. PSUs may not be sold, transferred, pledged or assigned at any time.  
ii.Payout of an Award is contingent solely upon the Company’s achievement of the performance goals over the Performance Period, and not on individual performance.
iii.Any dividend equivalent units accrued during the Performance Period will be reinvested in additional PSUs, which will be allocated to the same Performance Period and will be subject to being earned on the same basis as the original Award).
3.Payment of Withholding Taxes.  The Company or any Affiliate shall have the authority and the right to deduct or withhold, or require you to remit to the Company, an amount sufficient to satisfy federal, state, and local taxes (including FICA obligation in the United States and any social tax obligations for any non-U.S. jurisdiction) required by law to be withheld with respect to any exercise, lapse of restriction or other taxable event arising as a result of the Plan.
4.Method of Determining Actual Award 
    (a) RSUs: As soon as reasonably practicable after the Vesting Date (but in no event later than 30 days thereafter), the number of RSUs that have vested under this Award will be determined and you will receive, in settlement of the Award, a number of unrestricted shares of Company common stock equal to the number of RSUs that vest less shares withheld for taxes or the equivalent cash value.
(b) PSUs: As soon as practicable after the Performance Period, the number of PSUs to be paid under this Award will be determined by the Committee based on Company performance achievement.  The decision by the Committee will be final, conclusive and binding upon all parties, including the Company, the shareowners and you.  Following the Committee’s approval of the payout, you will receive unrestricted shares of Company common stock equal to the number of PSUs payable to you. 
5.Pro-Ration of Awards
(a) RSUs:  You will receive prorated RSUs in the following events: (i) termination of your employment if you are eligible for a termination allowance (including any required agreement and release); (ii) termination of your employment as a result of the Company’s divestiture of your business; (iii) death; (iv) Disability; or (v) voluntary resignation after retirement eligibility as defined in the Plan.  In these events, you (or, if applicable your beneficiary or estate) will receive the number of RSUs, prorated based on service during the Vesting Period, payable on the first day of the month following the date of termination.
(b) PSUs:  You will receive prorated PSUs in the following events: (i) termination of your employment if you are eligible for a termination allowance (including any required agreement and release); (ii) termination of your employment as a result of the Company’s divestiture of your business; (iii) voluntary resignation after retirement eligibility as defined in the Plan; (iv) death; or (v) Disability.  In the event of (i) termination of your employment if you are eligible for a termination allowance (including any required agreement and release); (ii) termination of your employment as a result of the Company’s divestiture of your business; or (iii) voluntary resignation after retirement eligibility as defined in the Plan, you will receive prorated PSUs based on service during the Performance Period 

    

payable at the end of the Performance Period at actual Company performance. In the event of termination of employment due to (i) death or (ii) Disability, you (or, if applicable your beneficiary or estate) will receive PSUs prorated based on service during the Performance Period payable, on the first day of the month following the date of termination at target. 
6.Forfeiture and Cancellation of Awards:  Your Award will be forfeited and cancelled upon termination of employment for the following reasons: (i) Cause, (ii) voluntary resignation before retirement eligibility, (iii) violation of a restricted covenant agreement, such as a Non-Competition, Non-Solicitation or Confidentiality Agreement, or (iv) your Misconduct. Your award may also be forfeited in the event of your refusal to sign any required termination agreement and release in connection with the payment of a termination allowance.
7.Change in Control:  Except as may be provided in the Executive Severance Plan, in the event of a Change in Control of the Company, the Award will be treated as described in the Administrative Guidelines for the Plan.
8.Clawback for Financial Restatement:  In the event the Company’s financial statements are required to be restated as a result of errors, omissions or fraud, the Company may recover all or a portion of any Award with respect to any fiscal year of the Company the financial results of which are negatively affected by such restatement.
9.Clawback for Misconduct by Executive Officer: In the event the Committee determines that a Senior Vice President or, the independent members of the Board in the case of the Chief Executive Officer has failed to abide by (i) any provision in the Company’s Code of Conduct or (ii) the provisions of any Non-Competition, Non-Solicitation or Confidentiality Agreement or other restrictive covenant in any agreement by and between the Company or any Affiliate and the Executive Officer, all RSUs and PSUs that have not been settled as of the date of such determination (and all rights arising from such RSUs and PSUs and from being a holder thereof) will terminate automatically without any further action by the Company and will be forfeited without further notice and at no cost to the Company. The Board or Committee, as appropriate, may in its sole discretion within three years following payment or vesting of any LTIP award granted to an Executive Officer, require reimbursement or recoupment of all or a portion of such LTIP award. 
10. Changes in Stock.  In the event of any stock dividend, split, reclassification or other analogous change in capitalization, or any distribution (other than regular cash dividends) to holders of the Company’s common stock, the Committee will make such adjustments, if any, as it deems to be equitable in the number of RSUs and PSUs awarded to you.
11.Other Terms and Conditions
(a)The Board or the Committee may, at any time and from time to time, amend, modify or terminate the Plan without shareowner approval, subject to certain limitations described in the plan. Further, the granting of an Award is discretionary by the Company. The Company may change the eligibility or other provisions of the Plan with Committee approval at any time.
(b)You (or your estate or beneficiary) will promptly provide all information related to this Award that is requested by the Company for its tax returns.
(c)You (and your surviving spouse, beneficiary, executor, administrator, heirs, successors or assigns) hereby agree to accept as binding, conclusive and final all decisions that are made by the Committee with respect to interpretations of the terms and condition of the Plan or this Award and with respect to any questions or disputes arising under the Plan or this Award.
(d)Participation in the Plan and receipt of this Award will not give you any right to a subsequent award, or any right to continued employment by the Company for any period, nor will the granting of an Award give the Company any right to your continued services for any period. You understand that this Award is in addition to, and not a part of, your annual salary.
(e)You agree that if execution of one or more restrictive covenant agreements is required, this Award will be contingent upon your execution of such agreement(s).Document

Exhibit 10.25

SYLVAMO CORPORATION
Q4 2021 ANNUAL INCENTIVE PLAN (AIP) – 
PLAN DOCUMENT
Effective as of October 1, 2021
Pursuant to the Sylvamo Corporation 2021 Incentive Compensation Plan
I.        Application to Plan, Purposes of the Plan and Plan Description
Effective October 1, 2021, the Q4 2021 Annual Incentive Plan (the “Plan”), is governed by the Sylvamo Corporation 2021 Incentive Compensation Plan, as amended from time to time.
The purposes of the Plan are to: (a) provide an incentive to reward Participants for results in improving the financial performance of the Company; (b) attract and retain the best talent available; and (c) further align the interests of the Participants and the Company’s shareowners.  
The Plan is a cash incentive plan for the fourth quarter of 2021 developed around the achievement of pre-established Performance Objectives and funded based on the Company’s achievement level against those Performance Objectives.  
II.    Definitions
•Capital Spending
“Capital Spending” means “Invested in Capital Projects” as reported on the Consolidated Statement of Cash Flows in the Company’s financial statements included in its periodic filings with the SEC. Capital spending also includes all costs associated with the preparation and planting on Company-owned forestland, as well as the cost of any premerchantable timber on acquisitions of forestland. Capital Spending may be adjusted, in the Committee’s discretion, for any impact of acquisitions, divestitures, and/or the effect of changes in tax laws, accounting principles or other laws or provisions affecting reported results.
•Cash Conversion
“Cash Conversion” means EBITDA less Capital Spending plus/minus changes in Operating Working Capital, divided by EBITDA. Any adjustments to Cash Conversion may be made at the component level and are noted in the component level definition.
•Cause
“Cause” includes but is not limited to Misconduct or other activity detrimental to the business interest or reputation of the Company or continued unsatisfactory job performance without making reasonable efforts to improve.  Examples include insubordination, protracted or repeated absence from work without permission, illegal activity, disorderly conduct, etc.
•Committee
“Committee” means the Management Development and Compensation Committee of the Company’s Board of Directors.
•Company
“Company” means Sylvamo Corporation, a Delaware corporation, together with its Subsidiaries.
•Earnings Before Interest, Taxes, Depreciation and Amortization or EBITDA
“Earnings Before Interest, Taxes, Depreciation and Amortization” or “EBITDA” means (1) earnings from continuing operations before interest, 

income taxes, equity earnings and cumulative effect of accounting changes, and before the impact of special items and non-operating pension expense, plus (2) depreciation, amortization, and cost of timber harvested.  The EBITDA metric excludes the impact of non-operating pension expense and special items, including by way of example, but without limitation, gains or losses associated with the following: (a) asset write-downs or impairment charges; (b) litigation or claim judgments or settlements; (c) the effect of changes in tax laws, accounting principles or other laws or provisions affecting reported results; (d) accruals for reorganization and restructuring programs; (e) unusual or infrequently occurring items as described in then-current generally accepted accounting principles; (f) unusual or infrequently occurring items as described in management’s discussion and analysis of the Company’s financial condition and results of operations appearing in the Company’s annual report to shareowners for the applicable year; (g) acquisitions or divestitures; and (h) foreign exchange gains and losses.  In addition, EBITDA may be adjusted, in the Committee’s discretion, for any impact of acquisitions, divestitures, and/or the effect of changes in tax laws, accounting principles or other laws or provisions affecting reported results.
•Employee
“Employee” means a regular, active employee of the Company employed on a non-temporary and full-time or part-time basis. For part-time employees who are eligible to participate in the Plan, the Participant’s Award will be prorated based on the part-time work schedule.
•Executive Officer
An “Executive Officer” means an Employee in a position designated as Senior Vice President.
•Maximum Award Pool
“Maximum Award Pool” means the sum of eligible Participants’ Target Awards (as prorated, if applicable) multiplied by 2. 
•Misconduct
“Misconduct” includes but is not limited to an act detrimental to the business interest or reputation of the Company or any act determined to be a deliberate disregard of the Company’s rules, or violation of the Employee’s Non-Competition or Non-Solicitation Agreement. The determination of whether a Participant has engaged in Misconduct shall be made by the Senior Vice President & Chief People Officer or by the Committee with regard to Executive Officers, or by the Board of Directors for a determination with regard to the CEO.

2

•Operating Working Capital
“Operating Working Capital” means Trade Receivables plus Total Inventory less absolute Trade Accounts Payable as reported internally. Operating Working Capital may be adjusted, in the Committee’s discretion, for any impact of acquisitions, divestitures, and/or the effect of changes in tax laws, accounting principles or other laws or provisions affecting reported results.
•Participant
“Participant” means a person who has been designated as a participant in the Plan, according to Section V.
•Plan or AIP
“Plan” or “AIP” means the Q4 2021 Annual Incentive Plan, effective as of October 1, 2021.
•Retirement Eligible
    “Retirement Eligible” means an employee is at least age 55 with 10 years of service or age 65.
•Revenue
“Revenue” means “Net Sales” as reported on the Consolidated Statement of Operations in the Company’s financial statements included in its periodic filings with the SEC.  Revenue may be adjusted, in the Committee’s discretion, for any impact of acquisitions, divestitures, and/or the effect of changes in tax laws, accounting principles or other laws or provisions affecting reported results.
•SEC
“SEC” means the Securities and Exchange Commission.
•Subsidiary
“Subsidiary” means any company that is owned (more than 50%) or controlled, directly or indirectly, by the Company.
•Target Award
“Target Award” means an amount equal to (a) for each Executive Officer, the percentage of base salary approved for such officer by the Committee or, for the Chief Executive Officer (the “CEO”), by the independent members of the Company’s Board of Directors, and (b) for each other Participant, the percentage of salary range midpoint (or if applicable, the percentage of base salary) applicable to the actual pay grade of such Participant, an illustration of which for U.S. target awards is shown in Appendix A, which is multiplied by 25% for the fourth quarter Target Award amount. 
•Total AIP Award Pool 
“Total AIP Award Pool” means the amount generated by the sum of 25% of the Executive Officer’s and CEO’s Target Awards multiplied by the Company’s percentage achievement of its Performance Objectives plus, for all other eligible Participants, the greater of (i) the sum of 25% of the eligible Participants’ Target Awards or (ii) an amount generated by the sum of 25% of the eligible Participants’ Target Awards multiplied by the Company’s percentage achievement of its Performance Objectives.

3

III.    Administration of the Plan
The Plan operates at the discretion of the Committee. The Committee may exercise considerable discretion and judgment in interpreting the Plan, and adopting, from time to time, rules and regulations that govern the administration of the Plan.
The Committee has delegated authority to the CEO or his designee for the day-to-day administration of the Plan, except with respect to awards made to the CEO or any other Executive Officer.
Decisions of the Committee are final, conclusive and binding on all parties, including the Company, its shareowners, and employees.
IV.    Participation in the Plan
Participation in the Plan is limited to the CEO, Executive Officers and individuals who meet the definition of Employee as set forth in Section II whose pay grade is 14 or higher.  A Participant must be an Employee for the period of October 1, 2021 through December 31, 2021, in order to be eligible to receive a payout. An individual who is identified to become an Employee prior to October 1, 2021, will be an eligible Participant provided he or she commences employment with the Company prior to December 31, 2021.  
Employees who are eligible for participation in any other short-term, cash-based incentive compensation plan of the Company, with the exception of the Brazil Profit Sharing Plan are not eligible for participation in the Plan.
An Employee who becomes eligible to participate in the Plan during the Plan Year or who moves from one eligible pay grade to another pay grade or becomes an Executive Officer or CEO will be eligible for a prorated award.  An Employee who moves from an eligible position to a non-eligible position during the Plan Year will be eligible for a prorated award based on the number of months the employee was eligible during the Plan Year.
Participation in the Plan, or receipt of an award under the Plan, does not give a Participant or Employee any right to a subsequent award, or any right to continued employment by the Company for any period.
V.    Award Pool
AIP Performance Criteria
The Total AIP Award Pool may be determined based on the achievement of the Performance Objectives listed below during Q4 2021.  For purposes of calculating EBITDA, Revenue, and Cash Conversion, the dollar amount will be rounded up or down to the nearest half million.  For purposes of calculating the Company’s total performance achievement to determine the Total AIP Award Pool, the total percentage will be rounded up or down to the nearest tenth of a percentage point, e.g., 100.1%.
The maximum level of performance achievement that may be applied to calculate the Total AIP Award Pool for the Plan Year is 200%.

4

Q4 2021 Performance Objectives:
•70% Weight:  Absolute EBITDA
						
	Performance	Award %
	Greater than $[***] and
up to $[***]
	+8.415% for each $1MM improvement greater than 
$[***] up to $[***]

	$[***]
	100%

 
•15% Weight:  Absolute Revenue 
						
	Performance	Award %
	Greater than $[***] and up to $[***]
	+ 1.14% for each $1MM 
improvement greater than 
$[***] up to $[***]

	$[***]
	100%

•15% Weight:  Absolute Cash Conversion
						
	Performance	Award %
	Greater than [***]% and up to [***]%
	+ 1.0% for each 0.1% 
improvement greater than 
[***]% up to [***]%

	[***]%
	100%

Performance Objective Rating
The Company’s achievement of each Performance Objective will be evaluated by the Company as of December 31, 2021, and reviewed and verified by the Company’s external auditors.  
The Company’s determination of its performance achievement will be presented to the Committee for its review and approval at the February 2022 meeting. 

Approval by the Committee of the Total AIP Award Pool
The Committee approves the Total AIP Award Pool based on the Company’s performance achievement against the Performance Objectives described above.  
The Committee may determine in its sole discretion to reduce or eliminate the Total AIP Award Pool based upon any objective or subjective criteria it deems appropriate.  
The Committee may determine in its sole discretion to increase the Total AIP Award Pool above the calculated amount by no more than 25% based upon any objective or subjective criteria it deems appropriate.  In no event shall the Total AIP Award Pool exceed the Maximum Award Pool of 200%. 
The Company shall make every effort to provide the projected performance achievement to the Committee by the December meeting in order to assist the 
5

Committee in determining whether to exercise its discretion to increase or decrease the Total AIP Award Pool. 
The amount allocated for the payment of awards under the Plan may not exceed the Total AIP Award Pool.  
VI.    Individual Participant Awards
A.Payout of Individual Awards 
Participants each have a Target Award expressed as (a) for each Executive Officer, a percentage of base salary approved for such officer by the Committee or, for the CEO, by the independent members of the Company’s Board of Directors, and (b) for each other Participant, a percentage of the midpoint of a defined salary range (or if applicable, as a percentage of base salary) based on pay grade, an illustration of which for U.S. target awards is shown in Appendix A, which will be multiplied by 25% for the fourth quarter Target Award.
A Participant’s (other than the CEO and Executive Officers) Final Award is equal to the greater of (i) 25% of the Participant’s Target Award or (ii) 25% of the Participant’s Target Award multiplied by the Company’s actual performance percentage achieved.  For the CEO and Executive Officers, the Final Award is 25% of their respective Target Award multiplied by the Company’s actual performance achived. 
B.Impact of Leave of Absence for Salaried Employees
A Participant’s Target Award will not be reduced for the number of months on a leave of absence during the Plan Year.  
C.Cancellation of Award Upon Certain Events 
An award not yet paid (prior to actual payment, see Note below) will be cancelled as of the date of the Participant’s termination of employment in the following events:
•Voluntary resignation before retirement eligibility;
•Termination for Cause; and
•Violation of a Non-Competition, Non-Solicitation or Confidentiality Agreement, as applicable.
•Failure by an Executive Officer to submit notice of retirement one year in advance of the effective date of his or her retirement, except in the event of death, disability or waiver by the Committee; and
•Misconduct. 
Note: Awards will be cancelled in the situations listed above even if time and performance have been met but the award has not yet been physically paid at the time of termination.  Any dispute as to whether any of the events described in this paragraph have occurred will be resolved by the Committee in its sole discretion in accordance with Section IV.
D.Proration Upon Certain Events 
An award not yet paid will be prorated based upon the number of months of employment during the Plan Year in which the Participant worked 15 days or more.  
6

												
	TERMINATION SCENARIO	DATE OF TERMINATION	AMOUNT 
TO BE PAID
	TIME OF PAYMENT
	For All AIP-eligible Employees
	DURING PLAN YEAR
	•Death
•Long-Term Disability
•Eligible for Termination Allowance with signed Release* (Even IF Retirement Eligible)
•Company’s Divestiture of Participant’s Business
•Retirement eligible 
	10/1 through 12/31	Pro rata Target Award
	As soon as practical following termination
	

AFTER PLAN YEAR BUT BEFORE AIP PAYOUT

	•Death
•Long-Term Disability
•Eligible for Termination Allowance with signed Release*
•Company’s Divestiture of Participant’s Business
•Retirement eligible 
	1/1 (of year following Plan Year) through AIP payout date	Final Award based on higher of Target or Actual performance

	Final Award is paid at time of normal AIP payout

Awards paid at the target amount in connection with a termination scenario during the Plan Year are not deemed an AIP award and accordingly are not paid from the Total AIP Award Pool, but instead are charged to the appropriate cost center.

*NOTE:
U.S.: Eligible for a Termination Allowance under Company Salaried Employee Severance Plan.  A U.S. Participant who does not sign the Company’s Termination Agreement and Release in connection with the payment of a Termination Allowance will forfeit his or her AIP award, unless retirement eligible.
7

VII.    Payment of Awards
A.Type of Payment
AIP awards are paid in cash unless deferred by the Participant. Alternatively, the Committee may, in its sole discretion, authorize payment of all or a portion of earned AIP awards to all or certain groups of Participants under the Company’s Incentive Compensation Plan in shares of Company stock.
B.Time of Payment
Awards may be paid in one or two installments, as determined by the Committee.  Each such installment will be deemed to be a separate payment for purposes of Section 409A of the Internal Revenue Code and Treas. Reg. §1.409A-2(b)(2)(iii).  In the event an award is paid in one installment, it will be made no later than March 15 following the Plan Year.  In the event an award is paid in more than one installment, the first such payment will be made no later than March 15 following the Plan Year and the second such payment will be made no later than December 31 following the Plan Year.  In no event will an award or any portion thereof be paid in the current Plan Year.
C.Payment to Beneficiaries
If a Participant dies prior to receipt of an approved award under the Plan, the award will be paid in accordance with the charts under Section VI(D) in a lump sum to the Participant’s estate as soon as practicable but in no event later than 90 days after the date of death. 
D.Deferral of Payment
Any Participant who is eligible for and has elected to participate in the Company’s Deferred Compensation Savings Plan (“DCSP”) may elect to defer payment, not to exceed 85%, of any award under the Plan by filing an irrevocable AIP Deferral Election by the last business day in December of the year prior to the year in which such award would be earned.  Awards or portions elected to be deferred will be credited with investment earnings or losses in accordance with provisions of, and the Participant’s elections under, the DCSP.  AIP awards that are deferred will be paid in accordance with the payment terms of the DCSP.
VIII.    Recoupment or Forfeiture of Awards
If the Company reasonably believes that a Participant has committed an act of Misconduct either during employment or within 90 days after such employment terminates, the Company may terminate the Participant’s participation in the Plan or seek recoupment of an award paid under the Plan.  Recoupment may be effectuated by a notice of recapture (“Recapture Notice”) sent to such Participant within the 90-day period following the termination of employment.  The Participant will be required to deliver to the Company an amount in cash equal to the gross cash payment of the award to which such Recapture Notice relates within 30 days after receiving such Recapture Notice from the Company.
The Company has sole and absolute discretion to take action or not to take action pursuant to this Section VIII upon discovery of Misconduct, and its determination not to take action in any particular instance does not in any way limit its authority to terminate the participation of a Participant in the Plan and/or send a Recapture Notice in any other instance.
If any provision of this Section VIII is determined to be unenforceable or invalid under any applicable law, such provision will be applied to the maximum extent permitted by applicable law, and shall automatically be deemed amended in a 
8

manner consistent with its objectives to the extent necessary to conform to any limitations required under applicable law.
IX.    Impact of Restatement of Financial Statements Upon Previous Awards.  
If any of the Company’s financial statements are required to be restated, resulting from errors, omissions, or fraud, the Committee may (in its sole discretion, but acting in good faith) direct that the Company recover all or a portion of any such award made to any, all or any class of Participants with respect to any fiscal year of the Company the financial results of which are negatively affected by such restatement.  The amount to be recovered from any Participant shall be the amount by which the affected award(s) exceeded the amount that would have been payable to such Participant had the financial statements been initially filed as restated, or any greater or lesser amount (including, but not limited to, the entire award) that the Committee shall determine.  The Committee may determine to recover different amounts from different Participants or different classes of Participants on such bases as it shall deem appropriate.  In no event shall the amount to be recovered by the Company be less than the amount required to be repaid or recovered as a matter of law.  The Committee shall determine whether the Company shall effect any such recovery (i) by seeking repayment from the Participant, (ii) by reducing (subject to applicable law and the terms and conditions of the applicable plan, program or arrangement) the amount that would otherwise be payable to the Participant under any compensatory plan, program or arrangement maintained by the Company or any of its affiliates, (iii) by withholding payment of future increases in compensation (including the payment of any discretionary bonus amount) or grants of compensatory awards that would otherwise have been made in accordance with the Company’s otherwise applicable compensation practices, or (iv) by any combination of the foregoing.
X.    Modification, Suspension or Termination of Plan
The Committee may at any time suspend, terminate, modify or amend any or all of the provisions of the Plan.
XI.    Governing Law
    The Plan is governed by the laws of the State of Delaware.
XII.    Tax Withholding
The Company has the right to make such provisions as it deems necessary or appropriate to satisfy any obligations it may have under law to withhold federal, state or local income or other taxes incurred by reason of payments pursuant to the Plan.
XIII.    Section 409A
The Plan is intended to comply with the applicable requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and will be limited, construed and interpreted in accordance with such intent.  
XIV.    Non-Transferability of Award
No award under the Plan, and no rights or interests therein, will be assignable or transferable by a Participant (or legal representative). 
9

XV.    Effective Date
The Plan is effective as of October 1, 2021 and continues until December 31, 2021, unless otherwise terminated, suspended, modified, or amended by the Committee prior to December 31, 2021.

10

Appendix A
Annual Incentive Plan (AIP)
2021 Target Awards
									
	Position Level	Target Award
(% of Midpoint)*
	Target Award
(Value)*

	[***]	55%	$232,500

	[***]	50%	$196,700

	[***]	50%	$178,900

	[***]	45%	$145,900

	[***]	45%	$135,300

	[***]	40%	$112,200

	[***]	40%	$102,000

	[***]	35%	$83,400

	[***]	30%	$66,900

	[***]	30%	$60,100

	[***]	25%	$46,000

	[***]	25%	$41,800

	[***]	20%	$31,700

	[***]	20%	$29,000

	[***]	20%	$26,700

	[***]	15%	$18,700

	[***]	15%	$17,100

    
*Target Award % of Base Salary midpoint and value for non-U.S. participants may vary based on local market practice.

11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00341-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00341-of-00352.parquet"}]]