Document:

EX-10.12

 Exhibit 10.12 

THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT 

REQUEST PURSUANT TO RULE 24b-2. REDACTED MATERIAL IS MARKED WITH [***] AND HAS 

BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 

AMENDMENT NO. 1 TO 

DAICEL – RAYONIER 

AMENDED CHEMICAL SPECIALTIES AGREEMENT 

THIS AMENDMENT is effective as of February 15, 2013, and is entered into by and between Daicel Corporation (“Daicel”) and Rayonier Performance
Fibers, LLC (“Rayonier”). 
 WHEREAS, Daicel Chemical Industries, Ltd. and Rayonier are parties to an Amended and Restated Chemical Specialties
Agreement, with an effective date of January 1, 2012 (hereinafter the “Agreement”); 
 WHEREAS, Daicel Chemical Industries, Ltd. is now
Daicel Corporation; and 
 WHEREAS, Daicel and Rayonier (the “Parties”) wish to revise the certain terms of the Agreement. 

NOW THEREFORE, the Parties hereby amend the Agreement as follows: 
  

	1.	The Parties agree that all references to Daicel Chemical Industries, Ltd. are hereby deleted and replaced with Daicel Corporation. 

  

	2.	The Parties further agree that the table in Subarticle 3(a) shall be deleted in its entirety and replaced with the following: 

  

			
	 Calendar

Year
	  	 Purchase Volume

Requirement (ADMT)

	 2013
	  	***
	 2014*
	  	***
	 2015*
	  	***
	 2016*
	  	***

  

	3.	The Parties further agree that the following sentence shall be inserted in the paragraph immediately following the table in Subarticle 3(a), before the sentence starting, “The parties agree to
negotiated...”: 

 Daicel shall notify Rayonier no later than October 31, 2013 whether it commits to raise the
minimum Purchase Volume Requirement by *** in each of years *** and *** 
  

	4.	The Parties further agree that the quantity of Product specified in Subarticle 3(b) shall be revised from “***” to “***.” 

 THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT 

REQUEST PURSUANT TO RULE 24b-2. REDACTED MATERIAL IS MARKED WITH [***] AND HAS 

BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 

	5.	The Parties further agree that Subarticles 4(b) and (c) shall be deleted in their entirety and replaced with the following provisions: 

 

	 	(b)	***. 

  

	 	(c)	***. 

  

	 	(d)	***. 

  

	6.	Parties further agree that Article 5, ***, shall be deleted in its entirely & replaced with the following: 

*** 
  

	7.	The Parties further agree that Article 7, ALLOWANCE, shall be deleted in its entirety and replaced with the following: 

Provided Daicel is not in default under this Agreement, then the *** in this Article 7 shall apply: 

 

	 	(a)	*** 

  

	 	(b)	*** 

  

	 	i)	If Daicel qualifies for a Standard Volume ***, Rayonier will pay the *** as follows: 

 *** 

or 
  

	 	ii)	*** 

 *** 
  

	8.	Except as amended above, all remaining provisions of the Agreement shall continue in full force and effect. 

  
 2 

 THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT 

REQUEST PURSUANT TO RULE 24b-2. REDACTED MATERIAL IS MARKED WITH [***] AND HAS 

BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 

 IN WITNESS WHEREOF, the Parties have executed this Amendment as of the day and year first above written. 

 

									
	DAICEL CORPORATION	 		 	RAYONIER PERFORMANCE FIBERS, LLC
					
	By:	 	 /s/ Masayuki Mune
	 		 	By:	 	 /s/ Paul G. Boynton

					
	Name:	 	Masayuki Mune	 		 		 	 Name: Paul G. Boynton
 Title:
  President

	Title:	 	 Managing Executive Officer,
 Cellulose Company
and
 Raw Material Purchasing Center
	 		 		 	

  
 3EX-10.15

 EXHIBIT 10.15 

January 1, 2014 
 NAME 

Rayonier Inc 
 1301 Riverplace Blvd. 

Jacksonville, FL 32207 
 Transaction Bonus
Agreement 
 Dear NAME: 
 As you are aware,
it was announced that Rayonier Inc. (“Rayonier”) believes that it is in its shareholders’ best interest to separate Rayonier into two publicly traded companies (the “Spinoff Transaction”)
— one focused on Timber and Real Estate and a new corporation focused on Performance Fibers and other performance materials (“PFCo”). You are an important member of our team and your continued commitment to facilitate the
Spinoff Transaction and remain employed with us through at least six months following the date of the closing of the Spinoff Transaction is crucial to our continued success. The period from today through the date that is six months after the closing
of the Spinoff Transaction or through December 31, 2014 if the Spinoff Transaction is abandoned, is referred to in this agreement as the “Eligibility Period”. 

To acknowledge the value of your commitment to this joint effort in successfully completing the Spinoff Transaction and helping to transition
Rayonier to two publicly traded companies, this letter agreement describes a “transaction bonus” to which you will become entitled upon the satisfaction of certain conditions and compliance with the other terms of this agreement. After you
have reviewed this agreement, please execute a copy where indicated after my signature below and return it to me to acknowledge your understanding and agreement with its terms. 

 

	A.	Transaction Bonus 

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

	B.	Eligibility Conditions 

 The “Eligibility Conditions” (all of
which must be satisfied) are as follows: 
 (i) Performance Conditions. You have continued to work diligently and in
good faith for, and in the interests of your employer (whether it be Rayonier and/or PFCo), and its shareholders and affiliates through the end of the Eligibility 

 
Period or, if earlier, the date of your Qualifying Termination (defined below), as determined in the sole discretion of the Compensation and Management Development Committee of the Rayonier Board
of Directors. It is understood that your duties during the Eligibility Period may include additional or different responsibilities to those performed today, as you assist in the transition of each company to independent operation. 

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

	C.	Payment of Your Transaction Bonus. 

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

	D.	Covenants 

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

	E.	Coordination with Other Plans and Arrangements 

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

Your Transaction Bonus is intended to constitute a payment pursuant to the “short-term deferral” exception under Code
Section 409A, and this agreement will be interpreted consistent with that intent and operate in accordance with the requirements of Code Section 409A, including any applicable exceptions. Notwithstanding anything in this agreement to the
contrary, in no event will your Transaction Bonus be paid later than two and one-half months after the last day of the fiscal year in which you become entitled to it. 
  

	F.	Miscellaneous. 

 Nothing in this agreement shall be construed as changing your status as
an employee-at-will of your employer and its affiliates during the Eligibility Period or at any other time. 
 The terms and provisions of
this agreement shall be binding on and inure to your benefit, your heirs, executors, administrators, and other legal representatives and shall be binding on and inure to the benefit of your employer (whether Rayonier or PFCo) and its affiliates,
successors and assigns. Rayonier shall have the right to assign this letter in connection with the Spinoff Transaction and, following the Spinoff Transaction, the entity to which this letter is assigned shall be the sole obligor under this
agreement. 
 This agreement constitutes the entire agreement between the parties with respect to the Transaction Bonus and no other
agreement, oral or otherwise, shall be binding upon the parties unless it is in writing and signed by the party against whom enforcement is sought. There are no promises, representations, inducements or statements between the parties with respect to
this matter other than those that are expressly contained in this agreement. 

 
If any provision of this agreement is held by a court of competent jurisdiction to be void or unenforceable for any reason, in whole or in part, the remaining provisions of this agreement, or
their remaining portions, will nevertheless continue with full force and effect, and you agree that a court of competent jurisdiction will have jurisdiction to reform such provision to the extent necessary to cause it be to enforceable to the
maximum extent permitted by law, and you agree to be bound by such reformation. 
 This agreement shall be governed by and construed in
accordance with the laws of the State of Florida. 
 * * * * 

Please indicate your understanding and agreement with the above by signing the attached copy of this agreement and returning it to the
attention of Jay Posze. 
  

			
	RAYONIER INC.
		
	By:	 	 
	 Title:
	 	SVP, Human Resources

  

	
	ACCEPTED AND AGREED:
	
	   

	NAME
	
	Date:

 SCHEDULE OF EXECUTIVE OFFICER TRANSACTION BONUS AMOUNTS 

 

							
	 Executive Officer:
	  	 Title:
	  	Bonus Amount:	 
	 Paul G. Boynton
	  	 Chairman, President and Chief Executive Officer
	  	$	1,650,000	  
	 Michael R. Herman
	  	 Senior Vice President and General Counsel
	  	$	600,000	  
	 Charles H. Hood
	  	 Senior Vice President, Public Affairs and Communications
	  	$	375,000	  
	 Jack M. Kriesel
	  	 Senior Vice President, Performance Fibers
	  	$	580,000	  
	 James L. Posze
	  	 Senior Vice President, Human Resources
	  	$	395,000

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