Document:

EX-10.21

 Exhibit 10.21 

FORM OF BRAZIL PAYMENT AGREEMENT 

This BRAZIL PAYMENT AGREEMENT (this “Agreement”), dated as of [●], 2021, is by and among International Paper
Investments (Luxembourg) S.à r.l., a Luxembourg société à responsibilité limitée (“IP”), IP Papers Holdings S.à r.l., a Luxembourg société à responsibilité
limitée and wholly owned, indirect Subsidiary of Sylvamo Corporation (“Sylvamo Sub”), and Sylvamo North America, LLC (the “Guarantor”) (each a “Party” and together, the
“Parties”). 
 WHEREAS, Sylvamo Sub is a wholly owned, indirect Subsidiary of International Paper Company and has indirect
economic ownership of the Brazil Lands; 
 WHEREAS, following the separation and distribution of Sylvamo Corporation
(“Sylvamo”) from International Paper Company pursuant to a Separation and Distribution Agreement, dated as of [●], 2021, by and between Sylvamo and International Paper Company (the “Separation Agreement”),
Sylvamo Sub will no longer be a wholly owned, indirect Subsidiary of International Paper Company; 
 WHEREAS, the Parties desire to enter
into this Agreement to set forth the terms and conditions on which Sylvamo Sub will make certain payments to IP upon the Transfer of the Brazil Property. 

NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained in this Agreement, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as set forth herein. 

1. Definitions. The following terms shall have the respective meanings set out below and grammatical variations of such terms shall have corresponding
meanings: 
 “Affiliate” has the meaning ascribed to it in the Separation Agreement. 

“Agreement” has the meaning ascribed to it in the preamble of this Agreement. 

“Appurtenances” means all easements,
rights-of-way or use, rights, strips and gores of land, streets, ways, alleys, passages, public places, vaults, sewer rights, timber, timber rights, minerals, mineral
rights, water, water courses, water rights and powers, parking areas, conservation areas, parks, air rights and development rights, and all estates, rights, titles, interests, privileges, liberties, servitudes, tenements, hereditaments and
appurtenances of any nature whatsoever, in any way now or hereafter belonging, relating or pertaining to the Brazil Lands and the Improvements. 

“Brazil Lands” means the approximately 106,100 hectares of Eucalyptus forest lands and conservation lands in the States of
São Paulo, Brazil and Minas Gerais, Brazil owned by Sylvamo Sub and its Affiliates as of the date of this Agreement. For the avoidance of doubt, the Brazil Lands do not include hectares acquired by Sylvamo Sub or its Affiliates in Brazil
after the date of this Agreement. 

 “Brazil Payment” means the amount equal to US$100,000,000. 

“Brazil Property” means, collectively, the Brazil Lands, the Improvements and the Appurtenances. 

“Brazil Property Sale” has the meaning ascribed to it in Section 2(a). 

“Brazil Property Sale Notice” has the meaning ascribed to it in Section 2(b). 

“Change of Control” means, with respect to any Person, any occurrence resulting in (a) any “person” or
“group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) becoming the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly,
of securities entitled to vote in the election of members of the board of directors or similar governing body of such Person having 50% or more of the then-outstanding voting power of such Person, in each case determined irrespective of whether such
Person is subject to the Exchange Act; (b) such Person becoming a party to a merger, consolidation, share exchange, reorganization, sale of assets or other similar extraordinary transaction, or being the subject of a proxy contest, in each case
as a consequence of which members of the board of directors or similar governing body of such Person in office immediately prior to such transaction or event constitute less than a majority of such board or other body thereafter; or (c) the
sale, transfer or other disposition of all or substantially all of the assets of such Person. 
 “CPR Rules” has the
meaning ascribed to it in the Separation Agreement 
 “Effective Time” has the meaning ascribed to it in the Separation
Agreement. 
 “Exchange Act” has the meaning ascribed to it in the Separation Agreement. 

“Improvements” means all buildings, structures and other improvements now or hereafter erected on the Brazil Lands and all
building materials, equipment, fixtures and fittings of every kind or character now owned or hereafter acquired by Sylvamo Sub and its Affiliates for the purpose of being used or useful in connection with the alteration or repair of the buildings,
structures and other improvements now or hereafter erected on the Brazil Lands, whether such materials, equipment, fixtures and fittings are actually located on or adjacent to the Brazil Lands or not, and whether in storage or otherwise, wheresoever
the same may be located. 
 “IP” has the meaning ascribed to it in the preamble of this Agreement. 

“Party” and “Parties” has the meaning ascribed to it in the preamble to this Agreement. 

“Person” has the meaning ascribed to it in the Separation Agreement. 

“Separation Agreement” has the meaning ascribed to it in the third recital to this Agreement. 

“Subsidiary” has the meaning ascribed to it in the Separation Agreement. 

“Sylvamo Sub” has the meaning ascribed to it in the preamble of this Agreement. 

  
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 “Transfer” means any direct or indirect transfer, sale, exchange,
assignment, distribution, pledge, encumbrance, hypothecation or other disposition of the Brazil Property, or any legal or beneficial interest therein, in whole or in part, including any grant of an option or other right or interest, or entry into
any Contract, that would result in a reduction or diminution of the transferor’s economic ownership in the Brazil Property. 
 2. Brazil Property
Sale. 
 (a) If, at any time following the Effective Time, Sylvamo Sub or any of its Affiliates Transfers all or any portion of
the Brazil Property (a “Brazil Property Sale”) to a third party, Sylvamo Sub shall make the Brazil Payment to IP, by wire transfer of immediately available funds, within five (5) Business Days following the consummation of such
Brazil Property Sale. For the avoidance of doubt, a direct or indirect Change of Control of Sylvamo Sub shall constitute a Brazil Property Sale. Notwithstanding anything herein to the contrary, a Transfer of up to 2.5% of the total acreage of
the Brazil Lands in any calendar year, or 10% of the total acreage of the Brazil Lands in the aggregate following the Effective Time, shall not constitute a Brazil Property Sale for purposes of this Agreement. 

(b) No later than the earlier of (x) five (5) Business Days following the signing of any definitive agreement with regard to a Brazil
Property Sale and (y) thirty (30) Business Days prior to the consummation of any Brazil Property Sale, Sylvamo Sub shall provide written notice to IP of such Brazil Property (“Brazil Property Sale Notice”). 

(c) The Brazil Payment is a gross amount, and Sylvamo Sub shall be entitled to deduct and withhold from any Brazil Payment otherwise payable
pursuant to this Agreement any taxes required by applicable Law to be deducted or withheld from such payment, provided that, prior to making any such deduction or withholding (i) Sylvamo Sub shall provide at least thirty
(30) Business Days’ prior written notice if any such deduction or withholding is required by applicable Law and provide IP a reasonable opportunity to provide forms or other evidence that would exempt such amounts from such deduction or
withholding and (ii) Sylvamo Sub and IP shall cooperate and use commercially reasonable efforts to minimize or eliminate any such deduction or withholding in accordance with applicable law. 

3. Termination. This Agreement shall be effective at the Effective Time and shall continue until (x) terminated by the mutual written consent of
the Parties and (y) such time as when the Brazil Payment required to be made under this Agreement has been paid in full. 
 4. Guaranty. The
Guarantor hereby absolutely, unconditionally and irrevocably guarantees to IP the due and punctual payment of, observance, performance and discharge of the obligations of Buyer with respect to the Brazil Payment, if and when due, pursuant to this
Agreement. The Guarantor’s guarantee is an absolute, unconditional, irrevocable and continuing guarantee of payment and not merely of collectability, and IP shall not be required to proceed against Sylvamo Sub first before proceeding against
the Guarantor hereunder. 

  
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 5. Assignment. This Agreement shall be binding upon and inure to the benefit of the Parties and their
respective successors and permitted assigns; provided, that neither Party may assign its rights or delegate its obligations under this Agreement without the express prior written consent of the other Party; provided, however, that IP may
assign this Agreement (including any or all of its rights and obligations hereunder) to any of its Affiliates without the consent of the other Party. Notwithstanding the foregoing, no such consent shall be required for the assignment of a
Party’s rights and obligations under this Agreement in whole in connection with a Change of Control of a Party so long as the resulting, surviving or transferee Person assumes all the obligations of the relevant Party by operation of Law or
pursuant to an agreement in form and substance reasonably satisfactory to the other Party. 
 6. Notices. All notices, requests, claims,
demands or other communications under this Agreement shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by e-mail with receipt confirmed (followed by delivery of an original via overnight courier service or by registered or certified mail postage prepaid, return receipt requested) to the respective Parties at the
following addresses (or at such other address for a Party as shall be specified in a notice given in accordance with this Section 6): 

If to IP, to: 

[             ] 

[             ] 

[             ] 

Attention: [             ] 

E-mail: [             ] 

If to Sylvamo Sub, to: 
 [
            ] 

[             ] 

[             ] 

Attention: [             ] 

E-mail: [             ] 

If to Guarantor, to: 
 [
            ] 

[             ] 

[             ] 

Attention: [             ] 

E-mail: [             ] 

A Party may, by notice to the other Party, change the address to which such notices are to be given. 

  
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 7. Severability. If any provision of this Agreement or the application of any such provision to any
Person or circumstance shall be determined by a court of competent jurisdiction to be invalid, unenforceable or void, the remaining provisions hereof or thereof, or the application of such provision to Persons or circumstances or in jurisdictions
other than those as to which it has been held invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby. Upon such determination, the Parties shall negotiate in good faith in an
effort to agree upon such a suitable and equitable provision to effect the original intent of the Parties. 
 8. Counterparts. This Agreement may be
executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each Party and delivered to the other Party. Delivery of an executed
counterpart of a signature page to this Agreement (whether executed by manual, stamp or mechanical signature) by facsimile or by email portable document format (PDF) shall be as effective as delivery of a manually executed counterpart of this
Agreement. 
 9. Amendments; Waivers. No provisions of this Agreement shall be deemed waived, amended, supplemented or modified by a Party, unless
such waiver, amendment, supplement or modification is in writing and signed by the authorized representative of the Party against whom it is sought to enforce such waiver, amendment, supplement or modification. No failure or delay by either Party in
exercising any right hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right hereunder. 

10. No Third Party Beneficiaries. The provisions of this Agreement are solely for the benefit of the Parties and are not intended to confer upon any
other Person any rights or remedies hereunder. 
 11. Specific Performance. Notwithstanding anything to the contrary contained herein, in the event of
any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the Party that is, or is to be, thereby aggrieved will have the right to specific performance and injunctive or other equitable relief
in respect of its rights under this Agreement, in addition to all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. The Parties agree that the remedies at law for any breach or threatened breach,
including monetary damages, are inadequate compensation for any loss and that any defense in any action for specific performance that a remedy at law would be adequate is waived. Any requirements for the securing or posting of any bond with such
remedy are waived by each of the Parties. 
 12. Waiver of Jury Trial. EACH PARTY HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION OR PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY HEREBY (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY 

  
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ACTION OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS
APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 12. 
 13. Jurisdiction; Service of Process. EACH
PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE COURT OF CHANCERY OF THE STATE OF DELAWARE, OR, IF (AND ONLY IF) SUCH COURT FINDS IT LACKS SUBJECT MATTER JURISDICTION, THE
FEDERAL COURT OF THE UNITED STATES OF AMERICA SITTING IN DELAWARE, AND APPELLATE COURTS THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT RELATING HERETO, AND EACH OF THE
PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY (I) AGREES NOT TO COMMENCE ANY SUCH ACTION OR PROCEEDING EXCEPT IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE, OR, IF (AND ONLY IF) SUCH COURT FINDS IT LACKS SUBJECT MATTER JURISDICTION, THE
FEDERAL COURT OF THE UNITED STATES OF AMERICA SITTING IN DELAWARE, AND APPELLATE COURTS THEREOF, (II) AGREES THAT ANY CLAIM IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN THE COURT OF CHANCERY OF THE STATE OF
DELAWARE, OR, IF (AND ONLY IF) SUCH COURT FINDS IT LACKS SUBJECT MATTER JURISDICTION, THE FEDERAL COURT OF THE UNITED STATES OF AMERICA SITTING IN DELAWARE, AND APPELLATE COURTS THEREOF, (III) WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY AND
EFFECTIVELY DO SO, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH ACTION OR PROCEEDING IN SUCH COURTS AND (IV) WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE
MAINTENANCE OF SUCH ACTION OR PROCEEDING IN SUCH COURTS. THE PARTIES HEREBY AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH ANY SUCH ACTION OR PROCEEDING IN THE MANNER PROVIDED IN SECTION 6, OR IN SUCH
OTHER MANNER AS MAY BE PERMITTED BY LAW, SHALL BE VALID AND SUFFICIENT SERVICE THEREOF AND HEREBY WAIVE ANY OBJECTIONS TO SERVICE ACCOMPLISHED IN THE MANNER HEREIN PROVIDED. 

14. Governing Law. This Agreement (and any claims or disputes arising out of or related hereto or thereto or to the transactions contemplated hereby and
thereby or to the inducement of any party to enter herein and therein, whether for breach of contract, tortious conduct or otherwise and whether predicated on common law, statute or otherwise) and all issues and questions concerning the
construction, validity, enforcement and interpretation of this Agreement (and all Schedules hereto) shall be governed by, and construed in accordance with, the Laws of the State of Delaware, without giving effect to any choice of law or conflict of
law rules or provisions (whether of the State of Delaware or any other jurisdiction) including all matters of validity, construction, effect, enforceability, performance and remedies. In the event of litigation relating to this Agreement, if a court
of competent jurisdiction determines in a final, non-appealable order that Sylvamo Sub has breached this Agreement, the Sylvamo Sub will reimburse IP for its costs and expenses (including, without limitation,
legal fees and expenses) incurred in connection with such litigation. 

  
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 15. Interpretation. In this Agreement, (a) words in the singular shall be deemed to include the
plural and vice versa and words of one gender shall be deemed to include the other genders as the context requires; (b) the terms “hereof,” “herein,” and “herewith” and words of similar import shall, unless
otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement; (c) unless otherwise stated, all references to any agreement shall be deemed to include the Exhibits, Schedules and
Annexes to such agreement; (d) the word “including” and words of similar import when used in this Agreement shall mean “including, without limitation,” unless otherwise specified; (e) the word “or” shall not
be exclusive; (f) unless otherwise specified in a particular case, the word “days” refers to calendar days; (g) references to “Business Day” shall mean any day other than a Saturday, a Sunday or a day on which banking
institutions are generally authorized or required by law to close in (x) Memphis, Tennessee or (y) New York, New York; (h) references herein to this Agreement or any other agreement contemplated herein shall be deemed to refer to this
Agreement or such other agreement as of the date on which it is executed and as it may be amended, modified or supplemented thereafter, unless otherwise specified; (i) the word “extent” in the phrase “to the extent” shall
mean the degree to which a subject or other thing extends, and such phrase shall not mean simply “if”; (j) unless otherwise specified, all dollar amounts in this Agreement, including the symbol “$”, refer to the lawful currency
of the United States of America; and (k) all references to “the date hereof” or “the date of this Agreement” and words of similar import shall all be references to
[                ], 2021. 
 [Signature Page Follows]

  
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 IN WITNESS WHEREOF, the Parties have executed this Agreement on the day and year first above
written. 
  

			
	INTERNATIONAL PAPER INVESTMENTS (LUXEMBOURG) S.À R.L.
		
	By:	 	            
	Name:
	Title:
	
	IP PAPERS HOLDING S.À R.L.
		
	By:	 	            
	Name:
	Title:
	
	SYLVAMO NORTH AMERICA, LLC
		
	By:	 	                
	Name:
	Title:EX-10.24

 Exhibit 10.24 

Sylvamo Corporation 

RESTRICTED STOCK AND 

DEFERRED COMPENSATION PLAN 

FOR NON-EMPLOYEE DIRECTORS 

Effective October 1, 2021 

 SYLVAMO CORPORATION 

RESTRICTED STOCK AND DEFERRED COMPENSATION PLAN 

FOR NON-EMPLOYEE DIRECTORS 

1. Purpose and Effective Date of Plan 
 This plan shall be
known as the Sylvamo Corporation Restricted Stock and Deferred Compensation Plan for Non-Employee Directors (the “Plan”). The purpose of the Plan is to enable Sylvamo Corporation
(“Sylvamo”) to attract and retain persons of outstanding competence to serve as non-employee directors of Sylvamo, and to permit such non-employee directors to
defer receipt of all or a portion of their annual retainer and committee fees, payable in cash or restricted shares of Sylvamo common stock, for services in 2021 and thereafter. 

This Plan is a subplan of the Sylvamo 2021 Incentive Compensation Plan (“ICP”), consisting of a program for the grant of restricted stock or
restricted stock units under Article 9 of the ICP and referenced under Section 4.3 of the ICP. 
 This Plan is a
non-funded, non-qualified deferred compensation plan that is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”). The Plan is not subject to full protection under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). 

2. Eligibility 
 Participation in this Plan is limited to
persons who serve as members of the Board of Directors (the “Board”) of Sylvamo and who are not employees of Sylvamo or its subsidiaries (“Participants”). An employee-director who retires from employment with Sylvamo (and its
subsidiaries) shall become eligible to participate in this Plan upon his or her re-election as a non-employee director. 

  
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 3. Equity Compensation 

(a) Awards of restricted stock units of Sylvamo are made to each Participant on an annual basis on the day of the Annual Meeting of Shareowners of Sylvamo in
an amount equal to: (i) a fixed dollar value determined by the independent members of the Board based on a review of competitive market practices of Sylvamo’s comparator peer group of companies for compensation analysis (the
“Compensation Comparator Group”), divided by (ii) the closing market price of common stock of Sylvamo as reported for the New York Stock Exchange Composite Transactions on the last business day immediately preceding the first day of
the Performance Year. The fixed dollar value for the annual restricted stock awards shall be set forth on Exhibit A hereto, as approved and changed from time to time by the independent members of the Board. 

(b) For purposes of this Plan, a “Performance Year” shall mean the approximate one-year period beginning on
the date of the Annual Meeting of Shareowners of Sylvamo for a given year and ending on the last business day immediately preceding the next Annual Meeting of Shareowners of Sylvamo. 

(c) A Participant who is elected by the Board to fill a vacancy during a Performance Year shall receive a number of restricted stock units representing a
pro rata portion of the number of shares of restricted stock units awarded to non-employee directors for the Performance Year in which such Participant is elected, determined by dividing the number of
full months of eligible service during the Performance Year by the number twelve (12). 
 (d) Each award of restricted stock units under this Plan shall be
expressly subject to all of the restrictions, service provisions, and all other terms and conditions set forth in Section 6 of this Plan and the terms and conditions of the ICP, of which this Plan is a subplan. In the event of any actual or
alleged conflict between the provisions of the ICP and the provisions of this Plan as it relates to restricted stock units, the provisions of the ICP shall be controlling and determinative. 

4. Cash Compensation 
 (a) Each non-employee director of the Board shall receive an annual cash retainer (“Cash Retainer Fee”) in an amount determined by the independent members of the Board. Each
non-employee director who serves as Chair of a standing committee of the Board or as Lead Director, shall receive an additional annual cash retainer (such “Committee Fee” and “Lead Director
Fee” shall, together with the Cash Retainer Fee, be referred to as “Cash Compensation”). The amount of the Cash Compensation shall be determined by the independent members of the Board based on a review of competitive market practices
of the Sylvamo’s Compensation Comparator Group. The Cash Retainer Fee and Committee Fees shall be set forth on Exhibit A hereto, as approved and changed from time to time by the independent members of the Board. 

(b) Each non-employee director of the Board may elect, in the form and manner prescribed by Sylvamo, to receive shares
of restricted stock units of Sylvamo in lieu of all or half of his or her Cash Compensation. A non-employee director who elects to receive shares of restricted stock units in lieu of Cash Compensation will
receive a number of shares of restricted stock units determined by dividing (A) the sum of (i) the portion of Cash Compensation elected to be received in the form of restricted stock, by (B) the closing market price of common stock of
Sylvamo as reported for the New York Stock Exchange Composite Transactions on the last business day immediately preceding the first day of the Performance Year. 

  
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	5.	 Deferral Elections 

(a) Prior to the first day of a Performance Year, non-employee directors may elect to defer in the form of deferred
stock units (“DSUs”), for either a five (5) or ten (10) year period, of (i) all shares of restricted stock units and/or (ii) all or half of his or her Cash Compensation for services on the Board in the following
Performance Year by filing an initial deferral election notice in the manner and form prescribed by Sylvamo (the “Initial Deferral Election Notice”). 

(b) Non-employee directors newly elected to the Board may submit an Initial Deferral Election Notice by the 30th day after becoming eligible to participate in the Plan; but such deferral election shall be applicable only with respect to compensation earned after the filing of such Initial Deferral Election
Notice. 
 (c) Notwithstanding the foregoing, an Initial Deferral Election Notice may not be completed during a period when directors and officers of Sylvamo
are restricted from trading in shares of Sylvamo common stock, referred to as a “Black-out Period.” 
 (d)
Deferral elections are effective for one Performance Year only and do not carry over from year to year. Participants must submit a new Initial Deferral Election Notice prior to the first day of each Performance Year in order to defer compensation to
be earned in the next Performance Year. 
 (e) An Initial Deferral Election Notice may change the percentage to be deferred only with respect to compensation
payable on a prospective basis, and may not change the percentage to be deferred with respect to a prior year’s election. 
 6. Restrictions,
Removal of Restrictions, and Terms and Conditions of Awards of Restricted Stock Units 
 (a) A Participant shall have the right to receive all dividends
or dividend equivalent units and other distributions made with respect to restricted stock units in his or her name. 
 (b) Restricted stock units may not be
sold, assigned, pledged or otherwise transferred by the Participant unless and until all of the restrictions imposed by this Plan have been removed pursuant to the provisions of this Plan. 

(c) Restricted stock units awarded under this Plan shall vest and become free of restrictions and non-forfeitable on
the earlier of the first anniversary of the date of the award of the restricted stock units or the next annual shareholders meeting. Notwithstanding the foregoing, restricted stock units awarded under this Plan shall vest and become free of
restrictions and non-forfeitable upon the occurrence of one of the following events: 
  

	 	(i)	 the Participant’s death or disability; 

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

  

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

 Termination of service as a director for any reason other than those specified in this Section 7(e),
including, without limitation, any involuntary termination effected by Board action, shall result in forfeiture of the restricted stock units. 
 Mandatory
retirement age under this Plan shall have the definition as set forth in the Sylvamo Corporate Governance Guidelines. 
 (d) In the event of a “change
in control” of Sylvamo (as defined below), the Board may accelerate the removal of all restrictions relating to all or an equal portion of the outstanding restricted stock units. Termination of Board service resulting from a change of control
will result in immediate lapse of the forfeiture provisions relating to all of the affected director’s restricted stock units. In any situation involving acceleration of the removal of restrictions relating to the awarded restricted stock units
upon a change of control, the Board may elect to repurchase such shares at the then fair market price instead of releasing the shares to the Participant owning such shares. For purposes of this Plan, a “change in control” of Sylvamo shall
mean a change in control of a nature that would be required to be reported in response to Item 1(a) of Form 8-K promulgated under the Securities Exchange Act of 1934, as amended (“Exchange Act”);
provided that, without limitation, such a change in control shall be deemed to have occurred if (a) any “person” (as such term is used in Sections 13(d) and 14(d)(2) of the Exchange Act other than company benefit plans) except a
transaction that is approved by the Board in accordance with the standards set forth under Delaware General Corporation Law is or becomes the beneficial owner, directly or indirectly, of securities of Sylvamo representing 30% or more of the combined
voting power of Sylvamo’s then outstanding securities, or (b) during any period of two consecutive years, individuals who at the beginning of such period constitute the Board of Directors of Sylvamo cease for any reason to constitute at
least a majority thereof unless the election, or the nomination for election, by shareholders of each new director was approved by a vote of at least two-thirds of the directors then still in office who were
directors at the beginning of the period. 
 (e) All restricted stock units with respect to which the restrictions are not removed in accordance with the
provisions of this Plan shall be forfeited and shall revert to the Treasury of Sylvamo. 

  
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 (f) All awarded restricted stock units shall remain subject to the Plan’s restrictions prohibiting
sales or transfer of such units during the period of time while the Participant continues to serve as a director of Sylvamo,; in addition, the issuance or delivery of any shares may be postponed for such period as may be required to comply with any
applicable requirements of any national securities exchange or any requirements under any other law or regulation applicable to the issuance or delivery of such restricted stock units, and Sylvamo shall not be obligated to issue or deliver any such
restricted stock units if the issuance or delivery thereof shall constitute a violation of any provision of any law or any regulation of any governmental authority or any national securities exchange. 

7. Restrictions, Removal of Restrictions, and Terms and Conditions of Awards of Deferred Stock Units 

(a) All amounts deferred in the form of DSUs shall be issued pursuant to and shall be subject to the terms and condition of the ICP. In the event of any actual
or alleged conflict between the provisions of the ICP and the provisions of this Plan as it relates to DSUs, the provisions of the ICP shall be controlling and determinative. All such DSUs shall be credited to a bookkeeping account on behalf of the
Participant. Such account shall be credited with a number of DSUs (calculated to the nearest thousandth of a unit) computed by dividing: (i) the value of the Cash Compensation and restricted stock units deferred for the Performance Year by
(ii) the closing market price of common stock of Sylvamo as reported for the New York Stock Exchange Composite Transactions on the last business day immediately preceding the first day of the Performance Year. 

(b) DSUs may not be sold, assigned, pledged or otherwise transferred by the Participant. If any such assignment is made, Sylvamo may disregard such assignment
and may discharge its obligation hereunder by making payment as though no such assignment had been made. 
 (c) A Participant has an interest as an unsecured
creditor in the cash value represented by the DSUs in his or her account, but has no interests or rights in any common stock of Sylvamo or dividends, and has no right to elect delivery of shares of common stock of Sylvamo. 

(d) DSUs shall vest according to the Participant’s deferral election of either five (5) or ten (10) years upon the last day of the applicable
Performance Year. 
 (e) Whenever a dividend is declared on the common stock of Sylvamo, the number of DSUs in the Participant’s account shall be
increased by the result of the following calculation: 
  

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

  

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

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

(a) After a Participant ceases to be a director of Sylvamo (and has incurred a “separation from service” as defined in Section 409A of the Code
and applicable regulations), payment of RSUs and/or DSUs shall be made in shares of Sylvamo stock payable in January of the next calendar year following the year in which the Participant terminates service as a director. 

9. Amendment or Termination of Plan 
 Sylvamo reserves the
right to amend, modify or terminate this Plan at any time by action of the Board, provided (a) no amendment shall be made more than once every six months, other than to comport with changes in the Code, ERISA, or the rules thereunder;
(b) that such action shall not adversely affect any Participant’s rights under the provisions of this Plan with respect to awards of restricted stock or RSUs that were made prior to such action; (c) that such amendment is consistent
with Section 409A of the Code and any regulations promulgated thereunder; and (d) that no modification of this Plan shall be made which shall increase the aggregate number of shares available for award under this Plan without the approval
of the shareowners of Sylvamo. 
 10. Source of Funds for Payment of RSUs and DSUs 

Any benefit payments to Participants pursuant to the Plan shall be paid from the general assets of Sylvamo. Participants shall have the status of general
unsecured creditors of Sylvamo and the Plan constitutes a mere promise by Sylvamo to make benefit payments in the future. Any contract, policy or other asset which Sylvamo may utilize to assure themselves of the funds to provide the benefits under
the Plan shall not serve in any way as security for the payment of Plan benefits and Sylvamo shall not be under any obligation whatsoever to purchase or maintain any contract, policy or other asset to provide the benefits payable under the Plan.

 11. Administration of Plan 
 This Plan shall be
administered by the Senior Vice President, Chief People Officer of Sylvamo (the “Administrator”). All decisions which are made by the Administrator with respect to interpretation of the terms of the Plan, with respect to the restrictions,
terms and conditions of the restricted stock units and deferred stock units, and with respect to any questions or disputes arising under this Plan, shall be final and binding on Sylvamo and the Participants (and their heirs or beneficiaries). 

  
 6 

 12. Changes in Stock and Adjustment of Number under the Plan 

In the event of any stock dividend, split-up, reclassification or other analogous change in capitalization or any
distribution (other than regular cash dividends) to holders of Sylvamo’s common stock, the number of units awarded and earned under this Plan, and the aggregate number of shares covered by this Plan shall be equitably and proportionately
adjusted by the Administrator to take account of such change, all in accordance with the terms of the ICP. 
 13. Designation of Beneficiary 

A Participant may file with the Administrator a designation of beneficiary or beneficiaries on a form approved by the Administrator (which designation may be
changed or revoked by the Participant’s sole action) to receive distribution of all or a designated portion of the Participant’s RSUs and/or DSUs under this Plan upon the death of the Participant. If no beneficiary has been designated or
survives the Participant, then the account shall be distributed as directed by the executor or administrator of the Participant’s estate. 

  
 7 

 EXHIBIT A 

NON-EMPLOYEE DIRECTOR COMPENSATION

 AS OF OCTOBER 1, 2021 

UNDER THE 

NON-EMPLOYEE RESTRICTED STOCK
AND DEFERRED COMPENSATION PLAN 
 The following compensation amounts are effective for the
Performance Year beginning October 1, 2021, and shall remain in effect for future Performance Years until changed by the independent members of the Board. 
  

					
	 Type of Fee
	  	Approved Program
(2021-2022)	 
	 Board Fees
	  			
	 Cash Retainer
	  	$	100,000	 
	 Equity Retainer
	  	$	125,000	 
	 Committee Chair Fees
	  			
	 Audit and Finance Committee Chair
	  	$	25,000	 
	 Management Development & Compensation Committee Chair
	  	$	20,000	 
	 Governance Committee Chair
	  	$	15,000	 
	 Lead Director Fee
	  	$	25,000	 

  
 8

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