Document:

EX-10.1

 Exhibit 10.1 

TRANSITION SERVICES AGREEMENT 
 BY
AND BETWEEN 
 RAYONIER INC. 

AND 
 RAYONIER ADVANCED MATERIALS
INC. 
 DATED AS OF JUNE 27, 2014 
  

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	  
			
	 Section 1.01.
	  	Definitions	  	 	1	  
		
	 ARTICLE II SERVICES
	  	 	5	  
			
	 Section 2.01.
	  	Services	  	 	5	  
	 Section 2.02.
	  	Performance of Services	  	 	5	  
	 Section 2.03.
	  	Charges for Services	  	 	7	  
	 Section 2.04.
	  	Reimbursement for Out-of-Pocket Costs and Expenses	  	 	7	  
	 Section 2.05.
	  	Changes in the Performance of Services	  	 	7	  
	 Section 2.06.
	  	Transitional Nature of Services	  	 	8	  
	 Section 2.07.
	  	Subcontracting	  	 	8	  
		
	 ARTICLE III OTHER ARRANGEMENTS
	  	 	8	  
			
	 Section 3.01.
	  	Access	  	 	8	  
		
	 ARTICLE IV BILLING; TAXES
	  	 	9	  
			
	 Section 4.01.
	  	Procedure	  	 	9	  
	 Section 4.02.
	  	Late Payments	  	 	10	  
	 Section 4.03.
	  	Taxes	  	 	10	  
	 Section 4.04.
	  	No Set-Off	  	 	10	  
		
	 ARTICLE V TERM AND TERMINATION
	  	 	10	  
			
	 Section 5.01.
	  	Term	  	 	10	  
	 Section 5.02.
	  	Early Termination	  	 	10	  
	 Section 5.03.
	  	Interdependencies	  	 	11	  
	 Section 5.04.
	  	Effect of Termination	  	 	11	  
	 Section 5.05.
	  	Information Transmission	  	 	12	  
		
	 ARTICLE VI CONFIDENTIALITY; PROTECTIVE ARRANGEMENTS
	  	 	12	  
			
	 Section 6.01.
	  	Rayonier and SpinCo Obligations	  	 	12	  
	 Section 6.02.
	  	No Release; Return or Destruction	  	 	12	  
	 Section 6.03.
	  	Privacy and Data Protection Laws	  	 	13	  
	 Section 6.04.
	  	Protective Arrangements	  	 	13	  
		
	 ARTICLE VII LIMITED LIABILITY AND INDEMNIFICATION
	  	 	13	  
			
	 Section 7.01.
	  	Limitations on Liability	  	 	13	  
	 Section 7.02.
	  	Obligation to Re-Perform; Liabilities	  	 	14	  

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 Section 7.03.
	 	Third-Party Claims	  	 	14	  
	 Section 7.04.
	 	Provider Indemnity	  	 	14	  
	 Section 7.05.
	 	Indemnification Procedures	  	 	15	  
		
	 ARTICLE VIII TRANSITION COMMITTEE
	  	 	15	  
			
	 Section 8.01.
	 	Establishment	  	 	15	  
		
	 ARTICLE IX MISCELLANEOUS
	  	 	15	  
			
	 Section 9.01.
	 	Mutual Cooperation	  	 	15	  
	 Section 9.02.
	 	Further Assurances	  	 	15	  
	 Section 9.03.
	 	Audit Assistance	  	 	15	  
	 Section 9.04.
	 	Title to Intellectual Property	  	 	16	  
	 Section 9.05.
	 	Independent Contractors	  	 	16	  
	 Section 9.06.
	 	Counterparts; Entire Agreement; Corporate Power	  	 	16	  
	 Section 9.07.
	 	Governing Law	  	 	17	  
	 Section 9.08.
	 	Assignability	  	 	17	  
	 Section 9.09.
	 	Third-Party Beneficiaries	  	 	17	  
	 Section 9.10.
	 	Notices	  	 	18	  
	 Section 9.11.
	 	Severability	  	 	18	  
	 Section 9.12.
	 	Force Majeure	  	 	19	  
	 Section 9.13.
	 	Headings	  	 	19	  
	 Section 9.14.
	 	Survival of Covenants	  	 	19	  
	 Section 9.15.
	 	Waivers of Default	  	 	19	  
	 Section 9.16.
	 	Dispute Resolution	  	 	19	  
	 Section 9.17.
	 	Specific Performance	  	 	20	  
	 Section 9.18.
	 	Amendments	  	 	20	  
	 Section 9.19.
	 	Interpretation	  	 	20	  
	 Section 9.20.
	 	Mutual Drafting	  	 	21	  

  
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 TRANSITION SERVICES AGREEMENT 

This TRANSITION SERVICES AGREEMENT, dated as of June 27, 2014 (this “Agreement”), is by and between Rayonier Inc., a
North Carolina corporation (“Rayonier” or “RYN”), and Rayonier Advanced Materials Inc., a Delaware corporation (“SpinCo” or “RYAM”). 

R E C I T A L S: 
 WHEREAS, the
board of directors of Rayonier (the “Rayonier Board”) has determined that it is in the best interests of Rayonier and its shareholders to create a new publicly traded company that shall operate the SpinCo Business; 

WHEREAS, in furtherance of the foregoing, the Rayonier Board has determined that it is appropriate and desirable to separate the SpinCo
Business from the Rayonier Business (the “Separation”) and, following the Separation, make a distribution, on a pro rata basis, to holders of Rayonier Shares on the Record Date of all the outstanding SpinCo Shares owned by Rayonier
(the “Distribution”); 
 WHEREAS, in order to effectuate the Separation and the Distribution, Rayonier and SpinCo have
entered into a Separation and Distribution Agreement, dated as of May 28, 2014 (the “Separation and Distribution Agreement”); and 

WHEREAS, in order to facilitate and provide for an orderly transition in connection with the Separation and the Distribution, the Parties
desire to enter into this Agreement to set forth the terms and conditions pursuant to which each of the Parties shall provide Services to the other Party for a transitional period. 

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 follows: 

ARTICLE I 
 DEFINITIONS 

Section 1.01. Definitions. For purposes of this Agreement, the following terms shall have the following meanings: 

“Action” shall mean any demand, action, claim, dispute, suit, countersuit, arbitration, inquiry, subpoena, proceeding or
investigation of any nature (whether criminal, civil, legislative, administrative, regulatory, prosecutorial or otherwise) by or before any federal, state, local, foreign or international Governmental Authority or any arbitration or mediation
tribunal. 
 “Affiliate” has the meaning set forth in the Separation and Distribution Agreement. 

“Agreement” has the meaning set forth in the Preamble. 

 “Ancillary Agreements” has the meaning set forth in the Separation and
Distribution Agreement. 
 “Charge” and “Charges” have the meaning set forth in Section 2.03.

 “Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Confidential Information” means all Information that is either confidential or proprietary. 

“Dispute” has the meaning set forth in Section 9.16(a). 

“Distribution” has the meaning set forth in the Recitals. 

“Distribution Date” shall mean the date of the consummation of the Distribution, which shall be determined by the Rayonier
Board in its sole and absolute discretion. 
 “Effective Time” shall mean 11:59 p.m., New York City time, on the
Distribution Date. 
 “Force Majeure” shall mean, with respect to a Party, an event beyond the control of such Party (or
any Person acting on its behalf), which event (a) does not arise or result from the fault or negligence of such Party (or any Person acting on its behalf) and (b) by its nature would not reasonably have been foreseen by such Party (or such
Person), or, if it would reasonably have been foreseen, was unavoidable, and includes acts of God, acts of civil or military authority, embargoes, epidemics, war, riots, insurrections, fires, explosions, earthquakes, floods, unusually severe weather
conditions, labor problems or unavailability of parts, or, in the case of computer systems, any failure in electrical or air conditioning equipment. Notwithstanding the foregoing, the receipt by a Party of an unsolicited takeover offer or other
acquisition proposal, even if unforeseen or unavoidable, and such Party’s response thereto, shall not be deemed an event of Force Majeure. 

“Governmental Authority” shall mean any nation or government, any state, municipality or other political subdivision thereof,
and any entity, body, agency, commission, department, board, bureau, court, tribunal or other instrumentality, whether federal, state, local, domestic, foreign or multinational, exercising executive, legislative, judicial, regulatory, administrative
or other similar functions of, or pertaining to, government and any executive official thereof. 
 “Information” shall mean
information, whether or not patentable or copyrightable, in written, oral, electronic or other tangible or intangible forms, stored in any medium, including studies, reports, records, books, contracts, instruments, surveys, discoveries, ideas,
concepts, know-how, techniques, designs, specifications, drawings, blueprints, diagrams, models, prototypes, samples, flow charts, data, computer data, disks, diskettes, tapes, computer programs or other software, marketing plans, customer names,
communications by or to attorneys (including attorney-client privileged communications), memos and other materials prepared by attorneys or under their direction (including attorney work product), and other technical, financial, employee or business
information or data. 

  
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 “Intellectual Property Agreement” shall mean the Intellectual Property Agreement
to be entered into by and between Rayonier and SpinCo or their respective Subsidiaries in connection with the Separation, the Distribution or the other transactions contemplated by the Separation and Distribution Agreement. 

“Interest Payment” has the meaning set forth in Section 4.02. 

“Law” shall mean any national, supranational, federal, state, provincial, local or similar law (including common law),
statute, code, order, ordinance, rule, regulation, treaty (including any income tax treaty), license, permit, authorization, approval, consent, decree, injunction, binding judicial or administrative interpretation or other requirement, in each case,
enacted, promulgated, issued or entered by a Governmental Authority. 
 “Level of Service” has the meaning set forth in
Section 2.02(c). 
 “Liabilities” shall mean all debts, guarantees, assurances, commitments, liabilities,
responsibilities, Losses, remediation, deficiencies, damages, fines, penalties, settlements, sanctions, costs, expenses, interest and obligations of any nature or kind, whether accrued or fixed, absolute or contingent, matured or unmatured, accrued
or not accrued, asserted or unasserted, liquidated or unliquidated, foreseen or unforeseen, known or unknown, reserved or unreserved, or determined or determinable, including those arising under any Law, claim (including any Third-Party Claim),
demand, Action, or order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with any Governmental Authority or arbitration tribunal, and those arising under any contract, agreement, obligation, indenture,
instrument, lease, promise, arrangement, release, warranty, commitment or undertaking, or any fines, damages or equitable relief that is imposed, in each case, including all costs and expenses relating thereto. 

“Losses” shall mean actual losses (including any diminution in value), costs, damages, penalties and expenses (including
legal and accounting fees and expenses and costs of investigation and litigation), whether or not involving a Third-Party Claim. 

“Minimum Service Period” means the period commencing on the Distribution Date and ending thirty (30) days after the
Distribution Date. 
 “Parties” means the parties to this Agreement. 

“Person” shall mean an individual, a general or limited partnership, a corporation, a trust, a joint venture, an
unincorporated organization, a limited liability entity, any other entity and any Governmental Authority. 
 “Provider”
means, with respect to any Service, the Party identified on Schedule 1 hereto as the “Provider” of such Service. 

“Provider Indemnitees” has the meaning set forth in Section 7.03. 

“Rayonier” has the meaning set forth in the Preamble. 

  
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 “Rayonier Board” has the meaning set forth in the Recitals. 

“Rayonier Business” has the meaning set forth in the Separation and Distribution Agreement. 

“Rayonier Shares” shall mean the common shares, no par value, of Rayonier. 

“Recipient” means, with respect to any Service, the Party receiving such Service hereunder. 

“Recipient Indemnitees” has the meaning set forth in Section 7.04. 

“Record Date” shall mean the close of business on the date to be determined by the Rayonier Board as the record date for
determining holders of Rayonier Shares entitled to receive SpinCo Shares pursuant to the Distribution. 
 “Representatives”
shall mean, with respect to any Person, any of such Person’s directors, officers, employees, agents, consultants, advisors, accountants, attorneys or other representatives. 

“RYAM” has the meaning set forth in the Preamble. 

“RYN” has the meaning set forth in the Preamble. 

“Separation” has the meaning set forth in the Recitals. 

“Separation and Distribution Agreement” has the meaning set forth in the Recitals. 

“Service Baseline Period” has the meaning set forth in Section 2.02(c). 

“Service Period” means, with respect to any Service, the period commencing on the Distribution Date and ending on the earlier
of (a) the date that a Party terminates the provision of such Service pursuant to Section 5.02 and (b) the date that is the eighteenth month anniversary of the Distribution Date. 

“Services” has the meaning set forth in Section 2.01. 

“SpinCo” has the meaning set forth in the Preamble. 

“SpinCo Business” has the meaning set forth in the Separation and Distribution Agreement. 

“SpinCo Shares” shall mean the shares of common stock, par value $0.01 per share, of SpinCo. 

“Subsidiary” shall mean, with respect to any Person, any corporation, limited liability company, joint venture or partnership
of which such Person (a) beneficially owns, either directly or indirectly, more than fifty percent (50%) of (i) the total combined voting power of all 

  
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classes of voting securities, (ii) the total combined equity interests or (iii) the capital or profit interests, in the case of a partnership, or (b) otherwise has the power to
vote, either directly or indirectly, sufficient securities to elect a majority of the board of directors or similar governing body. 

“Tax” has the meaning set forth in the Tax Matters Agreement. 

“Tax Matters Agreement” shall mean the Tax Matters Agreement to be entered into by and between Rayonier and SpinCo or their
respective Subsidiaries in connection with the Separation, the Distribution or the other transactions contemplated by the Separation and Distribution Agreement. 

“Taxing Authority” has the meaning set forth in the Tax Matters Agreement. 

“Termination Charges” shall mean, with respect to the termination of any Service pursuant to Section 5.02(a)(i),
the sum of (a) any and all costs, fees and expenses (other than any severance or retention costs) payable by the Provider of such Service to a Third Party principally because of the early termination of such Service; provided,
however, that the Provider shall use commercially reasonable efforts to minimize any costs, fees or expenses payable to any Third Party in connection with such early termination of such Service and credit any such reductions against the
Termination Charges payable by the Recipient; and (b) any additional severance and retention costs, if any, because of the early termination of such Service that the Provider of such terminated Service incurs to employees who had been retained
primarily to provide such terminated Service (it being agreed that the costs set forth in this clause (b) shall only be the amount, if any, in excess of the severance and retention costs that such Provider would have paid to such employees if
the Service had been provided for the full period during which such Service would have been provided hereunder but for such early termination). 

“Third Party” shall mean any Person other than the Parties or any of their Affiliates. 

“Third-Party Claim” shall mean any Action commenced by any Third Party against any Party or any of its Affiliates. 

“Transition Committee” has the meaning set forth in the Separation and Distribution Agreement. 

ARTICLE II 
 SERVICES 

Section 2.01. Services. Commencing as of the Effective Time, the Provider agrees to provide, or to cause one or more of its
Subsidiaries to provide, to the Recipient, or any Subsidiary of the Recipient, the applicable services (the “Services”) set forth on Schedule 1 hereto. 

Section 2.02. Performance of Services. 

  
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 (a) The Provider shall perform, or shall cause one or more of its Subsidiaries to perform, all
Services to be provided by the Provider in a manner that is based on its past practice and that is substantially similar in all material respects to the analogous services provided by or on behalf of Rayonier or any of its Subsidiaries to Rayonier
or its applicable functional group or Subsidiary prior to the Effective Time. 
 (b) Nothing in this Agreement shall require the Provider to
perform or cause to be performed any Service to the extent that the manner of such performance would constitute a violation of any applicable Law or any existing contract or agreement with a Third Party. If the Provider is or becomes aware of any
potential violation on the part of the Provider, the Provider shall use commercially reasonable efforts to promptly advise the Recipient of such potential violation, and the Provider and the Recipient will mutually seek an alternative that addresses
such potential violation. The Parties agree to cooperate in good faith and use commercially reasonable efforts to obtain any necessary Third Party consents required under any existing contract or agreement with a Third Party to allow the Provider to
perform, or cause to be performed, all Services to be provided by the Provider hereunder in accordance with the standards set forth in this Section 2.02. Unless otherwise agreed in writing by the Parties, all reasonable out-of-pocket
costs and expenses (if any) incurred by any Party or any of its Subsidiaries in connection with obtaining any such Third Party consent that is required to allow the Provider to perform or cause to be performed such Services shall be divided
proportionately between the Provider and the Recipient in accordance with such Parties’ respective utilization of such Services at such time. If, with respect to a Service, the Parties, despite the use of such commercially reasonable efforts,
are unable to obtain a required Third Party consent, or the performance of such Service by the Provider would constitute a violation of any applicable Law, the Provider shall have no obligation whatsoever to perform or cause to be performed such
Service. 
 (c) The Provider shall not be obligated to perform or to cause to be performed any Service in a manner that is materially more
burdensome (with respect to service quality or quantity) than analogous services provided to Rayonier or its applicable functional group or Subsidiary (collectively referred to as the “Level of Service”) during calendar year 2013
(the “Service Baseline Period”). If the Recipient requests that the Provider perform or cause to be performed any Service that exceeds the Level of Service during the Service Baseline Period, then the Parties shall cooperate and act
in good faith to determine whether the Provider will be required to provide such requested higher Level of Service. If the Parties determine that the Provider shall provide the requested higher Level of Service, then such higher Level of Service
shall be documented in a written agreement signed by the Parties. Each amended section of Schedule 1 hereto, as agreed to in writing by the Parties, shall be deemed part of this Agreement as of the date of such written agreement and the Level
of Service increases set forth in such written agreement shall be deemed a part of the “Services” provided under this Agreement, in each case subject to the terms and conditions of this Agreement. 

(d) (i) Neither the Provider nor any of its Subsidiaries shall be required to perform or to cause to be performed any of the Services for the
benefit of any Third Party or any other Person other than the Recipient and its Subsidiaries, and (ii) EXCEPT AS EXPRESSLY PROVIDED IN THIS SECTION 2.02 OR SECTION 7.04, EACH PARTY ACKNOWLEDGES AND AGREES THAT ALL SERVICES ARE
PROVIDED ON AN “AS-IS” BASIS, THAT 

  
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THE RECIPIENT ASSUMES ALL RISK AND LIABILITY ARISING FROM OR RELATING TO ITS USE OF AND RELIANCE UPON THE SERVICES, AND THAT THE PROVIDER MAKES NO OTHER REPRESENTATIONS OR GRANTS ANY WARRANTIES,
EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, BY STATUTE OR OTHERWISE, WITH RESPECT TO THE SERVICES. EACH PARTY SPECIFICALLY DISCLAIMS ANY OTHER WARRANTIES, WHETHER WRITTEN OR ORAL, OR EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF
QUALITY, MERCHANTABILITY, OR FITNESS FOR A PARTICULAR USE OR PURPOSE OR THE NON-INFRINGEMENT OF ANY INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES. 

(e) Each Party shall be responsible for its own compliance with any and all Laws applicable to its performance under this Agreement. No Party
shall knowingly take any action in violation of any such applicable Law that results in Liability being imposed on the other Party. 

Section 2.03. Charges for Services. The Recipient shall pay the Provider of the Services a fee (either one-time or recurring) for
such Services (or category of Services, as applicable) (each fee constituting a “Charge” and, collectively, “Charges”), which Charges shall be based upon the cost of providing such Services and shall be agreed to by
the Parties from time to time. During the term of this Agreement, the amount of a Charge for any Service may be modified to the extent of (a) any adjustments mutually agreed to by the Parties, (b) any adjustments due to a change in Level
of Service requested by the Recipient and agreed upon by the Provider, and (c) any adjustment in the rates or charges imposed by any Third Party provider that is providing Services (proportional to the respective use of such Services by each
Party). Together with any invoice for Charges, the Provider shall provide the Recipient with reasonable documentation, including any additional documentation reasonably requested by the Recipient to the extent that such documentation is in the
Provider’s or its Subsidiaries’ possession or control, to support the calculation of such Charges. 
 Section 2.04.
Reimbursement for Out-of-Pocket Costs and Expenses. The Recipient shall reimburse the Provider for reasonable out-of-pocket costs and expenses incurred by the Provider or any of its Subsidiaries in connection with providing the Services
(including reasonable travel-related expenses) to the extent that such costs and expenses are not reflected in the Charges for such Services; provided, however, that any such cost or expense in excess of five hundred dollars ($500.00),
in the aggregate, that is not consistent with historical practice between the Parties for any Service (including business travel and related expenses) shall require advance written approval of the Recipient. Any authorized travel-related expenses
incurred in performing the Services shall be incurred and charged to the Recipient in accordance with the Provider’s then-applicable business travel policies. 

Section 2.05. Changes in the Performance of Services. Subject to the performance standards for Services set forth in Sections
2.02(a), 2.02(b) and 2.02(c), the Provider may make changes from time to time in the manner of performing the Services if the Provider is making similar changes in performing analogous services for itself and if the Provider
furnishes to the Recipient reasonable prior written notice (in content and timing) of such changes. No such change shall materially adversely affect the timeliness or quality of, or the Charges for, the applicable Service. If any such change by the
Provider reasonably requires the Recipient to incur an increase in costs and expenses of at least five percent (5%), in the aggregate, in order to continue to receive and utilize the 

  
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applicable Services in the same manner as the Recipient was receiving and utilizing such Service prior to such change, the Provider shall be required to reimburse the Recipient for all such
reasonable increase in costs and expenses. Upon request, the Recipient shall provide the Provider with reasonable documentation, including any additional documentation reasonably requested by the Provider to the extent such documentation is in the
Recipient’s or its Subsidiaries’ possession or control, to support the calculation of such increase in costs and expenses. 

Section 2.06. Transitional Nature of Services. The Parties acknowledge the transitional nature of the Services and agree to
cooperate in good faith and to use commercially reasonable efforts to effectuate a smooth transition of the Services from the Provider to the Recipient (or its designee). 

Section 2.07. Subcontracting. A Provider may hire or engage one or more Third Parties to perform any or all of its obligations
under this Agreement; provided, however, that (a) such Provider shall use the same degree of care (but at least reasonable care) in selecting each of such Third Party as it would if such Third Party was being retained to provide
similar services to the Provider and (b) such Provider shall in all cases remain primarily responsible for all of its obligations under this Agreement with respect to the scope of the Services, the performance standard for Services set forth in
Sections 2.02(a), 2.02(b) and 2.02(c) and the content of the Services provided to the Recipient. Subject to the confidentiality provisions set forth in Article VI, each Party shall, and shall cause their respective
Affiliates to, provide, upon ten (10) Business Days’ prior written notice from the other Party, any Information within such Party’s or its Affiliates’ possession that the requesting Party reasonably requests in connection with
any Services being provided to such requesting Party by a Third Party, including any applicable invoices, agreements documenting the arrangements between such Third Party and the Provider and other supporting documentation; provided,
further, however, that each Party shall make no more than one such request during any calendar quarter. 
 ARTICLE III 

OTHER ARRANGEMENTS 

Section 3.01. Access. 

(a) SpinCo shall, and shall cause its Subsidiaries to, allow Rayonier and its Subsidiaries and their respective Representatives reasonable
access to the facilities of SpinCo and its Subsidiaries that is necessary for Rayonier and its Subsidiaries to fulfill their obligations under this Agreement. In addition to the foregoing right of access, SpinCo shall, and shall cause its
Subsidiaries to, afford Rayonier, its Subsidiaries and their respective Representatives, upon reasonable advance written notice, reasonable access during normal business hours to the facilities, Information, systems, infrastructure and personnel of
SpinCo and its Subsidiaries as reasonably necessary for Rayonier to verify the adequacy of internal controls over information technology, reporting of financial data and related processes employed in connection with the Services being provided by
SpinCo or its Subsidiaries, including in connection with verifying compliance with Section 404 of the Sarbanes-Oxley Act of 2002; provided that (i) such access 

  
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shall not unreasonably interfere with any of the business or operations of SpinCo or any of its Subsidiaries and (ii) in the event that SpinCo determines that providing such access could be
commercially detrimental, violate any applicable Law or agreement or waive any attorney-client privilege, then the Parties shall use commercially reasonable efforts to permit such access in a manner that avoids each of such harm and consequence.
Rayonier agrees that all of its and its Subsidiaries’ employees shall, and that it shall use commercially reasonable efforts to cause its Representatives’ employees to, when on the property of SpinCo or its Subsidiaries, or when given
access to any facilities, Information, systems, infrastructure or personnel of SpinCo or its Subsidiaries, conform to the policies and procedures of SpinCo and its Subsidiaries, as applicable, concerning health, safety, conduct and security which
are made known or provided to Rayonier from time to time. 
 (b) Rayonier shall, and shall cause its Subsidiaries to, allow SpinCo and its
Subsidiaries and their respective Representatives reasonable access to the facilities of Rayonier and its Subsidiaries that is necessary for SpinCo and its Subsidiaries to fulfill their obligations under this Agreement. In addition to the foregoing
right of access, Rayonier shall, and shall cause its Subsidiaries to, afford SpinCo, its Subsidiaries and their respective Representatives, upon reasonable advance written notice, reasonable access during normal business hours to the facilities,
Information, systems, infrastructure and personnel of Rayonier and its Subsidiaries as reasonably necessary for SpinCo to verify the adequacy of internal controls over information technology, reporting of financial data and related processes
employed in connection with the Services being provided by Rayonier or its Subsidiaries, including in connection with verifying compliance with Section 404 of the Sarbanes-Oxley Act of 2002; provided that (i) such access shall not
unreasonably interfere with any of the business or operations of Rayonier or any of its Subsidiaries and (ii) in the event that Rayonier determines that providing such access could be commercially detrimental, violate any applicable Law or
agreement or waive any attorney-client privilege, then the Parties shall use commercially reasonable efforts to permit such access in a manner that avoids each of such harm and consequence. SpinCo agrees that all of its and its Subsidiaries’
employees shall, and that it shall use commercially reasonable efforts to cause its Representatives’ employees to, when on the property of Rayonier or its Subsidiaries, or when given access to any facilities, Information, systems,
infrastructure or personnel of Rayonier or its Subsidiaries, conform to the policies and procedures of Rayonier and its Subsidiaries, as applicable, concerning health, safety, conduct and security which are made known or provided to SpinCo from time
to time. 
 ARTICLE IV 
 BILLING;
TAXES 
 Section 4.01. Procedure. Charges for the Services shall be charged to and payable by the Recipient. Amounts payable
pursuant to this Agreement shall be paid by wire transfer (or such other method of payment as may be agreed between the Parties from time to time) to the Provider (as directed by the Provider), on a monthly basis in the case of recurring fees, which
amounts shall be due within fifteen (15) days of the Recipient’s receipt of each such invoice, including reasonable documentation pursuant to Section 2.03. All amounts due and payable hereunder shall be invoiced and paid in
U.S. dollars. 

  
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 Section 4.02. Late Payments. Charges not paid when due pursuant to this Agreement
(and any amounts billed or otherwise invoiced or demanded and properly payable that are not paid within fifteen (15) days of the receipt of such bill, invoice or other demand) shall accrue interest at a rate per annum equal to the Prime Rate
plus two percent (2%) or the maximum rate under applicable Law, whichever is lower (the “Interest Payment”). 

Section 4.03. Taxes. Without limiting any provisions of this Agreement, the Recipient shall bear any and all Taxes and other
similar charges (and any related interest and penalties) imposed on, or payable with respect to, any fees or charges, including any Charges, payable by it pursuant to this Agreement, including all sales, use, value-added, and similar Taxes, but
excluding Taxes based on the Provider’s net income and any excise taxes imposed under Section 4981 of the Code. Notwithstanding anything to the contrary in the previous sentence or elsewhere in this Agreement, the Recipient shall be
entitled to withhold from any payments to the Provider any such Taxes that the Recipient is required by applicable Law to withhold and shall pay such Taxes to the applicable Taxing Authority. 

Section 4.04. No Set-Off. Except as mutually agreed to in writing by Rayonier and SpinCo, no Party or any of its Affiliates shall
have any right of set-off or other similar rights with respect to (a) any amounts received pursuant to this Agreement or (b) any other amounts claimed to be owed to the other Party or any of its Subsidiaries arising out of this Agreement.

 ARTICLE V 
 TERM AND
TERMINATION 
 Section 5.01. Term. This Agreement shall commence at the Effective Time and shall terminate upon the earlier to
occur of (a) the last date on which either Party is obligated to provide any Service to the other Party in accordance with the terms of this Agreement; (b) the mutual written agreement of the Parties to terminate this Agreement in its
entirety; and (c) the date that is the eighteenth (18th) month anniversary of the Distribution Date. Unless otherwise terminated pursuant to Section 5.02, this Agreement shall terminate with respect to each Service as of the
close of business on the last day of the Service Period for such Service. To the extent that the Provider’s ability to provide a Service is dependent on the continuation of a specified Service, the Provider’s obligation to provide such
dependent Service shall terminate automatically with the termination of such supporting Service. 
 Section 5.02. Early
Termination. 
 (a) Without prejudice to the Recipient’s rights with respect to Force Majeure, the Recipient may from time to time
terminate this Agreement with respect to the entirety of any individual Service but not a portion thereof: 
 (i) subsequent to the end of
the Minimum Service Period, for any reason or no reason, upon the giving of at least ten (10) days’ prior written notice to the Provider of such Service (it being agreed that such notice may not be delivered prior to the end of the Minimum
Service Period); provided, however, that any such termination (x) may only be effective as of the last day of a month and (y) shall be subject to the obligation to pay any applicable Termination Charges pursuant to
Section 5.04; or 

  
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 (ii) if the Provider of such Service has failed to perform any of its material obligations under
this Agreement with respect to such Service, and such failure shall continue to be uncured for a period of at least thirty (30) days after receipt by the Provider of written notice of such failure from the Recipient; provided,
however, that any such termination may only be effective as of the last day of a month; and provided, further, that the Recipient shall not be entitled to terminate this Agreement with respect to the applicable Service if, as of
the end of such period, there remains a good-faith Dispute between the Parties (undertaken in accordance with the terms of Section 9.16) as to whether the Provider has cured the applicable breach. 

(b) The Provider may terminate this Agreement with respect to any individual Service, but not a portion thereof, at any time upon prior written
notice to the Recipient if the Recipient has failed to perform any of its material obligations under this Agreement relating to such Service, including making payment of Charges for such Service when due, and such failure shall continue to be
uncured for a period of at least thirty (30) days after receipt by the Recipient of a written notice of such failure from the Provider; provided, however, that any such termination may only be effective as of the last day of a
month; and provided, further, that the Provider shall not be entitled to terminate this Agreement with respect to the applicable Service if, as of the end of such period, there remains a good-faith Dispute between the Parties
(undertaken in accordance with the terms of Section 9.16) as to whether the Recipient has cured the applicable breach. Schedule 1 hereto shall be updated to reflect any terminated Service. 

Section 5.03. Interdependencies. The Parties acknowledge and agree that (a) there may be interdependencies among the Services
being provided under this Agreement; (b) upon the request of either Party, the Parties shall cooperate and act in good faith to determine whether (i) any such interdependencies exist with respect to the particular Service that a Party is
seeking to terminate pursuant to Section 5.02 and (ii) in the case of such termination, the Provider’s ability to provide a particular Service in accordance with this Agreement would be materially and adversely affected by such
termination of another Service; and (c) in the event that the Parties have determined that such interdependencies exist (and, in the case of such termination that the Provider’s ability to provide a particular Service in accordance with
this Agreement would be materially and adversely affected by such termination), the Parties shall negotiate in good faith to amend Schedule 1 hereto with respect to such termination of such impacted Service, which amendment shall be
consistent with the terms of comparable Services. 
 Section 5.04. Effect of Termination. Upon the termination of any Service
pursuant to this Agreement, the Provider of the terminated Service shall have no further obligation to provide the terminated Service, and the Recipient of such Service shall have no obligation to pay any future Charges relating to such Service;
provided, however, that the Recipient shall remain obligated to the Provider for (a) the Charges owed and payable in respect of Services provided prior to the effective date of termination for such Service, and (b) any
applicable Termination Charges (which, in the case of each of clauses (a) and (b), shall be payable only in the event that the Recipient terminates any Service pursuant to Section 5.02(a)(i)). In connection with the termination of
any Service, the provisions of this Agreement not relating solely to such terminated Service shall survive any such termination, and in connection with a termination of this Agreement, Article I, this Article V, Article VII and
Article IX, all confidentiality obligations under this Agreement and Liability for all due and unpaid Charges, and Termination Charges shall continue to survive indefinitely. 

  
 -11- 

 Section 5.05. Information Transmission. The Provider, on behalf of itself and its
respective Subsidiaries, shall use commercially reasonable efforts to provide or make available, or cause to be provided or made available, to the Recipient, in accordance with Section 6.1 of the Separation and Distribution Agreement, any
Information received or computed by the Provider for the benefit of the Recipient concerning the relevant Service during the Service Period; provided, however, that, except as otherwise agreed to in writing by the Parties (a) the
Provider shall not have any obligation to provide, or cause to be provided, Information in any non-standard format, (b) the Provider and its Subsidiaries shall be reimbursed for their reasonable costs in accordance with Section 6.3 of the
Separation and Distribution Agreement for creating, gathering, copying, transporting and otherwise providing such Information, and (c) the Provider shall use commercially reasonable efforts to maintain any such Information in accordance with
Section 6.4 of the Separation and Distribution Agreement. 
 ARTICLE VI 

CONFIDENTIALITY; PROTECTIVE ARRANGEMENTS 

Section 6.01. Rayonier and SpinCo Obligations. Subject to Section 6.04, until the five (5)-year anniversary of the
date of the termination of this Agreement in its entirety, each of Rayonier and SpinCo, on behalf of itself and each of its Subsidiaries, agrees to hold, and to cause its respective Representatives to hold, in strict confidence, with at least the
same degree of care that applies to Rayonier’s Confidential Information pursuant to policies in effect as of the Effective Time, all Confidential Information concerning the other Party or its Subsidiaries or their respective businesses that is
either in its possession (including Confidential Information in its possession prior to the date hereof) or furnished by such other Party or such other Party’s Subsidiaries or their respective Representatives at any time pursuant to this
Agreement, and shall not use any such Confidential Information other than for such purposes as may be expressly permitted hereunder, except, in each case, to the extent that such Confidential Information has been (a) in the public domain
or generally available to the public, other than as a result of a disclosure by such Party or any of its Subsidiaries or any of their respective Representatives in violation of this Agreement; (b) later lawfully acquired from other sources by
such Party or any of its Subsidiaries, which sources are not themselves bound by a confidentiality obligation or other contractual, legal or fiduciary obligation of confidentiality with respect to such Confidential Information; or
(c) independently developed or generated without reference to or use of the Confidential Information of the other Party or any of its Subsidiaries. If any Confidential Information of a Party or any of its Subsidiaries is disclosed to the other
Party or any of its Subsidiaries in connection with providing the Services, then such disclosed Confidential Information shall be used only as required to perform such Services. 

Section 6.02. No Release; Return or Destruction. Each Party agrees (a) not to release or disclose, or permit to be released
or disclosed, any Confidential Information of the other Party addressed in Section 6.01 to any other Person, except its Representatives who need to know such Confidential Information in their capacities as such (whom shall be advised of
their obligations hereunder with respect to such Confidential Information) and except in compliance with Section 6.04, and (b) to use commercially reasonable efforts to maintain such Confidential Information in accordance with
Section 6.4 of the Separation and Distribution Agreement. Without limiting the foregoing, when any such Confidential Information is no longer needed for the purposes contemplated by the Separation and Distribution Agreement, this Agreement or
any 

  
 -12- 

 
other Ancillary Agreements, each Party will promptly after request of the other Party either return to the other Party all such Confidential Information in a tangible form (including all copies
thereof and all notes, extracts or summaries based thereon) or notify the other Party in writing that it has destroyed such information (and such copies thereof and such notes, extracts or summaries based thereon). 

Section 6.03. Privacy and Data Protection Laws. Each Party shall comply with all applicable state, federal and foreign privacy and
data protection Laws that are or that may in the future be applicable to the provision of the Services under this Agreement. 

Section 6.04. Protective Arrangements. In the event that a Party or any of its Subsidiaries either determines on the advice of its
counsel that it is required to disclose any information pursuant to applicable Law or receives any request or demand under lawful process or from any Governmental Authority to disclose or provide information of the other Party (or any of its
Subsidiaries) that is subject to the confidentiality provisions hereof, such Party shall notify the other Party (to the extent legally permitted) as promptly as practicable under the circumstances prior to disclosing or providing such information
and shall cooperate, at the expense of the other Party, in seeking any appropriate protective order requested by the other Party. In the event that such other Party fails to receive such appropriate protective order in a timely manner and the Party
receiving the request or demand reasonably determines that its failure to disclose or provide such information shall actually prejudice the Party receiving the request or demand, then the Party that received such request or demand may thereafter
disclose or provide information to the extent required by such Law (as so advised by its counsel) or by lawful process or such Governmental Authority, and the disclosing Party shall promptly provide the other Party with a copy of the information so
disclosed, in the same form and format so disclosed, together with a list of all Persons to whom such information was disclosed, in each case to the extent legally permitted. 

ARTICLE VII 
 LIMITED LIABILITY AND
INDEMNIFICATION 
 Section 7.01. Limitations on Liability. 

(a) SUBJECT TO SECTION 7.02, THE LIABILITIES OF THE PROVIDER AND ITS SUBSIDIARIES AND THEIR RESPECTIVE REPRESENTATIVES, COLLECTIVELY,
UNDER THIS AGREEMENT FOR ANY ACT OR FAILURE TO ACT IN CONNECTION HEREWITH (INCLUDING THE PERFORMANCE OR BREACH OF THIS AGREEMENT), OR FROM THE SALE, DELIVERY, PROVISION OR USE OF ANY SERVICES PROVIDED UNDER OR CONTEMPLATED BY THIS AGREEMENT, WHETHER
IN CONTRACT, TORT (INCLUDING NEGLIGENCE AND STRICT LIABILITY) OR OTHERWISE, SHALL NOT EXCEED (X) IF THE SERVICES WERE PERFORMED BY SUCH PROVIDER FOR ONE YEAR OR LESS, THE AGGREGATE CHARGES PAID AND PAYABLE TO SUCH PROVIDER BY THE RECIPIENT
PURSUANT TO THIS AGREEMENT OR (Y) IF THE SERVICES WERE PERFORMED BY SUCH PROVIDER FOR MORE THAN ONE YEAR, THE AGGREGATE CHARGES PAID AND PAYABLE TO SUCH PROVIDER BY THE RECIPIENT PURSUANT TO THIS

  
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AGREEMENT DURING THE TWELVE (12)-MONTH PERIOD IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO SUCH LIABILITIES. 

(b) IN NO EVENT SHALL EITHER PARTY, ITS SUBSIDIARIES OR THEIR RESPECTIVE REPRESENTATIVES BE LIABLE TO THE OTHER PARTY FOR ANY INDIRECT,
PUNITIVE, EXEMPLARY, REMOTE, SPECULATIVE OR SIMILAR DAMAGES IN EXCESS OF COMPENSATORY DAMAGES OF THE OTHER PARTY IN CONNECTION WITH THE PERFORMANCE OF THIS AGREEMENT (OTHER THAN ANY SUCH LIABILITY WITH RESPECT TO A THIRD-PARTY CLAIM), AND EACH PARTY
HEREBY WAIVES ON BEHALF OF ITSELF, ITS SUBSIDIARIES AND ITS REPRESENTATIVES ANY CLAIM FOR SUCH DAMAGES, WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE. 

(c) The limitations in Section 7.01(a) and Section 7.01(b) shall not apply in respect of any Liability arising out of
or in connection with (i) either Party’s Liability for breaches of confidentiality under Article VI, (ii) either Party’s obligations under Section 7.03 or 7.04, or (iii) the gross negligence,
willful misconduct, or fraud of or by the Party to be charged. 
 Section 7.02. Obligation to Re-Perform; Liabilities. In the
event of any breach of this Agreement by the Provider with respect to the provision of any Services (with respect to which the Provider can reasonably be expected to re-perform in a commercially reasonable manner), the Provider shall
(a) promptly correct in all material respects such error, defect or breach or re-perform in all material respects such Services at the request of the Recipient and at the sole cost and expense of the Provider and (b) subject to the
limitations set forth in Section 7.01, reimburse the Recipient and its Subsidiaries and Representatives for Liabilities attributable to such breach by the Provider. The remedy set forth in this Section 7.02 shall be the sole
and exclusive remedy of the Recipient for any such breach of this Agreement; provided, however, that the foregoing shall not prohibit the Recipient from exercising its right to terminate this Agreement in accordance with the provisions
of Section 5.02(a)(ii). Any request for re-performance in accordance with this Section 7.02 by the Recipient must be in writing and specify in reasonable detail the particular error, defect or breach, and such request
must be made no more than one month from the later of (x) the date on which such breach occurred and (y) the date on which such breach was reasonably discovered by the Recipient. 

Section 7.03. Third-Party Claims. In addition to (but not in duplication of) its other indemnification obligations (if any) under
the Separation and Distribution Agreement, this Agreement or any other Ancillary Agreement, the Recipient shall indemnify, defend and hold harmless the Provider, its Subsidiaries and each of their respective Representatives, and each of the
successors and assigns of any of the foregoing (collectively, the “Provider Indemnitees”), from and against any and all claims of Third Parties relating to, arising out of or resulting from the Provider’s furnishing or failing
to furnish the Services provided for in this Agreement, other than (a) Third Party Claims arising out of the gross negligence, willful misconduct or fraud of any Provider Indemnitee and (b) as set forth in Section 2.02(b). 

Section 7.04. Provider Indemnity. In addition to (but not in duplication of) its other indemnification obligations (if any) under
the Separation and Distribution Agreement, this Agreement or any other Ancillary Agreement, the Provider shall indemnify, defend and hold 

  
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harmless the Recipient, its Subsidiaries and each of their respective Representatives, and each of the successors and assigns of any of the foregoing (collectively, the “Recipient
Indemnitees”), from and against any and all Liabilities relating to, arising out of or resulting from the sale, delivery, provision or use of any Services provided by such Provider hereunder, but only to the extent that such Liability
relates to, arises out of or results from the Provider’s gross negligence, willful misconduct or fraud. 
 Section 7.05.
Indemnification Procedures. The procedures for indemnification set forth in Sections 4.5, 4.6 and 4.7 of the Separation and Distribution Agreement shall govern claims for indemnification under this Agreement. 

ARTICLE VIII 
 TRANSITION COMMITTEE

 Section 8.01. Establishment. Pursuant to the Separation and Distribution Agreement, a Transition Committee is to be
established by Rayonier and SpinCo to, among other things, monitor and manage matters arising out of or resulting from this Agreement. Without limiting the generality of the foregoing, each Party shall cause each member of the Transition Committee
who is an employee, agent or other Representative of such Party to work in good faith to resolve any Dispute arising out of or relating in any way to this Agreement. 

ARTICLE IX 
 MISCELLANEOUS 

Section 9.01. Mutual Cooperation. Each Party shall, and shall cause its Subsidiaries to, cooperate with the other Party and its
Subsidiaries in connection with the performance of the Services hereunder; provided, however, that such cooperation shall not unreasonably disrupt the normal operations of such Party or its Subsidiaries; and, provided,
further, that this Section 9.01 shall not require such Party to incur any out-of-pocket costs or expenses unless and except as expressly provided in this Agreement or otherwise agreed to in writing by the Parties. 

Section 9.02. Further Assurances. Each Party shall take, or cause to be taken, any and all reasonable actions, including the
execution, acknowledgment, filing and delivery of any and all documents and instruments that any other Party may reasonably request in order to effect the intent and purpose of this Agreement and the transactions contemplated hereby. 

Section 9.03. Audit Assistance. Each of the Parties and their respective Subsidiaries are or may be subject to regulation and
audit by a Governmental Authority (including a Taxing Authority), standards organizations, customers or other parties to contracts with such Parties or their respective Subsidiaries under applicable Law, standards or contract provisions. If a
Governmental Authority, standards organization, customer or other party to a contract with a Party or its Subsidiary exercises its right to examine or audit such Party’s or its Subsidiary’s books, records, documents or accounting practices
and procedures pursuant to such applicable Law, standards or contract provisions, and such examination or audit relates to the Services, then the other Party shall provide, at the sole cost and expense of the requesting Party, all assistance
reasonably requested by the Party that is subject to the examination or audit in responding to such examination or audits or requests for Information, to the extent that such assistance or 

  
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Information is within the reasonable control of the cooperating Party and is related to the Services. 

Section 9.04. Title to Intellectual Property. Except as expressly provided for under the terms of this Agreement, the Separation
and Distribution Agreement or the Intellectual Property Agreement, the Recipient acknowledges that it shall acquire no right, title or interest (including any license rights or rights of use) in any intellectual property which is owned or licensed
by the Provider, by reason of the provision of the Services hereunder. The Recipient shall not remove or alter any copyright, trademark, confidentiality or other proprietary notices that appear on any intellectual property owned or licensed by the
Provider, and the Recipient shall reproduce any such notices on any and all copies thereof. The Recipient shall not attempt to decompile, translate, reverse engineer or make excessive copies of any intellectual property owned or licensed by the
Provider, and the Recipient shall promptly notify the Provider of any such attempt, regardless of whether by the Recipient or any Third Party, of which the Recipient becomes aware. 

Section 9.05. Independent Contractors. The Parties each acknowledge and agree that they are separate entities, each of which has
entered into this Agreement for independent business reasons. The relationships of the Parties hereunder are those of independent contractors and nothing contained herein shall be deemed to create a joint venture, partnership or any other
relationship between the Parties. Employees performing services hereunder do so on behalf of, under the direction of, and as employees of, the Provider, and the Recipient shall have no right, power or authority to direct such employees. 

Section 9.06. Counterparts; Entire Agreement; Corporate Power. 

(a) 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 of the Parties and delivered to the other Party. 
 (b) This Agreement, the
Separation and Distribution Agreement and the Ancillary Agreements and the Exhibits, Schedules and appendices hereto and thereto contain the entire agreement between the Parties with respect to the subject matter hereof, supersede all previous
agreements, negotiations, discussions, writings, understandings, commitments and conversations with respect to such subject matter, and there are no agreements or understandings between the Parties other than those set forth or referred to herein or
therein. 
 (c) Rayonier represents on behalf of itself and, to the extent applicable, each of its Subsidiaries, and SpinCo represents on
behalf of itself and, to the extent applicable, each of its Subsidiaries, as follows: 

  
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 (i) each such Person has the requisite corporate or other power and authority and
has taken all corporate or other action necessary in order to execute, deliver and perform this Agreement and to consummate the transactions contemplated hereby; and 

(ii) this Agreement has been duly executed and delivered by it and constitutes a valid and binding agreement of it enforceable
in accordance with the terms hereof. 
 (d) Each Party acknowledges and agrees that 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 in portable document format (PDF) shall be effective as delivery of such executed counterpart of this Agreement. Each Party expressly
adopts and confirms each such facsimile, stamp or mechanical signature (regardless of whether delivered in person, by mail, by courier, by facsimile or by email in portable document format (PDF)) made in its respective name as if it were a manual
signature delivered in person, agrees that it will not assert that any such signature or delivery is not adequate to bind such Party to the same extent as if it were signed manually and delivered in person and agrees that, at the reasonable request
of the other Party at any time, it will as promptly as reasonably practicable cause this Agreement to be manually executed (any such execution to be as of the date of the initial date thereof) and delivered in person, by mail or by courier. 

Section 9.07. Governing Law. This Agreement (and any claims or disputes arising out of or related hereto or to the transactions
contemplated hereby or to the inducement of any Party to enter herein, whether for breach of contract, tortious conduct or otherwise and whether predicated on common law, statute or otherwise) shall be governed by and construed and interpreted in
accordance with the Laws of the State of Delaware, irrespective of the choice of Laws principles of the State of Delaware, including all matters of validity, construction, effect, enforceability, performance and remedies. 

Section 9.08. Assignability. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective
successors and permitted assigns; provided, however, that neither Party may assign its rights or delegate its obligations under this Agreement without the express prior written 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 the Separation and Distribution Agreement, this Agreement and the other Ancillary Agreements in whole (i.e., the assignment of a Party’s rights
and obligations under the Separation and Distribution Agreement, this Agreement and all the other Ancillary Agreements all at the same time) 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 thereto by operation of Law or pursuant to an agreement in form and substance reasonably satisfactory to the other Party. Nothing herein is intended to, or shall be construed to, prohibit either
Party or any of its Subsidiaries from being party to or undertaking a change of control. 
 Section 9.09. Third-Party
Beneficiaries. Except as provided in Article VII with respect to the Provider Indemnitees in their capacities as such, (a) the provisions of this Agreement are solely for the benefit of the Parties and are not intended to confer upon
any other Person except 

  
 -17- 

 
the Parties any rights or remedies hereunder; and (b) there are no other third-party beneficiaries of this Agreement and this Agreement shall not provide any other Third Party with any
remedy, claim, Liability, reimbursement, claim of action or other right in excess of those existing without reference to this Agreement. 

Section 9.10. 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, 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 9.10): 
 If to Rayonier, to: 

Rayonier Inc. 
 225 Water
Street, Suite 1400 
 Jacksonville, FL 32202 

Attention: General Counsel 
 and

 Rayonier Inc. 
 225 Water
Street, Suite 1400 
 Jacksonville, FL 32202 

Attention: Chief Financial Officer 

If to SpinCo, to: 
 Rayonier
Advanced Materials Inc. 
 1301 Riverplace Boulevard, Suite 2300 

Jacksonville, FL 32207 

Attention: General Counsel 
 and

 Rayonier Advanced Materials Inc. 

1301 Riverplace Boulevard, Suite 2300 

Jacksonville, FL 32207 

Attention: Chief Financial Officer 

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

Section 9.11. Severability. If any provision of this Agreement or the application thereof to any Person or circumstance is
determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to Persons or circumstances or in jurisdictions other than those as to which it has been held
invalid 

  
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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. 
 Section 9.12. Force
Majeure. No Party shall be deemed in default of this Agreement for any delay or failure to fulfill any obligation hereunder (other than the obligation to pay money) so long as and to the extent to which any delay or failure in the fulfillment of
such obligations is prevented, frustrated, hindered or delayed as a consequence of circumstances of Force Majeure. In the event of any such excused delay, the time for performance (other than the obligation to pay money) shall be extended for a
period equal to the time lost by reason of the delay unless this Agreement has previously been terminated under Article V or under this Section 9.12. A Party claiming the benefit of this provision shall, as soon as reasonably
practicable after the occurrence of any such Force Majeure, (a) provide written notice to the other Party of the nature and extent of such Force Majeure; and (b) use commercially reasonable efforts to remove any such causes and resume
performance under this Agreement as soon as reasonably practicable (and in no event later than the date that the affected Party resumes providing analogous services to, or otherwise resumes analogous performance under any other agreement for,
itself, its Affiliates or any Third Party) unless this Agreement has previously been terminated under Article V or this Section 9.12. The Recipient shall be (i) relieved of the obligation to pay Charges for the affected
Service(s) throughout the duration of such Force Majeure and (ii) entitled to permanently terminate such Service(s) if the delay or failure in providing such Services because of a Force Majeure shall continue to exist for more than thirty
(30) consecutive days (it being understood that the Recipient shall not be required to provide any advance notice of such termination to the Provider). 

Section 9.13. Headings. The Article, Section and Paragraph headings contained in this Agreement are for reference purposes only
and shall not affect in any way the meaning or interpretation of this Agreement. 
 Section 9.14. Survival of Covenants. Except
as expressly set forth in this Agreement, the covenants, representations and warranties and other agreements contained in this Agreement, and Liability for the breach of any obligations contained herein, shall survive the Effective Time and shall
remain in full force and effect thereafter. 
 Section 9.15. Waivers of Default. Waiver by any Party of any default by the other
Party of any provision of this Agreement shall not be deemed a waiver by the waiving Party of any subsequent or other default, nor shall it prejudice the rights of the waiving Party. No failure or delay by any Party in exercising any right, power or
privilege under this Agreement shall operate as a waiver thereof, nor shall a single or partial exercise thereof prejudice any other or further exercise thereof or the exercise of any other right, power or privilege. 

Section 9.16. Dispute Resolution. 

(a) In the event of any controversy, dispute or claim (a “Dispute”) (i) arising out of or relating to any Party’s
rights or obligations under this Agreement (whether arising in contract, tort or otherwise), calculation or allocation of the costs of any Service or otherwise 

  
 -19- 

 
arising out of or relating in any way to this Agreement (including the interpretation or validity of this Agreement) and (ii) that is not resolved by the Transition Committee after a
reasonable period of time, such Dispute shall be resolved in accordance with the dispute resolution process referred to in Article VII of the Separation and Distribution Agreement. 

(b) In any Dispute regarding the amount of a Charge or a Termination Charge, if such Dispute is finally resolved by the Transition Committee or
pursuant to the dispute resolution process set forth or referred to in Section 9.16(a) and it is determined that the Charge or the Termination Charge, as applicable, that the Provider has invoiced the Recipient, and that the Recipient
has paid to the Provider, is greater or less than the amount that the Charge or the Termination Charge, as applicable, should have been, then (i) if it is determined that the Recipient has overpaid the Charge or the Termination Charge, as
applicable, the Provider shall within five (5) business days after such determination reimburse the Recipient an amount of cash equal to such overpayment, plus the Interest Payment, accruing from the date of payment by the Recipient to the time
of reimbursement by the Provider; and (ii) if it is determined that the Recipient has underpaid the Charge or the Termination Charge, as applicable, the Recipient shall within five (5) business days after such determination reimburse the
Provider an amount of cash equal to such underpayment, plus the Interest Payment, accruing from the date such payment originally should have been made by the Recipient to the time of payment by the Recipient. 

Section 9.17. Specific Performance. Subject to Section 9.16, 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 or Parties who are, or are to be, thereby aggrieved shall have the right to specific performance and injunctive or other equitable relief (on an interim or permanent
basis) in respect of its rights or their rights under this Agreement, in addition to any and 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, may be 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 hereby waived by each of the Parties. Unless otherwise agreed in writing, the Parties shall continue to provide Services and honor all other commitments under this Agreement during the course of dispute
resolution pursuant to the provisions of Section 9.16 and this Section 9.17 with respect to all matters not subject to such Dispute; provided, however, that this obligation shall only exist during the term of
this Agreement. 
 Section 9.18. Amendments. No provisions of this Agreement or any Ancillary 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. 
 Section 9.19. 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 (including all of the Schedules, Annexes and Exhibits hereto) and not to any particular 

  
 -20- 

 
provision of this Agreement; (c) Article, Section, Exhibit, Annex and Schedule references are to the Articles, Sections, Exhibits, Annexes and Schedules to this Agreement unless otherwise
specified; (d) unless otherwise stated, all references to any agreement shall be deemed to include the exhibits, schedules and annexes to such agreement; (e) the word “including” and words of similar import when used in this
Agreement shall mean “including, without limitation,” unless otherwise specified; (f) the word “or” shall not be exclusive; (g) unless otherwise specified in a particular case, the word “days” refers to
calendar days; (h) 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 the United States or Jacksonville,
Florida; (i) 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; and (j) unless expressly stated to the contrary in this Agreement, all references to “the date hereof,” “the date of this Agreement,” “hereby” and
“hereupon” and words of similar import shall all be references to June 27, 2014. 
 Section 9.20. Mutual
Drafting. This Agreement shall be deemed to be the joint work product of the Parties and any rule of construction that a document shall be interpreted or construed against a drafter of such document shall not be applicable to this Agreement.

 [Remainder of page intentionally left blank] 

  
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 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their duly
authorized representatives. 
  

			
	RAYONIER INC.
		
	By:	 	 /s/ H. Edwin Kiker

		 	 Name:  H. Edwin Kiker

		 	 Title:    Senior Vice President and
Chief Financial Officer

	
	RAYONIER ADVANCED MATERIALS INC.
		
	By:	 	 /s/ Paul G. Boynton

		 	 Name:  Paul G. Boynton

		 	 Title:    President and Chief Executive
Officer

 [Signature Page to Transition Services Agreement] 

 Schedule 1 

Transition Services1 

 

					
	 1 - I T

	 Services
	  	 Provider
(RYN or RYAM)
	  	 Description of Services

	 a) Operations
	  	RYN	  	Provide assistance and training related to operational processes and equipment. This includes computing, storage, memory, networking, security and compliance.
			
	 b) Applications / Solutions
	  	RYN	  	Provide assistance and training related to installed applications and databases. This includes custom, purchased and hosted systems.
			
	 c) Operations
	  	RYAM	  	Provide assistance and training related to operational processes and equipment. This includes computing, storage, memory, networking, security and compliance.
			
	 d) Applications / Solutions
	  	RYAM	  	Provide assistance and training related to installed applications and databases. This includes custom, purchased and hosted systems.
			
	 e) Email Forwarding
	  	RYN	  	Email forwarding - Forward employee emails from Rayonier.com to RayonierAM.com
			
	 f) Fax Services
	  	RYN	  	Provide fax services through Fax2Mail for RYAM employees
			
	 g) Email retention for legal hold
	  	RYN	  	Maintain RYAM employee’s email accounts and archives including google docs
	
	 2 - FINANCE

	 Services
	  	 Provider

(RYN or RYAM)
	  	 Description of Services

	 a) Investor Relations
	  	RYN	  	Assistance in preparing for July earnings release, including onsite support during earnings call
			
	 b-1) Internal Audit
	  	RYAM	  	Complete open audits
			
	 b-2) Internal Audit
	  	RYN	  	Complete open audits and perform SOX testing.
			
	 c-1) Tax
	  	RYAM	  	Prepare 2013 Form 1120 for Rayonier TRS Holdings and its subsidiaries

 

	1 	Services to be provided in accordance with the terms and conditions of the Agreement to which this schedule is attached and for a period not to exceed eighteen months. 

  
 Schedule 1-1 

					
			
	 c-2) Tax
	  	RYAM	  	Prepare 2013 Form 1120-REIT for Rayonier Inc.
			
	 c-3) Tax
	  	RYAM	  	Prepare 2013 Form 1120-REIT for Rayonier Timber Company No 1
			
	 c-4) Tax
	  	RYAM	  	Prepare 2013 Form 1120-REIT for Washington Timber Company
			
	 c-5) Tax
	  	RYAM	  	Prepare 2013 Form 1120-REIT for Atlantic Timber Company
			
	 c-6) Tax
	  	RYAM	  	Prepare 2014 Form 1120-REIT for Washington Timber Company
			
	 c-7) Tax
	  	RYAM	  	Prepare 2014 Form 1120-REIT for Atlantic Timber Company
			
	 c-8) Tax
	  	RYAM	  	Prepare 2014 Form 1120 for Rayonier TRS Holdings and its subsidiaries
			
	 c-9) Tax
	  	RYN	  	Assist in adopting provisions of tangible property regulations
			
	 c-10) Tax
	  	RYN	  	Implement RYAM Global Sales & Distribution Company restructuring

  
 Schedule 1-2 

					
			
	 c-11) Tax
	  	RYAM	  	Prepare Rayonier tax provision through second quarter 2014
			
	 c-12) Tax
	  	RYAM	  	Prepare Rayonier tax provision after second quarter 2014
			
	 c-13) Tax
	  	RYAM	  	Respond to IRS exam questions for 2012 through 2014
			
	 c-14) Tax
	  	RYAM	  	Perform general tax consulting services as needed
			
	 c-15) Tax
	  	RYN	  	Respond to IRS exam questions for 2012 through 2014
			
	 c-16) Tax
	  	RYN	  	Perform general tax consulting services as needed
			
	 d) Long Range Planning
	  	RYN	  	Training and support for the Long Range Planning model, including trouble-shooting and responding to modeling questions
	
	 3 – ACCOUNTING

	 Services
	  	 Provider

(RYN or RYAM)
	  	 Description of Services

	 a) General Ledger
	  	RYAM	  	Perform all functions surrounding Performance Fibers’ accounting close for June 2014, including: recording journal entries, reconciliation of general ledger accounts, responding to audit requests, and preparing accounting
packages.
			
	 b) General Ledger
	  	RYN	  	Provide RYAM with certain financial information (and respond to any related audit requests) required to be disclosed in RYAM’s second quarter carve-out financials, including: final value of shared assets/liabilities transferred
to RYAM, allocation of corporate overhead, allocation of deal costs, transition costs, and allocation of other corporate charges directly related to

  
 Schedule 1-3 

					
			
		  		  	Performance Fibers.
			
	c) Financial Reporting	  	RYAM	  	Provide RYN with all information (and respond to any audit related requests) required to complete external reporting requirements, including but not limited to: SEC filings, debt covenants, and other governmental reporting
			
	d) Financial Reporting	  	RYN	  	Provide RYAM with all information (and respond to any audit related requests) required to complete external reporting requirements, including but not limited to: SEC filings, debt covenants, and other governmental
reporting.
	
	 4 - HR

	 Services
	  	 Provider

(RYN or RYAM)
	  	 Description of Services

	a) Employee Services	  	RYN	  	Training and availability to answer questions regarding human resources and benefit processes and administration
			
	b) Payroll	  	RYAM	  	Training and availability to answer questions regarding payroll processes, reconciliations and filings
			
	c) Compensation	  	RYN	  	Training and availability to answer questions related to compensation processes and preparation of board of directors materials
			
	d) Benefits – Retirement Plans	  	RYN	  	Training - Retirement Plans
			
	e) Benefits Health and Fitness	  	RYAM	  	Training - Health and Wellness Plans
			
	f) Human Resources Information Systems	  	RYN	  	Training - Human Resources Information Systems Setup / Integrations
	
	 5 – Risk Management

	 Services
	  	 Provider

(RYN or RYAM)
	  	 Description of Services

	a) Insurance and Claims Management	  	RYAM	  	Training/Assistance with Insurance Renewal Process and assistance with claims issues

  
 Schedule 1-4 

					
	 6 – Legal/Corporate
Secretary

	 Services
	  	 Provider

(RYN or RYAM)
	  	 Description of Services

	a) Corp Sec / Public Company Governance	  	RYN	  	Training, education and assistance for establishment of RYAM Corporate Secretarial function
			
	b) Corp Sec / Public Company Governance	  	RYAM	  	Training, consultation and assistance with RYN Corporate Secretarial function, including web portal
	
	 7 – Facilities

	 Services
	  	 Provider

(RYN or RYAM)
	  	 Description of Services

	a) Real Property management systems	  	RYN	  	Assistance to RYAM in developing a management system for RYAM’s real estate
	
	 8 – Public Affairs

	 Services
	  	 Service

Provider (RYN
 or
RYAM)
	  	 Description of Services

	a) Foundation Merger Assistance	  	RYN	  	Assistance with completing merger of Rayonier Foundation into new Florida-based foundation

  
 Schedule 1-5EX-10.2

 Exhibit 10.2 

TAX MATTERS AGREEMENT 
 by and
among 
 Rayonier Inc., 

Rayonier Advanced Materials Inc., 

Rayonier TRS Holdings Inc., 
 and

 Rayonier A.M. Products Inc. 

Dated as of June 27, 2014 

 TAX MATTERS AGREEMENT 

THIS TAX MATTERS AGREEMENT (this “Agreement”), dated as of June 27, 2014, is by and between Rayonier Inc., a North
Carolina corporation (“Rayonier”), Rayonier Advanced Materials Inc., a Delaware corporation (“SpinCo”), Rayonier TRS Holdings Inc., a wholly owned Subsidiary of Rayonier (“TRS”), and Rayonier A.M.
Products Inc., a Delaware Corporation and wholly owned subsidiary of TRS (“Products”). Each of Rayonier, SpinCo, TRS, and Products is sometimes referred to herein as a “Party” and, collectively, as the
“Parties.” 
 WHEREAS, Rayonier has elected to be classified as a real estate investment trust within the meaning of
Section 856(a) of the Code; 
 WHEREAS, Products has elected to be treated as a corporation for U.S. federal income tax purposes; 

WHEREAS, Rayonier, through its various Subsidiaries, is engaged in the Rayonier Business and the SpinCo Business; 

WHEREAS, the board of directors of Rayonier has determined that it is in the best interests of Rayonier and its shareholders to create a new
publicly traded company which shall operate the SpinCo Business; 
 WHEREAS, Rayonier and SpinCo have entered into the Separation and
Distribution Agreement pursuant to which (a) Rayonier will, and will cause its Subsidiaries to, transfer certain assets, liabilities, Subsidiaries and businesses of Rayonier and its Subsidiaries to SpinCo and its Subsidiaries pursuant to the
Plan of Reorganization, as a result of which SpinCo will own, directly and through its Subsidiaries, the SpinCo Business (the “Restructuring”), and (b) Rayonier will distribute all of the stock of SpinCo to its shareholders
(the “Distribution”) as described therein; 
 WHEREAS, prior to consummation of the Restructuring and the Distribution, TRS
was the common parent corporation of an affiliated group of corporations within the meaning of Section 1504 of the Code; 
 WHEREAS,
prior to consummation of the Restructuring and the Distribution, Products was a wholly owned Subsidiary of TRS; 
 WHEREAS, the Parties
intend that, for U.S. federal income Tax purposes, certain steps of the Restructuring and the Distribution shall qualify as tax-free transactions pursuant to Sections 355, 368(a)(1)(D) and related provisions of the Code; and 

WHEREAS, the Parties wish to (a) provide for the payment of Tax liabilities and entitlement to refunds thereof, (b) allocate
responsibility for, and cooperation in, the filing of Tax Returns, and provide for certain other matters relating to Taxes, and (c) set forth certain covenants and indemnities relating to the preservation of the tax-free status of certain steps
of the Restructuring and the Distribution. 

 NOW, THEREFORE, in consideration of the foregoing and the terms, conditions, covenants and
provisions of this Agreement, each of the Parties mutually covenants and agrees as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.01. General. As used in this Agreement, the following terms shall have the following meanings: 

“Accounting Firm” has the meaning set forth in Section 10.01(b). 

“Adjustment” means any change in the Tax liability of a taxpayer, determined issue-by-issue or transaction-by-transaction, as
the case may be. 
 “Agreement” has the meaning set forth in the preamble to this Agreement. 

“Ancillary Agreement” has the meaning set forth in the Separation and Distribution Agreement. 

“Benefited Party” has the meaning set forth in Section 6.01(b) of this Agreement. 

“Closing Date” means the date on which the Distribution occurs. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time (including corresponding provisions of any
successor statute). 
 “Common Parent” means (i) for U.S. federal Income Tax purposes, the “common parent
corporation” of an “affiliated group” (in each case, within the meaning of Section 1504 of the Code) filing a U.S. federal consolidated Income Tax Return, or (ii) for state, local or foreign income Tax purposes, the common
parent (or the equivalent thereof) of a Tax Group. 
 “Disqualifying Action” means a Rayonier Disqualifying Action or a
SpinCo Disqualifying Action. 
 “Distribution” has the meaning set forth in the preamble to this Agreement. 

“Due Date” means (i) with respect to a Tax Return, the date (taking into account all valid extensions) on which such Tax
Return is required to be filed under applicable Law and (ii) with respect to a payment of Taxes, the date on which such payment is required to be made to avoid the incurrence of interest, penalties and/or additions to Tax. 

“Effective Time” has the meaning set forth in the Separation and Distribution Agreement. 

“Employee Matters Agreement” has the meaning set forth in the Separation and Distribution Agreement. 

  
 2 

 “Extraordinary Transaction” means any action that is not in the Ordinary Course
of Business, but shall not include any action described in the Separation and Distribution Agreement or any Ancillary Agreement or that is undertaken pursuant to the Restructuring, the Distribution or the Plan of Reorganization. 

“Fifty-Percent or Greater Interest” has the meaning ascribed to such term for purposes of Sections 355(d) and (e) of the
Code. 
 “Final Determination” means the final resolution of liability for any Tax Item or for the Tax liability for any
taxable period, by or as a result of (i) a final decision, judgment, decree or other order by any court of competent jurisdiction that can no longer be appealed; (ii) a final settlement with the IRS, a closing agreement or accepted offer
in compromise under Sections 7121 or 7122 of the Code, or a comparable agreement under the Laws of other jurisdictions, which resolves the entire Tax liability for any taxable period; (iii) any allowance of a refund or credit in respect of an
overpayment of Tax, but only after the expiration of all periods during which such refund or credit may be recovered by the jurisdiction imposing the Tax; or (iv) any other final resolution, including by reason of the expiration of the
applicable statute of limitations or the execution of a pre-filing agreement with the IRS or other Taxing Authority. 
 “Income Tax
Return” means any Tax Return relating to Income Taxes. 
 “Income Taxes” means any Taxes based upon, measured by,
or calculated with respect to: (A) net income or profits or net receipts (including, but not limited to, any capital gains, minimum Tax, any Tax on items of Tax preference, or any REIT Taxes, but not including sales, use, real or personal
property, or transfer or similar Taxes) or (B) multiple bases (including corporate franchise, doing business and occupation Taxes) if one or more bases upon which such Tax may be based, measured by, or calculated with respect to, is described
in clause (A). 
 “Indemnified Party” means the Party which is entitled to seek indemnification from another Party pursuant
to the provisions of Article V. 
 “Indemnifying Party” means the Party from which another Party is entitled to seek
indemnification pursuant to the provisions of Article V. 
 “Information” has the meaning set forth in Section 9.01.

 “Information Request” has the meaning set forth in Section 9.01. 

“IRS” means the U.S. Internal Revenue Service or any successor thereto, including, but not limited to its agents,
representatives, and attorneys. 
 “IRS Ruling” means the U.S. federal income Tax ruling, and any supplements thereto,
issued to Rayonier and TRS by the IRS in connection with the Restructuring and the Distribution. 
 “Law” has the meaning
set forth in the Separation and Distribution Agreement. 

  
 3 

 “Mixed Business Income Taxes” means any U.S. federal, state or local, or foreign
Income Taxes attributable to any Mixed Business Income Tax Return. 
 “Mixed Business Income Tax Return” means any Income
Tax Return (other than a TRS Consolidated Return), including any consolidated, combined or unitary Income Tax Return, that relates to at least one asset or activity that is part of the Rayonier Business, on the one hand, and at least one asset or
activity that is part of the SpinCo Business, on the other hand. 
 “Mixed Business Non-Income Tax Return” means any
Non-Income Tax Return that relates to at least one asset or activity that is part of the Rayonier Business, on the one hand, and at least one asset or activity that is part of the SpinCo Business, on the other hand. 

“Non-Income Tax Return” means any Tax Return relating to Taxes other than Income Taxes. 

“Notified Action” has the meaning set forth in Section 8.03(a). 

“Opinion” means the opinion of outside counsel to Rayonier with respect to certain Tax aspects of the Restructuring and the
Distribution, as referenced in Section 3.3(a)(iv) of the Separation and Distribution Agreement. 
 “Ordinary Course of
Business” means an action taken by a Person only if such action is taken in the ordinary course of the normal day-to-day operations of such Person. 

“Party” has the meaning set forth in the preamble to this Agreement. 

“Past Practice” has the meaning set forth in Section 3.01(a). 

“Person” has the meaning set forth in the Separation and Distribution Agreement. 

“Plan of Reorganization” has the meaning set forth in the Separation and Distribution Agreement. 

“Pre-Closing Period” means any taxable period (or portion thereof) ending on or before the Closing Date. 

“Post-Closing Period” means any taxable period (or portion thereof) beginning after the Closing Date. 

“Proposed Acquisition Transaction” means a transaction or series of transactions (or any agreement, understanding or
arrangement, within the meaning of Section 355(e) of the Code and Treasury Regulation Section 1.355-7, or any other regulations promulgated thereunder, to enter into a transaction or series of transactions), whether such transaction is
supported by SpinCo management or shareholders, is a hostile acquisition, or otherwise, as a result of which SpinCo would merge or consolidate with any other Person or as a result of which one or more Persons would (directly or indirectly) acquire,
or have the right to acquire, from SpinCo and/or one or more holders of outstanding shares of SpinCo capital stock, as the case may be, a number of shares of SpinCo capital stock that would, when combined with any other changes in ownership

  
 4 

 
of SpinCo capital stock pertinent for purposes of Section 355(e) of the Code, comprise 40% or more of (A) the value of all outstanding shares of stock of SpinCo as of the date of such
transaction, or in the case of a series of transactions, the date of the last transaction of such series, or (B) the total combined voting power of all outstanding shares of voting stock of SpinCo as of the date of such transaction, or in the
case of a series of transactions, the date of the last transaction of such series. Notwithstanding the foregoing, a Proposed Acquisition Transaction shall not include (A) the adoption by SpinCo of a shareholder rights plan or (B) issuances
by SpinCo that satisfy Safe Harbor VIII (relating to acquisitions in connection with a person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of Treasury Regulation
Section 1.355-7(d). For purposes of determining whether a transaction constitutes an indirect acquisition, any recapitalization resulting in a shift of voting power or any redemption of shares of stock shall be treated as an indirect
acquisition of shares of stock by the non-exchanging shareholders. This definition and the application thereof is intended to monitor compliance with Section 355(e) of the Code and shall be interpreted accordingly. Any clarification of, or
change in, the statute or regulations promulgated under Section 355(e) of the Code shall be incorporated in this definition and its interpretation. 

“Rayonier” has the meaning set forth in the preamble to this Agreement. 

“Rayonier Business” has the meaning set forth in the Separation and Distribution Agreement. 

“Rayonier Disqualifying Action” means (i) any action (or the failure to take any action) within the control of Rayonier
or any Rayonier Entity (including entering into any agreement, understanding or arrangement or any negotiations with respect to any transaction or series of transactions) that, (ii) any event (or series of events) involving the capital stock of
Rayonier, any assets of Rayonier or any assets of any Rayonier Entity that, or (iii) any breach by Rayonier or any Rayonier Entity of any representation, warranty or covenant made by them in this Agreement that, in each case, would negate the
Tax-Free Status of the Transactions; provided, however, the term “Rayonier Disqualifying Action” shall not include any action described in the Separation and Distribution Agreement or any Ancillary Agreement or that is
undertaken pursuant to the Restructuring, the Distribution or the Plan of Reorganization. 
 “Rayonier Entity” means any
Subsidiary of Rayonier immediately after the Effective Time. 
 “Rayonier Group” means, individually or collectively, as the
case may be, Rayonier and any Rayonier Entity. 
 “Rayonier Service Provider” has the meaning set forth in
Section 6.05(c)(ii). 
 “Rayonier Taxes” means any Taxes of Rayonier or any Subsidiary or former Subsidiary of Rayonier
for any Pre-Closing Period and, with respect to a Straddle Period, the portion of such period ending on the Closing Date (determined in accordance with Section 4.01), in each case other than SpinCo Taxes. 

“Refund” means any refund (or credit in lieu thereof) of Taxes (including any overpayment of Taxes that can be refunded or,
alternatively, applied to other Taxes payable), 

  
 5 

 
including any interest paid on or with respect to such refund of Taxes, provided, however, that for purposes of this Agreement, the amount of any Refund required to be paid to another Party shall
be reduced by the net amount of any Income Taxes imposed on, related to, or attributable to, the receipt or accrual of such Refund. 

“REIT Taxes” means (i) any Taxes imposed a result of the disqualification of Rayonier as a real estate investment trust
under Section 856(a) of the Code, (ii) any Taxes imposed under Section 857(b)(5) of the Code, and (iii) any excise Taxes imposed under Section 4981 of the Code. 

“Reliance Materials” has the meaning set forth in Section 8.01(a). 

“Representatives” has the meaning set forth in the Separation and Distribution Agreement. 

“Restriction Period” has the meaning set forth in Section 8.02(b). 

“Restructuring” has the meaning set forth in the preamble to this Agreement. 

“Restructuring/Distribution Taxes” means any Taxes imposed on or by reason of the Restructuring or the Distribution (including
Transfer Taxes), other than any such Taxes caused by a Disqualifying Action. For the avoidance of doubt, Restructuring/Distribution Taxes include Taxes by reason of deferred intercompany transactions triggered by the Restructuring or the
Distribution. 
 “Reviewing Party” has the meaning set forth in Section 3.02. 

“SAG” has the meaning ascribed to the term “separate affiliated group” in Section 355(b)(3)(B) of the Code.

 “Section 8.02(d) Acquisition Transaction” means any transaction or series of transactions that is not a Proposed
Acquisition Transaction but would be a Proposed Acquisition Transaction if the percentage reflected in the definition of Proposed Acquisition Transaction were 25% instead of 40%. 

“Separation and Distribution Agreement” means the Separation and Distribution Agreement by and between the Parties dated as of
May 28, 2014. 
 “Single Business Return” means any Single Business Income Tax Return or Single Business Non-Income Tax
Return. 
 “Single Business Income Tax Return” means any Income Tax Return, including any consolidated, combined or unitary
Tax Return, that includes assets or activities relating only to the Rayonier Business, on the one hand, or the SpinCo Business, on the other (but not both), whether or not the Person charged by Law to file such Tax Return is engaged in the business
to which the Tax Return relates. 

  
 6 

 “Single Business Non-Income Tax Return” means any Tax Return that is a
Non-Income Tax Return, including any consolidated, combined or unitary Tax Return, that includes assets or activities relating only to the Rayonier Business, on the one hand, or the SpinCo Business, on the other (but not both), whether or not the
Person charged by Law to file such Tax Return is engaged in the business to which the Tax Return relates. 
 “Specified
Credits” means any credit pursuant to Sections 34, 40, 6426 and 6427 of the Code. 
 “SpinCo” has the meaning set
forth in the preamble to this Agreement. 
 “SpinCo Business” has the meaning set forth in the Separation and Distribution
Agreement. 
 “SpinCo Disqualifying Action” means (i) any action (or the failure to take any action) within its control
by SpinCo or any SpinCo Entity (including entering into any agreement, understanding or arrangement or any negotiations with respect to any transaction or series of transactions) that, (ii) any event (or series of events) involving the capital
stock of SpinCo, any assets of SpinCo or any assets of any SpinCo Entity that, or (iii) any breach by SpinCo or any SpinCo Entity of any representation, warranty or covenant made by them in this Agreement that, in each case, would negate the
Tax-Free Status of the Transactions; provided, however, that the term 
 “SpinCo Disqualifying Action” shall
not include any action described in the Separation and Distribution Agreement or any Ancillary Agreement or that is undertaken pursuant to the Restructuring, the Distribution or the Plan of Reorganization. 

“SpinCo Entity” means any Subsidiary of SpinCo immediately after the Effective Time. 

“SpinCo Group” means, individually or collectively, as the case may be, SpinCo and any SpinCo Entity. 

“SpinCo Service Provider” has the meaning set forth in Section 6.05(c)(i). 

“SpinCo Taxes” means, without duplication, (i) any Taxes of Rayonier, any Rayonier Entity, SpinCo or any SpinCo Entity,
in each case for any period, attributable solely to, or arising solely with respect to, assets or activities of the SpinCo Business (excluding any Restructuring/Distribution Taxes), (ii) any Restructuring/Distribution Taxes, and (iii) any
Taxes attributable to a SpinCo Disqualifying Action (including any REIT Taxes); in each case (A) whether as the result of an Adjustment, amendment or otherwise and (B) including any Taxes resulting from a change of accounting method
pursuant to Section 481(a) of the Code. For the avoidance of doubt, SpinCo Taxes shall not include any Taxes attributable to a Rayonier Disqualifying Action. 

“Straddle Period” means any taxable period that begins on or before and ends after the Closing Date. 

“Subsidiary” has the meaning set forth in the Separation and Distribution Agreement. 

  
 7 

 “Tax” means (i) all taxes, charges, fees, duties, levies, imposts, or other
similar assessments, imposed by any U.S. federal, state or local or foreign governmental authority, including, but not limited to, income, gross receipts, excise, property, sales, use, license, capital stock, transfer, franchise, margin, payroll,
withholding, social security, value added and other taxes, (ii) any interest, penalties or additions attributable thereto and (iii) all liabilities in respect of any items described in clauses (i) or (ii) payable by reason of
assumption, transferee or successor liability, operation of Law or Treasury Regulation Section 1.1502-6(a) (or any predecessor or successor thereof or any analogous or similar provision under Law). 

“Tax Attributes” means net operating losses, capital losses, credits (including any Specified Credits), earnings and profits
(including any REIT earnings and profits), overall foreign losses, previously taxed income, separate limitation losses and all other Tax attributes. 

“Tax-Free Status of the Transactions” means the tax-free treatment accorded to certain of the transactions taken in connection
with the Restructuring and the Distribution as set forth in the IRS Ruling and the Opinion. 
 “Tax Group” means any U.S.
federal, state, local or foreign affiliated, consolidated, combined, unitary or similar group or fiscal unity that joins in the filing of a single Tax Return. 

“Tax Item” means any item of income, gain, loss, deduction, credit, recapture of credit or any other item which increases or
decreases Taxes paid or payable. 
 “Taxing Authority” means any governmental authority or any subdivision, agency,
commission or entity thereof or any quasi-governmental or private body having jurisdiction over the assessment, determination, collection or imposition of any Tax (including the IRS). 

“Tax Matter” has the meaning set forth in Section 9.01. 

“Tax Package” means all relevant Tax-related information relating to the operations of the Rayonier Business or the SpinCo
Business, as applicable, that is reasonably necessary to prepare and file the applicable Tax Return. 
 “Tax Proceeding”
means any audit, assessment of Taxes, pre-filing agreement, other examination by any Taxing Authority, proceeding, appeal of a proceeding or litigation relating to Taxes, whether administrative or judicial, including proceedings relating to
competent authority determinations. 
 “Tax Return” means any return, report, certificate, form or similar statement or
document (including any related or supporting information or schedule attached thereto and any information return, or declaration of estimated Tax) required to be supplied to, or filed with, a Taxing Authority in connection with the payment,
determination, assessment or collection of any Tax or the administration of any Laws relating to any Tax and any amended Tax return or claim for refund. 

“Transfer Taxes” means all sales, use, transfer, real property transfer, intangible, recordation, registration, documentary,
stamp or similar Taxes imposed on the Restructuring or the Distribution. 

  
 8 

 “Treasury Regulations” means the final and temporary (but not proposed) income
Tax regulations promulgated under the Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

“TRS” has the meaning set forth in the preamble to this Agreement. 

“TRS Consolidated Return” means the U.S. federal Income Tax Return required to be filed by TRS as the Common Parent. 

“Unqualified Tax Opinion” means a “will” opinion, without substantive qualifications, of a nationally recognized law
firm, which law firm is reasonably acceptable to Rayonier, to the effect that a transaction will not affect the Tax-Free Status of the Transactions. 

“U.S.” means the United States of America. 

Section 1.02. Additional Definitions. 

(a) Capitalized terms not defined in this Agreement shall have the meaning ascribed to them in the Separation and Distribution Agreement. 

ARTICLE II 

PREPARATION, FILING AND PAYMENT OF TAXES SHOWN DUE 

ON TAX RETURNS 

Section 2.01. TRS Consolidated Returns. 

(a) General. TRS shall prepare and file all TRS Consolidated Returns for a Pre-Closing Period or a Straddle Period and shall pay all
Taxes shown to be due and payable on such Tax Returns; provided that SpinCo shall reimburse Rayonier for any such Taxes that are SpinCo Taxes. 

(b) Extraordinary Transactions. Notwithstanding anything to the contrary in this Agreement, for all Tax purposes, the Parties shall
report any Extraordinary Transactions that are caused or permitted by SpinCo or any of its Subsidiaries on the Closing Date after the Effective Time as occurring on the day after the Closing Date pursuant to Treasury Regulation
Section 1.1502-76(b)(1)(ii)(B) or any similar or analogous provision of state, local or foreign Law. 
 Section 2.02.
Mixed Business Returns. 
 (a) Mixed Business Income Tax Returns. 

(i) Rayonier shall prepare and file (or cause a Rayonier Entity to prepare and file) any Mixed Business Income Tax Return for a Pre-Closing
Period or a Straddle Period required to be filed by Rayonier or a Rayonier Entity and shall pay, or cause such Rayonier Entity to pay, all Taxes shown to be due and payable on such Tax Return; provided that SpinCo shall reimburse Rayonier for
any such Taxes that are SpinCo Taxes. 

  
 9 

 (ii) Rayonier shall prepare (or cause a Rayonier Entity to prepare), and SpinCo shall file (or
cause a SpinCo Entity to file), any Mixed Business Income Tax Return for a Pre-Closing Period or a Straddle Period required to be filed by SpinCo or a SpinCo Entity, and SpinCo shall pay, or cause such SpinCo Entity to pay, all Taxes shown to be due
and payable on such Tax Return, provided that Rayonier shall reimburse SpinCo for any such Taxes that are Rayonier Taxes. 
 (b)
Mixed Business Non-Income Tax Returns. 
 (i) Rayonier shall prepare and file (or cause a Rayonier Entity to prepare and file) any
Mixed Business Non-Income Tax Return for a Pre-Closing Period or a Straddle Period required to be filed by Rayonier or a Rayonier Entity and shall pay, or cause such Rayonier Entity to pay, all Taxes shown to be due and payable on such Tax Return,
provided that SpinCo shall reimburse Rayonier for any such Taxes that are SpinCo Taxes. 
 (ii) SpinCo shall prepare and file (or
cause a SpinCo Entity to prepare and file) any Mixed Business Non-Income Tax Return for a Pre-Closing Period or a Straddle Period required to be filed by SpinCo or a SpinCo Entity and shall pay, or cause such SpinCo Entity to pay, all Taxes shown to
be due and payable on such Tax Return, provided that Rayonier shall reimburse SpinCo for any such Taxes that are Rayonier Taxes. 

Section 2.03. Single Business Returns. 

(a) Single Business Income Tax Returns. 

(i) Rayonier shall prepare and file (or cause a Rayonier Entity to prepare and file) any Single Business Income Tax Return for a Pre-Closing
Period or a Straddle Period required to be filed by Rayonier or a Rayonier Entity and shall pay, or cause such Rayonier Entity to pay, all Taxes shown to be due and payable on such Tax Return; provided that SpinCo shall reimburse Rayonier for
any such Taxes that are SpinCo Taxes. 
 (ii) Rayonier shall prepare (or cause a Rayonier Entity to prepare), and SpinCo shall file (or cause
a SpinCo Entity to file), any Single Business Income Tax Return for a Pre-Closing Period or a Straddle Period required to be filed by SpinCo or a SpinCo Entity, and SpinCo shall pay, or cause such SpinCo Entity to pay, all Taxes shown to be due and
payable on such Tax Return, provided that Rayonier shall reimburse SpinCo for any such Taxes that are Rayonier Taxes. 
 (b) Single
Business Non-Income Tax Returns. 
 (i) Rayonier shall prepare and file (or cause a Rayonier Entity to prepare and file) any Single
Business Non-Income Tax Return for a Pre-Closing Period or a Straddle Period required to be filed by Rayonier or a Rayonier Entity and shall pay, or cause such Rayonier Entity to pay, all Taxes shown to be due and payable on such Tax Return,
provided that SpinCo shall reimburse Rayonier for any such Taxes that are SpinCo Taxes. 
 (ii) SpinCo shall prepare and file (or
cause a SpinCo Entity to prepare and file) any Single Business Non-Income Tax Return for a Pre-Closing Period or a Straddle Period 

  
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required to be filed by SpinCo or a SpinCo Entity and shall pay, or cause such SpinCo Entity to pay, all Taxes shown to be due and payable on such Tax Return, provided that Rayonier shall
reimburse SpinCo for any such Taxes that are Rayonier Taxes. 
 ARTICLE III 

TAX RETURN PROCEDURES 

Section 3.01. Procedures relating to TRS Consolidated Returns, Mixed Business Income Tax Returns and Single Business Income Tax
Returns. 
 (a) In connection with the preparation of any Tax Return pursuant to Sections 2.01 or 2.02(a), SpinCo will assist and
cooperate with Rayonier by preparing and providing to Rayonier, if requested in writing by Rayonier, proforma Tax Returns for SpinCo and any SpinCo Entity to be included in such TRS Consolidated Return or equivalent financial data to be used in the
preparation of a Mixed Business Income Tax Return, as applicable. Proforma Tax Returns shall be prepared in accordance with past practices, accounting methods, elections and conventions (“Past Practice”), unless otherwise required
by Law or requested in writing by Rayonier. At its option, Rayonier may engage an accounting firm of its choice to review the proforma Tax Return, supporting documentation, and statements submitted by SpinCo and in connection therewith, shall
determine whether such Tax Return was prepared in accordance with Past Practice. Prior to engaging such accounting firm, Rayonier shall provide the suggested scope for such accounting review to SpinCo for review and discussion. All costs and
expenses associated with such review will be borne by SpinCo upon receipt of invoices detailing the work performed by such accounting firm. 

(b) All TRS Consolidated Returns, Mixed Business Income Tax Returns and Single Business Income Tax Returns, in each case required to be
prepared by Rayonier pursuant to Article II, shall be prepared by Rayonier in the manner determined by Rayonier in its sole discretion unless otherwise required by Law. Rayonier shall deliver to SpinCo for its review a draft of such TRS Consolidated
Return, Mixed Business Income Tax Return or Single Business Income Tax Return (or to the extent practicable the portion of such Tax Return that relates to SpinCo Taxes) at least fifteen (15) days prior to the Due Date for such Tax Return,
provided, however, that nothing herein shall prevent Rayonier from timely filing any such Tax Return. Rayonier shall consider any comments received from SpinCo in good faith. 

Section 3.02. Procedures relating to Mixed Business Non-Income Tax Return and Single Business Non-Income Tax Returns. The
Party that is required to prepare and file any Tax Return pursuant to Sections 2.02(b) or 2.03(b) (the “Preparing Party”) which reflects Taxes which are reimbursable by the other Party (the “Reviewing Party”), in
whole or in part, shall (1) unless otherwise required by Law or agreed to in writing by the Reviewing Party, prepare such Tax Return in a manner consistent with Past Practice to the extent such items affect the Taxes for which the Reviewing
Party is responsible pursuant to this Agreement, and (2) submit to the Reviewing Party a draft of any such Tax Return (or to the extent practicable the portion of such Tax Return that relates to Taxes for which the Reviewing Party is
responsible pursuant to this Agreement) along with a statement setting forth the calculation of the Tax shown due and payable on such Tax Return reimbursable by the Reviewing Party under Sections 2.02(b) or

  
 11 

 
2.03(b) at least fifteen (15) days prior to the Due Date for such Tax Return provided, however, that nothing herein shall prevent the Preparing Party from timely filing any such Mixed
Business Non-Income Tax Return or Single Business Non-Income Tax Return. The Parties shall negotiate in good faith to resolve all disputed issues. Any disputes that the Parties are unable to resolve shall be resolved by the Accounting Firm pursuant
to Section 10.01. In the event that any dispute is not resolved (whether pursuant to good faith negotiations among the Parties or by the Accounting Firm) prior to the Due Date for the filing of any Mixed Business Non-Income Tax Return or Single
Business Non-Income Tax Return, such Mixed Business Non-Income Tax Return or Single Business Non-Income Tax Return, as applicable, shall be timely filed by the Preparing Party and the Parties agree to amend such Tax Return as necessary to reflect
the resolution of such dispute in a manner consistent with such resolution. 
 Section 3.03. Notwithstanding anything to the
contrary in Articles II, III and IV, the portion of any Tax Return that relates to any Restructuring/Distribution Taxes or any Taxes attributable to a Rayonier Disqualifying Action shall be prepared by Rayonier in the manner determined by Rayonier
in its sole discretion (or, if such Tax Return is required to be prepared by SpinCo, be prepared by SpinCo in the manner determined by Rayonier in its sole discretion); provided, however, that nothing herein shall prevent Rayonier from
timely filing any such Tax Return.  
 ARTICLE IV 

TAX TIMING AND ALLOCATION 

Section 4.01. Straddle Period Tax Allocation. 

(a) For U.S. federal Income Tax purposes, the taxable year of each SpinCo Entity (other than SpinCo) that was a member of the affiliated group
of corporations of which TRS was the Common Parent shall end as of the close of the Closing Date. Rayonier and SpinCo shall take all actions necessary or appropriate to close the taxable year of each SpinCo Entity (other than SpinCo) for all other
Tax purposes as of the close of the Closing Date to the extent required by applicable Law. If applicable Law does not require SpinCo or a SpinCo Entity, as the case may be, to close its taxable year on the Closing Date, then the allocation of income
or deductions required to determine any Taxes or other amounts attributable to the portion of the Straddle Period ending on, or beginning after, the Closing Date shall be made (i) in the manner set forth in Treasury Regulation
Section 1.1502-76(b)(2)(ii), to the extent applicable, and (ii) by means of a closing of the books and records of SpinCo or such SpinCo Entity as of the close of the Closing Date to the extent clause (i) does not apply; provided that
in each case exemptions, allowances or deductions that are calculated on an annual or periodic basis shall be allocated between such portions in proportion to the number of days in each such portion. 

(b) Rayonier and SpinCo (i) shall cause each SpinCo Entity (other than SpinCo) to make an election pursuant to Treasury Regulation
Section 1.1502-76(b)(2)(ii) to ratably allocate the items of the taxable year in which the Closing Date occurs (the “Proration Election”), and (ii) cause TRS and the relevant SpinCo Entities to enter into the agreement required
to be entered into pursuant to Treasury Regulation Section 1.1502-76(b)(2)(ii)(D)(2). 

  
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 Section 4.02. Timing of Payments. All Taxes required to be paid or caused to
be paid pursuant to Article II by either Rayonier or a Rayonier Entity or SpinCo or a SpinCo Entity, as the case may be, to an applicable Taxing Authority or to be reimbursed by Rayonier or SpinCo to the other Party pursuant to this Agreement,
shall, in the case of a payment to a Taxing Authority, be paid on or before the Due Date for the payment of such Taxes and, in the case of a payment to the other Party, be paid at least two (2) business days before the Due Date for the payment
of such Taxes by the other Party. 
 Section 4.03. Expenses. Except as provided in Section 3.01 in respect of the
proforma Tax Returns submitted by SpinCo or Section 10.01(b) in respect of the Accounting Firm, each Party shall bear its own expenses incurred in connection with Articles II, III and IV. 

Section 4.04. Apportionment of SpinCo Taxes. For all purposes of this Agreement, Rayonier, on the one hand, and SpinCo, on
the other hand, shall jointly determine in good faith which Tax Items are properly attributable to assets or activities of the SpinCo Business (and in the case of a Tax Item that is properly attributable to both the SpinCo Business and the Rayonier
Business, the allocation of such Tax Item between the SpinCo Business and the Rayonier Business) in a manner consistent with the provisions hereof and any disputes shall be resolved in accordance with Article X. 

Section 4.05. Section 336(e) Election. Rayonier, TRS and Products shall each make a timely protective election under
Section 336(e) of the Code and the Treasury Regulations thereunder with respect to the First Internal Distribution (as defined in the Plan of Reorganization), the Second Internal Distribution (as defined in the Plan of Reorganization) and the
Distribution, respectively. 
 Section 4.06. Coordination with Article VI. Articles II, III and IV shall not apply to any
amended Tax Returns, such amended Tax Returns being governed by Article VI. 
 ARTICLE V. 

INDEMNIFICATION 

Section 5.01. Indemnification by Rayonier. Rayonier shall pay, and shall indemnify and hold the SpinCo Group harmless from
and against, without duplication, (i) all Rayonier Taxes, (ii) all Taxes incurred by SpinCo or any SpinCo Entity by reason of the breach by Rayonier of any of its representations, warranties or covenants hereunder, and (iii) any costs
and expenses related to the foregoing (including reasonable fees of attorneys and experts and out-of-pocket expenses). 

Section 5.02. Indemnification by SpinCo. SpinCo shall pay, and shall indemnify and hold the Rayonier Group harmless from
and against, without duplication, (i) all SpinCo Taxes, (ii) all Taxes incurred by Rayonier or any Rayonier Entity by reason of the breach by SpinCo of any of its representations, warranties or covenants hereunder (including any REIT
Taxes), and (iii) any costs and expenses related to the foregoing (including reasonable fees of attorneys and experts and out-of-pocket expenses), except in each case to the extent Rayonier expressly waives such right to receive an
indemnification payment (or portion thereof) in writing. 

  
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 Section 5.03. Characterization of and Adjustments to Payments. 

(a) For all Tax purposes, Rayonier and SpinCo agree to treat (i) any payment required by this Agreement (other than payments with respect
to interest accruing after the Closing Date) as either a contribution by Rayonier to SpinCo or a distribution by SpinCo to Rayonier, as the case may be, occurring immediately prior to the Closing Date or as a payment of an assumed or retained
liability and (ii) any payment of non-federal Taxes by or to a Taxing Authority or any payment of interest as taxable or deductible, as the case may be, to the Party entitled under this Agreement to retain such payment or required under this
Agreement to make such payment, in either case except as otherwise required by applicable Law. 
 (b) Any indemnification payment under this
Article V shall be increased to take into account any inclusion in income of the Indemnified Party arising from the receipt of such indemnity payment (including any REIT Taxes resulting therefrom) and shall be decreased to take into account any
reduction in income of the Indemnified Party arising from such indemnified liability, except, in the case of an increase, to the extent the Indemnified Party expressly waives such right to receive an increased indemnification payment (or portion
thereof) in writing. For purposes hereof, any inclusion or reduction shall be determined (i) using the highest marginal rates in effect at the time of the determination and (ii) assuming that the Indemnified Party will be liable for Taxes
at such rate and has no Tax Attributes at the time of the determination. 
 Section 5.04. Timing of Indemnification
Payments. Indemnification payments required pursuant to this Article V shall be paid by the Indemnifying Party to the Indemnified Party as the associated indemnifiable liabilities are incurred upon demand by the Indemnified Party, including
reasonably satisfactory documentation setting forth the basis for the amount of such indemnification payment. 
 ARTICLE VI 

REFUNDS, CARRYBACKS, AMENDMENTS AND TAX ATTRIBUTES 

Section 6.01. Refunds. 

(a) Except as provided in Section 6.02, Rayonier shall be entitled to all Refunds of Taxes for which Rayonier is responsible pursuant to
Article II or is or may be liable pursuant to Article V, and SpinCo shall be entitled to all Refunds of Taxes for which SpinCo is responsible pursuant to Article II or is or may be liable pursuant to Article V. A Party receiving a Refund to which
the other Party is entitled pursuant to this Agreement shall pay the amount to which such other Party is entitled within ten (10) days after the receipt of the Refund. 

(b) In the event of an Adjustment relating to Taxes for which one Party is responsible pursuant to Article II or is or may be liable pursuant
to Article V which would have given rise to a Refund but for an offset against the Taxes for which the other Party is or may be liable pursuant to Article V (the “Benefited Party”), then the Benefited Party shall pay to the other
Party, within ten (10) days of the Final Determination of such Adjustment an amount equal to the lesser of (i) the amount of such hypothetical Refund or (ii) the amount of such reduction in the

  
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Taxes of the Benefited Party, in each case plus interest at the rate set forth in Section 6621(a)(1) on such amount for the period from the filing date of the Tax Return that would have
given rise to such Refund to the payment date. 
 (c) Notwithstanding Section 6.01(a), to the extent that a Party applies or causes to
be applied an overpayment of Taxes as a credit toward or a reduction in Taxes otherwise payable (or a Taxing Authority requires such application in lieu of a Refund) and such overpayment of Taxes, if received as a Refund, would have been payable by
such Party to the other Party pursuant to this Section 6.01, such Party shall pay such amount to the other Party no later than the Due Date of the Tax Return for which such overpayment is applied to reduce Taxes otherwise payable. 

(d) To the extent that the amount of any Refund under this Section 6.01 is later reduced by a Taxing Authority or a Tax Proceeding, such
reduction shall be allocated to the Party to which such Refund was allocated pursuant to this Section 6.01 and an appropriate adjusting payment shall be made. 

Section 6.02. Carrybacks. 

(a) The carryback of any loss, credit or other Tax Attribute from any Post-Closing Period shall be in accordance with the provisions of the
Code and Treasury Regulations (and any applicable state, local or foreign Laws). 
 (b) (i) Subject to Sections 6.02(c) and 6.02(d), in the
event that any member of the SpinCo Group realizes any loss, credit or other Tax Attribute in a Post-Closing Period of such member, such member may elect to carry back such loss, credit or other Tax Attribute to a Pre-Closing Period or a Straddle
Period of Rayonier. Rayonier shall cooperate with SpinCo and such member in seeking from the appropriate Taxing Authority any Refund that reasonably would result from such carryback (including by filing an amended Tax Return) at SpinCo’s cost
and expense; provided, that Rayonier shall not be required to seek such Refund and SpinCo and such member shall not be permitted to seek such Refund, in each case to the extent that such Refund would reasonably be expected to materially
adversely impact Rayonier (including through an increase in Taxes or a loss or reduction of a Tax Attribute regardless of whether or when such Tax Attribute otherwise would have been used), in each case without the prior written consent of Rayonier.
SpinCo (or such member) shall be entitled to any Refund realized by any member of the Rayonier Group or the SpinCo Group resulting from such carryback. 

(ii) Subject to Sections 6.02(c) and 6.02(d), in the event that any member of the Rayonier Group realizes any loss, credit or other Tax
Attribute in a Post-Closing Period of such member, such member may elect to carry back such loss, credit or other Tax Attribute to a Pre-Closing Period or a Straddle Period of such member. SpinCo shall cooperate with Rayonier and such member in
seeking from the appropriate Taxing Authority any Refund that reasonably would result from such carryback (including by filing an amended Tax Return), at Rayonier’s cost and expense; provided, that SpinCo shall not be required to seek
such Refund and Rayonier and such member shall not be permitted to seek such Refund, in each case to the extent that such Refund would reasonably be expected to materially adversely impact SpinCo (including through an increase in Taxes or a loss or
reduction of a Tax Attribute regardless of whether or when such 

  
 15 

 
Tax Attribute otherwise would have been used), in each case without the prior written consent of SpinCo. Rayonier shall be entitled to any Refund realized by any member of the SpinCo Group or the
Rayonier Group resulting from such carryback. 
 (c) Except as otherwise provided by applicable Law, if any loss, credit or other Tax
Attribute of the Rayonier Business and the SpinCo Business both would be eligible to be carried back or carried forward to the same Pre-Closing Period (had such carryback been the only carryback to such taxable period), any Refund resulting
therefrom shall be allocated between Rayonier and SpinCo proportionately based on the relative amounts of the Refunds to which the Rayonier Business and the SpinCo Business, respectively, would have been entitled had such carryback been the only
carryback to such taxable period. 
 (d) To the extent the amount of any Refund under this Section 6.02 is later reduced by a Tax
Authority or a Tax Proceeding, such reduction shall be allocated to the Party to which such Refund was allocated pursuant to this Section 6.02. 

(e) To the extent any Tax Attributes (other than any Specified Credits) attributable to or arising with respect to the assets or activities of
the SpinCo Business are allocated to the Rayonier Group pursuant to Section 6.04 and are utilized to reduce the Taxes for which Rayonier or a Rayonier Entity is responsible pursuant to Articles II or V, Rayonier shall pay to SpinCo the amount
of such reduction in Taxes within ten (10) days of such time as such reduction is actually realized in cash. 
 (f) To the extent any
Tax Attributes (other than any Specified Credits) attributable to or arising with respect to the assets or activities of the Rayonier Business are utilized to reduce the Taxes for which SpinCo or a SpinCo Entity is responsible pursuant to Articles
II or V (including any Taxes resulting from any adjustment resulting from a change of accounting method pursuant to Section 481(a) of the Code), SpinCo shall pay to Rayonier the amount of such reduction in Taxes within ten (10) days of
such time as such reduction is actually realized in cash. 
 (g) For the avoidance of doubt, no Party shall be required to pay any other
Party for the benefit of utilizing any Specified Credits attributable to or arising with respect to the assets or activities of such other Party. 

Section 6.03. Amended Tax Returns. 

(a) TRS Consolidated Returns. Rayonier shall, in its sole discretion, be permitted to amend any TRS Consolidated Return for a
Pre-Closing Period or a Straddle Period; provided, however, that unless otherwise required by a Final Determination, Rayonier shall not amend any such TRS Consolidated Return to the extent that any such amendment (i) would
reasonably be expected to materially adversely impact SpinCo (including through an increase in Taxes or a loss or reduction of a Tax Attribute regardless of whether or when such Tax Attribute otherwise would have been used) or (ii) is
inconsistent with Past Practice, in each case without the prior written consent of SpinCo, which consent shall not be unreasonably withheld or delayed. 

(b) Mixed Business Income Tax Returns and Single Business Income Tax Returns. Rayonier shall, in its sole discretion, be permitted to
amend, or to cause SpinCo or any SpinCo 

  
 16 

 
Entity to amend (and SpinCo shall, if Rayonier so chooses, amend or cause the applicable SpinCo Entity to amend), any Mixed Business Income Tax Return or Single Business Income Tax Return for a
Pre-Closing Period or a Straddle Period; provided, however, that unless otherwise required by a Final Determination, Rayonier shall not be permitted to so amend any such Mixed Business Income Tax Return or Single Business Income Tax to
the extent that any such amendment would reasonably be expected to materially adversely impact SpinCo (including through an increase in Taxes or a loss or reduction of a Tax Attribute regardless of whether or when such Tax Attribute otherwise would
have been used) in a Post-Closing Period or the portion of a Straddle Period beginning after the Closing Date, in each case without the prior written consent of SpinCo. 

(c) Mixed Business Non-Income Tax Returns and Single Business Non-Income Tax Returns. Each of Rayonier or SpinCo, as the case may be,
shall, in its sole discretion, be permitted to amend (or cause or permit to be amended) any Mixed Business Non-Income Tax Return or Single Business Non-Income Tax Return; provided, however, that if any Party wishes to amend any such
Tax Return for which the other Party may be liable for Taxes pursuant to this Agreement, then, unless otherwise required by a Final Determination, Rayonier or SpinCo, as the case may be, shall not be permitted to so amend (or cause or permit to be
amended) any such Mixed Business Non-Income Tax Return or Single Business Non-Income Tax Return, as the case may be, to the extent that any such amendment (i) would reasonably be expected to materially adversely impact the other Party
(including through an increase in Taxes or a loss or reduction of a Tax Attribute regardless of whether or when such Tax Attribute otherwise would have been used) or (ii) is inconsistent with Past Practice, in each case without the prior
written consent of such other Party, which consent shall not be unreasonably withheld or delayed. 
 Section 6.04. Tax
Attributes. 
 (a) Tax Attributes arising in a Pre-Closing Period shall be allocated to the Rayonier Group (including to TRS) and the
SpinCo Group in accordance with the Code and Treasury Regulations (and any applicable state, local and foreign Laws), giving effect to the provisions of Section 4.01 (including, for the avoidance of doubt and without limitation, the Proration
Election). Rayonier and SpinCo shall jointly determine the allocation of such Tax Attributes arising in Pre-Closing Periods as soon as reasonably practicable following the Closing Date, and hereby agree to compute all Taxes for Post-Closing Periods
consistently with that determination unless otherwise required by a Final Determination. 
 (b) To the extent that the amount of any Tax
Attribute is later reduced or increased by a Taxing Authority or Tax Proceeding, such reduction or increase shall be allocated to the Party to which such Tax Attribute was allocated pursuant to Section 6.04(a). 

Section 6.05. Treatment of Deductions Associated with Equity-Related Compensation. 

(a) Solely Rayonier or any member of the Rayonier Group, as the case may be, shall be entitled to claim any Tax deduction associated with the
following items on its respective Tax Return: 

  
 17 

 (i) The exercise of any SpinCo Options by any Rayonier Service Provider, the vesting or
settlement of SpinCo Restricted Stock Awards and SpinCo Performance Share Awards held by any Rayonier Service Provider and the payment of any dividends or dividend equivalents with respect to such SpinCo Restricted Stock Awards and SpinCo
Performance Share Awards to Rayonier Service Providers. 
 (ii) The exercise of any Post-Separation Rayonier Options by any Rayonier Service
Provider, the vesting of Post-Separation Rayonier Restricted Stock Awards and Post-Separation Performance Share Awards held by any Rayonier Service Provider and the payment of any dividends or dividend equivalents with respect to such
Post-Separation Rayonier Restricted Stock Awards and Post-Separation Performance Share Awards to Rayonier Service Providers. 
 (b) Solely
SpinCo or any member of the SpinCo Group, as the case may be, shall be entitled to claim any Tax deduction associated with the following items on its respective Tax Return: 

(i) The exercise of any Post-Separation Rayonier Options by any SpinCo Service Provider, the vesting of Post-Separation Rayonier Restricted
Stock Awards and Post-Separation Performance Share Awards held by any SpinCo Service Provider and the payment of any dividends or dividend equivalents with respect to such Post-Separation Rayonier Restricted Stock Awards and Post-Separation
Performance Share Awards to SpinCo Service Providers. 
 (ii) The exercise of any SpinCo Options by any SpinCo Service Provider, the vesting
or settlement of SpinCo Restricted Stock Awards and SpinCo Performance Share Awards held by any SpinCo Service Provider and the payment of any dividends or dividend equivalents with respect to such SpinCo Restricted Stock Awards and SpinCo
Performance Share Awards to SpinCo Service Providers. 
 (c) The following terms shall have the following meanings: 

(i) “SpinCo Service Provider” means any SpinCo Group Employee, Former SpinCo Group Employee or Transferred Director (each as
defined in the Employee Matters Agreement) at the time of the exercise, vesting, settlement, disqualifying disposition or payment; 
 (ii)
“Rayonier Service Provider” means any Rayonier Group Employee, Former Rayonier Group Employee, or former non-employee director of Rayonier (who is not a Transferred Director) at the time of the exercise, vesting, disqualifying
disposition or payment. 
 (d) Capitalized terms used in this Section 6.05 but not otherwise defined herein shall have the respective
meanings ascribed to them in the Employee Matters Agreement. 
 ARTICLE VII 

TAX PROCEEDINGS 

Section 7.01. Notification of Tax Proceedings. Within ten (10) days after an Indemnified Party becomes aware of the
commencement of a Tax Proceeding that may give rise 

  
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to Taxes for which an Indemnifying Party is responsible pursuant to Article V, such Indemnified Party shall notify the Indemnifying Party of such Tax Proceeding, and thereafter shall promptly
forward or make available to the Indemnifying Party copies of notices and communications relating to such Tax Proceeding. The failure of the Indemnified Party to notify the Indemnifying Party of the commencement of any such Tax Proceeding within
such ten (10) day period or promptly forward any further notices or communications shall not relieve the Indemnifying Party of any obligation which it may have to the Indemnified Party under this Agreement except to the extent that the
Indemnifying Party is actually prejudiced by such failure. 
 Section 7.02. Statute of Limitations. Any extension of the
statute of limitations for any Taxes or a Tax Return for any Pre-Closing Period or a Straddle Period shall be made by the Party required to file such Tax Return or pay such Taxes to a Taxing Authority; provided that to the extent such Taxes
or Tax Return may result in an indemnification obligation pursuant to this Agreement by the Party other than the filing Party, the Indemnifying Party may, in its reasonable discretion, require that the filing Party extend the applicable statute of
limitations for such period as determined by the Indemnifying Party. 
 Section 7.03. Tax Proceeding Procedures
Generally. 
 (a) Except as provided in Section 7.04, Rayonier shall be entitled to contest, compromise and settle any Adjustment
proposed, asserted or assessed pursuant to any Tax Proceeding with respect to any TRS Consolidated Return or Mixed Business Income Tax Return and any Mixed Business Non-Income Tax Return or Single Business Return required to be prepared by Rayonier
or a Rayonier Entity pursuant to Article II (including in respect of any Refund, carryback or amendment relating to any such Tax Return pursuant to Article VI), and any such defense shall be made diligently and in good faith; provided that to the
extent that such Tax Proceeding could materially affect the amount of Taxes for which SpinCo is responsible pursuant to Articles II and V, Rayonier (1) shall keep SpinCo informed in a timely manner of all actions proposed to be taken by
Rayonier with respect to such Tax Proceeding (or to the extent practicable the portion of such Tax Proceeding that relates to Taxes for which SpinCo is responsible pursuant to Articles II and V) and (2), shall permit SpinCo to participate in all
proceedings with respect to such Tax Proceeding (or to the extent practicable the portion of such Tax Proceeding that relates to Taxes for which SpinCo is responsible pursuant to Article V) and shall not settle any such Tax Proceeding (or to the
extent practicable the portion of such Tax Proceeding that relate to Taxes, or the Tax Items, for which SpinCo is responsible pursuant to Article V) without the prior written consent of SpinCo, which shall not be unreasonably withheld, delayed or
conditioned. 
 (b) Except as provided in Section 7.04, SpinCo shall be entitled to contest, compromise and settle any Adjustment
proposed, asserted or assessed pursuant to any Tax Proceeding with respect to any Mixed Business Non-Income Tax Return or Single Business Return required to be prepared by SpinCo or a SpinCo Entity pursuant to Article II (including in respect of any
Refund, carryback or amendment relating to any such Tax Return pursuant to Article VI), and any such defense shall be made diligently and in good faith; provided that to the extent that such Tax Proceeding could materially affect the amount of Taxes
for which Rayonier is responsible pursuant to Articles II and V, SpinCo (1) shall keep Rayonier informed in a timely manner of all actions proposed to be taken by SpinCo with respect to such Tax Proceeding (or to

  
 19 

 
the extent practicable the portion of such Tax Proceeding that relates to Taxes for which Rayonier is responsible pursuant to Articles II and V) and (2) shall permit Rayonier to participate
in all proceedings with respect to such Tax Proceeding (or to the extent practicable the portion of such Tax Proceeding that relates to Taxes for which Rayonier is responsible pursuant to Articles II and V) and shall not settle any such Tax
Proceeding (or to the extent practicable the portion of such Tax Proceeding that relates to Taxes, or the Tax Items, for which Rayonier is responsible pursuant to Article V) without the prior written consent of Rayonier, which shall not be
unreasonably withheld, delayed or conditioned. 
 Section 7.04. Tax Proceedings in respect of Restructuring/Distribution
Taxes and Disqualifying Actions. 
 (a) Rayonier and SpinCo shall be entitled to jointly contest, compromise and settle any Adjustment
proposed, asserted or assessed pursuant to any Tax Proceeding relating to (i) Restructuring/Distribution Taxes and (ii) any Taxes attributable to a SpinCo Disqualifying Action. 

(b) Rayonier shall be entitled to contest, compromise and settle any Adjustment proposed, asserted or assessed pursuant to any Tax Proceeding
relating to any Taxes attributable to a Rayonier Disqualifying Action and shall defend such Adjustment diligently and in good faith; provided, that, unless waived by the Parties in writing, Rayonier shall (i) keep SpinCo informed
in a timely manner of all actions taken or proposed to be taken by Rayonier, (ii) provide copies of all correspondence or filings to be submitted to any Taxing Authority or judicial authority to SpinCo for its prior review and consent, which
consent shall not be unreasonably withheld and (iii) provide SpinCo with written notice reasonably in advance of, and SpinCo shall have the right to attend, any formally scheduled meetings with any Taxing Authority or hearings or proceedings
before any judicial authority. 
 ARTICLE VIII 

TAX-FREE STATUS OF THE DISTRIBUTION 

Section 8.01. Representations and Warranties. 

(a) SpinCo. SpinCo hereby represents and warrants or covenants and agrees, as appropriate, that the facts presented and the
representations made in (A) the Opinion, (B) each submission to the IRS in connection with the IRS Ruling, (C) the representation letter from Rayonier addressed to Counsel supporting the Opinion, (D) the representation letter
from SpinCo addressed to Counsel supporting the Opinion and (E) any other materials delivered or deliverable by Rayonier or SpinCo in connection with the rendering by Counsel of the Opinion and the issuance by the IRS of the IRS Ruling (all of
the foregoing, collectively, the “Reliance Materials”), to the extent descriptive of the SpinCo Group (each of the distributions described in the IRS Ruling and the other Reliance Materials to the extent that they relate to the
SpinCo Group and the plans, proposals, intentions and policies of the SpinCo Group), are, or will be from the time presented or made through and including the Effective Time and thereafter as relevant, true, correct and complete in all respects.

  
 20 

 (b) Rayonier. Rayonier hereby represents and warrants or covenants and agrees, as
appropriate, that (i) it has delivered complete and accurate copies of the Reliance Materials to SpinCo and (ii) the facts presented and the representations made therein, to the extent descriptive of the Rayonier Group (including the
business purposes for each of the distributions described in the IRS Ruling and the other Reliance Materials to the extent that they relate to the Rayonier Group and the plans, proposals, intentions and policies of the Rayonier Group), are, or will
be from the time presented or made through and including the Effective Time and thereafter as relevant, true, correct and complete in all respects. 

(c) No Contrary Knowledge. Each of Rayonier and SpinCo represents and warrants that it knows of no fact (after due inquiry) that may
cause the Tax treatment of the Restructuring or the Distribution to be other than the Tax-Free Status of the Transactions. 
 (d) No
Contrary Plan. Each of Rayonier and SpinCo represents and warrants that neither it, nor any of its Affiliates, has any plan or intent to take any action which is inconsistent with any statements or representations made in the Reliance Materials.

 Section 8.02. Restrictions Relating to the Distribution. 

(a) General. Neither Rayonier nor SpinCo shall, nor shall Rayonier or SpinCo permit any Rayonier Entity or any SpinCo Entity,
respectively, to take any action that constitutes (or fail to take an action, the omission of which would result in, as applicable) a Disqualifying Action described in the definitions of Rayonier Disqualifying Action and SpinCo Disqualifying Action,
respectively. 
 (b) Restrictions. Prior to the first day following the second anniversary of the Distribution (the
“Restriction Period”), SpinCo: 
 (i) shall continue and cause to be continued the active conduct of the SpinCo Business,
taking into account Section 355(b)(3) of the Code, in all cases as conducted immediately prior to the Distribution. 
 (ii) shall not,
and shall not permit any SpinCo Entity (other than any SpinCo Entity (A) treated as an entity disregarded from its owner for federal income tax purposes or (B) that owns no, or only a de minimis amount of, assets) to
voluntarily dissolve or liquidate (including any action that is a liquidation for federal income tax purposes). 
 (iii) shall not
(1) enter into any Proposed Acquisition Transaction or, to the extent SpinCo has the right to prohibit any Proposed Acquisition Transaction, permit any Proposed Acquisition Transaction to occur, (2) redeem or otherwise repurchase (directly
or through an Affiliate) any stock, or rights to acquire stock, except to the extent such repurchases satisfy Section 4.05(1)(b) of Revenue Procedure 96-30 (as in effect prior to the amendment of such Revenue Procedure by Revenue Procedure
2003-48), (3) amend its certificate of incorporation (or other organizational documents), or take any other action, whether through a stockholder vote or otherwise, affecting the relative voting rights of its capital stock (including through
the conversion of any capital stock into another class of capital stock), (4) merge or consolidate with any other Person and shall not permit any SpinCo Entity to merge or consolidate with any other Person or (5) take any other action or
actions (including any action or 

  
 21 

 
transaction that would be reasonably likely to be inconsistent with any representation made in the Reliance Materials) which in the aggregate (and taking into account any other transactions
described in this Section 8.02(b)(iii)) would be reasonably likely to have the effect of causing or permitting one or more Persons (whether or not acting in concert) to acquire directly or indirectly stock representing a Fifty-Percent or
Greater Interest in SpinCo or otherwise jeopardize the Tax-Free Status of the Transactions. 
 (iv) shall not, and shall not permit any
SpinCo Entity (or members of their respective SAG) to sell, transfer, or otherwise dispose of or agree to, sell, transfer or otherwise dispose (including in any transaction treated for federal income tax purposes as a sale, transfer or disposition)
of assets (including any shares of capital stock of a Subsidiary) that, in the aggregate, constitute more than 30% of the gross assets of such SpinCo Entity or more than 30% of the consolidated gross assets of such SpinCo Entity and members of its
respective SAG. The foregoing sentence shall not apply to (A) sales, transfers, or dispositions of assets in the Ordinary Course of Business, (B) any cash paid to acquire assets from an unrelated Person in an arm’s-length transaction,
(C) any assets transferred to a Person that is disregarded as an entity separate from the transferor for federal income tax purposes or (D) any mandatory or optional repayment (or pre-payment) of any indebtedness of such SpinCo Entity (or
any member of its respective SAG). The percentages of gross assets or consolidated gross assets of such SpinCo Entity or its respective SAG, as the case may be, sold, transferred, or otherwise disposed of, shall be based on the fair market value of
the gross assets of such SpinCo Entity and the members of its respective SAG as of the Closing Date. For purposes of this Section 8.02(b)(iv), a merger of a SpinCo Entity (or a member of its SAG) with and into any Person shall constitute a
disposition of all of the assets of such SpinCo Entity or such member. 
 (c) Notwithstanding the restrictions imposed by Sections 8.02(b),
during the Restriction Period, SpinCo may proceed with any of the actions or transactions described therein, if (i) SpinCo shall first have requested Rayonier to obtain a supplemental ruling in accordance with Section 8.03(a) of this
Agreement to the effect that such action or transaction will not affect the Tax-Free Status of the Transactions and Rayonier shall have received such a supplemental ruling in form and substance reasonably satisfactory to it, (ii) SpinCo shall
have provided to Rayonier an Unqualified Tax Opinion in form and substance reasonably satisfactory to Rayonier, or (iii) Rayonier shall have waived in writing the requirement to obtain such ruling or opinion. In determining whether a ruling or
opinion is satisfactory, Rayonier shall exercise its discretion, in good faith, solely to preserve the Tax-Free Status of the Transactions and may consider, among other factors, the appropriateness of any underlying assumptions or representations
used as a basis for the ruling or opinion and the views on the substantive merits. For the avoidance of doubt, SpinCo shall not be relieved of any indemnification obligation pursuant to Article V or otherwise under this Agreement as a result of
having satisfied the requirements of clause (i), (ii) or (iii) of this Section 8.02(c). 
 (d) Certain Issuances of Capital
Stock. If SpinCo proposes to enter into any Section 8.02(d) Acquisition Transaction or, to the extent SpinCo has the right to prohibit any Section 8.02(d) Acquisition Transaction, proposes to permit any Section 8.02(d) Acquisition
Transaction to occur, in each case, during the Restriction Period, SpinCo shall provide Rayonier, no later than ten (10) days following the signing of any written agreement with respect to any Section

  
 22 

 
8.02(d) Acquisition Transaction, with a written description of such transaction (including the type and amount of SpinCo capital stock to be issued in such transaction). 

(e) Tax Reporting. Each of Rayonier and SpinCo covenants and agrees that it will not take, and will cause its respective Affiliates to
refrain from taking, any position on any Income Tax Return that is inconsistent with the Tax-Free Status of the Transactions. 

Section 8.03. Procedures Regarding Opinion and Rulings. 

(a) If SpinCo notifies Rayonier that it desires to take one of the actions described in Sections 8.02(b) (a “Notified
Action”), Rayonier shall cooperate with SpinCo and use its reasonable best efforts to seek to obtain, as expeditiously as possible, a supplemental ruling from the IRS or an Unqualified Tax Opinion for the purpose of permitting SpinCo to
take the Notified Action unless Rayonier shall have waived the requirement to obtain such ruling or opinion. If such a ruling is to be sought, Rayonier shall apply for such ruling and Rayonier and SpinCo shall jointly control the process of
obtaining such ruling. In no event shall Rayonier be required to file any ruling request under this Section 8.03(a) unless SpinCo represents that (i) it has read such ruling request, and (ii) all information and representations, if
any, relating to any member of the SpinCo Group, contained in such ruling request documents are (subject to any qualifications therein) true, correct and complete. SpinCo shall reimburse Rayonier for all reasonable costs and expenses incurred by the
Rayonier Group in obtaining a ruling or Unqualified Tax Opinion requested by SpinCo within ten (10) days after receiving an invoice from Rayonier therefor. 

(b) Rayonier shall have the right to obtain a supplemental ruling or an Unqualified Tax Opinion at any time in its sole and absolute
discretion. If Rayonier determines to obtain such ruling or opinion, SpinCo shall (and shall cause each SpinCo Entity to) cooperate with Rayonier and take any and all actions reasonably requested by Rayonier in connection with obtaining such ruling
or opinion (including by making any representation or reasonable covenant or providing any materials requested by the IRS or the law firm issuing such opinion); provided that SpinCo shall not be required to make (or cause a SpinCo Entity to make)
any representation or covenant that is inconsistent with historical facts or as to future matters or events over which it has no control. In connection with obtaining such ruling, Rayonier shall apply for such ruling and shall have sole and
exclusive control over the process of obtaining such ruling. Rayonier and SpinCo shall each bear its own costs and expenses in obtaining a ruling or Unqualified Tax Opinion requested by Rayonier. 

(c) Except as provided in Sections 6.03(a) and (b) neither SpinCo nor any SpinCo Affiliate shall seek any guidance from the IRS or any
other Tax Authority (whether written, verbal or otherwise) at any time concerning the Restructuring or Distribution (including the impact of any transaction on the Restructuring or Distribution). 

ARTICLE IX 
 COOPERATION

 Section 9.01. General Cooperation. 

  
 23 

 The Parties shall each cooperate fully (and each shall cause its respective Subsidiaries to
cooperate fully) with all reasonable requests in writing (“Information Request”) from another Party hereto, or from an agent, representative or advisor to such Party, in connection with the preparation and filing of Tax Returns
(including the preparation of Tax Packages), claims for Refunds, Tax Proceedings, and calculations of amounts required to be paid pursuant to this Agreement, in each case, related or attributable to or arising in connection with Taxes of any of the
Parties or their respective Subsidiaries covered by this Agreement and the establishment of any reserve required in connection with any financial reporting (a “Tax Matter”). Such cooperation shall include the provision of any
information reasonably necessary or helpful in connection with a Tax Matter (“Information”) and shall include, without limitation, at each Party’s own cost: 

(i) the provision of any Tax Returns of the Parties and their respective Subsidiaries, books, records (including information regarding
ownership and Tax basis of property), documentation and other information relating to such Tax Returns, including accompanying schedules, related work papers, and documents relating to rulings or other determinations by Taxing Authorities; 

(ii) the execution of any document (including any power of attorney) in connection with any Tax Proceedings of any of the Parties or their
respective Subsidiaries, or the filing of a Tax Return or a Refund claim of the Parties or any of their respective Subsidiaries; 
 (iii) the
use of the Party’s reasonable best efforts to obtain any documentation in connection with a Tax Matter; and 
 (iv) the use of the
Party’s reasonable best efforts to obtain any Tax Returns (including accompanying schedules, related work papers, and documents), documents, books, records or other information in connection with the filing of any Tax Returns of any of the
Parties or their Subsidiaries. 
 Each Party shall make its employees, advisors, and facilities available, without charge, on a reasonable
and mutually convenient basis in connection with the foregoing matters. 
 Section 9.02. Retention of Records. Rayonier
and SpinCo shall retain or cause to be retained all Tax Returns, schedules and work papers, and all material records or other documents relating thereto in their possession, until sixty (60) days after the expiration of the applicable statute
of limitations (including any waivers or extensions thereof) of the taxable periods to which such Tax Returns and other documents relate or until the expiration of any additional period that any Party reasonably requests, in writing, with respect to
specific material records or documents. A Party intending to destroy any material records or documents shall provide the other Party with reasonable advance notice and the opportunity to copy or take possession of such records and documents. The
Parties hereto will notify each other in writing of any waivers or extensions of the applicable statute of limitations that may affect the period for which the foregoing records or other documents must be retained. 

  
 24 

 ARTICLE X 

MISCELLANEOUS 

Section 10.01. Dispute Resolution. 

(a) In the event of any dispute between the Parties as to any matter covered by this Agreement, the Parties shall agree as to whether such
dispute shall be governed by the procedures set forth in Section 10.01(b) of this Agreement or in Article VII of the Separation and Distribution Agreement. If the Parties cannot agree within thirty (30) days from the time such dispute
arises as to which procedure will govern such dispute, such disagreement shall be resolved pursuant to Article VII of the Separation and Distribution Agreement. 

(b) With respect to any dispute governed by this Section 10.01(b), the Parties shall appoint a nationally recognized “Big Four”
independent public accounting firm (other than the current auditing firm of Rayonier or SpinCo) (the “Accounting Firm”) to resolve such dispute. The Parties shall cooperate in good faith in jointly selecting the Accounting Firm. If
the Parties cannot agree on a nationally recognized firm within thirty (30) days from the time such dispute arises, the Parties shall appoint the firm Grant Thornton LLP to be the Accounting Firm. In this regard, the Accounting Firm shall make
determinations with respect to the disputed items based solely on representations made by Rayonier and SpinCo and their respective representatives, and not by independent review, and shall function only as an expert and not as an arbitrator and
shall be required to make a determination in favor of one Party only. The Parties shall require the Accounting Firm to resolve all disputes no later than fifteen (15) days after the submission of such dispute to the Accounting Firm, but in no
event later than the Due Date for the payment of Taxes or the filing of the applicable Tax Return, if applicable, and agree that all decisions by the Accounting Firm with respect thereto shall be final and conclusive and binding on the Parties. The
Accounting Firm shall resolve all disputes in a manner consistent with this Agreement and, to the extent not inconsistent with this Agreement, in a manner consistent with the Past Practices of Rayonier and its Subsidiaries, except as otherwise
required by applicable Law. The Parties shall require the Accounting Firm to render all determinations in writing and to set forth, in reasonable detail, the basis for such determination. The fees and expenses of the Accounting Firm shall be paid by
the non-prevailing Party. 
 Section 10.02. Tax Sharing Agreements. All Tax sharing, indemnification and similar
agreements, written or unwritten, as between Rayonier or a Rayonier Entity, on the one hand, and SpinCo or a SpinCo Entity, on the other (other than this Agreement, the Separation and Distribution Agreement, or any other Ancillary Agreement), shall
be or shall have been terminated no later than the Effective Time and, after the Effective Time, none of Rayonier or a Rayonier Entity, or SpinCo or a SpinCo Entity shall have any further rights or obligations under any such Tax sharing,
indemnification or similar agreement. 
 Section 10.03. Interest on Late Payments. With respect to any payment between
the Parties pursuant to this Agreement not made by the due date set forth in this Agreement for such payment, the outstanding amount will accrue interest at a rate per annum equal to the rate in effect for underpayments under Section 6621 of
the Code from such due date to and including 

  
 25 

 
the earlier of the forty-fifth (45th) day or the payment date and thereafter will accrue interest at a rate per annum equal to 9%. 

Section 10.04. Survival of Covenants. Except as otherwise contemplated by this Agreement, all covenants and agreements of
the Parties contained in this Agreement shall survive the Effective Time and remain in full force and effect in accordance with their applicable terms, provided, however, that the representations and warranties and all indemnification for Taxes
shall survive until sixty (60) days following the expiration of the applicable statute of limitations (taking into account all extensions thereof), if any, for assessment of the Tax that gave rise to the indemnification, provided, further,
that, in the event that notice for indemnification has been given within the applicable survival period, such indemnification shall survive until such time as such claim is finally resolved. 

Section 10.05. Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being
enforced under any Law or as a matter of public policy, all other conditions and provisions of this Agreement shall remain in full force and effect. Upon such determination that any term or other provision is invalid, illegal or incapable of being
enforced, the Parties to this Agreement shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner. 

Section 10.06. Entire Agreement. Except as otherwise expressly provided in this Agreement, this Agreement constitutes the
entire agreement of the Parties hereto with respect to the subject matter of this Agreement and supersedes all prior agreements and undertakings, both written and oral, between or on behalf of the Parties hereto with respect to the subject matter of
this Agreement. 
 Section 10.07. No Third-Party Beneficiaries. Except as provided in Article V with respect to
indemnified Parties, this Agreement is for the sole benefit of the Parties to this Agreement and their respective Subsidiaries and their permitted successors and assigns and nothing in this Agreement, express or implied, is intended to or shall
confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

Section 10.08. Specific Performance. 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 who is or is to be thereby aggrieved shall have the right to specific performance and injunctive or other equitable relief of its rights under this Agreement, in addition to any and 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, may be 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 the Parties to this Agreement. 

Section 10.09. Amendment. No provision of this Agreement may be amended or modified except by a written instrument signed
by the Parties to this Agreement. No waiver by any Party of any provision of this Agreement shall be effective unless explicitly set forth in writing and executed by the Party so waiving. The waiver by any Party of a breach of any

  
 26 

 
provision of this Agreement shall not operate or be construed as a waiver of any other subsequent breach. 

Section 10.10. Rules of Construction. Interpretation of this Agreement shall be governed by the following rules of
construction: (i) words in the singular shall be held to include the plural and vice versa and words of one gender shall be held to include the other gender as the context requires; (ii) references to the terms Article, Section, paragraph,
clause, Exhibit and Schedule are references to the Articles, Sections, paragraphs, clauses, exhibits and schedules of this Agreement unless otherwise specified; (iii) the terms “hereof,” “herein,” “hereby,”
“hereto,” and derivative or similar words refer to this entire Agreement, including the Schedules and Exhibits hereto; (iv) references to “$” shall mean U.S. dollars; (v) the word “including” and words of
similar import when used in this Agreement shall mean “including without limitation,” unless otherwise specified; (vi) the word “or” shall not be exclusive; (vii) references to “written” or “in
writing” include in electronic form; (viii) provisions shall apply, when appropriate, to successive events and transactions; (ix) the table of contents and headings contained in this Agreement are for reference purposes only and shall
not affect in any way the meaning or interpretation of this Agreement; (x) Rayonier and SpinCo have each participated in the negotiation and drafting of this Agreement and if an ambiguity or question of interpretation should arise, this
Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or burdening either Party by virtue of the authorship of any of the provisions in this Agreement or any interim
drafts of this Agreement; and (xi) a reference to any Person includes such Person’s successors and permitted assigns. 

Section 10.11. Counterparts. This Agreement may be executed in one or more counterparts each of which when executed shall
be deemed to be an original but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or portable document format (PDF) shall be as effective
as delivery of a manually executed counterpart of any such Agreement. 
 Section 10.12. Coordination with Separation and
Distribution Agreement. In the event of any inconsistency between this Agreement and the Separation and Distribution Agreement (or any Ancillary Agreement) with respect to matters addressed herein the provisions of this Agreement shall
control (except to the extent set forth in Article X). 
 Section 10.13. Coordination with the Employee Matters
Agreement. To the extent any covenants or agreements between the Parties with respect to employee withholding Taxes are expressly set forth in the Employee Matters Agreement, such Taxes shall be governed exclusively by the Employee Matters
Agreement and not by this Agreement. 
 Section 10.14. Expenses. Except as otherwise expressly set forth in this
Agreement, the Separation and Distribution Agreement or any Ancillary Agreement, or as otherwise agreed to in writing by the Parties, all costs and expenses incurred on or prior to the Effective Time in connection with the preparation, execution,
delivery and implementation of this Agreement and any Ancillary Agreement, the Separation, the Registration Statement, the plan of Separation and the Distribution and the consummation of the transactions contemplated hereby and thereby will be borne
one third (1/3) by Rayonier and two thirds (2/3) by SpinCo. 

  
 27 

 Section 10.15. Governing Law. This Agreement (and any claims or disputes
arising out of or related hereto or to the transactions contemplated hereby or to the inducement of any Party to enter herein, whether for breach of contract, tortious conduct or otherwise and whether predicated on common law, statute or otherwise)
shall be governed by and construed and interpreted in accordance with the Laws of the State of Delaware, irrespective of the choice of Laws principles of the State of Delaware, including all matters of validity, construction, effect, enforceability,
performance and remedies.  
 Section 10.16. Assignability. This Agreement shall be binding upon and inure to the
benefit of the Parties and their respective successors and permitted assigns. Neither Party may assign its rights or delegate its obligations under this Agreement without the express prior written consent of the other Party hereto; provided,
however, that each Party may assign all of its rights and obligations under this Agreement to any of its Subsidiaries; provided, further, that no such assignment shall release the assigning Party from any of its liabilities or
obligations under this Agreement. Notwithstanding the foregoing, no consent for assignment shall be required for the assignment of a Party’s rights and obligations under this Agreement, the Separation and Distribution Agreement and all other
Ancillary Agreements in whole (i.e., the assignment of a party’s rights and obligations under this Agreement and all Ancillary Agreements all at the same time) 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. Nothing herein is intended to, or shall
be construed to, prohibit either Party or any of its Subsidiaries from being party to or undertaking a transaction that would result in a change of control.  

Section 10.17. Notices. Any notice, demand, claim or other communication under this Agreement will be in writing and will
be deemed to have been given (a) on delivery if delivered personally; or (b) on the date on which delivery thereof is guaranteed by the carrier if delivered by a national courier guaranteeing delivery with an fixed number of days of
sending, but only if addressed to the Parties in the following manner at the following addresses (or at the other address as a Party may specify by notice to the others): 

If to Rayonier, to: 
 Rayonier
Inc. 
 225 Water St., Suite 1400 

Jacksonville, FL 32202 

Attention: General Counsel 

and 
 Rayonier Inc. 

225 Water St., Suite 1400 

Jacksonville, FL 32202 

Attention: Chief Financial Officer 

with a copy to: 

  
 28 

 Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 
 New York,
NY 10019 
 Attention: Joshua M. Holmes 

Facsimile: (212) 403-2000 

If to TRS, to: 
 Rayonier TRS
Holdings Inc. 
 225 Water St., Suite 1400 

Jacksonville, FL 32202 

Attention: General Counsel 

and 
 Rayonier TRS Holdings
Inc. 
 225 Water St., Suite 1400 

Jacksonville, FL 32202 

Attention: Chief Financial Officer 

with a copy to: 
 Wachtell,
Lipton, Rosen & Katz 
 51 West 52nd Street 

New York, NY 10019 
 Attention:
Joshua M. Holmes 
 Facsimile: (212) 403-2000 

If to SpinCo, to: 
 Rayonier
Advanced Materials Inc. 
 1301 Riverplace Boulevard, Suite 2300 

Jacksonville, FL 32207 

Attention: General Counsel 

and 
 Rayonier Advanced
Materials Inc. 
 1301 Riverplace Boulevard, Suite 2300 

Jacksonville, FL 32207 

Attention: Chief Financial Officer 

with a copy to: 
 Wachtell,
Lipton, Rosen & Katz 
 51 West 52nd Street 

New York, NY 10019 
 Attention:
Joshua M. Holmes 

  
 29 

 Facsimile: (212) 403-2000 

If to Products, to: 
 Rayonier
A.M. Products Inc. 
 1301 Riverplace Boulevard, Suite 2300 

Jacksonville, FL 32207 

Attention: General Counsel 

and 
 Rayonier A.M. Products
Inc. 
 1301 Riverplace Boulevard, Suite 2300 

Jacksonville, FL 32207 

Attention: Chief Financial Officer 

with a copy to: 
 Wachtell,
Lipton, Rosen & Katz 
 51 West 52nd Street 

New York, NY 10019 
 Attention:
Joshua M. Holmes 
 Facsimile: (212) 403-2000 

Section 10.18. Effective Date. This Agreement shall become effective only upon the occurrence of the Distribution. 

[The remainder of this page is intentionally left blank.] 

  
 30 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the day and
year first above written. 
  

			
	RAYONIER INC.
		
	By	 	/s/ H. Edwin Kiker
	Name:	 	H. Edwin Kiker
	Title:	 	Senior Vice President and Chief Financial Officer
	
	RAYONIER ADVANCED MATERIALS INC.
		
	By	 	/s/ Paul G. Boynton
	Name:	 	Paul G. Boynton
	Title:	 	President and Chief Executive Officer
	
	RAYONIER TRS HOLDINGS INC.
		
	By	 	/s/ Paul G. Boynton
	Name:	 	Paul G. Boynton
	Title:	 	President and Chief Executive Officer
	
	RAYONIER A.M. PRODUCTS INC.
		
	By	 	/s/ Paul G. Boynton
	Name:	 	Paul G. Boynton
	Title:	 	President

 [Signature Page to Tax Matters Agreement]

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