SEC Contract Filing

Filing Date: 2022-05-13

Document Content:
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<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>wy-ex103_15.htm
<DESCRIPTION>EX-10.3
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<p style="text-align:right;margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:0%;">EXHIBIT 10.3</p>
<p style="margin-top:0pt;text-align:center;margin-bottom:0pt;margin-left:7.69%;margin-right:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;text-indent:0%;"><font style="text-decoration:none;">WEYERHAEUSER COMPANY</font></p>
<p style="margin-bottom:3pt;margin-top:0pt;text-align:center;margin-left:7.69%;margin-right:7.69%;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">2022 LONG-TERM INCENTIVE PLAN</font></p>
<p style="margin-top:0pt;text-align:center;margin-bottom:0pt;margin-left:7.69%;margin-right:7.69%;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">[PLAN YEAR] PERFORMANCE SHARE UNIT AWARD </font></p>
<p style="margin-top:0pt;text-align:center;margin-bottom:0pt;margin-left:7.69%;margin-right:7.69%;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">TERMS AND CONDITIONS (U.S.)</font></p>
<p style="margin-top:0pt;text-align:center;margin-bottom:0pt;margin-left:7.69%;margin-right:7.69%;text-indent:0%;font-family:Times New Roman;font-size:12pt;">&nbsp;</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to your Grant Notice (the &#8220;Grant Notice&#8221;) and these Performance Share Unit Award Terms and Conditions, Weyerhaeuser Company has granted to you under its 2022 Long-Term Incentive Plan (the &#8220;Plan&#8221;) the target number of Performance Share Unit Awards (&#8220;Awards&#8221;) indicated in your Grant Notice at the market value indicated in your Grant Notice (the &#8220;Grant&#8221;).&nbsp;&nbsp;The Grant was made as of the date of the [Compensation Committee] [Board of Directors] action authorizing the Grant (the &#8220;Grant Date&#8221;).&nbsp;&nbsp;You may decline this Grant by notifying the Compensation and Benefits Department at [e-mail address] within one month of the Grant Date.&nbsp;&nbsp;If you decline this Grant, you will not be entitled to any award, benefit, or other compensation in lieu thereof.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Capitalized terms used but not defined in this document have the definitions given to such terms in the Plan.&nbsp;&nbsp;Awards represent the Company&#8217;s unfunded and unsecured promise to issue shares of Company Common Stock to you at a future date based upon satisfaction of certain performance criteria, subject to the terms of this document and the Plan.&nbsp;&nbsp;You have no rights to or under the Awards other than the rights of a general unsecured creditor of the Company.&nbsp;&nbsp;In addition, the Awards have the following terms and conditions:</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1. <font style="margin-left:36pt;">Earning and Vesting of Awards</font><font style="font-weight:normal;">.&nbsp;&nbsp;You will earn the Awards granted to you only if the Company achieves certain business targets over a three-year performance period and, except as otherwise provided in Section 3, you remain employed by the Company or Related Company through the end of the performance period.&nbsp;&nbsp;The performance period begins on the Grant Date and ends on December 31st of the second year following the year of the Grant (the &#8220;Performance Period&#8221;).&nbsp;&nbsp;Except as otherwise provided herein, all Awards will vest on March 1st following the end of the Performance Period and will be earned within a range from 0% to 150% of target performance, subject to and based upon the Compensation Committee certifying the achievement of the performance measures set forth on </font><font style="text-decoration:underline;">Appendix A</font><font style="font-weight:normal;"> hereto in accordance with the methodology provided therein.&nbsp;&nbsp;Notwithstanding the foregoing, if the Company&#8217;s absolute total shareholder return, as calculated in accordance with the methodology set forth in </font><font style="text-decoration:underline;">Appendix A</font><font style="font-weight:normal;"> (&#8220;TSR&#8221;), is negative over the Performance Period, then the maximum level of Awards that may be earned will be 100% of the target number of Awards.&nbsp;&nbsp;All determinations with respect to Awards will be made by the Compensation Committee, including the determination and certification of achievement of the performance measures set forth in </font><font style="text-decoration:underline;">Appendix A</font><font style="font-weight:normal;"> and the level of Awards earned.&nbsp;&nbsp;</font></p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2.<font style="margin-left:36pt;"></font>Settlement of Awards.<font style="font-weight:normal;">&nbsp;&nbsp;Upon vesting