SEC Contract Filing

Filing Date: 2022-03-02

Document Content:
<DOCUMENT>
<TYPE>EX-10.25
<SEQUENCE>4
<FILENAME>exhibit10254q2021aipredact.htm
<DESCRIPTION>EX-10.25
<TEXT>
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<title>Document</title></head><body><div id="i3406f11fb2cf42b4a19036e1603d2a1d_1"></div><div style="min-height:57.6pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 10.25</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:100%">SYLVAMO CORPORATION</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:100%">Q4 2021 ANNUAL INCENTIVE PLAN (AIP) &#8211; </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:100%">PLAN DOCUMENT<br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:400;line-height:100%">Effective as of October 1, 2021</font></div><div style="margin-top:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">Pursuant to the Sylvamo Corporation 2021 Incentive Compensation Plan</font></div><div style="margin-top:18pt;padding-left:36pt;text-indent:-36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">I.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%;text-decoration:underline">Application to Plan, Purposes of the Plan and Plan Description</font></div><div style="margin-top:6pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Effective October 1, 2021, the Q4 2021 Annual Incentive Plan (the &#8220;Plan&#8221;), is governed by the Sylvamo Corporation 2021 Incentive Compensation Plan, as amended from time to time.</font></div><div style="margin-top:6pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">The purposes of the Plan are to&#58; (a) provide an incentive to reward Participants for results in improving the financial performance of the Company&#59; (b) attract and retain the best talent available&#59; and (c) further align the interests of the Participants and the Company&#8217;s shareowners. </font></div><div style="margin-top:6pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">The Plan is a cash incentive plan for the fourth quarter of 2021 developed around the achievement of pre-established Performance Objectives and funded based on the Company&#8217;s achievement level against those Performance Objectives. </font></div><div style="margin-top:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">II.&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%;text-decoration:underline">Definitions</font></div><div style="margin-top:6pt;padding-left:54pt;text-indent:-18pt"><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:13.9pt">Capital Spending</font></div><div style="padding-left:54pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8220;Capital Spending&#8221; means &#8220;Invested in Capital Projects&#8221; as reported on the Consolidated Statement of Cash Flows in the Company&#8217;s financial statements included in its periodic filings with the SEC. Capital spending also include</font><font style="color:#1f497d;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">s</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> all costs associated with the preparation and planting on Company-owned forestland, as well as the cost of any premerchantable timber on acquisitions of forestland. Capital Spending may be adjusted, in the Committee&#8217;s discretion, for any impact of acquisitions, divestitures, and&#47;or the effect of changes in tax laws, accounting principles or other laws or provisions affecting reported results.</font></div><div style="margin-top:6pt;padding-left:54pt;text-indent:-18pt"><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:13.9pt">Cash Conversion</font></div><div style="padding-left:54pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8220;Cash Conversion&#8221; means EBITDA </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">less</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> Capital Spending </font><font st