ADDENDUM TO TERMS AND CONDITIONS OF OFFER OF EMPLOYMENTInternational Paper Co /New/ • November 1st, 2024 • Paper mills
This Addendum (the “Addendum”) is made and entered into as of October 30, 2024, by and between Andrew K. Silvernail and the International Paper Company (the “Company”). In the context of reviewing Mr. Silvernail’s relocation package, Mr. Silvernail and the Company desire to amend the Terms and Conditions of Offer of Employment as Chief Executive Officer (the “Offer Letter”) accepted on March 14, 2024, as follows:
NAME#### Re: Change in Control Agreement Dear ####NAME####:International Paper Co /New/ • November 1st, 2024 • Paper mills • New York
International Paper Company (the "Company") considers the establishment and maintenance of sound and vital management essential to protecting and enhancing the best interests of the Company and its shareowners. The Company recognizes that the possibility of a Change in Control may exist and such possibility, and the uncertainty and questions which it may raise among senior management, may result in the departure or distraction of senior management to the detriment of the Company and its shareowners. Accordingly, the Company's Board of Directors (the “Board”) has determined that it is in the best interests of the shareowners and the Company to foster the continuous employment of senior management and reinforce and encourage the continued attention and dedication of members of the Company's senior management, including yourself, to their assigned duties without distraction in the face of a Change in Control of the Company.
