ContractChange of Control Agreement • November 5th, 2010 • International Paper Co /New/ • Paper mills • New York
Note: Form of Tier II Change of Control Agreement (the “Agreement”) was amended in July 2010 to replace the excise tax gross up provision with an approach that would limit the change-in-control payment under the Agreement to the IRS safe harbor amount if, after performing an individualized calculation, this amount results in a greater after-tax benefit than would be received if the participant had received the full payment and paid the resulting excise tax. Other administrative changes were also adopted. The form of revised Agreement appears below.
ContractChange in Control Agreement • November 5th, 2010 • International Paper Co /New/ • Paper mills • New York
Note: Form of Tier I Change of Control Agreement (the “Agreement”) was amended in July 2010 to replace the excise tax gross up provision with an approach that would limit the change-in-control payment under the Agreement to the IRS safe harbor amount if, after performing an individualized calculation, this amount results in a greater after-tax benefit than would be received if the participant had received the full payment and paid the resulting excise tax. Other administrative changes were also adopted. The form of revised Agreement appears below.
