AGREEMENT TO DEFER PERFORMANCE SHARES (“PS Deferral Agreement”)Performance Shares Deferral Agreement • July 30th, 2010 • Rayonier Inc • Real estate investment trusts
The undersigned hereby irrevocably elects to defer receipt of the Performance Shares indicated below (the “Deferred Shares”), if any such shares are earned for the specified Performance Period (the “Class Award Year”) under the Rayonier Incentive Stock Plan (the “Plan”). Terms not otherwise defined have the same meaning as in the Plan. The following terms shall apply to the Deferred Shares:
