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Rayonier Inc.
2018 NOTICE OF ANNUAL MEETING OF SHAREHOLDERS AND PROXY STATEMENT
Thursday, May 17, 2018
4:00 p.m., Eastern Time
Rayonier Inc.
1 Rayonier Way
Yulee, Florida 32097
1, 2020
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Rayonier Inc. | 1 Rayonier Way | ||||||||||||||||
Telephone(904) 357-9100 | Fax (904) 357-9851 |
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This summary highlights information contained elsewhere in this Notice of Annual Meeting of Shareholders and Proxy Statement or in our corporate governance documents published on our website at www.rayonier.com. We encourage you to read this Notice of Annual Meeting of Shareholders and Proxy Statement in its entirety before voting. Throughout, the terms “we,” “us,” “our,” “the Company,” and “Rayonier” refer to Rayonier Inc.
BY MAIL Sign, date and return your proxy card or voting instruction form | VIA THE INTERNET Visit www.proxyvote.com | BY TELEPHONE Call the telephone number on your proxy card, voting instruction form or notice | IN PERSON Attend the Annual Meeting in Wildlight, FL See page 39 for details |
2019 PERFORMANCE HIGHLIGHTS | ||||||||||||||||||||||||||||||||
$59.1M Net Income Attributable to Rayonier | $0.46 EPS | $67.7M Net Income | ||||||||||||||||||||||||||||||
$247.8M* Adjusted EBITDA | $214.3M Cash Provided by Operating Activities | $149.4M* CAD |
2017 PERFORMANCE HIGHLIGHTS
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| 2020 Proxy Statement |
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We are pleased with our strong performance in 2017 as well as the progress we made in furthering our strategic objectives. We achieved a number of significant milestones during the course of the year, in large part due to the continuing leadership of our executive officers and Board of Directors (“Board”), as well as the dedication and hard work of our employees. Key highlights of 2017 include:
SHAREHOLDER ENGAGEMENT
We value shareholder engagement and each year interact with and seek input from our shareholders through various shareholder outreach activities. In 2017, our key shareholder engagement activities included five investor road shows, eight investor conferences, an Investor Day and our 2017 Annual Meeting of Shareholders (“2017 Annual Meeting”). These engagement activities are informative and help us to better understand our shareholders’ views and perspectives on our financial performance, business strategy, capital allocation strategy and public disclosures. We welcome investor interaction and feedback. Our Investor Relations department is the point of contact for shareholder interaction with the Company. Shareholders may also access information about the Company in the Investor Relations section of our website (www.rayonier.com).
CORPORATE GOVERNANCE HIGHLIGHTS
Rayonier’s commitment to good corporate governance is integral to our business, the key elements of which are below:
SHAREHOLDER ENGAGEMENT | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
We value shareholder engagement and each year interact with and seek input from our shareholders through various shareholder outreach initiatives, including in-person and telephonic meetings, investor conferences, our annual meeting of shareholders and non-deal roadshows. In 2019, our shareholder engagement activities included 5 non-deal roadshows and 9 investor conferences held throughout the U.S., Canada and Europe. Combined, our 2019 engagement activities covered shareholders representing in the aggregate approximately 41% of our outstanding common shares ("Common Shares"), and included meetings with 10 of our 20 largest shareholders, or 10 of our top 12 active holders. These engagement activities are informative and help us to better understand our shareholders’ views and perspectives on our financial performance, business strategy, capital allocation strategy, public disclosures, corporate governance, and environmental, social and other topics. We welcome investor interaction and feedback. Our Investor Relations department is the point of contact for shareholder interaction with the Company. Shareholders may also access information about the Company in the Investor Relations section of our website (www.rayonier.com). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CORPORATE GOVERNANCE HIGHLIGHTS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rayonier’s commitment to good corporate governance is integral to our business, the key elements of which are below: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
+ | Annual election of directors | + | Annual review of Board skills, characteristics and experience | + | Majority voting of all directors | + | Diversity reflected in Board composition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
+ | 8 of our 9 director nominees are independent | + | Separation of Board Chairman and CEO | + | Annual Board member independence evaluations | + | Policy prohibiting hedging or pledging of our shares by executives and directors | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
+ | Comprehensive Code of Conduct and Corporate Governance Guidelines | + | Board participation in executive succession planning | + | Regular executive sessions of Board and Board Committees | + | Compensation “clawback” policy |
2 | Rayonier Inc. |
PROPOSAL NO. 1 — ELECTION OF DIRECTORS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Important information about the experience, qualifications, attributes and skills of each of our director nominees can be found beginning on page 6. Our Board of Directors (“Board”) recommends that you vote “FOR” each of the director nominees. | ||||||||||||||||||||||||||||||||||||||||||||||||||
COMMITTEE MEMBERSHIPS | OTHER PUBLIC CO. BOARDS | |||||||||||||||||||||||||||||||||||||||||||||||||
NAME | AGE | DIRECTOR SINCE | PRINCIPAL OCCUPATION | INDE-PENDENT | AC | CC | NGC | |||||||||||||||||||||||||||||||||||||||||||
Richard D. Kincaid (Chairman of the Board of Directors) | 58 | 2004 | President & Founder of BeCause Foundation; Founder and Managing Member of Sage Vertical Gardens LLC | X | X | X | 1 | |||||||||||||||||||||||||||||||||||||||||||
Keith E. Bass | 55 | 2017 | Managing Partner of Mill Creek Capital LLC | X | X | X | 1 | |||||||||||||||||||||||||||||||||||||||||||
Dod A. Fraser | 69 | 2014 | President of Sackett Partners | X | Chair | X | 1 | |||||||||||||||||||||||||||||||||||||||||||
Scott R. Jones | 61 | 2014 | Retired, President of Forest Capital Partners | X | Chair | None | ||||||||||||||||||||||||||||||||||||||||||||
Blanche L. Lincoln | 59 | 2014 | Founder and Principal of Lincoln Policy Group | X | X | X | 1 | |||||||||||||||||||||||||||||||||||||||||||
V. Larkin Martin | 56 | 2007 | Managing Partner of Martin Farm; Vice President of The Albemarle Corporation | X | X | Chair | 1 | |||||||||||||||||||||||||||||||||||||||||||
Ann C. Nelson | 60 | Nominee | Retired, Lead Audit Partner at KPMG LLP | X | X | X | None | |||||||||||||||||||||||||||||||||||||||||||
David L. Nunes | 58 | 2014 | President and CEO of Rayonier Inc. | None | ||||||||||||||||||||||||||||||||||||||||||||||
Andrew G. Wiltshire | 62 | 2015 | Founding Partner of Folium Capital LLC; Principal in the management and governance of private orchard and farming companies located in New Zealand | X | X | X | None | |||||||||||||||||||||||||||||||||||||||||||
Number of Committee Meetings in 2019 | 9 | 6 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||
AC Audit Committee CC Compensation and Management Development Committee NGC Nominating & Corporate Governance Committee |
Below are highlights regarding the age, gender and tenure of our 9 director nominees. | ||||||||||||||
Director Tenure | Age Distribution | Gender Diversity | ||||||||||||
2020 Proxy Statement | 3 |
OUTSIDE PUBLIC COMPANY CEO | 3 | |||||||||||||||||||||||||||||||||||||
OUTSIDE PUBLIC COMPANY BOARD | 6 | |||||||||||||||||||||||||||||||||||||
AUDIT COMMITTEE FINANCIAL EXPERT | 3 | |||||||||||||||||||||||||||||||||||||
REIT | 4 | |||||||||||||||||||||||||||||||||||||
TIMBER / FORESTRY INDUSTRY | 4 | |||||||||||||||||||||||||||||||||||||
LAND MANAGEMENT / AGRICULTURE | 5 | |||||||||||||||||||||||||||||||||||||
LAND MANAGEMENT / REAL ESTATE | 6 | |||||||||||||||||||||||||||||||||||||
GOVERNMENT/REGULATORY / POLITICAL | 1 | |||||||||||||||||||||||||||||||||||||
INTERNATIONAL | 1 | |||||||||||||||||||||||||||||||||||||
DIVERSITY | 3 | |||||||||||||||||||||||||||||||||||||
CUSTOMER SUPPLY CHAIN | 3 | |||||||||||||||||||||||||||||||||||||
Important information about the experience, qualifications, attributes and skills of each of our director nominees can be found beginning on page 5. Our Board recommends that you vote “FOR” each of the director nominees.
COMMITTEE MEMBERSHIPS | OTHER PUBLIC CO. BOARDS | |||||||||||||||||
NAME | AGE | DIRECTOR SINCE | PRINCIPAL OCCUPATION | INDE- PENDENT | AC | CC | NGC | |||||||||||
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Richard D. Kincaid (Chairman of the Board of Directors) | 56 | 2004 | President & Founder of BeCause Foundation; Founder and Managing Member of Sage Vertical Gardens LLC | X | X | X | 1 | |||||||||||
Keith E. Bass | 53 | 2017 | Managing Partner of Mill Creek Capital LLC | X | X | X | 1 | |||||||||||
Dod A. Fraser | 67 | 2014 | President of Sackett Partners | X | Chair | X | 2 | |||||||||||
Scott R. Jones | 59 | 2014 | President of Forest Capital Partners | X | Chair | X | None | |||||||||||
Bernard Lanigan, Jr. | 70 | 2015 | Founder, Chairman and CEO of Founder and Chairman of Lanigan & Associates, P.C. | X | X | X | 1 | |||||||||||
Blanche L. Lincoln | 57 | 2014 | Founder and Principal of Lincoln Policy Group | X | X | X | 1 | |||||||||||
V. Larkin Martin | 54 | 2007 | Managing Partner of Martin Farm; Vice President of The Albemarle Corporation | X | X | Chair | 1 | |||||||||||
David L. Nunes | 56 | 2014 | President and CEO of Rayonier Inc. | None | ||||||||||||||
Andrew G. Wiltshire | 60 | 2015 | Founding Partner of Folium Capital LLC; Principal in the management and governance of private orchard and farming companies located in New Zealand | X | X | X | None | |||||||||||
Number of Committee Meetings in 2017 | 9 | 6 | 3 |
AC Audit Committee CC Compensation and Management Development Committee NGC Nominating & Corporate Governance Committee
PROPOSAL NO.2 -— NON-BINDING ADVISORY VOTE ON“SAY-ON-PAY”
“SAY-ON-PAY”
for the compensation of our named executive officers, with 97% of the votes cast in favor of our compensation programs and practices. Accordingly, the Compensation and Management Development Committee (“Compensation Committee”) continued in 20172019 to consistently adhere to itspay-for-performance philosophy and compensation program. Please refer to our Compensation Discussion and Analysis on page 1516 for a detailed description of our compensation programs and practices. Our Board recommends that you vote “FOR” thenon-binding advisory vote to approve the compensation of our named executive officers.
HELPFUL INFORMATION & ONLINE RESOURCES
Beginning on page 39, you will find answers to frequently asked questions about proxy materials, voting, our annual meeting and company filings and reports.
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2020 Proxy Statement | 5 |
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Richard D. Kincaid Northbrook, Illinois Age: 58 Director Since:2004 | Board Committees: | Certain other public directorships: | ||||||||||||||||||||||||||||||||||||||||||
• | Chair of the Board
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• | Audit | |||||||||||||||||||||||||||||||||||||||||||
• | Compensation | |||||||||||||||||||||||||||||||||||||||||||
Professional Highlights:
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President and Founder of BeCause Foundation, anon-profit corporation that supports the health, education, and welfare of children, since 2007; Founder, Managing Member of Sage Vertical Gardens LLC; investor and on the Board of Directors of five private early stage companies that are in social and digital media, healthcare, and video streaming | ||||||||||||||||||||||||||||||||||||||||||||
Mr. Kincaid has significant financial expertise together with broad experience in the real estate industry and |
| 55 | Board Committees:
| Certain other public directorships: | |||||||||||||||||||||||||||||||||||||||||
• | Audit | • | Xenia Hotels and Resorts | |||||||||||||||||||||||||||||||||||||||||
• | Compensation | |||||||||||||||||||||||||||||||||||||||||||
Professional Highlights:
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Managing partner of Mill Creek Capital LLC, a private equity and consulting firm, since 2017; President and CEO of WCI Communities, Inc., from 2012 to 2017; President of Pinnacle Land Advisors, from 2011 to 2012; held various key positions with The Ryland Group, from 2003 to 2011 | ||||||||||||||||||||||||||||||||||||||||||||
Mr. Bass has extensive expertise in the real estate industry. He has led organizations as large as $1 billion in annual revenue, built lean operations and created long-term operational roadmaps to position companies to thrive in any market climate. Mr. Bass brings a broad real estate perspective to the Board’s evaluation of investment opportunities. |
| 69 | Board Committees:
| Certain other public directorships: | |||||||||||||||||||||||||||||
• | Chair of Audit | • | Subsea 7 S.A. | |||||||||||||||||||||||||||||
• | Nominating | • | OCI N.V. | |||||||||||||||||||||||||||||
Professional Highlights:
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President of Sackett Partners, a consulting firm, since 2000; Managing Director and Group Executive, Global Oil and Gas, for Chase Manhattan Bank (now JPMorgan Chase & Co.), from 1995 to 2000 |
Mr. Fraser has substantial experience in debt and equity markets, bank markets, mergers and acquisitions, and risk oversight. He contributes strongly to the Board’s oversight of the Company’s overall financial performance, reporting and controls.
Mr. Fraser has substantial experience in debt and equity markets, bank markets, mergers and acquisitions, and risk oversight. He contributes strongly to the Board’s oversight of the Company’s overall financial performance, reporting and controls. |
6 | Rayonier Inc. |
Scott R. Jones Needham, Massachusetts Age: 61 Director Since: 2014 | Board Committees: | Certain other public directorships:
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Professional Highlights:
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President of Forest Capital Partners, a forest investment firm, | ||||||||||||||||||||||||||||||||||||||||||||
Mr. Jones has substantial expertise in forest management, technology and innovations, as well as forest and real estate investments. He is particularly well suited to assist the Board in its investment decisions and oversee the management of the Company’s forest resources and real estate businesses. |
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Mr. Laniganhas leadership experience with large, complex and diverse organizations, a strong background in financial, accounting and tax matters and experience in strategic planning and risk assessment. His years of service on other public company boards provide him with additional perspectives from which to view the Company’s operations and the Board’s activities.
| 59 | Board Committees:
| Certain other public directorships:
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• | Compensation | • | Entergy Corporation | |||||||||||||||||||||||||||||
• | Nominating | |||||||||||||||||||||||||||||||
Professional Highlights:
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Founder and Principal of Lincoln Policy Group, a consulting firm helping companies navigate the legislative and regulatory processes of the federal government, since 2013; Special Policy Advisor at Alston & Bird LLP, from 2011 to 2013; U.S. Senator for the State of Arkansas, from 1999 to | 2011 |
Ms. Lincoln’s political experience, including in the areas of agriculture and forestry, is invaluable to the Board in helping the Company address a range of public policy and legislative trends.
Ms. Lincoln’s political experience, including in the areas of agriculture and forestry, is invaluable to the Board in helping the Company address a range of public policy and legislative trends. |
| 56 | Board Committees:
| Certain other public directorships:
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• | Chair of Nominating | • | Truxton Trust | |||||||||||||||||||||||||||||||||||||||||
• | Compensation | |||||||||||||||||||||||||||||||||||||||||||
Professional Highlights:
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Managing Partner of Martin Farm and Vice President of The Albemarle Corporation, family businesses with interests in agriculture and timberland, since 1990; Chair of the Board of Directors of the Federal Reserve Bank of Atlanta, from 2007 to 2008 | ||||||||||||||||||||||||||||||||||||||||||||
Ms. Martin has direct operating experience in the land-based businesses of agriculture and timberland management, particularly in the southeastern United States, together with an understanding of national and regional financial markets. Ms. Martin’s skill set adds substantial value to Board discussions regarding our forest resources business, as well as overall economic forces and trends impacting the Company. |
2020 Proxy Statement | 7 |
| Ann C. Nelson Boise, Idaho
Age: 60 Director | Board Committees:
| Certain other public directorships:
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• | Audit | • | None | |||||||||||||||||||||||||||||||||||||||||
• | Nominating | |||||||||||||||||||||||||||||||||||||||||||
Professional Highlights: | ||||||||||||||||||||||||||||||||||||||||||||
More than 35 years of senior leadership and management experience (25 as an audit partner); Lead Audit Partner with KPMG LLP on many global publicly traded companies | ||||||||||||||||||||||||||||||||||||||||||||
Ms. Nelson brings expertise to the Board in areas of auditing, accounting and financial reporting, internal controls and corporate governance. In addition, she has direct board experience by way of the Boise Chamber of Commerce (Chairman of the Board and past Treasurer/Audit Committee chair over an eight-year period). Ms. Nelson also has significant experience in the forest products industry, including but not limited to timber REIT’s. | ||||||||||||||||||||||||||||||||||||||||||||
David L. Nunes Jacksonville, Florida Age: 58 Director Since: 2014 | Board Committees: | Certain other public directorships: | ||||||||||||||||||||||||||||||||||||||||||
• | None | • | None | |||||||||||||||||||||||||||||||||||||||||
Professional Highlights: | ||||||||||||||||||||||||||||||||||||||||||||
President, Chief Executive Officer and Director of the Company, since 2014; Chief Executive Officer of Pope Resources/Olympic Resource Management, from 2002 to 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Mr. Nunes has more than three decades of forest products industry experience. He has served in key leadership positions at several timber and real estate companies, including Chief Executive Officer and President, and has substantial background in the areas of timberland management and investments, marketing, strategic planning, mergers and acquisitions and capital planning. We believe this experience and leadership make Mr. Nunes uniquely well suited to contribute to the Board’s considerations of operational and strategic matters and to manage our core businesses. |
Mr. Nunes has more than three decades of forest products industry experience. He has served in key leadership positions at several timber and real estate companies, including Chief Executive Officer and President, and has substantial background in the areas of timberland management and investments, marketing, strategic planning, mergers and acquisitions and capital planning. We believe this experience and leadership make Mr. Nunes uniquely well suited to contribute to the Board’s considerations of operational and strategic matters and to manage our core businesses.
| 62 | Board Committees:
| Certain other public directorships:
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• | Audit | • | None | ||||||||||||||||||||||||||||||||
• | Nominating | ||||||||||||||||||||||||||||||||||
Professional Highlights:
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Founding Partner of Folium Capital LLC, since 2016; Management and governance of private orchard and farming companies with operations in New Zealand; Managing Director and Head of Alternative Assets at the Harvard Management Company, the investment company that is responsible for managing Harvard University’s endowment and related financial assets, from 2001 to 2015 |
Mr. Wiltshire has extensive expertise in the areas of managing and investing in forestry, timberlands, real estate and natural resources. Mr. Wiltshire brings a valuable perspective to the Board’s evaluation of investment opportunities and oversight of the Company’s forest resources and real estate businesses.
Mr. Wiltshire has extensive expertise in the areas of managing and investing in forestry, timberlands, real estate and natural resources. Mr. Wiltshire brings a valuable perspective to the Board’s evaluation of investment opportunities and oversight of the Company’s forest resources and real estate businesses. |
8 | Rayonier Inc. |
• | annual cash retainer of $55,000, payable in equal quarterly installments; | ||||
• | annual cash retainers to members of the Audit, Compensation and Nominating Committees of $13,500, $7,500 and $5,000, respectively, as compensation for committee meetings, payable in equal quarterly installments; | ||||
• | annual cash retainers for the chairs of the Audit, Compensation and Nominating Committees of $18,000, $10,000 and $6,000, respectively, payable in equal quarterly installments; | ||||
• | an additional annual cash retainer for the Chairman of the Board of $55,000, payable in equal quarterly installments; and | ||||
• | restricted stock award equivalent to $95,000 based on grant date value, vesting upon issuance and to be held until the earlier of four years from the date of issuance or a director’s departure from the Board. |
Directors may defer up to 100% of their cash compensation. Any deferred amounts are paid to the director in a single lump sum on the later of the date the director becomes 72 or the conclusion of the director’s term, or upon termination as a director, if prior to age 72. Any deferred amounts earnshall be credited with interest thereon at a rate equal to 120% of the Primelong term Applicable Federal Rate, adjusted and compounded annually as reported inThe Wall Street Journal and is compounded annually.
of December 31. Name Fees Earned or Paid in Cash ($) Stock Awards ($) (1) All Other Compensation ($) Bass, Keith E. Blumberg, John A. Fraser, Dod A. Jones, Scott R. Kincaid, Richard D. Lanigan, Bernard Jr. Lincoln, Blanche L. Martin, V. Larkin Nunes, David L.(6) Wiltshire, Andrew G.20172019 for all individuals serving on our Board at any time during 2017.2019. Total ($) 3,513 (3) –( 2) – 3,513 67,500 (4) 95,001 – 162,501 94,000 (5) 95,001 – 189,001 84,167 (5)(7) 95,001 2,145 (8) 180,727 131,000 (5) 95,001 – 226,001 80,167 (7) 95,001 – 175,168 73,500 95,001 – 168,501 79,500 (5) 95,001 – 174,501 – – – – 82,667 (7) 95,001 177,668 Name Fees Earned
or Paid in
Cash ($)Stock
Awards
($) (1)All Other
Compensation
($)Total ($) Bass, Keith E. 76,000 94,987 — 170,987 Fraser, Dod A. 91,500 (2) 94,987 — 186,487 Jones, Scott R. 72,500 (2) 94,987 — 167,487 Kincaid, Richard D. 131,000 (2) 94,987 — 225,987 Lanigan, Bernard Jr. 73,500 94,987 — 168,487 Lincoln, Blanche L. 67,500 94,987 — 162,487 Martin, V. Larkin 73,500 (2) 94,987 — 168,487 — — — — Wiltshire, Andrew G. 73,500 94,987 — 168,487 (1) Represents the aggregate grant date fair value computed in accordance with FASB ASC Topic 718. A discussion of the assumptions used in calculating these values may be found in Note 1617 “Incentive Stock Plans” included in the notes to financial statements in our 20172019 Annual Report on Form10-K. All awards reflect the May 20172019 awards of 3,4213,074 shares of restricted stock to eachnon-management director (other than Mr. Bass) vesting immediately upon8Rayonier Inc.
issuance of the grant and which shares |
(2) |
Includes $18,000 in Audit Chair fees for Mr. Fraser; $10,000 in Compensation Chair fees for Mr. Jones; $55,000 inNon-Executive Chairman fees for Mr. Kincaid and $6,000 in Nominating |
Mr. Nunes, as an executive officer of Rayonier, was not compensated for service as a director. See the Summary Compensation Table on page |
10 | Rayonier Inc. |
Name of and Members |
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AUDIT: Dod A. Fraser, Chair Keith E. Bass Richard D. Kincaid Bernard Lanigan, Jr.
Andrew G. Wiltshire Number of Meetings in 2019: 9 | This committee is responsible for oversight of our accounting and financial reporting policies, processes, including disclosure controls and controls over financial reporting. | |||||||||||||||||
• | discussing audited annual financial statements and quarterly financial statements with the Company and the independent auditors, as well as making a recommendation to the Board regarding the inclusion of same in the annual Form 10-K; | |||||||||||||||||
• | reviewing with the independent auditors results of their annual audit of the Company’s financial statements and audit of internal control over financial reporting, and the required communications under (i) Auditing Standards No. | |||||||||||||||||
• | reviewing with management and the independent auditors (i) all significant issues, deficiencies and material weaknesses in the design or operation of internal controls, and (ii) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal controls; | |||||||||||||||||
• | reviewing with the independent auditors any audit problems or difficulties and the Company’s response; | |||||||||||||||||
• | resolving any disagreements between management and the independent auditors regarding financial reporting; | |||||||||||||||||
• | reviewing with management and the independent auditors (i) major issues regarding accounting principles and financial statement presentations, including any significant changes in the selection or application of accounting principles, (ii) all critical accounting policies and practices and all significant financial reporting issues and judgments made in connection with the preparation of the financial statements, (iii) alternative treatments within generally accepted accounting principles that have been discussed with management, ramifications of the use of alternative disclosures and treatments, and the treatment preferred by the independent auditors, (iv) the effect of regulatory and accounting initiatives, as well as any significantoff-balance sheet structures on the Company’s financial statements, and (v) other material written communications between the independent auditors and management; and | |||||||||||||||||
• | reviewing press releases, guidance, rating agency and investor presentations and other public disclosures of financial information, with particular attention to any use of “pro forma” or “adjusted”non-GAAP information. | |||||||||||||||||
COMPENSATION AND MANAGEMENT DEVELOPMENT: Scott R. Jones, Chair Keith E. Bass
Richard D. Kincaid
Blanche L. Lincoln V. Larkin Martin Number of Meetings in 2019: 6 | This committee is responsible for overseeing the compensation and benefits of employees and directors, including: | |||||||||||||||||
• | evaluating management performance, succession and development matters; | |||||||||||||||||
• | establishing executive compensation; | |||||||||||||||||
• | reviewing the Compensation Discussion and Analysis included in the annual proxy statement; | |||||||||||||||||
• | approving individual compensation actions for all senior executives other than our CEO; | |||||||||||||||||
• | recommending compensation actions regarding our CEO for approval by ournon-management |
directors; and | ||||||||
• |
beginning with the 2021-2022 period, reviewing and recommending to the Board the compensation of our non-management directors. | |||||||||||||
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NOMINATING AND CORPORATE GOVERNANCE: V. Larkin Martin, Chair
Dod A. Fraser Blanche L. Lincoln Bernard Lanigan Jr.
Andrew G. Wiltshire Number of Meetings in 2019: 4 | This committee is responsible for advising the Board with regard to board structure, composition and governance, including: | ||||||||||||
• | establishing criteria for Board nominees and identifying qualified individuals for nomination to become Board members, including considering potential nominees recommended by shareholders; | ||||||||||||
• | recommending the composition of Board committees; | ||||||||||||
• | overseeing processes to evaluate Board and committee effectiveness; | ||||||||||||
• | overseeing Environmental, Social and Company; | ||||||||||||
• | overseeing our corporate governance structure and practices, including our Corporate Governance Principles; | ||||||||||||
• | reviewing and approving changes to the charters of the other Board committees; and | ||||||||||||
• | reviewing, approving, and overseeing transactions between the Company and any related person. | ||||||||||||
2020 Proxy Statement | 11 |
• | Serving as the leader of the Board and overseeing and coordinating the work of the Board and its committees; | ||||
• | Serving as a liaison between the CEO, other members of senior management, the independent directors and the committee chairs; | ||||
• | Being available to serve as an advisor to the CEO; | ||||
• | Presiding at all meetings of the Board, including executive sessions of the independent directors; | ||||
• | Setting meeting agendas for the Board; | ||||
• | Approving meeting schedules to assure that there is sufficient time for discussion of all agenda items; | ||||
• | Presiding at all meetings of the shareholders; | ||||
• | Recommending to the Board agendas for shareholder meetings and providing leadership to the Board on positions the Board should take on issues to come before shareholder meetings; | ||||
• | Participating in discussions with the Nominating Committee on matters related to Board and committee composition and with the Nominating Committee and the Compensation Committee on matters related to the hiring, evaluation, compensation and termination of, and succession planning for, the CEO; and | ||||
• | If requested by major shareholders, the Board or the CEO, ensuring that he or she is available for consultation and direct communication with major shareholders or external groups. |
The Board oversees risk management at Rayonier by annually appointing the members of an Enterprise Risk Management (“ERM”) Committee, which consistconsists of senior executives. TheEach of the Board committees and our ERM Committee is responsible for identifyingoversee and assessing the material risks facing the Company and providing periodic reports regarding such risks to the Audit Committee for review and evaluationareas of mitigation strategies. The Audit Committee then assigns ongoing Board level oversight responsibility for each material risk to either the full Board or the appropriate Board committee. The ERM Committee also completes an annual risk assessment with regard to the Company’s overall compensation policies and practices, which is reviewed by the Compensation Committee.they are responsible. We believe that these governance practices, including the interaction of the various committees, facilitate effective Board oversight of our significant risks.
PRIMARY AREAS OF RISK OVERSIGHT | |||||
Audit Committee | |||||
Compensation Committee | The Compensation Committee is responsible for risks related to compensation policies and practices, including incentive-related risks, and oversees risks associated with talent management and succession planning. | ||||
Nominating Committee | The Nominating Committee is responsible for risks associated with corporate governance matters, related party transactions, effectiveness and organization, director independence and director succession planning. The Nominating Committee is also responsible for identifying and assessing ESG related risks and refers said risks to the appropriate committee. | ||||
ERM Committee | The ERM Committee is responsible for identifying and assessing the material risks facing the Company and providing periodic reports regarding such risks to the Audit Committee for review and evaluation of mitigation strategies. The ERM Committee also completes an annual risk assessment with regard to the Company’s overall compensation policies and practices, which is reviewed by the Compensation Committee. |
12 | Rayonier Inc. |
Our Board believes that the format of one-on-one private discussions with our Corporate Secretary is effective and elicits candid input and feedback.
2020 Proxy Statement | 13 |
“SAY-ON-PAY”
|
Name | Title | |||||
David L. Nunes | President and Chief Executive Officer | |||||
Mark D. McHugh | Senior Vice President and Chief Financial Officer | |||||
| Senior Vice President, Forest Resources | |||||
| Senior Vice President, Real Estate | |||||
Mark R. Bridwell | Vice President, General Counsel and Corporate Secretary |
CD&A TABLE OF CONTENTS | ||||||||
| ||||||||
| Page | |||||||
Page | ||||||||
WHAT WE DO | WHAT WE DON’T DO | |||||||||||||
| Pay for performance with focus on long-term value creation |
| O | No employment agreements | ||||||||||
O |
| No single-trigger change in control provisions for equity awards | ||||||||||||
| ü | Maintain robust share ownership and share retention requirements | ||||||||||||
| O | No excise taxgross-ups | ||||||||||||
| ü | Maintain a comprehensive clawback policy |
| O | No hedging or pledging of Company stock | |||||||||
ü | Avoid compensation practices that encourage inappropriate risk |
| O | No excessive executive perquisites | ||||||||||
| O | No repricing of underwater options | ||||||||||||
| ü | Engage an independent compensation consultant and conduct annual compensation review | ||||||||||||
| ü | Maintain an independent Compensation Committee | ||||||||||||
| ü | Cap performance share awards payable if total shareholder return for the period is negative |
2020 Proxy Statement | 17 |
PAY ELEMENT | DESCRIPTION AND PURPOSE | |||||||||||||||||
Base Salary | • |
| ||||||||||||||||
• | Helps attract and retain talented executives | |||||||||||||||||
• | Evaluated against external market data annually | |||||||||||||||||
Annual Bonus Program | • |
| ||||||||||||||||
Long-Term Incentives | • |
| ||||||||||||||||
• | Two components:
| |||||||||||||||||
○ | Performance shares (weighted
| |||||||||||||||||
○ | Time-based restricted stock units (weighted | |||||||||||||||||
• | Aligns management interests with those of our investors | |||||||||||||||||
• | Promotes an “ownership” mentality that fosters the long-term perspective necessary for sustained success | |||||||||||||||||
• | Ultimate value of these awards depends upon our performance in delivering value to shareholders both in absolute terms through restricted stock units and relative to our peers through performance shares |
Consistent with our compensation philosophy, a substantial majority of senior executive compensation is in the form of variable “at risk” pay, aligning compensation with performance and shareholder value. For 2017,2019, the portion of total target compensation (which is comprised of base salary and targeted annual and long-term incentive award levels) allocated to variable“at-risk” “at-risk” compensation was 78%81% for our CEO and 63%65% on average for our other named executive officers.
2017
18 | Rayonier Inc. |
The Compensation Committee increased target bonus award levels in 2019 for Messrs. Nunes, McHugh and Long and decreased the target award level for Mr. Corr based on their annual review and assessment of competitive compensation positioning for each named executive officer.
The bonus pool funding level is calculated using the table below, interpolating values between the threshold, target and maximum levels, with zero payout for performance below threshold:
Threshold | Maximum | |||||||||||||
Recurring Cash Flow (80%) | ||||||||||||||
Percentage of Budgeted Recurring Cash Flow Achieved | 80% of
| Budget | 110% of
| |||||||||||
Bonus Pool Funding Level | 40% of
| 80% of
| 120% of
| |||||||||||
Strategic Objectives / Quality of Earnings Assessment (20%) – Bonus Pool Funding Level | 0% of
| 20% of
| 30% of
| |||||||||||
Total | 40% of
| 100% of
| 150% of
|
performance.
2018. Actual Recurring Cash Flow for 2019 was $182.6 million, resulting in funding for the financial performance component at 74.1% of target.
contractors.
2020 Proxy Statement | 19 |
increased revenues generated by our non-timber income activities.
target, and no adjustments were made to the earned bonuses for the named executive officers.
our performance share awards and the five-year vesting period for our restricted stock awards also provide a retention incentive for our executives. In setting the grant date value of target long-term incentives to be awarded to each named executive officer, the Compensation Committee considers external market pay data, performance and potential, as discussed below under “Compensation Benchmarking.”
30.
2022.
20 | Rayonier Inc. |
Percentile Rank | Payout Level (Expressed As Percent of Target | |||||
80th and Above | 200% | |||||
51st – 79th | 100% (plus 3.33% for each incremental percentile position over the 50th Percentile) | |||||
50th | 100% | |||||
31st – 49th | 30% (plus 3.5% for each incremental percentile position over the 30th Percentile) | |||||
30th | 30% | |||||
Below | 0% |
Custom | ||||||||
Pope Resources (8x)* | |||||||||||
Weyerhaeuser (8x) | |||||||||||
Alexander & Baldwin, Inc. | Highwoods Properties, Inc | Omega Healthcare Investors, Inc. | |||||||||
American Campus Communities | |||||||||||
Hospitality Properties Trust | Reology Holding Corporation | ||||||||||
Camden Property Trust | JBG Smith Properties | Sabra Healh Care REIT Inc. | |||||||||
CoreSite Realty Corporation | Jones Lang LaSalle Incorporated | Senior Housing Properties Trust | |||||||||
Core Civic, Inc. | Kilroy Realty Corporation | Tanger Factory Outlet Centers, Inc. | |||||||||
Corporate Office Properties Trust | Lamar Advertising Company | Taubman Centers, Inc. | |||||||||
Cousins Properties Incorporated | LaSalle Hotel Properties | The GEO Group, Inc. | |||||||||
CyrusOne Inc. | Liberty Property Trust | Uniti Group Inc. | |||||||||
Life Storage, Inc. | Urban Edge Properties | ||||||||||
EPR Properties | Mack-Cali Realty Corporation | Weingarten Realty Investors | |||||||||
First Industrial Realty Trust Inc. | Medical Properties Trust, Inc. | ||||||||||
Healthcare Realty Trust Inc. | National Retail Properties, Inc. |
• | the Rayonier Investment and Savings Plan for Salaried Employees (our 401(k) plan); | ||||
• | the Rayonier Inc. Supplemental Savings Plan; | ||||
• | the Retirement Plan for Salaried Employees of Rayonier; | ||||
• | the Rayonier Excess Benefit Plan; and | ||||
• | the Rayonier Salaried Retiree Medical Plan. |
The benefits available under the plans listed above are intended to provide income replacement after retirement, primarily through distributions from a 401(k) or other deferred compensation plan. We place great value on the long-term commitment that many of our employees and named executive officers have made to us and wish to incentivize them to
2020 Proxy Statement | 21 |
Our defined benefit pension plans, the Retirement Plan for Salaried Employees of Rayonier and the Rayonier Excess Benefit Plan, were closed to new employees on January 1, 2006. On December 31, 2016, benefits under our defined benefit pension plans were frozen for all participants. No additional benefits will be accrued under these plans. Of our named executive officers, only Mr. Long is a participant in these plans. Our other named executive officers were hired after January 1, 2006 and are ineligible to participate. For detailed descriptions of our Retirement Plan for Salaried Employees and the Rayonier Excess Benefit Plan, see the discussion following the “Pension Benefits” table on page 30.
22 | Rayonier Inc. |
based on such evaluation, makes recommendations regarding his compensation for approval by the independent members of our Board. All of these functions are set forth in the Compensation Committee’s Charter, which is available on our website (www.rayonier.com) located under the Corporate Governance tab on our Investor Relations page and is reviewed annually by the Compensation Committee.
applied that ratio to our total capitalization to derive an adjusted revenue scope for the TowersWatson survey, which fell within the $1 billion to $3 billion revenue "bucket" within the survey.
Catchmark Timber Trust | Pope Resources | |||||||
PotlatchDeltic Corporation | Weyerhaeuser |
2020 Proxy Statement | 23 |
In setting compensation levels, the Compensation Committee also considered total direct compensation in the context of the relatively short period of time each of the named executive officers has served in his or her respective role.
Position | Ownership Requirement | |||||
Chief Executive Officer | ||||||
Executive Vice Presidents & Chief Financial Officer | ||||||
Senior Vice Presidents | ||||||
Vice Presidents on Senior Leadership Team | 2x | |||||
Vice Presidents | 1x |
Scott R. Jones, Chair | Richard D. Kincaid | |||||
Keith E. Bass | ||||||
| Blanche L. Lincoln |
Name and Principal Position | Year | Salary | Bonus (1) | Stock (2) (3) | Option (2) | Non-Equity (4) | Change in (5) | All Other sation (6) | Total | |||||||||||||||||||||||||||
David Nunes | 2017 | $ | 668,750 | — | $ | 1,917,101 | — | $ | 969,690 | — | $ | 157,506 | $ | 3,713,047 | ||||||||||||||||||||||
President and Chief | 2016 | $ | 637,500 | — | $ | 1,776,612 | — | $ | 956,250 | — | $ | 116,401 | $ | 3,486,763 | ||||||||||||||||||||||
Executive Officer | 2015 | $ | 587,520 | — | $ | 1,627,690 | — | $ | 705,024 | — | $ | 56,347 | $ | 2,976,581 | ||||||||||||||||||||||
Mark McHugh | 2017 | $ | 412,000 | — | $ | 629,907 | — | $ | 388,310 | — | $ | 93,258 | $ | 1,523,475 | ||||||||||||||||||||||
Senior Vice President and | 2016 | $ | 387,500 | — | $ | 555,205 | — | $ | 377,813 | — | $ | 44,196 | $ | 1,364,714 | ||||||||||||||||||||||
Chief Financial Officer | 2015 | $ | 350,000 | — | $ | 542,582 | — | $ | 273,000 | — | $ | 168,506 | $ | 1,334,088 | ||||||||||||||||||||||
Doug Long | 2017 | $ | 322,500 | — | $ | 383,414 | — | $ | 257,190 | $ | 301,065 | $ | 37,668 | $ | 1,301,837 | |||||||||||||||||||||
Senior Vice President, | 2016 | $ | 300,000 | — | $ | 333,101 | — | $ | 247,500 | $ | 263,188 | $ | 15,261 | $ | 1,159,050 | |||||||||||||||||||||
Forest Resources | 2015 | $ | 245,833 | $ | 10,000 | $ | 244,166 | — | $ | 147,500 | $ | 76,896 | $ | 7,481 | $ | 731,876 | ||||||||||||||||||||
Chris Corr | 2017 | $ | 340,000 | — | $ | 383,414 | — | $ | 271,150 | $ | 709 | $ | 46,844 | $ | 1,042,117 | |||||||||||||||||||||
Senior Vice President, Real | 2016 | $ | 337,500 | — | $ | 444,153 | — | $ | 185,625 | $ | 722 | $ | 64,721 | $ | 1,032,721 | |||||||||||||||||||||
Estate and Public Affairs | 2015 | $ | 327,500 | — | $ | 434,054 | — | $ | 196,500 | $ | 558 | $ | 47,086 | $ | 1,005,698 | |||||||||||||||||||||
Mark Bridwell | 2017 | $ | 327,500 | — | $ | 356,030 | — | $ | 261,180 | — | $ | 48,378 | $ | 993,088 | ||||||||||||||||||||||
Vice President, General | 2016 | $ | 315,000 | — | $ | 333,101 | — | $ | 259,875 | — | $ | 40,394 | $ | 948,370 | ||||||||||||||||||||||
Counsel & Corporate Secretary | 2015 | $ | 293,750 | — | $ | 325,555 | — | $ | 176,250 | — | $ | 26,467 | $ | 822,022 |
Name and Principal Position | Year | Salary | Bonus | Stock Awards (1) (2) | Option Awards | Non-Equity Incentive Plan Compensation (3) | Change in Pension Value & Non-Qualified Deferred Compensation Earnings (4) | All Other Compensation (5) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
David Nunes | 2019 | $ | 775,000 | — | $ | 2,707,451 | — | $ | 1,008,470 | — | $ | 192,081 | $ | 4,683,002 | |||||||||||||||||||||||||||||||||||||||||||||||||||
President & Chief | 2018 | $ | 693,750 | — | $ | 2,496,488 | — | $ | 1,005,940 | — | $ | 122,320 | $ | 4,318,498 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Executive Officer | 2017 | $ | 668,750 | — | $ | 1,917,101 | — | $ | 969,690 | — | $ | 107,250 | $ | 3,662,791 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mark McHugh | 2019 | $ | 463,750 | — | $ | 974,669 | — | $ | 362,070 | — | $ | 53,057 | $ | 1,853,546 | |||||||||||||||||||||||||||||||||||||||||||||||||||
SVP & Chief | 2018 | $ | 426,500 | — | $ | 721,191 | — | $ | 401,980 | — | $ | 48,012 | $ | 1,597,683 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Officer | 2017 | $ | 412,000 | — | $ | 629,907 | — | $ | 388,310 | — | $ | 37,824 | $ | 1,468,041 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Doug Long | 2019 | $ | 390,000 | — | $ | 541,491 | — | $ | 304,490 | $ | 302,741 | $ | 37,719 | $ | 1,576,441 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SVP, Forest | 2018 | $ | 355,000 | — | $ | 416,094 | — | $ | 283,110 | — | $ | 33,095 | $ | 1,087,299 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Resources | 2017 | $ | 322,500 | — | $ | 383,414 | — | $ | 257,190 | $ | 301,065 | $ | 28,710 | $ | 1,292,879 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Chris Corr | 2019 | $ | 350,000 | — | $ | 270,761 | — | $ | 182,170 | $ | 687 | $ | 39,625 | $ | 843,243 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SVP, Real Estate | 2018 | $ | 347,500 | — | $ | 388,352 | — | $ | 182,910 | $ | 977 | $ | 44,173 | $ | 963,912 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Development | 2017 | $ | 340,000 | — | $ | 383,414 | — | $ | 271,150 | $ | 709 | $ | 34,691 | $ | 1,029,964 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mark Bridwell | 2019 | $ | 352,750 | — | $ | 351,988 | — | $ | 201,970 | — | $ | 44,386 | $ | 951,094 | |||||||||||||||||||||||||||||||||||||||||||||||||||
VP, General | 2018 | $ | 337,500 | — | $ | 360,616 | — | $ | 269,160 | — | $ | 42,020 | $ | 1,009,296 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Counsel & Corp | 2017 | $ | 327,500 | — | $ | 356,030 | — | $ | 261,180 | — | $ | 38,767 | $ | 983,477 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Secretary |
(1) | Represents the aggregate grant date fair value for performance share and restricted stock unit awards, computed in accordance with FASB ASC Topic 718 granted in |
Performance Shares | Restricted Stock | |||||||
Mr. Nunes | $ | 1,392,092 | $ | 525,009 | ||||
Mr. McHugh | $ | 457,414 | $ | 172,493 | ||||
Mr. Long | $ | 278,412 | $ | 105,002 | ||||
Mr. Corr | $ | 278,412 | $ | 105,002 | ||||
Mr. Bridwell | $ | 258,530 | $ | 97,500 |
Performance Shares | Restricted Stock | |||||||||||||||||||||||||||||||
Mr. Nunes | $ | 1,707,451 | $ | 1,000,000 | ||||||||||||||||||||||||||||
Mr. McHugh | $ | 614,674 | $ | 359,995 | ||||||||||||||||||||||||||||
Mr. Long | $ | 341,497 | $ | 199,994 | ||||||||||||||||||||||||||||
Mr. Corr | $ | 170,749 | $ | 100,013 | ||||||||||||||||||||||||||||
Mr. Bridwell | $ | 221,981 | $ | 130,007 |
Performance share payouts are |
Represents awards under the |
For Mr. Long, these amounts represent the annual change in actuarial present value of the participant’s pension benefit under the Company’s retirement plans. For 2018, Mr. Long’s aggregate change in pension value was negative. In accordance with SEC rules, the value shown in the table for 2018 is zero. Mr. Long’s actual change in pension value from December 31, 2017 to December 31, 2018 was $(133,018). For Mr. Corr, these amounts represent above market interest on |
26 | Rayonier Inc. |
(5) | For each year presented, these amounts include Company contributions to the Rayonier Investment and Savings Plan for Salaried Employees, our 401(k) Plan; Company contributions to the Rayonier Excess Savings and Deferred Compensation Plan; |
• | The median of the annual total compensation of all employees of our Company (other than our CEO) was $106,120; and | ||||
• | The annual total compensation of our CEO, as reported in the Summary Compensation Table above, was $4,683,002. |
Based on this information, for 2017,2019, the ratio of the annual total compensation of our CEO to the median of the annual total compensation of all employees was 3844 to 1.
We determined that, as of December 31, 2017, our employee population consisted of 345 employees, with 72% of these individuals located in the United States and 28% located in New Zealand. This population consisted of our full-time, part-time, and temporary employees. We selected December 31, 2017, as the date upon which we would identify the “median employee”. | |||||
• | |||||
• | Once we identified our median employee, we combined all of the elements of such employee’s compensation for 2019 in accordance with the requirements of Item 402(c)(2)(x) of Regulation S-K. | ||||
• | With respect to the annual total compensation of our CEO, we used the amount reported in the “Total” column (column (j)) of our 2019 Summary Compensation Table included in this Proxy Statement. |
2020 Proxy Statement | 27 |
Estimated Future Payouts UnderNon-Equity Incentive Plan Awards (1) | Estimated Future Payouts Under Equity Incentive Plan Awards (2) | All Other Stock Awards: Number of Shares of Stock or Units (#) (3) | Grant Date Fair Value of Stock Awards (4) | |||||||||||||||||||||||||||||||||||||
Name | Grant Date | Approval Date | Thres- hold | Target | Maxi- mum | Thres- hold (#) | Target (#) | Maxi- mum (#) | ||||||||||||||||||||||||||||||||
David Nunes | — | — | $ | 267,500 | $ | 668,750 | $ | 1,003,125 | ||||||||||||||||||||||||||||||||
4/3/2017 | 2/24/2017 | 12,981 | 43,271 | 86,542 | $ | 1,392,092 | ||||||||||||||||||||||||||||||||||
4/3/2017 | 2/24/2017 | 18,545 | $ | 525,009 | ||||||||||||||||||||||||||||||||||||
Mark McHugh | — | — | $ | 107,120 | $ | 267,800 | $ | 401,700 | ||||||||||||||||||||||||||||||||
4/3/2017 | 2/24/2017 | 4,265 | 14,218 | 28,436 | $ | 457,414 | ||||||||||||||||||||||||||||||||||
4/3/2017 | 2/24/2017 | 6,093 | $ | 172,493 | ||||||||||||||||||||||||||||||||||||
Doug Long | — | — | $ | 70,950 | $ | 177,375 | $ | 266,063 | ||||||||||||||||||||||||||||||||
4/3/2017 | 2/24/2017 | 2,596 | 8,654 | 17,308 | $ | 278,412 | ||||||||||||||||||||||||||||||||||
4/3/2017 | 2/24/2017 | 3,709 | $ | 105,002 | ||||||||||||||||||||||||||||||||||||
Chris Corr | — | — | $ | 74,800 | $ | 187,000 | $ | 280,500 | ||||||||||||||||||||||||||||||||
4/3/2017 | 2/24/2017 | 2,596 | 8,654 | 17,308 | $ | 278,412 | ||||||||||||||||||||||||||||||||||
4/3/2017 | 2/24/2017 | 3,709 | $ | 105,002 | ||||||||||||||||||||||||||||||||||||
Mark Bridwell | — | — | $ | 72,050 | $ | 180,125 | $ | 270,187 | ||||||||||||||||||||||||||||||||
4/3/2017 | 2/24/2017 | 2,411 | 8,036 | 16,072 | $ | 258,530 | ||||||||||||||||||||||||||||||||||
4/3/2017 | 2/24/2017 | 3,444 | $ | 97,500 |
Estimated Future Payouts Under Non-Equity Incentive Plan Awards (1) | Estimated Future Payouts Under Equity Incentive Plan Awards (2) | All Other Stock Awards: Number of Shares of Stock or Units (#) (3) | Grant Date Fair Value of Stock Awards (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Grant Date | Approval Date | Thres- hold | Target | Maxi- mum | Thres- hold (#) | Target (#) | Maxi- mum (#) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
David Nunes | — | — | $ | 387,500 | $ | 968,750 | $ | 1,453,125 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 | 2/21/2019 | 14,178 | 47,259 | 94,518 | $ | 1,707,451 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 | 2/21/2019 | 31,506 | $ | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark McHugh | — | — | $ | 139,125 | $ | 347,813 | $ | 521,720 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 | 2/21/2019 | 5,104 | 17,013 | 34,026 | $ | 614,674 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 | 2/21/2019 | 11,342 | $ | 359,995 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doug Long | — | — | $ | 117,000 | $ | 292,500 | $ | 438,750 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 | 2/21/2019 | 2,836 | 9,452 | 18,904 | $ | 341,497 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 | 2/21/2019 | 6,301 | $ | 199,994 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chris Corr | — | — | $ | 70,000 | $ | 175,000 | $ | 262,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 | 2/21/2019 | 1,418 | 4,726 | 9,452 | $ | 170,749 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 | 2/21/2019 | 3,151 | $ | 100,013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark Bridwell | — | — | $ | 77,605 | $ | 194,013 | $ | 291,020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 | 2/21/2019 | 1,843 | 6,144 | 12,288 | $ | 221,981 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2019 | 2/21/2019 | 4,096 | $ | 130,007 |
(1) | Reflects potential awards under the |
(2) | Reflects potential awards, in number of shares, under the |
(3) | Reflects awards of time-based restricted stock units, in number of shares, under the |
(4) | Reflects the grant date fair value of each equity award computed in accordance with FASB ASC Topic 718. Values for equity incentive plan awards subject to |
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||||||
Equity Incentive Plan Awards | ||||||||||||||||||||||||||||||||||||
Name | Grant Date | Number of Securities Underlying Unexer- cised Options (#) Exercisable | Number of Securities Underlying Unexer- cised Options Unexer- cisable (1) | Option Exercise Price | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) (2) | Market Value of Shares or Units of Stock That Have Not Vested (4) | Number of Unearned Shares or Units of That Have Not Vested (#) (3) | Market Value of Shares or Units That Have Not Vested (4) | |||||||||||||||||||||||||||
David Nunes | 4/3/2017 | 18,545 | (A) | $ | 586,578 | 43,271 | $ | 1,368,662 | ||||||||||||||||||||||||||||
4/1/2016 | 19,308 | (B) | $ | 610,712 | 45,052 | $ | 1,424,995 | |||||||||||||||||||||||||||||
4/1/2015 | 17,039 | (C) | $ | 538,944 | 39,758 | $ | 1,257,546 | |||||||||||||||||||||||||||||
7/21/2014 | 85,130 | (D) | $ | 2,692,662 | ||||||||||||||||||||||||||||||||
Mark McHugh | 4/3/2017 | 6,093 | (A) | $ | 192,722 | 14,218 | $ | 449,715 | ||||||||||||||||||||||||||||
4/1/2016 | 6,034 | (B) | $ | 190,855 | 14,079 | $ | 445,319 | |||||||||||||||||||||||||||||
4/1/2015 | 5,680 | (C) | $ | 179,658 | 13,253 | $ | 419,192 | |||||||||||||||||||||||||||||
Doug Long | 4/3/2017 | 3,709 | (A) | $ | 117,316 | 8,654 | $ | 273,726 | ||||||||||||||||||||||||||||
4/1/2016 | 3,620 | (B) | $ | 114,501 | 8,447 | $ | 267,179 | |||||||||||||||||||||||||||||
4/1/2015 | 2,556 | (C) | $ | 80,846 | 5,964 | $ | 188,641 | |||||||||||||||||||||||||||||
1/2/2014 | 1,850 | $ | 31.28 | 1/2/2024 | ||||||||||||||||||||||||||||||||
1/2/2013 | 1,400 | $ | 38.69 | 1/2/2023 | ||||||||||||||||||||||||||||||||
1/3/2012 | 1,654 | $ | 32.65 | 1/3/2022 | ||||||||||||||||||||||||||||||||
1/3/2011 | 1,468 | $ | 27.22 | 1/3/2021 | ||||||||||||||||||||||||||||||||
1/4/2010 | 1,116 | $ | 20.74 | 1/4/2020 | ||||||||||||||||||||||||||||||||
Chris Corr | 4/3/2017 | 3,709 | (A) | $ | 117,316 | 8,654 | $ | 273,726 | ||||||||||||||||||||||||||||
4/1/2016 | 4,827 | (B) | $ | 152,678 | 11,263 | $ | 356,249 | |||||||||||||||||||||||||||||
4/1/2015 | 4,544 | (C) | $ | 143,727 | 10,602 | $ | 335,341 | |||||||||||||||||||||||||||||
1/2/2014 | 7,421 | $ | 31.28 | 1/2/2024 | ||||||||||||||||||||||||||||||||
Mark Bridwell | 4/3/2017 | 3,444 | (A) | $ | 108,934 | 8,036 | $ | 254,179 | ||||||||||||||||||||||||||||
4/1/2016 | 3,620 | (B) | $ | 114,501 | 8,447 | $ | 267,179 | |||||||||||||||||||||||||||||
4/1/2015 | 3,408 | (C) | $ | 107,795 | 7,952 | $ | 251,522 | |||||||||||||||||||||||||||||
7/1/2014 | 4,493 | $ | 34.98 | 7/1/2024 | ||||||||||||||||||||||||||||||||
1/2/2014 | 1,106 | $ | 31.28 | 1/2/2024 | ||||||||||||||||||||||||||||||||
1/2/2013 | 842 | $ | 38.69 | 1/2/2023 | ||||||||||||||||||||||||||||||||
1/3/2012 | 567 | $ | 32.65 | 1/3/2022 | ||||||||||||||||||||||||||||||||
1/3/2011 | 602 | $ | 27.22 | 1/3/2021 |
Option Awards | Stock Awards | ||||||||||||||||||||||||||||||||||||||||||||||
Equity Incentive Plan Awards | |||||||||||||||||||||||||||||||||||||||||||||||
Name | Grant Date | Number of Securities Underlying Unexer- cised Options (#) Exercisable | Number of Securities Underlying Unexer- cised Options (#) Unexer- cisable (1) | Option Exercise Price | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) (2) | Market Value of Shares or Units of Stock That Have Not Vested (4) | Number of Unearned Shares or Units of Stock That Have Not Vested (#) (3) | Market Value of Shares or Units That Have Not Vested (4) | ||||||||||||||||||||||||||||||||||||||
David Nunes | 4/1/2019 | 31,506(A) | $ | 1,032,137 | 94,518 | $ | 3,096,410 | ||||||||||||||||||||||||||||||||||||||||
4/2/2018 | 19,385(B) | $ | 635,053 | 90,466 | $ | 2,963,666 | |||||||||||||||||||||||||||||||||||||||||
4/3/2017 | 18,545(C) | $ | 607,534 | 86,542 | $ | 2,835,116 | |||||||||||||||||||||||||||||||||||||||||
4/1/2016 | 12,872(D) | $ | 421,687 | ||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 | 5,680(E) | $ | 186,077 | ||||||||||||||||||||||||||||||||||||||||||||
Mark McHugh | 4/1/2019 | 11,342(A) | $ | 371,564 | 34,026 | $ | 1,114,692 | ||||||||||||||||||||||||||||||||||||||||
4/2/2018 | 5,600(B) | $ | 183,456 | 26,134 | $ | 856,150 | |||||||||||||||||||||||||||||||||||||||||
4/3/2017 | 6,093(C) | $ | 199,607 | 28,436 | $ | 931,563 | |||||||||||||||||||||||||||||||||||||||||
4/1/2016 | 4,023(D) | $ | 131,793 | ||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 | 1,894(E) | $ | 62,047 | ||||||||||||||||||||||||||||||||||||||||||||
Doug Long | 4/1/2019 | 6,301(A) | $ | 206,421 | 18,904 | $ | 619,295 | ||||||||||||||||||||||||||||||||||||||||
4/2/2018 | 3,231(B) | $ | 105,848 | 15,078 | $ | 493,955 | |||||||||||||||||||||||||||||||||||||||||
4/3/2017 | 3,709(C) | $ | 121,507 | 17,308 | $ | 567,010 | |||||||||||||||||||||||||||||||||||||||||
4/1/2016 | 2,414(D) | $ | 79,083 | ||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 | 852(E) | $ | 27,912 | ||||||||||||||||||||||||||||||||||||||||||||
1/2/2014 | 1,850 | $31.28 | 1/2/2024 | ||||||||||||||||||||||||||||||||||||||||||||
1/2/2013 | 1,400 | $38.69 | 1/2/2023 | ||||||||||||||||||||||||||||||||||||||||||||
1/3/2012 | 1,654 | $32.65 | 1/3/2022 | ||||||||||||||||||||||||||||||||||||||||||||
1/3/2011 | 1,468 | $27.22 | 1/3/2021 | ||||||||||||||||||||||||||||||||||||||||||||
Chris Corr | 4/1/2019 | 3,151(A) | $ | 103,227 | 9,452 | $ | 309,648 | ||||||||||||||||||||||||||||||||||||||||
4/2/2018 | 3,016(B) | $ | 98,804 | 14,072 | $ | 460,999 | |||||||||||||||||||||||||||||||||||||||||
4/3/2017 | 3,709(C) | $ | 121,507 | 17,308 | $ | 567,010 | |||||||||||||||||||||||||||||||||||||||||
4/1/2016 | 3,218(D) | $ | 105,422 | ||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 | 1,515(E) | $ | 49,631 | ||||||||||||||||||||||||||||||||||||||||||||
1/2/2014 | 7,421 | $31.28 | 1/2/2024 | ||||||||||||||||||||||||||||||||||||||||||||
Mark Bridwell | 4/1/2019 | 4,096(A) | $ | 134,185 | 12,288 | $ | 402,555 | ||||||||||||||||||||||||||||||||||||||||
4/2/2018 | 2,800(B) | $ | 91,728 | 13,068 | $ | 428,108 | |||||||||||||||||||||||||||||||||||||||||
4/3/2017 | 3,444(C) | $ | 112,825 | 16,072 | $ | 526,519 | |||||||||||||||||||||||||||||||||||||||||
4/1/2016 | 2,414(D) | $ | 79,083 | ||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 | 1,136(E) | $ | 37,215 | ||||||||||||||||||||||||||||||||||||||||||||
7/1/2014 | 4,493 | $34.98 | 7/1/2024 | ||||||||||||||||||||||||||||||||||||||||||||
1/2/2014 | 1,106 | $31.28 | 1/2/2024 | ||||||||||||||||||||||||||||||||||||||||||||
1/2/2013 | 842 | $38.69 | 1/2/2023 | ||||||||||||||||||||||||||||||||||||||||||||
1/3/2012 | 567 | $32.65 | 1/3/2022 | ||||||||||||||||||||||||||||||||||||||||||||
1/3/2011 | 602 | $27.22 | 1/3/2021 |
2020 Proxy Statement | 29 |
(1) | Option awards |
(2) | (A) Amounts reflect time-based restricted stock units granted as part of our 2019 long-term incentive program on April 1, 2019, which vest in equal one-third increments on the third, fourth, and fifth anniversaries of the grant date. | ||||
(B) Amounts reflect time-based restricted shares granted as part of our 2018 long-term incentive program on April 2, 2018, which vest in equal one-third increments on the third, fourth, and fifth anniversaries of the grant date. | |||||
(C) Amounts reflect time-based restricted shares granted as part of our 2017 long-term incentive program on April 3, 2017, which vest in equalone-third increments on the third, fourth, and fifth |
(3) | Represents awards under the Performance Share Award Program for |
the Compensation Committee’s certification of performance results and the amount earned. Under the Performance Share Award Program, the actual award value can range from zero to 200% of target. See the “Performance Shares” section of the |
(4) | Value based on the December |
Option Awards | Stock Awards | |||||||||||||||
Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise | Number of Shares Acquired on Vesting (#) (1) | Value Realized on Vesting | ||||||||||||
David Nunes | — | — | — | — | ||||||||||||
Mark McHugh | — | — | 13,050 | $ | 409,900 | |||||||||||
Doug Long | 2,305 | $ | 26,446 | — | — | |||||||||||
Chris Corr | — | — | — | — | ||||||||||||
Mark Bridwell | 1,659 | $ | 27,104 | — | — |
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||||||||
Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise (1) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting (2) | ||||||||||||||||||||||||||||||||||
David Nunes | — | — | 184,512 | $ | 5,734,358 | |||||||||||||||||||||||||||||||||
Mark McHugh | — | — | 31,176 | $ | 996,344 | |||||||||||||||||||||||||||||||||
Doug Long | 1,116 | $6,463 | 18,420 | $ | 588,741 | |||||||||||||||||||||||||||||||||
Chris Corr | — | — | 24,941 | $ | 797,082 | |||||||||||||||||||||||||||||||||
Mark Bridwell | — | — | 18,704 | $ | 597,755 |
(1) | |||||
(2) | The amounts shown represent the value realized by our named executive officers upon vesting of restricted stock and payouts under the 2016 Performance Share Award Program. Performance shares under our 2016 Performance Share Award Program paid out at 193.7% based on our TSR for the three year period of 32.1% which placed us at the 70.6th percentile among our real estate peer group and at the 100th percentile among our timber peer group. The amounts shown are calculated using the closing market price of our common stock on the vesting date and do not take into account tax obligations that arise upon vesting. |
Name | Plan Name | Number of Years Credited Service (#) | Present Value of Accumulated Benefit (1) | Payments During Last Fiscal Year | ||||||||||
Doug Long | Rayonier Salaried Employees Retirement Plan | 21.6 | $ | 915,776 | — | |||||||||
Rayonier Excess Benefit Plan | $ | 135,493 | — |
30 | Rayonier Inc. |
Name | Plan Name | Number of Years Credited Service (#) | Present Value of Accumulated Benefit (1) | Payments During Last Fiscal Year | ||||||||||||||||
Doug Long | Rayonier Salaried Employees Retirement Plan | 21.6 | $1,063,551 | — | ||||||||||||||||
Rayonier Excess Benefit Plan | $157,442 | — |
(1) | Determined using the assumptions that applied for FASB ASC Topic715-30 disclosure as of December 31, |
2020 Proxy Statement | 31 |
Name | Executive Contributions in Last FY (1) | Registrant Contributions in Last FY (1) | Aggregate Earnings in Last FY | Aggregate Withdrawals / Distributions in Last FY | Aggregate Balance at Last FYE (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
David Nunes | $ | 81,856 | $ | 99,062 | $ | 17,274 | — | $ | 655,925 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark McHugh | $ | 16,865 | $ | 29,011 | $ | 2,956 | — | $ | 128,453 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doug Long | $ | 4,400 | $ | 15,753 | $ | 1,079 | — | $ | 50,266 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chris Corr | — | $ | 16,692 | $ | 6,582 | — | $ | 211,859 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark Bridwell | $ | 12,315 | $ | 22,566 | $ | 3,157 | — | $ | 128,437 |
Name | Executive Contributions in Last FY (1) | Registrant Contributions in Last FY (1) | Aggregate Earnings in Last FY | Aggregate Withdrawals / Distributions in Last FY | Aggregate Balance at Last FYE (2) | |||||||||||||||
David Nunes | $ | 73,500 | $ | 89,430 | $ | 6,920 | — | $ | 276,781 | |||||||||||
Mark McHugh | $ | 1,553 | $ | 17,606 | $ | 882 | — | $ | 38,124 | |||||||||||
Doug Long | $ | 1,350 | $ | 10,890 | $ | 155 | — | $ | 12,571 | |||||||||||
Chris Corr | — | $ | 16,871 | $ | 5,323 | — | $ | 158,515 | ||||||||||||
Mark Bridwell | $ | 11,242 | $ | 20,947 | $ | 1,151 | — | $ | 55,107 |
(1) | All executive and Company contributions in the last fiscal year are reflected as compensation in the Summary Compensation Table on page |
(2) | To the extent that a participant was a named executive officer in prior years, executive and Company contributions included in the Aggregate Balance at Last FYE column have been reported as compensation in the Summary Compensation Table for the applicable year. The Rayonier Inc. |
Name | Scheduled Severance (1) | Bonus Severance (2) | Pension / 401(k) Benefit (3) | Medical / Welfare and Outplacement Benefits (4) | Acceleration of Equity Awards (5) | |||||||||||||||
David Nunes Involuntary or voluntary for good reason termination after change in control | $ | 2,025,000 | $ | 2,101,338 | $ | 196,690 | $ | 66,049 | $ | 8,480,098 | ||||||||||
Mark McHugh Involuntary or voluntary for good reason termination after change in control | $ | 1,248,000 | $ | 976,221 | $ | 111,655 | $ | 52,894 | $ | 1,877,462 | ||||||||||
Doug Long Involuntary or voluntary for good reason termination after change in control | $ | 990,000 | $ | 544,500 | $ | 358,133 | $ | 67,831 | $ | 1,042,209 | ||||||||||
Chris Corr Involuntary or voluntary for good reason termination after change in control | $ | 1,020,000 | $ | 561,000 | $ | 84,150 | $ | 67,903 | $ | 1,379,036 | ||||||||||
Mark Bridwell Involuntary or voluntary for good reason termination after change in control | $ | 660,000 | $ | 373,284 | $ | 54,759 | $ | 30,894 | $ | 1,104,108 |
32 | Rayonier Inc. |
Name | Scheduled Severance (1) | Bonus Severance (2) | Pension / 401(k) Benefit (3) | Medical / Welfare and Outplacement Benefits (4) | Acceleration of Equity Awards (5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
David Nunes Involuntary or voluntary for good reason termination within 24 months after change in control | $ | 2,400,000 | $ | 2,931,879 | $ | 246,356 | $ | 74,073 | $ | 7,330,083 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark McHugh Involuntary or voluntary for good reason termination within 24 months after change in control | $ | 1,425,000 | $ | 1,168,104 | $ | 129,093 | $ | 72,797 | $ | 2,399,670 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doug Long Involuntary or voluntary for good reason termination within 24 months after change in control | $ | 1,200,000 | $ | 877,500 | $ | 411,040 | $ | 75,696 | $ | 1,380,900 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chris Corr Involuntary or voluntary for good reason termination within 24 months after change in control | $ | 1,050,000 | $ | 639,684 | $ | 88,491 | $ | 75,532 | $ | 1,147,419 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark Bridwell Involuntary or voluntary for good reason termination within 24 months after change in control | $ | 714,000 | $ | 526,810 | $ | 62,928 | $ | 30,963 | $ | 1,133,627 |
(1) | Represents the executive’s base pay times the applicable tier multiplier under the Executive Severance Pay Plan (3 times for Tier I, 2 times for Tier II). As of December 31, 2019, Messrs. Nunes, McHugh, Corr and Long are included as Tier I executives and Mr. Bridwell is included as a Tier II executive. |
(2) | Represents the applicable tier multiplier (3 times for Tier I and 2 times for Tier II) times the Applicable Bonus Amount. The Applicable Bonus Amount is the greater of: (i) the average of the bonus amounts actually paid in the three year period comprised of the year of the qualifying event and the two immediately preceding calendar years; (ii) the target bonus for the year in which the change in control occurred; or (iii) the target bonus in the year of termination. Named executive officers also receive a pro-rata bonus amount equal to the Applicable Bonus Amount multiplied by a fraction, the numerator of which is the number of months lapsed in the then current year prior to the qualifying termination and the denominator of which is twelve. |
(3) | Represents three additional years of participation in the Savings Plan at the executive’s current contribution levels, and for Mr. Long, the actuarial value of an additional three years of eligibility service and age under the Company’s retirement |
(4) | Represents: (i) the present value of the annual Company contribution to health and welfare plans times the applicable tier multiplier; and (ii) up to $30,000 in outplacement services. |
(5) | Restricted stock, |
A constructive termination by an executive within two years after a change in control would generally be for “good reason” if it results from: (i) a significant diminution in the executive’s position or the assignment to the executive of any duties inconsistent in any respect with his or her position (including status, offices, titles and reporting requirements), authority, duties or responsibilities immediately before the change in control; (ii) any material reduction in the executive’s salary, bonus opportunities, benefits or other compensation; (iii) the relocation of the executive’s principal place of business by more than 35 miles from his or her previous principal place of business; or (iv) any termination of the Executive Severance Pay Plan other than by its express terms. Regardless of whether a change in control had occurred, an executive would not be entitled to payments under the Executive Severance Pay Plan if he or she was terminated for cause. A termination
2020 Proxy Statement | 33 |
Plan category | (A) Number of securities | (B) Weighted average exercise | (C) Number of securities remaining | |||||||||
Equity compensation plans approved by security holders | 1,501,221 | (1) | $ | 30.13 | 5,136,478 | (2) | ||||||
Equity compensation plans not approved by security holders | N/A | N/A | N/A | |||||||||
Total | 1,499,522 | $ | 30.13 | 5,136,478 |
Plan category | (A) Number of securities to be issued upon exercise of outstanding options, warrants and rights | (B) Weighted average exercise price of outstanding options, warrants and rights | (C) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (A)) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Equity compensation plans approved by security holders | 1,173,471 | (1) | $33.30 | 3,777,988 | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity compensation plans not approved by security holders | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 1,173,471 | $33.30 | 3,777,988 |
(1) | Consists of |
(2) | Consists of shares available for future issuance under the Rayonier Incentive Stock Plan. |
• | the scope of and overall plans for the annual audit; | |||||||
• | the pre-approved non-audit services that Ernst & Young, LLP provides to the Company and related fees to ensure their compatibility with Ernst & Young’s independence; | |||||||
• | the appropriateness of Ernst & Young’s fees; | |||||||
• | Ernst & Young’s historical and recent performance on the Company’s audit | |||||||
• | Ernst & Young’s tenure as our independent auditor and the benefits of having a long-tenured auditor; and | |||||||
• | Ernst & Young’s independence from the Company and management. |
Representatives of Ernst & Young, LLP will be present at the Annual Meeting to respond to appropriate questions, and they will have an opportunity to make a statement if they desire to do so.
THE BOARD OF DIRECTORS RECOMMENDS A VOTE “FOR” THE RATIFICATION OF ERNST & YOUNG, LLP AS OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR |
2020 Proxy Statement | 35 |
1. | The Audit Committee has reviewed and discussed the audited financial statements of the Company, as of December 31, |
2. | The Audit Committee has discussed with its independent registered public accounting firm the matters required by Statement of Auditing Standards No. |
3. | The Audit Committee has received from and discussed with its independent registered public accounting firm the written disclosures and the letter required by applicable requirements of the PCAOB regarding the independent accountant’s communications with audit committees concerning independence, and held discussions with its independent registered public accounting firm regarding its independence; and |
4. | Based upon the review and discussions described in paragraphs (1) through (3) above, and the Audit Committee’s discussions with management, the Audit Committee recommended to the Board of Directors that the audited consolidated financial statements be included in the Company’s Annual Report on Form10-K for the year ended December 31, |
Blanche L. Lincoln
V. Larkin Martin
2017 | 2016 | |||||||
Audit fees | $ | 1,679,000 | $ | 1,745,936 | ||||
Audit-related fees | — | 75,000 | ||||||
Tax fees | 287,108 | 211,146 | ||||||
All other fees | — | — | ||||||
$ | 1,966,108 | $ | 2,032,082 |
2018:
2019 | 2018 | |||||||||||||||||||||||||||||||
Audit fees | $ | 1,635,236 | $ | 1,486,795 | ||||||||||||||||||||||||||||
Audit-related fees | — | — | ||||||||||||||||||||||||||||||
Tax fees | 376,014 | 295,034 | ||||||||||||||||||||||||||||||
All other fees | — | — | ||||||||||||||||||||||||||||||
$ | 2,011,251 | $ | 1,781,829 |
36 | Rayonier Inc. |
Beneficial Ownership | ||||||||||||||||
Name of Beneficial Owner | (A) Common Shares Owned | (B) Column (A) as Percent of Class | (C) Exercisable Stock Options (1) | (D) Sum of Columns (A) and (C) as Percent of | ||||||||||||
Keith E. Bass | 1,198 | * | — | * | ||||||||||||
John A. Blumberg | 13,162 | * | — | * | ||||||||||||
Dod A. Fraser | 13,162 | * | — | * | ||||||||||||
Scott R. Jones | 32,544 | (3) | * | — | * | |||||||||||
Richard D. Kincaid | 33,051 | * | — | * | ||||||||||||
Bernard Lanigan, Jr. | 336,253 | (5) | * | — | * | |||||||||||
Blanche L. Lincoln | 13,162 | * | — | * | ||||||||||||
V. Larkin Martin | 26,745 | * | — | * | ||||||||||||
David L. Nunes | 210,548 | (2) | * | — | * | |||||||||||
Andrew G. Wiltshire | 31,646 | (4) | * | — | * | |||||||||||
Mark R. Bridwell | 26,939 | (2) | * | 7,610 | * | |||||||||||
Christopher T. Corr | 28,305 | (2) | * | 7,421 | * | |||||||||||
Douglas L. Long | 29,192 | (2) | * | 7,488 | * | |||||||||||
Mark D. McHugh | 25,409 | (2) | * | — | * | |||||||||||
Directors and executive officers as a group (16 persons) | 834,678 | 0.66 | % | 35,788 | * |
Beneficial Ownership | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name of Beneficial Owner | (A) Common Shares Owned | (B) Column (A) as Percent of Class | (C) Exercisable Stock Options (1) | (D) Sum of Columns (A) and (C) as Percent of Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keith E. Bass | 6,800 | * | — | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dod A. Fraser | 18,764 | * | — | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Scott R. Jones | 38,146 | (4) | * | — | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Richard D. Kincaid | 38,654 | * | — | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bernard Lanigan, Jr. | 319,708 | (6) | * | — | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Blanche L. Lincoln | 18,764 | * | — | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
V. Larkin Martin | 32,348 | * | — | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
David L. Nunes | 335,487 | (2)(3) | * | — | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Andrew G. Wiltshire | 41,698 | (5) | * | — | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark R. Bridwell | 44,001 | (2) | * | 7,610 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Christopher T. Corr | 50,360 | (2) | * | 7,421 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Douglas L. Long | 48,149 | (2) | * | 6,372 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark D. McHugh | 61,642 | (2) | * | — | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Directors and executive officers as a group (16 persons) | 1,106,475 | (2) | 0.86% | 37,550 | * |
* | Less than 1%. |
(1) | Pursuant to SEC regulations, shares receivable through the exercise of employee stock options that are exercisable within 60 days after |
(2) | Includes the following share amounts allocated under the Savings Plan to the accounts |
(3) | Includes 6,600 shares held indirectly through family trusts. | ||||
(4) | Includes 19,382 shares held indirectly through family trusts. |
Includes |
Under our Insider Trading Policy, our directors, executive officers and other key employees are not permitted to hedge or offset any decrease in the market value of our Common Shares through financial instruments such as prepaid variable forward contracts, equity swaps, collars and exchange funds, to hold their ownership interests in our Common Shares in a margin account or to otherwise pledge their Common Shares as collateral for a loan. Consistent with the policy, none of our directors, executive officers or other key employees has entered into any such pledge or hedging transactions with regard to his or her ownership of our Common Shares.
37 |
Name and Address of Beneficial Owner | Amount and Nature
| Percent of
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T. Rowe Price Associates, Inc. 100 East Pratt Street Baltimore, Maryland 21202 | 20,222,849(2) | 15.6% | |||||||||
The Vanguard Group, Inc. 100 Vanguard Boulevard Malvern, PA 19355 | 19,196,301 | 14.8% | |||||||||
BlackRock, Inc. 55 East 52nd Street New York, NY 10022 | 12,837,104(4) | 9.9% | |||||||||
JP Morgan Chase & Co. 383 Madison Avenue New York, NY | 8,848,654(5) | 6.8% |
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(1) |
Based on the Company’s outstanding Common Shares as of |
(2) | Holdings as of December 31, |
(3) | Holdings as of December 31, | ||||
(4) | Holdings as of December 31, 2019, reported to the SEC on Schedule 13G/A on February 6, 2020 by BlackRock, Inc., indicating sole voting power over 12,330,860 shares and sole dispositive power over 12,837,104 shares. | ||||
(5) | Holdings as of December 31, 2019, reported to the SEC on Schedule 13G/A on January |
REPORTS
38 | Rayonier Inc. |
1, 2020.
Yulee,
2020 Proxy Statement | 39 |
Q: | WHO IS ENTITLED TO VOTE? |
A: | The record holder of each of the |
HOW DO I VOTE? |
A: | You can vote in any one of the following ways: |
• | You can vote on the Internet by following the “Vote by Internet” instructions on your Internet Notice or proxy card. |
• | You can vote by telephone by following the “Vote by Phone” instructions on the www.ProxyVote.com website referred to in the Internet Notice, or, if you receive hard-copies of the proxy solicitation materials, by following the “Vote by Phone” instructions referred to in your proxy card. |
• | If you receive hard-copies of the proxy solicitation materials, you can vote by mail by signing and dating your proxy card and mailing it in the provided prepaid envelope. If you mark your voting instructions on the proxy card, your shares will be voted as you instruct. If you return a signed and dated card but do not provide voting instructions, your shares will be voted in accordance with the recommendations of the Board. |
• | You can vote in person at the Annual Meeting by delivering a completed proxy card or by completing a ballot available upon request at the meeting. However, if you hold your shares in a bank or brokerage account rather than in your own name, you must obtain a legal proxy from your stockbroker in order to vote at the meeting. |
Regardless of how you choose to vote, your vote is important and we encourage you to vote promptly. |
Q: | HOW DO I VOTE SHARES THAT I HOLD THROUGH AN EMPLOYEE BENEFIT PLAN SPONSORED BY THE COMPANY? |
A: | If you hold shares of the Company through the Rayonier Investment and Savings Plan for Salaried Employees you can vote them by following the instructions above. Note that if you do not vote your shares held in such plan or do not specify your voting instructions on your proxy card, the trustee of the plan will vote your plan shares in the same proportion as the shares for which voting instructions have been received.To allow sufficient time for voting by the trustee, your voting instructions for the plan shares must be received by May |
Q: | WHAT DO I NEED TO DO TO ATTEND THE ANNUAL MEETING? |
A: | To attend the Annual Meeting, you will need to bring (1) proof of ownership of Rayonier stock as of the record date, which is the close of business on March |
Admission to the Annual Meeting is limited to shareholders as of the record date and one immediate family member; one individual properly designated as a shareholder’s authorized proxy holder; or one qualified representative authorized to present a shareholder proposal properly before the meeting. |
40 | Rayonier Inc. |
Q: | IS MY VOTE CONFIDENTIAL? |
A: | Proxy cards, ballots and reports of Internet and telephone voting results that identify individual shareholders are mailed or returned directly to Broadridge Financial Services, Inc. (“Broadridge”), our vote tabulator, and handled in a manner that protects your privacy. Your vote will not be disclosed except: |
• | as needed to permit Broadridge and our inspector of elections to tabulate and certify the vote; | |||||||||||||
• | as required by law; | |||||||||||||
• | if we determine that a genuine dispute exists as to the accuracy or authenticity of a proxy, ballot or vote; or | |||||||||||||
• | in the event of a proxy contest where all parties to the contest do not agree to follow our confidentiality policy. | |||||||||||||
WHAT SHARES ARE COVERED BY MY INTERNET NOTICE OR PROXY CARD? |
A: | You should have been provided an Internet Notice or proxy card for each account in which you own Common Shares either: |
• | directly in your name as the shareholder of record, which includes shares purchased through any of our employee benefit plans; or | |||||||||||||||||||
• | indirectly through a broker, bank or other holder of record. | |||||||||||||||||||
Q: | WHAT DOES IT MEAN IF I RECEIVE MORE THAN ONE INTERNET NOTICE OR PROXY CARD? |
A: | It means that you have multiple accounts in which you own Common Shares.Please vote all shares in each account for which you receive an Internet Notice or proxy card to ensure that all your shares are |
Q: | HOW CAN I CHANGE MY VOTE? |
A: | You can revoke your proxy and change your vote by: |
• | voting on the Internet or by telephone before 11:59 p.m. Eastern Daylight Time on the day before the Annual Meeting or, for employee benefit plan shares, the cut-off date noted above (only your most recent Internet or telephone proxy is counted); | |||||||||||||||||||
• | signing and submitting another proxy card with a later date at any time before the polls close at the Annual Meeting; | |||||||||||||||||||
• | giving timely written notice of revocation of your proxy to our Corporate Secretary at 1 Rayonier Way, Wildlight, Florida 32097; or | |||||||||||||||||||
• | voting again in person before the polls close at the Annual Meeting. | |||||||||||||||||||
Q: | HOW MANY VOTES ARE NEEDED TO HOLD THE MEETING? |
A: | In order to conduct the Annual Meeting, a majority of the Common Shares outstanding as of the close of business on March |
2020 Proxy Statement | 41 |
Q: | HOW MANY VOTES ARE NEEDED TO ELECT THE NOMINEES FOR DIRECTOR? |
A: | The affirmative vote of a majority of the votes cast with respect to each nominee at the Annual Meeting is required to elect that nominee as a director. For this proposal, a majority of the votes cast means that the number of votes “FOR” a nominee must exceed the number of votes “AGAINST” a nominee. Abstentions will therefore not affect the outcome of director elections. |
Please note that under NYSE rules, banks and brokers are not permitted to vote the uninstructed shares of their customers on a discretionary basis on |
Q: | HOW MANY VOTES ARE NEEDED TO APPROVE THE |
A: | The vote on theSay-on-Pay proposal is advisory only andnon-binding on the Company or our Board of Directors. However, the proposal will be approved on anon-binding, advisory basis if the number of votes cast “FOR” the proposal exceeds the number of votes cast “AGAINST” it. Abstentions therefore will not affect the outcome of the proposal. Banks and brokers are not permitted to vote uninstructed shares for any company proposals relating to executive compensation because such proposals are considered |
Q: | HOW MANY VOTES ARE NEEDED TO APPROVE THE RATIFICATION OF THE COMPANY’S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM? |
A: | The proposal to ratify the appointment of the Company’s independent registered public accounting firm will be approved if the number of votes cast “FOR” the proposal exceeds the number of votes cast “AGAINST” it. As a result, abstentions will not affect the outcome. Because the ratification of the appointment of the independent registered public accounting firm is considered a “routine” matter, we do not anticipate that there will be any brokernon-votes with regard to the proposal. |
Q: | WILL ANY OTHER MATTERS BE VOTED ON? |
A: | We do not expect any other matters to be considered at the Annual Meeting. However, if a matter not listed on the Internet Notice or proxy card is legally and properly brought before the Annual Meeting, the proxies will vote on the matter in accordance with their judgment of what is in the best interest of our shareholders. Under the Company’s bylaws, all shareholder proposals must have been received by December 4, |
Q: | WHO WILL COUNT THE VOTES? |
A: | Representatives of Broadridge will count the votes, however submitted. A Company representative will act as inspector of elections. |
Q: | HOW WILL I LEARN THE RESULTS OF THE VOTING? |
A: | We will announce the voting results of the proposals at the Annual Meeting and on a Form8-K to be filed with the SEC no later than four business days following the Annual Meeting. |
42 | Rayonier Inc. |
Q: | WHO PAYS THE COST OF THIS PROXY SOLICITATION? |
A: | The Company pays the costs of soliciting proxies and has retained Okapi Partners LLC to assist in the solicitation of proxies and provide related advice and informational support. For these services, the Company will pay Okapi Partners LLC a services fee and reimbursement of customary expenses, which are not expected to exceed $15,000 in the aggregate. The Company will also reimburse brokers, dealers, banks and trustees, or their nominees, for reasonable expenses incurred by them in forwarding proxy materials to beneficial owners of the Common Shares. |
Additionally, directors, officers and employees may solicit proxies on behalf of the Company by mail, telephone, facsimile, email and personal solicitation. Directors, officers and employees will not be paid additional compensation for such services. |
Q: | WHEN ARE SHAREHOLDER PROPOSALS FOR THE |
A: | For a shareholder proposal (other than a director nomination) to be considered for inclusion in the Company’s proxy statement for the |
Corporate Secretary
Rayonier Inc.
1 Rayonier Way
Yulee, FL 32097
Corporate Secretary Rayonier Inc. 1 Rayonier Way Wildlight, FL 32097 | ||||||||||||||||||||
For a shareholder proposal (including a director nomination) to be properly brought before the shareholders at the |
If the date of the |
We strongly encourage any shareholder interested in submitting a proposal for the |
43 |
Policies and Procedures
Policies and Procedures | ||||||||||||||||||||||||||
1. | The Committee will approve the fees for the annual audit of the Company’s financial statements and reviews of quarterly financial statements. |
2. | The Committee will also approve at one of its regularly scheduled meetings an annual plan of all permissible services to be provided by the independent auditors as well as unanticipated projects that arise. |
3. | When the timing of the services does not allow forpre-approval in regularly scheduled Committee meetings, the Chairman of the Committee (or another member of the Committee so designated) may approve any audit or allowablenon-audit services provided that such approved services are reported to the full Committee at the next regularly scheduled meeting. Approval must be received prior to commencement of the service, unless the service is one of the specific services listed below (see No. 4) that is permitted to be performed on apre-approval basis. |
4. | The following audit-related services arepre-approved as they become required and need commencement before notifying the Chairman: |
a. | Required audits of wholly-owned subsidiaries of the Company, |
b. | Consent letters, |
c. | Audits of statutory financial statements in countries where audited financial statements must be filed with government bodies, |
d. | Annual audits of the Company’s defined benefit and savings plans, |
e. | Agreed-upon procedures or other special report engagements performed in connection with requirements under debt agreements or environmental laws, and |
f. | Subscription services for technical accounting resources and updates. |
Thispre-approval (prior to notifying the Committee) is for audit services or allowable audit-related services engagements for which fees are less than $10,000.
Any services performed in thesepre-approved services categories that were not anticipated will be reported to the Committee at the next regularly scheduled meeting after commencement of the services. The requirements, scope and objectives of the service as well as estimated fees and timing will be reported to the Committee.
Any other services, such as for tax services unrelated to the audit, will require the explicit approval of the Chairman or the Committee prior to engaging the independent auditor.
This pre-approval (prior to notifying the Committee) is for audit services or allowable audit-related services engagements for which fees are less than $10,000. Any services performed in these pre-approved services categories that were not anticipated will be reported to the Committee at the next regularly scheduled meeting after commencement of the Any other services, such as for tax services unrelated to the audit, will require the explicit approval of the Chairman or the Committee prior to engaging the independent auditor. | ||||||||||||||
2019 | ||||||||||||||
Net Income to Adjusted EBITDA Reconciliation | ||||||||||||||
Net Income | $ | 67.7 | ||||||||||||
29.1 | ||||||||||||||
Income tax expense | 12.9 | |||||||||||||
Depreciation, depletion and amortization | 128.2 | |||||||||||||
Non-cash cost of land and improved development | 12.6 | |||||||||||||
Non-operating income | (2.7) | |||||||||||||
Adjusted EBITDA (a) | $ | 247.8 |
2017 | ||||
Net Income to Adjusted EBITDA Reconciliation | ||||
Net Income | $ | 161.5 | ||
Interest, net | 32.2 | |||
Income tax expense (benefit), continuing operations | 21.8 | |||
Depreciation, depletion and amortization | 127.6 | |||
Non-cash cost of land and improved development | 13.7 | |||
Costs related to shareholder litigation (a) | 0.7 | |||
Large Dispositions (b) | (67.0 | ) | ||
Adjusted EBITDA (c) | $ | 290.5 |
(a) |
Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion, amortization, thenon-cash cost of land and |
2017 | ||||
Cash provided by operating activities | $ | 256.3 | ||
Capital expenditures (a) | (65.3 | ) | ||
Working capital and other balance sheet changes | (2.3 | ) | ||
CAD (b) | $ | 188.7 | ||
Cash used for investing activities | ($ | 223.2 | ) | |
Cash provided by financing activities | $ | (6.9 | ) |
2019 | ||||||||||||||
Cash provided by operating activities | $ | 214.3 | ||||||||||||
CAD (a) | $ | 149.4 | ||||||||||||
Cash used for investing activities (b) | $ | (219.4) | ||||||||||||
Cash used for financing activities | $ | (79.6) |
(a) |
Cash Available for Distribution (CAD) is defined as cash provided by operating activities adjusted for capital spending (excluding timberland acquisitions and real estate development | |||||
(b) | Cash used for Investing Activities excludes the change in restricted cash due to the Q1 2018 adoption of ASU No. 2016-18. |
2019 | |||||||||||||||||
$ | Per Diluted Share | ||||||||||||||||
Net Income attributable to Rayonier Inc. | $ | 59.1 | $ | 0.46 |
2017 | ||||||||
$ | Per Diluted Share | |||||||
Net Income attributable to Rayonier Inc. | $ | 148.8 | $ | 1.16 | ||||
Costs related to shareholder litigation (a) | 0.7 | 0.01 | ||||||
Large Dispositions (b) | (67.0 | ) | (0.52 | ) | ||||
Adjusted Net Income | $ | 82.5 | $ | 0.65 |
2020 Proxy Statement |
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VOTE BY INTERNET - www.proxyvote.com Use the Internet to transmit your voting instructions and for electronic delivery of information. Vote by 11:59 P.M. ET on site and follow the instructions to obtain your records and to create an electronic voting instruction form.
VOTE BY PHONE - 1-800-690-6903 Use any touch-tone telephone to transmit your voting instructions. Vote by 11:59 P.M. ET on Plan. Have your proxy card in hand when you call and then follow the instructions. VOTE BY MAIL Mark, sign and date your proxy card and return it in the postage-paid envelope we have provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717. | |||||
RAYONIER INC. 1 RAYONIER WAY WILDLIGHT, FLORIDA 32097 |
TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: | ||||||||||
KEEP THIS PORTION FOR YOUR RECORDS |
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1a. | Richard D. Kincaid | ☐ | ☐ |
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1b. | Keith E. Bass | ☐ | ☐ | ☐ | For | Against | Abstain | |||||||||||||||||||||||||||||||||||||||||||||
1c. | Dod A. Fraser | ☐ | ☐ | ☐ | 2. Approval, on anon-binding advisory basis, of the compensation of our named executive officers as disclosed in the proxy statement. | ☐ | ☐ | ☐ | ||||||||||||||||||||||||||||||||||||||||||||
1d. | Scott R. Jones | ☐ | ☐ | ☐ |
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1e. | Blanche L. Lincoln | ☐ | ☐ | ☐ |
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1f. | V. Larkin Martin | ☐ | ☐ |
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1g. | Ann C. Nelson | ☐ | ☐ | ☐ | ||||||||||||||||||||||||||||||||||||||||||||||||
1h. | David L. Nunes | ☐ | ☐ | ☐ | ||||||||||||||||||||||||||||||||||||||||||||||||
1i. | Andrew G. Wiltshire | ☐ | ☐ | ☐ | NOTE: Such other business as may properly come before the meeting or any adjournment thereof. | |||||||||||||||||||||||||||||||||||||||||||||||
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Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:The Annual Report and Notice & Proxy Statement are available atwww.proxyvote.com
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Signature [PLEASE SIGN WITHIN BOX] | Date | Signature (Joint Owners) | Date | |||||||||||||||||||||||
Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting: The Annual Report and Notice & Proxy Statement are available at www.proxyvote.com. |
RAYONIER INC. Annual Meeting of Shareholders | ||||||||
May | ||||||||
This proxy is solicited by the Board of | ||||||||
Directors By signing this card, I (we) hereby (i) authorize DAVID L. NUNES, MARK R. BRIDWELL and MARK D. MCHUGH, or any of them, each with full power to appoint his substitute, to vote as Proxy for me (us), and (ii) direct Reliance Trust Company, Trustee under the Rayonier Investment and Savings Plan for Salaried Employees to vote in person or by proxy all shares of Common Stock of Rayonier Inc. allocated to any accounts of the undersigned under such The shares represented by this proxy when properly executed by the Shareholder(s) will be voted in the manner directed herein. If no direction is made, this proxy will be voted “FOR” all nominees and “FOR” proposals 2 and 3. If any other matters properly come before the meeting, the persons named in this proxy will vote in their discretion. YOU MAY VOTE BY INTERNET OR PHONE BY FOLLOWING THE INSTRUCTIONS ON THE REVERSE SIDE. IF YOU CHOOSE TO VOTE BY MAIL, PLEASE MARK, SIGN AND DATE THIS PROXY AND RETURN IT PROMPTLY IN THE ENCLOSED ENVELOPE. | ||||||||
(Continued, and to be signed and dated, on reverse side.) | ||||||||