Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Catherine I. Slater, Senior Vice President - Global Cellulose Fibers and IP
Asia, will be leaving International Paper Company (the "Company"), effective
January 31, 2021. Ms. Slater and the Company executed an Agreement Regarding
Continued Employment, Termination, Severance and General Release dated
September 8, 2020 (the "Agreement"), which was approved by the Management
Development and Compensation Committee of the Company's Board of Directors.
Pursuant to the Agreement, a copy of which is attached hereto as Exhibit 99.1
and incorporated herein by reference, Ms. Slater will receive the standard
termination allowance and other standard severance benefits under the Company's
Salaried Employee Severance Plan. The standard termination allowance is a lump
sum cash payment equal to two weeks of salary for each year or partial year of
service, which is $858,462 for Ms. Slater (based on her 36 full or partial years
of credited service). Ms. Slater will not receive any supplemental severance
payments.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1 Agreement Regarding Continued Employment, Termination, Severance and
General Release dated September 8, 2020 between International Paper
Company and Catherine I. Slater.
104 Cover Page Interactive Data File (embedded with Inline XBRL document).
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