EX-10.15 7 ex1015ryam2025psuawardagre.htm EX-10.15
Exhibit 10.15
Rayonier Advanced Materials Inc.
2025 Performance Share Unit Award Agreement
This agreement (“Award Agreement”) is entered into by and between Rayonier Advanced Materials Inc., a corporation organized under the laws of the State of Delaware, with its principal office at 1301 Riverplace Boulevard, Suite 2300, Jacksonville, FL 32207 (the "Company"), and the undersigned qualified individual ("Participant"), pursuant to the Rayonier Advanced Materials Inc. 2023 Incentive Stock Plan, as amended (the "Plan"), as of this 1st day of March 2025 (the “Effective Date”).
W I T N E S S E T H :
WHEREAS, the Compensation and Management Development Committee of the Company's Board of Directors, in its capacity as the Committee under the Plan (the "Committee"), desires to advance the best interests of the Company by recognizing the achievements of Participant and Participant’s continued responsibilities;
WHEREAS, the Committee has expressed an intention to grant a performance-based stock award to Participant which shall be in the form of Restricted Stock Units, as defined in the Plan ("Performance Share Units"), with such Performance Share Units to vest as provided in this Award Agreement, provided Performance Objectives are achieved, Participant remains continuously employed by the Company from the date hereof through the Vesting Date, and otherwise subject to all terms and conditions of this Award Agreement, including Schedule A, the Plan and any appendix hereto (collectively, the “Award”); and
WHEREAS, this Award Agreement is being entered into to convey the Award of Performance Share Units to Participant.
NOW THEREFORE, in consideration of the mutual promises made herein, the parties agree as follows:
1. Definitions
All capitalized terms not expressly defined in this Award Agreement and used herein shall have the same meaning set forth in the Plan, a copy of which has been provided to Participant.
2. Award of Stock; Vesting
(a) Stock Awarded. Participant is hereby awarded _____ Performance Share Units, representing Participant’s Target Award, subject in all respects to the terms of this Award Agreement, including Schedule A, and the Plan, as of the Effective Date. Each Performance Share Unit represents the right to receive one share of Stock, if earned.
(b) Vesting. Participant shall become vested with respect to, and thereupon have a non-forfeitable right to, the shares of Stock underlying the Performance Share Units granted pursuant to Section 2(a), subject to the terms of this Award Agreement and based on achievement of the Performance Objectives measured over the specified Performance Period, as set forth in Schedule A, which is incorporated into and made part of this Award Agreement. Any Performance Share Units earned based on achievement of Performance Objectives will vest on March 1, 2028, or if later upon the certification of performance results and the number of earned shares of Stock, if any (the “Vesting Date”); provided that, Participant shall have remained continuously in the employ of the Company (or any Participating Company) from the Effective Date through the Vesting Date, except as provided in Section 2(c). The date of payment to Participant (the

“Payout Date”) of shares of Stock underlying the Units shall be not later than fifteen (15) days following the Vesting Date.
(c) Termination of Employment. Except as provided (i) in Schedule A with respect to Participant’s termination of employment due to death or Disability, (ii) below in this Section 2(c) with respect to Participant’s termination of employment due to Retirement; (iii) in Section 10 of the Plan in connection with a Change in Control or (iv) by the Committee in accordance with Section 6(b) of the Plan, if Participant's employment with the Company or any Participating Company, as applicable, is terminated for any reason before the Vesting Date, then all of the Performance Share Units subject to this Award Agreement, and all dividend equivalents and accrued earnings thereon, if any, shall immediately be forfeited to the Company, and Participant shall have no further rights to such Performance Share Units, the underlying shares of Stock or any dividend equivalents or accrued earnings thereon from and after the date of such termination.
Upon Participant’s Retirement, the Award shall remain outstanding and continue to vest in accordance with its terms. Following the Performance Period, Participant will be paid a pro-rata portion of the shares earned, if any, pursuant to Award terms based upon achievement of the Performance Objectives, with such pro-ration based upon the portion of the full Performance Period during which Participant was employed by the Company. Any payout of shares to Participant pursuant to the Award will occur at the same time that [2025] Performance Share Units are paid to actively-employed participants generally.
(d) Withholding Taxes. On the Vesting Date, or at any other time when withholding is required under the Code or under the applicable provisions of any Applicable Law, including any federal, provincial, state or local law, relating to the withholding of tax or other required deductions, including on the amount, if any, includable in the income of Participant, the Company shall have the right to require Participant to pay to the Company the amount of taxes that the Company is required to withhold as a condition precedent to the payment of the Award. In the Committee’s discretion, the Company shall have the right to retain, or sell without notice, a sufficient number of shares of Stock underlying the then vesting Performance Share Units held by Participant to cover the amount required to be withheld, or to withhold such amount from any other amounts due to Participant by the Company, subject to Applicable Law. The Committee may, in its discretion, require or permit Participant to elect, subject to such conditions as the Committee shall impose, (i) to have shares of Stock otherwise issuable pursuant to the Award withheld by the Company or (ii) to deliver to the Company previously acquired shares of Stock (through actual tender or attestation), in either case for the greatest number of whole shares having a Fair Market Value on the date immediately preceding the Vesting Date not in excess of the amount to be used for tax withholding, in the Committee’s discretion, subject to Applicable Law. The Company may deduct from all dividend equivalents paid with respect to vested Performance Share Units granted hereunder, and from any earnings deemed accrued thereon as hereinafter provided, the amount of taxes, if any, that the Company is required to withhold with respect to such amounts.
3. Restrictions; Stockholder Rights; Dividends
(a) Sale; Exchange, etc. Participant acknowledges and agrees that prior to the Vesting Date the Performance Share Units are subject to a restriction against sale, exchange, hypothecation, assignment, transfer (including by gift), pledge or other encumbrance (each, a “Transfer”), except as provided in Section 17(f) of the Plan with the prior written consent of the Committee, which consent shall require of the proposed transferee an undertaking to be bound by the terms of this Award Agreement, including forfeiture upon the termination of the employment of Participant before the Vesting Date. Any Transfer of vested Performance Share Units shall only be undertaken in compliance with Applicable Law, including applicable securities laws and Company policies. Participant acknowledges that Participant will continue to be subject to any applicable provisions of the Plan, including without limitation Sections 15 and 16, notwithstanding the vesting or Transfer of any such Performance Share Units.

(b) Stockholder Rights. Participant, as the owner of Performance Share Units granted hereunder, shall not have any rights of a stockholder, including but not limited to, the right to vote or, subject to Section 3(c) below, the right to receive dividends until th e i s su a n ce o f S to ck t o Participant i n respe ct o f s u ch A w a rd.
(c) Dividend Equivalents.
(i) Dividends. In the event a cash dividend is declared and paid with respect to the Stock while the Performance Share Units are outstanding and unvested, then following the Vesting Date, Participant shall be entitled to payment of (a) dividend equivalents with respect to any shares of Stock earned and paid pursuant to this Award Agreement, and (b) accrued interest with respect to any such dividend equivalents, with such payment calculated in accordance with Schedule A. Any dividend equivalents, plus any accrued interest, that are earned pursuant to this Award shall be paid in cash on the Payout Date. For purposes of clarity, dividend equivalents shall only be paid to the extent any shares of Stock are earned and paid pursuant to the terms of this Award Agreement, and in the event no shares of Stock are so earned or paid, then Participant will not be entitled to payment of any dividend equivalents or accrued earnings with respect to this Award.
(ii) Unfunded Obligation. Insofar as this Section 3(c) provides for payments to Participant in cash, this obligation shall be unfunded.
4. Conformity with Securities Laws
The grant of Performance Share Units hereunder (and any transfers thereof) is subject to compliance with all applicable securities laws. Participant hereby represents to the Company that Participant is acquiring the Performance Share Units, and any underlying shares of Stock to which Participant may become entitled upon vesting of such Performance Share Units, for investment purposes only and not with a view to the distribution thereof. The book entries or certificates, as applicable, representing Stock issued by the Company pursuant to this Award Agreement may reflect or bear a legend describing the restrictions on resale thereof under applicable securities laws, and stop transfer orders with respect to any such shares may be entered in the stock transfer records of the Company.
5. Miscellaneous
(a) Assignments and Transfers. The rights and interests of Participant under this Award Agreement may not be assigned, encumbered or transferred, except as provided for in this Award Agreement and the Plan.
(b) No Right to Employment. Neither this Award Agreement nor any action taken hereunder shall be construed as giving Participant any right to be retained in the employ of any Participating Company.
(c) Headings. The headings contained in this Award Agreement are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Award Agreement.
(d) Consistency with the Plan. The provisions of the Plan are incorporated herein by reference and shall govern as to all matters not expressly provided for in this Award Agreement. This Award Agreement, including Schedule A, is subject to all the provisions of the Plan. It is expressly agreed and understood that in the case of any inconsistency between the provisions of this Award Agreement and the Plan, the provisions of the Plan shall control, as determined in the sole judgment of the Committee.

(e) Code Section 409A. A l though the Com p any does n ot guarant e e to Participant any part i cu l ar tax treatment re l at i ng to the A w ard, i t i s i nt e nd e d that the Award be exempt from, or compliant with, Code Section 409A and the regulations and guidance promulgated thereunder, specifically including the short-term deferral exception set forth in Treasury Regulation Section 1.409A-1(b)(4), and this Award Agreement shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Code Section 409A. The date on which the Participant’s termination of employment occurs shall be determined in accordance with Treasury Regulation Section 1.409A-1(h). Notwithstanding anything herein to the contrary, in no event shall the Company be liable for any additional tax, interest or penalties that may be imposed on Participant by virtue of Code Section 409A or any d a mages for failing to comply with Code Section 409A.
(f) Choice of Law; Venue. This Award and Award Agreement will be interpreted and construed in accordance with and governed by the laws of the State of Florida (other than its conflict of law principles). Participant consents to the exclusive venue and jurisdiction of the state and federal courts located in Florida and waives any objection based on lack of jurisdiction or inconvenient forum.
(g) Clawback. The Awa r d and any shares of S t ock delive r ed pursuant to the Award are subject to forfeiture, recovery by the Company or other similar a c t i on pu r suant to applicable Plan provisions and an y applicabl e cla w bac k o r reco up me nt polic y of the Co mpa ny, as may be in effect fr o m ti m e to time, or as oth e rwise required by law.
(h) Amendment; Waiver. This Award Agreement may be a m ended or m odified at any time by a n i n s t r u me nt i n wr i t i ng sig n e d b y t he par t ie s t o th i s Agreeme nt. The fail u re of the Company to enforce at a ny t im e a ny pro v isio n o f th i s Award Agreeme nt s h al l i n no way b e cons tru e d to b e a wa i v e r of such provision or of any other prov i sion hereof.
(i) Electronic Delivery and Acceptance. T he Compa n y may, i n i ts sole discretion, elect to d e l i v e r any documents relat e d to current or future parti c ip a tion in the Plan by electronic means. Participant here b y cons e nts to receive such d o cuments b y electronic de livery and agrees to par t icipa te i n the P la n th ro u g h a n o n-li ne o r e l ec tr o n ic system established a n d maint a ined by the Company o r a t h ird p arty designated by the Compan y.
(j) No Advice Regarding Award. T h e Co mpa ny i s not providi ng a ny t a x, legal or f i nanc i al adv i ce, n or i s the Company mak i ng a n y recommendat i ons r e gard i ng Participant’s participati o n in the P l an, or Participant’s acquisition or sale of the u n derlying shares of Stock. Participant is hereby adv i sed to con s u l t w i th his or her perso n a l tax, lega l a nd f i nan cia l ad v isors regarding participation in the P l an before tak i ng any act i on relat e d to the P l an.
(k) Applicable Law; Appendix. Not w ith st and i n g a n y pro v i s ion s in this Award Agreement, the Award shall be subject to Applicable Law and any special terms and conditions set forth in any appendix to thi s A gree ment specific to any country outside of the U.S., which appendix shall constitute part of this Award Agreement. M oreover, i f Participant relo cates t o a different country, any s pecia l ter ms a n d condition s in the applicable appendix fo r su c h other countr y will a ppl y t o Participant, t o th e e xt en t th e Co m p a n y deter m ine s th at th e a pp l i ca tio n o f such ter ms a n d c ondition s i s ne ces sar y o r a d v i sab l e i n orde r t o c o m pl y w it h Applicable Law o r fa c il it a t e th e a d m ini st r a tio n o f th e Pl a n in such country.

IN WITNESS WHEREOF, the undersigned have caused this Award Agreement to be executed and delivered on the Effective Date first above written.
PARTICIPANT RAYONIER ADVANCED MATERIALS INC.
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Name: _________________ Jay Posze
Employee ID: ___________ Chief Administrative Officer
and SVP, Human Resources