INTERNATIONAL PAPER CO /NEW/
AMEND#2 TO UNFUNDED SUPPLEMENTAL RETIREMENT PLAN FOR SENIOR MANAGERS
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<TYPE>EX-10.5
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<DESCRIPTION>AMEND#2 TO UNFUNDED SUPPLEMENTAL RETIREMENT PLAN FOR SENIOR MANAGERS
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<TITLE>Amend#2 to Unfunded Supplemental Retirement Plan for Senior Managers</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10.5 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>AMENDMENT NO. 2 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>INTERNATIONAL PAPER COMPANY </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>UNFUNDED SUPPLEMENTAL RETIREMENT PLAN </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>FOR SENIOR MANAGERS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">The International Paper Company Unfunded Supplemental
Retirement Plan for Senior Managers, as amended and restated January&nbsp;1, 2008 (the &#147;SERP&#148;), is hereby amended effective the 14</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> day
of October 2008, as follows: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">1. By deleting Section&nbsp;4 in its entirety and inserting the following language in lieu thereof: </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;4. <U>Vesting</U>. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">An Eligible
Employee who has attained his or her Vesting Date while employed by the Company shall be vested in his or her retirement benefits under the Plan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">For purposes of the Plan, &#147;<B>Vesting Date</B>&#148; shall mean: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(A) his or her attainment of age 55; and </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(B) completion of five years of Vesting Service.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">2.
By inserting the following language as a new paragraph immediately following the end of Section&nbsp;5(A)(iii): </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;An Eligible
Employee&#146;s Supplemental Benefit shall be reduced by 4% for each year that commencement of payment precedes age 62. Notwithstanding the foregoing, the Supplemental Benefit for any Participant who retires or whose service terminates and who has
completed at least 20 years of vesting service and who has attained age 61 at termination shall not be so reduced.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">3. By inserting the following new
sentence at the end of the second paragraph of Section&nbsp;5(B): </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;Notwithstanding the foregoing, the Supplemental Benefit for any
Participant who retires or whose service terminates and who has completed at least 20 years of vesting service and who has attained age 61 at termination shall not be so reduced.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">4. By inserting the following new sentence at the end of the fourth paragraph of Section&nbsp;5(C): </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman"
SIZE="2">&#147;Notwithstanding the foregoing, the Supplemental Benefit for any Participant who retires or whose service terminates and who has completed at least 20 years of vesting service and who has attained age 61 at termination shall not be so
reduced.&#148; </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">5. By deleting Section&nbsp;5(D) in its entirety and inserting the following language in lieu thereof: </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;D. <U>Time of Payment of the Supplemental Benefit.</U> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT
FACE="Times New Roman" SIZE="2">As specified in Section&nbsp;6 below, for an Eligible Employee who terminates employment following his or her Vesting Date, payment of the Supplemental Benefit shall be made following his or her Retirement Date
(unless terminated prior to such Retirement Date as a result of a Change in Control) in accordance with, and at the time specified, under the applicable provision of Section&nbsp;6. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">For purposes of the Plan, &#147;<B>Retirement Date</B>&#148; shall mean the first of the month following the Eligible Employee&#146;s termination of
employment with the Company and the earlier to occur of: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">(i) his or her attainment of age 55 and completion of 10 years of Vesting
Service; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">(ii) his or her attainment of age 65 and completion of five years of Vesting Service.&#148; </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">6. By deleting Section&nbsp;5(F) in its entirety. </FONT></P>
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