2005 LONG-TERM INCENTIVE PLAN

EXHIBIT 10.1

GEORGIA-PACIFIC CORPORATION

2005 LONG-TERM INCENTIVE PLAN

ADOPTED BY THE BOARD OF DIRECTORS, FEBRUARY 3, 2005

TABLE OF CONTENTS

PAGE

1.

ADOPTION AND PURPOSE

1

2.

DEFINITIONS

1

(a)

Award

1

(b)

Award Agreement

1

(c)

Board

1

(d)

Cause

1

(e)

Change of Control

2

(f)

Code

2

(g)

Committee

2

(h)

Common Stock

2

(i)

Company

2

(j)

Effective Date

2

(k)

Employee

2

(l)

Exchange Act

2

(m)

Fair Market Value

2

(n)

Incentive Stock Option

3

(o)

Non-Qualified Stock Option

3

(p)

Option

3

(q)

Participant

3

(r)

Performance Goals

3

(s)

Performance Award

3

(t)

Performance Period

3

(u)

Plan

3

(v)

Plan Year

3

(w)

Prior Plan

3

(x)

Restricted Shares

3

(y)

Restriction Period

4

(z)

Subsidiary

4

(aa)

SAR

4

(ab)

SAR Unit

4

3.

ELIGIBILITY

4

4.

STOCK SUBJECT TO THE PROVISIONS OF THIS
PLAN; LIMITATIONS

4

(a)

Applicable Stock

4

(b)

Plan Limitations

4

(c)

Individual Limitations

4

(d)

Calculation Procedures

5

i

5.

AWARDS UNDER THIS PLAN

5

(a)

Options

5

(b)

Performance Awards

5

(i)

Administration

5

(ii)

Payment of Award

6

(iii)

Further Restriction Period

6

(c)

Restricted Shares

6

(i)

Issuance of Stock Certificates

7

(ii)

Status of Restricted Shares

7

(iii)

Participant Rights With Respect to Issued Restricted Shares

7

(d)

SARs

7

6.

OTHER TERMS AND CONDITIONS

8

(a)

Assignability; Designation of Beneficiaries

8

(i)

Prohibition on Transfer

8

(ii)

Designation of Beneficiaries

9

(b)

Award Agreement

9

(c)

Rights as a Shareholder

9

(d)

No Obligation to Exercise

9

(e)

Payments by Participants

9

(f)

Tax Withholding

10

(g)

Restrictions on Exercise

10

(h)

Surrender of Options

10

(i)

Requirements of Law

10

(j)

Non-Exclusivity of the Plan

10

(k)

Unfunded Plan

10

(l)

Legends

11

(m)

Company's Retirement and Welfare Plans

11

(n)

Forfeitures

11

(i)

Violations of Company Policies

11

(ii)

For Cause Termination

11

(o)

Requirement of Employment

11

(p)

Code Section 162(m)

12

7.

PLAN ADMINISTRATION

12

(a)

Committee as Plan Administrator

12

(b)

Delegation

12

(c)

Determinations Final

12

8.

AMENDMENTS AND TERMINATION

13

(a)

Authority to Amend or Terminate

13

(b)

Awards Previously Granted

13

(c)

Limitations

13

ii

9.

CORPORATE RESTRUCTURING

13

(a)

No Bar to Corporate Restructuring

13

(b)

Capital Readjustments/Award Modifications

14

10.

NO RIGHT TO EMPLOYMENT

14

11.

CHANGE OF CONTROL

14

(a)

Special Rights Upon Change of Control

14

(i)

Lapse of Restrictions; Acceleration of Exercise
and/or Vesting

14

(ii)

Extended Exercise Period

14

(iii)

Awards Non-Cancellable

15

(b)

Definition of "Change of Control"

15

(i)

Acquisition of Stock

15

(ii)

Change in Board Membership

15

(iii)

Shareholder-Approved Reorganization, Merger
or Consolidation

15

(iv)

Liquidation or Dissolution

16

12.

GOVERNING LAW

16

13.

CAPTIONS

16

14.

RESERVATION OF SHARES

16

15.

SAVINGS CLAUSE

17

16.

EFFECTIVE DATE AND TERM