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Exhibit
10.2
Rayonier
2008 Performance Share
Award Program
The number of shares to which
a participant could become entitled under the 2008 Performance
Share Award Program (the “Program”) can range from 25%
to a maximum of 175% of the Target Award depending on
Rayonier’s total shareholder return (“TSR”)
performance for the three-year Performance Period of
January 1, 2008 through December 31, 2010, as compared to
the TSR performance of the designated peer group companies for the
same period. There will be no payout if results fall below the 4
th
Quintile performance
threshold.
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TSR is
defined as stock price appreciation plus the reinvestment of
dividends on a quarterly basis. For purposes of performance
measurement, TSR shall be the final reported figure as may be
adjusted by the Committee for unusual items to avoid distortion in
the operation of the Program.
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TSR over the
3-year period will be calculated by measuring the value of a
hypothetical $100 investment in Rayonier shares as compared to an
equal investment in each of the peer group companies.
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TSR
calculations of stock price appreciation will be the average of the
cl
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