Description of Rayonier Advanced Materials Inc. 2024 Equity Incentive Program Design

•65% of the award value is granted in Performance Shares with a three-year measurement period.

•35% of the award value is granted in Performance Cash with a three-year measurement period (based on the same measures as the Performance Shares).

•The performance measures will be based on two components: 1) relative TSR as shown below in the table which carries a 50% weighting and 2) three-year cumulative Adjusted EBITDA metric which carries a 50% weighting. Actual results will be interpolated within the ranges in the associated tables.

•If RYAM’s absolute three-year TSR is negative, payouts for the TSR component would be capped at 100% unless RYAM’s relative TSR is above the 75th percentile of the peer group at which time the cap would become 150%;

•The Compensation Committee will have discretion as allowed for in the Equity Incentive Plan to consider special items and make appropriate adjustments at the end of each measurement period.

•30% of the award value is granted in Restricted Share Units with a three-year cliff vesting.

•35% of the award value is granted in Performance Shares with a three-year measurement period.

•35% of the award value is granted in Performance Cash with a three-year measurement period (based on the same measures as the Performance Shares).

•The performance measures will be based on two components: 1) relative TSR as shown below in the table which carries a 50% weighting and 2) three-year cumulative Adjusted EBITDA metric which carries a 50% weighting. Actual results will be interpolated within the ranges in the associated tables.

•If RYAM’s absolute three-year TSR is negative, payouts for the TSR component would be capped at 100% unless RYAM’s relative TSR is above the 75th percentile of the peer group at which time the cap would become 150%;

•The Compensation Committee will have discretion as allowed for in the Equity Incentive Plan to consider special items and make appropriate adjustments at the end of each measurement period.

•50% of the award value is granted in Restricted Share Units with a three-year cliff vesting.

•25% of the award value is granted in Performance Shares with a three-year measurement period.

•25% of the award value is granted in Performance Cash with a three-year measurement period.

•Performance will be measured on the same terms as the Executive Officers as described above

•70% of the award value is granted in Restricted Share Units with a three-year cliff vesting.

•15% of the award value is granted in Performance Shares with a three-year measurement period.

•15% of the award value is granted in Performance Cash with a three-year measurement period.

•Performance will be measured on the same terms as the Executive Officers as described above

Management recommends two metrics for the 2024 program: Three-year cumulative adjusted EBITDA (2024, 2025, and 2026) with a 50% weighting and Relative Total Shareholder Return over the three-year period with a 50% weighting. The specific objectives and payout ranges are as follows with the three-year cumulative Adjusted EBITDA objective as submitted and approved by the Board in the Long Range Plan during the February 2024 meeting.

Management recommends that the S&P SmallCap 600 Capped Materials Index continue to be used as it is an unbiased means of picking a comparison group. Total Shareholder Return (“TSR”) measurement period will be March 1, 2024 through February 28, 2027 of the three-year program period.

A share price floor of $7.00 will be used to calculate the share units granted.