Retirement Equity Award Vesting Agreement between Jacques P. Vachon and Resolute Forest Products Inc.

Summary

This agreement between Jacques P. Vachon and Resolute Forest Products Inc. confirms that, upon Mr. Vachon's retirement on December 31, 2021, all of his outstanding restricted stock units (RSUs) and performance stock units (PSUs) will fully vest on that date. The settlement of these awards and the number of PSUs earned will follow the terms of the original award agreements. The agreement is signed by both parties and outlines the special vesting arrangement as approved by the company's board committee.

EX-10.51 4 rfp-20211231xex1051jacques.htm EX-10.51 Document

EXHIBIT 10.51

111 Robert-Bourassa Blvd., Suite 5000

Montreal, Quebec, H3C 2M1 Canada

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December 1, 2021

Mr. Jacques P. Vachon

Re: Agreement between Jacques P. Vachon and Resolute Forest Products Inc. relating to his retirement

Dear Mr. Vachon,

In view of your retirement on December 31, 2021, we confirm the following agreement relating to your outstanding equity awards of restricted stock units ("RSUs") and performance stock units ("PSUs").

Your terms of retirement are as set forth in the agreements, plans and company policies applicable to you, except that, as approved by the Human Resources Compensation Nominating & Governance committee of the board, all of your outstanding equity awards of RSUs and PSUs will vest in full as of December 31, 2021, and will settle at the times set forth in the applicable award agreements. The number of PSUs to be earned upon settlement will be determined pursuant to the terms of the applicable award agreements.

If you have any questions about this agreement, please let us know. I look forward to your formal acceptance of this agreement.

/s/ Rémi G. Lalonde

Rémi Lalonde

President and CEO

I have read the herein letter and hereby accept these terms and conditions.


/s/ Jacques P. Vachon						December 3, 2021
Jacques P. Vachon						Date