Weyerhaeuser Company Senior Vice President Employment and Compensation Arrangement with Mr. Onustock
Weyerhaeuser Company has entered into an employment arrangement with Mr. Onustock, who became Senior Vice President, Pulp and White Paper in 2002. He will receive an initial annual salary of $520,000, participate in the senior executive incentive compensation plan, and, starting in 2003, be eligible for annual bonuses, stock options, and the deferred compensation and supplemental retirement programs. He will also receive standard executive benefits and a monthly allowance of about $4,700 for up to three years to cover housing, utilities, furnishings, automobile, and travel expenses to his home in Oregon.
Weyerhaeuser Company and Subsidiaries
EXHIBIT 10 (c)
Pursuant to an arrangement with Mr. Onustock, who became the company’s Senior Vice President, Pulp and White Paper in 2002, his initial annual salary is $520,000, he is a participant in the incentive compensation plan for the company’s senior executives and, beginning in 2003, will be eligible for an annual bonus and grant of stock options based on the company’s performance and his performance as an executive officer. As of 2003, he also will be eligible to participate in the company’s deferred compensation program, will become a participant in the company’s Supplemental Retirement Program and will be entitled to other benefits generally available to the company’s top management team. The company also will pay Mr. Onustock approximately $4,700 per month for a period of up to three years to cover the costs of apartment rental, utilities, furnishings, automobile and will pay travel expenses during that period for travel to his home in Oregon.
