05/14/2025 | Press release | Distributed by Public on 05/14/2025 04:30
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Amendment to International Paper Company Pension Restoration Plan for Salaried Employees
On May 12, 2025, the Management Development and Compensation Committee (the "Committee") of the Board of Directors (the "Board") of International Paper Company (the "Company") approved and adopted Amendment No. 9 to the International Paper Company Pension Restoration Plan for Salaried Employees, as amended and restated effective as of January 1, 2009 (the "Pension Restoration Plan"). The Pension Restoration Plan provides for the payment of supplemental pension benefits from the Company's general assets to eligible employees if their full accrued pension benefit cannot be paid from the trust established under the tax-qualifiedretirement plan(s) sponsored by the Company. Benefits accrued under the Pension Restoration Plan were frozen effective December 31, 2018.
As amended by Amendment No. 9, the Pension Restoration Plan allows participants who work in the Company's global cellulose fibers business immediately prior to the Company's planned divestiture of such business to continue to earn service time and qualify for early retirement so long as they remain employed by the acquiring company. This amendment benefits Clayton R. Ellis, senior vice president - global cellulose fibers and a named executive officer in the Company's 2025 definitive proxy statement on Schedule 14A filed with the U.S. Securities and Exchange Commission on April 1, 2025 (the "2025 Proxy Statement").
The foregoing description of Amendment No. 9 to the Pension Restoration Plan is only a summary and qualified in its entirety by reference to the full text of Amendment No. 9 included as Exhibit 10.1 to this Current Report on Form 8-Kand incorporated herein by reference. For additional information on our Pension Restoration Plan please see the Compensation, Discussion and Analysis section of our 2025 Proxy Statement.
Item 5.07 |
Submission of Matters to a Vote of Security Holders. |
On May 12, 2025, the Company held its 2025 annual meeting of shareowners (the "Company Annual Meeting"). At the Company Annual Meeting, holders of the Company's shares of common stock, par value $1.00 per share (the "Common Stock"), approved the proposals described in the 2025 Proxy Statement.
Of the 527,875,740 shares of Common Stock outstanding on the record date (March 14, 2025) and entitled to vote at the Company Annual Meeting, holders of 462,222,089 shares of Common Stock were present at the Company Annual Meeting in person or by proxy, constituting a quorum.
The voting results at the Company Annual Meeting were as follows:
Item 1: Election of 11 Directors
Shareowners approved the proposal to elect each of the following 11 nominees as directors, to serve a term of one year ending the earlier of (i) the Company's 2026 annual meeting of shareowners and the date a qualified successor has been elected or (ii) death, resignation or retirement.
Director Nominees | For | Against | Abstain | Broker Non-Votes | ||||||||||||
Jamie A. Beggs |
428,094,703 | 1,744,176 | 439,492 | 31,943,718 | ||||||||||||
Christopher M. Connor |
420,163,130 | 9,709,861 | 405,380 | 31,943,718 | ||||||||||||
Ahmet C. Dorduncu |
420,373,118 | 9,492,712 | 412,541 | 31,943,718 | ||||||||||||
Anders Gustafsson |
425,234,860 | 4,612,115 | 431,396 | 31,943,718 | ||||||||||||
Jacqueline C. Hinman |
398,587,650 | 31,079,131 | 611,590 | 31,943,718 | ||||||||||||
Clinton A. Lewis, Jr. |
384,886,912 | 44,862,160 | 529,299 | 31,943,718 | ||||||||||||
David A. Robbie |
428,083,311 | 1,748,451 | 446,609 | 31,943,718 | ||||||||||||
Andrew K. Silvernail |
408,760,880 | 21,113,055 | 404,436 | 31,943,718 | ||||||||||||
Kathryn D. Sullivan |
413,839,928 | 15,415,777 | 1,022,666 | 31,943,718 | ||||||||||||
Scott A. Tozier |
428,063,555 | 1,776,760 | 438,056 | 31,943,718 | ||||||||||||
Anton V. Vincent |
420,615,322 | 9,039,150 | 623,899 | 31,943,718 |
Item 2: Ratification of Deloitte & Touche LLP as our Independent Auditor for 2025
Shareowners ratified the appointment of Deloitte & Touche LLP as the Company's independent auditor for 2025.
Votes For |
Votes Against |
Abstentions |
Broker Non-Votes |
|||
450,810,149 | 10,996,949 | 414,991 | 0 |
Item 3: Non-bindingResolution to Approve the Compensation of our Named Executive Officers
Shareowners approved the non-bindingresolution to approve the compensation of our Named Executive Officers.
Votes For |
Votes Against |
Abstentions |
Broker Non-Votes |
|||
417,316,776 | 12,007,656 | 953,939 | 31,943,718 |
Item 4: Shareowner Proposal Concerning a Report on the Company's LGBTQIA+ Equity and Inclusion Efforts
Shareowners did not approve the non-bindingshareowner proposal concerning a report on the Company's LGBTQIA+ Equity and Inclusion Efforts.
Votes For |
Votes Against |
Abstentions |
Broker Non-Votes |
|||
27,910,701 | 398,849,110 | 3,518,560 | 31,943,718 |