EXHIBIT 10.5

PARTICIPANTS AS OF JANUARY 1, 2016

UNDER THE EXECUTIVE MANAGEMENT INCENTIVE PLAN

Mark S. Sutton	Chairman and Chief Executive Officer
W. Michael Amick, Jr.	SVP – North American Papers, Pulp &
	Consumer Packaging
C, Cato Ealy	SVP – Corporate Development
William P. Hoel	SVP – Container The Americas
Tommy S. Joseph	SVP – Manufacturing, Technology, EHS&S
	& Global Sourcing
Thomas G. Kadien	SVP – Human Resources, Communications &
	Global Government Relations
Glenn R. Landau	SVP – President, IP Latin America
Tim S. Nicholls	SVP – Industrial Packaging
Jean-Michel Ribieras	SVP – President, IP Europe, Middle East,
	Africa & Russia
Carol L. Roberts	SVP – Chief Financial Officer
Sharon R. Ryan	SVP – General Counsel & Corporate
	Secretary
Any other individual elected to the position of Senior Vice President or above during 2016

EXHIBIT 10.5

EXECUTIVE MANAGEMENT INCENTIVE PLAN

2016 COMPANY BUSINESS OBJECTIVE AND INTERMEDIATE PERFORMANCE OBJECTIVES

Plan Element	162(m) Limit Approved by Committee
Company Business Objective:	•Positive EBITDA Before Special Items
Intermediate Performance Objectives:	•Same as 2016 Management Incentive Plan objectives