Exhibit 10.23


BOISE CASCADE, L.L.C.


Annual Incentive Award Notification


Corporate


Chief
Executive Officer


This Annual
Incentive Award (the “Award”), is granted on March
31, 2006 (the “Award Date”), by Boise Cascade, L.L.C. (“Boise”) to William
Thomas Stephens (“Awardee” or “you”) pursuant to the Boise Incentive and
Performance Plan (the “Plan”) and pursuant to the following terms:


1.                                       The Award is subject to all the terms and conditions
of the Plan.  Further, the amount of your
Award, if any, is at the complete and sole discretion of the Compensation
Committee of the company’s board of directors. 
The Committee reserves the right, at its sole discretion, to adjust or
eliminate your Award whether or not you have met the Performance Goals set
forth below.  Such adjustments or
eliminations may be based upon, among other things, unusual or nonrecurring
events affecting Boise’s business, the financial vitality of the company, or
any other factor the Committee deems relevant to its determination.


2.                                       For
purposes of this Award, the following terms shall have the meanings stated
below. All capitalized terms not defined in this notification shall have the
meaning stated in the Plan.


2.1.                              “Award
Period” means the 2006 calendar year.


2.2.                              “Base
Salary” means your annual pay rate in effect at the end of the Award Period,
without taking into account (a) any amounts deferred pursuant to an election
under any 401(k) plan, pre-tax premium plan, deferred compensation plan, or
flexible spending account sponsored by Boise, (b) any incentive compensation,
employee benefit, or other cash benefit paid or provided under any incentive,
bonus or employee benefit plan sponsored by Boise, or (c) any excellence
award, gains upon stock option exercises, restricted stock grants or vesting,
moving or travel expense reimbursement, imputed income, or tax gross-ups,
without regard to whether the payment or gain is taxable income to you.


2.3.                              “Cash
Flow” means EBITDA (earnings before interest, taxes, and non-cash items such as
depreciation, amortization and depletion), adjusted for non-cash long term
compensation, less a charge for working capital.  The charge for working capital is 9% per year
(0.75% per month) times the working capital balance (excluding cash).


2.4.                              “Safety”
means the recordable incident rate for the company, including international
operations.


3.                                       Your
target award percentage is 65% of your Base Salary.


4.                                       The
Performance Goals applicable to your Award are Cash Flow and Safety and
discrete performance objectives as may be determined as part of your work plan
outlined by your supervisor.  Your Award
will be calculated based on these Performance Goals, as follows:


4.1.                              Corporate Cash Flow. 
Target Cash Flow has been established. 
Boise will determine actual corporate Cash Flow and, using the attached
payout chart, a payout multiple will be identified.  Your Award will be calculated by multiplying
the multiple from the graph by your target award percentage, and then
multiplying your Base Salary by that result.


4.2.                              Safety Adjustment.  Your
Award may be adjusted based on Safety results, as follows.  The target recordable incident rate is 2.4.  Boise will determine the actual recordable
incident rate.  If the actual recordable
incident rate is greater than target, the amount of the Award calculated
pursuant to Section 4.1 will be reduced by 10%. 
If the actual recordable incident



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rate is less than or equal to target, no reduction for
Safety will apply.


4.3.                              Additional Adjustments. 
Your supervisor may, in his or her sole discretion, increase or reduce your
recommended Award by up to 50% based on your performance relative to the work
plan outlined with your supervisor.


4.4.                              General Terms.  Payout
multiples between numbers indicated on the chart will be calculated using
straight-line interpolation.  Your Award
is capped at 2.25 times your target award percentage.  Base Salary, Cash Flow, Safety and Awards are
calculated by Boise in its sole discretion. 
Your Award, if any, will be paid no later than March 15, 2007.


5.                                       This
Award will be paid in cash or other method of delivering comparable value.


6.                                       If
you terminate employment before December 31, 2006, your Award will be treated
in accordance with the Plan and in such manner as determined by the Committee.


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BOISE
CASCADE, L.L.C.


Annual Incentive Award
Notification


Corporate


This Annual
Incentive Award (the “Award”), is granted on
March 31, 2006 (the “Award Date”), by Boise Cascade, L.L.C. (“Boise”) to Tom
Carlile (“Awardee” or “you”) pursuant to the Boise Incentive and Performance
Plan (the “Plan”) and pursuant to the following terms:


1.                                       The Award is subject to all the terms and conditions
of the Plan. Further, the amount of your Award, if any, is at the complete and
sole discretion of the Compensation Committee of the company’s board of
directors.  The Committee reserves the
right, at its sole discretion, to adjust or eliminate your Award whether or not
you have met the Performance Goals set forth below.  Such adjustments or eliminations may be based
upon, among other things, unusual or nonrecurring events affecting Boise’s
business, the financial vitality of the company, or any other factor the
Committee deems relevant to its determination.


2.                                       For
purposes of this Award, the following terms shall have the meanings stated
below. All capitalized terms not defined in this notification shall have the
meaning stated in the Plan.


2.1.                              “Award
Period” means the 2006 calendar year.


2.2.                              “Base
Salary” means your annual pay rate in effect at the end of the Award Period,
without taking into account (a) any amounts deferred pursuant to an election
under any 401(k) plan, pre-tax premium plan, deferred compensation plan, or
flexible spending account sponsored by Boise, (b) any incentive compensation,
employee benefit, or other cash benefit paid or provided under any incentive,
bonus or employee benefit plan sponsored by Boise, or (c) any excellence
award, gains upon stock option exercises, restricted stock grants or vesting,
moving or travel expense reimbursement, imputed income, or tax gross-ups,
without regard to whether the payment or gain is taxable income to you.


2.3.                              “Cash
Flow” means EBITDA (earnings before interest, taxes, and non-cash items such as
depreciation, amortization and depletion), adjusted for non-cash long term
compensation, less a charge for working capital.  The charge for working capital is 9% per year
(0.75% per month) times the working capital balance (excluding cash).


2.4.                              “Safety”
means the recordable incident rate for the company, including international
operations.


3.                                       Your
target award percentage is 65% of your Base Salary.


4.                                       The
Performance Goals applicable to your Award are Cash Flow and Safety and
discrete performance objectives as may be determined as part of your work plan
outlined by your supervisor.  Your Award
will be calculated based on these Performance Goals, as follows:


4.1.                              Corporate Cash Flow. 
Target Cash Flow has been established. 
Boise will determine actual corporate Cash Flow and, using the attached
payout chart, a payout multiple will be identified.  Your Award will be calculated by multiplying
the multiple from the graph by your target award percentage, and then
multiplying your Base Salary by that result.


4.2.                              Safety Adjustment. 
Your Award may be adjusted based on Safety results, as follows.  The target recordable incident rate is
2.4.  Boise will determine the actual
recordable incident rate.  If the actual
recordable incident rate is greater than target, the amount of the Award calculated
pursuant to Section 4.1 will be reduced by 10%. 
If the actual recordable incident rate is less than or equal to target,
no reduction for Safety will apply.



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4.3.                              Additional Adjustments. 
Your supervisor may, in his or her sole discretion, increase or reduce
your recommended Award by up to 50% based on your performance relative to the
work plan outlined with your supervisor. 
In addition, the Committee reserves the right, at its sole discretion,
to adjust the Award, whether or not the Performance Goals have been met.


4.4.                              General Terms.  Payout
multiples between numbers indicated on the chart will be calculated using
straight-line interpolation.  Your Award
is capped at 2.25 times your target award percentage.  Base Salary, Cash Flow, Safety and Awards are
calculated by Boise in its sole discretion. 
Your Award, if any, will be paid no later than March 15, 2007.


5.                                       This
Award will be paid in cash or other method of delivering comparable value.


6.                                       If
you terminate employment before December 31, 2006, your Award will be treated
in accordance with the Plan and in such manner as determined by the Committee.


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BOISE
CASCADE, L.L.C.


Annual Incentive Award
Notification


Paper, Packaging & Newsprint


Executive
Vice President


This Annual
Incentive Award (the “Award”), is granted on
March 31, 2006 (the “Award Date”), by Boise Cascade, L.L.C. (“Boise”) to
Alexander Toeldte (“Awardee” or “you”) pursuant to the Boise Incentive and
Performance Plan (the “Plan”) and pursuant to the following terms:


1.                                       The Award is subject to all the terms and conditions
of the Plan.  Further, the amount of your
Award, if any, is at the complete and sole discretion of the Compensation
Committee of the company’s board of directors. 
The Committee reserves the right, at its sole discretion, to adjust or
eliminate your Award whether or not you have met the Performance Goals set
forth below.  Such adjustments or
eliminations may be based upon, among other things, unusual or nonrecurring
events affecting Boise’s business, the financial vitality of the company, or
any other factor the Committee deems relevant to its determination.


2.                                       For
purposes of this Award, the following terms shall have the meanings stated
below. All capitalized terms not defined in this notification shall have the
meaning stated in the Plan.


2.1.                              “Award
Period” means the 2006 calendar year.


2.2.                              “Base
Salary” means your annual pay rate in effect at the end of the Award Period,
without taking into account (a) any amounts deferred pursuant to an election
under any 401(k) plan, pre-tax premium plan, deferred compensation plan, or
flexible spending account sponsored by Boise, (b) any incentive compensation,
employee benefit, or other cash benefit paid or provided under any incentive,
bonus or employee benefit plan sponsored by Boise, or (c) any excellence
award, gains upon stock option exercises, restricted stock grants or vesting,
moving or travel expense reimbursement, imputed income, or tax gross-ups,
without regard to whether the payment or gain is taxable income to you.


2.3.                              “Cash
Flow” means EBITDA (earnings before interest, taxes, and non-cash items such as
depreciation, amortization and depletion), adjusted for non-cash long term
compensation, less a charge for working capital.  The charge for working capital is 9% per year
(0.75% per month) times the working capital balance (excluding cash).  Cash Flow may be calculated at a corporate,
division or other level.


2.4.                              “CTC”
means the Waco, Texas, Packaging location doing business as Central Texas
Corrugated.


2.5.                              “CTC
EBITDA” means earnings before interest, taxes, and non-cash items such as depreciation,
amortization and depletion, calculated in accordance with generally accepted
accounting practices in the U.S for CTC. 
For purposes of this Award, CTC EBITDA will be calculated with no
allocations from Boise.  Transfer pricing
for board will be calculated by using Pulp and Paper Week’s “Price Watch”
reported high East pricing, reduced by the 2005 average difference between “Price
Watch” and the location’s actual price paid for 42 lb virgin liner in
2005.  Upcharges for grades other than 42
lb will be made as with industry standards, in Boise’s sole discretion.  Price changes will go into effect on orders
for the month following the change in “Price Watch.”


2.6.                              “CTC
Volume” means the MMSF processed by CTC during the Award Period.


2.7.                              “Safety”
means the recordable incident rate for the company, including international
operations.


3.                                       Your
target award percentage is 65% of your Base Salary.



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4.                                       The
Performance Goals applicable to your Award are Cash Flow (corporate), Safety,
other business measures listed below and discrete performance objectives as may
be determined as part of your work plan outlined by your supervisor.  Your Award will be calculated based on these
Performance Goals, as follows:


4.1.                              Corporate Cash Flow. 
25% of your Award will be based on corporate Cash Flow.


4.2.                              Safety.  10% of your
Award will be based on Safety.


4.3.                              Other Business Measures. 
65% of your Award will be based on other business measures, as follows.


4.3.1.                     Paper Cash Flow.  50%
of the 65%, or 32.5%, of your Award will be based on Paper Cash Flow.


4.3.2.                     Packaging & Newsprint Cash Flow. 
30% of the 65%, or 19.5%, of your Award will be based on
Packaging & Newsprint Cash Flow.


4.3.3.                     CTC EBITDA & Volume. 
20% of the 65%, or 13.5% of your Award will be based on measures related
to Central Texas Corrugated:  two-thirds
(9%) on CTC EBITDA and one-third (4.5%) on CTC Volume.


4.4.                              Payout Calculations.


4.4.1.                     Measures Other Than Safety.  The
targets for each of the measures above other than Safety are indicated on the
attached charts.  After the end of the
Award Period, Boise will determine actual results, and, using the attached
charts, will determine a payout multiple for each measure.  The payout multiple will be multiplied by the
percentage of your Award applicable to that measure (for example, for corporate
Cash Flow, 25%).  The result will be
multiplied by your total target award percentage, and that result will be
multiplied by your Base Salary.


4.4.2.                     Safety.  The target
for Safety is a recordable incident rate of 2.4.  If the recordable incident rate is 2.4 or
less, as measured by Boise in its sole discretion, the Safety payout will be
calculated as 10% times your total target award percentage, times your Base
Salary.  If the recordable incident rate
is greater than 2.4, the Safety payout will be zero.


4.4.3.                     Total Award.  The
payout amounts for all the above measures will be aggregated together to reach
your total Award amount.


4.5.                              General Terms.  Payout
multiples between numbers indicated on the chart will be calculated using
straight-line interpolation.  Your Award
is capped at 2.25 times target.  Base
Salary, Cash Flow (corporate and business), Safety, CTC EBITDA, CTC Volume, and
Awards are calculated by Boise in its sole discretion.  Notwithstanding the Performance Goals and
formula set forth above, no portion of an Award based on Safety will be earned
or paid for the Award Period unless the corporate Cash Flow minimum payment
target has been met, in each case as calculated by Boise in its sole
discretion.  Your Award, if any, will be
paid by March 15, 2007.


4.6.                              Adjustments.  Your
supervisor may, in his or her sole discretion, increase or reduce your
recommended Award by up to 50% based on your performance relative to the work
plan outlined with your supervisor.  In
addition, the Committee reserves the right, at its sole discretion, to adjust
the Award, whether or not the Performance Goals have been met.



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5.                                       This
Award will be paid in cash or other method of delivering comparable value.


6.                                       If
you terminate employment before December 31, 2006, your Award will be treated
in accordance with the Plan and in such manner as determined by the Committee.


[GRAPHICS]



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BOISE
CASCADE, L.L.C.


Annual Incentive Award
Notification


Building Materials Distribution


Senior
Vice President


This Annual
Incentive Award (the “Award”), is granted on
March 31, 2006 (the “Award Date”), by Boise Cascade, L.L.C. (“Boise”) to
Stanley Bell (“Awardee” or “you”) pursuant to the Boise Incentive and
Performance Plan (the “Plan”) and pursuant to the following terms:


1.                                       The Award is subject to all the terms and conditions
of the Plan.  Further, the amount of your Award, if any, is at the
complete and sole discretion of the Compensation Committee of the company’s
board of directors.  The Committee
reserves the right, at its sole discretion, to adjust or eliminate your Award
whether or not you have met the Performance Goals set forth below.  Such adjustments or eliminations may be based
upon, among other things, unusual or nonrecurring events affecting Boise’s
business, the financial vitality of the company, or any other factor the
Committee deems relevant to its determination.


2.                                       For
purposes of this Award, the following terms shall have the meanings stated
below. All capitalized terms not defined in this notification shall have the
meaning stated in the Plan.


2.1.                              “Award
Period” means the 2006 calendar year.


2.2.                              “Base
Salary” means your annual pay rate in effect at the end of the Award Period,
without taking into account (a) any amounts deferred pursuant to an election
under any 401(k) plan, pre-tax premium plan, deferred compensation plan, or
flexible spending account sponsored by Boise, (b) any incentive compensation,
employee benefit, or other cash benefit paid or provided under any incentive,
bonus or employee benefit plan sponsored by Boise, or (c) any excellence
award, gains upon stock option exercises, restricted stock grants or vesting,
moving or travel expense reimbursement, imputed income, or tax gross-ups,
without regard to whether the payment or gain is taxable income to you.


2.3.                              “Corporate
Cash Flow” means corporate EBITDA (earnings before interest, taxes, and
non-cash items such as depreciation, amortization and depletion), adjusted for
non-cash long term compensation, less a charge for working capital.  The charge for working capital is 9% per year
(0.75% per month) times the working capital balance (excluding cash).


2.4.                              “Division
EBITDA” means earnings before interest, taxes, and non-cash items such as
depreciation, amortization and depletion, adjusted for non-cash long term
compensation.


2.5.                              “PRONWC”
means Pre-tax Return on Net Working Capital, which is calculated as Net Income
divided by Average Net Working Capital. 
For purposes of calculating PRONWC:


2.5.1.                     “Net Income”
means net operating income (loss) for the division, as shown on the division’s
income statement.


2.5.2.                     “Average Net
Working Capital” means a 13 month average of net working capital for the
division.  The 13 months used are the 12
months during the Award Period, plus the month of December 2005.


2.6.                              “Safety”
means the recordable incident rate for the company, including international
operations.


3.                                       Your
target award percentage is 55% of your Base Salary.


4.                                       The
Performance Goals applicable to your Award are Division EBITDA, PRONWC,
Corporate Cash Flow and Safety and discrete performance objectives as may be determined
as part of your work



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plan outlined by your
supervisor.  Your Award will be
calculated based on these Performance Goals, as follows:


4.1.                              Division EBITDA.  40%
of your Award will be based on Division EBITDA. 
Target EBITDA for Building Materials Distribution has been
established.  Boise will determine actual
EBITDA and, using the attached payout chart, a payout multiple will be
identified.  This portion of your Award
will be calculated by multiplying the multiple from the graph by 40%, then
multiplying the result by your target award percentage, and finally multiplying
your Base Salary by that result.


4.2.                              PRONWC.  40% of your
Award will be based on Building Materials Distribution PRONWC.  Target PRONWC for the division has been
established.  Boise will determine actual
PRONWC and, using the attached payout chart, a payout multiple will be identified.  This portion of your Award will be calculated
by multiplying the multiple from the graph by 40%, then multiplying the result
by your target award percentage, and finally multiplying your Base Salary by
that result.


4.3.                              Corporate Cash Flow. 
20% of your award will be based on Corporate Cash Flow.  Target Cash Flow has been established.  Boise will determine actual Cash Flow and,
using the attached payout chart, a payout multiple will be identified.  This portion of your Award will be calculated
by multiplying the multiple from the graph by 20%, then multiplying the result by
your target award percentage, and finally multiplying your Base Salary by that
result.


4.4.                              Safety Adjustment. 
Your Award may be adjusted based on Safety results, as follows.  The target recordable incident rate is
2.4.  Boise will determine the actual
recordable incident rate.  If the actual
recordable incident rate is greater than target, the aggregate amount of the
Award calculated pursuant to Sections 4.1, 4.2 and 4.3 will be reduced by 10%.  If the actual recordable incident rate is
less than or equal to target, no reduction for Safety will apply.


4.5.                              Additional Adjustments. 
Your supervisor may, in his or her sole discretion, increase or reduce
your recommended Award by up to 50% based on your performance relative to the
work plan outlined with your supervisor. 
In addition, the Committee reserves the right, at its sole discretion,
to adjust the Award, whether or not the Performance Goals have been met.


4.6.                              General Terms.  Payout
multiples between numbers indicated on the charts will be calculated using
straight-line interpolation.  Your Award
is capped at 2.25 times your target award percentage.  Base Salary, EBITDA, PRONWC, Cash Flow,
Safety and Awards are calculated by Boise in its sole discretion.  Notwithstanding the Performance Goals and
formula above, no payout will be made for PRONWC if Division EBITDA payout is
zero.  Your Award, if any, will be paid
by March 15, 2007.


5.                                       This
Award will be paid in cash or other method of delivering comparable value.


6.                                       If
you terminate employment before December 31, 2006, your Award will be treated
in accordance with the Plan and in such manner as determined by the Committee.


[GRAPHICS]



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BOISE CASCADE, L.L.C.


Annual Incentive Award
Notification


Wood Products


Senior
Vice President


This Annual
Incentive Award (the “Award”), is granted on
March 31, 2006 (the “Award Date”), by Boise Cascade, L.L.C. (“Boise”) to Thomas
Lovlien (“Awardee” or “you”) pursuant to the Boise Incentive and Performance
Plan (the “Plan”) and pursuant to the following terms:


1.                                       The Award is subject to all the terms and conditions
of the Plan.  Further, the amount of your
Award, if any, is at the complete and sole discretion of the Compensation
Committee of the company’s board of directors. 
The Committee reserves the right, at its sole discretion, to adjust or
eliminate your Award whether or not you have met the Performance Goals set
forth below.  Such adjustments or
eliminations may be based upon, among other things, unusual or nonrecurring
events affecting Boise’s business, the financial vitality of the company, or
any other factor the Committee deems relevant to its determination.


2.                                       For
purposes of this Award, the following terms shall have the meanings stated
below. All capitalized terms not defined in this notification shall have the meaning
stated in the Plan.


2.1.                              “Award
Period” means the 2006 calendar year.


2.2.                              “Base
Salary” means your annual pay rate in effect at the end of the Award Period,
without taking into account (a) any amounts deferred pursuant to an election
under any 401(k) plan, pre-tax premium plan, deferred compensation plan, or
flexible spending account sponsored by Boise, (b) any incentive compensation,
employee benefit, or other cash benefit paid or provided under any incentive,
bonus or employee benefit plan sponsored by Boise, or (c) any excellence
award, gains upon stock option exercises, restricted stock grants or vesting,
moving or travel expense reimbursement, imputed income, or tax gross-ups,
without regard to whether the payment or gain is taxable income to you.


2.3.                              “Cash
Flow” means EBITDA (earnings before interest, taxes, and non-cash items such as
depreciation, amortization and depletion), adjusted for non-cash long term
compensation, less a charge for working capital.  The charge for working capital is 9% per year
(0.75% per month) times the working capital balance (excluding cash).  Cash Flow may be calculated on a corporate
basis or for the Wood Products division.


2.4.                              “Safety”
means recordable incident rate.  Safety
may be measured on a company-wide basis (including international operations) or
for the Wood Products division.


3.                                       Your
target award percentage is 55% of your Base Salary.


4.                                       The
Performance Goals applicable to your Award are corporate Cash Flow, Wood
Products Cash Flow, company-wide Safety, Wood Products Safety and discrete
performance objectives as may be determined as part of your work plan outlined
by your supervisor.  Your Award will be
calculated based on these Performance Goals, as follows:


4.1.                              Corporate Cash Flow.  20%
of your Award is based on corporate Cash Flow. 
Target corporate Cash Flow has been established.  Boise will determine actual corporate Cash
Flow and, using the attached payout chart, a payout multiple will be
identified.  This portion of your Award
will be calculated by multiplying the multiple from the graph by 20%, then
multiplying the result by your target award percentage, and finally multiplying
your Base Salary by that result.


4.1.1.                     Safety Adjustment for Corporate Cash Flow.  The corporate Cash Flow portion of your Award
may be adjusted based on company-wide Safety results, as follows.



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The target company-wide recordable incident rate is
2.4.  Boise will determine the actual
recordable incident rate.  If the actual
recordable incident rate is greater than target, the corporate Cash Flow
portion of your Award will be reduced by 10%. 
If the actual recordable incident rate is less than or equal to target,
no reduction for Safety will apply.


4.2.                              Division Cash Flow. 
80% of your Award is based on Wood Products Cash Flow.  Target Cash Flow has been established.  Boise will determine actual Cash Flow and,
using the attached payout chart, a payout multiple will be identified.  This portion of your Award will be calculated
by multiplying the multiple from the graph by 80%, then multiplying the result
by your target award percentage, and finally multiplying your Base Salary by
that result.


4.2.1.                     Safety Adjustment for Division Cash Flow.  The Wood Products Cash Flow portion of your
Award may be adjusted based on division Safety results, as follows.  A target Wood Products division recordable
incident rate has been established. 
Boise will determine the actual recordable incident rate.  If the actual recordable incident rate is
greater than target, the Wood Products Cash Flow portion of your Award will be
reduced by the lesser of 10% of the actual Wood Products Cash Flow
payout or 10% of the target Wood Products Cash Flow payout.  If the actual recordable incident rate is
less than or equal to target, no reduction for Safety will apply.


4.3.                              Additional Adjustments. 
Your supervisor may, in his or her sole discretion, increase or reduce
your recommended Award by up to 50% based on your performance relative to the
work plan outlined with your supervisor. 
The Committee reserves the right, at its sole discretion, to adjust your
Award, whether or not the Performance Goals have been met.


4.4.                              General Terms.  Payout
multiples between numbers indicated on the chart will be calculated using
straight-line interpolation.  Your Award
is capped at 2.25 times your target award percentage.  Base Salary, Cash Flow, Safety and Awards are
calculated by Boise in its sole discretion. 
Your Award, if any, will be paid by March 15, 2007.


5.                                       This
Award will be paid in cash or other method of delivering comparable value.


6.                                       If
you terminate employment before December 31, 2006, your Award will be treated
in accordance with the Plan and in such manner as determined by the Committee.


[GRAPHICS]



 11