Exhibit 10.7


 


FORM OF AMENDMENT TO
EMPLOYMENT AGREEMENT


 


THIS AMENDMENT to the
Employment Agreement by and between OfficeMax Incorporated, a Delaware
corporation (the “Company”), and Sam Duncan (the “Executive”), dated April 18,
2005 (the “Agreement”) is made as of                       ,
2008.


 


W I T N E S S E T H:


 


WHEREAS, the Executive is
currently employed by Company as Chairman of the Board and Chief Executive
Officer;


 


WHEREAS, Executive and Company
originally entered into the Agreement dated April 18, 2005;


 


WHEREAS, the parties now desire
to amend the Agreement solely to comply with Section 409A of the Internal
Revenue Code of 1986, as amended, with such changes effective January 1,
2009.


 


NOW, THEREFORE, it is agreed that the following amendments are
effective as of January 1, 2009:


 


1.             Section 4(c) of
the Agreement is amended in its entirety to read as follows:


 


“(c)         GOOD  REASON.


 


(i)            The Executive may terminate employment for
Good Reason or without Good Reason. ‘Good Reason’ shall mean, without the
Executive’s consent, (a) a reduction in the Executive’s title or the
assignment to him of any duties inconsistent in any material respect with his
position, authority, duties or responsibilities as contemplated by this
Agreement; (b) any material failure by the Company to comply with any of
the provisions of this Agreement; (c) a material reduction in the Annual
Base Salary (other than in connection with an across the board reduction
similarly affecting all of the Company’s executive officers); (d) a material
reduction in the Executive’s target annual incentive award (other than in
connection with an across the board reduction affecting all of the Company’s
executive officers or a reduction due to a demonstrable change in comparable
market data) or (d) a delivery by the Company of a notice of non-renewal
as contemplated by Section 1.


 


(ii)           A termination of employment by the Executive
for Good Reason shall be effectuated by giving the Company written notice (“Notice
of Termination for 


 


1

















 


Good Reason”) of the termination within ninety (90) days of the initial
existence of the condition, setting forth in reasonable detail the specific
conduct of the Company that constitutes Good Reason and the specific provision(s) of
this Agreement on which the Executive relies. 
A termination of employment by the Executive for Good Reason shall be
effective thirty (30) days following the date when the Notice of Termination
for Good Reason is given, unless the event constituting Good Reason is remedied
by the Company.


 


(iii)          A termination of the Executive’s employment
by the Executive without Good Reason shall be effected by giving the Company 30
days written notice of the termination.”


 


2.             A new paragraph (d) is
added at the end of Section 5 of the Agreement to read as follows:


 


“(d)         SECTION 409A PROVISION.  Notwithstanding anything in this Agreement to
the contrary, in all cases, if the Executive is a “specified employee” of the
Company for purposes of Section 409A of the Code at the time of his
separation from service (as determined pursuant to Section 409A of the
Code) with the Company and if an exception under Section 409A of the Code
does not apply, any severance payment(s) that are otherwise scheduled to
be paid immediately after the Executive’s separation from service shall be
delayed in their entirety by 6 months from the date of his separation from
service.  On the first regularly
scheduled payroll date following the 6-month anniversary of the date of the
Executive’s separation from service, the Company shall pay the Executive a lump
sum payment equal to the severance payment(s) that he would otherwise have
received through such payroll date.  The
Company believes such delay in payment shall prevent the application of adverse
taxation to the Executive under Section 409A of the Code.  However, the Company does not guarantee such
tax treatment and the Executive is strongly encouraged to consult his own tax,
financial and legal advisors regarding the effects of this Agreement on his
personal tax situation.


 


*  
*   *


 


2

















 


IN WITNESS WHEREOF, the
Executive has hereunto set the Executive’s hand and, pursuant to the
authorization of its Board, the Company has caused this Amendment to be
executed in its name on its behalf, all as of the day and year first above
written.


 


	
   

  	
   

  	
  OFFICEMAX INCORPORATED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  EXECUTIVE

  
					



 


3