Document:

Prepared by MerrillDirect

Exhibit
10.1

PW
EAGLE, INC.

Employment
Agreement

with

N. Michael Stickel

             THIS EMPLOYMENT AGREEMENT is
executed effective on the 12th day of February, 2001, between N.
Michael Stickel (the “Employee”)
and PW Eagle, Inc. (the “Eagle”),
having its corporate headquarters at 222 South Ninth Street, Suite 2880,
Minneapolis, MN  55402.

WITNESSETH:

             WHEREAS, Eagle desires to engage
the services of the Employee as Senior Vice President – Sales and Marketing of
Eagle and to assure the continued service of the Employee to Eagle on the terms
and conditions set forth below.

             NOW, THEREFORE, in consideration of
the premises and mutual agreements hereinafter contained, the parties agree as
follows:

1.          TERM
OF EMPLOYMENT

             The term of this Agreement and
Employee’s employment under this Agreement shall begin on February 12, 2001,
and continue until February 11, 2004. 
At the expiration of the initial term of this Agreement, the Agreement
shall automatically be renewed for a period of one year with any amendments as
agreed to by the parties, provided that either party may terminate this
Agreement at the expiration of the initial term by giving written notice to the
other party no later than six months prior to the expiration of the initial
term of the Agreement.

2.          DUTIES

             Employee is engaged to serve as
Senior Vice President – Sales and Marketing of Eagle.  He shall perform such duties and functions commensurate with his
position and as directed by Eagle. 
During the term of this Agreement, Employee shall devote all of the time,
skills, attention, and energy necessary for the performance of his duties and
shall not be employed by any other entity without the expressed written
permission of the Chief Executive Officer of Eagle.

3.          COMPENSATION

   a.          Base Salary.

             As full compensation for the
performance by the Employee of all of his obligations under this Agreement, the
Employee shall be entitled to receive no less than an annual base salary of
$200,000 payable periodically on the payroll schedule established for Eagle
employees.  Base salary shall be
reviewed as of December 31 each year commencing with December 31, 2001, and
based on the performance of the Employee, the business conditions of Eagle and
the competitive market, Eagle shall determine the amount, if any, of any increase
in base salary to be granted as of such dates.

             b.          Annual
Bonus.

             Employee shall be entitled to
participate in the Company’s Senior Management Performance Bonus Plan.

             c.          Stock
Options and Restricted Stock.

             As of the date hereof, in further
consideration of the Employee’s employment hereunder, the Employee acknowledges
that:

             (i)          the
Employee has purchased 15,000 shares of Common Stock of Eagle, a portion of the
purchase price for which Eagle loaned to the Employee subject to the terms of a
Promissory Note of even date herewith executed in favor of Eagle;

             (ii)         Eagle has granted the Employee 25,000 shares of restricted
Common Stock of Eagle, subject to the terms of a Restricted Stock Agreement of
even date herewith between the Employee and Eagle; and

             (iii)        Eagle has granted the Employee an incentive stock option to
acquire 85,000 shares of Eagle’s Common Stock at an exercise price equal to the
fair market value for such Common Stock as of the date hereof, subject to the
terms of a Incentive Stock Option Agreement between the Employee and Eagle.

4.          VACATION
AND WELFARE BENEFITS

             The Employee shall be entitled to
all vacation, health/medical, life insurance, savings, and any other plans
which are established for the benefit of Eagle employees.  The Employee shall be entitled to such
participation as long as he remains in the employ of Eagle or for any period
for which he is entitled to continue participation beyond the term of his
employment as may be specified elsewhere in this Agreement.  Eagle reserves the right to establish,
modify, or determine the terms and conditions of any such welfare plans at its
own discretion.

5.          TERMINATION
OF THE EMPLOYEE’S EMPLOYMENT BY EAGLE

             a.          During
the Life of this Agreement.

             If the Employee’s employment is
terminated by Eagle prior to the expiration of this Agreement for any reason
other than for cause (as hereinafter defined) or under such circumstances as
would constitute a breach of this Agreement by the Employee, Eagle shall pay to
the Employee, in lieu of continued employment under this Agreement or in lieu
of any other policy or program maintained by Eagle, an amount equal to his base
salary for the balance of the initial term of the Agreement remaining at the
time of such termination, provided that such payment shall be for a minimum of
twelve months of his base salary at the time of such termination.  Eagle may make any such payment that arises
from this Section on a pay schedule established by Eagle for other executives.  During periods of any such continuing payments,
welfare benefits provided to the Employee under this Agreement shall continue.

             b.          Upon
the Expiration of this Agreement.

             Should Eagle elect not to renew
this Agreement upon its expiration, and such election is not as a result of
cause (as hereinafter defined) or breach of this Agreement on the part of the
Employee, and if Eagle no longer wishes to employ the Employee in his position,
Eagle shall pay the Employee an amount equal to twelve months of his base
salary at the time of expiration of this Agreement and such payment shall be
made, at the Employee’s option, either in a lump-sum as soon as is practicable
following the expiration date of this Agreement or in continuing payments on
the pay schedule established by Eagle for executives and welfare benefits as
provided to the Employee in this Agreement shall continue for the duration of
such payments.

             c.          Termination
for Cause, Resignation or Retirement.

             If the Employee’s employment
terminates at any time for cause or his resignation or retirement, the Employee
shall forfeit the right to any severance payments hereunder.  For purposes of this subsection, “cause”
shall include larceny or theft of property of Eagle or any affiliated company
or Eagle; revealing trade secrets of Eagle, any affiliated company, or Eagle to
anyone except as expressly authorized by Eagle in the performance or the
Employee duties or as required by law; willful dishonesty, gross misconduct, or
fraud toward Eagle, or any affiliated company or conviction of a felony
involving moral turpitude.

             d.          Severance.

             (i)             Anything
contained herein to the contrary notwithstanding, Eagle’s obligation to the
Employee to make severance payments under this Agreement shall cease upon the
termination of the Employee’s employment with Eagle for reason of retirement by
the Employee, his death, his disability for a period exceeding six (6) months,
or under any other circumstances as would constitute a breach of this Agreement
by the Employee, including, but not limited to, his resignation from his employment.

             (ii)         Any payment of severance payments provided herein may, at
Eagle’s discretion, be conditioned upon the execution of a release by the
Employee of all claims against Eagle arising out of his employment and the
termination thereof.

6.          CONFIDENTIAL
INFORMATION AND NON-COMPETITION

             a.          The
Employee acknowledges the importance of Eagle’s arrangements with its
employees, suppliers, and customers and he further acknowledges that the nature
of these arrangements and other information concerning the business processes,
formulas, programs, methods, techniques, policies, and practices of Eagle are
trade secrets and constitute valuable assets of Eagle.  Therefore:

             (i)          The
Employee shall not disclose or furnish to anyone, either directly or
indirectly, either during his employment under this Agreement or at any time
after his employment, any such trade secret of Eagle or any other company
controlling, controlled by, or under common control with Eagle that comes into
his possession during the course of his employment.

             (ii)         To the extent that the Employee has knowledge of such trade
secrets or any other information concerning Eagle which has not been disclosed
to the public by Eagle and is material under applicable securities laws, the
Employee acknowledges and agrees that the effect of the applicable securities
laws prohibit the Employee from trading in Eagle’s stock unless and until Eagle
voluntarily discloses such material information to the general public.

             (iii)        Upon termination of the Employee’s employment for any reason,
the Employee agrees not to compete in the manner described hereinafter, with
the business currently conducted by Eagle in the United States for a period of
twelve months following such termination. 
The Employee agrees that, during such period, he will not be employed
by, work for, advise, consult with, serve, or assist in any way, directly or
indirectly, any party whose activities or business are similar to or in
competition with the business of Eagle.

             (iv)       Upon termination of the Employee’s employment for any reason,
the Employee agrees not to solicit, cause or assist to solicit for a period of
twelve months following such termination, on behalf of himself or any business
or organization with which he becomes directly or indirectly associated by
ownership, employment, consultancy or otherwise, regardless of whether or not
he receives compensation therefrom, (1) any person employed or compensated in
any manner by Eagle, or to work, consult for or otherwise become associated
with him or any such business or organization, or (2) any customer who has done
business with Eagle at any time within the one (1) year period preceding the
date of his termination of employment, to purchase or otherwise acquire a
product similar to a product sold by Eagle.

The
foregoing restrictions on competition by the Employee described in the Sections
6(a)(iii) and (iv) shall also be operative during the term of the Employee’s
employment.  They shall also be
operative for the benefit of Eagle and of any business owned or controlled by
Eagle, or any successor or assign if any of the foregoing, but shall terminate
if Eagle and the companies with which it becomes affiliated as of the effective
date of this Agreement cease to engage in all of the businesses in which Eagle
is engaged as of the time Employee’s employment terminates.

             b.          The
Employee shall surrender to Eagle immediately upon termination of his
employment all books, records, and property belonging to Eagle or relating to
the employees, business, suppliers, and customers of Eagle without making or
retaining any copies.

             c.          The
Employee acknowledges that Eagle will suffer irreparable damage and injury and
will not have an adequate remedy at law in the event of any breach by him of
any provision of this Section 6.  Accordingly,
in the event of a breach or of a threatened or attempted breach by the Employee
of any of the preceding provisions of this Section 6, in addition to all other
remedies to which Eagle is entitled under law, Eagle shall be entitled to a
temporary and permanent injunction (without the necessity of showing any actual
damage) or a decree of specific performance of the provisions of this Section
6, and no bond or other security shall be required in that connection.

7.          DISCOVERIES

The
Employee will promptly disclose, in writing, to Eagle each improvement,
discovery, idea, and invention relating to the business of Eagle made or
conceived by him either alone or in conjunction with others while employed by
Eagle or within one (1) year after the termination of such employment if such
improvement, discovery, idea, or invention that results from or was suggested
by such employment whether or not patentable, whether or not made or conceived
(i) at the request of or upon the suggestion of Eagle (ii) during his usual
hours of work, (iii) on or about the premises of Eagle and whether or not prior
or subsequent to the execution hereof. 
He will not disclose any such improvement, discovery, idea, or invention
to any person except Eagle.  Each such
improvement, discovery, idea, or invention shall be the sole and exclusive
property of, and is hereby assigned to, Eagle and at the request of Eagle,
Employee will assist and cooperate with Eagle and any person or persons from
time to time designated by Eagle to obtain for Eagle the grant of any letters
patent in the United States and/or such other country or countries as may be
designated by Eagle, covering any applications, statements, assignments, or
other documents, furnish such information and data and take all such other
action (including without limitation, the giving of testimony) as Eagle may
from time to time reasonably request.

8.          MISCELLANEOUS

             a.          The
Employee shall be entitled to participate in any Deferred Compensation Program
established for Eagle executives related to any bonuses or other payments in
this Agreement that are eligible for deferred payment under the terms of any
such Plan.

             b.          The
Employee shall be reimbursed for, or have directly paid by Eagle (dependent
upon Eagle’s financial policy), travel, entertainment, and other associated
expenses deemed reasonably necessary in carrying out the duties of his
position.

             c.          The
Employee represents and warrants to Eagle that upon commencement of employment
with Eagle that he will not at any time be bound by any agreement that would be
violated by his execution or performance of this Agreement.

             d.          The
Employee may not assign any of his rights or delegate any of his duties under
this Agreement.

             e.          Any
notice or other communication under this Agreement shall be in writing and
shall be considered given when mailed by registered mail, return receipt
request, to either party.

             f.           This
Agreement sets forth the entire understanding of the parties, and completely
and fully supersedes and replaces any prior agreement(s) with respect to the
subject matter herein, written or oral, to which the Employee was a party.  This Agreement shall be governed by and
construed in accordance with the law of the State of Oregon applicable to agreements
made in that state and cannot be changed or terminated except by written
agreement duly signed by both parties. 
If any provision of this Agreement or the application thereof to any
party or circumstance is finally held invalid or unenforceable, the remaining
provisions of this Agreement and the application of such provisions to the
other party or circumstances will not be affected thereby, the provisions of
this Agreement being severable in any such instance, and the unlawful provision
shall be deemed to be amended to conform to requirements of any applicable law.

9.          Any controversy or claim, including
claims for damages arising out of or relating to this Agreement, or any breach
thereof, or other matters related to the termination of the Employee’s
Employment, shall be settled in arbitration in accordance with the Commercial
Arbitration Rules of the American Arbitration Association, and judgment upon
the award rendered by the Arbitrator may be entered in any court having
jurisdiction thereof.

10.        This Agreement may be signed in one or
more counterparts and all such counterparts, taken together, shall constitute
one document.

             IN WITNESS WHEREOF, this Employment
Agreement has been executed by a duly authorized officer of Eagle on this 12th
day of February, 2001.

	PW
  EAGLE, INC.
	(the
  “Company”)
	By:
  /s/ William H. Spell

             IN WITNESS WHEREOF, this Employment
Agreement has been executed by the Employee on the 12th day
of February, 2001 and the Employee attests that he is in full agreement with
all terms and conditions herein and has exercised his legal right to have this
Agreement reviewed by an Attorney if he so chooses.

	By:
  /s/ N. Michael Stickel

	(the
  “Employee”)Prepared by MerrillDirect

Exhibit 10.2

RESTRICTED STOCK AGREEMENT

 

             THIS
AGREEMENT, made effective as of this 9th day of March, 2001, by and
between PW
Eagle, Inc., a Minnesota corporation (the “Company”), and N. Michael
Stickel (“Employee”).

W I T N E S S E T H:

             WHEREAS,
Employee on the date hereof is the Senior
Vice President – Sales and Marketing of the
Company; and

             WHEREAS,
the Company wishes to provide Employee the opportunity to obtain a greater
equity interest in the Company by granting Employee certain performance-based
cash bonuses in the form of restricted stock; and

             WHEREAS,
the Company’s Board of Directors has authorized the grant of restricted stock
awards to Employee pursuant to this Agreement;

             NOW,
THEREFORE, in consideration of the premises and of the mutual covenants herein
contained, the parties hereto agree as follows:

             1.          Restricted Stock Award.  The Company hereby grants to Employee a
restricted stock award of 25,000 shares of the Company’s Common Stock, subject
to the terms of this Agreement.  The
Company shall cause to be issued a stock certificate representing such shares
of Common Stock in Employee’s name, and the Company shall hold such shares
until such time as the risks of forfeiture described in Section 2 have
lapsed.  Until such risks of forfeiture
have lapsed or the shares subject to such restricted stock award have been
forfeited pursuant to Section 2 below, Employee shall be entitled to vote the
shares represented by such stock certificates and shall receive all dividends
attributable to such shares, but Employee shall not have any other rights as a
shareholder with respect to such shares.

             2.          Vesting of Restricted Stock.

                           a.           The shares of Common
Stock subject to
the restricted stock award shall remain forfeitable until vesting according to
the following schedule (the “vesting date”):

	Vesting Date

	Cumulative

  Percentage of Shares Vested

	 	 
	March 9, 2004	20%
	March 9, 2005	50%
	March 9, 2006	100%

If Employee’s employment with the Company is terminated
for any reason, including Employee’s voluntary resignation or retirement but
excluding death or total disability, at any time prior to the vesting date for
the restricted stock award, Employee shall immediately forfeit all shares of
Common Stock subject to such award that have not vested.  If Employee’s employment is terminated by
death or total disability prior to the vesting date for the restricted stock
award, all risks of forfeiture on the shares of Common Stock subject to such
award shall immediately lapse.

                           b.          At such time as the
risks of forfeiture
on such restricted stock award lapse, the certificates representing the shares
of Common Stock shall be distributed to Employee.  If the shares are forfeited, the certificates representing such
shares shall be cancelled.

             3.          Change of Control.  Notwithstanding anything in this Agreement
to the contrary, all risks of forfeiture applicable to Employee’s restricted
stock awards shall immediately lapse upon a “change of control.”  For purposes of this Section 3, a “change of
control” shall mean the occurrence of any of
the following events: (i) all or substantially all of the Company's assets, on
a consolidated basis, are sold as an entirety to any person or related group of
persons or there shall be consummated any consolidation or merger of the
Company (A) in which the Company is not the continuing or surviving company
(other than a consolidation or merger with a wholly-owned Subsidiary in which
all shares of Common Stock outstanding immediately prior to the effectiveness
thereof are changed into or exchanged for the same consideration) or (B)
pursuant to which the Common Stock would be converted into cash, securities or
other property, in any case, other than a sale of assets or consolidation or
merger of the Company in which the holders of the Common Stock immediately
prior to the sale of assets or consolidation or merger have, directly or
indirectly, at least a majority of the Common Stock of the transferee or
continuing or surviving company immediately after such sale of assets or
consolidation or merger, (ii) any "person" (as such term is used in
Sections 13(d) and 14 (d) of the Exchange Act) other than the Spell Group, is
or becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 of the
Exchange Act provided that such person shall be deemed to have "beneficial
ownership" of all shares that such person has the right to acquire,
whether such right is exercisable immediately or only after the passage of
time), directly or indirectly, of more than 35% of the total voting power of
the outstanding voting securities of the Company; or (iii) during any period of
two consecutive years, individuals who at the beginning of such period
constituted the Board cease for any reason to constitute a majority of the
Board, then in office.

             4.          General Provisions.

                           a.          Employment; Rights as
Shareholder.  This Agreement shall not confer on Employee
any right with respect to continuance of employment by the Company, nor will it
interfere in any way with the right of the Company to terminate such
employment.

                           b.          Securities Law
Compliance.  Employee may be required by the Company, as
a condition of the effectiveness of any restricted stock award, to agree in
writing that all Common Stock subject to such awards shall be held, until such
time that such Common Stock is registered and freely tradable under applicable
state and federal securities laws, for Employee’s own account without a view to
any further distribution thereof, that the certificates for such shares shall
bear an appropriate legend to that effect and that such shares will be not
transferred or disposed of except in compliance with applicable state and
federal securities laws.

                           c.          Mergers,
Recapitalizations, Stock
Splits, Etc.  In the event of an
increase or decrease in the number of shares of Common Stock resulting from a
subdivision or consoli­dation of shares or the payment of a stock dividend or
any other increase or decrease in the number of shares of Common Stock effected
without receipt of consideration by the Company, the number of shares of Common
Stock subject to each outstanding restricted stock award shall be adjusted by
the Board to reflect such change. 
Additional shares which may be credited pursuant to such adjustment
shall be subject to the same restrictions as are applicable to the shares with
respect to which the adjustment relates.

                           d.          Shares Reserved
 .  The Company shall at all times during the
term of Employee’s restricted stock awards reserve and keep available such
number of shares as will be sufficient to satisfy the requirements of this
Agreement.

                           e.          Withholding Taxes
 .  In order to provide the Company with the
opportunity to claim the benefit of any income tax deduction which may be
available to it as from the grant of restricted stock awards to Employee under
this Agreement and to permit the Company to comply with all applicable federal
or state income tax laws or regulations, the Company may take such action as it
deems appropriate to insure that, if necessary, all applicable federal or state
payroll, income or other taxes are withheld from any amounts payable by the
Company to Employee.  If the Company is
unable to withhold such federal and state taxes, for whatever reason, the
Employee hereby agrees to pay to the Company an amount equal to the amount the
Company would otherwise be required to withhold under federal or state law
prior to the transfer of any certificates for the shares of Common Stock
subject to such restricted stock awards.

                           f.           Amendment; Waiver
.  This Agreement may not be modified, amended
or waived in any manner except by an instrument in writing signed by both
parties hereto.  The waiver by either
party of compliance with any provision of this Agreement by the other party
shall not operate or be construed as a waiver of any other provision of this
Agreement, or of any subsequent breach by such party of a provision of this
Agreement.

                           g.          Supersedes Previous
Agreements.  This Agreement supersedes all prior or
contemporaneous negotiations, commitments, agreements (written or oral) and
writings between the Company and Employee with respect to the subject matter
hereof.  All such other negotiations,
commitments, agreements and writings will have no further force or effect, and
the parties to any such other negotiation, commitment, agreement or writing
will have no further rights or obligations thereunder.

                           h.          Governing Law
 .  All matters affecting this Agreement,
including the validity thereof, are to be governed by, interpreted and
construed in accordance with the laws of the State of Minnesota.

                           i.            Notices. 
 Any notice hereunder by either party to the
other shall be given in writing by personal delivery, by telecopy (with
confirmation of transmission) or by certified mail, return receipt
requested.  If addressed to Employee, the
notice shall be delivered or mailed to Employee at the address specified under
Employee’s signature hereto, or if addressed to the Company, the notice shall
be delivered or mailed to the Company at its executive offices to the attention
of its President.  A notice shall be
deemed given, if by personal delivery or by telecopy, on the date of such
delivery or, if by certified mail, on the date shown on the applicable return
receipt.

                           j.           Headings
 .  The headings of Sections and paragraphs
herein are included solely for convenience of reference and shall not control
the meaning or interpretation of any of the provisions of this Agreement.

                           k.          Scope of Agreement
 .  This Agreement shall bind and inure to the
benefit of the Company and its successors and assigns and of Employee and his
successors.

 

             IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
on the day and year first above written.

	 	PW EAGLE, INC.
	 	(the “Company”)
	 	 
	 	 
	 	By: /s/ Roger R.
  Robb

	 	   Its: Chief Financial Officer

	 	 
	 	 
	 	 
	 	/s/ N. Michael Stickel

	 	N. Michael
  Stickel
	 	(“Employee”)
	 	 	 
	 	Address:	PW Eagle, Inc.

	 	 	1550 Valley River Drive

	 	 	Eugene, Oregon 97401

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