Document:

Exhibit
      10.52

     

     

     

     

    Building
      Materials Holding Corporation

     

    2005
      Deferred Compensation Plan

    for
      Executives

     

    (Amended
      and Restated 2007, Effective January 1, 2005)

     

     

     

     

     

     

    

    TAX
      ADVICE DISCLAIMER: Any statements regarding tax matters made herein, including
      any attachments, cannot be relied upon by any person to avoid tax penalties
      and
      are not intended to be used or referred to in any marketing or promotional
      materials. To the extent this communication contains a tax statement or tax
      advice, Holme Roberts & Owen LLP does not and will not impose any limitation
      on disclosure of the tax treatment or tax structure of any transactions to
      which
      such tax statement or tax advice relates.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Table
      of Contents

    

      
        	 	 	 	
                Page

              
	 	 	 	 
	
                ARTICLE 1.
                  DEFINITIONS

              	
                1

              
	 	
                1.1

              	
                Account

              	
                1

              
	 	
                1.2

              	
                Base
                  Salary

              	
                1

              
	 	
                1.3

              	
                Beneficiary

              	
                1

              
	 	
                1.4

              	
                Board
                  of Directors

              	
                1

              
	 	
                1.5

              	
                Bonus

              	
                1

              
	 	
                1.6

              	
                Change
                  in Control

              	
                2

              
	 	
                1.7

              	
                Code

              	
                2

              
	 	
                1.8

              	
                Committee

              	
                2

              
	 	
                1.9

              	
                Company

              	
                2

              
	 	
                1.10

              	
                Company
                  Contributions

              	
                2

              
	 	
                1.11

              	
                Deferral

              	
                2

              
	 	
                1.12

              	
                Disability

              	
                3

              
	 	
                1.13

              	
                Effective
                  Date

              	
                3

              
	 	
                1.14

              	
                Eligible
                  Compensation

              	
                3

              
	 	
                1.15

              	
                ERISA

              	
                3

              
	 	
                1.16

              	
                Hardship

              	
                3

              
	 	
                1.17

              	
                Incentive
                  Plan

              	
                4

              
	 	
                1.19

              	
                Liquidation

              	
                4

              
	 	
                1.20

              	
                Participant

              	
                4

              
	 	
                1.21

              	
                Plan

              	
                4

              
	 	
                1.22

              	
                Plan
                  Year

              	
                4

              
	 	
                1.23

              	
                Regulations

              	
                4

              
	 	
                1.26

              	
                Stock

              	
                5

              
	 	
                1.27

              	
                Trust
                  or Trust Agreement

              	
                5

              
	 	
                1.28

              	
                Trust
                  Fund

              	
                5

              
	 	
                1.29

              	
                Trustee

              	
                5

              
	 	 	 	 
	
                ARTICLE 2.
                  ELIGIBILITY

              	
                5

              
	 	
                2.1

              	
                Eligibility
                  Requirements

              	
                5

              
	 	
                2.2

              	
                Lapse
                  of Eligibility

              	
                5

              
	 	 	 	 
	
                ARTICLE 3.
                  DEFERRED COMPENSATION

              	
                6

              
	 	
                3.1

              	
                Deferral
                  Elections

              	
                6

              
	 	
                3.2

              	
                Vesting

              	
                8

              
	 	 	 	 
	
                ARTICLE 4.
                  PAYMENT OF DEFERRED COMPENSATION

              	
                8

              
	 	
                4.1

              	
                Election
                  of Timing of Payment

              	
                8

              
	 	
                4.2

              	
                Election
                  of Method of Payment

              	
                9

              
	 	
                4.3

              	
                Subsequent
                  Elections

              	
                10

              
	 	
                4.4

              	
                Payment
                  upon Hardship

              	
                11

              
	 	
                4.5

              	
                Payment
                  Following a Change in Control

              	
                11

              

      

      

        Deferred
          Compensation Plan for Executives

         

      

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

       

      
        	
              	
                4.6

              	
                Payment
                  upon Death

              	
                11

              
	 	
                4.7

              	
                Designation
                  of Beneficiary

              	
                11

              
	 	
                4.8

              	
                Administration
                  of Payments

              	
                12

              
	 	
                4.9

              	
                Permitted
                  Acceleration of Payments

              	
                12

              
	 	
                4.10

              	
                Permitted
                  Delay of Payments

              	
                13

              
	 	 	 	 

      

      
        	
                ARTICLE 5.
                  TRUST AND INVESTMENT

              	
                13

              
	 	
                5.1

              	
                Accounts

              	
                13

              
	 	
                5.2

              	
                Participants’
                  Rights Unsecured

              	
                13

              
	 	
                5.3

              	
                Trust
                  Agreement

              	
                14

              
	 	
                5.4

              	
                Crediting
                  and Debiting of Account

              	
                14

              
	 	
                5.5

              	
                Voting
                  of Stock

              	
                15

              
	 	 	 	 
	
                ARTICLE 6.
                  AMENDMENT AND TERMINATION

              	
                15

              
	 	
                6.1

              	
                Amendment

              	
                15

              
	 	
                6.2

              	
                Termination

              	
                15

              
	 	 	 	 
	
                ARTICLE 7.
                  ADMINISTRATION

              	
                16

              
	 	
                7.1

              	
                Administration

              	
                16

              
	 	
                7.2

              	
                Applying
                  for Benefits

              	
                16

              
	 	
                7.3

              	
                Liability
                  of Committee; Indemnification

              	
                18

              
	 	
                7.4

              	
                Expenses

              	
                18

              
	 	 	 	 
	
                ARTICLE 8.
                  GENERAL AND MISCELLANEOUS

              	
                18

              
	 	
                8.1

              	
                Rights
                  Against Company

              	
                18

              
	 	
                8.2

              	
                Assignment
                  or Transfer

              	
                18

              
	 	
                8.3

              	
                Severability

              	
                19

              
	 	
                8.4

              	
                Construction

              	
                19

              
	 	
                8.5

              	
                Governing
                  Law

              	
                19

              
	 	
                8.6

              	
                Payment
                  Due to Incompetence

              	
                19

              
	 	
                8.7

              	
                Taxes

              	
                19

              
	 	
                8.8

              	
                Insurance

              	
                19

              
	 	
                8.9

              	
                Attorney’s
                  Fees

              	
                20

              
	 	
                8.10

              	
                Plan
                  Binding on Successors and Assignees

              	
                20

              
	 	 	 	 
	
                Appendix

              	
                Acknowledgment

              	 

      

    

    

      Deferred
        Compensation Plan for Executives

       

    

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

    BUILDING
      MATERIALS HOLDING CORPORATION

    2005
      DEFERRED COMPENSATION PLAN

    FOR
      EXECUTIVES

     

    Building
      Materials Holding Corporation, a Delaware corporation (the “Company”) hereby
      establishes an unfunded plan for the purpose of providing deferred compensation
      for a select group of management and highly compensated employees in compliance
      with Section 409A of the Internal Revenue Code, as amended (the
“Code”).

     

    RECITALS

     

    WHEREAS,
      the Participants identified by the Compensation Committee of the Board of
      Directors of the Company, or any other committee designated by the Board of
      Directors of the Company to administer the Plan in accordance with Article
      8 of
      the Plan (the “Committee”), as eligible to participate in the Plan (each a
“Participant,” or collectively the “Participants”) provide services to the
      Company; and

     

    WHEREAS,
      the Company desires to continue to maintain an unfunded deferred compensation
      plan and the Participants desire the Company to pay certain deferred
      compensation and/or related benefits to or for the benefit of the Participants,
      or a designated Beneficiary, or both;

     

    WHEREAS,
      the Company established this deferred compensation plan with respect to
      compensation earned on or after January 1, 2005 to comply with Code Section
      409A;

     

    NOW,
      THEREFORE, the Company hereby amends and restates the Plan for the purpose
      of
      complying with the final regulations promulgated under Code Section 409A, which
      become effective January 1, 2008.

     

    ARTICLE 1. DEFINITIONS

     

    
      	
              1.1

            	
              Account
                means, collectively, the separate subaccount(s) established under
                the Plan
                and the Trust for each Participant. The Company shall furnish each
                Participant with a statement of his or her Account balance at least
                annually.

            

    

     

    
      	
              1.2

            	
              Base
                Salary
                means a Participant’s regular annual compensation for a Plan Year,
                determined as of the first day of that year, excluding bonuses,
                commissions, overtime, incentive payments, non-monetary awards, and
                other
                special compensation, before reduction for compensation deferred
                pursuant
                to all qualified and non-qualified plans of the
                Company.

            

    

     

    
      	
              1.3

            	
              Beneficiary
                means the beneficiary designated by the Participant to receive the
                Participant’s deferred compensation benefits in the event of his or her
                death.

            

    

     

    
      	
              1.4

            	
              Board
                of Directors
                means the Board of Directors of the
                Company.

            

    

     

    
      	
              1.5

            	
              Bonus
                means amounts (if any) awarded under the annual bonus policy maintained
                by
                the Company, any commissions earned on sales and any payments made
                under
                the Company’s bonus programs for performance periods of shorter than 12
                months.

            

    

    

      Deferred
        Compensation Plan for Executives

       

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      	
              1.6

            	
              Change
                in Control means
                the occurrence of any of the following, limited to the extent any
                such
                occurrence is consistent with the definition of a “change in ownership,”
                “change in effective control,” “change in the ownership of a substantial
                portion of a corporation’s assets” or similar event described in Code
                Section 409A or the Regulations:

            

    

     

    
      	 	
              (a)

            	
              when
                any “person,” as such term is used in Sections 13(d) and 14(d) of the
                Securities Exchange Act of 1934 as amended (“Exchange Act”) (other than
                the Company, a Subsidiary or a Company benefit plan, including any
                trustee
                of such plan acting as trustee) is or becomes the “beneficial owner” (as
                defined in Rule 13d-3 under the Exchange Act), directly or indirectly,
                of
                securities of the Company representing fifty percent (50%) or more
                of the
                combined voting power of the Company’s then outstanding securities, where
                such person’s beneficial ownership of the Company’s securities was not
                initiated by the Company or approved by the Board of Directors;
                or

            

    

     

    
      	 	
              (b)

            	
              the
                occurrence of a transaction requiring shareholder approval, and involving
                the sale of all or substantially all of the assets of the Company
                or the
                merger of the Company with or into another corporation, where such
                merger
                was not initiated by the Company and in which the Company is not
                the
                surviving parent entity; or

            

    

     

    
      	 	
              (c)

            	
              a
                change in the composition of the Board of Directors during any 12-month
                period, as a result of which fewer than a majority of the directors
                are
                Incumbent Directors. “Incumbent Directors” means directors who are
                elected, or nominated for election, to the Board of Directors with
                the
                affirmative votes of at least a majority of the Incumbent Directors
                at the
                time of such election or nomination (but shall not include an individual
                whose election or nomination is in connection with an actual or threatened
                proxy contest relating to the election of directors to the
                Company).

            

    

     

    
      	
              1.7

            	
              Code
                means the Internal Revenue Code of 1986, as amended from time to
                time.
                Reference to any Code section shall include any successor or comparable
                provision of the Code or application
                Regulations.

            

    

     

    
      	
              1.8

            	
              Committee
                means the Compensation Committee of the Board of Directors or any
                other
                committee designated by the Board of Directors to administer the
                Plan in
                accordance with Article 8.

            

    

     

    
      	
              1.9

            	
              Company
                means Building Materials Holding Corporation, a Delaware Corporation,
                any
                successor organization thereto, and any corporation or other entity
                that
                must be aggregated with Building Materials Holding Corporation pursuant
                to
                the Code or Regulations.

            

    

     

    
      	
              1.10

            	
              Company
                Contributions
                means the Company’s discretionary contribution, if any, pursuant to
                Section 3.1(b).

            

    

     

    
      	
              1.11

            	
              Deferral refers
                to a Participant’s legally binding right during a Plan Year to
                compensation that, pursuant to the terms of the Plan and in compliance
                with Code Section 409A and the Regulations, is payable to (or on
                behalf of) the Participant in a later Plan Year. If an attempted
                Deferral
                does not comply with the term of the Plan, Code Section 409A or the
                Regulation, the Committee may, in its sole discretion, reform or
                reject
                the attempted Deferral to avoid the violation of Code Section 409A
                by the
                Participant or the Plan.

            

    

    

      Deferred
        Compensation Plan for Executives

       

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	
              1.12

            	
              Disability
                means—

            

    

     

    
      	 	
              (a)

            	
              the
                condition of being unable to engage in any substantial gainful activity
                by
                reason of any medically determinable physical or mental impairment
                which
                can be expected to result in death or can be expected to last for
                a
                continuous period of not less than 12 months, or
                

            

    

     

    
      	 	
              (b)

            	
              by
                reason of suffering from any medically determinable physical or mental
                impairment that is expected to result in death or can be expected
                to last
                for a continuous period of not less than 12 months, receiving income
                replacement benefits for a period of not less than 3 months under
                an
                accident and health plan covering employees of the
                Company

            

    

     

    
      	
              1.13

            	
              Effective
                Date
                of
                this amendment and restatement means January 1, 2005, except as otherwise
                specified.

            

    

     

    
      	
              1.14

            	
              Eligible
                Compensation
                means projected annual compensation, determined on an annual basis
                by the
                Company at or before the beginning of the Plan Year, which may consist
                of
                salary, bonus, and/or other cash-based or stock-based incentive payments,
                but which shall not include any special or non-recurring compensatory
                payments such as hiring bonuses, moving or relocation bonuses or
                automobile allowances.

            

    

     

    
      	
              1.15

            	
              ERISA
                means the Employee Retirement Income Security Act of 1974, as
                amended.

            

    

     

    
      	
              1.16

            	
              Hardship
                refers to a payment made on account of an unforeseeable immediate
                and
                heavy financial need of the Participant and that is necessary to
                satisfy
                that financial need in accordance with the
                following:

            

    

     

    
      	 	
              (a)

            	
              Amount.
                The amounts distributed with respect to an emergency cannot exceed
                the
                amounts necessary to satisfy such emergency plus amounts necessary
                to pay
                taxes reasonably anticipated as a result of the payment, after taking
                into
                account the extent to which such hardship is or may be relieved through
                reimbursement or compensation by insurance or otherwise or by liquidation
                of the Participant’s assets (to the extent the liquidation of such assets
                would not itself cause severe financial
                hardship).

            

    

     

    
      	 	
              (b)

            	
              Circumstances.
                Whether a Participant has an immediate and heavy financial need shall
                be
                determined by the Committee based on all relevant facts and circumstances,
                and shall refer to a
                severe financial hardship to the Participant resulting from an illness
                or
                accident of the Participant, the Participant’s spouse, or a dependent (as
                defined in Code Section 152(a)) of the Participant; loss of the
                Participant’s property due to casualty; or other similar extraordinary and
                unforeseeable circumstances arising as a result of events beyond
                the
                control of the Participant.

            

    

    

      Deferred
        Compensation Plan for Executives

       

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
              1.17

            	
              Incentive
                Plan
                means one or more incentive program(s) having a performance period
                of 12
                months or longer, designated by the Company from time to time and
                as
                amended from time to time, from which Participants may make Deferrals.
                Incentive Plan payments shall be subject to the limitations on and
                requirements for “performance-based compensation” under Code Section 409A
                and the Regulations.

            

    

     

    
      	
              1.18

            	
              Key
                Employee
                means an employee of the Company, who is, as determined under Code
                Section
                416(i)—

            

    

     

    
      	 	
              (a)

            	
              an
                officer of the Company having an annual compensation greater than
                $130,000
                (as adjusted),

            

    

     

    
      	 	
              (b)

            	
              a
                5% owner of the Company, or

            

    

     

    
      	 	
              (c)

            	
              a
                1% owner of the Company having annual compensation from the Company
                of
                more than $150,000,

            

    

     

    or
      as
      otherwise defined for purposes of Code Section 409A(a)(2)(B), to be effective
      as
      of the effective date of such change. For purposes of subsection (a), no more
      than 50 employees (or, if lesser, the greater of 3 employees or 10% of the
      employees) shall be treated as officers. The Key Employee identification date
      shall be January 1 of each Plan Year, and the Key Employee effective date shall
      be the following May 1.

     

    
      	
              1.19

            	
              Liquidation
                means any liquidation or dissolution of the Company taxed under Code
                Section 331 or with approval of a bankruptcy court pursuant to United
                States Code Title 11,
                Section 503(b)(1)(A).

            

    

     

    
      	
              1.20

            	
              Participant
                means, as of the date specified by the Committee, each employee of
                the
                Company designated by the
                Company to
                be entitled to defer compensation pursuant to the Plan, as well as
                each
                employee or former employee having an Account under the Plan. The
                term
                “Participant” includes a Participant’s Beneficiary where the context so
                requires. 

            

    

     

    
      	
              1.21

            	
              Plan
                means the Building Materials Holding Corporation 2005 Deferred
                Compensation Plan for Executives, as amended from time to
                time.

            

    

     

    
      	
              1.22

            	
              Plan
                Year
                means the year beginning each January 1 and ending December
                31.

            

    

     

    
      	
              1.23

            	
              Regulations
                means
                the rules, regulations, interpretations and procedures promulgated
                under
                Code Section 409A and other relevant sections of the Code, as modified
                from time to time.

            

    

     

    
      	
              1.24

            	
              Separation
                from Service
                of
                a director or independent contractor of the Company has occurred
                when the
                Company and the individual reasonably anticipate that no services
                (as a
                director, independent contractor or employee) in excess of 49% of
                the
                average level of services performed over the immediately preceding
                12
                months will be performed after that date, regardless of the reason
                (other
                than death) for the reduction in services; provided that a “Separation
                from Service” shall not occur if a Participant is on bona fide leave of
                absence of up to 6 months and, if longer, has a contractually or
                statutorily protected right of reemployment. “Separation from Service”
                shall be interpreted in accordance with the meaning of “separation from
                service” or similar term under Code Section 409A and the
                Regulations.

            

    

    

      Deferred
        Compensation Plan for Executives

       

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	
              1.25

            	
              Service
                means the Participant’s service with the Company that is not interrupted
                or terminated based on the facts and
                circumstances.

            

    

     

    
      	
              1.26

            	
              Stock
                means the Common Stock issuable by the Company to Participants for
                Service
                rendered.

            

    

     

    
      	
              1.27

            	
              Trust
                or
                Trust Agreement
                means the Trust Agreement applicable to the Plan, as amended from
                time to
                time, entered into between the Company and the Trustee to carry out
                the
                provisions of the Plan.

            

    

     

    
      	
              1.28

            	
              Trust
                Fund
                means the cash and other assets and/or properties held and administered
                by
                Trustee pursuant to the Trust to carry out the provisions of the
                Plan.

            

    

     

    
      	
              1.29

            	
              Trustee
                means the designated Trustee acting at any time under the Trust.
                

            

    

     

    ARTICLE 2. ELIGIBILITY

     

    
      	
              2.1

            	
              Eligibility
                Requirements.
                Eligibility to participate in the Plan shall be limited to the
                Participants of the Company who—

            

    

     

    
      	 	
              (a)

            	
              are
                classified as key
                management employees of the Company who have or are estimated to
                have
                Eligible Compensation in excess of $100,000 for the prior or upcoming
                Plan
                Year, as applicable,

            

    

     

    
      	 	
              (b)

            	
              have
                been selected by the Committee to participate in the Plan;
                and

            

    

     

    
      	 	
              (c)

            	
              execute
                a participation agreement in such form and according to such procedures
                as
                determined by the Committee or receive an acknowledgement permitting
                a
                Participant to participate in the Plan according to such terms as
                specified by the Committee.

            

    

     

    Deferral
      of Eligible Compensation under the Plan shall not commence until the Participant
      has complied with the election procedures set forth in Article 3. Nothing in
      the
      Plan or in the Acknowledgment should be construed to require any contributions
      to the Plan on behalf of the Participant by the Company.

     

    
      	
              2.2

            	
              Lapse
                of Eligibility.
                To the extent that the number of Participants eligible to participate
                in
                the Plan exceeds 2% of the Company’s total employee population, those
                eligible to be Participants who have the lowest Eligible Compensation
                in
                the prior Plan Year shall not be eligible for the following Plan
                Year.
                Notwithstanding the foregoing, in the event the Committee determines,
                in
                its sole discretion, that any Participant shall no longer be eligible
                to
                participate in the Plan, or no longer qualifies as a member of a
                select
                group of management or highly compensated employees of the Company,
                then
                the Participant shall cease active participation in the Plan and
                all
                contributions made on the Participant’s behalf shall cease as of the date
                determined by the Committee. 

            

    

    

      Deferred
        Compensation Plan for Executives

       

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    ARTICLE 3. DEFERRED
      COMPENSATION

     

    
      	
              3.1

            	
              Deferral
                Elections.

            

    

     

    
      	 	
              (a)

            	
              Election
                to Defer Compensation.
                Each eligible Participant may elect to defer annually the receipt
                of a
                portion of the Eligible Compensation for Service otherwise payable
                to him
                or her by the Company during each Plan Year or portion of a Plan
                Year that
                the Participant is in Service. Any Participant’s election to defer
                Eligible Compensation must satisfy the following
                conditions:

            

    

     

    
      	 	
              (1)

            	
              Newly
                Eligible Participants.
                A
                Participant shall have 30 days from the date of first becoming a
                Participant to submit the required Deferral election documents for
                the
                then-current Plan Year. 

            

    

     

    
      	 	
              (2)

            	
              Plan
                Year Elections.
                Each other Deferral election must be made no later than the day prior
                to
                the beginning of the Plan Year during which the Eligible Compensation
                to
                be deferred is earned or such later date as may be permitted under
                Code
                Section 409A.

            

    

     

    
      	 	
              (3)

            	
              Minimum
                and Maximum Deferrals.
                The minimum annual Deferral amount, which must be withheld from Base
                Salary or Bonus, is $5,000. The maximum Deferral percentage is 80%
                of
                Eligible Compensation.

            

    

     

    
      	 	
              (4)

            	
              Stock.
                The number of shares of Stock deferred by a Participant shall be
                credited
                to the Account, including fractional shares. The credit for deferred
                Stock
                shall be entered on the Company’s books of account as soon as practicable.
                Dividends payable on Stock may be used to purchase additional Stock,
                as
                determined in the sole discretion of the
                Trustee.

            

    

     

    
      	 	
              (5)

            	
              Conditions
                of Election.
                Any Deferral election must be made in such form as required by the
                Committee, then completed by the Participant and delivered to the
                Company,
                together with all other documents required by the Committee. Each
                Deferral
                election shall be irrevocable with respect to any Eligible Compensation
                covered by the election, including Eligible Compensation payable
                in the
                Plan Year in which the election suspending or modifying the prior
                Deferral
                election is delivered to the Company.

            

    

     

    
      	 	
              (6)

            	
              Evergreen
                Election.
                Each election or discontinuance of an election will continue in force
                for
                each successive Plan Year until or unless suspended or modified by
                the
                filing of a new election with the Company by the Participant in accordance
                with subsection (a)(2). 

            

    

     

    
      	 	
              (7)

            	
              Transition
                Period Elections.
                Deferral elections for the 2005 Plan Year shall be made no later
                than
                March 15, 2005. Prior to January 1, 2006, a Participant shall be
                permitted
                to terminate participation in the Plan or cancel a Deferral election
                for
                the 2005 Plan Year, causing the amounts subject to such termination
                or
                cancellation to be includible in the Participant’s current income.
                

            

    

    

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              (b)

            	
              Company
                Contributions.
                The Company shall not be obligated to make any other contribution
                to the
                Plan on behalf of any Participant at any time. The Company may make
                Company Contributions to the Plan on behalf of one or more the
                Participants. Company Contributions, if any, made to Participant
                Accounts
                shall be determined in the sole and absolute discretion of the Company,
                and may be made without regard to whether the Participant to whose
                Account
                such contribution is credited has made, or is making, Deferrals.
                The
                Company shall not be bound or obligated to apply any specific formula
                or
                basis for calculating the amount of any Company Contributions, and
                the
                Company shall have sole and absolute discretion as to the allocation
                of
                Company Contributions among Participants’ Accounts. The use of any
                particular formula or basis for making a Company Contribution in
                one year
                shall not bind or obligate the Company to use such formula or basis
                in any
                other year.
                As
                of the date of adoption of this restatement of the Plan, the Company
                is
                matching 50% of up to the first 6% of Deferrals (or, in the case
                of
                SelectBuild, 25% of the first 4%), including Bonus and/or Incentive
                Plan
                payments.

            

    

     

    
      	 	
              (c)

            	
              Incentive
                Plan.
                

            

    

     

    
      	 	
              (1)

            	
              Deferral
                Election.
                Participants who are eligible for the Incentive Plan, and who are
                in
                Service from the beginning of the Incentive Plan’s performance period
                through the date of a Deferral election, may elect to defer Bonuses
                under
                the Plan according to procedures established by the Committee. Deferral
                of
                a Bonus must be made no later than the date that is 6 months before
                the
                end of the performance period, but before the date that the fact
                of
                receipt or the amount of such Bonus becomes readily ascertainable.
                The
                election procedures for the Deferral of Bonuses shall be determined
                and,
                as necessary, supplemented by the Committee from time to
                time.

            

    

     

    
      	 	
              (2)

            	
              Conversion
                to Stock.
                The Committee may require that any Deferral election under this subsection
                specify the percentage or amount, if any, of the Bonus that the
                Participant elects to convert to Company common stock. Any payment
                converted to stock shall be issued in the Participant’s name for the
                number of shares based on the market price on the day that the payment
                is
                made. The conversion election must be made prior to the final Company
                fiscal year of the Incentive Plan performance period. One Deferral
                election must apply to the entire amount of stock converted for that
                Plan
                Year and provide for at least one year of
                Deferral.

            

    

     

    
      	 	
              (d)

            	
              Administration
                of Deferral Elections.
                The Company shall withhold the amount or percentage of Base Salary
                specified to be deferred in equal amounts for each payroll period
                and
                shall withhold the amount or percentage of Bonus specified to be
                deferred
                at the time or times such Bonus is or otherwise would be paid to
                the
                Participant. The amount or percentage of Base Salary that a Participant
                elects to defer will remain constant for the Plan Year of the election
                and
                shall not be subject to change during the Plan Year. A Bonus election
                may
                be changed only according to subsection
                (c).

            

    

    

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              3.2

            	
              Vesting.
                All Deferrals from Eligible Compensation elected by the Participant
                shall
                be fully vested at all times. Notwithstanding any provision of the
                Plan to
                the contrary, Company Contributions, if any, may be subject to a
                substantial risk of forfeiture in accordance with the terms of a
                vesting
                schedule, which may be determined by the Company in its sole discretion.
                As of the date of adoption of this restatement of the Plan, Company
                Contributions vest according to the schedule applied to the tax-qualified
                Code Section 401(k) plan sponsored by the Company (20% for each plan
                year
                of service in which a minimum of 1,000 hours is credited), which
                vesting
                schedule may be waived by the Committee in its sole discretion. In
                the
                event of a Change in Control, all Company Contributions will become
                immediately 100% vested. Service with predecessor companies shall
                be
                credited for purposes of vesting.

            

    

     

    ARTICLE 4. PAYMENT
      OF DEFERRED COMPENSATION

     

    
      	
              4.1

            	
              Election
                of Timing of Payment.

            

    

     

    
      	 	
              (a)

            	
              Affirmative
                Election.
                Each Participant who makes a Deferral election for a Plan Year under
                Section 3.1 shall submit an election of the timing of payment applicable
                to that Deferral. Any Participant’s election of the timing of payment must
                satisfy the following conditions:

            

    

     

    
      	 	
              (1)

            	
              Newly
                Eligible Participants.
                A
                Participant shall have 30 days from the date of first becoming a
                Participant to submit the required election for the then-current
                Plan
                Year. 

            

    

     

    
      	 	
              (2)

            	
              Plan
                Year Elections.
                Each other election must be made no later than the day prior to the
                beginning of the Plan Year during which the Eligible Compensation
                to be
                deferred is earned or such later date as may be permitted under Code
                Section 409A.

            

    

     

    
      	 	
              (3)

            	
              Transition
                Period Elections.
                On
                or before December 31, 2008,
                a
                Participant shall be permitted to revoke or revise his designated
                time of
                payment in accordance with the procedures established by the Committee.
                The revised election shall designate a time of payment described
                in
                subsection (b) according to procedures established by the Committee,
                provided that no change in the timing of payment shall result in
                acceleration of any payment to the year in which the revised election
                is
                made or delay of any payment otherwise payable in the year in which
                the
                election is made.

            

    

     

    
      	 	
              (b)

            	
              Timing.
                Participants may choose among the following times for payment in
                accordance with the procedures established by the
                Committee:

            

    

     

    
      	 	
              (1)

            	
              upon
                the Participant’s reaching a specified
                age,

            

    

    

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              (2)

            	
              upon
                the Participant’s Separation
                from Service, or

            

    

     

    
      	 	
              (3)

            	
              upon
                either—

            

    

     

    
      	 	
              (A)

            	
              the
                earlier
                to
                occur of the events in subsections (b)(1) and (b)(2), or
                

            

    

     

    
      	 	
              (B)

            	
              the
                later
                to
                occur of the events in subsections (b)(1) and (b)(2).
                

            

    

     

    Notwithstanding
      any provision to the contrary, a Participant may choose a specific date as
      the
      time of payment, or as an alternate time of payment if the election specifies
      “the earlier of” or “the later of” the specific date and another permissible
      event (i.e., specified age or Separation from Service), at such times and in
      accordance with the procedures established by the Committee.

     

    In
      the
      case of a Key Employee, any payment made on account of a Separation from Service
      shall not be made until a date that is 6 months after the date of Separation
      from Service. The initial payment shall be equal to the payments that would
      have
      been paid to the Key Employee had no 6-month delay applied, together with any
      earnings on such amount as applied in the sole discretion of the
      Committee.

     

    
      	 	
              (c)

            	
              Default
                Elections.
                In the event the Participant fails properly to designate the timing
                of
                payment, subject to a subsequent election made under Section 4.3,
                such
                amounts shall be payable upon the Participant’s Separation from
                Service.

            

    

     

    
      	 	
              (d)

            	
              Other
                Payment Events.
                Notwithstanding the Participant’s elected timing of payment, the Company
                shall commence payment upon the earliest to occur of the following
                events:

            

    

     

    
      	 	
              (1)

            	
              the
                Participant’s Hardship as provided in Section
                4.4;

            

    

     

    
      	 	
              (2)

            	
              a
                Change in Control of the Company as provided in Section
                4.5;

            

    

     

    
      	 	
              (3)

            	
              the
                Participant’s Disability, as determined by the Committee in its sole
                discretion, according to the Participant’s elected method of payment; or
                

            

    

     

    
      	 	
              (4)

            	
              the
                Participant’s death, according to the Participant’s elected method of
                payment.

            

    

     

    
      	
              4.2

            	
              Election
                of Method of Payment.
                

            

    

     

    
      	 	
              (a)

            	
              Affirmative
                Election.
                Each Participant who makes a Deferral election for a Plan Year under
                Section 3.1 shall submit an election of the method of payment applicable
                to that Deferral. Any Participant’s election of the timing of payment must
                satisfy the following conditions:

            

    

     

    
      	 	
              (1)

            	
              Newly
                Eligible Participants.
                A
                Participant shall have 30 days from the date of first becoming a
                Participant to submit the required election for the then-current
                Plan
                Year. 

            

    

    

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              (2)

            	
              Plan
                Year Elections.
                Each other election must be made no later than the day prior to the
                beginning of the Plan Year during which the Eligible Compensation
                to be
                deferred is earned or such later date as may be permitted under Code
                Section 409A.

            

    

     

    
      	 	
              (3)

            	
              Transition
                Period Elections.
                On or before December 31, 2008, a Participant shall be permitted
                to revoke
                or revise his designated method of payment in accordance with the
                procedures established by the Committee. The revised election shall
                designate a method of payment described in subsection (b) according
                to
                procedures established by the Committee, provided that no change
                in the
                method of payment shall result in acceleration of any payment to
                the year
                in which the revised election is made or delay of any payment otherwise
                payable in the year in which the election is
                made.

            

    

     

    
      	 	
              (b)

            	
              Methods.
                Participants may choose among the following methods of payment in
                accordance with the procedures established by the
                Committee:

            

    

     

    
      	 	
              (1)

            	
              with
                respect to cash amounts—

            

    

     

    
      	 	
              (A)

            	
              a
                single lump sum payment,

            

    

     

    
      	 	
              (B)

            	
              monthly
                installments over a designated period of 60 months, which installments
                shall each be treated as a separate payment, subject to the procedures
                established under Section 4.3, or

            

    

     

    
      	 	
              (C)

            	
              monthly
                installments over a designated period of 120 months, which installments
                shall each be treated as a separate payment, subject to the procedures
                established under Section 4.3; and

            

    

     

    
      	 	
              (2)

            	
              with
                respect to Stock—

            

    

     

    
      	 	
              (A)

            	
              a
                single lump sum issuance, or

            

    

     

    
      	 	
              (B)

            	
              annual
                installments over a designated period of 5 years, which installments
                shall
                each be treated as a separate payment, subject to the procedures
                established under Section 4.3.

            

    

     

    
      	 	
              (c)

            	
              Default
                Elections.
                In the event the Participant fails properly to designate the method
                of
                payment, subject to a subsequent election made under Section 4.3,
                such
                amounts shall be payable in the form of a lump
                sum.

            

    

     

    
      	
              4.3

            	
              Subsequent
                Elections.
                Subject to Sections 4.1, 4.2, 4.9 and 4.10, a Participant may not
                accelerate the timing or method of any payment under the Plan, except
                as
                provided in the Regulations. Any change to an election regarding
                the
                timing or method of payment must satisfy the following
                conditions:

            

    

     

    
      	 	
              (a)

            	
              the
                subsequent election to delay a payment must be made no later than
                12
                months prior to the date of the first scheduled payment;
                and

            

    

    

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              (b)

            	
              the
                first payment must be deferred for a period of at least 5 years from
                the
                date the payment would otherwise have been
                made.

            

    

     

    In
      the
      case of a subsequent election to change the timing of monthly installments,
      each
      subsequent election will apply to the installments to be made over a 12-month
      period, starting with the first installment designated by the Participant’s
      subsequent election.

     

    If
      such
      subsequent election does not satisfy the conditions specified in this section,
      the prior election shall be used to determine the method and timing of payment.
      The last effective election accepted and acknowledged by the Committee shall
      govern the payment of the applicable portion of the Participant’s Account.
      Elections under this subsection will not affect the method or timing of payments
      made on account of Hardship, Disability or death except as otherwise provided
      in
      this article.

     

    
      	
              4.4

            	
              Payment
                upon Hardship.
                A
                Participant may apply for payment from his or her Account to the
                extent
                that the Participant demonstrates to the reasonable satisfaction
                of the
                Committee that he or she needs the specified funds due to Hardship.
                The
                Committee may deny or approve all or any portion of a payment upon
                Hardship upon terms permitted under the Code and Regulations, as
                determined in its sole discretion.

            

    

     

    
      	
              4.5

            	
              Payment
                Following a Change in Control.
                

            

    

     

    
      	 	
              (a)

            	
              Payment
                Following a Change in Control.
                Notwithstanding any other provisions of the Plan, in the event a
                Participant has not experienced an elected payment event at the time
                of a
                Change in Control, then the Participant shall be entitled to receive
                payment of his or her Account balance in a lump sum payment within
                30 days
                of a Change in Control.

            

    

     

    
      	 	
              (b)

            	
              Payments
                Commenced.
                Following a Change in Control, any Participant (or Beneficiary thereof)
                already receiving payments under the Plan shall continue to receive
                the
                balance of the Participant’s Account paid according to the method elected
                by the Participant, subject to the acceleration of payment pursuant
                to a
                termination and liquidation of the Plan pursuant to Section
                4.11(e).

            

    

     

    
      	
              4.6

            	
              Payment
                upon Death.
                Upon a Participant’s death, the Participant’s Beneficiary will be entitled
                to receive the balance of the future payments of the Participant’s Account
                according to the method of payment elected by the Participant. If
                the
                Participant has received all of the scheduled payments prior to his
                or her
                death, no further benefits shall be due under the
                Plan.

            

    

     

    
      	
              4.7

            	
              Designation
                of Beneficiary.
                The Participant may designate a Beneficiary or Beneficiaries to receive
                any amount due hereunder by the Participant by written notice thereof
                to
                the Company at any time prior to his or her death and may revoke
                or change
                the Beneficiary so designated without the Beneficiary’s consent by written
                notice delivered to the Company at any time and from time to time
                prior to
                the Participant’s death. If the Participant is married and a resident of a
                community property state, one half of any amount due under the Plan
                which
                   is the result of an amount contributed to the Plan during the
                Participant’s marriage is the community property of the Participant’s
                spouse and the Participant may designate a Beneficiary or Beneficiaries
                to
                receive only the Participant’s one-half interest. If the Participant shall
                have failed to designate a Beneficiary, or if no such Beneficiary
                shall
                survive him or her, then such amount shall be paid to his or her
                estate.
                To be effective, Beneficiary designations must be completed according
                to
                procedures established by the
                Committee.

            

    

    

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              4.8

            	
              Administration
                of Payments.
                Payment of the lump sum or the first of a series of installments
                shall be
                made or commence within 90 days following the date of the payment
                event or
                identification of the Beneficiary, if later, as applicable, but in
                no
                event later than the end of the 21⁄2 month period following the Plan Year in
                which occurs the payment event. Subsequent installments, if any,
                shall be
                made on the first day of each month following the first installment
                as
                determined by the Company. The amount of each installment shall be
                calculated by dividing the Account balance as of the date of the
                payment
                by the number of installments remaining pursuant to the Participant’s
                payment election.

            

    

     

    
      	
              4.9

            	
              Permitted
                Acceleration of Payments.
                To the extent permitted by Code Section 409A and the Regulations,
                the
                Company shall commence or accelerate payment to Participant, Participant’s
                Beneficiary or other appropriate payee the portion of Participant’s
                Account authorized for payment in accordance with Code Section 409A
                and
                the Regulations, including the
                following:

            

    

     

    
      	 	
              (a)

            	
              amounts
                payable to an individual other than the Participant to the extent
                necessary to fulfill a domestic relations order approved by the Committee
                in its sole discretion;

            

    

     

    
      	 	
              (b)

            	
              de
                minimis cashout payments that result in the termination of the entirety
                of
                a Participant’s interest in the Plan, a Deferred Compensation Plan
                maintained by the Company and any other arrangement that is aggregated
                with the Plan under the Regulations, if the payment is not greater
                than
                the dollar amount applicable under Code Section 402(g)(1)(B) ($15,500
                in
                2007); 

            

    

     

    
      	 	
              (c)

            	
              payment
                to Participant to pay the Federal Insurance Contributions Act tax
                imposed
                under Code Section 3101 and 3121(v)(2) on Eligible Compensation deferred
                under the Plan, grossed up as permitted under the Regulations;
                

            

    

     

    
      	 	
              (d)

            	
              in
                the event the Plan with respect to that Participant fails to meet
                the
                requirements of Code Section 409A and the Regulations, payment to
                Participant in an amount not to exceed the amount required to be
                included
                in income as a result of the failure to comply with the requirements
                of
                Code Section 409A and the
                Regulations;

            

    

     

    
      	 	
              (e)

            	
              payment
                upon termination and liquidation of the Plan within 12 months following
                a
                Liquidation, provided that payment is included in the Participant’s income
                in the tax year in which occurs the latest of the Plan termination,
                lapse
                of any substantial risk of forfeiture, or payment becomes administratively
                practicable; 

            

    

     

    
      	 	
              (f)

            	
              payment
                upon termination and liquidation of the Plan pursuant to irrevocable
                action taken by the Company within 30 days preceding or 12 months
                following a Change in Control, provided that any other arrangement
                that is
                aggregated with the Plan under the Regulations is also terminated
                and
                liquidated with respect to each Participant that experienced the
                Change in
                Control; and 

            

    

    

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        12

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (g)

            	
              payment
                upon termination and liquidation of the Plan, provided that (i) Plan
                termination and liquidation does not occur proximate to a downturn
                in the
                Company’s financial health, (ii) any other arrangement that is aggregated
                with the Plan under the Regulations is also terminated and liquidated
                with
                respect to each Participant that experienced the Change in Control,
                (iii)
                no Plan liquidation payments are made within 12 months following
                the date
                the Company takes all necessary irrevocable action to terminate and
                liquidate the Plan (the “termination date”) (other than payments payable
                for reasons other than Plan liquidation), (iv) all payments are made
                within 24 months of the termination date; and (v) the Company does
                not
                adopt a new plan that would be aggregated with any terminated and
                liquidated plan if the same Participant participated in both plans,
                at any
                time within 3 years following the termination
                date.

            

    

     

    
      	
              4.10

            	
              Permitted
                Delay of Payments.
                To the extent permitted by Code Section 409A and the Regulations,
                the
                Company shall delay payment to Participant, Participant’s Beneficiary or
                other appropriate payee the portion of Participant’s vested Plan Benefit
                authorized for payment—

            

    

     

    
      	 	
              (a)

            	
              to
                the extent that the Committee reasonably anticipates that the Company’s
                deduction with respect to such payment otherwise would be limited
                or
                eliminated by application of Code Section 162(m);
                

            

    

     

    
      	 	
              (b)

            	
              to
                the extent that the Committee reasonably anticipates that the making
                of
                the payment will violate federal securities laws or other applicable
                law;
                or

            

    

     

    
      	 	
              (c)

            	
              upon
                such other events and conditions as may be permitted under the Code
                and
                the Regulations;

            

    

     

    provided
      that the payment shall be made at the earliest date at which the Committee
      reasonably anticipates that the applicable circumstance specified above is
      of no
      further force or effect.

     

    ARTICLE 5. TRUST
      AND INVESTMENT

     

    
      	
              5.1

            	
              Accounts.
                The Company shall establish separate Accounts for each Participant
                who
                participates in the Plan. No special fund shall be established nor
                shall
                any note or security be issued by the Company with respect to a
                Participant’s Accounts.

            

    

     

    
      	
              5.2

            	
              Participants’
                Rights Unsecured.
                The right of the Participant or his or her Beneficiary to receive
                a
                payment hereunder shall be an unsecured claim against the general
                assets
                of the Company, and neither the Participant nor his or her Beneficiary
                shall have any rights in or against any amount credited to his or
                her
                Account or any other specific assets of the Company, except as otherwise
                provided in the Trust. Nothing contained in the Plan, and no action
                taken
                pursuant to its provisions, shall create or be construed to create
                a trust
                of any kind or a fiduciary relationship between the Plan and the
                Company
                or any other person. 

            

    

    

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        13

        
          

        

      

      
        
        

      

    

     

    
      	
              5.3

            	
              Trust
                Agreement.
                The Company may establish the Trust for the purpose of retaining
                assets
                set aside by the Company pursuant to the Trust Agreement for payment
                of
                all or a portion of the amounts payable pursuant to the Plan. Any
                benefits
                not paid from the Trust shall be paid solely from the Company’s general
                funds, and any benefits paid from the Trust shall be credited against
                and
                reduced by a corresponding amount the Company’s liability to the
                Participants under the Plan. No special or separate fund, other than
                the
                Trust Agreement, shall be established and no other segregation of
                assets
                shall be made to assure the payment of any benefits hereunder. All
                Trust
                Funds shall be subject to the claims of general creditors of the
                Company
                in the event the Company is insolvent (as that term is defined in
                the
                Trust Agreement). The obligations of the Company to pay benefits
                under the
                Plan constitute an unfunded, unsecured promise to pay and Participants
                shall have no greater rights than general creditors of the Company.
                Trust
                assets shall not, at any time, be located outside of the United States
                or
                be transferred outside of the United States, whether or not such
                assets
                are available to satisfy claims of general
                creditors.

            

    

     

    
      	
              5.4

            	
              Crediting
                and Debiting of Account.
                In accordance with and subject to the rules and procedures that are
                established from time to time by the Committee, in its sole discretion,
                amounts shall be credited or debited to a Participant’s Account in
                accordance with the following
                rules:

            

    

     

    
      	 	
              (a)

            	
              Measurement
                Funds.
                The Committee shall select from time to time certain mutual funds,
                insurance company separate accounts, indexed rates or other methods
                (the
                “measurement funds”) for purposes of crediting or debiting additional
                amounts to Participants’ Account. The Committee may discontinue,
                substitute or add a measurement fund; provided however, that (1) any
                decision to retain, discontinue or substitute a measurement fund
                shall be
                made in good faith, and (2) there shall at all times be a minimum of
                4 measurement funds of materially different risk and return
                characteristics. 

            

    

     

    
      	 	
              (b)

            	
              Election
                of Measurement Funds.
                A
                Participant shall elect, according to procedures establish by the
                Committee, one or more measurement fund(s) to be used to determine
                the
                amounts to be credited or debited to his or her Account. If a Participant
                does not elect any of the measurement funds as described in the previous
                sentence, the Participant’s Account Balance may automatically be allocated
                into a default measurement fund which is selected by the
                Committee.
                A
                Participant may elect to change his or her measurement funds and/or
                allocations among measurement funds from time to time according to
                procedures established by the Committee. Each election shall be
                implemented according to procedures established by the Committee
                and shall
                continue thereafter for each subsequent day in which the Participant
                has
                an Account. The Committee may, in its sole discretion, determine
                that an
                election is void, shall not be applied or shall be substituted with
                the
                Trustee’s choice of measurement funds. The Committee may also provide that
                a change shall not take effect for a specified period of time following
                the Committee’s receipt of such an election.

            

    

    

      Deferred
        Compensation Plan for Executives

       

    

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (c)

            	
              Crediting
                or Debiting Method.
                The performance of each elected measurement fund (either positive
                or
                negative) will be determined by the Committee based on the performance
                of
                the measurement funds themselves. A Participant’s Account shall be
                credited or debited not less frequently than on a monthly basis based
                on
                the performance of each selected measurement fund for the corresponding
                period of time.

            

    

     

    
      	 	
              (d)

            	
              No
                Actual Investment.
                Notwithstanding any other provision of this Plan that may be interpreted
                to the contrary, the measurement funds are to be used for measurement
                purposes only, and a Participant’s election of any such measurement fund,
                the allocation of his or her Account thereto, the calculation of
                additional amounts and the crediting or debiting of such amounts
                to a
                Participant’s Account shall not be considered or construed in any manner
                as an actual investment of his or her Account in any such measurement
                fund. In the event that the Company or the Trustee, in its own discretion,
                decides to invest funds in any or all of the investments on which
                the
                measurement funds are based, no Participant shall have any rights
                in or to
                such investments themselves. 

            

    

     

    
      	
              5.5

            	
              Voting
                of Stock
                .
                As determined by the Trustee, the Participant may be provided the
                right to
                direct the proxy holder as to the manner in which the proxy holder
                is to
                vote the Stock credited to the Participant’s Account. The Trustee, in its
                sole discretion, shall have the right to vote shares for which it
                has
                received no directions from the Participant. With respect to all
                rights
                other than the right to vote, the Company shall follow the directions
                of
                the Committee.

            

    

     

    ARTICLE 6. AMENDMENT
      AND TERMINATION

     

    
      	
              6.1

            	
              Amendment.
                The Committee shall have the right to amend the Plan at any time
                and from
                time to time, including by retroactive amendment. Any such amendment
                shall
                become effective upon the date stated therein, and shall be binding
                on all
                Participants, except as otherwise provided in such amendment; provided,
                however, that said amendment shall not adversely affect benefits
                previously accrued to the affected Participant without the Participant’s
                written approval. Benefits accruing to a Participant pursuant to
                any
                employment agreement in effect between the Company and the Participant
                that entitles the Participant to participate in and to certain rights
                under the Plan shall not be affected by an amendment of the Plan
                except as
                required by Code Section 409A and the Regulations.
                

            

    

     

    
      	
              6.2

            	
              Termination.
                The Committee shall have the right to terminate and liquidate the
                Plan to
                the fullest extent permitted by Code Section 409A, including (a)
                termination of the Plan within 12 months following a Liquidation,
                or (b)
                within 30 days preceding or 12 months following a Change in Control,
                provided that such termination following a Change in Control shall
                not
                result in a diminution of benefits accrued under the Plan, or (c)
                the
                termination covers all arrangements sponsored by the Company that
                would be
                aggregated with the Plan and cover any Participant of the Plan, the
                termination does not occur proximate to a downturn in the financial
                health
                of the Company, and payments are made after 12 months, but within
                24
                months, following the termination.

            

    

    

      Deferred
        Compensation Plan for Executives

       

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    ARTICLE 7. ADMINISTRATION

     

    
      	
              7.1

            	
              Administration.
                The Committee shall administer and interpret the Plan in accordance
                with
                the provisions of the Plan and the Trust Agreement. Any determination
                or
                decision by the Committee shall be conclusive and binding on all
                persons
                who at any time have or claim to have any interest whatever under
                the
                Plan. To
                the extent required to avoid penalties, the Committee intends to
                interpret
                and operate the Plan in all respects in compliance with Code Section
                409A
                and the Regulations.

            

    

     

    
      	
              7.2

            	
              Applying
                for Benefits.
                The
                following claims procedures are generally applicable to claims filed
                under
                the Plan. To the extent required
                by law and to the extent the Committee is ruling on a claim for benefits
                on account of a disability, the Plan will follow, with respect to
                that
                claim, claims procedures required by law for plans providing disability
                benefits.

            

    

     

    
      	 	
              (a)

            	
              General
                Procedures.
                Subject to the provisions of subsection (b), the following procedures
                shall apply in the determination of claims under the
                Plan.

            

    

     

    
      	 	
              (1)

            	
              Filing
                a Claim.
                All
                applications and claims for benefits shall be filed in writing by
                the
                Participant, his or her Beneficiary, or the authorized representative
                of
                the claimant, by completing the procedures required by the Committee.
                The
                procedures shall be reasonable and may include the completion of
                forms and
                the submission of documents and additional
                information.

            

    

     

    
      	 	
              (2)

            	
              Review
                of Claim.
                The
                Committee shall review all applications and claims for benefits and
                shall
                decide whether to approve or deny the claim in whole or in part.
                If a
                claim is denied in whole or in part, the Committee shall provide
                written
                notice of denial to the claimant within a reasonable period of time
                no
                later than 90 days after the Committee receives the claim, unless
                special
                circumstances require an extension of time for processing the claim.
                If an
                extension is required, the Committee shall notify the claimant in
                writing
                (including by electronic media) by the end of the initial 90-day
                period
                and indicate the special circumstances requiring an extension of
                time and
                the date by which the Committee expects to render a decision on the
                claim.
                The extension shall not exceed an additional 90 days. The notice
                of denial
                shall be written (including in electronic media) in a manner calculated
                to
                be understood by the claimant and shall include the
                following:

            

    

     

    
      	 	
              (A)

            	
              specific
                reasons for the denial;

            

    

     

    
      	 	
              (B)

            	
              specific
                references to pertinent Plan
                provisions;

            

    

     

    
      	 	
              (C)

            	
              description
                of any additional material or information necessary for the claimant
                to
                perfect his or her claim and an explanation of why such material
                or
                information is necessary; and

            

    

     

    
      	 	
              (D)

            	
              appropriate
                information as to the steps the claimant should take if he or she
                wishes
                to submit the denied claim for review, including any applicable time
                limits and including a statement of the claimant’s right to bring a civil
                action under ERISA Section 502(a) following a denied claim on
                review.

            

    

    

      Deferred
        Compensation Plan for Executives

       

    

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (3)

            	
              Appealing
                a Claims Denial.
                If
                the claimant wishes a review of the denied claim, he or she shall
                notify
                the Committee in writing within 60 days of the claimant’s receipt of
                notification of the denied claim. The claimant or the claimant’s
                representative may review pertinent Plan documents and may submit
                issues
                or comments to the Committee in writing. The claimant or the claimant’s
                representative may provide the Committee with a written statement
                of the
                claimant’s position and with written materials in support of his or her
                position, including documents, records and other information relating
                to
                the claim. The claimant or the claimant’s representative may have, upon
                request and free of charge, reasonable access to, and copies of,
                all
                documents, records and other information relevant to the claim. A
                document, record or other information shall be considered relevant
                to the
                claim if such document, record or other information (A) was relied
                upon in
                making the benefit determination, (B) was submitted, considered or
                generated in the course of making the benefit determination, without
                regard to whether such document, record or other information was
                relied
                upon in making the benefit determination, or (C) demonstrates
                compliance with the administrative processes and safeguards designed
                to
                ensure and verify that benefit claim determinations are made in accordance
                with the Plan and that, where appropriate, the Plan provisions have
                been
                applied consistently with respect to similarly situated
                claimants.

            

    

     

    
      	 	
              (4)

            	
              Review
                of Appeal.
                The Committee shall forward all requests for review of a denied claim
                together with all associated documents to the Chairman of the Committee
                promptly after receipt. The Committee shall make its decision on
                review
                solely on the basis of the written record, including documents and
                written
                materials submitted by the claimant and/or the claimant’s representative.
                The Committee shall make a decision on review within a reasonable
                period
                of time, not later than 60 days after the Committee receives the
                claimant’s written request for review unless special circumstances require
                additional time for review of the claim. If the Committee needs an
                extension of time to review the claim, it shall notify the claimant
                in
                writing before the end of the initial 60-day period, and shall indicate
                the special circumstances requiring an extension of time and the
                date by
                which the Committee expects to render the determination on review.
                The
                extension shall not be longer than an additional 60 days. The decision
                on
                review will be written in a manner calculated to be understood by
                the
                claimant. If the claim is denied, the written noticed shall include
                specific reasons for the decision as well as specific references to
                pertinent Plan provisions on which the decision is based, a statement
                of
                the claimant’s right to bring an action under ERISA Section 502(a)
                and a statement that the claimant is entitled to receive, upon request
                and
                free of charge, reasonable access to, and copies of, all documents,
                records and other information relevant to the claimant’s claim for
                benefits, with “relevant” defined as provided in the previous subsection.
                

            

    

    

      Deferred
        Compensation Plan for Executives

       

    

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              Determination
                of Disability.
                To the extent the Committee is determining a claims for benefits
                under the
                Plan on account of a Disability, the above procedures shall be modified
                as
                necessary to comply with ERISA Section 503 and Department of Labor
                Regulations
                Section 2560.503-1(d).

            

    

     

    
      	
              7.3

            	
              Liability
                of Committee; Indemnification.
                To the extent permitted by law, the Committee shall not be liable
                to any
                person for any action taken or omitted in connection with the
                interpretation and administration of the Plan unless attributable
                to his
                or her own bad faith or willful misconduct. The Committee may employ
                legal
                counsel, consultants, actuaries and agents as they may deem desirable
                in
                the administration of the Plan and may rely on the opinion of such
                counsel
                or the computations of such consultant or other agent. The Committee
                shall
                provide for the keeping of detailed written minutes of its actions
                hereunder, which shall be reviewed by the legal counsel or the consultant
                engaged by the Committee prior to their
                finalization.

            

    

     

    
      	
              7.4

            	
              Expenses.
                The costs of the establishment of the Plan and the adoption of the
                Plan by
                the Company, including but not limited to legal and accounting fees,
                shall
                be borne by the Company. The expenses of administering the Plan shall
                be
                borne by the Trust; provided, however, that the Company shall bear,
                and
                shall not be reimbursed by, the Trust for any tax liability of the
                Company
                associated with the investment of assets by the Trust. All taxes
                associated with participation in the Plan, including any tax liability
                under Code Section 409A, shall be borne by the
                Participant.

            

    

     

    ARTICLE 8. GENERAL
      AND MISCELLANEOUS

     

    
      	
              8.1

            	
              Rights
                Against the Company.
                Except as expressly provided by the Plan, the establishment of the
                Plan
                shall not be construed as giving to any Participant or to any person
                whomsoever, any legal, equitable or other rights against the Company,
                or
                against its officers, directors, agents or shareholders, or as giving
                to
                any Participant or Beneficiary any equity or other interest in the
                assets,
                business or shares of the Company or giving any Participant the right
                to
                be retained in the employment of the Company. The services of any
                Participant shall be subject to termination (with or without cause)
                to the
                same extent they would have been if the Plan had never been adopted.
                The
                rights of a Participant hereunder shall be solely those of an unsecured
                general creditor of the Company. Neither the Plan nor any action
                taken
                hereunder shall be construed as giving to any Participant the right
                to
                continue rendering services to or for the benefit of the Company
                or as
                affecting the right of the Company to dismiss any Participant. Any
                benefit
                payable under the Plan shall not be deemed salary or other compensation
                for the purpose of computing benefits under any Participant benefit
                plan
                or other arrangement of the Company for the benefit of its
                Participants.

            

    

     

    
      	
              8.2

            	
              Assignment
                or Transfer.
                No right, title or interest of any kind in the Plan shall be transferable
                or assignable by any Participant or Beneficiary or be subject to
                alienation, anticipation, encumbrance, garnishment, attachment, execution
                or levy of any kind, whether voluntary or involuntary, nor subject
                to the
                debts, contracts, liabilities, engagements, or torts of the Participant
                or
                Beneficiary. Any attempt to alienate, anticipate, encumber, sell,
                transfer, assign, pledge, garnish, attach or otherwise subject to
                legal or
                equitable process or encumber or dispose of any interest in the Plan
                shall
                be void. 

            

    

    

      Deferred
        Compensation Plan for Executives

       

    

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    
      	
              8.3

            	
              Severability.
                If any provision of the Plan shall be declared illegal or invalid
                for any
                reason, said illegality or invalidity shall not affect the remaining
                provisions of the Plan but shall be fully severable, and the Plan
                shall be
                construed and enforced as if said illegal or invalid provision had
                never
                been inserted herein. 

            

    

     

    
      	
              8.4

            	
              Construction.
                The article and section headings and numbers are included only for
                convenience of reference and are not to be taken as limiting or extending
                the meaning of any of the terms and provisions of the Plan. Whenever
                appropriate, words used in the singular shall include the plural
                or the
                plural may be read as the singular. When used herein, the masculine
                gender
                includes the feminine gender. 

            

    

     

    
      	
              8.5

            	
              Governing
                Law.
                The validity and effect of the Plan and the rights and obligations
                of all
                persons affected hereby shall be construed and determined in accordance
                with the laws of the State of Delaware unless superseded by federal
                law,
                which shall govern correspondingly.

            

    

     

    
      	
              8.6

            	
              Payment
                Due to Incompetence.
                If the Committee receives evidence that a Participant or Beneficiary
                entitled to receive any payment under the Plan is physically or mentally
                incompetent to receive such payment, the Committee may, in its sole
                and
                absolute discretion, direct the payment to any other person or trust
                which
                has been legally appointed by the courts or to any other person determined
                by the Company to be a proper recipient on behalf of such person
                otherwise
                entitled to payment, or any of them, in such manner and proportion
                as the
                Company may deem proper. Any such payment shall be in complete discharge
                of the Company’s obligations under the Plan.

            

    

     

    
      	
              8.7

            	
              Taxes.
                All amounts payable hereunder shall be reduced by any and
                all federal, state, and local taxes imposed upon Participant or his
                or her Beneficiary, which are required to be paid or withheld by
                the
                Company. The determination of the Company regarding applicable income
                and
                employment tax withholding requirements shall be final and binding
                on
                Participant.

            

    

     

    
      	
              8.8

            	
              Insurance.
                In the event that any Participant elects, in his or her discretion,
                to
                independently purchase an insurance policy covering the inability
                of the
                Plan or the Trust to make any payments to which Participant is entitled
                under the Plan or the Trust, the Company shall use its best efforts
                to
                facilitate the payment by Participant of any applicable excise taxes
                which
                become due as the result of the payment of premiums under such policy.
                Nothing contained herein shall be construed as an endorsement by
                the
                Company of the purchase of such a policy or a recommendation by the
                Company that the purchase of such a policy is necessary or desirable
                as
                the result of Participant’s participation in the Plan. In the event that
                such insurance would result in adverse tax consequences to the
                Participant, the Participant shall terminate such
                insurance.

            

    

    

      Deferred
        Compensation Plan for Executives

       

    

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    
      	
              8.9

            	
              Attorney’s
                Fees.
                The Company shall pay the reasonable attorney’s fees incurred by any
                Participant in an action brought against the Company to enforce
                Participant’s rights under the Plan, provided that such fees shall only be
                payable in the event that the Participant prevails in such
                action.

            

    

     

    
      	
              8.10

            	
              Plan
                Binding on Successors and Assignees.
                The Plan shall be binding upon and inure to the benefit of the Company
                and
                its successor and assigns and the Participant and the Participant’s
                designee and estate.

            

    

    

      Deferred
        Compensation Plan for Executives

       

    

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    Acknowledgment

     

    The
      undersigned Participant hereby acknowledges that the Company has selected him
      or
      her as a participant in the Building Materials Holding Corporation 2005 Deferred
      Compensation Plan for Executives, as amended from time to time, subject to
      all
      terms and conditions of the Plan, a copy of which has been received, read,
      and
      understood by the Participant in conjunction with executing this Acknowledgment.
      The Participant acknowledges that he or she has had satisfactory opportunity
      to
      ask questions regarding his or her participation in the Plan and has received
      satisfactory answers to any questions asked. The Participant also acknowledges
      that he or she has sufficient knowledge and experience in financial and business
      matters to be capable of evaluating the merits and risks of participation in
      the
      Plan. The Participant understands that his or her participation in the Plan
      shall not begin until this Acknowledgment has been signed by the Participant
      and
      returned to the Company.

     

    
      	
              Building
                Materials Holding Corporation

            	 	
              Participant

            
	 	 	 	 	 
	 	 	 	 	 
	
              By:
                

            	 
	 	
              Signature:
                

            	 

	 	 	 	 	 
	 	 	 	 	 
	
              Title:
                

            	 
	 	
              Name:
                

            	 

	 	 	 	 	 
	 	 	 	 	 
	
              Date:
                

            	 
	 	
              Date:
                

            	 

 

      Deferred
        Compensation Plan for ExecutivesExhibit
      10.70

    
      

      BUILDING
        MATERIALS HOLDING CORPORATION

      

      Severance
        Plan for Certain Executive Officers,

      Senior
        Management and Key Employees of the

      Company
        and its Subsidiaries

      

      Amended
        and Restated effective January 1, 2008

      

      This
        Severance Plan (the "Plan") was adopted by the Board of Directors of BMC
        West
        Corporation, a Delaware corporation, on July 20, 1993 and was assumed by
        Building Materials Holding Corporation, a Delaware corporation (together
        with
        its predecessor, the "Company") as of September 23, 1997, for the benefit
        of certain executive officers, senior management and key employees of the
        Company and its Subsidiaries. The Plan, as previously amended and restated,
        was
        confirmed by the Board of Directors on February 17, 2000, May 7, 2003,
        May 3, 2004, May 1, 2006 and June 28, 2006. This Amendment and
        Restatement, effective January 1, 2008, is intended to comply with Section
        409A of the Code and the Treasury regulations and applicable guidance
        thereunder.

      

      On
        August 27, 2007, the Compensation Committee resolved to terminate the
        Severance Plan effective as of May 1, 2008 pursuant to Section 10(a)
        hereof, but only in the event that the Board of Directors or the Compensation
        Committee adopts resolutions prior to that date establishing a successor
        to the
        Severance Plan.

      

      
        	 	
                1.

              	
                Purpose

              

      

      

      The
        Company, on behalf of itself and its stockholders, desires to continue to
        attract and retain well-qualified executive and key personnel who are an
        integral part of the management of the Company, such as the Designated
        Employees, and to assure itself of continuity of management. The principal
        purposes of the Plan are to (i) provide an incentive to the Designated
        Employees to remain in the employ of the Company, notwithstanding any
        uncertainty and job insecurity which may be created by an actual or prospective
        Change in Control, (ii) encourage the Designated Employees' full attention
        and dedication to the Company currently and in the event of any actual or
        prospective Change in Control, and (iii) provide an incentive for the
        Designated Employees to be objective concerning any potential Change in Control
        and to fully support any Change in Control transaction approved by the Board
        of
        Directors.

      

      
        	 	
                2.

              	
                Definitions

              

      

      

      Terms
        not
        otherwise defined in the Plan shall have the meanings set forth in this
        Section 2.

      

      (a)       
        Cash
        Compensation.
        "Cash
        Compensation" shall mean the sum of (i) the higher of the Designated
        Employee's annual base salary (x) at the time the Notice of Termination
        provided for in Section 4(c) of the Plan is given or (y) immediately
        prior to a Change in Control, and (ii) an amount equal to the highest cash
        bonus paid to the Designated Employee under the Company's bonus program for
        any
        of such prior three years, and (iii) the highest amount contributed as a
        Company matching or profit-sharing contribution on behalf of the Designated
        Employee under the Company's 401(k) plan (or any successor plan) for any
        of the
        three fiscal years immediately preceding the year in which the Date of
        Termination occurs, and (iv) the highest amount allocated or accrued
        (whether or not funded) as a Company contribution on behalf of the Designated
        Employee under the Company's supplemental executive retirement plan (or any
        successor plan) for any of the three fiscal years immediately preceding the
        year
        in which the Date of Termination occurs.

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      (b)       
        Cause.
        For
        purposes of the Plan and any agreements entered into pursuant to the Plan
        only,
        "Cause" shall mean: (i) the conviction by a court of competent jurisdiction
        of, or entry of a plea of guilty or of no contest to, any felony involving
        moral
        turpitude of dishonesty, (ii) a willful dereliction of duty or intentional
        and malicious conduct contrary to the best interests of the Company or its
        business if such dereliction of duty or misconduct is not corrected within
        thirty (30) days after written notice thereof from the Company, or (iii) a
        refusal to perform reasonable services customarily performed by such Designated
        Employee (other than by reason of a Disability) if such refusal is not corrected
        within thirty (30) days after written notice thereof from the Company; provided,
        however, that the Designated Employee shall not be deemed to have been
        terminated for Cause unless and until there shall have been delivered to
        the
        Designated Employee a copy of a resolution duly adopted by the affirmative
        vote
        of not less than three-quarters of the entire membership of the Company's
        Board
        of Directors at a meeting of the Board called and held for the purpose (after
        reasonable notice to the Designated Employee and an opportunity for the
        Designated Employee, together with the Designated Employee's counsel, to
        be
        heard before the Board), finding that in the good faith opinion of the Board
        the
        Designated Employee was guilty of the conduct set forth above and specifying
        the
        particulars thereof in detail. Notwithstanding the foregoing, the Designated
        Employee shall have the right to contest his termination for Cause (for purposes
        of this Agreement) by arbitration in accordance with the provisions of the
        Plan.

      

      (c)       
        Change
        in Control.
        A
        "Change in Control" of the Company shall be deemed to have occurred if
        (i) there shall be consummated (x) any consolidation, merger or
        similar reorganization or other transaction involving the Company, other
        than a
        transaction in which the holders of the Company's Common Stock immediately
        prior
        to the transaction have the same proportionate ownership of common stock
        of the
        Company or other surviving corporation in the transaction immediately after
        the
        transaction, or (y) any sale, lease, exchange or other transfer (in one
        transaction or a series of related transactions) of all, or substantially
        all,
        of the business and/or assets of the Company, or (ii) the stockholders of
        the Company approve a plan or proposal for the liquidation or dissolution
        of the
        Company, or (iii) any "person" (as defined in Sections 13(d) and 14(d)
        of the Securities Exchange Act of 1934, as amended (the "Exchange Act"),
        including any group), shall become the "beneficial owner" (as defined in
        Rule
        13d-3 under the Exchange Act), directly or indirectly, of thirty-five (35%)
        percent or more of the Company's outstanding Common Stock, or (iv) if for
        any reason a majority of the Board is not comprised of "Continuing Directors,"
        where a "Continuing Director" of the Corporation as of any date means a member
        of the Board who (x) was a member of the Board two years prior to such date
        and at all times through such date or (y) was nominated for election or
        elected to the Board with the affirmative vote of at least two-thirds (2/3rds)
        of the directors who were Continuing Directors at the time of such nomination
        or
        election; provided,
        however,
        that no
        individual initially elected or nominated as a director of the Corporation
        as a
        result of an actual or threatened election contest with respect to directors
        or
        any other actual or threatened solicitation of proxies or consents by or
        on
        behalf of any person other than the Board shall be deemed to be a Continuing
        Director.

      

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      (d)       
        Code.
        "Code"
        shall refer to the Internal Revenue Code of 1986 and the regulations promulgated
        thereunder, as amended from time to time.

      

      (e)       
        Designated
        Employees.
        "Designated Employees"' shall refer to those employees of the Company and
        its
        Subsidiaries who are designated on Schedule A attached hereto and
        incorporated herein by reference ("Schedule A"), and such other employees
        of the Company and its Subsidiaries as the Board of Directors of the Company
        shall designate from time to time. The Designated Employees may be divided
        into
        certain categories for purposes of the Plan as set forth on
        Schedule A.

      

      (f)       
        Good
        Reason.
        A
        Designated Employee's termination of employment with the Company shall be
        deemed
        for "Good Reason" if any of the following events occur without the Designated
        Employee's express written consent and the Designated Employee provides his
        Notice of Termination upon or within one hundred eighty (180) days after
        such
        event occurring, provided,
        however,
        that
        the Designated Employee must provide written notice to the Company within
        ninety
        (90) days after the occurrence of the event allegedly constituting Good Reason,
        and the Company shall have thirty (30) days after such notice is given to
        cure:

      

      (i)       
        The
        assignment to the Designated Employee by the Company of duties materially
        inconsistent with, or a material alteration in the nature or status of, the
        Designated Employee's responsibilities immediately prior to a Change in Control
        of the Company (or thereafter if such duties and responsibilities change
        following a Change in Control with the Designated Employee’s consent) other than
        any such alteration primarily attributable to the fact that the Company's
        securities are no longer publicly traded;

      

      (ii)       
        A
        material reduction by the Company in the Designated Employee's annual base
        salary or annual cash bonus opportunity as in effect on the date of a Change
        in
        Control of the Company or as in effect thereafter if such base salary and/or
        bonus opportunity has been increased;

      

      (iii)       Any
        failure by the Company to continue in effect without material change any
        compensation, incentive, welfare or retirement benefit plan or arrangement,
        as
        well as any plan or arrangement whereby the Designated Employee may acquire
        securities of the Company or its publicly traded parent, in which the Designated
        Employee is participating at the time of a Change in Control of the Company
        (or
        any other plans providing the Designated Employee with substantially similar
        benefits) (hereinafter referred to as "Benefit Plans"), or the taking of
        any
        action by the Company which would materially adversely affect, either as
        to the
        past or prospectively, the Designated Employee's participation in or materially
        reduce or deprive the Designated Employee of the Designated Employee's benefits
        that were provided under any such Benefit Plan at the time of a Change in
        Control of the Company; unless an equitable substitute arrangement (embodied
        in
        an ongoing substitute or alternative Benefit Plan) has been made for the
        benefit
        of the Designated Employee with respect to the Benefit Plan in question;
        provided that for purposes of the foregoing, "Benefit Plans" shall include,
        but
        not be limited to, the Company's stock option plans, 401(k) plan, annual
        bonus
        plan, long-term incentive plan, or any other plan or arrangement to receive
        and
        exercise stock options or stock appreciation rights, supplemental pension
        plan,
        insured medical reimbursement plan, automobile benefits, executive financial
        planning, group life insurance plan, personal catastrophe liability insurance,
        medical, dental, accident and disability plans;

      

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      (iv)       Relocation
        to any place more than twenty-five (25) miles from the office regularly occupied
        by the Designated Employee prior to the time of a Change in Control, except
        for
        required travel by the Designated Employee on the Company's business to an
        extent substantially consistent with the Designated Employee's business travel
        obligations at the time of a Change in Control of the Company; or 

      

      (v)       
        Any
        material breach by the Company of any provision of the Plan or of any agreement
        entered into pursuant to the Plan or any other material agreement between
        the
        Company or any subsidiary and the Designated Employee.

      

      (g)       
        Independent
        Director.
        "Independent Director" shall have the meaning ascribed to such term in the
        Company's Rights Plan as initially adopted by the Board of
        Directors.

      

      (h)       
        Specified
        Employee.
        "Specified Employee" shall have the meaning ascribed to such term in
        Section 409A of the Code.

      

      
        	 	
                3.

              	
                Beneficiaries

              

      

      

      Each
        of
        the Designated Employees shall be a beneficiary of the Plan and entitled
        to
        receive the Benefits set forth herein. The Company and each of the Designated
        Employees will execute an agreement reiterating or incorporating the obligations
        and benefits which arise from the Plan.

      

      
        	 	
                4.

              	
                Termination
                  in Connection with Change in
                  Control

              

      

      

      (a)       
        Termination
        of Employment.
        If
        a
        Change in Control of the Company shall have occurred while the Designated
        Employee is still an employee of the Company, the
        Designated Employee shall be entitled to the compensation provided in
        Section 5 upon the subsequent termination, within three years of such
        Change in Control, of the Designated Employee's employment with the Company
        unless such termination is as a result of (i) the Designated Employee's
        death; (ii) the Designated Employee's Disability (as defined in
        Section 4(b) below); (iii) the Designated Employee's retirement in
        accordance with the Company's retirement policies; (iv) the Designated
        Employee's termination by the Company for Cause; or (v) the Designated
        Employee's decision to terminate his employment with the Company other than
        for
        Good Reason. In
        addition, if, prior to a Change in Control, the Designated Employee's employment
        with the Company shall be terminated other than as a result of one of the
        circumstances enumerated in Section 4(a)(i) through (v), and, within three
        (3) months following the date of such termination of employment, a Change
        in
        Control shall occur, the Designated Employee shall be entitled to the
        compensation provided in Section 5, determined as if the Designated
        Employee’s employment had so terminated following a Change in Control, which
        compensation shall be reduced by any other severance compensation previously
        paid to the Designated Employee in respect of such termination of
        employment.

      

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      (b)       
        Disability.
        If, as
        a result of the Designated Employee's incapacity due to physical or mental
        illness, the Designated Employee shall have been absent from his duties with
        the
        Company on a full-time basis for six (6) months and the Company thereafter
        gives
        the Designated Employee thirty (30) day's written notice of its intention
        to
        terminate his employment, upon the expiration of such thirty (30) day period
        the
        Company may terminate the Designated Employee's employment for "Disability"
        if
        the Designated Employee shall not have returned to the full-time performance
        of
        the Designated Employee's duties.

      

      (c)       
        Notice
        of Termination.
        Any
        purported termination of the Designated Employee's employment by the Company
        or
        the Designated Employee hereunder shall be communicated by a Notice of
        Termination given to the other party in accordance with the terms of the
        agreement entered into pursuant to the Plan. For purposes of the Plan and
        any
        agreement entered into pursuant hereto, a "Notice of Termination" shall mean
        a
        written notice which shall indicate whether or not the termination is as
        a
        result of any of the situations enumerated in Section 4(a) above and which
        sets forth in reasonable detail the facts and circumstances claimed to provide
        a
        basis for asserting that the termination of the Designated Employee's employment
        is or is not under the provision so indicated.

      

      (d)       
        Date
        of Termination.
        "Date
        of Termination" shall mean (i) if the Designated Employee is terminated by
        the Company for Disability, thirty (30) days after the Notice of Termination
        is
        given to the Designated Employee (provided that the Designated Employee shall
        not have returned to the performance of the Designated Employee's duties
        on a
        full-time basis during such thirty (30) day period) or (ii) if the
        Designated Employee's employment is terminated by the Company for any other
        reason or by the Designated Employee, the date on which a Notice of Termination
        is given.

      

      
        	 	
                5.

              	
                Severance
                  Compensation upon Termination of
                  Employment

              

      

      

      If
        the
        Designated Employee's employment with the Company shall be terminated within
        three months before or within three years after a Change in Control, other
        than
        as a result of one of the circumstances enumerated in Section 4(a)(i)
        through (v) of the Plan, then the Company shall, subject to the execution
        and
        non-revocation of a mutual release of claims by the Designated Employee in
        the
        form set forth on Exhibit A hereto:

      

      (a)       
        Pay
        to
        the Designated Employee as severance pay in a lump sum, in cash, on or before
        the tenth day following the Date of Termination, an amount equal to the multiple
        specified on Schedule A times the Designated Employee's Cash
        Compensation;

      

      (b)       
        Effective
        May 1, 2008, arrange to provide the Designated Employee for a period of
        eighteen (18) months with health and life insurance substantially similar
        to
        those insurance benefits which the Designated Employee is receiving immediately
        prior to either (A) the Change in Control or (B) the Notice of
        Termination, as elected by the Designated Employee. Benefits otherwise
        receivable by the Designated Employee pursuant to this Section 5(b) shall
        be reduced to the extent comparable benefits are actually received by the
        Designated Employee during such eighteen (18) month period following his
        termination from a subsequent employer or through self-employment, and any
        such
        benefits actually received by the Designated Employee shall be reported by
        him
        to the Company;

      

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      (c)       
        Pay
        to
        the Designated Employee a single lump sum payment, on or before the tenth
        day
        following the Date of Termination, equal to the excess of (x) over (y), where
        (x) is equal to the lump sum present value of the pension benefit that the
        Designated Employee would receive under any pension plan which is or has
        been
        maintained by the Company and in which the Designated Employee is or was
        a
        participant (the "Pension Plan"), at his earliest benefit commencement date
        under the Pension Plan computed by increasing his actual number of years
        of
        credited service performed as of the date of his termination of employment,
        or,
        if earlier, the termination of the Pension Plan, by the number of years
        specified on Schedule A, and (y) is equal to the lump sum present
        value of the pension benefit actually payable to the Designated Employee
        on his
        earliest benefit commencement date under the Pension Plan based on the actual
        number of years of credited service performed as of the Designated Employee's
        Date of Termination, or, if earlier, the termination of the Pension Plan.
        The
        foregoing lump sum present value amounts shall be computed using the actuarial
        factors under the Pension Plan in effect on the Designated Employee's Date
        of
        Termination or, if earlier, the termination of the Pension Plan;

      

      (d)       
        Pay
        to
        the Designated Employee, on or before the tenth (10th) day following the
        Date of
        Termination, an amount equal to the Designated Employee’s target or base bonus
        opportunity for the year in which the Date of Termination occurs under the
        Company’s annual cash-based incentive compensation plan, prorated by multiplying
        such amount by a fraction, the numerator of which shall be the actual number
        of
        days that have elapsed during such year prior to the Date of Termination,
        and
        the denominator of which shall be three hundred sixty-five (365);
        and

      

      (e)       
        Pay
        to
        the Designated Employee, on or before the tenth (10th) day following the
        Date of
        Termination, any gross-up amounts as calculated under Section 6 of the
        Plan.

      

      Notwithstanding
        the foregoing, in the event that the multiples set forth on Schedule A for
        any Designated Employee are greater than the number of full years remaining
        until such Designated Employee's agreed upon retirement date or normal
        retirement age of sixty-five (65), the multiples shall be automatically reduced
        to the number of years and/or partial years (measured by months) remaining
        until
        said Designated Employee's retirement date. In addition, following the
        expiration of the health insurance benefits continuation provided under
        Section 5(b), each Designated Employee who, at the time of his termination
        of employment, was an officer of the Company shall be eligible to participate
        in
        the Company's health care plan, either on an individual basis or family basis
        to
        include his dependent spouse, until such time as he becomes eligible to
        participate in the BMHC Retirement Health Care Plan ("Retiree Health Care
        Plan"), subject to such Designated Employee's payment of one-half of the
        applicable COBRA premiums. If a Designated Employee who, at the time of his
        termination of employment, was an officer of the Company shall be eligible
        and
        elects to participate in the Retiree Health Care Plan in accordance with
        its
        terms and conditions, such Designated Employee shall only be required to
        pay
        one-half of the applicable premium under the Retiree Health Care
        Plan.

      

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      It
        is the
        Company's intention that each of the payments or benefits provided under
        Sections 5(a), 5(c), 5(d) and 5(e) be paid on or before March 15th of the
        year after the year in which they are earned (i.e.,
        the
        short-term deferral period described in Treasury regulations section
        1.409A-1(b)(4)). However, notwithstanding anything herein to the contrary,
        to
        the extent that the Board of Directors of the Company determines, in its
        sole
        discretion, that any payments or benefits to be provided hereunder to or
        for the
        benefit of a Designated Employee who is also a Specified Employee would be
        subject to the additional tax imposed under Section 409A(a)(1)(B) of the
        Code or
        any other taxes or penalties imposed under Section 409A of the Code or a
        successor or comparable provision (the "Section 409A Taxes"), the
        commencement of such payments and/or benefits shall be delayed until the
        date
        that is six months following the Date of Termination or such earlier date
        that,
        as determined by the Company, is sufficient to avoid the imposition of
        Section 409A Taxes (such date is referred to herein as the "Distribution
        Date"). In the event that the Board of Directors determines that the
        commencement of any of the benefits to be provided under Section 5(b) are
        to be delayed pursuant to the preceding sentence, the Company shall require
        the
        Designated Employee to bear the full cost of such benefits until the
        Distribution Date at which time the Company shall reimburse the Designated
        Employee for all such costs. If any payments or benefits are delayed pursuant
        to
        this paragraph, such delayed payments or benefits, when paid or reimbursed,
        shall be increased by an amount equal to interest on such payments or
        reimbursements for the period between the Date of Termination and the applicable
        Distribution Date at a rate equal to the prime rate in effect as of the Date
        of
        Termination plus one point (for this purpose, the prime rate will be based
        on
        the rate published from time to time in The
        Wall Street Journal).

      

      
        	 	
                6.

              	
                Gross-up
                  Payments

              

      

      

      (a)       
        Gross-up
        in Benefits For "Parachute Payment".
        In the
        event that, as a result of payments in the nature of compensation to or for
        the
        benefit of a Designated Employee under this Plan or otherwise in connection
        with
        a Change in Control, any state, local or federal taxing authority imposes
        any
        taxes on the Designated Employee that would not be imposed but for the
        occurrence of a Change in Control, including any excise tax under
        Section 4999 of the Code and any successor or comparable provision (other
        than ordinary income and employment taxes imposed on such payments), then,
        in
        addition to the benefits provided for under Sections 5(a) through (d) or
        otherwise (including Section 6(b)), the Company (including any successor to
        the Company) shall pay to the Designated Employee at the time any such amounts
        are paid an amount equal to the amount of any such tax imposed or to be imposed
        on the Designated Employee (the amount of any such payment, the "Parachute
        Tax
        Reimbursement"). In addition, the Company (including any successor to the
        Company) shall "gross up" such Parachute Tax Reimbursement by paying to the
        Designated Employee at the same time an additional amount equal to the aggregate
        amount of any additional taxes (whether income taxes, excise taxes, special
        taxes, additional taxes, employment taxes or otherwise) that are or will
        be
        payable by the Designated Employee as a result of the Parachute Tax
        Reimbursement being paid or payable to the Designated Employee and/or as
        a
        result of the additional amounts paid or payable to the Designated Employee
        pursuant to this sentence, such that after payment of such additional taxes
        the
        Designated Employee shall have been paid on an after-tax basis an amount
        equal
        to the Parachute Tax Reimbursement. It is the intention of the Company that
        payment of the Parachute Tax Reimbursement be made within the time period
        specified in Treasury regulations section 1.409A-3(i)(1)(v).

      

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

      (b)       
        Gross-up
        in Benefits For Additional Taxes under Section 409A of the Code.
        In the
        event that, as a result of payments to or for the benefit of a Designated
        Employee under this Plan, the Designated Employee is subject to the
        Section 409A Taxes, then, in addition to the benefits provided for under
        Sections 5(a) through (d) or otherwise (including Section 6(a)), the
        Company (including any successor to the Company) shall pay to the Designated
        Employee at the time any such amounts are paid an amount equal to the amount
        of
        any such Section 409A Tax imposed or to be imposed on the Designated
        Employee (the amount of any such payment, the "Section 409A Tax
        Reimbursement"). In addition, the Company (including any successor to the
        Company) shall "gross up" such Section 409A Tax Reimbursement by paying to
        the Designated Employee at the same time an additional amount equal to the
        aggregate amount of any additional taxes (whether income taxes, excise taxes,
        special taxes, additional taxes, employment taxes or otherwise) that are
        or will
        be payable by the Designated Employee as a result of the Section 409A Tax
        Reimbursement being paid or payable to the Designated Employee and/or as
        a
        result of the additional amounts paid or payable to the Designated Employee
        pursuant to this sentence, such that after payment of such additional taxes
        the
        Designated Employee shall have been paid on an after-tax basis an amount
        equal
        to the Section 409A Tax Reimbursement.

      

      
        	 	
                7.

              	
                Arbitration

              

      

      

      The
        Company and, by accepting participation in the Plan, each Designated Employee
        agree that any and all disputes or controversies arising out of or relating
        to
        the Plan, including, without limitation, any claim of fraud, any agreement
        entered into between the parties pursuant to the Plan or the general validity
        or
        enforceability of either, shall be governed by the laws of the State of
        Delaware, without giving effect to its conflict of laws provisions, and shall
        be
        submitted to binding arbitration in accordance with the employment arbitration
        rules of Judicial Arbitration and Mediation Services ("JAMS")
        by a
        single impartial arbitrator experienced in employment law selected as follows:
        if the Company and the applicable Designated Employee are unable to agree
        upon
        an impartial arbitrator within ten (10) days of a request for arbitration,
        the
        parties shall request a panel of employment arbitrators from JAMS and
        alternative strike names until a single arbitrator remains. The arbitration
        shall be conducted in the city where the Designated Employee's principal
        office
        was maintained prior to his termination of employment, applying the laws
        of the
        State of Delaware, and the Company and, by accepting participation in the
        Plan,
        each Designated Employee agree to submit to the jurisdiction of the arbitrator
        selected in accordance with JAMS' rules and procedures. All fees and expenses
        of
        any arbitration, including the Designated Employee's reasonable legal fees
        and
        costs, are to be advanced by the Company. The
        Company
        and, by
        accepting participation in the Plan, each Designated Employee further
        agree that arbitration as provided in this Section 7 shall be the exclusive
        and binding remedy for any such dispute and will be used instead of any court
        action, which is hereby expressly waived, except for any request by either
        party
        hereto for temporary or preliminary injunctive relief pending arbitration
        in
        accordance with applicable law, or an administrative claim with an
        administrative agency,
        and
        that the award of the arbitrator, which shall include a determination based
        on
        relative success on the merits as to whom shall bear the Designated Employee's
        legal fees, shall be final and binding on both parties, and nonappealable.
        The
        arbitrator shall have discretion to award monetary and other damages, or
        no
        damages, and to fashion such other relief as the arbitrator deems appropriate.
        The Company will be responsible for paying any filing fees and costs of the
        arbitration proceeding itself (for example, arbitrators' fees, conference
        room,
        transcripts), but, except as set forth in this Section 7, each party shall
        be responsible for its own attorneys' fees. THE COMPANY AND EACH DESIGNATED
        EMPLOYEE ACKNOWLEDGE AND AGREE THAT BY AGREEING TO ARBITRATE, THEY ARE WAIVING
        ANY RIGHT TO BRING AN ACTION AGAINST THE OTHER IN A COURT OF LAW, EITHER
        STATE
        OR FEDERAL, AND ARE WAIVING THE RIGHT TO HAVE CLAIMS AND DAMAGES, IF ANY,
        DETERMINED BY A JURY.

      

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

      
        	 	
                8.

              	
                Mitigation
                  of Damages; Effect of Plan

              

      

      

      (a)       
        The
        Designated Employee shall not be required to mitigate damages or the amount
        of
        any payment provided for under the Plan by seeking other employment or
        otherwise, nor shall the amount of any payment provided for under the Plan
        be
        reduced by any compensation earned by the Designated Employee as a result
        of
        employment by another employer or by retirement benefits after the Date of
        Termination, or otherwise, except to the extent provided in Section 5(b)
        above.

      

      (b)       
        The
        provisions of the Plan, and any payment provided for hereunder, shall not
        reduce
        any amounts otherwise payable, or in any way diminish the Designated Employee's
        then existing rights, or rights which would accrue solely as a result of
        the
        passage of time, under any Benefit Plan, employment agreement or other contract,
        plan or arrangement.

      

      
        	 	
                9.

              	
                Funding
                  Upon Change in Control

              

      

      

      (a)       
        Immediately
        prior to the occurrence of a Change in Control, the Board of Directors of
        the
        Company shall have the discretion to direct the Company to fund, to the extent
        it has not done so, a sum equal to the present value on the date of the Change
        in Control (determined using an interest rate equal to the short-term applicable
        federal rate (with annual compounding) established under Section 1274(d) of
        the Code for the month in which the Change in Control occurs) of any amounts
        that are or would reasonably be expected to become payable to the Designated
        Employees under the Plan (including a good faith estimate of expenses of
        the
        trust in the event that the Company does not timely pay such expenses) by
        establishing and irrevocably funding a trust for the benefit of the Designated
        Employees. The trustee of such trust shall be instructed to pay out any such
        amounts as and to the extent such amounts become payable in accordance with
        the
        terms of the Plan.

      

      (b)       
        The
        trust
        established under this Section 9 shall be a grantor trust described in
        Section 671 of the Code. The Company shall be solely responsible for and
        shall directly pay all fees and expenses of the trust; provided, however,
        in the
        event that the Company does not pay all of the fees and expenses of the trust,
        the trustee shall have the authority to pay such fees from the assets of
        the
        trust.

      

      (c)       
        Any
        payments of severance or other benefits by the trust established pursuant
        to
        this Section 9 shall, to the extent thereof, discharge the Company’s
        obligation to pay severance and other benefits under the Plan, it being the
        intent of the Company that the assets in such trust be held for the purpose
        of
        discharging any obligation of the Company to pay severance and other benefits
        under the Plan.

      

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

      (d)       
        The
        trust
        established under this Section 9 shall not terminate until the date on
        which all payments and benefits to be funded out of the trust have been
        satisfied and discharged in full. Upon termination of the trust any assets
        remaining in the trust shall be returned to the Company.

      

      
        	 	
                10.

              	
                Term;
                  Amendments; No Effect on Employment Prior to Change in Control;
                  Agreements Incorporated by
                  Reference

              

      

      

      (a)       
        The
        Plan
        shall have successive two-year terms which shall be automatically renewed
        unless
        prior to a Change in Control and prior to the applicable automatic renewal
        date
        action is taken by the Board of Directors of the Company to terminate the
        Plan
        effective as of a renewal date. The Plan may also be amended from time to
        time
        by the Board of Directors of the Company; provided, however, that such
        amendments (other than amendments that are (i) intended to ensure
        compliance with applicable law or (ii) are favorable to the Designated
        Employees) may only be adopted prior to a Change in Control and shall only
        be
        effective on and after the applicable renewal date, in both cases unless
        agreed
        to and approved by the Designated Employee. Notwithstanding the foregoing,
        the
        Plan shall terminate three years from the date of a Change in Control and
        shall
        terminate as to any Designated Employee participating in the Plan upon the
        termination of the Designated Employee's employment with the Company based
        on
        death, Disability (as defined in Section 3(b)), mandatory retirement or
        Cause (as defined in Section 1(b)) or by the Designated Employee other than
        for Good Reason (as defined in Section 1(e)). Termination or amendment of
        the Plan shall not affect any obligation of the Company under the Plan which
        has
        accrued and is unpaid as of the effective date of the termination or amendment.
        Unless and until a Change in Control shall have occurred, a Designated Employee
        shall not have any vested rights under the Plan or any agreement entered
        into
        pursuant to the Plan.

      

      (b)       
        Nothing
        in the Plan or any agreement entered into pursuant to the Plan shall confer
        upon
        the Designated Employee any right to continue in the employ of the Company
        prior
        to a Change in Control of the Company or shall interfere with or restrict
        in any
        way the rights of the Company, which are hereby expressly reserved, to discharge
        the Designated Employee at any time prior to the date of a Change in Control
        of
        the Company for any reason whatsoever, with or without cause.

      

      (c)       
        Notwithstanding
        anything herein or in any agreement entered into pursuant to the Plan to
        the
        contrary, the Board of Directors of the Company may, in its sole discretion,
        amend the Plan (which amendment shall be effective upon its adoption or at
        such
        other time designated by the Board of Directors) at any time prior to a Change
        in Control as may be necessary to avoid the imposition of the additional
        tax
        under Section 409A(a)(1)(B) of the Code; provided,
        however,
        that
        any such amendment shall be implemented in such a manner as to preserve,
        to the
        greatest extent possible, the terms and conditions of the Plan as in existence
        immediately prior to any such amendment.

      

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

      (d)       
        Any
        agreement entered into by the Company and a Designated Employee, including
        any
        employment agreement, that either
        (i) explicitly
        makes
        reference to this Plan or
        (ii)
        confers
        rights or provides benefits to a Designated Employee upon such Designated
        Employee’s termination of employment with the Company
        (a
“Designated Employee Agreement”) shall be incorporated herein by reference to
        the extent that the terms of such Designated Employee Agreement pertain to
        this
        Plan and/or the circumstances under which payments and/or benefits are provided
        under this Plan. To the extent that such Designated Employee Agreement provides
        for rights or benefits to the Designated Employee under this Plan that are
        more
        favorable than the rights or benefits actually provided for hereunder, the
        terms
        of such Designated Employee Agreement shall govern.  

       

      (e)       
        In
        the
        event that any Designated Employee Agreement confers rights or provides benefits
        that are of the same type as the rights or benefits conferred or provided
        for
        under this Plan
        (without
        giving effect to Section 10(d) hereof) and,
        but
        for the provisions of this Section 10(e) would also be provided under this
        Plan
(without
        giving effect to Section 10(d) hereof) such
        that
        the
        conferral of such rights or the provision of such benefits pursuant to both
        the
        Designated Employee Agreement and this Plan
        (without
        giving effect to Section 10(d) hereof) would
        result in the Designated Employee receiving rights or benefits that are
        duplicative in nature (the “Duplicative Rights”), then the Duplicative Rights
        provided for under the Designated Employee Agreement will offset any Duplicative
        Rights that would otherwise be provided hereunder.

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      
        	
                SCHEDULE
                  A

              
	
                 

              
	
                Effective
                  August 24, 2007

              
	
                Expires
                  May 1, 2008

              
	
                 

              
	
                Category

              	
                     

              	
                   
                      

              	
                Multiple
                  for 

                Cash
                  

                Compensation
                  

                Under

                Section
                  5(a)

              	
                Years
                  for 

                Pension
                  

                Benefit

                 Under

                Section
                  5(c)

              
	
                I

              	
                Senior
                  Executive Officers * and Certain Executives

              	
                3

              	
                3

              
	
                  
                   

              
	
                  
                   

              
	
                II

              	
                 

              	
                 

              	
                 

              	
                3

              	
                3

              
	
                  
                   

              
	
                  
                   

              
	
                III

              	
                BMC
                  West and SelectBuild Vice Presidents -
                  Administrative

              	
                2

              	
                2

              
	
                  
                   

              
	
                  
                   

              
	
                IV

              	
                Building
                  Materials Holding Corporation, BMC West and SelectBuild Key Operating
                  Personnel

              	
                1

              	
                1

              
	
                   
                   

              
	
                  
                   

              
	
                
                  V

                

              	
                BMHC
                  Key Corporate Administrative Employees whose total annual compensation
                  exceeds $100,000

              	
                 minimum
                  of 1

              	
                minimum
                  of 1

              
	
                   
                   

              
	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                *
                  Plan
                  benefits for certain Senior Executive Officers are subject to Employment
                  Agreements

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00138-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00138-of-00352.parquet"}]]