Document:

Potlatch Corporation Benefits Protection Trust Agreement

 Exhibit 10(h) 
 POTLATCH CORPORATION 
 BENEFITS PROTECTION TRUST AGREEMENT 
 As Amended and Restated Effective September 16, 2006 

 POTLATCH CORPORATION 
 BENEFITS PROTECTION TRUST AGREEMENT 
 TABLE OF CONTENTS 
  

					
	 SECTION 1.
	  	Definitions	  	1
			
	 SECTION 2.
	  	Creation of Trust; Contributions	  	5
			
	 SECTION 3.
	  	Payments from the Trust	  	6
			
	 SECTION 4.
	  	Management of Trust Assets	  	9
			
	 SECTION 5.
	  	Powers of Trustee	  	10
			
	 SECTION 6.
	  	Taxes, Expenses and Compensation of Trustee	  	12
			
	 SECTION 7.
	  	Records And Accounting	  	13
			
	 SECTION 8.
	  	Indemnification	  	13
			
	 SECTION 9.
	  	Administration of the Plans; Communications	  	13
			
	 SECTION 10.
	  	Resignation or Removal of Trustee	  	14
			
	 SECTION 11.
	  	Amendment of Agreement; Termination of Trust	  	15
			
	 SECTION 12.
	  	Governing Law; Severability	  	16

  

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 POTLATCH CORPORATION 
 BENEFITS PROTECTION TRUST AGREEMENT 
 As Amended and Restated Effective September 16, 2006 

This amended and restated Trust Agreement, originally made as of the first day of January, 1990, by and between POTLATCH CORPORATION, a Delaware
corporation (the “Corporation”) and U.S. Bank National Association (formerly First Trust National Association) (the “Trustee”), and amended and restated to read as follows effective September 16, 2006. 
 WITNESSETH: 
 Whereas the Corporation
has adopted the nonqualified plans, programs and policies and has entered into the contracts listed on Schedule 1 (collectively, the “Plans”) and may adopt or enter into other such plans, programs, policies and contracts which will be
listed from time to time on Schedule 1; and 
 Whereas the Corporation’s obligations pursuant to the Plans are not funded or
otherwise secured and the Corporation desires to take steps to assure that, subject to the claims of the Corporation’s general creditors, the future payment of amounts under the Plans will not be improperly withheld in the event that a Change
of Control (as hereinafter defined) of the Corporation should occur; 
 Now, Therefore, the Corporation and the Trustee agree as
follows: 
 SECTION 1. DEFINITIONS 
 (a) “Benefit Commitments” means: 
 (i) all benefits that are accrued or payable
(whether on a current or deferred basis) under the Plans as of the date of the Change of Control and 
 (ii) all benefits that
may become payable under the Plans as in effect on the date of the Change of Control as a result of termination of a participant’s employment after such Change of Control, as described in Section 2(d). 
  

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 (b) “Change of Control” means: 
 (i) Upon consummation of a reorganization, merger or consolidation involving the Corporation (a “Business Combination”), in each
case, unless, following such Business Combination, 
 (A) all or substantially all of the individuals and entities who were
the beneficial owners, respectively, of the then outstanding shares of common stock of the Corporation (the “Outstanding Common Stock”) and the then outstanding voting securities of the Corporation entitled to vote generally in the
election of directors (the “Outstanding Voting Securities”) immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock and the
combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the corporation resulting from such Business Combination (including, without limitation, a corporation which as a result of
such transaction owns the Corporation either directly or through one or more subsidiaries), 
 (B) no Person (as defined in
(iii) below) (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) sponsored or maintained by the Corporation or such other corporation resulting from such Business Combination)
beneficially owns, directly or indirectly, 30% or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the then outstanding voting securities
of such corporation except to the extent that such ownership is based on the beneficial ownership, directly or indirectly, of Outstanding Common Stock or Outstanding Voting Securities immediately prior to the Business Combination, and 
 (C) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination were members
of the board of directors of the Corporation (the “Board”) at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or 
  

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 (ii) On the date that individuals who, as of May 19, 2006 constitute the Board (the
“Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to May 19, 2006 whose election, or nomination for election by the
Corporation’s stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board should be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose,
any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors, an actual or threatened solicitation of proxies or consents or any other
actual or threatened action by, or on behalf of any Person other than the Board; or 
 (iii) Upon the acquisition after
May 19, 2006 by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within
the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either 
 (A) the then Outstanding Common
Stock or 
 (B) the combined voting power of the Outstanding Voting Securities; provided, however, that the following
acquisitions shall not be deemed to be covered by this subparagraph (iii): 
 (x) any acquisition of Outstanding Common Stock
or Outstanding Voting Securities by the Corporation, 
 (y) any acquisition of Outstanding Common Stock or Outstanding Voting
Securities by any employee benefit plan (or related trust) sponsored or maintained by the Corporation, or 
 (z) any
acquisition of Outstanding Common Stock Outstanding Voting Securities by any corporation pursuant to a transaction which complies with clauses (A), (B) and (C) of Subsection I(b)(i) of this Agreement, or 
  

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 (iv) Upon the consummation of the sale of all or substantially all of the assets of the
Corporation or approval by the stockholders of the Corporation of a complete liquidation or dissolution of the Corporation. 
 (c)
“Corporation” means Potlatch Corporation, a Delaware corporation, and its successor and assigns. 
 (d) “Independent
Administrator” means an independent professional benefits consulting or administrative firm appointed pursuant to Section 3(b). 
 (e) “Insolvent” means that the company is unable to pay its debts as they mature or is subject to a pending proceeding as a debtor under the Bankruptcy Code. 
 (f) “Participants” mean the active and former directors and employees of the Corporation or its subsidiaries or affiliates who are entitled to
benefits under the Plans. 
 (g) “Plans” mean the nonqualified plans, programs, policies and contracts listed on Schedule 1 adopted
or maintained by the Corporation or a subsidiary or affiliate of the Corporation. The Corporation may from time to time add to or delete items from Schedule 1 by notifying the Trustee in writing; provided, however, that no such change to Schedule 1
may be made after a Change of Control has occurred. The Corporation shall provide the Trustee with a current copy of each Plan and any amendments thereto. 
 (h) “Trust” means the Potlatch Corporation Benefits Protection Trust established pursuant to this Agreement. 
 (i) “Trustee” means U.S. Bank National Association, or any successor trustee appointed pursuant to Section 10. 
 (j) “Trust Fund” means all moneys, securities and other property held by the Trustee under the Trust. 
  

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 SECTION 2. CREATION OF TRUST; CONTRIBUTIONS 
 (a) Concurrently with the execution of this Agreement, the Corporation deposited with the Trustee $100 in cash. From time to time the Corporation shall
also deposit with the Trustee such contributions as may be permitted or required pursuant to Sections 2(c) and 2(d) of this Agreement. All such contributions and all accumulations and accruals, and the earnings and income with respect thereto, shall
be held by the Trustee in trust pursuant to this Agreement and shall be invested, reinvested and applied as provided herein. The Trustee hereby accepts being named as Trustee under this Agreement and agrees to hold the Trust Fund subject to all of
the terms and conditions hereof. 
 (b) The Trust established hereunder shall be revocable by the Corporation at any time before a Change of
Control, but shall be irrevocable upon and after a Change of Control. The Trust is intended at all times to be a grantor trust as described in section 671 of the Internal Revenue Code of 1986, as amended, and all income earned on the assets of the
Trust Fund shall be taxable to the Corporation, whether before or after the Trust becomes irrevocable. All taxes with respect to the Trust shall be payable by the Corporation from its separate funds and shall not be charged against the Trust Fund.

 (c) The Corporation, with the concurrence of the Trustee, may at any time deposit with the Trustee cash or marketable securities to be
credited to the Trust Fund. 
 (d) Within 30 days after a Change of Control has occurred, the Corporation shall deposit with the Trustee cash
or marketable securities (other than stock or debt obligations of the Corporation) to be credited to the Trust Fund in an amount which, when added to any funds already credited to the Trust Fund, the Corporation reasonably determines will be at
least sufficient to pay: 
 (i) the Benefit Commitments, and 
 (ii) all anticipated future expenses of the Trust Fund, including the fees and expenses of the Trustee described in Section 6(b).

  

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 (e) At least annually after a Change of Control, the Independent Administrator shall retain an actuary to
re-determine the amount determined pursuant to (d) above. Such re-determination shall be performed using the factors and assumptions set forth in Schedule 2. If the current fair market value of the assets of the Trust Fund does not equal or
exceed 110% of the amount so re-determined, the Independent Administrator shall so advise the Corporation and the Corporation shall, within 30 days after receiving such notice, make an irrevocable contribution to the Trust equal to the excess of the
re-determined amount over the current fair market value of the assets of the Trust Fund. 
 (f) The Trustee shall not be responsible for the
computation or collection of any contribution to the Trust Fund. 
 SECTION 3. PAYMENTS FROM THE TRUST 
 (a) Upon the effective date of this Agreement, the Corporation shall furnish the Trustee with written information regarding the Participants and their
beneficiaries under the Plans and the dates of distribution and amounts of benefits under the Plans and shall update such information on a regular basis. 
 (b) The Corporation shall have the duty to notify the Trustee if a Change of Control occurs. If the Corporation fails to provide such notice and the Trustee has a reasonable basis for believing that a Change of
Control has occurred, then the Trustee shall be authorized to act under this section as if the Corporation had provided such notice. After a Change of Control, the Corporation shall: (i) within 30 days furnish to the Trustee the information
described in (a) above with respect to the Benefit Commitments which are then payable under the Plans; (ii) update such information with respect to all Plans not less frequently than annually; (iii) furnish the Trustee with any other
information the Trustee may reasonably request within 30 days after such request; and (iv) within 30 days following the Change of Control, appoint an Independent Administrator which shall assume responsibility for the administration of the
Plans and provide such information and assistance as may be necessary or appropriate to assist the Independent Administrator to carry out its duties in connection with the Plans. 
  

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 (c) Before a Change of Control, the Trustee shall make payments from the Trust Fund to Participants and
their beneficiaries under the Plans if so directed by the Corporation. The Corporation may withdraw funds from the Trust Fund for any purpose at any time before a Change of Control. 
 (d) After a Change of Control the Trustee shall pay the Benefit Commitments to the Participants and their beneficiaries in the amounts and at the time
directed by the Independent Administrator. 
 (e) Except as provided in Section 2(d) or Section 11(d), no funds shall be paid to
the Corporation after a Change of Control unless the Trustee determines in its sole discretion that the funds will never be required to pay Benefit Commitments under the Plans and expenses of the Trust Fund and the Independent Administrator.

 (f) After a Change of Control the Trustee shall pay benefits (including, without limitation, benefits accruing on account of services
rendered after the date of the applicable event or on account of a period of employment after the applicable event) under the Plans in excess of the Benefit Commitments only if the Corporation deposits additional cash or marketable securities
sufficient to pay such excess benefits or the Trustee determines in its sole discretion that the Trust Fund is sufficient to pay all Benefit Commitments, expenses of the Trust Fund and such excess benefits, and the Corporation agrees in writing that
it will not make a request pursuant to Section 3(e) prior to the termination of the Trust that the Trustee make a distribution of funds in excess of the amount necessary to pay the Benefit Commitments and Trust Fund expenses. 
 (g) Payments to Participants and their beneficiaries pursuant to Sections 3(c) and 3(d) shall be made by the Trustee to the extent that funds in the
Trust Fund are sufficient for such purpose. In any month in which the Trustee determines that the Trust Fund does not have sufficient funds to provide for the payment of all benefits due in such month under the Plans, the amount otherwise payable to
each such Participant or beneficiary during such month shall be reduced proportionately; provided, however, that after a Change of Control any payments in excess of the Benefit Commitments shall be reduced as necessary or completely terminated
before payment of any Benefit Commitments shall be reduced. 
  

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 (h) Notwithstanding any other provisions of this Agreement, if before or after a Change of Control the
Trustee is notified by the Corporation or the Trustee has a reasonable basis for believing that the Corporation is Insolvent, the Trustee shall discontinue benefit payments from the Trust Fund and shall hold the assets of the Trust Fund to satisfy
the claims of the Corporation’s general and judgment creditors. For this purpose, the knowledge of any of its affiliates shall not be imputed to the Trustee. The Trustee shall resume benefit payments only after determining that the Corporation
is not Insolvent or as directed by a court of competent jurisdiction. 
 (i) The Corporation shall have the duty to notify the Trustee if the
Corporation becomes Insolvent. Except as provided in the next sentence, the Trustee shall have no duty to inquire whether the Corporation is Insolvent. If a person claiming to be a creditor of the Corporation alleges in writing to the Trustee that
the Corporation is Insolvent, the Trustee shall independently determine or, within 30 days after receipt of such notice, shall petition a court to determine whether the Corporation is Insolvent and shall suspend benefit payments pending such
determination. The Corporation shall promptly provide all information reasonably requested by the Trustee to enable the Trustee or the court to make such determination. 
 (j) If the Trustee discontinues or suspends benefit payments under Section 3(h) or 3(i) and subsequently resumes such payments, the first payment following such discontinuance or suspension shall include the
aggregate amount of all payments that would have been made during the period of discontinuance or suspension, less any payments made by the Corporation to the Participant or beneficiary pursuant to the Plans during such period, together with
interest equal to 70% of the prime rate at large U.S. money center commercial banks as reported in the Wall Street Journal from time to time throughout such period. 
 (k) No Participant or beneficiary shall have any claim on or beneficial ownership interest in any assets of the Trust Fund before such assets are paid to the Participant or beneficiary, and all rights created under
the Plans shall be unsecured contractual rights against the Corporation. 
  

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 SECTION 4. MANAGEMENT OF TRUST ASSETS 
 (a) Prior to a Change of Control, the Trust Fund shall be held, invested and reinvested by the Trustee as directed in writing by the Corporation from time
to time. 
 (b) After a Change of Control, the Trustee shall have exclusive authority and discretion to manage and control the Trust Fund and
may employ investment managers (including affiliates of the Trustee) to manage the investment of the Trust Fund. In exercising such authority and discretion, the Trustee shall be guided by the investment policy guidelines established by the
Corporation for this purpose. 
 The Trustee shall discharge its investment duties with the care, skill, prudence and diligence under the
circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. 
 (c) In no event shall assets of the Trust Fund be invested in debt obligations of the Corporation. 
 (d) To the fullest extent permitted by law, the Trustee is expressly authorized to: 
 (i) retain the services of a registered broker-dealer organization hereafter affiliated with U.S. Bank National Association, and any
future successors in interest thereto (collectively for the purposes of this paragraph referred to as the “Affiliated Entities”), to provide services to assist in or facilitate the purchase or sale of investment securities in the Trust,

 (ii) acquire as assets of the Trust shares of mutual funds to which Affiliated Entities provides, for a fee, services in
any capacity and 
 (iii) acquire in the Trust any other services or products of any kind or nature from the Affiliated
Entities regardless of whether the same or similar services or products are available from other institutions. 
  

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 The Trust may directly or indirectly (through mutual funds fees and charges, for example) pay management
fees, transaction fees and other commissions to the Affiliated Entities for the services or products provided to the Trust and such mutual funds at such Affiliated Entities’ standard or published rates without offset (unless required by law)
from any fees charged by the Trustee for its services as Trustee. 
 The Trustee may also deal directly with the Affiliated Entities
regardless of the capacity in which it is then acting, to purchase, sell, exchange or transfer assets of the Trust even though the Affiliated Entities are receiving compensation or otherwise profiting from such transaction or are acting as a
principal in such transaction. 
 (e) Each of the Affiliated Entities is authorized to 
 (i) effect transactions on national securities exchanges for the Trust as directed by the Trustee, and 
 (ii) retain any transactional fees related thereto, consistent with Section 11(a)(1) of the Exchange Act, as amended, and related
Rule 11a2-2(T). 
 (iii) Included specifically, but not by way of limitation, in the transactions authorized by this provision
are transactions in which any of the Affiliated Entities are serving as an underwriter or member of an underwriting syndicate for a security being purchased or are purchasing or selling a security for its own account. In the event the Trustee is
directed by the Corporation or any designated investment manager, as applicable hereunder (collectively referred to for purposes of this paragraph as the “Directing Party”), the Directing Party shall be authorized, and expressly retains
the right hereunder, to direct the Trustee to retain the services of, and conduct transactions with, Affiliated Entities fully in the manner described above. 
 SECTION 5. POWERS OF TRUSTEE 
 Subject to Sections 3 and 4, the Trustee shall have full power and authority with respect to any and all moneys, securities and other property at any time received or held in the Trust Fund to do all such acts, take all such proceedings and
exercise all such rights and privileges, 

  

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whether herein specifically referred to or not, as could be done, taken or exercised by the absolute owner thereof, including, without in any way limiting
the generality of the foregoing, the following: 
 (a) To collect and receive the income of the Trust Fund and to invest and reinvest the
Trust Fund in investments of any kind; 
 (b) To pay the expenses of the Trust (excluding any taxes payable by the Corporation under
Section 2(b)) out of the Trust Fund, including the fees and reasonable expenses of the Independent Administrator and including reasonable compensation for its services as Trustee (if and to the extent that the Corporation does not pay such
expenses and compensation); 
 (c) To employ suitable agents and counsel, and pay their reasonable expenses and compensation out of the Trust
Fund (if and to the extent that the Corporation does not pay such expenses and compensation); 
 (d) To sell, convey, exchange or otherwise
dispose of any property at any time held in trust hereunder; 
 (e) To hold uninvested any cash contributions to the Trust Fund and to create
reserves of cash or other assets of the Trust Fund in the banking department of any affiliate of the Trustee, without liability for interest thereon, for the payment of expenses, or for distributions pursuant to the Plans, or for any other purpose
in connection with the Plans, notwithstanding the affiliate’s receipt of “float” from such uninvested cash; 
 (f) To deposit
any moneys at any time held in the Trust Fund in any savings bank, in the savings department of any bank or in a banking affiliate of the Trustee; 
 (g) To invest assets of the Trust Fund in any mutual funds advised by the Trustee or any of its affiliates or for which an affiliate of the Trustee acts as a custodian or other service provider and to receive management fees from such
mutual funds for services performed for such funds; 
 (h) To have, respecting bonds, shares of corporate stock and other securities, all the
rights, powers and privileges of an owner, including holding securities in the name of the Trustee 

  

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or in the name of a nominee securities depository with or without disclosure of the Trust, voting any corporate stock either in person or by proxy, with or
without power of substitution, making payment of calls, assessments or other sums deemed by the Trustee expedient for the protection of the Trust Fund, exchanging securities, selling or exercising stock subscriptions or conversion rights,
participating in foreclosures, reorganizations, consolidations, mergers, liquidations, pooling agreements, voting trusts, and assenting to corporate sales, leases and encumbrances. The Trustee may provide to the Corporation (or, after a Change of
Control, to the Independent Administrator) the proxy of any security when in the Trustee’s judgment the Trustee or one of its affiliates may have a conflict of interest; 
 (i) To enter into any contracts with, or purchase any annuities from, any insurance company or insurance companies for the purpose of providing for
distributions under the Plans; and 
 (j) To settle, compromise or submit to arbitration any claims, debts or damages due or owing to or from
the Trust or the Trust Fund; to commence or defend legal proceedings for or against the Trust; and to represent the Trust in all proceedings in any court of law or equity or before any other body or tribunal. 
 SECTION 6. TAXES, EXPENSES AND COMPENSATION OF TRUSTEE 
 (a) The Corporation shall pay any federal, state, local or other taxes imposed with respect to the assets or income of the Trust Fund. At the direction of
the Corporation (or, following a Change of Control, at the direction of the Independent Administrator), the Trustee shall deduct any payroll or income taxes required to be withheld from any payments made to Participants or their beneficiaries from
the Trust Fund. 
 (b) The fees and expenses of the Trustee may be revised from time to time as agreed to by the parties. The Trustee’s
reasonable expenses, including but not limited to the retention of legal counsel, accountants and actuaries and such other professionals as the Trustee determines are necessary or appropriate to enable it to perform its services as Trustee, shall be
charged to and payable from the Trust Fund on a monthly basis, or on such other basis as the Trustee deems reasonable, except to the extent that such fees and expenses are paid by the Corporation. 
  

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 SECTION 7. RECORDS AND ACCOUNTING 
 (a) The Trustee shall keep accurate and detailed records and accounts with respect to all assets included in the Trust Fund and all investments, receipts
and disbursements and other transactions involving the Trust, except that the Corporation shall maintain all accounts for Participants and their beneficiaries as provided in the Plans. All accounts, books and records maintained by the Trustee shall
be open to inspection by any person designated by the Corporation at all reasonable times. 
 (b) Within 60 days following the close of each
calendar year or the date of removal or resignation of the Trustee or termination of the Trust, the Trustee shall file with the Corporation a written report setting forth all investments, receipts, disbursements and other transactions effected by it
during the calendar year or part thereof for which the report is filed, in such form as the Corporation and the Trustee shall agree. The Trustee also shall render such additional statements or reports to the Corporation as the Corporation may
reasonably request from time to time. 
 SECTION 8. INDEMNIFICATION 
 The Corporation shall indemnify and hold the Trustee harmless from and against any liability that the Trustee may incur in the administration of the Trust
(including reasonable attorneys’ fees), unless arising from the Trustee’s own gross negligence, willful misconduct, or willful breach of the provisions of or its obligations under this Agreement. The Trustee shall not be required to give
any bond or any other security for the faithful performance of its duties under this trust agreement, except as required by law. 
 SECTION 9. ADMINISTRATION OF THE PLANS; COMMUNICATIONS 
 (a) The Corporation shall administer the Plans as provided therein
and subject to Section 3(d), the Trustee shall not be responsible in any respect for administering the Plans. The Trustee shall not be responsible for the adequacy of the Trust Fund to meet and discharge all payments and liabilities under the
Plans. 
  

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 (b) Any action of the Corporation, or if applicable, the Independent Administrator under any provision of
this Agreement shall be evidenced by a written instrument signed by an authorized agent of the Corporation or if applicable, the Independent Administrator. The Corporation, or if applicable, the Independent Administrator shall furnish the Trustee
from time to time with evidence satisfactory to the Trustee as to the agents authorized to sign such instruments. 
 SECTION
10. RESIGNATION OR REMOVAL OF TRUSTEE 
 (a) The Trustee may resign at any time and for any reason before a Change of Control upon
written notice to the Corporation. After receipt of such written notice, the Corporation shall appoint a successor trustee that will become Trustee upon its acceptance of the Trust. The Trustee’s resignation shall become effective upon the
earlier of the date six months after such written notice is provided or the date the successor trustee is appointed by the Corporation and accepts the Trust. The Trustee shall have no duty to find or secure the appointment of a successor upon its
resignation pursuant to this Section 10(a). 
 (b) After a Change of Control, the Trustee may resign at any time and for any reason upon
written notice to the Corporation, and, if applicable, the Independent Administrator. Such resignation shall become effective only if: 
 (i) The Trustee has obtained the agreement of a bank to act as successor trustee which bank (A) is among the 100 largest banks in the United States, as measured by deposits, (B) has a rating of
“B/C” or greater based upon the most current rating from Keefe, Bruyett & Woods (“KB&W’) or its successor, or if KB&W or its successor should cease to publish ratings, then a short-term debt rating from
Moody’s of “P-1” or greater, or from Standard and Poor’s of “A-1” and (C) has no present commercial banking relationship with the Corporation or any of its subsidiaries, affiliates or successors; or 
 (ii) A court of competent jurisdiction has appointed a successor trustee, but only after the Trustee has used its best efforts to find a
successor pursuant to (i) above. 
 The Trustee shall continue to be trustee of the Trust Fund until the new trustee is in place, and
the Trustee shall be entitled to expenses and fees (including expenses incurred in finding a 

  

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successor trustee or petitioning a court to name a successor trustee) through the later of the effective date of its resignation as Trustee or the end of its
custodianship of the Trust Fund. 
 (c) Prior to a Change of Control, the Corporation may remove the Trustee upon 30 days written notice to
the Trustee, or upon such shorter period as is acceptable to the Trustee. Such removal shall become effective, however, only upon the occurrence of all of the following events: 
 (i) The appointment by the Corporation of a successor trustee; 
 (ii) The acceptance of the Trust by the successor trustee; and 
 (iii) The delivery of the Trust Fund to the successor trustee. 
 (d) Following a Change of Control, the Independent Administrator, if it agrees to assume such power and responsibility, may remove the Trustee by
following the steps prescribed for the Corporation in (c) above. 
 (e) Upon designation or appointment of a successor trustee, the
Trustee shall transfer the Trust Fund to the successor trustee reserving such reasonable sums as the Trustee shall deem necessary to defray its expenses in settling its accounts and to pay any of its compensation due and unpaid. If the sums so
reserved are not sufficient for these purposes, the Trustee shall be entitled to recover the amount of any deficiency from either the Corporation or the Trust Fund held by the successor trustee, or both. 
 SECTION 11. AMENDMENT OF AGREEMENT; TERMINATION OF TRUST 
 (a) The Corporation shall have the right at any time prior to a Change of Control to amend this Agreement by an instrument in writing duly executed and
delivered to the Trustee, or to terminate the Trust; provided, however, that the duties, powers and liabilities of the Trustee hereunder shall not be substantially changed without its written consent. 
 (b) The provisions of this Agreement and the Trust created hereby may not be amended or terminated by the Corporation after a Change of Control. The
Trustee, after a Change of Control, may amend the provisions of this Agreement to the extent required by applicable law. 
  

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 (c) In the event the Corporation terminates the Trust prior to the occurrence of a Change of Control, the
Trustee shall reserve such sums as it deems necessary to pay its fees and expenses, and shall distribute all remaining assets of the Trust Fund in accordance with the written directions of the Corporation. 
 (d) The Trust shall be terminated upon the earlier of the exhaustion of the Trust Fund or the final payment of all amounts payable to all of the
Participants and their beneficiaries pursuant to the Plans, and the payment of all amounts due to the Trustee and all costs and expenses chargeable to the Trust. Promptly upon termination of this Trust, and after payment of all fees, expenses and
indemnities due to or incurred by the Trustee hereunder, any remaining portion of the Trust Fund shall be paid to the Corporation. 
 SECTION 12. GOVERNING LAW; SEVERABILITY 
 (a) This Agreement shall be construed and enforced in accordance with the laws of
the State of Washington. 
 (b) Any provision of this Agreement that is determined to be invalid or unenforceable shall be ineffective
without invalidating the remaining provisions hereof. 
 (c) This Agreement shall have binding effect on the successors and assigns of the
Corporation and on all parent and subsidiary companies related to any such successor or assign. 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this amended and restated Agreement to be executed by
their duly authorized officers as of the day and year first above written. 
  

			
	 POTLATCH CORPORATION

		
	By:	 	  
		 	 G. L. Zuehlke

		 	 Vice President and Chief Financial Officer

		 	 POTLATCH CORPORATION

		
	By:	 	  
		 	 US BANK NATIONAL ASSOCIATION

  

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 Schedule 1 
 The Plans 
 Potlatch Forest Products Corporation Salaried Employees’ Supplemental Benefit Plan 
 Potlatch Forest Products Corporation Salaried Employees’ Supplemental Benefit Plan II 
 Potlatch Corporation Management Performance Award Plan 
 Potlatch Corporation Management Performance Award Plan II

 Potlatch Forest Products Corporation Severance Program for Executive Employees 
 Potlatch Corporation Directors Deferred Compensation Plan 
 Potlatch Corporation Directors Deferred Compensation Plan II

 Potlatch Corporation Directors Retirement Plan (frozen) 
 Potlatch Forest Products Corporation Employee Severance Plan* 
 Supplemental Retirement Benefit and Life Insurance Agreement Between Potlatch Corporation and Richard B. Madden dated as of February 19, 1988 
 Deferred Compensation Agreement Between Potlatch Corporation and Richard N. Congreve dated as of December 2, 1982, as amended 
 Severance and/or Employment Agreements: 
 Akerman, Emery

 Bacon, John 
 Beech, John

 Black, Douglas L. 
 Biazzo,
Thomas 
 Brenner, Richard 
 Bullard, Richard 
 Clark, Kenneth 
 Collier, James 
 Davis, Brian 
 Davisson, Ralph M. 
 DeBourde, Robert 
 DeRocher, Earl 
 Deward, Carlton 

Durand, Daniel 
 Fleshman, Nancy (survivor
of James Fleshman) 
 Grove, Gail (survivor of Harry Grove) 
 Hanby, John 
 Hawley, Robert 
 Hedden, Helen 

	*	The contributions made to the Trust Fund by the Corporation with respect to the Employee Severance Plan shall be held in a separate sub-account and the provisions of Section 3
shall apply separately to such sub-account. 

  

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 Johansen, Daniel 
 Kosloski, Erwin 
 Martin, F. Lynn 
 McAdoo, James 
 McBirney, Helen 
 Morris, James 
 Morton, William 
 Mull, Pamela A. 
 Nordholm, Richard

 Norha, Patrick 
 Page, Gordon

 Powell, Sandra 
 Rehm, Roland

 Robison, John 
 Rosenbaum,
Lester 
 Ryerse, Malcolm A. 
 Saarela, Edward 
 Smrekar, Thomas J. 
 Tate, Terry 
 Warner, Richard 
 Wolhaupter, John 
  

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 Schedule 2 
 Summary of Funding Methods and Assumptions for 
 Severance Contracts, Employment Agreements and 
 Supplement Defined Benefit Plan 
 Discount Rate

 Discount rate will be determined using the discount rate to determine Potlatch Forest Products Corporation Salaried Employees Retirement Plan benefits
for the fiscal year in which a Change of Control occurs. 
 Termination and Retirement 
 All active participants terminate two years after the valuation date, or immediately, if that produces a higher liability. Benefit payments begin at the earliest retirement date following termination. 
 Mortality 
 No mortality before
retirement. Post-retirement mortality using RP-2000 mortality table. 
 Trust Expenses 
 5% of liabilities. 
  

 20Potlatch Corporation Management Performance Award Plan II

 Exhibit 10(r) 
 POTLATCH CORPORATION 
 MANAGEMENT PERFORMANCE AWARD PLAN II 
 Effective: January 1, 2005 

 POTLATCH CORPORATION 
 MANAGEMENT PERFORMANCE AWARD PLAN II 
  

	1.	ESTABLISHMENT AND PURPOSE 

  

	 	(a)	The Potlatch Corporation Management Performance Award Plan II (the “Plan”) was adopted effective January 1, 2005, by the Board of Directors of Potlatch Corporation to
provide meaningful financial rewards to those employees of Potlatch Corporation and its subsidiaries who are in a position to contribute to the achievement by Potlatch Corporation and its subsidiaries of significant improvements in profit
performance and growth. 

  

	 	(b)	The Plan is the successor plan to the Potlatch Corporation Management Performance Award Plan (the “Prior Plan”). Effective December 31, 2004, the Prior Plan was
frozen and no new Award deferrals will be made under it; provided, however, that any Award deferrals made under the Prior Plan before January 1, 2005 continue to be governed by the terms and conditions of the Prior Plan as in effect on
December 31, 2004 or on the date of any later amendment, provide that such amendment is not a material modification of the Prior Plan under Section 409A of the Code and the regulations promulgated thereunder. 

  

	 	(c)	Any Award deferrals made under the Prior Plan after December 31, 2004 are deemed to have been made under the Plan and all such deferrals are governed by the terms and
conditions of the Plan as it may be amended from time to time. 

  

	 	(d)	The Plan is intended to comply with the requirements of Section 409A of the Code. 

  

	2.	DEFINITIONS 

  

	 	(a)	“Award” means an award under the Plan. 

  

	 	(b)	“Award Year” means a Year with respect to which Awards are made. 

  

	 	(c)	“Board of Directors” means the Board of Directors of Potlatch. 

  

	 	(d)	“CEO” means the Chief Executive Officer of Potlatch. 

  

	 	(e)	“Change of Control” means 

  

	 	(i)	 upon consummation of a reorganization, merger or consolidation involving the Corporation (a “Business Combination”), in each case, unless, following such
Business Combination, (A) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the then outstanding shares of common stock of the Corporation (the “Outstanding Common Stock”) and
the then outstanding voting securities of the Corporation entitled to vote generally in the 

  

 1 

	 	 
election of directors (the “Outstanding Voting Securities”) immediately prior to such Business Combination beneficially own, directly or
indirectly, more than 50% of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the corporation resulting from
such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Corporation either directly or through one or more subsidiaries), (B) no individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended) (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) sponsored or maintained by the Corporation or
such other corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 30% or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination or the
combined voting power of the then outstanding voting securities of such corporation except to the extent that such ownership is based on the beneficial ownership, directly or indirectly, of Outstanding Common Stock or Outstanding Voting Securities
immediately prior to the Business Combination and (C) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination were members of the Board at the time of the execution of the initial
agreement, or of the action of the Board, providing for such Business Combination; or 

  

	 	(ii)	on the date that individuals who, as of May 19, 2006 constitute the Board of Directors (the “Incumbent Board”) cease for any reason to constitute at least a majority
of the Board of Directors; provided, however, that any individual becoming a director subsequent to May 19, 2006 whose election, or nomination for election by the Corporation’s stockholders, was approved by a vote of at least a majority of
the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an
actual or threatened election contest with respect to the election or removal of directors, an actual or threatened solicitation of proxies or consents or any other actual or threatened action by, or on behalf of any Person other than the Board of
Directors; or 

  

	 	(iii)	upon the consummation of the sale of all or substantially all of the assets of the Corporation or approval by the stockholders of the Corporation of a complete liquidation or
dissolution of the Corporation. 

  

	 	(f)	“Code” means the Internal Revenue Code of 1986, as amended. 

  

 2 

	 	(g)	“Committee” means the committee which shall administer the Plan in accordance with Section 3. 

  

	 	(h)	“Corporation” means Potlatch and its Subsidiaries. 

  

	 	(i)	“Employee” means a full-time salaried employee (including any Officer) of the Corporation. 

  

	 	(j)	“Guidelines” means the Potlatch Corporation Stock Ownership Guidelines. 

  

	 	(k)	“Officer” means any Employee who is an elected officer of the Corporation and who is the chief manager of an Organization Unit. 

  

	 	(l)	“Organization Unit” means a major organizational component or profit center of the Corporation as determined pursuant to rules and regulations adopted by the Committee
from time to time, the Employees of which are eligible to participate in the Plan. 

  

	 	(m)	“Participant” means any Employee actively employed by the Corporation during an Award Year in an Organization Unit in a position designated as a participating position
pursuant to rules and regulations adopted by the Committee from time to time. 

  

	 	(n)	“Plan” means the Potlatch Corporation Management Performance Award Plan II, adopted effective January 1, 2005. 

  

	 	(o)	“Potlatch” means Potlatch Corporation, a Delaware corporation. 

  

	 	(p)	“Prior Plan” means the Potlatch Corporation Management Performance Award Plan, adopted July 20, 1973. 

  

	 	(q)	 “Separation from Service” means termination of a Participant’s employment as a common-law employee of the Corporation. A Separation from Service will
not be deemed to have occurred if a Participant continues to provide services to the Corporation in a capacity other than as an employee and if the Participant is providing services at an annual rate that is fifty percent (50%) or more of the
services rendered, on average, during the immediately preceding three full calendar years of employment with the Corporation (or if employed by the Corporation less than three years, such lesser period) and the annual remuneration for such services
is fifty percent (50%) or more of the annual remuneration earned during the final three full calendar years of employment (of if less, such lesser period); provided, however, that a Separation from Service will be deemed to have occurred if a
Participant’s service with the Corporation is reduced to an annual rate that is less than twenty percent (20%) of the services rendered, on average, during the immediately preceding three full calendar years of employment with the
Corporation (or if employed by the Corporation less than three years, such lesser period) or the annual remuneration for such services is less than twenty percent (20%) of the annual remuneration earned during the three 

  

 3 

	 	 
full calendar years of employment with the Corporation (or if less, such lesser period). 

  

	 	(r)	“Subsidiary” means any corporation fifty percent (50%) or more of the voting stock of which is owned by Potlatch or by one or more of such corporations.

  

	 	(s)	“Year” means the calendar year. 

  

	3.	ADMINISTRATION OF THE PLAN 

 The Plan shall be
administered by the Executive Compensation and Personnel Policies Committee of the Board of Directors, or such other committee as may be designated and appointed by the Board of Directors, which shall consist of at least three (3) members of
the Board of Directors. No member of the Committee shall be eligible to participate and receive Awards under the Plan while serving as a member of the Committee. 
 In addition to the powers and duties otherwise set forth in the Plan, the Committee shall have full power and authority to administer and interpret the Plan, to establish procedures for administering the Plan, to
adopt and periodically review such rules and regulations consistent with the terms of the Plan as the Committee deems necessary or advisable in order to properly carry out the provisions of the Plan, to receive and review an annual report to be
submitted by the CEO which shall describe and evaluate the operation of the Plan, and to take any and all necessary action in connection therewith. The Committee’s interpretation and construction of the Plan and its determination of the amount
of any Award thereunder shall be conclusive and binding on all persons. In making such determinations, the Committee is entitled to rely on information and reports provided by the CEO. 
 Within thirty (30) days after a Change of Control, the Committee shall appoint an independent committee consisting of at least three current (as of
the effective date of the Change of Control) or former Corporation officers and directors, which shall thereafter administer all claims for benefits under the Plan. Upon such appointment the Committee shall cease to have any responsibility for
claims administration under the Plan. 
  

	4.	ELIGIBILITY AND PARTICIPATION 

 Pursuant to rules
and regulations adopted by the Committee, the Committee shall designate the Organization Units and the positions that are eligible to participate in the Plan. 
  

	5.	AWARDS 

 Awards shall be determined in accordance
with Sections 6, 7 and 8 and announced to Participants by April 15 following the close of the Award Year and, unless deferred in accordance with Section 9, are paid no later than May 15 following the close of the Award Year.

  

 4 

	6.	DETERMINING THE ACTUAL CORPORATE FUND 

 The total
amount of Awards made to all Participants with respect to any Award Year shall be determined pursuant to this Section 6. 
  

	 	(a)	Standard Bonus Fund. There shall first be determined the Standard Bonus Fund for such Award Year. The Standard Bonus Fund shall be computed as follows:

  

	 	(i)	The Standard Bonus for each Participant shall first be determined. A Participant’s Standard Bonus shall be an amount equal to a percentage of the Participant’s salary,
based on the position to which the Participant is assigned, as determined in accordance with rules and regulations adopted by the Committee. If a Participant does not qualify as a Participant for the entire period of the applicable Award Year, the
Standard Bonus will be prorated to reflect the number of half calendar months that the Employee was a Participant. 

  

	 	(ii)	The sum of the Standard Bonuses for all Participants as determined under subparagraph (i) above shall constitute the amount of the Standard Bonus Fund.

  

	 	(iii)	The Standard Bonus Fund for each Organization Unit shall be the sum of all Standard Bonuses for all Participants in such Organization Unit. 

  

	 	(b)	Performance Modifier. The Performance Modifiers for each Award Year shall be a percentage determined pursuant to rules and regulations adopted by the Committee. Modifiers may
range from a minimum of zero to a maximum of two hundred percent (200%). In its rules and regulations concerning the determination of the Performance Modifiers, the Committee may take into consideration certain financial measures of profit
performance (including, without limitation, consolidated earnings per share, return on shareholder equity, and return on invested capital) and a comparison of the Corporation’s profit performance with the profit performance of other major
competitors. 

  

	 	(c)	Actual Corporate Fund. The Actual Corporate Fund for each Award Year shall be determined in accordance with rules and regulations adopted by the Committee. The Actual
Corporate Fund shall be represented by a bookkeeping entry only and no Employee of the Corporation shall have any vested right therein. 

  

	 	(d)	 Limits on Award Payments. Notwithstanding any other provision of the Plan, the Board of Directors may, in its sole discretion, determine limits on the amount
and alter the time and form of payment of Awards with respect to an Award Year if any of the following conditions occurs: (i) Potlatch does not declare cash dividend with respect to its common stock during such Award Year, or (ii) the
Actual Corporate Fund determined pursuant to Section 6(c) for such Award Year exceeds six percent (6%) of Potlatch’s consolidated net earnings, before taxes, for such Award Year. Notwithstanding the foregoing, the Board of Directors
shall not alter the time and form of payment of any Award for which a Participant has 

  

 5 

	 	 
made a deferral election in accordance with Section 9 of the Plan, unless such alteration is permissible under Section 409A of the Code.

  

	7.	ALLOCATING THE ACTUAL CORPORATE FUND AMONG ORGANIZATION UNITS 

 The Actual Corporate Fund shall be allocated for each Award Year among the Organization Units in accordance with the Plan’s rules and regulations. 
  

	8.	DETERMINING INDIVIDUAL AWARDS 

 Each Officer shall
determine the amount of the Award to each Participant who is assigned to such Officer’s Organization Unit (except the Officer’s own Award) by prescribing the basis for allocating such Organization Unit’s portion of the Actual
Corporate Fund among the Participants employed in such Organization Unit, taking into account the amount of the Participant’s Standard Bonus and the Participant’s individual performance. Each Participant’s Award shall be subject to
review by and approval of the CEO. 
  

	9.	FORM AND TIME OF PAYMENT OF AWARDS 

  

	 	(a)	All non-deferred Awards under the Plan shall be paid in cash to all Participants other than those subject to the Guidelines. For a Participant subject to the Guidelines, the Award
shall be paid in a combination of fifty percent (50%) cash and fifty percent (50%) common stock of the Corporation if the Participant has not incrementally reached the required ownership level at the end of each of his or her first five
years under the Guidelines or has not maintained one hundred percent (100%) of the applicable guideline amount in subsequent years. The number of shares of common stock shall be determined by dividing the dollar value of the portion of the
Award allocated as stock by the closing price of the Corporation’s common stock on the date of the Committee meeting at which the Award payments are approved. Award amounts shall be prorated for the portion of the Award Year the Employee was an
eligible Participant pursuant to the rules and regulations adopted by the Committee from time to time. A Participant who is dismissed shall be entitled to receive an Award only to the extent permitted pursuant to the rules adopted by the Committee.

  

	 	(b)	Notwithstanding the foregoing, a Participant may elect to defer receipt of payment of a single Award or all future Awards until after his or her Separation from Service pursuant to
rules and regulations adopted by the Committee and in compliance with Section 409A of the Code. However, if the payment of the Award would cause the Participant’s annual compensation to exceed the amount deductible by the Corporation
pursuant to the application of Section 162(m) of the Code, the Participant will be required to defer receipt of the portion of the Award that would be non-deductible in the Award Year until after his or her Separation from Service.

  

 6 

	 	(c)	An Award, the payment of which is deferred under (b) above, shall be converted at the Participant’s election into cash and or full and fractional stock units equal to the
number of shares of the Corporation’s common stock determined by dividing the dollar value of the portion of the Award to be converted into stock units by the closing price of the Corporation’s common stock on the date of the Committee
meeting at which the Award payments are approved. 

 On each dividend payment date, dividend equivalents shall be credited to
each full and fractional stock unit to the extent such stock unit was in the Participant’s deferred account on the dividend record date immediately preceding the applicable dividend payment date. Such dividend equivalents shall be converted
into stock units as of the dividend payment date by dividing the amount of the dividend equivalents by the closing price of the Corporation’s common stock on the dividend payment date. 
 In the event of a change in the number of outstanding shares of the Corporation’s common stock by reason of a stock split, stock dividend,
reclassification or other distribution of shares or other similar changes in the capitalization of the Corporation, an appropriate adjustment shall be made in the number of each Participant’s stock units determined as of the date of such
occurrence. 
  

	 	(d)	The cash portion of an Award, the payment of which was deferred under (b) above shall be credited with additional amounts during the period of deferral commencing on the first
day of the month coinciding with or next following the date Awards are normally paid pursuant to Section 5 above, and continuing during the period of deferral up to the last day of the month in which the amounts deferred hereunder are paid, and
payable at the time that the deferred Awards are paid. Such additional amounts shall be computed at seventy percent (70%) of the higher of the following averages during the period of deferral; (i) the prime rate charged by the major
commercial banks as of the first business day of each calendar month (as reported in an official publication of the Federal Reserve System), or (ii) the average monthly long-term rate of A rated corporate bonds (as published in Moody’s
Bond Record), and shall be compounded annually. Notwithstanding the foregoing, in no event shall such additional amount exceed the maximum interest rate allowable by law. 

  

	10.	SPECIAL AWARDS FUND 

  

	 	(a)	Creation of the Fund. A Special Awards Fund shall be established with respect to each Award Year in an amount determined by the Committee but not to exceed ten percent
(10%) of the Standard Bonus Fund for such Award Year. The Special Awards Fund shall be represented by a bookkeeping entry only and no Employee of the Corporation shall have any vested right therein. 

  

	 	(b)	 Eligibility. Awards may be made in a total amount equal to the Special Awards Fund to those Employees of the Corporation who are not Participants with
respect 

  

 7 

	 	 
to such Award Year, but who in the judgment of an Officer have made outstanding contributions to the success of the Corporation.

  

	 	(c)	Selection. After the close of the Award Year, recipients of Awards under the Special Awards Fund shall be selected by the CEO upon the recommendation of an Officer. The
amount of each individual’s Award under the Special Awards Fund shall be determined by the CEO upon the recommendation of an Officer and shall fall within a range set forth in rules and regulations adopted by the Committee, expressed as minimum
and maximum percentages of base annual salary paid. Awards under the Special Awards Fund shall be announced by April 15 following the close of the Award Year. 

  

	 	(d)	Payment. Awards under the Special Awards Fund shall be paid in full in cash no later than May 15 following the close of the Award Year. 

  

	11.	NO ASSIGNMENT OF INTEREST 

 The interest of any
person in the Plan or in payments to be received pursuant to it shall not be subject to option or assignable either by voluntary or involuntary assignment or by operation of law, and any act in violation of this section shall be void. 
  

	12.	EMPLOYMENT RIGHTS 

 The selection of an Employee as
a Participant shall not confer any right on such Employee to receive an Award under the Plan or to continue in the employ of the Corporation or limit in any way the right of the Corporation to terminate such Participant’s employment at any
time. 
  

	13.	AMENDMENT OR TERMINATION OF THE PLAN 

 The Board of
Directors may amend, suspend or terminate the Plan at any time; provided, however, that any amendment adopted or effective on or after July 1, in any Award Year which would adversely affect the calculation of a Participant’s Award or the
Participant’s eligibility for an Award for such Award Year shall be applied prospectively from the date the amendment was adopted or effective, whichever is later; provided, further that if the Plan is terminated effective on or after
July 1 in any Award Year such termination shall not adversely affect any Participant’s eligibility for a pro rata share of an Award for the period of such Award Year prior to the date the termination was adopted or effective, whichever is
later, subject to all other applicable terms and conditions of the Plan. In the event of termination of the Plan, Awards deferred under Section 9(b) shall be paid at such times and in such amounts as provided in section 9(b) and the rules and
regulations adopted by the Committee and in compliance with Section 409A of the Code. The foregoing notwithstanding, no amendment adopted nor termination of the Plan following the occurrence of a Change of Control shall be effective if it
(a) would reduce a Participant’s Standard Bonus for the Award Year in which the Change of Control occurs, (b) would reduce an Award earned and payable to a Participant in respect of the Award Year that ended immediately prior to the
Award Year in which the Change of Control occurs, or (c) modify the provisions of this sentence. 
  

 8 

 Notwithstanding the foregoing, the Vice President, Human Resources of Potlatch Forest Products
Corporation shall have the power and authority to amend the Plan with respect to any amendment that (i) does not materially increase the cost of the Plan to the Company or (ii) is required to comply with new or changed legal requirements
applicable to the Plan, including, but not limited to, section 409A of the Code. 
  

	14.	SUCCESSORS AND ASSIGNS 

 The Plan shall be binding
upon the Corporation, its successors and assigns, and any parent corporation of the Corporation’s successors or assigns. Notwithstanding that the Plan may be binding upon a successor or assign by operation of law, the Corporation shall require
any successor or assign to expressly assume and agree to be bound by the Plan in the same manner and to the same extent that the Corporation would be if no succession or assignment had taken place. 
  

	15.	CHANGE OF CONTROL 

 Notwithstanding any other
provision of the Plan to the contrary, this Section 15 shall apply with respect to the determination of Awards and the payment of Awards following a Change of Control. In the event of a Change of Control each Participant shall be guaranteed
payment of his or her prorated Standard Bonus for the Award Year in which the Change of Control occurs. A prorated Standard Bonus shall be calculated by multiplying the Participant’s Standard Bonus for the applicable Award Year by a fraction,
the numerator of which is the number of full months in the Award Year completed at the effective time of the Change of Control, and the denominator of which is twelve (12). With respect to any Award earned but not yet paid in respect of the Award
Year that ended immediately prior to the Award Year in which a Change of Control that also is a change in the ownership or effective control the Corporation or a change in the ownership of a substantial portion of the assets of the Corporation as
defined in the regulations promulgated under Section 409A of the Code (a “Code Section 409A Change of Control”) occurs, each Participant shall be guaranteed payment of his or her Award determined in accordance with Section 8
based on the performance results for the applicable Award Year. Awards paid pursuant to this paragraph (a) shall be paid in a lump sum, in cash and upon the earliest of (i) the time as prescribed in subsection 9(a), (ii) the date the
Participant Separates from Service for any reason other than “misconduct,” as defined in the Corporation’s Severance Program for Executive Employees, following the Code Section 409A Change of Control, or (iii) with respect
to an Award for which a Participant has made a deferral election in accordance with Section 9 of the Plan, within the twelve-month period following the termination of the Plan, provided that the Plan is terminated within the period beginning
thirty days prior to and ending twelve months following the effective date of the Code Section 409A Change of Control. 
  

 9

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