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Exhibit 10.30    
  

         2003 BOISE INCENTIVE AND PERFORMANCE PLAN

(Effective January 1, 2003)  

  

 
 

Table of Contents    
  

	Section
 
	 	 
	 	Page

	  1.	 	Purpose and Establishment	 	  1
	  2.	 	Definitions	 	  1
	  3.	 	Stock Subject to the Plan	 	  4
	  4.	 	Administration of the Plan	 	  5
	  5.	 	Eligibility	 	  6
	  6.	 	Awards under the Plan; Agreement	 	  6
	  7.	 	Options	 	  6
	  8.	 	Stock Appreciation Rights	 	7
	  9.	 	Restricted Stock	 	8
	10.	 	Restricted Stock Units	 	10
	11.	 	Performance Units	 	10
	12.	 	Performance Shares	 	11
	13.	 	Annual Incentive Awards	 	11
	14.	 	Stock Bonuses	 	12
	15.	 	Rights as a Shareholder	 	12
	16.	 	Employment Not Guaranteed	 	12
	17.	 	Securities Matters	 	12
	18.	 	Withholding Taxes	 	12
	19.	 	Amendment and Termination	 	13
	20.	 	Transfers Upon Death; Nonassignability	 	13
	21.	 	Expenses and Receipts	 	13
	22.	 	Deferral of Awards	 	13
	23.	 	Change in Control Provisions	 	13
	24.	 	Claims Procedure	 	14
	25.	 	Claims Review Procedure	 	15
	26.	 	Lawsuits; Venue; Applicable Law	 	15
	27.	 	Participant Rights	 	15
	28.	 	Unsecured General Creditor	 	15
	29.	 	No Fractional Shares	 	15
	30.	 	Beneficiary	 	15
	31.	 	Section 162(m)	 	16
	32.	 	Form of Communication	 	16
	33.	 	Severability	 	16
	34.	 	Effective Date and Term of Plan	 	16

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   2003 BOISE INCENTIVE AND PERFORMANCE PLAN  

	        1.    Purpose and Establishment.
	

                1.1    Purpose.    The 2003 Boise Incentive and Performance Plan
(the "Plan") is intended to promote the interests of the Company and its shareholders by (a) attracting, motivating, rewarding, and retaining the broad-based management talent critical to achieving the Company's business goals; (b) linking
a portion of each Participant's compensation to the performance of both the Company and the individual Participant; and (c) encouraging ownership of Company common stock by Participants. The Plan has been adopted and approved by the Board of
Directors (defined below).
	

                1.2    Successor Plan.    This Plan shall be the successor plan to
the 1984 Key Executive Stock Option Plan (the "1984 KESOP"). No further grants shall be made under the 1984 KESOP on or after January 1, 2003. All awards outstanding under the 1984 KESOP on December 31, 2002 ("Prior Awards"), are
incorporated into this Plan and shall be treated as awards under this Plan; however, the Prior Awards shall continue to be governed solely by the terms and conditions of the written instrument evidencing the grant or issuance. Except as expressly
provided, no provision of this Plan shall affect or otherwise modify the rights or obligations of holders of Prior Awards. Shares of Stock reserved for issuance under the 1984 KESOP in excess of the number of shares as to which awards have been made
as of December 31, 2002, shall no longer be available for issuance on or after January 1, 2003.
	

        2.    Definitions.    As used in the Plan, the following definitions apply to the terms indicated
below:
	

                2.1    "Agreement" means either the written agreement between the Company and a Participant evidencing an Award and setting forth the
terms and conditions applicable to the Award or a statement issued by the Company to a Participant describing the terms and conditions of an Award.
	

                2.2    "Annual Incentive Award" means an Award granted under Section 13.
	

                2.3    "Award" means any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Performance Unit, Performance
Share, Annual Incentive Award, or Stock Bonus granted pursuant to the terms of the Plan.
	

                2.4    "Board of Directors" means the Board of Directors of the Company.
	

                2.5    A "Change in Control" shall be deemed to have occurred if:
	

                        (a)    Any Person is or becomes the Beneficial Owner, directly or indirectly, of
securities of the Company representing 20% or more of either the then outstanding shares of common stock of the Company or the combined voting power of the Company's then outstanding securities; provided, however, if such Person acquires securities
directly from the Company, such securities shall not be included unless such Person acquires additional securities which, when added to the securities acquired directly from the Company, exceed 20% of the Company's then outstanding shares of common
stock or the combined voting power of the Company's then outstanding securities, and provided further that any acquisition of securities by any Person in connection with a transaction described in Section 2.5(c)(i) shall not be deemed to be
a Change in Control of the Company; or
	
 

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                        (b)    The following individuals cease for any reason to constitute at least
662/3% of the number of directors then serving: individuals who, on the date hereof, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or
threatened election contest, including but not limited to a consent solicitation, relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company's stockholders was approved
by a vote of at least 2/3rds of the directors then still in office who either were directors on the date hereof or whose appointment, election, or nomination for election was previously so approved (the "Continuing Directors"); or
	

                        (c)    The consummation of a merger or consolidation of the Company (or any direct or
indirect subsidiary of the Company) with any other corporation other than (i) a merger or consolidation which would result in both (a) continuing directors continuing to constitute at least 662/3% of the number of
directors of the combined entity immediately following consummation of such merger or consolidation and (b) the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by
remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) at least 662/3% of the combined voting power of the voting securities of the Company or such surviving entity
or any parent thereof outstanding immediately after such merger or consolidation, or (ii) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes the Beneficial
Owner, directly or indirectly, of securities of the Company representing 20% or more of either the then outstanding shares of common stock of the Company or the combined voting power of the Company's then outstanding securities; provided, however, if
such Person acquires securities directly from the Company, such securities shall not be included unless such Person acquires additional securities which, when added to the securities acquired directly from the Company, exceed 20% of the Company's
then outstanding shares of common stock or the combined voting power of the Company's then outstanding securities, and provided further that any acquisition of securities by any Person in connection with a transaction described in Section 2.5(c)
(i) shall not be deemed to be a Change in Control of the Company; or
	

                        (d)    The stockholders of the Company approve a plan of complete liquidation or
dissolution of the Company or the consummation of an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets, other than a sale or disposition by the Company of all or substantially all of the
Company's assets to an entity, at least 662/3% of the combined voting power of the voting securities of which are owned by Persons in substantially the same proportions as their ownership of the Company immediately prior to
such sale.
	

                        (e)    For purposes of Sections 2.5 and 2.19, "Beneficial Owner" shall have the
meaning set forth in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act").
	

                        (f)    For purposes of Sections 2.5 and 2.19, "Person" shall have the meaning given in
Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the Company or any of its subsidiaries, (ii) a trustee or other fiduciary holding securities
under an employee benefit plan of the Company or any of its subsidiaries, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly, by the
stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.
	

                2.6    "Code" means the Internal Revenue Code of 1986, as amended from time to time, and any regulations promulgated
thereunder.
	

                2.7    "Committee" means the Executive Compensation Committee of the Board of Directors or any successor to the Committee, which shall
consist of three or more persons, each of whom, unless otherwise determined by the Board of Directors, is an "outside director" within the meaning of Section 162(m) of the Code and a "nonemployee director" within the meaning of
Rule 16b-3.
	
 

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                2.8    "Company" means Boise Cascade Corporation, a Delaware corporation.
	

                2.9    "Director" means any individual who is a member of the Board of Directors of the Company and who is not an employee of the
Company.
	

                2.10    "Exchange Act" means the Securities Exchange Act of 1934, as amended from time to time.
	

                2.11    "Fair Market Value" of a share of Stock means the closing price of the Stock as reported by the consolidated tape of the New
York Stock Exchange on the date in question, unless otherwise specified by the Committee. If there are no Stock transactions on a particular date, the Fair Market Value shall be determined as of the immediately preceding date on which there were
Stock transactions.
	

                        The Committee may in its sole discretion specify a different date or dates on which Fair Market Value will
be determined or may specify a price that is at or within the range of the high and low selling prices of the Stock on the New York Stock Exchange, that is the actual selling price, or that is an average of prices over a number of trading days for
the purpose of calculating Fair Market Value; provided that the Fair Market Value specified for Incentive Stock Options shall comply with applicable laws and regulations.
	

                2.12    "Incentive Stock Option" means an Option that is an "incentive stock option" within the meaning of Section 422 of the
Code, or any successor provision, and that is designated by the Committee as an Incentive Stock Option.
	

                2.13    "Nonqualified Stock Option" means an Option other than an Incentive Stock Option.
	

                2.14    "Option" means the right to purchase a stated number of shares of Stock at a stated price for a stated period of time, granted
pursuant to Section 7.
	

                2.15    "Participant" means an employee or Director of the Company or a subsidiary to whom an Award is granted pursuant to the Plan,
or upon the death of the Participant, his or her successors, heirs, executors, and administrators, as the case may be.
	

                2.16    "Performance Goals" means the objectives established by the Committee in its sole discretion with respect to any
performance-based Awards that relate to one or more business criteria within the meaning of Section 162(m) of the Code. Performance Goals may include or be based upon, without limitation: sales; gross revenue; gross margins; internal rate of
return; cost; ratio of debt to debt plus equity; profit before tax; earnings before interest and taxes; earnings before interest, taxes, depreciation, and amortization; earnings per share; operating earnings; economic value added; ratio of operating
earnings to capital spending; cash flow; free cash flow; net operating profit; net income; net earnings; net sales or net sales growth; price of Stock; return on capital, net assets, equity, or shareholders' equity; segment income; market share;
productivity ratios; expense targets; working capital targets; or total return to shareholders. Performance Goals may (a) be used to measure the performance of the Company as a whole or any subsidiary, business unit or segment of the Company,
(b) include or exclude (or be adjusted to include or exclude) extraordinary items, and/or (c) reflect absolute entity performance or a relative comparison of entity performance to the performance of a peer group, index, or other external
measure, in each case as determined by the Committee in its sole discretion.
	

                2.17    "Performance Share" means an Award of a number of shares granted to a Participant pursuant to Section 12 which is
initially valued according to Fair Market Value and is paid out based on the achievement of stated Performance Goals during a stated period of time.
	
 

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                2.18    "Performance Unit" means an Award granted to a Participant pursuant to Section 11 which is paid out based on the
achievement of stated Performance Goals during a stated period of time.
	

                2.19    A "Potential Change in Control" shall be deemed to have occurred if (a) the Company enters into an agreement, the
consummation of which would result in the occurrence of a Change in Control of the Company; (b) the Company or any Person publicly announces an intention to take or to consider taking actions which if consummated would constitute a Change in
Control of the Company; (c) any Person becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 9.5% or more of either the then outstanding shares of common stock of the Company or the combined voting power
of the Company's then outstanding securities; unless that Person has filed a schedule under Section 13 of the Securities Exchange Act of 1934 and the rules and regulations promulgated under Section 13, and that schedule (including any and
all amendments) indicates that the Person has no intention to (i) control or influence the management or policies of the Company, or (ii) take any action inconsistent with a lack of intention to control or influence the management or
policies of the Company; or (d) the Board adopts a resolution to the effect that a Potential Change in Control has occurred.
	

                2.20    "Restricted Stock" means Stock granted to a Participant which is subject to forfeiture and restrictions as set forth in
Section 9.
	

                2.21    "Restricted Stock Units" means an Award granted to a Participant pursuant to Section 10 which is subject to forfeiture
and restrictions.
	

                2.22    "Rule 16b-3" means Rule 16b-3 promulgated under the Exchange Act, as amended from time to time.
	

                2.23    "Securities Act" means the Securities Act of 1933, as amended from time to time.
	

                2.24    "Stock" means the common stock of the Company, par value $2.50 per share.
	

                2.25    "Stock Appreciation Right" or "SAR" means the right to receive an amount calculated as provided in and granted pursuant to
Section 8.
	

                2.26    "Stock Bonus" means a bonus payable in shares of Stock granted pursuant to Section 14.
	

        3.    Stock Subject to the Plan.
	

                3.1    Shares Available for Awards.    The maximum number of shares
of Stock reserved for issuance under the Plan shall be 2,200,000 shares (subject to adjustment as provided herein). Shares may be authorized but unissued Stock or authorized and issued Stock held in the Company's treasury. All shares of Stock
reserved for issuance under the Plan shall be available for any Awards, including Options and Stock Appreciation Rights. The following shares of Stock shall again be available for Awards under the Plan: (a) shares subject to an Award (including
a Prior Award, as that term is defined in Section 1.2) which is cancelled, expired, terminated, forfeited, surrendered, or otherwise settled without the issuance of any Stock, (b) shares of Restricted Stock that are forfeited,
(c) shares of Stock tendered to satisfy the exercise price of an Option, and (d) shares tendered or withheld to satisfy tax withholding pursuant to Section 18.
	

                3.2    Performance-Based Award Limitation.    Awards that are
designed to comply with the performance-based exception from the tax deductibility limitation of Section 162(m) of the Code shall be subject to the following rules:
	

                        (a)    The number of shares of Stock that may be granted in the form of Options in a
single fiscal year to a Participant may not exceed 1,500,000.
	
 

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                        (b)    The number of shares of Stock that may be granted in the form of SARs in a
single fiscal year to a Participant may not exceed 1,500,000.
	

                        (c)    The number of shares of stock that may be granted in the form of Restricted
Stock in a single fiscal year to a Participant may not exceed 1,500,000.
	

                        (d)    The number of Restricted Stock Units that may be granted in a single fiscal
year to a Participant may not exceed 1,500,000.
	

                        (e)    The number of shares of Stock that may be granted in the form of Performance
Shares in a single fiscal year to a Participant may not exceed 1,500,000.
	

                        (f)    The maximum amount that may be paid to a Participant for Performance Units
granted in a single fiscal year to the Participant may not exceed $4,000,000.
	

                3.3    Adjustment for Change in Capitalization.    In the event of
any recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, spin-off, combination, share repurchase, share exchange, reclassification, or other similar corporate transaction or event, unless otherwise determined by
the Committee in its sole discretion, (a) the number and kind of shares of stock which may thereafter be issued in connection with Awards; (b) the number and kind of shares of stock or other property issued or issuable in respect of
outstanding Awards; (c) the exercise price, grant price, or purchase price relating to any Award; and (d) the maximum number of shares subject to Awards which may be awarded to any employee during any fiscal year of the Company shall be
equitably adjusted as necessary to prevent the dilution or enlargement of the rights of Participants; provided that, with respect to Incentive Stock Options, adjustments shall be made in accordance with Section 424 of the Code.
	

        4.    Administration of the Plan.
	

                4.1    Authority and Delegation.    The Committee shall have final
discretion, responsibility, and authority to administer and interpret the Plan. This includes the discretion and authority to determine all questions of fact, eligibility, or benefits relating to the Plan. The Committee may also adopt any rules it
deems necessary to administer the Plan. Any interpretation, determination, decision, or other action made or taken by the Committee shall be final and binding on Participants. The Committee's responsibilities for administration and interpretation of
the Plan shall be exercised by Company employees who have been assigned those responsibilities by the Company's management. Any Company employee exercising responsibilities relating to the Plan in accordance with this section shall be deemed to have
been delegated the discretionary authority vested in the Committee with respect to those responsibilities, unless limited in writing by the Committee.
	

                4.2    Terms and Conditions of Awards.    The Committee shall have
final discretion, responsibility, and authority to:
	

                        (a)    grant Awards;
	

                        (b)    determine the Participants to whom and the times at which Awards shall be
granted;
	

                        (c)    determine the type and number of Awards to be granted, the number of shares of
Stock to which an Award may relate, and the applicable terms, conditions, and restrictions, including the length of time for which any restriction shall remain in effect;
	

                        (d)    establish and administer Performance Goals relating to any Award;
	

                        (e)    establish the rights of Participants with respect to an Award upon termination
of employment or service as a Director;
	

                        (f)    determine whether, to what extent, and under what circumstances an Award may be
settled, cancelled, forfeited, exchanged, or surrendered;
	
 

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                        (g)    make adjustments in the Performance Goals in recognition of unusual or
nonrecurring events affecting the Company or the financial statements of the Company, or in response to changes in applicable laws, regulations, or accounting principles;
	

                        (h)    determine the terms and provisions of Agreements; and
	

                        (i)    make all other determinations deemed necessary or advisable for the
administration of the Plan.
	

The Committee may solicit recommendations from the Company's management with respect to any or all of the items listed above.
	

                        The Committee shall determine the terms and conditions of each Award at the time of grant. The Committee
may establish different terms and conditions for different Participants, for different Awards, and for the same Participant for each Award the Participant may receive, whether or not granted at different times.
	

        5.    Eligibility.    The persons who shall be eligible to receive Awards pursuant to the Plan shall be employees
of the Company and its subsidiaries and affiliates (including officers of the Company, whether or not they are directors of the Company), selected by the Committee from time to time, and Directors. The grant of an Award at any time to any person
shall not entitle that person to a grant of an Award at any future time.
	

        6.    Awards under the Plan; Agreement.    Awards that may be granted under the Plan consist of Options, Stock
Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Units, Performance Shares, Annual Incentive Awards, and Stock Bonuses, all as described below.
	

            Each Award granted under the Plan, except unconditional Stock Bonuses, shall be evidenced by an Agreement which shall contain such provisions as the Committee may, in its sole
discretion, deem necessary or desirable which are not in conflict with the terms of the Plan. By accepting an Award, a Participant agrees that the Award shall be subject to all of the terms and provisions of the Plan and the applicable
Agreement.
	

        7.    Options.
	

                7.1    Terms and Agreement.    Subject to the terms of the Plan,
Options may be granted to Participants at any time as determined by the Committee. The Committee shall determine, and the Agreement shall reflect, the following for each Option granted:
	

                        (a)    the number of shares subject to each Option;
	

                        (b)    duration of the Option (provided that no Option shall have an expiration date
later than the day after the 10th anniversary of the date of grant);
	

                        (c)    vesting requirements, if any;
	

                        (d)    whether the Option is an Incentive Stock Option or a Nonqualified Stock
Option;
	

                        (e)    the amount and duration of related Stock Appreciation Rights, if any, and any
conditions upon their exercise;
	

                        (f)    the exercise price for each Option (which shall not be less than the Fair
Market Value on the date of the grant);
	

                        (g)    the permissible method(s) of payment of the exercise price;
	

                        (h)    the rights of the Participant upon termination of employment or service as a
Director, provided that the termination rights for Participants receiving Incentive Stock Options shall conform to Section 422 of the Code; and
	
 

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                        (i)    any other terms or conditions established by the Committee.
	

                7.2    Exercise of Options.
	

                        (a)    Options shall be exercisable at such times and subject to such restrictions and
conditions as the Committee, in its sole discretion, deems appropriate, which need not be the same for all Participants.
	

                        (b)    An Option shall be exercised by delivering written notice as specified in the
Agreement on the form of notice provided by the Company. Options may be exercised in whole or in part.
	

                                For a Participant who is subject to Section 16 of the
Exchange Act, the Company may require that the method of payment comply with Section 16 and the rules and regulations thereunder. Any payment in shares of Stock, if permitted, shall be made by delivering the shares to the secretary of the
Company, duly endorsed in blank or accompanied by stock powers duly executed in blank, together with any other documents and evidence as the secretary shall require.
	

                        (c)    Certificates for shares of Stock purchased upon the exercise of an Option shall
be issued in the name of or for the account of the Participant or other person entitled to receive the shares and delivered to the Participant or other person as soon as practicable following the effective date on which the Option is
exercised.
	

                7.3    Incentive Stock Options.    Notwithstanding anything in the
Plan to the contrary, no term of the Plan relating to Incentive Stock Options shall be interpreted, amended, or altered, nor shall any discretion or authority granted under the Plan be exercised so as to disqualify the Plan under Section 422 of
the Code, or, without the consent of any affected Participant, to cause any Incentive Stock Option previously granted to fail to qualify for the federal income tax treatment afforded under Section 421 of the Code. Incentive Stock Options shall
not be granted to Directors. Incentive Stock Options shall not be granted under the Plan on or after January 1, 2013.
	

                7.4    Leave of Absence or Transfer.    Transfer between the
Company and any subsidiary or between subsidiaries, or a leave of absence duly authorized by the Company, shall not be deemed a termination of employment. A Participant may not, however, exercise an Option or related Stock Appreciation Right during
any leave of absence unless authorized to do so by the Company's compensation manager.
	

                7.5    Reduction in Price or Reissuance.    In no event shall the
Committee cancel any outstanding Option for the purpose of reissuing the Option to the Participant at a lower exercise price or reduce the exercise price of a previously issued Option.
	

                7.6    Aggregate Grant.    The aggregate number of shares of Stock
with respect to which Options or Stock Appreciation Rights may be granted to a single Participant throughout the duration of the Plan may not exceed 30% of the total number of shares of Stock available for issuance pursuant to
Section 3.1.
	

        8.    Stock Appreciation Rights.
	

                8.1    Terms and Agreement.    Subject to the terms of the Plan,
Stock Appreciation Rights may be granted to Participants at any time as determined by the Committee. The Committee shall determine, and the Agreement shall reflect, the following for each SAR granted:
	

                        (a)    the number of shares subject to each SAR;
	

                        (b)    whether the SAR is a Related SAR or a Freestanding SAR;
	

                        (c)    duration of the SAR;
	
 

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                        (d)    vesting requirements, if any;
	

                        (e)    rights of the Participant upon termination of employment or service as a
Director; and
	

                        (f)    any other terms or conditions established by the Committee.
	

                8.2    Related and Freestanding SARs.    A Stock Appreciation Right
may be granted in connection with an Option, either at the time of grant or at any time thereafter during the term of the Option (a "Related SAR"), or may be granted unrelated to an Option (a "Freestanding SAR").
	

                8.3    Surrender of Option.    A Related SAR shall require the
holder, upon exercise, to surrender the Option with respect to the number of shares as to which the SAR is exercised, in order to receive payment. The Option will, to the extent surrendered, cease to be exercisable.
	

                8.4    Reduction in Number of Shares Subject to Related SARs.    For Related SARs, the number of shares subject to the SAR shall not exceed the number of shares subject to the Option. For example, if the SAR covers the same number of shares as the Option, the exercise of a portion
of the Option shall reduce the number of shares subject to the SAR to the number of shares remaining under the Option. If the Related SAR covers fewer shares than the Option, the exercise of a portion of the Option shall reduce the number of shares
subject to the SAR to the extent necessary so that the number of remaining shares subject to the SAR is not more than the remaining shares under the Option.
	

                8.5    Exercisability.    Subject to Section 8.7 and to any
rules and restrictions imposed by the Committee, a Related SAR will be exercisable at the time or times, and only to the extent, that the Option is exercisable and will not be transferable except to the extent that the Option is transferable. A
Freestanding SAR will be exercisable as determined by the Committee but in no event after 10 years from the date of grant.
	

                8.6    Payment.    Upon the exercise of a Stock Appreciation Right,
the holder will be entitled to receive payment of an amount determined by multiplying:
	

                        (a)    The excess of the Fair Market Value on the date of exercise over the Fair
Market Value on the date of grant, by
	

                        (b)    The number of shares with respect to which the SAR is being
exercised.
	

                        The Committee may limit the amount payable upon exercise of a Stock Appreciation Right. Any limitation
must be determined as of the date of grant and noted on the Agreement evidencing the grant.
	

                        Payment may be made in cash, Stock, or a combination of cash and Stock, in the Committee's sole
discretion.
	

                8.7    Additional Terms.    The Committee may impose additional
conditions or limitations on the exercise of a Stock Appreciation Right as it may deem necessary or desirable to secure for holders the benefits of Rule 16b-3, or any successor provision, or as it may otherwise deem advisable.
	

        9.    Restricted Stock.
	

                9.1    Terms and Agreement.    Subject to the terms of the Plan,
shares of Restricted Stock may be granted to Participants at any time as determined by the Committee. The Committee shall determine, and the Agreement shall reflect, the following for the Restricted Stock granted:
	

                        (a)    the number of shares of Restricted Stock granted;
	

                        (b)    the purchase price, if any, to be paid by the Participant for each share of
Restricted Stock;
	
 

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                        (c)    the restriction period established pursuant to Subsection 9.2;
	

                        (d)    any requirements with respect to elections under Section 83(b) of the
Code;
	

                        (e)    rights of the Participant upon termination of employment or service as a
Director; and
	

                        (f)    any other terms or conditions established by the Committee.
	

                9.2    Restriction Period.    At the time of the grant of
Restricted Stock, the Committee shall establish a restriction period for the shares granted, which may be time-based, based on the achievement of specified Performance Goals, a combination of time- and Performance Goal-based, or based on any other
criteria the Committee deems appropriate. The Committee may divide the shares into classes and assign a different restriction period for each class. The Committee may impose additional conditions or restrictions upon the vesting of the Restricted
Stock as it deems fit in its sole discretion. If all applicable conditions are satisfied, then upon the termination of the restriction period with respect to a share of Restricted Stock, the share shall vest and the restrictions of Section 9.3
shall lapse. To the extent required to ensure that a Performance Goal-based Award of Restricted Stock to an executive officer is deductible by the Company pursuant to Section 162(m) of the Code, any such Award shall vest only upon the
Committee's determination that the Performance Goals applicable to the Award have been attained.
	

                9.3    Restrictions on Transfer Prior to Vesting.    Prior to the
vesting of Restricted Stock, the Participant may not sell, assign, pledge, hypothecate, transfer, or otherwise encumber the Restricted Stock. Upon any attempt to transfer rights in a share of Restricted Stock, the share and all related rights shall
immediately be forfeited by the Participant. Upon the vesting of a share of Restricted Stock, the transfer restrictions of this section shall lapse with respect to that share.
	

                9.4    Rights as a Shareholder.    Except for the restrictions set
forth here and unless otherwise determined by the Committee, the Participant shall have all the rights of a shareholder with respect to shares of Restricted Stock, including but not limited to the right to vote and the right to receive dividends,
provided that the Committee, in its sole discretion, may require that any dividends paid on shares of Restricted Stock be held in escrow until all restrictions on the shares have lapsed.
	

                9.5    Issuance of Certificates.
	

                        (a)    Following the date of grant, the Company shall issue a stock certificate,
registered in the name of or for the account of the Participant to whom the shares of Restricted Stock were granted, evidencing the shares. Each stock certificate shall bear the following legend:

The
transferability of this certificate and the shares of stock represented hereby are subject to the restrictions, terms, and conditions (including forfeiture provisions and restrictions against
transfer) contained in the 2003 Boise Incentive and Performance Plan and an Agreement entered into between the registered owner of the shares and the Company. 

	This legend shall not be removed until the shares vest pursuant to the terms stated.
	

                        (b)    Each certificate, together with the stock powers relating to the shares of
Restricted Stock evidenced by the certificate, shall be held by the Company unless the Committee determines otherwise.
	

                        (c)    Following the date on which a share of Restricted Stock vests, the Company
shall cause to be delivered to the Participant to whom the shares were granted, a certificate evidencing the share free of the legend stated in subsection (a) above.
	
 

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                9.6    Section 83(b) Election.    The Committee may provide in
the Agreement that the Award is conditioned upon the Participant making or not making an election under Section 83(b) of the Code. If the Participant makes an election pursuant to Section 83(b) of the Code, the Participant shall be required
to file a copy of the election with the Company within 10 days.
	

        10.    Restricted Stock Units.
	

                10.1    Terms and Agreement.    Subject to the terms of the Plan,
Restricted Stock Units may be granted to Participants at any time as determined by the Committee. The Committee shall determine, and the Agreement shall reflect, the following for the Restricted Stock Units granted:
	

                        (a)    the number of Restricted Stock Units awarded:
	

                        (b)    the purchase price, if any, to be paid by the Participant for each Restricted
Stock Unit;
	

                        (c)    the restriction period established pursuant to Subsection 10.2;
	

                        (d)    rights of the Participant upon termination of employment or service as a
Director; and
	

                        (e)    any other terms or conditions established by the Committee.
	

                10.2    Restriction Period.    At the time of the grant of
Restricted Stock Units, the Committee shall establish a restriction period, which may be time-based, based on the achievement of specified Performance Goals, a combination of time- and Performance Goal-based, or based on any other criteria the
Committee deems appropriate. The Committee may divide the awarded units into classes and assign a different restriction period for each class. The Committee may impose any additional conditions or restrictions upon the vesting of the Restricted Stock
Units as it deems fit in its sole discretion. If all applicable conditions are satisfied, then upon the termination of the restriction period with respect to a Restricted Stock Unit, the unit shall vest. To the extent required to ensure that a
Performance Goal-based Award of Restricted Stock Units to an executive officer is deductible by the Company pursuant to Section 162(m) of the Code, any such Award shall become vested only upon the Committee's determination that the Performance
Goals applicable to the Award, if any, have been attained.
	

                10.3    Payment.    Upon vesting of a Restricted Stock Unit, the
Participant shall be entitled to receive payment of an amount equal to the Fair Market Value of one share of Stock. Payment may be made in cash, Stock, or a combination of cash and Stock, in the Committee's sole discretion.
	

        11.    Performance Units.
	

                11.1    Terms and Agreement.    Subject to the terms of the Plan,
Performance Units may be granted to Participants at any time as determined by the Committee. The Committee shall determine, and the Agreement shall reflect, the following for the Performance Units granted:
	

                        (a)    the number of Performance Units awarded;
	

                        (b)    the initial value of a Performance Unit;
	

                        (c)    the rights of the Participant upon termination of employment or service as a
Director (which may be different based on the reason for termination);
	

                        (d)    the performance period and Performance Goals applicable to the Award;
and
	

                        (e)    any other terms or conditions established by the Committee.
	
 

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                11.2    Payment.    After the applicable performance period has
ended, the Committee will review the Performance Goals and determine the amount payable with respect to the Award, based upon the extent to which the Performance Goals have been attained within the performance period and any other applicable terms
and conditions. Payment of earned Performance Units may be made in cash, Stock, or a combination of cash and Stock, in the Committee's sole discretion.
	

        12.    Performance Shares.
	

                12.1    Terms and Agreement.    Subject to the terms of the Plan,
Performance Shares may be granted to Participants at any time as determined by the Committee. The Committee shall determine, and the Agreement shall reflect, the following for the Performance Shares granted:
	

                        (a)    the number of Performance Shares awarded;
	

                        (b)    the performance period and Performance Goals applicable to the
Award;
	

                        (c)    whether dividend equivalents will be credited with respect to Performance
Shares, and if so, any accrual, forfeiture, or payout restrictions on the dividend equivalents;
	

                        (d)    the rights of the Participant upon termination of employment or service as a
Director (which may be different based on the reason for termination); and
	

                        (e)    any other terms or conditions established by the Committee.
	

                12.2    Initial Value.    The initial value of each Performance
Share shall be the Fair Market Value on the date of grant.
	

                12.3    Payment.    After the applicable performance period has
ended, the Committee will review the Performance Goals and determine the amount payable with respect to the Award, based upon the extent to which the Performance Goals have been attained within the performance period and any other applicable terms
and conditions. Payment of earned Performance Shares may be made in cash, Stock, or a combination of cash and Stock, as determined by the Committee in its sole discretion.
	

        13.    Annual Incentive Awards.
	

                13.1    Award Period and Performance Goals.    The award period for
Annual Incentive Awards is a fiscal year, which may be a calendar year. Within 90 days of the beginning of each award period, the Committee shall establish the specific Performance Goals to be achieved in order for Participants to earn an Annual
Incentive Award. The Committee shall establish a mathematical formula pursuant to which an Award equal to a specified percentage of a Participant's salary shall be earned upon the attainment of specific levels of the applicable Performance Goals.
This formula may take into account Performance Goals achieved in prior years. The Performance Goals and formula, once established, shall continue for subsequent years unless modified by the Committee. The Performance Goals applicable to an Award
Period, and the formula pursuant to which Award amounts shall be determined, shall be selected and published within 90 days from the beginning of the award period.
	

                13.2    Payment.    As soon as practical after the conclusion of
each year, the Committee shall review and evaluate the Performance Goals applicable to that year in light of the Company's performance measured in accordance with the goals and shall determine whether the goals have been satisfied. If satisfied, the
Committee shall so certify in a written statement and shall apply the criteria to determine the amount of the Award for each Participant, subject to the Committee's right to reduce or eliminate the amount of any Award under Section 31. Payment
of earned Annual Incentive Awards may be made in cash, Stock, or a combination of cash and Stock, in the Committee's sole discretion. No Award may be paid to a Participant in excess of $3,000,000 for any single year. If an Award is earned in excess
of $3,000,000, the amount of the Award in excess of this amount shall be deferred in accordance with Section 22.
	
 

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        14.    Stock Bonuses.    Subject to the terms of the Plan, a Stock Bonus may be granted to Participants at any time
as determined by the Committee. If the Committee grants a Stock Bonus, a certificate for the shares of Stock constituting the Stock Bonus shall be issued in the name of the Participant to whom the grant was made and delivered as soon as practicable
after the date on which the Stock Bonus is payable.
	

        15.    Rights as a Shareholder.    Except as otherwise provided in Section 9.4 with respect to Restricted
Stock, no person shall have any rights as a shareholder with respect to any shares of Stock covered by or relating to an Award until the date of issuance of a stock certificate with respect to the shares. Except as otherwise provided in Sections 3.3
and 12.1, no adjustment to any Award shall be made for dividends or other rights for which the record date occurs prior to the date the stock certificate is issued.
	

        16.    Employment Not Guaranteed.    This Plan is not intended to and does not create a contract of employment in
any manner. Employment with the Company is at will, which means that either the employee or the Company may end the employment relationship at any time and for any reason. Nothing in this Plan changes, or should be construed as changing, that at-will
relationship.
	

        17.    Securities Matters.
	

                17.1    Delivery of Stock Certificates.    Notwithstanding anything
in this Plan to the contrary, the Company shall not be obligated to issue or deliver any certificates evidencing shares of Stock unless and until (a) the Company is advised by its counsel that the issuance and delivery of certificates is in
compliance with all applicable laws, regulations of governmental authority, and the requirements of any securities exchange on which the Stock is traded; and (b) any governmental approvals the Company deems necessary or advisable have been
obtained. The Committee may require, as a condition of the issuance and delivery of certificates, that the recipient make any agreements and representations and that the certificates bear any legends as the Committee, in its sole discretion, deems
necessary or desirable.
	

                17.2    When Transfer is Effective.    The transfer of any shares
of Stock shall be effective only when counsel to the Company has determined that the issuance and delivery of the shares is in compliance with all applicable laws, regulations, and the requirements of any securities exchange on which shares of Stock
are traded. The Committee may, in its sole discretion, defer the effectiveness of any transfer of shares of Stock in order to allow the issuance of the shares to be made pursuant to registration or an exemption from registration or other methods for
compliance available under federal or state securities laws. The Committee shall inform the Participant in writing of its decision to defer the effectiveness of a transfer. During the period of deferral in connection with the exercise of an Option,
the Participant may, by written notice, withdraw the exercise and obtain the refund of any amount paid in connection with the exercise.
	

        18.    Withholding Taxes.    When cash is to be paid pursuant to an Award, the Company may deduct an amount
sufficient to satisfy any federal and state taxes required by law to be withheld. When shares of Stock are to be delivered pursuant to an Award, the Company may require the Participant to remit to the Company in cash an amount sufficient to satisfy
any federal and state taxes required by law to be withheld. With the Committee's approval, a Participant may satisfy the foregoing requirement by electing to have the Company withhold from delivery shares of Stock having a value equal to the tax to
be withheld. The shares shall be valued at Fair Market Value on the date the amount of tax to be withheld is determined. Fractional share amounts shall be settled in cash. Notwithstanding the foregoing, (i) if the Company is not using APB
Opinion 25 to account for equity awards in its financial statements, or (ii) with respect to Annual Incentive Awards or Awards of Performance Units, the Company may permit Participants to elect in writing, subject to restrictions imposed by the
Company, to have additional tax withheld in a total amount equal to the tax that could be imposed on the transaction.
	
 

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        19.    Amendment and Termination.    The Board of Directors may, at any time, amend or terminate the Plan; provided
that no amendment shall be made without shareholder approval if approval is required under applicable law or if the amendment would (a) decrease the grant or exercise price of any Stock-based Award to less than the Fair Market Value on the date
of grant, (b) increase the total number of shares of Stock available under the Plan, or (c) materially increase the cost of the Plan to the company or the benefits to Participants. Any amendment or termination shall not adversely affect the
vested or accrued rights or benefits of any Participant without the Participant's prior consent.
	

        20.    Transfers Upon Death; Nonassignability.    Upon the death of a Participant, outstanding Awards granted to
the Participant may be exercised only by the executor or administrator of the Participant's estate or by a person who has acquired the right to exercise by will or the laws of descent and distribution. No transfer of an Award by will or the laws of
descent and distribution shall be effective to bind the Company unless the Committee has been furnished with (a) written notice and a copy of the will and/or such evidence as the Committee may deem necessary to establish the validity of the
transfer, and (b) an agreement by the transferee to comply with all the terms and conditions of the Award that would have applied to the Participant and to be bound by the acknowledgments made by the Participant in connection with the grant of
the Award.
	

        During the lifetime of a Participant, no Award is transferable, except that the Committee may, in its sole discretion, permit the transfer of an outstanding Award to the extent allowable under
then-current law. Subject to applicable law, the Committee's approval, and any conditions that the Committee may prescribe, a Participant may, upon providing written notice to the secretary of the Company, elect to transfer an Award to a member or
members of his or her immediate family (including, but not limited to, children, grandchildren, and spouse, or a trust for the benefit of immediate family members or a partnership in which immediate family members are the only partners) or to other
persons or entities approved by the Committee; provided, however, that no transfer by any Participant may be made in exchange for consideration.
	

        21.    Expenses and Receipts.    The expenses of the Plan shall be paid by the Company. Any proceeds received by
the Company in connection with any Award may be used for general corporate purposes.
	

        22.    Deferral of Awards.    A Participant may elect to defer or the Committee may require the deferral of receipt
of all or any portion of any Award to a future date as provided in and subject to the terms of the Company's 2001 Key Executive Deferred Compensation Plan or any successor plan, the Agreement, and rules and procedures established by the Committee
regarding Award deferrals.
	

        23.    Change in Control Provisions.
	

                23.1    Vesting and Exercisability.    Except as otherwise
determined by the Committee at the time of grant of an Award, upon a Change in Control:
	

                        (a)    all outstanding Option and Stock Appreciation Rights shall become fully vested
and exercisable;
	

                        (b)    all Performance Goals shall be deemed achieved at target levels and all other
terms and conditions met;
	

                        (c)    all restrictions and conditions applicable to any Restricted Stock shall
lapse;
	

                        (d)    all restrictions and conditions applicable to any Restricted Stock Units shall
lapse and the Restricted Stock Units shall be paid out as promptly as practicable;
	

                        (e)    all Performance Shares shall be delivered;
	

                        (f)    all Performance Units shall be paid out as promptly as practicable;
	
 

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                        (g)    all Annual Incentive Awards for calendar years ended prior to the Change in
Control which have not yet been paid out shall be paid out immediately in cash;
	

                        (h)    for Annual Incentive Awards for the calendar year during which the Change in
Control occurs, all Participants shall be deemed to have achieved a pro rata Award equal to either (i) the Participant's target Annual Incentive Award or (ii) the actual Annual Incentive Award as determined by year-to-date performance
through the last day of the month prior to the month in which the Change in Control occurs, in either case multiplied by a fraction, the numerator of which is the number of days which have elapsed from the beginning of the year to the date on which
the Change of Control occurs, and the denominator of which is 365, and the Awards shall be paid in cash within 10 days after the Change in Control; and
	

                        (i)    all other Awards shall be delivered or paid.
	

                23.2    Surrender and Payment.    Except as determined otherwise by
the Committee at the time of grant of an Award, upon a Change in Control, a Participant shall have the right, by giving notice to the Company within 60 days after the Change in Control, to elect to surrender all or part of any Award of Options,
Stock Appreciation Rights, Performance Shares, or Restricted Stock and to receive payment in cash within 30 days after the Company receives the notice. Payment shall be calculated as follows: the amount by which the highest price paid per share
on the New York Stock Exchange or paid or offered in any bona fide transaction related to a Potential Change in Control or Change in Control, at any time during the preceding 90 days, as determined by the Committee, exceeds the exercise or grant
price of the Award, multiplied by the number of shares of Stock as to which the surrender right under this section is exercised.
	

                23.3    Termination Prior to Change in Control.    Any Participant,
whose employment is involuntarily terminated for any reason other than disciplinary reasons within three months prior to the date of the Change in Control, shall be treated, solely for purposes of this Plan, as continuing in the Company's employment
until the occurrence of the Change in Control, and to have been terminated immediately thereafter.
	

                23.4    No Amendment.    Notwithstanding Section 19, upon a
Potential Change in Control, the provisions of this plan may not be amended in any manner that would reduce or alter the rights of Participants to any benefit under this Plan without the consent of each affected Participant. Furthermore,
notwithstanding Section 19, upon a Change in Control, the provisions of this Section 23 may not be amended in any respect for three years following a Change in Control but may be amended thereafter.
	

        24.    Claims Procedure.    Claims for benefits under the Plan shall be filed in writing, within 90 days after
the event giving rise to a claim, with the Company's compensation manager, who shall have absolute discretion to interpret and apply the Plan, evaluate the facts and circumstances, and make a determination with respect to the claim in the name and on
behalf of the Company. The claim shall include a statement of all facts the Participant believes relevant to the claim and copies of all documents, materials, or other evidence that the Participant believes relevant to the claim. Written notice of
the disposition of a claim shall be furnished to the Participant within 90 days after the application is filed. This 90-day period may be extended an additional 90 days for special circumstances by the compensation manager, in his or her
sole discretion, by providing written notice of the extension to the claimant prior to the expiration of the original 90-day period. If the claim is denied, the compensation manager shall notify the claimant in writing. This written notice
shall:
	

                (a)    state the specific reasons for the denial;
	

                (b)    refer to Plan provisions on which the determination is based;
	
 

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                        (c)    describe any additional material or information necessary for the claimant to
perfect the claim and explain why the information is necessary; and
	

                        (d)    explain how the claimant may submit the claim for review and state applicable
time limits.
	

        25.    Claims Review Procedure.    Any Participant, former Participant, or Beneficiary of either, who has been
denied a benefit claim, shall be entitled, upon written request, to access to or copies of all documents and records relevant to his or claim and to a review of his or her denied claim. A request for review, together with a written statement of the
claimant's position and any other comments, documents, records, or information that the claimant believes relevant to his or her claim, shall be filed no later than 60 days after receipt of the written notification provided for in
Section 24 and shall be filed with the Company's compensation manager. The manager shall promptly inform the Company's senior human resources officer. The senior human resources officer shall make his or her decision, in writing, within
60 days after receipt of the claimant's request for review. This 60-day period may be extended an additional 60 days if, in the senior human resources officer's sole discretion, special circumstances warrant the extension and if the senior
human resources officer provides written notice of the extension to the claimant prior to the expiration of the original 60-day period. The written decision shall be final and binding on all parties and shall state the facts and specific reasons for
the decision and refer to the Plan provisions upon which the decision is based.
	

        26.    Lawsuits; Venue; Applicable Law.    No lawsuit claiming entitlement to benefits under this Plan may be filed
prior to exhausting the claims and claims review procedures described in Sections 24 and 25. Any lawsuit must be initiated no later than (a) one year after the event(s) giving rise to the claim occurred, or (b) 60 days after a final
written decision was provided to the claimant under Section 25, whichever is sooner. Any legal action involving benefits claimed or legal obligations relating to or arising under this Plan may be filed only in Federal District Court in the city
of Boise, Idaho. Federal law shall be applied in the interpretation and application of this Plan and the resolution of any legal action. To the extent not preempted by federal law, the laws of the state of Delaware shall apply.
	

        27.    Participant Rights.    No Participant shall have any claim to be granted any Award under the Plan, and there
is no obligation to treat Participants uniformly.
	

        28.    Unsecured General Creditor.    Participants and their beneficiaries, heirs, successors, and assigns shall
have no legal or equitable rights, interest, or claims in any property or assets of the Company. The assets of the Company shall not be held under any trust for the benefit of Participants, their beneficiaries, heirs, successors, or assigns, or held
in any way as collateral security for the fulfilling of the obligations of the Company under this Plan. Any and all Company assets shall be, and remain, the general, unpledged, unrestricted assets of the Company. The Company's obligation under the
Plan shall be an unfunded and unsecured promise of the Company.
	

        29.    No Fractional Shares.    No fractional shares of Stock shall be issued or delivered pursuant to the Plan.
The Committee shall determine whether cash, other Awards, or other property shall be issued or paid in lieu of any fractional shares or whether fractional shares or any rights to fractional shares shall be forfeited or otherwise
eliminated.
	

        30.    Beneficiary.    A Participant who is an Executive Officer may file with the Committee a written designation
of a beneficiary on the form prescribed by the Committee and may, from time to time, amend or revoke the designation. If no designated beneficiary survives the Participant, the executor or administrator of the Participant's estate shall be deemed to
be the Participant's beneficiary.
	
 

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        31.    Section 162(m).    The Plan is designed and intended, and all provisions shall be construed in a manner,
 to comply, to the extent applicable, with Section 162(m) of the Code and the regulations thereunder. To the extent permitted by Section 162(m), the Committee shall have sole discretion to reduce or eliminate the amount of any Award which
might otherwise become payable upon attainment of a Performance Goal.
	

        32.    Form of Communication.    Any election, application, claim, notice, or other communication required or
permitted to be made by a Participant to the Committee or the Company shall be made in writing and in such form as the Company may prescribe. Any communication shall be effective upon receipt by the Company's compensation manager at 1111 West
Jefferson Street, P.O. Box 50, Boise, Idaho 83728.
	

        33.    Severability.    If any provision of the Plan is held to be invalid or unenforceable, the other provisions
of the Plan shall not be affected.
	

        34.    Effective Date and Term of Plan.    The Plan shall be effective on January 1, 2003, subject to the
approval of the shareholders of the Company. In the absence of shareholder approval, any Awards shall be null and void. The Board of Directors or the Committee may terminate the plan at any time. Awards outstanding at Plan termination shall remain in
effect according to their terms and the provisions of the Plan.

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Exhibit 10.30

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Exhibit 4.2    
  

 
 

BYLAWS
  
  OF
  
  CASCADE CORPORATION
  
  (As Amended February 27, 2003)    
  

ARTICLE I

  Name and Principal Office  

        Section 1.    The Name of this corporation is CASCADE CORPORATION, organized and existing under the laws of the State of Oregon. 

        Section 2.    The
principal office and place of business of the Company shall be located at Fairview, Oregon. The Company may have offices and places of business at such
other places, within or without the State of Oregon, as the Board of Directors may from time to time determine. 

ARTICLE II

  Corporate Seal  

        The seal of the Company shall be an impression stamp with the following inscription: CASCADE CORPORATION—Oregon—Corporate Seal. An
impression of said seal so adopted is as shown below. 

ARTICLE III

  Shareholders  

        Section 1.    For the year 2003 only, the Annual Meeting shall be held on May 22, and thereafter the meeting shall be held on the second
Thursday in May of each year at the principal office of the Company in Fairview, Oregon, at 10:00 a.m., when the shareholders shall elect a Board of Directors and transact such other business
as may properly come before the meeting. 

        Section 2.    Special
meetings of the shareholders of the Company shall be called by the Secretary on the request of the Chairman or on the request in writing of three
Directors, or on demand in writing by shareholders of record holding not less than one-tenth of all shares entitled to vote at such meeting. 

        Section 3.    Written
or printed notice stating the place, day and hour of the meeting and, in case of a special meeting, the purpose or purposes for which the meeting
is called, shall be delivered not less than 10 nor more than 50 days before the date of the meeting, either personally or by mail, by or at the direction of the Secretary, or the person or
persons calling the meeting, to each shareholder of record entitled to vote at such meeting. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail addressed
to the shareholder concerned at his address as it appears on the stock books of the Company, with postage thereon prepaid. 

ARTICLE IV

  Committees  

        Section 1.    There are hereby established as committees of the Board of Directors an Audit Committee, a Compensation Committee, and a Nominating
and Governance Committee, each of which shall have the powers and functions set forth herein, and such additional powers as may be delegated by the Board of Directors. The size and membership of the
committees shall be determined by the Board of Directors, and, in the case of the Audit and Compensation Committees, shall be composed solely of Directors independent of management. 

        Section 2.    The
Audit Committee shall select, on behalf of the Company, independent public accountants to (1) audit the books of account and other Corporate
records; and (2) perform such other duties as the Committee may from time to time prescribe. The Committee shall transmit financial 

 

statements certified by such independent public accountants to the Board of Directors after the close of each fiscal year. The Committee shall confer with such accountants and approve the scope of
the audit of the records. The Committee shall have the power to confer with and direct the officers of the Company to the extent necessary to review the internal controls, accounting practices,
financial structure and reporting of the Company. From time to time, the Committee shall report to and advise the Board of Directors concerning the results of its consultation and review such other
matters as the Committee believes merit review by the Board of Directors. 

        Section 3.    The
Compensation Committee shall fix the compensation of members of the Board of Directors who are officers and other members of senior management. 

        Section 4.    The
Nominating and Governance Committee shall consider and make recommendations to the Board of Directors with respect to the management of the Company and
the nominations or elections of directors and officers of the Company. The Committee from time to time shall consider the size and composition of the Board of Directors and make recommendations to the
Board with respect to such matters. 

ARTICLE V

  Directors  

        Section 1.    The business and affairs of the Company shall be managed by a Board of not less than seven, nor more than fourteen Directors. Each
shall be under the age of 70 (Directors serving as of February 11, 1999, are exempt from the age limitation). A Director who ceases to be a Shareholder in the Company shall likewise cease to be
a Director. Commencing with the 1999 Annual Meeting of Shareholders, nominees for election to the Board of Directors shall be divided into three groups. The terms of Directors in Group 1 expire at the
first Annual Shareholders meeting after their election, the terms of Group 2 expire at the second Annual Shareholders Meeting after their election, and the terms of Group 3 expire at the third Annual
Shareholders Meeting after their election. At each Annual Shareholders Meeting held thereafter, Directors shall be chosen for a term of three years, to succeed those whose terms expire, except that
the Nominating and Governance Committee in recommending, and the Board of Directors in selecting, nominees may assign such nominees to terms expiring in one, two or three years to maintain balance
among numbers of Directors in each group. Each Director shall hold office until his or her successor has been elected and qualified. 

        Section 2.    Any
vacancy occurring in the Board of Directors, including any Directorship to be filled by reason of an increase in the number of Directors, may be filled
by the affirmative vote of the majority of the remaining Directors, though less than a quorum, of the Board of Directors. Any Director so elected shall serve until the next annual meeting of
shareholders and until his successor has been elected and has qualified. 

        Section 3.    A
majority of the number of Directors shall constitute a quorum for the transaction of business at any meeting of the Board of Directors. If any meeting of
the Directors cannot be organized
for want of a quorum, a majority of the Directors there present may adjourn the meeting from time to time without notice until a quorum shall attend. 

        Section 4.    The
Board of Directors may appoint an Executive Committee consisting of the President and not less than two other officers of the Company, to coordinate
the Company's operations and to exercise general supervision over all the property, business and affairs of the Company. The President shall preside over the Executive Committee, which shall be
subject to the authority of the Board of Directors and the President. 

        Section 5.    Immediately
after each annual election of Directors, the newly elected Directors shall meet for the purpose of organization, the election of officers of
the Board of Directors and the 

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transaction of other business. No notice of such meeting shall be required, and the meeting shall be held at the same place as the shareholders' meeting unless otherwise designated by the Chairman. 

        Section 6.    Special
meetings of the Board of Directors shall be called by the Secretary, when he is requested to do so by the Chairman, upon two days' notice to each
Director. Special meetings shall be called in like manner on the request of the majority of the members of the Board. Such notice may be by telephone, telegraph or mail. Special meetings of the
Directors may be held at one time and at any place, without notice, when all members of the Board are present and consent thereto. The Board of Directors shall meet at such places, either within or
without the State of Oregon, as may be designated in the notice of the meeting. Any business authorized or required to be transacted by the Directors may be transacted at any special meeting. 

ARTICLE VI

  Compensation of Directors and Officers  

        No officer or Director of the Company shall be entitled to any salary or other compensation for any services rendered the Company, except when fixed or otherwise
authorized and approved by resolution of the Board of Directors, or when services are rendered as a consultant to the Corporation under compensation arrangements approved by the Board of Directors or
the President. 

ARTICLE VII

  Officers  

        Section 1.    The officers of the Company shall include a Chairman, a President, one or more Vice Presidents as may from time to time be deemed
advisable by the Board of Directors, a Secretary, a Treasurer and such other officers as may from time to time be appointed by the Board of Directors. 

        Section 2.    In
case of the absence of any officer of the Company, or for any other reason that may seem sufficient to the Board, the Board of Directors may delegate
his powers and duties to any other officer or to any Director. 

        Section 3.    In
addition to the specific duties set forth below, the officers shall have such other authorities and perform such other duties as may elsewhere in these
Bylaws be required of them or that may be usual for their officers or that may be designated by resolution of the Board of Directors. 

ARTICLE VIII

  Chairman  

        The Chairman shall preside at all meetings of the shareholders and Directors; he shall be the inspector of all elections of Directors and certify who are elected;
he shall also act as inspector of the voting on any other matter or resolution unless the meeting appoints special inspectors for such purposes. The Chairman may also represent the Company in any
manner requested by the Board of Directors or the President. 

ARTICLE IX

  President  

        Section 1.    The President shall be the chief executive officer and head of the Company and shall have the general control of its business
affairs. 

        Section 2.    The
President may sign, on behalf of the Company, all deeds, contracts and promissory notes, unless otherwise expressly directed by the Board of Directors,
and shall have general supervision over all the property, business and interests of the Company as well as over its officers, employees and agents. 

3

 

        Section 3.    The
President shall make annual reports showing the condition of the affairs of the Company, making such recommendations as he thinks proper, submitting
the same to the Board of Directors, and subsequently, to the annual meeting of the shareholders; and he shall, from time to time, bring before the Directors such information as may be required
touching upon the business and property of the Company. 

ARTICLE X

  Secretary  

        The Secretary shall issue all notices of Directors' and shareholders' meetings, shall have the charge of the corporate seal and the Company's stock and minute
books, shall countersign all certificates of stocks, bonds, deeds, mortgages and other documents requiring the seal of the Company, shall affix the corporate seal to all such documents, shall prepare
and issue all certificates of stock and register and record the same in the stock books and shall properly record therein all transfers, shall produce the stock books whenever required to do so by any
shareholder, and shall prepare and submit at every meeting of the shareholders a certified list of the shareholders of the Company and of those shareholders entitled to vote at such meeting, which
list shall be prima facie evidence of the right to vote. The Board of Directors may designate one or more Assistant Secretaries to carry out the duties of the Secretary until such vacancy is regularly
filled as required. 

ARTICLE XI

  Treasurer  

        The Treasurer shall have custody of all funds, securities and other valuables of the Company that may come into his possession and he shall deposit the same to
the credit of the Company in such banks or depositories as the Board of Directors may designate. He shall bring to the attention of the Board of Directors any and all measures which in his judgment
are necessary and proper to be taken for the preservation and renewal of securities in his custody and for the enforcement of the rights secured thereby and shall render a statement of the accounts of
the Company whenever required by the Board of Directors. 

ARTICLE XII

  Stock  

        Section 1.    Certificates of stock, on a form to be approved by the Board of Directors, shall be signed by the Chairman, President or any Vice
President, and by the Secretary or an Assistant Secretary, and shall have affixed thereto the corporate seal. Each certificate shall be numbered in order and shall show on the face thereof the name of
the Company, that it is organized under the laws of the State of Oregon, the name of the person to whom it is issued, the class and number of shares represented thereby and the par value of the
shares. A stock book shall be maintained by the Secretary, in which he shall record the name of each shareholder, the number, certificate number and class of shares held by him, the dates or issuance
and the dates of any transfers of stock. 

        Section 2.    Shares
of stock of the Company shall be transferable only on its books by the holder thereof in person, or by his attorney duly authorized thereto in
writing, and upon the surrender and cancellation of certificates therefor duly endorsed. 

        Section 3.    In
case of the loss or destruction of a certificate, another may be issued in its place upon proof of such loss or destruction satisfactory to the Board of
Directors and the giving of such bond or indemnity or other security as the Board of Directors may require. 

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ARTICLE XIII

  Indemnification  

        The Company shall indemnify any Director, officer or employee or former Director, officer or employee of the Company, or any person who may have served at its
request as a Director, officer or employee of another corporation, partnership, joint venture, or other enterprise, against expenses (including attorneys fees) judgments, fines and amounts paid in
settlement, actually and necessarily incurred by him in connection with the defense of any action, suit or proceeding whether civil, criminal or administrative in which he is made a party by reason of
being or having been such Director, officer or employee. Such indemnification shall not be deemed exclusive of any other rights to which such Director, officer or employee may be entitled. 

        The
Company shall also have the authority to indemnify any agent of the Company or any Trustee acting on behalf of the Company to the fullest extent possible under the Oregon Business
Corporation Act. 

ARTICLE XIV

  Assessments  

        A holder of or subscriber to shares of the capital stock of the Company shall be subject to assessment therefor by the Board of Directors to the extent, in the
aggregate, of the unpaid portion of the subscription price of the shares so held or subscribed, except as may be limited by law. 

ARTICLE XV

  Dividends  

        Dividends shall be declared by the Board of Directors in such form, in such amounts and at such times as the Board of Directors in its sole discretion shall
determine, subject only to the requirements of law, and no dividends shall be paid or other distribution of earnings made except as directed by the Board of Directors. 

ARTICLE XVI

  Signing of Contracts, Checks, Notes, Etc.  

        In addition to the authority granted to the President by Article VIII, Section 2, the Board of Directors may, by resolution, at any time direct in
what manner and by what person or persons, officer or officers all or any of its contracts, checks, notes, bonds, other evidences of indebtedness or other written instruments may be executed, and any
such authorized execution shall be deemed the act of the Company. 

ARTICLE XVII

  Notice and Waiver  

        Section 1.    Whenever notice is required to be given to any shareholder or Director, and such notice is given be mail, the time of the giving of
such notice shall be deemed to be the time when the same shall be deposited in the United States mail addressed to the shareholder or Director at his address as it appears on the official records of
the Company, with postage thereon prepaid. 

        Section 2.    Whenever
any notice is required to be given to any shareholder or Director of the Company, a waiver thereof in writing signed by the person or persons
entitled to such notice, whether signed before or after the time stated in such notice, shall be equivalent to the giving of such notice to that person or persons. 

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ARTICLE XVIII

  Amendments  

        These Bylaws may be altered, amended or repealed and new Bylaws may be adopted at any regular or special meeting of the Board of Directors by a vote of the
majority of the Directors present at such meeting. 

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QuickLinks

Exhibit 4.2

BYLAWS OF CASCADE CORPORATION (As Amended February 27, 2003)

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