Document:

Exhibit
10.82

 

AMENDMENT
NO. 3

TO

THE SECOND AMENDED AND RESTATED

LEASE RECEIVABLES PURCHASE AGREEMENT

 

THIS AMENDMENT NO.
3 TO THE SECOND AMENDED AND RESTATED LEASE RECEIVABLES PURCHASE AGREEMENT,
dated as of March 19, 2003 ( this “Amendment”), is entered into by and
among HPSC BRAVO FUNDING LLC 
(“HPSC Bravo”), a Delaware limited liability company, as Seller (the
“Seller”), HPSC, INC., a Delaware corporation, as Servicer (the
“Servicer”), TRIPLE-A ONE FUNDING CORPORATION, a Delaware corporation
(“Triple-A”) and CAPITAL MARKETS ASSURANCE CORPORATION, a New York stock
insurance company (“CapMAC”), as Collateral Agent and as Administrative Agent
(in such capacities, the “Collateral Agent” or the “Administrative Agent”).

 

W I T N E S S E T H:

 

WHEREAS, the parties
hereto entered into a Second Amended and Restated Lease Receivables Purchase
Agreement, dated as of August 5, 2002, as amended as of the date hereof  (as amended, the “LRPA”); and

 

WHEREAS, the
parties desire to amend the covenant regarding the maintenance of insurance in
the LRPA.

 

NOW, THEREFORE, in
consideration of the mutual agreements herein contained, and of other good and
valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto agree as follows:

 

Section 1.  Definitions.  Capitalized terms used in this Amendment and
not otherwise defined shall have the meanings ascribed thereto in the LRPA.

 

Section 2.  Amendments.  Section 5.01(k) is deleted and the following substituted
therefor:

 

(k)           Maintenance of Insurance.  Cause each Obligor to maintain, with respect
to the Contracts and the Equipment related thereto, casualty and general
liability insurance which provide at least the same coverage as a fire and
extended coverage insurance policy as is comparable for other companies in
related businesses in an amount which is not less than the Discounted Value for
the Receivables arising under the relevant Contracts and naming the Originator
or the Seller as loss payee and additional insured, and the Originator shall
have assigned any such interest to the Seller; provided that if an Obligor
fails to maintain such insurance, the Originator or the Seller shall maintain
such insurance on behalf of the Obligor and such insurance (i) may be included
in a casualty and general liability policy provided that such policy has (A) a
loss limit per annum equal to the greater of 
(1) $10,000,000 and (2) five times the highest aggregate amount of
claims arising under the policy, or any predecessor policy, in any year and (B)
a loss limit per occurrence or location greater than or equal to the Discounted
Value for the Receivables arising under the relevant Contracts or (ii) may be a
separate insurance policy covering the Discounted Value for the Receivables
arising under the relevant Contracts.

 

 

The Seller shall remit, or shall cause to be remitted, the proceeds of
any such insurance policy to a Lock-Box Account.

 

Section 3.  Representations and Warranties.  Each of HPSC Bravo and HPSC, Inc. represents
and warrants as follows:

 

(a)  This Amendment and LRPA as previously
executed and as amended hereby, constitute legal, valid and binding obligations
of each of HPSC Bravo and HPSC, Inc. and are enforceable against each of HPSC
Bravo and HPSC, Inc. in accordance with their terms.

 

(b)  Upon the effectiveness of this Amendment,
HPSC Bravo hereby reaffirms that the representations and warranties contained
in Article IV of the LRPA are true and correct.

 

(c)  Upon the effectiveness of this Amendment,
each of HPSC Bravo and HPSC, Inc. hereby reaffirms all covenants made in the
LRPA and the other Facility Documents to which it is a party to the extent the
same are not amended hereby and agrees that all such covenants shall be deemed
to have been remade as of the effective date of this Amendment.

 

(d)  Other than with respect to 5.01(k) of the
LRPA, no Wind-Down Event or Unmatured Wind-Down Event or Event of Termination
has occurred or is continuing.

 

Section 4.  Conditions Precedent.  This Amendment shall become effective as of
the date hereof, provided that all of the following conditions are met in form
and substance satisfactory to Triple-A and CapMAC:

 

(a)  This Amendment shall have been executed and
delivered by HPSC Bravo, HPSC, Inc., Triple-A and CapMAC, and

 

(b)  On the date the last of the conditions
listed herein is satisfied (the “Delivery Date”) there shall exist no Wind-Down
Event or Unmatured Wind-Down Event or Event of Termination under any HPSC
Agreement, other than with respect to 5.01(k) of the LRPA.

 

Section 5.  Reference to and Effect on the LRPA.  (a) Except as specifically set forth above,
the LRPA, and all other documents, instruments and agreements executed and/or
delivered in connection therewith, shall remain in full force and effect, and
are hereby ratified and confirmed.  The
execution, delivery and effectiveness of this Amendment shall not, except as
expressly provided herein and for the limited purposes set forth herein,
operate as a waiver of any right, power or remedy of Triple-A or CapMAC, nor
constitute a waiver of any provisions of the LRPA, or any other documents,
instruments and agreements executed and/or delivered in connection therewith.

 

(b) Upon the
effectiveness of this Amendment, each reference in the LRPA to “this
Agreement”, “hereunder”, “hereof”, “herein” or words of like import shall mean
and be a reference to the LRPA as amended hereby, and each reference to the
LRPA in any other document, instrument or agreement executed and/or delivered
in connection with the LRPA shall mean and be a reference to the LRPA as
amended hereby.

 

Section 6.  Effect on Purchase Agreement.  Each of HPSC Bravo and HPSC, Inc. hereby
acknowledge that, upon the effectiveness of this Amendment, such amendment
shall be effective for all purposes of the Purchase Agreement, and that each
reference to the Purchase Agreement in any other document, instrument or
agreement executed and/or delivered in connection with the Purchase Agreement
shall mean and be a reference to the Purchase Agreement as so amended.

 

2

 

Section 7.  Headings.  Section headings in this Amendment are included herein for
convenience of reference only and shall not constitute part of this Amendment
for any other purpose.

 

Section 8.  Governing Law.  This Amendment shall be governed by and
construed in accordance with the laws (including Section 5-1401 of the General
Obligations Law but otherwise without respect to conflict of law principles) of
the State of New York.

 

Section 9.  Counterparts.  This Amendment may be executed by one or
more of the parties to this Amendment on any number of separate counterparts
and all of said counterparts taken together shall be deemed to constitute one
and the same instrument.

 

3

 

IN WITNESS WHEREOF, 
the parties below have caused this Amendment to be duly executed by
their duly authorized officers and delivered as of the day and year first above
written.

 

	
   

  	
  HPSC BRAVO
  FUNDING LLC, as Seller

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Rene
  Lefebvre

  	
   

  
	
   

  	
   

  	
  Name:  Rene Lefebvre

  
	
   

  	
   

  	
  Title:  Manager

  
	
   

  	
   

  
	
   

  	
  HPSC, INC., as
  Servicer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Rene
  Lefebvre

  	
   

  
	
   

  	
   

  	
  Name:  Rene Lefebvre

  
	
   

  	
   

  	
  Title:  Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
  TRIPLE-A ONE FUNDING
  CORPORATION, as

  Purchaser

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Capital Markets
  Assurance Corporation, its

  Attorney-in-Fact

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Andrew P.
  Laterza

  	
   

  
	
   

  	
   

  	
  Name:  Andrew P. Laterza

  
	
   

  	
   

  	
  Title:  Vice President

  
	
   

  	
   

  
	
   

  	
  CAPITAL MARKETS
  ASSURANCE

  CORPORATION, as Administrative Agent and

  Collateral Agent

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Andrew P.
  Laterza

  	
   

  
	
   

  	
   

  	
  Name:  Andrew P. Laterza

  
	
   

  	
   

  	
  Title:  Vice President

  
					

 

4EXHIBIT 10.24

 

 

AMENDED AND RESTATED 

EMPLOYMENT AGREEMENT

 

(Steven E. Dietrich)

 

This AMENDED AND RESTATED EMPLOYMENT
AGREEMENT (this “Agreement”) is made and entered into as of this December 31,
1999, by and between CROWN PACIFIC MANAGEMENT LIMITED PARTNERSHIP, a Delaware
limited partnership (the “Partnership”), and Steven E. Dietrich (“Executive”).

 

Recitals:

 

A.            The
Partnership serves as the managing general partner or sole general partner of
Crown Pacific Partners, L.P., a Delaware limited partnership (“Crown
Partners”), Crown Pacific Limited Partnership, a Delaware limited partnership
(“CPLP”), and certain other affiliated limited partnerships (together with any
subsidiary entities, the “Crown Pacific Group”).

 

B.            The
Partnership desires to continue to employ Executive as its Vice President of
Finance, and Executive desires to continue such employment, on the terms and
conditions set forth in this Agreement.

 

Agreements:

 

NOW, THEREFORE, in consideration of the
foregoing premises and the mutual covenants hereinafter set forth, the parties
agree as follows:

 

1.             Employment.  The Partnership hereby employs Executive,
and Executive hereby accepts employment from the Partnership, on the terms and
conditions set forth in this Agreement.

 

2.             Term.  Subject to the provisions of Sections 5
and 6, Executive’s employment by the Partnership under this Agreement shall be
for a term (the “Term”) commencing on the date hereof and expiring on December
31, 2002; provided, however, that on December 31, 2001 and on each succeeding
December 31, the Term shall automatically extend for one calendar year, unless
either party gives written notice to the contrary to the other party at least
90 days prior to the date the Agreement would otherwise be so extended.

 

1

 

3.             Executive’s Duties.

 

3.1           Duties.  Executive shall hold the position of the
Partnership’s Vice President of Finance. 
Subject to the control of the Board of Control of the Partnership (the
“Board”) and the President and Chief Executive Officer of the Company, and any
limitations set forth in the agreements of limited partnership of the
Partnership (the “Partnership Agreement”), Crown Partners, CPLP, and other
partnerships within the Crown Pacific Group, Executive shall in general have
the duties and responsibilities customarily associated with his positions set
forth above.

 

3.2           Performance
of Duties.  Executive shall perform
his duties and responsibilities during the Partnership’s normal business hours
and at all other times reasonably necessary to comply with the terms and
conditions of this Agreement.  Executive
shall devote his full time and attention to the performance of his duties and
responsibilities for and on behalf of the Partnership on the terms set forth in
this Section 3.2.  In addition,
Executive may from time to time serve on the board of directors of, but not
participate in the management of, other entities; provided that the
Board in good faith determines that such activities do not unreasonably
interfere with the business of the Partnership and the Crown Pacific Group and
the performance of Executive’s duties hereunder.

 

4.             Compensation
and Other Benefits.  Executive shall
be entitled to receive from the Partnership the following compensation and
benefits for the services to be rendered by Executive hereunder:

 

4.1           Salary
and Bonuses.  During the Term, the
Partnership shall pay to Executive a base annual salary established from time
to time by the Board, payable in equal monthly installments in accordance with
the Partnership’s customary practices (“Base Salary”).  The amount of Executive’s Base Salary may be
increased from time to time with the approval of the Board, but as increased
may not be thereafter decreased.  The
Partnership shall have the right to deduct and withhold from such compensation
all social security and other federal, state, and local taxes and charges that
are currently or that hereafter may be required by law to be so deducted and
withheld.  The Partnership shall also
pay to Executive any bonuses that are declared by the Compensation Committee of
the Board from time to time for his benefit.

 

4.2           Unit
Option Plan.  Executive shall be
entitled to participate in the Unit Option Plan adopted by the Partnership on
the terms and conditions set forth therein.

 

4.3           Participation
in Benefit Plans.  During the Term,
Executive shall be eligible to participate in all employee benefit plans and
arrangements now in effect or which may hereafter be established that are
generally applicable to other senior executives of the Partnership, including,
without limitation, all life, medical, disability, retirement, and other
employee benefit plans of the Partnership, as long as any such plan or
arrangement remains generally applicable to other senior executives of the
Partnership.  Executive shall also be
entitled to the same vacation benefits as are generally available to senior
executives of the Partnership.

 

2

 

4.4           Reimbursement
of Expenses.  The Partnership shall
reimburse Executive for reasonable expenses incurred by him on behalf of the
Partnership in the performance of his duties hereunder in accordance with the
policy of the Partnership for reimbursement of expenses as adopted by the Board
from time to time.  Executive shall
furnish the Partnership with the supporting documentation required by the
Internal Revenue Code and the applicable Treasury Regulations or otherwise
required under the Partnership’s policy in connection with the reimbursement of
such expenses.

 

5.             Termination.

 

5.1           Termination
by the Partnership Without Cause. 
The Partnership may terminate this Agreement at any time in the event
the Board determines, in its sole discretion, that the continued employment of
Executive is not in the continued interests of the Partnership.  In the event the Partnership terminates
Executive’s employment pursuant to this Section 5.1, then, subject to
Section 6, Executive shall be entitled to his Base Salary and other benefits
and bonuses through the date of his termination of employment (the “Termination
Date”), and shall also receive severance pay in an amount equal to Executive’s
current Base Salary for one year.  Such
severance amount shall be payable in a lump sum within 10 days following the
Termination Date.  In addition, (i) for
the 12-month period following such Termination Date, the Company shall
continue, at its sole cost, medical benefits to Executive and Executive’s
family at least equal to those which would have been provided to them if
Executive’s employment had not terminated and (ii) notwithstanding, and in
addition to, anything in the Crown Pacific Management Limited Partnership 1997
Distribution Equivalent Rights Plan, the Crown Pacific Management Limited
Partnership 1994 Unit Option Plan, any successor plan or other Company
equity-based award plan (collectively, the “Equity Plans”), or any award
agreement thereunder to the contrary, on the Termination Date Executive shall
be automatically fully (100%) vested in all options, Distribution Equivalent
Rights, including all Distribution Amounts then credited to him with respect to
Distribution Equivalent Rights, and other equity awards granted to him
thereunder, and shall become immediately payable or exercisable, as the case
may be.  The above vesting shall be in
addition to, and not in limitation of, all other rights Executive may have
under the Equity Plans and award agreements thereunder.

 

5.2           Termination
by the Partnership for Cause.  The
Partnership may terminate this Agreement at any time, in the discretion of the
Board, in the event of (i) any conviction of Executive for a felony involving
moral turpitude, (ii) any material breach by Executive of a material agreement
between Executive and the Partnership or the Crown Pacific Group, including this
Agreement, (iii) any material breach caused by Executive of the Partnership
Agreement, the limited partnership agreement of any member of the Crown Pacific
Group, or any corporation within the Crown Pacific Group, (iv) any conduct
by Executive materially injurious to the Partnership or the Crown Pacific Group
or their respective businesses, (v) any failure by Executive to comply
with policies, procedures, or directives of the Board, provided that,
except where such failure constitutes conduct materially injurious to the
Partnership or the Crown Pacific Group or their respective businesses,
Executive shall first be given written notice from the Board of such failure
and such failure shall not have been cured within 10 days after such notice or,
if such failure is not capable of being cured 

 

3

 

within 10 days, Executive shall not have commenced and be diligently
pursuing in good faith efforts to cure such default, or (vi) any fraud,
dishonesty, misappropriation of funds, embezzlement, or other similar acts of
misconduct by Executive with respect to the Partnership or other Crown Pacific
Group.  In the event the Partnership
terminates Executive’s employment pursuant to this Section 5.2, then
Executive shall be entitled to his Base Salary and other benefits and bonuses
through the Termination Date.

 

5.3           Termination
Upon Death or Disability of Executive. 
This Agreement shall terminate upon the death of Executive, or upon a
reasonable, good faith determination by the Board that Executive has become
Disabled (as defined below).  In the
event of a termination of this Agreement pursuant to this Section 5.3,
Executive (or Executive’s estate, if applicable) shall be entitled to his Base
Salary and other benefits and bonuses through the Termination Date.  For purposes of this Agreement, “Disabled”
(or “Disability”) shall have the meaning given to such term in the
Partnership’s long-term disability plan or, if no such plan exists, shall mean
a physical or mental disability that is reasonably expected to render Executive
incapable of performing his duties under this Agreement for a period of six
months within any twelve-month period.

 

5.4           Termination
by Executive for Good Reason.  If
Executive terminates his employment for a Good Reason (as defined below),
Executive shall be entitled to the benefits provided by Section 5.1.  The term “Good Reason” means any of the
following: (i) a reduction in Executive’s compensation or employment benefits,
(ii) an adverse change in Executive’s title, (iii) a material adverse change in
Executive’s responsibilities, duties, or authority, (iv) a requirement that
Executive move his residence or report to work more than 75 miles from the
principal executive offices of the Crown Pacific Group as of the date of this
Agreement, or (v) a determination by a physician selected by the Board that
Executive’s poor health prevents or materially limits or restricts his ability
to perform his responsibilities under this Agreement (even if Executive is not
Disabled (as defined in Section 5.3)).

 

6.             Termination
on a Change in Control.

 

6.1           Change
in Control.  The term “Change in
Control” means:

 

(a)           the
consummation of a transaction the effect of which is that a majority of the
general partner interests in the Partnership are no longer held by one or more
Affiliated Parties (as that term is defined in Section 2.2.3 of that certain
Purchase Rights Agreement dated as of December 22, 1994 by and among the
Partnership and certain other parties, as amended (the “Purchase Rights
Agreement”)), unless such interests are acquired by Peter W. Stott, Roger L.
Krage, HS Corp. of Oregon, or a designee of HS Corp. of Oregon (each a
“Permitted Party”) pursuant to Section 3.3.1 or 6 of the Purchase Rights
Agreement; provided, however, the conversion of the Company to a real estate
investment trust (a “REIT”) or to a limited liability company, corporation or
other entity, shall not be a Change of Control provided that the controlling
interests in the REIT or such other entity immediately after such conversion
are owned, directly or indirectly, by one or more of the Affiliated Parties,
unless such interests are acquired by a Permitted Party; or

 

4

 

(b) 
the consummation of the sale or disposition of all or substantially all
of the Partnership’s or the Operating Partnership’s assets or the dissolution
or liquidation of the Partnership or the Operating Partnership (a “Liquidation
Event”); provided, however, that the benefits granted in Section 6.2 of the
Agreement shall not become payable until the disposition, liquidation or
dissolution is complete, or until the Executive’s Employment with the Manager
and its Related companies is otherwise terminated by the Board (other than for
cause) during such a Liquidation Event.

 

6.2           Change
in Control Termination Benefits.  In
the event Executive’s employment is terminated during the three-year period
beginning on the effective date of a Change in Control (the “Protected Period”)
(i) by Executive for any reason other than death or Disability, or (ii) by the
Company without Cause and other than due to Disability, then in lieu of the
benefits provided under Section 5:

 

(i)            the
Company shall pay to Executive in a lump sum in cash within 10 days after the Termination
Date the aggregate of the following amounts:

 

A.            Executive’s Base Salary through the
Termination Date;

 

B.            the
greater of:  1) the Executive’s base
salary for one full year or 2) the product of (x) 3.00 and (y) the sum of (i)
Executive’s Base Salary and (ii) the annual bonus paid to Executive for the
last full fiscal year (if any) ending during the Protected Period or, if
higher, the annual bonus paid to Executive for the last full fiscal year ending
prior to the effective date of the Change of Control and (z) the numerator of
which is the lesser of (i) six or (ii) Executive’s years of employment with the
Company and its affiliates (including any predecessors and successors) as of
the Termination Date, and the denominator of which is six; and

 

C.            in
the case of compensation previously deferred by the Executive, all amounts
previously deferred (together with any accrued interest or other earnings
thereon) and not yet paid by the Company, and any accrued vacation pay not yet
paid by the Company; and

 

(ii)           for the three year period following the Termination Date,
or such longer period as any plan, program, practice or policy may provide, the
Company shall continue, at its sole cost, medical benefits to Executive and
Executive’s family at least equal to those which would have been provided to
them if Executive’s employment had not terminated; and

 

(iii)          notwithstanding
anything in the Equity Plans or any award agreement thereunder to the contrary,
on the Termination Date Executive shall be automatically fully (100%) vested in
all options, Distribution Equivalent Rights, including all Distribution Amounts
then credited to him with respect to Distribution Equivalent Rights, and other
equity awards granted

 

5

 

to him thereunder, and shall become immediately payable or exercisable,
as the case may be.  The above vesting
shall be in addition to, and not in limitation of, all other rights Executive
may have under the Equity Plans and award agreements thereunder.

 

Notwithstanding the foregoing or anything in
Section 5 to the contrary, if Executive’s employment is terminated by the
Company other than for Cause or Disability during the six month period prior to
a date on which a Change in Control occurs, the Change in Control shall be
deemed to have occurred on the date immediately prior to Executive’s
Termination Date and Executive’s rights shall be as determined under this
Section 6.2 on such basis.

 

6.3           Certain
Additional Payments by the Company. 
Anything in this Agreement to the contrary notwithstanding, in the event
it shall be determined that any payment or distribution by the Company or any
other person to or for the benefit of Executive, whether paid or payable or
distributed or distributable pursuant to the terms of this Agreement or
otherwise (a “Payment”), would be subject to the excise tax imposed by Section
4999 of the Internal Revenue Code of 1986, as amended, or any interest or
penalties with respect to such excise tax (such excise tax, together with any
such interest and penalties, are hereinafter collectively referred to as the
“Excise Tax”) , then Executive shall be entitled to receive promptly from the
Company an additional payment (a “Gross-Up Payment”) in an amount such that
after payment by Executive of all taxes (including any interest or penalties
imposed with respect to such taxes), including any Excise Tax, imposed upon the
Gross-Up Payment, Executive retains an amount of the Gross-Up Payment equal to
the Excise Tax imposed upon the Payments.

 

7.             Confidentiality.

 

7.1           Confidentiality.  Executive acknowledges that in the course of
his employment by the Partnership, he will be furnished and have access to
certain information concerning the business, financial condition, operations,
assets, and liabilities of the Partnership and the Crown Pacific Group that is
confidential or proprietary in nature. 
All such information (irrespective of the form of communication) is
hereinafter collectively referred to as the “Information.”  Until the date of termination of Executive’s
employment hereunder, and for a period of 18 months thereafter, Executive
agrees to keep the Information confidential and agrees that he will use the
Information solely for the purpose of performing his duties hereunder.  This Agreement shall be inoperative as to
such portions of the Information which (a) are or become generally
available to the public other than as a result of a disclosure by Executive in
violation of this Agreement, (b) become available to Executive on a non-confidential
basis from a source other than the Partnership or the Crown Pacific Group that
is not bound by an obligation of confidentiality to such entity or entities, or
(c) are required to be disclosed by an order or decree of a court or other
tribunal of competent jurisdiction, provided the Partnership is given
prompt notice of, and the opportunity to contest disclosure under, such order
or decree.  Upon termination of this
Agreement, Executive will return the Information furnished by the Partnership
or the Crown Pacific Group and any documents that contain, reflect, or are
based upon, in whole or in part, the Information.

 

6

 

7.2           Equitable
Relief.  Executive acknowledges and
agrees that it would be difficult to measure damage to the Partnership or the
Crown Pacific Group from any breach by Executive of Section 7.1 and that
monetary damages would be an inadequate remedy for any such breach.  Accordingly, Executive agrees that if
Executive shall breach Section 7.1, the Partnership shall be entitled, in
addition to all other remedies it may have at law or in equity, to an
injunction or other appropriate orders or equitable relief to restrain any such
breach, without showing or proving any actual damage sustained by the Partnership
or the Crown Pacific Group.  Executive
further agrees to waive any requirement for the securing or posting of any bond
in connection with such remedies.

 

7.3           Executive’s
Acknowledgment.  Executive hereby
expressly acknowledges and agrees that (i) the restrictions and obligations set
forth in and imposed by this Section 7 will not prevent him from obtaining
gainful employment in his field of expertise or cause him undue hardship, and
(ii) in view and consideration of the substantial benefits he will receive from
the Partnership pursuant to this Agreement, the restrictions and obligations
imposed on him under this Section 7 are reasonable and necessary to
protect the legitimate business interests of the Partnership and its partners
and the Crown Pacific Group.

 

8.             Indemnification.  The Partnership shall indemnify Executive to
the extent provided in the limited partnership agreement of the Partnership, as
amended, supplemented, or restated from time to time.

 

9.             Representations
and Warranties.

 

9.1           By
Executive.  Executive represents and
warrants to the Partnership that (i) Executive is under no contractual or
other restriction or obligation which would prevent the performance of his
duties hereunder, or interfere with the rights of the Partnership hereunder and
(ii) this Agreement has been duly executed and delivered by Executive, is
the legal, valid, and binding obligation of Executive, and is enforceable
against Executive in accordance with its terms.

 

9.2           By
the Partnership.  The Partnership
represents and warrants to Executive that (i) it has all requisite power
and authority to execute, deliver, and perform this Agreement, (ii) all
necessary proceedings of the Partnership have been duly taken to authorize the
execution, delivery, and performance of this Agreement, and (iii) this
Agreement has been duly authorized, executed, and delivered by the Partnership,
is the legal, valid, and binding obligation of the Partnership, and is
enforceable against the Partnership in accordance with its terms.

 

10.           Life
Insurance.  If requested by the
Partnership, Executive shall submit to such physical examinations by a
physician and otherwise take such actions and execute and deliver such
documents as may be reasonably necessary to enable the Partnership to obtain life
insurance on the life of Executive for the benefit of the Partnership.

 

7

 

11.           Notices.  Any notice given pursuant to this Agreement
shall be in writing and shall be deemed given on the earlier of the date (i)
the notice is personally delivered to the party to be notified, (ii) that
is three days after the notice is mailed, postage prepaid, certified with
return receipt requested, addressed as follows, or at such other address as a
party may from time to time designate by notice to the other party,
(iii) the notice is delivered at the party’s address via courier service
or (iv) the notice is received by fax or telecopier:

 

	
  To the
  Partnership:

  	
   

  	
  Crown
  Pacific Management Limited Partnership

  
	
   

  	
   

  	
  121 S.W.
  Morrison

  
	
   

  	
   

  	
  Suite 1500

  
	
   

  	
   

  	
  Portland,
  Oregon 97204

  
	
   

  	
   

  	
  Facsimile
  No: (503) 228-4875

  
	
   

  	
   

  	
   

  
	
  With a copy
  to:

  	
   

  	
  Fremont
  Group, Inc.

  
	
   

  	
   

  	
  50 Fremont
  Street

  
	
   

  	
   

  	
  Suite 3700

  
	
   

  	
   

  	
  San
  Francisco, California 94105

  
	
   

  	
   

  	
  Attention:

  	
  President

  
	
   

  	
   

  	
   

  	
  General
  Counsel

  
	
   

  	
   

  	
  Facsimile
  No.:

  
	
   

  	
   

  	
  (415)
  768-3462 (President)

  
	
   

  	
   

  	
  (415)
  512-7121 (General Counsel)

  
	
   

  	
   

  	
   

  
	
  To
  Executive:

  	
   

  	
  Steven E.
  Dietrich

  
	
   

  	
   

  	
  121 S.W.
  Morrison

  
	
   

  	
   

  	
  Suite 1500

  
	
   

  	
   

  	
  Portland,
  Oregon 97204

  
	
   

  	
   

  	
  Facsimile
  No: (503) 228-4875

  

 

12.           General
Provisions.

 

12.1         Remedies
on Default.  In the event either
party breaches this Agreement, the other party shall be entitled to pursue all
remedies available at law or in equity. 
Except as otherwise provided herein, in the event this Agreement is
breached by either party, the non-breaching party shall not terminate this
Agreement without notice and a reasonable opportunity to cure such breach.

 

12.2         Assignment;
Binding Effect.  Executive shall not
assign his rights or delegate the performance of his obligations
hereunder.  Subject to this limitation,
the provisions of this Agreement shall be binding upon and inure to the benefit
of the parties and their respective heirs, personal representatives,
administrators, successors, and permitted assigns.

 

12.3         Waiver.  Failure of any party at any time to require
performance of any provision of this Agreement shall not limit such party’s
right to enforce such provision, nor shall any

 

8

 

waiver of any breach of any provision of this Agreement constitute a
waiver of any succeeding breach of such provision or a waiver of such provision
itself.  No attempted to purported
waiver of any provision of this Agreement shall be effective unless set forth
in writing and signed by the party to be bound.

 

12.4         Amendment.  This Agreement may not be modified or
amended except by the written agreement of the parties.

 

12.5         Severability.  The agreements and covenants contained in
this Agreement are severable, and in the event any of the agreements and
covenants contained in this Agreement should be held to be invalid by any court
or tribunal of competent jurisdiction, this Agreement shall be interpreted as
if such invalid agreements and covenants were not contained herein; provided,
however, that if in any legal proceeding a court shall hold unenforceable the
covenants contained in Section 8 by reason of their extent or duration or
otherwise, any such covenant shall be reduced in scope to the extent required
by law and enforced in its reduced form.

 

12.6         Integration.  This Agreement, together with the Unit
Option Plan and the Distribution Equivalent Rights Plan, contains the entire
agreement and understanding of the parties with respect to the employment of
Executive by the Partnership and supersedes all prior and contemporaneous
agreements between them with respect to such subject matter.

 

12.7         Attorneys’
Fees.  If any legal action or other
proceeding is brought for the enforcement or interpretation of this Agreement,
or because of an alleged dispute or breach in connection with any of the provisions
of this Agreement, the successful or prevailing party shall be entitled to
recover reasonable attorneys’ fees and other costs incurred in connection with
that action or proceeding, and in any petition for appeal or review therefrom,
in addition to any other relief to which it may be entitled.

 

12.8         Third
Party Beneficiaries.  This Agreement
does not create, and shall not be construed as creating, any rights enforceable
by any person not a party to this Agreement.

 

12.9         Governing
Law.  This Agreement shall be
governed by and construed in accordance with the laws of the State of Oregon.

 

12.10       Survival.  In the event of termination of this
Agreement by either party, this Agreement shall become void and there shall be
no liability of the part of Executive or the Partnership except to the extent
such termination results from the breach by a party hereto of its obligations
hereunder (in which case Section 13.1 shall apply); provided that
Sections 5.1, 5.4, 6, 7, 8, and 12 shall survive the termination of this
Agreement.

 

9

 

IN WITNESS
WHEREOF, the parties have executed this Agreement effective for all purposes as
of the date first above written.

 

	
  The
  Partnership:

  	
  CROWN
  PACIFIC MANAGEMENT LIMITED 

  	 

	
   

  	
  PARTNERSHIP,
  a Delaware limited partnership

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
  Fremont
  Timber, Inc., General Partner

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  By:

  	
   

  	
   

  	 

	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	 

	
   

  	
  By:

  	
  HS Corp. of
  Oregon, General Partner

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  By:

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
  Executive:

  	
   

  	
   

  	 

	
   

  	
  Steven E. Dietrich

  	 

										

 

10

 

First Supplement To

Amended and Restated

Employment Agreement

 

This First
Supplement is made to that certain Amended and Restated Employment Agreement
dated December 31, 1999 (“Employment Agreement”) by and between Crown
Pacific Management Limited Partnership (the “Partnership”) and Steven E.
Dietrich (“Executive”).

 

SUPPLEMENTAL AGREEMENT:

 

1.                           Salary Increase.
Effective July 1, 2002 Executive’s salary will be increased to Two Hundred and
Fifty Thousand Dollars annually ($250,000.00) to be paid at the rate of
$10,416.67 twice a month on the first and fifteenth day of the month.

 

2.                           Promotion. Effective
August 1, 2002, Executive has been promoted to Senior Vice President of
Finance, Chief Financial Officer and Treasurer of the Partnership.

 

3.                           Change of Control.
The last phrase of Section 6.2 (i) B. of the Employment Agreement is hereby
amended to read as follows:

 

“...(z) the numerator of which is the lesser of (i) three or (ii)
Executive’s years of employment with the Company and its affiliates (including any
predecessors and successors) as of the Termination Date, and the denominator of
which is three; and...”

 

4.                           Reaffirmation. Except
as specifically supplemented and changed herein the parties hereby reaffirm all
of the rest of the terms of the Employment Agreement hereto.

 

In witness whereof, the parties have executed this supplement effective
July 1, 2002.

 

“Partnership”

 

CROWN PACIFIC MANAGEMENT
LIMITED PARTNERSHIP

 

By: ROGER L. KRAGE

Roger L. Krage, Secretary

 

 

“Executive”

 

By: STEVEN E. DIETRICH

Steven E. Dietrich

 

11

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