Document:

Pope Resources

	

Exhibit 10.73  

POPE RESOURCES, A
DELAWARE LIMITED PARTNERSHIP  

RESOLUTIONS OF THE
HUMAN RESOURCE COMMITTEE                                                      
OF THE
BOARD OF DIRECTORS  

RE: REVISED CHANGE IN
CONTROL SEVERANCE AGREEMENTS  

          WHEREAS,
the Committee deems it advisable at this time to adopt a change in control severance
program for selected senior executives of the Company and its affiliates; now, therefore,
it is hereby   

          RESOLVED
that the Company be, and the Company hereby is, authorized to enter into change in
control severance agreements (the “New Agreements”) with those key executives of the
Company and its affiliates that are specifically selected and approved from time to
time by the Human Resources Committee. The New Agreements shall not generally and
comprehensively displace the existing severance policies and practices of the
Company for and with respect to the executives who enter into them, and the existing
policies and practices shall continue to apply in any situation that does not qualify
as a change in control termination event according to the terms of the New Agreements.
In any circumstance in which a terminated executive is entitled to receive benefits
pursuant to the terms of a New Agreement, however, such benefits received by the
terminated executive pursuant to the New Agreement shall be the sole and exclusive
severance benefit to which such terminated executive shall be entitled, unless
otherwise provided by further resolution of this Committee. Each executive entering
into an approved change in control agreement with the Company shall receive the
following benefits should his or her employment terminate (other than for cause)
within eighteen (18) months following certain changes in control or ownership of the
Company:   

	  	• 	Severance
 Payment.  The executive  will be entitled to a cash  severance  payment in an
         aggregate  amount  equal to (i) two (2) times  base  salary  plus (ii) his or
her target          bonus for the fiscal year of the Company in which such termination
occurs.  

	  	• 	Option
 Acceleration.  Each of the executive’s  outstanding  options will  automatically
         accelerate  so  that  each  such  option  will  become  fully  vested  and
  immediately          exercisable for the total number of Units at the time subject to
that option.  

	  	• 	Health
Care  Coverage.  The Company will, at its expense,  provide the executive and his
         or her eligible  dependents  with  continued  health care  coverage  under the
Company’s          medical/dental  plan for up to an additional  eighteen (18) months
 following his or her          termination date.  

	

	

          However,
 the severance payment  otherwise payable to the terminated  executive shall be subject
to reduction to the extent necessary to assure that the total severance  benefits
provided to the terminated  executive will not result in any excess parachute payments
under Internal Revenue Code Section 280G  (determined as if such Section were applicable
to such payments,  notwithstanding the technical inapplicability of such Section to the
severance payment).  

          FURTHER
RESOLVED, that the remaining terms and conditions of the severance benefits
hereby authorized shall be as substantially set forth in the form severance agreement
attached to these resolutions as Exhibit A.   

          FINALLY
RESOLVED that each officer of the Company be, and each such officer hereby is,
authorized and directed, for and on behalf of the Company, to take all action and to
prepare, execute and deliver all documents which such officer deems necessary or
advisable in order to implement the revised change in control severance program
hereby authorized, including (without limitation) the preparation, execution and
delivery of the form severance agreement in such final form as he deems advisable.   

2  

	

April 13, 2004  

Mr. David L. Nunes 
President & Chief
Executive Officer  

Dear David:  

          We
are pleased to inform you that the Board of Directors of Pope MGP,  Inc.,  the General
 Partner of Pope  Resources  (the “Company”),  has recently authorized and approved a
special severance benefit program for you and other key executives.  The purpose of this
letter  agreement is to set forth the terms and  conditions  of your benefit  package and
to explain the  limitations  which will govern the overall value of your benefits.  

          This
 program is intended to be available to selected  executives  who are employed by the
Company or any  affiliate of the Company.  Subsequent  references to the “Company” in
this letter shall be deemed to include  affiliates,  to the extent  required by context,
 when they pertain  directly to your own  employment  relationship,  but  references to
the  “Company”  that do not pertain directly to that employment relationship shall be
deemed to refer exclusively to Pope Resources and not to any affiliate.  

          Your
severance benefits will become payable in the event your employment  terminates
 involuntarily within a specified time period following  certain changes in ownership or
control of the Company.  To understand the full scope of your severance  benefits, you
should  familiarize  yourself with the definitional  provisions of Part One of this
letter  agreement.  The benefits  comprising your  severance  package are  detailed in
Part Two, and the dollar  limitations  on the overall  value of your  benefit  package
are specified in Part Three.  Part Four deals with ancillary  matters  affecting  your
severance  arrangement.  In any  circumstance  in which  severance  benefits become
payable to you pursuant to this letter  agreement,  those benefits will be your sole and
exclusive severance  benefits to be paid to you by the  Company as a result of your
 termination,  and you will not be  entitled to  severance benefits  under any other
policy or program of the  Company,  unless the Board of Directors  shall  specifically
 approve such other severance benefits at that time.  

PART ONE
— DEFINITIONS  

          For
purposes of this letter agreement, the following definitions will be in effect:  

          Andrews
Family means Emily T. Andrews, her parents, and Adolphus Andrews, Jr., and their lineal
descendants, any present or former spouse of such persons, any lineal descendants of
such spouses or former spouses, any estate of any of the foregoing persons, any trust
in which the foregoing persons collectively have all of the beneficial interests as
income beneficiaries or remaindermen, and any corporation, partnership, or other
entity in which any one or more of such persons or entities own all of the interests.   

1  

	

          Assets
means all or substantially all of the assets of the Company and its affiliates,
as they shall be held by the Company and its affiliates from time to time, including
the assets of all divisions, segments, and business units in existence at such time.   

          Average
Compensation means the average of your W-2 wages from the Company for the five (5)
calendar years (or such fewer number of calendar years of employment with the Company)
completed immediately prior to the calendar year in which the Change of Control is
effected. Any W-2 wages for a partial year of employment will be annualized, in
accordance with the frequency which such wages are paid during such partial year,
before inclusion in your Average Compensation. If any of your compensation from the
Company during such five (5)-year or shorter period was not included in your W-2
wages for U.S. income tax purposes, either because you were not a U.S. citizen or
resident or because such compensation was excludible from income as foreign earned
income under Code Section 911, then such compensation will nevertheless be included in
your Average Compensation to the same extent as if it were part of your W-2 wages.   

          Base
Salary means the annual rate of base salary in effect for you immediately prior to
the Change in Control or (if greater) the annual rate of base salary in effect at the
time of your Involuntary Termination.   

          Change
in Control means:   

          
          

(i)      any event or circumstance
that results in persons other than Controlling  Persons  collectively  being In Control
of MGP and/or EGP unless,  prior to the  occurrence of such event or  circumstance,  the
Assets shall have been  transferred exclusively to Controlling Persons and/or to entities
of which Controlling Persons collectively are In Control; or  

          

         (ii) an event or circumstance  that
results in MGP and/or EGP collectively  ceasing to act as the sole General Partners and
the Managing  General  Partner of the Company and to have the sole and exclusive right to
direct,  manage,  and conduct the business of the Company unless,  prior to the
occurrence of such event or  circumstance,  the Assets shall have been transferred
exclusively to Controlling Persons and/or to entities of which Controlling Persons
collectively are In Control; or  

          
         (iii)    the Transfer of the Assets
to any person or persons who are not Controlling  Persons and/or to any entity or
entities of which Controlling Persons collectively are not In Control; or  

          
         (iv)     any  merger  or
 consolidation  in which  Controlling  Persons  collectively  are not In  Control  of the
surviving  or  resulting  entity  unless,  prior to the  occurrence  of such  event or
 circumstance,  the  Assets  shall  have been transferred exclusively to Controlling
Persons and/or to entities of which Controlling Persons collectively are In Control; or  

2  

	

          

         
(v)      the dissolution  and/or
 liquidation of the Company that results in ownership or control of the Assets by any
persons who are not Controlling  Persons and/or by any entity or entities of which
Controlling  Persons  collectively are not In Control.  

          Code
means the Internal Revenue Code of 1986, as amended.   

          Controlling
Persons means members of the Andrews Family and members of the Pope Family, collectively.   

          EGP
means Pope EGP, a Delaware corporation and a standby general partner of the Company.   

          Fair
Market Value means, with respect to any Units subject to any of your Options, the
closing selling price per Unit on the date in question, as reported on the Nasdaq
National Market System. If there is no reported sale of Units on such date, then the
closing selling price on the Nasdaq National Market System on the next preceding
day for which there does exists such quotation will be determinative of Fair Market
Value.   

          Health
Care Coverage means the continued health care coverage to which you and your
eligible dependents may become entitled under Part Two of this letter agreement upon
the Involuntary Termination of your employment.   

          In
Control means owning, and having the present and continuing right to exercise control
over, a majority of the voting power of, and right to exercise control over management
of, any entity, which right is not subject to any material limitations,
qualifications, or exceptions (whether temporary or permanent) in excess of those
applicable on the date of this letter agreement to the interests of the Controlling
Persons in MGP and EGP.   

          Involuntary
Termination means the termination of your employment with the Company:   

	  	• 	involuntarily
upon your discharge or dismissal (other than a Termination for Cause), or  

	  	• 	voluntarily
 upon your  resignation  following  (I) a change in your  position  with the
         Company which materially reduces your duties or level of  responsibility,  (II)
a 20% or          more reduction in your level of  compensation  (including  base salary,
 fringe benefits          and target bonus under any incentive  performance  plan) or
(III) a change in your place          of employment  which is more than fifty (50) miles
from your place of  employment  prior          to the Change in  Control,  provided  and
only if such change or  reduction  is effected          without your written concurrence.  

	

          In
no event shall an Involuntary  Termination be deemed to occur should your  employment
 terminate by reason of your death or disability.  

3  

	

          MGP
means Pope MGP, Inc., a Delaware corporation and the Managing General Partner of the
Company.   

          Option
means any option granted to you under the Plan which is outstanding at the time of
the Change in Control or upon your subsequent Involuntary Termination.   

          Option
Parachute Payment means, with respect to any Option, the portion of that Option deemed
to be a parachute payment under Code Section 280G and the Treasury Regulations issued
thereunder. The portion of such Option which is categorized as an Option Parachute
Payment will be calculated in accordance with the valuation provisions established
under Code Section 280G and the applicable Treasury Regulations and will include an
appropriate dollar adjustment to reflect the lapse of your obligation to remain in the
Company’s employ as a condition to the vesting of the accelerated installment. In no
event, however, will the Option Parachute Payment attributable to any Option (or
accelerated installment) exceed the spread (the excess of the Fair Market Value of the
accelerated option Units over the option exercise price payable for those Units) existing
at the time of acceleration.   

          Other
Parachute Payment means any payment in the nature of compensation (other than the
benefits to which you become entitled under Part Two of this letter agreement)
which are made to you in connection with the Change in Control and which
accordingly qualify as parachute payments within the meaning of Code Section
280G(b)(2) and the Treasury Regulations issued thereunder. Your Other Parachute
Payment will include (without limitation) the Present Value, measured as of the
Change in Control, of the aggregate Option Parachute Payment attributable to your Options
(if any).   

          Partnership
Agreement means the Amended and Restated Limited Partnership Agreement of Pope
Resources, A Delaware Limited Partnership, as amended through the date of this letter
agreement and as hereafter amended or restated at any time.   

          Plan
means (i) the Company’s Unit Option Plan adopted in 1997, as amended or restated
from time to time, and (ii) any successor equity incentive plan subsequently
implemented by the Company.   

          Pope
Family means the lineal descendants or spouses of George A. Pope, Jr. and Harriet
Brownell, any present or former spouse of such persons, any lineal descendants of such
spouses or former spouses, any estate of any of the foregoing persons, any trust in
which the foregoing persons collectively have all of the beneficial interests as
income beneficiaries or remaindermen, and any corporation, partnership, or other entity
in which any one or more of such persons or entities own all of the interests.   

          Present
Value means the value, determined as of the date of the Change in Control, of any
payment in the nature of compensation to which you become entitled in connection with
the Change in Control or the subsequent Involuntary Termination of your employment,
including (without limitation) the Option Parachute Payment attributable to your
Options and your Severance Payment under Part Two of this letter agreement. The Present
Value of each such payment shall be determined in accordance with the provisions of
Code Section 280G(d)(4), utilizing a discount rate equal to one hundred twenty percent
(120%) of the applicable Federal rate in effect at the time of such determination,
compounded semi-annually to the effective date of the Change in Control.   

4  

	

          Severance
Payment means the severance payment to which you may become entitled under Part
Two in the event of your Involuntary Termination following a Change in Control; subject,
however, to the dollar limitations of Part Three.   

          Termination
for Cause means a termination of your employment occasioned by reason of your having
engaged in fraud or in any other intentional misconduct adversely affecting the business
reputation of the Company in a material manner.   

          Transfer
shall mean the sale, transfer, or disposition of all or substantially all of the Assets
in a single transaction or group of related transactions, but shall not include the
sale, transfer, or disposition of any of the Assets in the ordinary course of business.   

          Unit
means a unit of interest in the Company acquired or issued pursuant to the Partnership
Agreement.   

PART TWO
                                               — CHANGE IN CONTROL BENEFITS  

          Upon
the Involuntary  Termination of your employment  within eighteen (18) months  following a
Change in Control,  you will become entitled to receive the special severance benefits
provided in this Part Two.  

	  	          1.
Severance Payment.  

	

          If
your  Involuntary  Termination  occurs within the first eighteen (18) months after the
Change in Control,  then you will be entitled to a Severance  Payment in an aggregate
 amount equal to (i) two (2) times your Base Salary plus (ii) your  target bonus for the
fiscal year of the Company in which such  Involuntary  Termination  occurs.  The
Severance  Payment will be made to you in a lump sum payment within ninety (90) days
after your Involuntary Termination.  

          The
Severance  Payment will be subject to the Company’s  collection of applicable  federal
and state income and  employment withholding taxes.  

          In
the event your employment  terminates by reason of your death or disability or your
 Termination for Cause, you will not be entitled to receive any Severance Payment or
other benefits under this letter agreement.  

	  	          2.
Option Acceleration.  

	

          Your
outstanding Options will (to the extent not then otherwise fully exercisable)
 automatically  accelerate to the extent so provided in the Plan so that each such
 accelerated  Option will become fully vested and  immediately  exercisable  for the
total number of Units at the time subject to that Option.  Each such  accelerated
 Option,  together  with all your other vested  Options, will remain  exercisable for
 fully-vested  Units until the earlier of (i) the  expiration date of the original option
term for such Option or (ii) the  end of the one (1) year period  measured  from the date
of your  Involuntary  Termination  (notwithstanding  any provisions of the Plan that
would provide for only a 90-day period).  

5  

	  	          3.
Additional Benefits.  

	  	          a.
      Health Care Coverage.  

	

          The
Company will, at its expense,  provide you and your eligible  dependents with continued
 health care coverage under the Company’s  medical/dental plan until the earlier of (i)
eighteen (18) months after the date of your Involuntary  Termination or (ii) the first
date that the you are covered under another  employer’s  health  benefit  program which
 provides  substantially  the same level of benefits without exclusion for pre-existing
 medical conditions.  The coverage so provided you and your eligible dependents will be
in full and complete  satisfaction  of the continued  health care coverage to which you
or your  eligible  dependents  would otherwise,  at your own expense,  be entitled under
Code Section 4980B by reason of your termination of employment,  and neither you nor your
eligible  dependents  will  accordingly  be entitled to any  additional  period of health
care coverage  under Code Section 4980B as a result of your termination of employment.  

	  	          b.
      Unpaid Benefits  

	

          You
will  receive an immediate  lump sum payment of all unpaid  vacation  days which you have
 accrued  through the date of your Involuntary Termination.  

PART THREE
                                                   — LIMITATION ON BENEFITS  

	  	          1.
Parachute Limit.  

	

          Except
to the limited extent (if any) provided  under  Paragraph 4(a) below,  the aggregate
 Present Value  (measured as of the Change in  Control) of the  benefits to which you
become  entitled  under Part Two at the time of your  Involuntary  Termination (namely
the Severance  Payment,  the Option Parachute Payment  attributable to your Options and
your Health Care  Continuation) will in no event exceed in amount the difference  between
(i) 2.99 times your Average  Compensation and (ii) the Present Value,  measured as of the
Change in Control, of all Other Parachute Payments to which you are entitled.  

          Accordingly,
 except as otherwise  provided under  Paragraph 4(a) below,  your Options will not
accelerate and no Severance Payment  will be made to you  pursuant to this  letter
 agreement,  to the extent the  Present  Value as of the Change in Control of (1).the
 aggregate Option  Parachute  Payment  attributable to your Options plus (II) your
Severance  Payment plus (III) your Health Care  Continuation  would,  when added to the
 Present  Value of your  Other  Parachute  Payments,  exceed  2.99 times your  Average
Compensation (the “Parachute Limit”).  

	  	          2.
Resolution Procedure.  

	

          For
purposes of the foregoing Parachute Limit, the following provisions will be in effect:  

6  

	

          
          
          a.
In the event there is any  disagreement
 between you and the Company as to whether one or more payments to which you become
entitled in connection with either the Change in Control or your subsequent  Involuntary
 Termination  constitute  Option  Parachute Payments or Other  Parachute  Payments or as
to the  determination  of the Present Value  thereof,  such dispute will be resolved as
follows:  

          
          
          
          
(i)
     In the event  temporary,  proposed  or final  Treasury  Regulations  in  effect at
the time  under  Code  Section  280G (or applicable  judicial  decisions)  specifically
 address the status of any such  payment or the method of  valuation  therefore,  the
characterization  afforded to such payment by the  Regulations  (or such  decisions)
 will,  together with the applicable  valuation methodology, be controlling.  

          
          
          
          (ii)
    In the event Treasury  Regulations (or applicable  judicial decisions) do not address
the status of any payment in dispute, the matter will be submitted  for  resolution  to
 independent  counsel  mutually  acceptable  to you and the Company  (“Independent
Counsel”). The resolution reached by Independent Counsel will be final and
controlling;  provided,  however, that if in the judgment of Independent  Counsel the
status of the payment in dispute can be resolved  through the obtainment of a private
letter ruling from the Internal  Revenue  Service,  a formal and proper request for such
ruling will be prepared and submitted by Independent  Counsel, and the  determination
 made by the Internal  Revenue  Service in the issued ruling will be  controlling.  All
expenses  incurred in connection  with the retention of  Independent  Counsel and (if
 applicable)  the  preparation  and submission of the ruling request shall be shared
equally by you and the Company.  

          
          
          

          (iii)
   In the event Treasury Regulations (or applicable judicial decisions) do not address
the appropriate  valuation  methodology for any payment in dispute,  the Present Value
 thereof  will,  at the  Independent  Counsel’s  election,  be determined  through
an independent  third-party  appraisal,  and the expenses  incurred in obtaining such
appraisal  shall be shared equally by you and the Company.  

	  	          3.
Status of Benefits.  

	

          
          
          a.
      No Severance  Payment  will be made to you under Part Two of this letter  agreement
 until the Present  Value of the Option Parachute  Payment  attributable  to your Options
has been  determined  and the status of any payments in dispute under  Paragraph 2 above
has been  resolved in  accordance  therewith.  However,  you will be permitted to
exercise your Options at any time during the one (1) year (or shorter) period immediately
following your Involuntary Termination.  

          
          
          b.
      Once the  requisite  determinations  under  Paragraph 2 have been made,  then to
the extent the  aggregate  Present  Value, measured as of the Change in Control,  of (1)
the Option Parachute  Payment  attributable to your Options (or installments  thereof)
plus (2) your Severance  Payment would,  when added to the Present Value of all your
Other  Parachute  Payments exceed the Parachute Limit, your Severance Payment will be
accordingly reduced.  

7  

	  	          4.
Overriding Limitations.  

	

          
          
          a.
      Notwithstanding  any  provision to the contrary set forth in the  preceding
 provisions  of this Part Three,  the aggregate Present Value of your Severance  Payment
and the Option  Parachute  Payment  attributable  to your Options will not be reduced
below that amount (if any) which,  when added to the Present Value of all the Other
 Parachute  Payment to which you are  entitled,  would nevertheless  qualify  as
 reasonable   compensation  for  past  services  within  the  standards  established
 under  Code  Section 280G(b)(4)(B).  

          
          
          
b. The  limitations  of this
Part Three will in all events be  interpreted in such manner as to avoid the imposition
of excise taxes under Code Section 4999, and the disallowance of deductions  under Code
Section  280G(a),  with respect to any of the benefits paid  pursuant to Part Two of this
letter  agreement.  This  provision  will apply as if Code Section 4999 and Code Section
 280G(a) and the related  provisions of the Code and Treasury  Regulations are applicable
to this Agreement and to payments to be made to you as a result of your Involuntary
 Termination  following a Change of Control,  notwithstanding the technical
 inapplicability of such law and  regulations to the Company as a result of its
 organization  and structure,  and all provisions of this Agreement  shall be construed,
interpreted, and applied as if such laws and regulations were applicable.  

PART FOUR — MISCELLANEOUS
PROVISIONS  

	  	          1.
Termination for Cause.  

	

          Should
your  termination of employment  constitute a Termination  for Cause,  then the Company
will only be required to pay you (i) any unpaid  compensation  earned for services
 previously rendered through the date of such termination and (ii) any accrued but unpaid
vacation benefits or sick days, and no benefits will be payable to you under Part Two of
this letter agreement.  

	  	          2.
Death.  

	

          Should
you die before receipt of one or more Severance  Payment to which you become  entitled
under Part Two of this letter agreement,  then those  payment or payments will be made to
the executors or  administrators  of your estate.  Should you die before you exercise all
your outstanding  Options,  then such Options may be exercised,  within twelve (12)
months after your death, by the executors  or  administrators  of your  estate  or by
 persons  to whom the  Options  are  transferred  pursuant  to your will or in accordance
 with the laws of inheritance.  In no event,  however,  may any such Option be exercised
 after the specified  expiration date of the option term.  

	  	          3.
General Creditor Status.  

	

          The
payments and benefits to which you become  entitled  hereunder  will be paid,  when due,
from the general assets of the Company,  and no trust fund,  escrow  arrangement or other
 segregated  account will be  established  as a funding  vehicle for such payment.
 Accordingly,  your right (or the right of the personal  representatives  or
 beneficiaries  of your estate) to receive any payments or benefits  hereunder  will at
all times be that of a general  creditor of the Company and will have no priority  over
the claims of other general creditors.  

8  

	  	          4.
Indemnification.  

	

          The
 indemnification  provisions for Officers and Directors under the Company Bylaws will (to
the maximum extent  permitted by law) be extended to you, during the period following
your Involuntary  Termination,  with respect to any and all matters,  events or
transactions occurring or effected during your employment with the Company.  

	  	          5.
Miscellaneous.  

	

          This
letter agreement will be binding upon the Company,  its successors and assigns
 (including,  without  limitation,  the surviving  entity in any Change in Control) and
is to be construed and interpreted  under the laws of the State of Washington.  This
letter may only be amended by written  instrument signed by you and an authorized
 officer of the Company.  If any provision of this letter  agreement as applied to you or
the Company or to any  circumstance  should be adjudged by a court of competent
 jurisdiction to be void or  unenforceable  for any  reason,  the  invalidity  of that
 provision  will in no way  affect (to the  maximum  extent permissible by law) the
 application of such  provision  under  circumstances  different  from those  adjudicated
by the court,  the application of any other  provision of this letter  agreement,  or the
 enforceability  or invalidity of this letter  agreement as a whole.  Should any
provision of this letter agreement  become or be deemed invalid,  illegal or
unenforceable in any jurisdiction by reason of the scope,  extent or duration of its
coverage,  then such  provision  will be deemed  amended to the extent  necessary to
conform to applicable law so as to be valid and enforceable or, if such provision cannot
be so amended without  materially  altering the  intention of the parties,  then such
 provision  will be stricken and the remainder of this letter  agreement  will continue
in full force and effect.  

	  	          6.
No Employment or Service Contract.  

	

          Nothing
in this  letter  agreement  is  intended to provide you with any right to continue in the
employ of the Company for any period of specific  duration or  interfere  with or
 otherwise  restrict in any way your rights or the rights of the Company (or any
 subsidiary),  which rights are hereby  expressly  reserved by each,  to terminate  your
 employment  at any time for any reason whatsoever, with or without cause.  

	  	          7.
Attorney Fees.  

	

          In
the event legal  proceeding  should be  initiated by you or by the Company  with  respect
to any  controversy,  claim or dispute  relating  to the  interpretation  or  application
 of the  provisions  of this letter  agreement  or any  benefits  payable hereunder,  the
prevailing party in such proceedings will be entitled to recover from the losing party
reasonable  attorney fees and costs incurred in connection  with such  proceedings  or in
the  enforcement or collection of any judgment or award rendered in such proceedings.
 For purposes of this  provision,  the  prevailing  party means the party  determined  by
the court to have most nearly prevailed in the proceedings,  even if that party does not
prevail in all matters,  and does not necessarily mean the party in whose favor the
judgment is actually rendered.  

9  

	

          Please
 indicate your acceptance of the foregoing  provisions of this employment  agreement by
signing the enclosed copy of this agreement and returning it to the Company.  

	 	POPE RESOURCES, A DELAWARE 
LIMITED PARTNERSHIP

BY: Thomas M. Ringo

TITLE: Vice President & Chief Financial Officer  

	

ACCEPTANCE  

          I
hereby agree to all the terms and provisions of the foregoing  letter  agreement
 governing the special benefits to which I may become entitled in connection with certain
changes in control or ownership of the Company.  

	 	Signature: David L. Nunes

Dated: April 13, 2004 

	

10Pope Resources

	

Exhibit 10.74   

POPE RESOURCES, A
DELAWARE LIMITED PARTNERSHIP  

RESOLUTIONS OF THE
HUMAN RESOURCE COMMITTEE                                                      
OF THE
BOARD OF DIRECTORS  

RE: REVISED CHANGE IN
CONTROL SEVERANCE AGREEMENTS  

          WHEREAS,
the Committee deems it advisable at this time to adopt a change in control severance
program for selected senior executives of the Company and its affiliates; now, therefore,
it is hereby   

          RESOLVED
that the Company be, and the Company hereby is, authorized to enter into change in
control severance agreements (the “New Agreements”) with those key executives of the
Company and its affiliates that are specifically selected and approved from time to
time by the Human Resources Committee. The New Agreements shall not generally and
comprehensively displace the existing severance policies and practices of the
Company for and with respect to the executives who enter into them, and the existing
policies and practices shall continue to apply in any situation that does not qualify
as a change in control termination event according to the terms of the New Agreements.
In any circumstance in which a terminated executive is entitled to receive benefits
pursuant to the terms of a New Agreement, however, such benefits received by the
terminated executive pursuant to the New Agreement shall be the sole and exclusive
severance benefit to which such terminated executive shall be entitled, unless
otherwise provided by further resolution of this Committee. Each executive entering
into an approved change in control agreement with the Company shall receive the
following benefits should his or her employment terminate (other than for cause)
within eighteen (18) months following certain changes in control or ownership of the
Company:   

	  	• 	Severance
 Payment.  The executive  will be entitled to a cash  severance  payment in an
         aggregate  amount  equal to (i) two (2) times  base  salary  plus (ii) his or
her target          bonus for the fiscal year of the Company in which such termination
occurs.  

	  	• 	Option
 Acceleration.  Each of the executive’s  outstanding  options will  automatically
         accelerate  so  that  each  such  option  will  become  fully  vested  and
  immediately          exercisable for the total number of Units at the time subject to
that option.  

	  	• 	Health
Care  Coverage.  The Company will, at its expense,  provide the executive and his
         or her eligible  dependents  with  continued  health care  coverage  under the
Company’s          medical/dental  plan for up to an additional  eighteen (18) months
 following his or her          termination date.  

	

	

          However,
 the severance payment  otherwise payable to the terminated  executive shall be subject
to reduction to the extent necessary to assure that the total severance  benefits
provided to the terminated  executive will not result in any excess parachute payments
under Internal Revenue Code Section 280G  (determined as if such Section were applicable
to such payments,  notwithstanding the technical inapplicability of such Section to the
severance payment).  

          FURTHER
RESOLVED, that the remaining terms and conditions of the severance benefits
hereby authorized shall be as substantially set forth in the form severance agreement
attached to these resolutions as Exhibit A.   

          FINALLY
RESOLVED that each officer of the Company be, and each such officer hereby is,
authorized and directed, for and on behalf of the Company, to take all action and to
prepare, execute and deliver all documents which such officer deems necessary or
advisable in order to implement the revised change in control severance program
hereby authorized, including (without limitation) the preparation, execution and
delivery of the form severance agreement in such final form as he deems advisable.   

2  

	

April 13, 2004  

Mr. Thomas M. Ringo 
Vice President & Chief
Financial Officer  

Dear Tom:  

          We
are pleased to inform you that the Board of Directors of Pope MGP,  Inc.,  the General
 Partner of Pope  Resources  (the “Company”),  has recently authorized and approved a
special severance benefit program for you and other key executives.  The purpose of this
letter  agreement is to set forth the terms and  conditions  of your benefit  package and
to explain the  limitations  which will govern the overall value of your benefits.  

          This
 program is intended to be available to selected  executives  who are employed by the
Company or any  affiliate of the Company.  Subsequent  references to the “Company” in
this letter shall be deemed to include  affiliates,  to the extent  required by context,
 when they pertain  directly to your own  employment  relationship,  but  references to
the  “Company”  that do not pertain directly to that employment relationship shall be
deemed to refer exclusively to Pope Resources and not to any affiliate.  

          Your
severance benefits will become payable in the event your employment  terminates
 involuntarily within a specified time period following  certain changes in ownership or
control of the Company.  To understand the full scope of your severance  benefits, you
should  familiarize  yourself with the definitional  provisions of Part One of this
letter  agreement.  The benefits  comprising your  severance  package are  detailed in
Part Two, and the dollar  limitations  on the overall  value of your  benefit  package
are specified in Part Three.  Part Four deals with ancillary  matters  affecting  your
severance  arrangement.  In any  circumstance  in which  severance  benefits become
payable to you pursuant to this letter  agreement,  those benefits will be your sole and
exclusive severance  benefits to be paid to you by the  Company as a result of your
 termination,  and you will not be  entitled to  severance benefits  under any other
policy or program of the  Company,  unless the Board of Directors  shall  specifically
 approve such other severance benefits at that time.  

PART ONE — DEFINITIONS  

          For
purposes of this letter agreement, the following definitions will be in effect:  

          Andrews
Family means Emily T. Andrews, her parents, and Adolphus Andrews, Jr., and their lineal
descendants, any present or former spouse of such persons, any lineal descendants of
such spouses or former spouses, any estate of any of the foregoing persons, any trust
in which the foregoing persons collectively have all of the beneficial interests as
income beneficiaries or remaindermen, and any corporation, partnership, or other
entity in which any one or more of such persons or entities own all of the interests.   

1  

	

          Assets
means all or substantially all of the assets of the Company and its affiliates,
as they shall be held by the Company and its affiliates from time to time, including
the assets of all divisions, segments, and business units in existence at such time.   

          Average
Compensation means the average of your W-2 wages from the Company for the five (5)
calendar years (or such fewer number of calendar years of employment with the Company)
completed immediately prior to the calendar year in which the Change of Control is
effected. Any W-2 wages for a partial year of employment will be annualized, in
accordance with the frequency which such wages are paid during such partial year,
before inclusion in your Average Compensation. If any of your compensation from the
Company during such five (5)-year or shorter period was not included in your W-2
wages for U.S. income tax purposes, either because you were not a U.S. citizen or
resident or because such compensation was excludible from income as foreign earned
income under Code Section 911, then such compensation will nevertheless be included in
your Average Compensation to the same extent as if it were part of your W-2 wages.   

          Base
Salary means the annual rate of base salary in effect for you immediately prior to
the Change in Control or (if greater) the annual rate of base salary in effect at the
time of your Involuntary Termination.   

          Change
in Control means:   

          
          (i)
     any event or circumstance that results in persons other than Controlling  Persons
 collectively  being In Control of MGP and/or EGP unless,  prior to the  occurrence of
such event or  circumstance,  the Assets shall have been  transferred exclusively to
Controlling Persons and/or to entities of which Controlling Persons collectively are In
Control; or  

          
          
(ii)
    an event or circumstance  that results in MGP and/or EGP collectively  ceasing to act
as the sole General Partners and the Managing  General  Partner of the Company and to
have the sole and exclusive right to direct,  manage,  and conduct the business of the
Company unless,  prior to the occurrence of such event or  circumstance,  the Assets
shall have been transferred exclusively to Controlling Persons and/or to entities of
which Controlling Persons collectively are In Control; or  

          
          (iii)
   the Transfer of the Assets to any person or persons who are not Controlling  Persons
and/or to any entity or entities of which Controlling Persons collectively are not In
Control; or  

          
          (iv)
    any  merger  or  consolidation  in which  Controlling  Persons  collectively  are not
In  Control  of the surviving  or  resulting  entity  unless,  prior to the  occurrence
 of such  event or  circumstance,  the  Assets  shall  have been transferred exclusively
to Controlling Persons and/or to entities of which Controlling Persons collectively are
In Control; or  

2  

	  	          (v)
     the dissolution  and/or  liquidation of the Company that results in ownership or
control of the Assets by any persons who are not Controlling  Persons and/or by any
entity or entities of which Controlling  Persons  collectively are not In Control.   

	

          Code
means the Internal Revenue Code of 1986, as amended.   

          Controlling
Persons means members of the Andrews Family and members of the Pope Family, collectively.   

          EGP
means Pope EGP, a Delaware corporation and a standby general partner of the Company.   

          Fair
Market Value means, with respect to any Units subject to any of your Options, the
closing selling price per Unit on the date in question, as reported on the Nasdaq
National Market System. If there is no reported sale of Units on such date, then the
closing selling price on the Nasdaq National Market System on the next preceding
day for which there does exists such quotation will be determinative of Fair Market
Value.   

          Health
Care Coverage means the continued health care coverage to which you and your
eligible dependents may become entitled under Part Two of this letter agreement upon
the Involuntary Termination of your employment.   

          In
Control means owning, and having the present and continuing right to exercise control
over, a majority of the voting power of, and right to exercise control over management
of, any entity, which right is not subject to any material limitations,
qualifications, or exceptions (whether temporary or permanent) in excess of those
applicable on the date of this letter agreement to the interests of the Controlling
Persons in MGP and EGP.   

          Involuntary
Termination means the termination of your employment with the Company:   

	  	• 	involuntarily
upon your discharge or dismissal (other than a Termination for Cause), or  

	  	• 	voluntarily
 upon your  resignation  following  (I) a change in your  position  with the
         Company which materially reduces your duties or level of  responsibility,  (II)
a 20% or          more reduction in your level of  compensation  (including  base salary,
 fringe benefits          and target bonus under any incentive  performance  plan) or
(III) a change in your place          of employment  which is more than fifty (50) miles
from your place of  employment  prior          to the Change in  Control,  provided  and
only if such change or  reduction  is effected          without your written concurrence.  

	

          In
no event shall an Involuntary  Termination be deemed to occur should your  employment
 terminate by reason of your death or disability.  

3  

	

          MGP
means Pope MGP, Inc., a Delaware corporation and the Managing General Partner of the
Company.   

          Option
means any option granted to you under the Plan which is outstanding at the time of
the Change in Control or upon your subsequent Involuntary Termination.   

          Option
Parachute Payment means, with respect to any Option, the portion of that Option deemed
to be a parachute payment under Code Section 280G and the Treasury Regulations issued
thereunder. The portion of such Option which is categorized as an Option Parachute
Payment will be calculated in accordance with the valuation provisions established
under Code Section 280G and the applicable Treasury Regulations and will include an
appropriate dollar adjustment to reflect the lapse of your obligation to remain in the
Company’s employ as a condition to the vesting of the accelerated installment. In no
event, however, will the Option Parachute Payment attributable to any Option (or
accelerated installment) exceed the spread (the excess of the Fair Market Value of the
accelerated option Units over the option exercise price payable for those Units) existing
at the time of acceleration.   

          Other
Parachute Payment means any payment in the nature of compensation (other than the
benefits to which you become entitled under Part Two of this letter agreement)
which are made to you in connection with the Change in Control and which
accordingly qualify as parachute payments within the meaning of Code Section
280G(b)(2) and the Treasury Regulations issued thereunder. Your Other Parachute
Payment will include (without limitation) the Present Value, measured as of the
Change in Control, of the aggregate Option Parachute Payment attributable to your Options
(if any).   

          Partnership
Agreement means the Amended and Restated Limited Partnership Agreement of Pope
Resources, A Delaware Limited Partnership, as amended through the date of this letter
agreement and as hereafter amended or restated at any time.   

          Plan
means (i) the Company’s Unit Option Plan adopted in 1997, as amended or restated
from time to time, and (ii) any successor equity incentive plan subsequently
implemented by the Company.   

          Pope
Family means the lineal descendants or spouses of George A. Pope, Jr. and Harriet
Brownell, any present or former spouse of such persons, any lineal descendants of such
spouses or former spouses, any estate of any of the foregoing persons, any trust in
which the foregoing persons collectively have all of the beneficial interests as
income beneficiaries or remaindermen, and any corporation, partnership, or other entity
in which any one or more of such persons or entities own all of the interests.   

          Present
Value means the value, determined as of the date of the Change in Control, of any
payment in the nature of compensation to which you become entitled in connection with
the Change in Control or the subsequent Involuntary Termination of your employment,
including (without limitation) the Option Parachute Payment attributable to your
Options and your Severance Payment under Part Two of this letter agreement. The Present
Value of each such payment shall be determined in accordance with the provisions of
Code Section 280G(d)(4), utilizing a discount rate equal to one hundred twenty percent
(120%) of the applicable Federal rate in effect at the time of such determination,
compounded semi-annually to the effective date of the Change in Control.   

4  

	

          Severance
Payment means the severance payment to which you may become entitled under Part
Two in the event of your Involuntary Termination following a Change in Control; subject,
however, to the dollar limitations of Part Three.   

          Termination
for Cause means a termination of your employment occasioned by reason of your having
engaged in fraud or in any other intentional misconduct adversely affecting the business
reputation of the Company in a material manner.   

          Transfer
shall mean the sale, transfer, or disposition of all or substantially all of the Assets
in a single transaction or group of related transactions, but shall not include the
sale, transfer, or disposition of any of the Assets in the ordinary course of business.   

          Unit
means a unit of interest in the Company acquired or issued pursuant to the Partnership
Agreement.   

PART TWO — CHANGE
IN CONTROL BENEFITS  

          Upon
the Involuntary  Termination of your employment  within eighteen (18) months  following a
Change in Control,  you will become entitled to receive the special severance benefits
provided in this Part Two.  

	  	          1.
Severance Payment.  

	

          If
your  Involuntary  Termination  occurs within the first eighteen (18) months after the
Change in Control,  then you will be entitled to a Severance  Payment in an aggregate
 amount equal to (i) two (2) times your Base Salary plus (ii) your  target bonus for the
fiscal year of the Company in which such  Involuntary  Termination  occurs.  The
Severance  Payment will be made to you in a lump sum payment within ninety (90) days
after your Involuntary Termination.  

          The
Severance  Payment will be subject to the Company’s  collection of applicable  federal
and state income and  employment withholding taxes.  

          In
the event your employment  terminates by reason of your death or disability or your
 Termination for Cause, you will not be entitled to receive any Severance Payment or
other benefits under this letter agreement.  

	  	          2.
Option Acceleration.  

	

          Your
outstanding Options will (to the extent not then otherwise fully exercisable)
 automatically  accelerate to the extent so provided in the Plan so that each such
 accelerated  Option will become fully vested and  immediately  exercisable  for the
total number of Units at the time subject to that Option.  Each such  accelerated
 Option,  together  with all your other vested  Options, will remain  exercisable for
 fully-vested  Units until the earlier of (i) the  expiration date of the original option
term for such Option or (ii) the  end of the one (1) year period  measured  from the date
of your  Involuntary  Termination  (notwithstanding  any provisions of the Plan that
would provide for only a 90-day period).  

5  

	  	          3.
      Additional Benefits.  

	  	          a.
      Health Care Coverage.  

	

          The
Company will, at its expense,  provide you and your eligible  dependents with continued
 health care coverage under the Company’s  medical/dental plan until the earlier of (i)
eighteen (18) months after the date of your Involuntary  Termination or (ii) the first
date that the you are covered under another  employer’s  health  benefit  program which
 provides  substantially  the same level of benefits without exclusion for pre-existing
 medical conditions.  The coverage so provided you and your eligible dependents will be
in full and complete  satisfaction  of the continued  health care coverage to which you
or your  eligible  dependents  would otherwise,  at your own expense,  be entitled under
Code Section 4980B by reason of your termination of employment,  and neither you nor your
eligible  dependents  will  accordingly  be entitled to any  additional  period of health
care coverage  under Code Section 4980B as a result of your termination of employment.  

	  	          b.
      Unpaid Benefits  

	

          You
will  receive an immediate  lump sum payment of all unpaid  vacation  days which you have
 accrued  through the date of your Involuntary Termination.  

PART THREE — LIMITATION
ON BENEFITS  

	  	          1.
Parachute Limit.  

	

          Except
to the limited extent (if any) provided  under  Paragraph 4(a) below,  the aggregate
 Present Value  (measured as of the Change in  Control) of the  benefits to which you
become  entitled  under Part Two at the time of your  Involuntary  Termination (namely
the Severance  Payment,  the Option Parachute Payment  attributable to your Options and
your Health Care  Continuation) will in no event exceed in amount the difference  between
(i) 2.99 times your Average  Compensation and (ii) the Present Value,  measured as of the
Change in Control, of all Other Parachute Payments to which you are entitled.  

          Accordingly,
 except as otherwise  provided under  Paragraph 4(a) below,  your Options will not
accelerate and no Severance Payment  will be made to you  pursuant to this  letter
 agreement,  to the extent the  Present  Value as of the Change in Control of (1).the
 aggregate Option  Parachute  Payment  attributable to your Options plus (II) your
Severance  Payment plus (III) your Health Care  Continuation  would,  when added to the
 Present  Value of your  Other  Parachute  Payments,  exceed  2.99 times your  Average
Compensation (the “Parachute Limit”).  

	  	          2.
Resolution Procedure.  

	

          For
purposes of the foregoing Parachute Limit, the following provisions will be in effect:  

6  

	

          
          
          a.
      In the event there is any  disagreement  between you and the Company as to whether
one or more payments to which you become entitled in connection with either the Change in
Control or your subsequent  Involuntary  Termination  constitute  Option  Parachute
Payments or Other  Parachute  Payments or as to the  determination  of the Present Value
 thereof,  such dispute will be resolved as follows:  

          
          
          
          (i)
     In the event  temporary,  proposed  or final  Treasury  Regulations  in  effect at
the time  under  Code  Section  280G (or applicable  judicial  decisions)  specifically
 address the status of any such  payment or the method of  valuation  therefore,  the
characterization  afforded to such payment by the  Regulations  (or such  decisions)
 will,  together with the applicable  valuation methodology, be controlling.  

          
          
          

          (ii)
    In the event Treasury  Regulations (or applicable  judicial decisions) do not address
the status of any payment in dispute, the matter will be submitted  for  resolution  to
 independent  counsel  mutually  acceptable  to you and the Company  (“Independent
Counsel”). The resolution reached by Independent Counsel will be final and
controlling;  provided,  however, that if in the judgment of Independent  Counsel the
status of the payment in dispute can be resolved  through the obtainment of a private
letter ruling from the Internal  Revenue  Service,  a formal and proper request for such
ruling will be prepared and submitted by Independent  Counsel, and the  determination
 made by the Internal  Revenue  Service in the issued ruling will be  controlling.  All
expenses  incurred in connection  with the retention of  Independent  Counsel and (if
 applicable)  the  preparation  and submission of the ruling request shall be shared
equally by you and the Company.  

          
          
          
          (iii)
   In the event Treasury Regulations (or applicable judicial decisions) do not address
the appropriate  valuation  methodology for any payment in dispute,  the Present Value
 thereof  will,  at the  Independent  Counsel’s  election,  be determined  through
an independent  third-party  appraisal,  and the expenses  incurred in obtaining such
appraisal  shall be shared equally by you and the Company.  

	  	          3.
Status of Benefits.  

	

          
          
          a.
      No Severance  Payment  will be made to you under Part Two of this letter  agreement
 until the Present  Value of the Option Parachute  Payment  attributable  to your Options
has been  determined  and the status of any payments in dispute under  Paragraph 2 above
has been  resolved in  accordance  therewith.  However,  you will be permitted to
exercise your Options at any time during the one (1) year (or shorter) period immediately
following your Involuntary Termination.  

          
          
          b.
      Once the  requisite  determinations  under  Paragraph 2 have been made,  then to
the extent the  aggregate  Present  Value, measured as of the Change in Control,  of (1)
the Option Parachute  Payment  attributable to your Options (or installments  thereof)
plus (2) your Severance  Payment would,  when added to the Present Value of all your
Other  Parachute  Payments exceed the Parachute Limit, your Severance Payment will be
accordingly reduced.  

7  

	  	          4.
Overriding Limitations.  

	

          

          

          
a.       Notwithstanding  any
 provision to the contrary set forth in the  preceding  provisions  of this Part Three,
 the aggregate Present Value of your Severance  Payment and the Option  Parachute
 Payment  attributable  to your Options will not be reduced below that amount (if any)
which,  when added to the Present Value of all the Other  Parachute  Payment to which you
are  entitled,  would nevertheless  qualify  as  reasonable   compensation  for  past
 services  within  the  standards  established  under  Code  Section 280G(b)(4)(B).  

          
          
          b.       The  limitations  of this
Part Three will in all events be  interpreted in such manner as to avoid the imposition
of excise taxes under Code Section 4999, and the disallowance of deductions  under Code
Section  280G(a),  with respect to any of the benefits paid  pursuant to Part Two of this
letter  agreement.  This  provision  will apply as if Code Section 4999 and Code Section
 280G(a) and the related  provisions of the Code and Treasury  Regulations are applicable
to this Agreement and to payments to be made to you as a result of your Involuntary
 Termination  following a Change of Control,  notwithstanding the technical
 inapplicability of such law and  regulations to the Company as a result of its
 organization  and structure,  and all provisions of this Agreement  shall be construed,
interpreted, and applied as if such laws and regulations were applicable.  

PART FOUR — MISCELLANEOUS
PROVISIONS  

	  	          1.
Termination for Cause.  

	

          Should
your  termination of employment  constitute a Termination  for Cause,  then the Company
will only be required to pay you (i) any unpaid  compensation  earned for services
 previously rendered through the date of such termination and (ii) any accrued but unpaid
vacation benefits or sick days, and no benefits will be payable to you under Part Two of
this letter agreement.  

	  	          2.
Death.  

	

          Should
you die before receipt of one or more Severance  Payment to which you become  entitled
under Part Two of this letter agreement,  then those  payment or payments will be made to
the executors or  administrators  of your estate.  Should you die before you exercise all
your outstanding  Options,  then such Options may be exercised,  within twelve (12)
months after your death, by the executors  or  administrators  of your  estate  or by
 persons  to whom the  Options  are  transferred  pursuant  to your will or in accordance
 with the laws of inheritance.  In no event,  however,  may any such Option be exercised
 after the specified  expiration date of the option term.  

	  	          3.
General Creditor Status.  

	

          The
payments and benefits to which you become  entitled  hereunder  will be paid,  when due,
from the general assets of the Company,  and no trust fund,  escrow  arrangement or other
 segregated  account will be  established  as a funding  vehicle for such payment.
 Accordingly,  your right (or the right of the personal  representatives  or
 beneficiaries  of your estate) to receive any payments or benefits  hereunder  will at
all times be that of a general  creditor of the Company and will have no priority  over
the claims of other general creditors.   

8  

	  	          4.
Indemnification.  

	

          The
 indemnification  provisions for Officers and Directors under the Company Bylaws will (to
the maximum extent  permitted by law) be extended to you, during the period following
your Involuntary  Termination,  with respect to any and all matters,  events or
transactions occurring or effected during your employment with the Company.  

	  	          5.
Miscellaneous.  

	

          This
letter agreement will be binding upon the Company,  its successors and assigns
 (including,  without  limitation,  the surviving  entity in any Change in Control) and
is to be construed and interpreted  under the laws of the State of Washington.  This
letter may only be amended by written  instrument signed by you and an authorized
 officer of the Company.  If any provision of this letter  agreement as applied to you or
the Company or to any  circumstance  should be adjudged by a court of competent
 jurisdiction to be void or  unenforceable  for any  reason,  the  invalidity  of that
 provision  will in no way  affect (to the  maximum  extent permissible by law) the
 application of such  provision  under  circumstances  different  from those  adjudicated
by the court,  the application of any other  provision of this letter  agreement,  or the
 enforceability  or invalidity of this letter  agreement as a whole.  Should any
provision of this letter agreement  become or be deemed invalid,  illegal or
unenforceable in any jurisdiction by reason of the scope,  extent or duration of its
coverage,  then such  provision  will be deemed  amended to the extent  necessary to
conform to applicable law so as to be valid and enforceable or, if such provision cannot
be so amended without  materially  altering the  intention of the parties,  then such
 provision  will be stricken and the remainder of this letter  agreement  will continue
in full force and effect.  

	  	          6.
No Employment or Service Contract.  

	

          Nothing
in this  letter  agreement  is  intended to provide you with any right to continue in the
employ of the Company for any period of specific  duration or  interfere  with or
 otherwise  restrict in any way your rights or the rights of the Company (or any
 subsidiary),  which rights are hereby  expressly  reserved by each,  to terminate  your
 employment  at any time for any reason whatsoever, with or without cause.  

	  	          7.
Attorney Fees.  

	

          In
the event legal  proceeding  should be  initiated by you or by the Company  with  respect
to any  controversy,  claim or dispute  relating  to the  interpretation  or  application
 of the  provisions  of this letter  agreement  or any  benefits  payable hereunder,  the
prevailing party in such proceedings will be entitled to recover from the losing party
reasonable  attorney fees and costs incurred in connection  with such  proceedings  or in
the  enforcement or collection of any judgment or award rendered in such proceedings.
 For purposes of this  provision,  the  prevailing  party means the party  determined  by
the court to have most nearly prevailed in the proceedings,  even if that party does not
prevail in all matters,  and does not necessarily mean the party in whose favor the
judgment is actually rendered.  

9  

	

          Please
 indicate your acceptance of the foregoing  provisions of this employment  agreement by
signing the enclosed copy of this agreement and returning it to the Company.  

	 	POPE RESOURCES, A DELAWARE 
LIMITED PARTNERSHIP

BY: David L. Nunes

TITLE: President & Chief Executive Officer  

	

ACCEPTANCE  

          I
hereby agree to all the terms and provisions of the foregoing  letter  agreement
 governing the special benefits to which I may become entitled in connection with certain
changes in control or ownership of the Company.  

	 	Signature: Thomas M. Ringo

Dated: April 13, 2004 

	

10

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