Document:

EXHIBIT 10.1

 

AMENDED AND RESTATED

GOING PUBLIC AGREEMENT

 

THIS AMENDED AND RESTATED
GOING PUBLIC AGREEMENT (this “Agreement”) is made as of May 17, 2005, by
and among Boise Cascade Company, a Delaware corporation (“BCC”), Boise Land &
Timber Holdings Corp., a Delaware corporation (“BLTH”), OfficeMax Incorporated,
a Delaware corporation (“OMX”), Kooskia Investment Corporation, a Delaware
corporation (“Kooskia”), and Forest Products Holdings, L.L.C., a Delaware
limited liability company (“FPH”).

 

WHEREAS, BCC is
considering an initial public offering of its Class A Common Stock, par
value $0.01 per share (“Class A Common”) pursuant to a registration
statement to be filed with the Securities and Exchange Commission (the “IPO”,
and the date that shares of BCC are sold by BCC in the IPO, the “IPO Date”);

 

WHEREAS, on May 9,
2005, the Board of Managers of Boise Cascade Holdings, L.L.C. (“BCH”) filed
with the Delaware Secretary of State a Certificate of Conversion in the form of
Exhibit A attached hereto providing for the conversion of BCH from a
limited liability company to a corporation pursuant to Delaware law and that,
in connection with such conversion, BCC filed with the Delaware Secretary of
State, a Certificate of Incorporation in the form of Exhibit B attached
hereto (the “BCC Certificate”) providing for the exchange of Series A
Common Units for shares Series A Preferred Stock of BCC, par value $0.01
per share (the “Series A Preferred”), the exchange of Series B Common
Units for shares of Class B Common Stock, par value $0.01 per share (the “Class B
Common”), and the exchange of Series C Common Units for shares of Class C
Common Stock, par value $0.01 per share (the “Class C Common”), in each
case in the ratios set forth in the BCC Certificate; and

 

WHEREAS, BCC, BLTH, OMX,
Kooskia, and FPH are parties to that certain Going Public Agreement, dated as
of April 27, 2005 (the “Prior Agreement”) and desire to amend and restate
the Prior Agreement in its entirety as follows.

 

NOW THEREFORE, in
consideration of the mutual promises made herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto, intending to be legally bound, agree as follows:

 

Section 1.                                            Certain
Transactions.

 

1A.                             Exchange
of Class C Common for Class A Common.  Promptly after execution of the underwriting
agreement related to the IPO, FPH shall deliver to BCC all of its right, title
and interest to all of the Class C Common of BCC owned by FPH as of the
date of such exchange and, in consideration therefor, BCC shall issue to FPH a
number of shares of Class A Common determined by dividing (i) the
value of the Class C Common as of the IPO Date (as reasonably determined
by BCC’s board), by (ii) the price per share at which shares of Class A
Common are to be sold to the public in the IPO (clause (ii), the “Gross Price
Per Share”).  FPH represents and warrants
to BCC that, as of the date of this Agreement, FPH owns and as of the date of
the exchange, will own, all right, title and interest in and to the shares of Class C
Common being so exchanged.  In connection
with such exchange, FPH shall deliver to BCC the certificate representing the
shares of Class C Common being exchanged, endorsed in blank or together
with an assignment separate from certificate, and BCC shall deliver to FPH a
certificate representing the shares of Class A Common being issued in such
exchange.  For the avoidance of doubt,
neither FPH nor BCC shall have any obligations under this Section 1B to
effectuate such exchange unless

 

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the underwriting agreement referred to in the first
sentence of this Section 1B is executed and delivered by the respective
parties thereto.

 

1B.                               Purchase
of Preferred Stock.  If, but only if,
the IPO is consummated on or prior to December 31, 2005, BCC shall
purchase from OMX, and OMX shall sell to BCC, on or promptly after the IPO
Date, all of OMX’s right, title and interest in and to the shares of Preferred
Stock owned by OMX, for an aggregate purchase price (the “Preferred Stock
Purchase Price”) equal to (i) $36,367,347 (being the aggregate Liquidation
Value, as defined in the BCC Certificate, of such shares), plus (ii) Series A
Preferred Accumulated Dividends (as defined in the BCC Certificate), plus (iii) all
other accrued and unpaid dividends on the Liquidation Value and Series A
Preferred Accumulated Dividends of the Preferred Stock (calculated in the cases
of clauses (ii) and (iii) through the repurchase date in accordance
with the BCC Certificate).  OMX
represents and warrants to BCC that, as of the date of this Agreement, OMX owns
and as of the date of the purchase and sale contemplated by this Section 1B,
will own, all right, title and interest in and to the Preferred Stock being so
purchased and sold.

 

1C.                               Purchase
of BLTH Series A Common and BLTH Series B Common.

 

(i)                                     If,
but only if, the IPO is consummated on or prior to December 31, 2005, BCC
agrees that, on or promptly after the IPO Date, it shall make a capital
contribution to Boise Cascade, L.L.C. (“BC”) in an aggregate amount (the “Note
Repayment Amount”) equal to the lesser of (x) the excess of (A) the
aggregate principal amount plus accrued but unpaid interest outstanding on that
certain Promissory Note, dated as of February 4, 2005, issued in favor of
Boise Land & Timber Corp. (“BLT”) by BC (the “Intercompany Note”)
minus (B) intercompany amounts owed by BLT and its subsidiaries to BC and
its subsidiaries as of the date of repayment and (y) the excess of (A) the
aggregate net proceeds received by BCC from the IPO (i.e., net of expenses
related to or paid with proceeds from the IPO, including underwriters’
discount) over (B) the Preferred Stock Purchase Price.  BC shall then pay the Note Repayment Amount
to BLT in respect of the Intercompany Note and BLT shall pay a dividend to BLTH
in an aggregate amount equal to the Note Repayment Amount.  In order to expedite the transactions
referenced herein, and without otherwise impairing any obligations of any party
hereto, each of BC and BLT hereby direct that the Note Repayment Amount may be
paid directly to BLTH or its designee(s) in satisfaction of the obligations of
BC and BLT under this Section 1C(i).

 

(ii)                                  If,
but only if, the IPO is consummated on or prior to December 31, 2005,
promptly after receipt of the Note Repayment Amount, BLTH shall purchase from
Kooskia, and Kooskia shall sell to BLTH, all of Kooskia’s right, title and
interest in and to the shares of Series A Common Stock, par value $0.01
per share, of BLTH (the “BLTH Series A Common”) owned by Kooskia, for an
aggregate purchase price (the “BLTH Series A Common Stock Purchase Price”)
equal to (A) $29,632,653 (being the aggregate Liquidation Value, as
defined in the BLTH certificate of incorporation, of such shares), plus (B) the
Series A Common Accumulated Dividends (as defined in the BLTH certificate
of incorporation), plus (C) all other accrued and unpaid dividends on the
Liquidation Value and Series A Accumulated Dividends of the BLTH Series A
Common (calculated in the cases of clauses (B) and (C) through the
repurchase date in accordance with the BLTH certificate of incorporation).  Kooskia represents and warrants to BLTH that,
as of the date of this Agreement, Kooskia owns, and as of the date of the
purchase and sale, will own, all right, title and interest in and to the BLTH Series A
Common being so purchased and sold.

 

(iii)                               If,
but only if, the IPO is consummated on or prior to December 31, 2005,
promptly after receipt of the Note Repayment Amount, (a) BLTH shall
purchase from Kooskia, and Kooskia shall sell to BLTH, 95% of the shares of Series B
Common Stock of BLTH, par value $0.01 per share (the “BLTH Series B Common”)
held by Kooskia at a price per share equal to the BLTH Series B Per Share
Repurchase Price (as hereinafter defined) and (b) BLTH shall purchase from
FPH, and FPH

 

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shall sell to BLTH, 95%
of the shares of BLTH Series B Common held by FPH at a price per share
equal to the BLTH Series B Per Share Repurchase Price.  When used herein, “BLTH Series B Per
Share Repurchase Price” means an amount determined by dividing (x) the excess
of Note Repayment Amount over the BLTH Series A Common Stock Purchase
Price by (y) 95% of the shares of BLTH Series B Common held by Kooskia and
FPH.  Kooskia represents and warrants to
BLTH that, as of the date of this Agreement, Kooskia owns and as of the date of
the purchase and sale, will own, all right, title and interest in and to the
BLTH Series B Common being so purchased and sold by Kooskia.  FPH represents and warrants to BLTH that, as
of the date of this Agreement, FPH owns and, as of the date of the purchase and
sale, will own, all right, title and interest in and to the BLTH Series B
Common being so purchased and sold.

 

1D.                              Purchase
and Sale of OMX Class B Common. 
If, but only if, the IPO is consummated on or prior to May 31,
2005, FPH agrees that it shall use the cash proceeds of the Note Repayment
Amount paid to it pursuant to Section 1C(iii) and any Aggregate
Dividend Amount paid to it in the IPO (in each case, not including any amount
resulting from exercise of the underwriters’ over-allotment option) (the “FPH
Proceeds Amount”) to purchase from OMX, at a price per share equal to the Net
Price Per Share (as hereinafter defined), a number of shares of Class B
Common equal to the lesser of (i) the quotient determined by dividing (A) the
FPH Proceeds Amount by (B) the product of (1) 0.9394 (or in the event
that the underwriters’ discount is less than 6.06%, 1.0 less the underwriters’
discount paid in connection with the IPO) multiplied by (2) the Gross
Price Per Share (clause (B), the “Net Price Per Share”) and (ii) the
number of shares of Class B Common held by OMX.  In addition, if, but only if, the IPO is
consummated on or prior to May 31, 2005, and FPH receives any Cash Shoe
Proceeds (as hereinafter defined), FPH shall purchase from OMX at the
Subsequent Closing, at a price per share equal to the Net Price Per Share, an
additional number of shares of Class A Common and Class B Common
equal to the lesser of (I) the quotient determined by dividing the Cash Shoe
Proceeds received by FPH (the “FPH Cash Shoe Proceeds Amount”) by the Net Price
Per Share and (II) the number of shares of Class A Common and Class B
Common held by OMX as of the date of such Subsequent Closing.  Notwithstanding anything herein to the
contrary (w) the provisions of this Section 1D and all rights and
obligations reasonably attendant thereto (including the representations,
warranties and covenants made in Section 5 hereof) shall apply, mutatis mutandis, but without duplication,
to any Class A Common issued upon conversion of Class B Common and
any Class A Common issued in connection with the stock dividend referred
to in Section 1E, (x) in the event that the FPH Proceeds Amount and/or the
FPH Cash Shoe Proceeds Amount is not sufficient to acquire all of the shares of
Class A Common and Class B Common held by OMX at the Closing or the
Subsequent Closing, there shall be no obligation for FPH to purchase, or OMX to
sell, more shares of Class A Common and/or Class B Common than the
result yielded pursuant to the formula specified pursuant to this Section 1D
for the Closing and the Subsequent Closing, respectively, (y) the obligations
of FPH and OMX to purchase and sell Class A Common and/or Class B
Common at a Subsequent Closing shall include the obligation to purchase and
sell Class A Common or Class B Common issued to OMX as a result of
the stock dividend referred to in Section 1E hereof, and (z) in no event
shall the provisions of this Section 1D apply to any shares of Class A
Common or Class B Common acquired by OMX from a Person other than BCC
(i.e., it shall not include shares acquired in open-market purchases).

 

1E.                                Declaration
and Payment of Dividend on Class B Common.  If, but only if, the IPO is consummated on or
prior to December 31, 2005, BCC shall declare and pay a one-time dividend
in respect of its Class B Common in an aggregate amount equal to the
Aggregate Dividend Amount and each holder of Class B Common as of the
record date for such dividend shall be entitled to receive a portion of the
Aggregate Dividend Amount determined by multiplying the Aggregate Dividend
Amount by a fraction, the numerator of which is the number of outstanding
shares of Class B Common held by such holder as of the record date for
such dividend and the denominator of which is the total number of outstanding
shares of Class B Common as of the record date for such dividend (for each
holder, such

 

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fraction, such holder’s “Pro Rata Share”).  When used herein, “Aggregate Dividend Amount”
means the aggregate net proceeds received by BCC in the IPO (i.e., net of
expenses related to or paid with proceeds from the IPO, including underwriters’
discount), minus the Preferred Stock Purchase Price, minus the
Note Repayment Amount; provided that “Aggregate Dividend Amount” shall (i) not
include any proceeds received from the exercise or sale of the underwriters’
over-allotment option or be reduced by underwriters’ discount related to
exercise or sale of the underwriters’ over-allotment option and (ii) be $0
in the event that the formula for Aggregate Dividend Amount equals $0 or yields
a negative result (in which case, for the avoidance of doubt, BCC shall have no
obligation to declare or pay a dividend). 
In the event that the over-allotment option is exercised in whole or in
part, BCC shall use the cash proceeds from such over-allotment option (the “Cash
Shoe Proceeds”) to (A) make a capital contribution to BC in order that BC
may repay the Intercompany Note, in which case (x) BLT shall declare a dividend
to BLTH in the amount of such repayment and (y) BLTH shall declare a dividend
to its holders of BLTH Series B Common in such amount and/or (B) declare
and pay a dividend out of the net proceeds thereof received by BCC (i.e., net
of expenses related to or paid with proceeds from the exercise and sale of the
underwriters’ over-allotment option, including underwriters’ discount), less
any amount contributed to BC in accordance with clause (A), and such dividend
shall be paid to the holders of Class B Common, with each holder of Class B
Common as of the record date for such dividend entitled to receive a portion of
such dividend determined by multiplying the aggregate amount of such dividend
by such holder’s Pro Rata Share.  In the
event that all or a portion of the over-allotment option expires without
exercise, BCC shall declare and pay a stock dividend of shares of Class A
Common that were available for exercise (but not exercised) in the
over-allotment option to the holders of Class B Common outstanding as of
the record date for such dividend, with each holder of Class B Common as
of the record date for such dividend entitled to receive a number of shares of Class A
Common (rounded to the nearest whole share) determined by multiplying the
aggregate number of shares of Class A Common to be distributed in the
stock dividend by such holder’s Pro Rata Share.

 

1F.                                Closing.  BCC shall give OMX and FPH written notice at
least two business days prior to the date that it intends to consummate the
purchase and sale of the Preferred Stock, the BLTH Series A Common and the
BLTH Series B Common in accordance with the terms hereof and, to the
extent that the IPO was consummated on or prior to May 31, 2005, the
purchase and sale of the Class B Common from OMX to FPH (which notice may
nonetheless provide that such purchase is conditioned upon the IPO being
consummated) and the time and place for the closing of the purchase and sale of
the Preferred Stock, the BLTH Series A Common and the BLTH Series B
Common, and the purchase and sale of the Class B Common between FPH and
OMX, hereunder (the “Closing”), which Closing shall occur not more than two (2) business
days after consummation of the IPO and the date that FPH receives the FPH
Proceeds Amount.  At the Closing, (i) BCC
or BLTH, as the case may be, shall pay the amount required to be paid to OMX,
Kooskia and/or FPH in respect of the Preferred Stock, BLTH Series A Common
and/or BLTH Series B Common held by such Party, respectively, as
determined in accordance with this Agreement, by wire transfer of immediately
available funds to an account designated by OMX, Kooskia and FPH, respectively,
(ii) OMX, Kooskia and FPH, respectively, shall deliver certificates
representing the shares of Preferred Stock, BLTH Series A Common and/or
BLTH Series B Common held by such party, endorsed in blank or together
with an assignment separate from certificate, (iii) in the event that the
IPO was consummated on or prior to May 31, 2005, FPH shall pay the amount
required to be paid to OMX for the shares of Class B Common being
acquired, as determined in accordance with this Agreement, by wire transfer of
immediately available funds to an account designated by OMX, and (iv) in
the event that the IPO was consummated on or prior to May 31, 2005, OMX
shall deliver certificates representing the shares of Class B Common being
transferred to FPH, together with an assignment separate from certificate to
effectuate such transfer.

 

1G.                               Subsequent
Closings.  In the event that FPH is
obligated to acquire additional shares of Class A Common and/or Class B
Common pursuant to Section 1D, it shall deliver to OMX

 

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written notice at least two, and not more than four
(4), business days prior to the date that it intends to consummate the purchase
and sale of the Class A Common and/or Class B Common and the time and
place for the closing of the purchase and sale of such shares of Class A
Common and/or Class B Common (each, a “Subsequent Closing”), which
Subsequent Closing shall occur not more than three business days after
consummation of the sale of shares subject to the over-allotment option.  At each Subsequent Closing, (i) FPH
shall pay the amount required to be paid to OMX for the shares of Class A
Common and Class B Common being acquired, as determined in accordance with
this Agreement, by wire transfer of immediately available funds to an account
designated by OMX, and (ii) OMX shall deliver certificates representing
the shares of Class A Common and Class B Common being transferred to
FPH, together with an assignment separate from certificate to effectuate such
transfer.

 

1H.                              No
Obligation to Consummate IPO.  As a
material inducement to each of the parties to enter into this Agreement, each
of the parties hereto agrees that there shall be no obligation on the part of
BCC to enter into the underwriting agreement or to consummate the IPO at any
time or under any particular terms (it being understood and agreed that a
determination to enter into the underwriting agreement and whether and under
what terms to consummate the IPO shall be made in BCC’s sole discretion); provided
that the obligations of each of the parties under Sections 1B, 1C and 1E shall
be irrevocable in connection with an IPO consummated on or prior to December 31,
2005 and the obligations of each of the parties under Section 1D shall be
irrevocable in connection with an IPO consummated on or prior to May 31,
2005; provided, however, that, without limiting BCC’s rights not to
consummate the IPO, as a condition to the obligations of OMX under Section 1D,
(i) prior to executing the underwriting agreement related to the IPO, BCC
shall have first notified OMX of the number of shares of Class A Common
proposed to be issued in the IPO and the proposed Gross Price Per Share and
received written consent from OMX to consummate the IPO with respect to such
number of shares of Class A Common and Gross Price Per Share (which
consent OMX agrees that, once given, all other parties hereto may rely upon and
shall be irrevocable) and (ii) the underwriting agreement as executed
shall provide for the sale of the number of shares of Class A Common and
the Gross Price Per Share consented to by OMX (it being understood and agreed
that any consent shall be in OMX’s sole discretion and there shall be no
obligation on the part of OMX to consent to any particular price or number of
shares).

 

Section 2.                                            Certain
Covenants and Agreements.

 

2A.                             Securityholders
Agreement.  Each of BCC, FPH and OMX
acknowledges and agrees for the benefit of the other parties thereto and the
managing underwriters of the IPO that, upon consummation of the IPO, all rights
and obligations of the parties to the Securityholders Agreement shall terminate
(other than rights and obligations which by their terms survive termination of
the Securityholders Agreement) without liability to any party thereunder.  Without limiting the generality of the
foregoing, each of OMX and FPH expressly agree that they are waiving all rights
under Section 6 of the Securityholders Agreement and all other preemptive
rights in connection with the transactions contemplated hereby (including,
without limitation, the issuance of the Class A Common in connection with
the IPO, the issuance of securities upon conversion of BCC from a limited
liability company to a corporation and the issuance of Class A Common in
exchange for Class C Common).

 

2B.                               Registration
Rights Agreement.  Each of FPH and
OMX waives all rights to exercise any piggyback registration rights (including
as may arise under Section 2 of the Registration Rights Agreement) in
connection with the IPO (including any exercise of the underwriters’
over-allotment option in connection therewith). 
Each of FPH and OMX agree that, on or prior to the IPO Date, it shall
execute and deliver to the managing underwriters for the IPO a Lock-Up
Agreement with the managing underwriters for the IPO in form and substance
reasonably satisfactory to FPH and OMX. 
Furthermore, each of FPH and OMX agree that, from and after the IPO
Date, the definition of “Common Stock” in the

 

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Registration Rights Agreement shall be amended and
restated as follows:  “‘Common Stock’
means the Class A Common Stock of the Company, par value $0.01 per share.”  Furthermore, OMX acknowledges that, after the
IPO Date, BCC may, in order to comply with securities laws, elect to file a
registration statement for the distribution of securities of BCC held by FPH
and hereby agrees to waive any rights under the Registration Rights Agreement
or otherwise, including piggyback registration rights, to include securities
owned by OMX in such registration; provided that as a condition to such
distribution, FPH shall assign all of its rights and obligations under the
Registration Rights Agreement, the Stockholders Agreement (as hereinafter
defined) and the Securityholders Agreement to Madison Dearborn Capital Partners
IV, L.P. (“MDP”) (it being acknowledged and agreed that MDP is an Affiliate (as
such term is defined in each such respective agreement) of FPH).  When used herein, “Registration Rights
Agreement” means that certain Registration Rights Agreement, dated as of October 29,
2004, by and among BCC, OMX and FPH.

 

2C.                               Stockholders
Agreement.  When used herein, “Stockholders
Agreement” means that certain Stockholders Agreement, dated as of October 29,
2004, by and among BLTH, Kooskia and FPH. 
Each of BLTH, FPH and Kooskia hereby agree that, in light of the sale of
substantially all of the assets of BLTH, from and after the IPO Date and the
repayment of the Note Repayment Amount to BLTH, the Stockholders Agreement is
hereby amended to  revise Articles 3 and Article 4,
effective as of the repayment of the Note Amount as set forth below.

 

(i)                                     The
following changes shall be made to Article 3;

 

(a)                                  Section 3.3
is revised to read as follows:

 

3.3                                 The
Board shall consist of one individual designated in writing by FPH.

 

(b)                                 Section 3.9
is deleted.

 

(ii)                                  The
following changes shall be made to Article 4:

 

(a)                                  Delete
Section 4.3 [Requirement for annual independent audit by a big four
auditor];

 

(b)                                 Revise
Section 4.4 by deleting the requirement in clause (a) of the second
sentence thereof that the annual financial statements required by such clause
be audited and certified by an independent auditing firm; and

 

(c) Delete Section 4.6
[requirement for consent by auditors for filing of statements with a
stockholders filings with the SEC]

 

2D.                              Consent
to Assignment of Obligations under APA. 
OMX agrees that, on or after the IPO Date, FPH may assign to BC (i) its
obligations under that certain Asset Purchase Agreement, dated as of July 26,
2004, by and among OMX (formerly Boise Cascade Corporation), Minidoka Paper
Company, OfficeMax Southern Company (formerly Boise Southern Company), BLT and
FPH and (ii) its rights and obligations under that certain Mutual
Administrative Services Agreement, dated as of October 29, 2004, by and
between OMX and FPH.

 

2E.                                New
BCC Certificate of Incorporation. 
OMX and FPH acknowledge and agree that one or more amendments to BCC’s
Certificate of Incorporation may occur to (i) reflect that no shares

 

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of Class C Common or Series A Preferred are
outstanding and to delete authority to issue such shares and all rights with
respect to such shares and/or (ii) to effectuate a stock split on the Class A
Common and/or Class B Common so that there are the appropriate number of
shares outstanding and each party will execute any written consent in favor of
such amendment(s) that are reasonably requested by BCC in order to effectuate
such changes.

 

Section 3.                                            Representations
and Warranties of FPH, Kooskia and OMX. As a material inducement to BCC and
BLTH to enter into this Agreement, each of FPH, Kooskia and OMX represents and
warrants for itself (severally and not jointly) that this Agreement and the
documents requiring execution by such party in connection with this Agreement,
and such party’s performance hereunder and thereunder, has been duly
authorized, executed and delivered by such party and this Agreement constitutes
the legal, valid and binding obligations of such party, enforceable in
accordance with their terms, except as enforceability may be limited by
bankruptcy, insolvency, reorganization, moratorium or other laws affecting
creditors’ rights generally and limitations on the availability of equitable
remedies.  Furthermore, in accordance
with the Stockholders Agreement and the Securityholders Agreement, as of the
date of this Agreement and the date that the purchase and sale of Preferred
Stock, Series A Common Units and Series B Common Units is
consummated, each of Kooskia and OMX hereby (a) represent and warrant to
BCC and BLTH that (i) each of OMX and Kooskia, and each Affiliate of OMX
and Kooskia (collectively, the “OMX Parties”) is in good standing under each
Relevant Agreement (as defined in the Securityholders Agreement), and (ii) no
OMX Party has in any material respect defaulted under or breached, or is in any
material respect in default under or in breach of, any Relevant Agreement, and (b) reaffirm
the OMX Parties’ ongoing obligations under each of the Relevant Agreements.

 

Section 4.                                            Representations
and Warranties of BCC and BLTH. As a material inducement to FPH, OMX and
Kooskia to enter into this Agreement and to perform its obligations hereunder,
each of FPH, BCC, and BLTH represents and warrants for itself (severally and
not jointly) that:

 

4A.                             Organization;
Power and Licenses. BCC is a limited liability company duly organized,
validly existing and in good standing under the laws of Delaware and is
qualified to do business in every jurisdiction in which its ownership of
property or conduct of business requires it to qualify.  BLTH is a corporation duly organized, validly
existing and in good standing under the laws of Delaware and is qualified to do
business in every jurisdiction in which its ownership of property or conduct of
business is requires it to qualify.  Each
of BCC and BLTH possesses all requisite power and authority and, all material
licenses, permits and authorizations necessary to own and operate its
properties, to carry on its businesses as presently proposed to be conducted
and to carry out the transactions contemplated by this Agreement.

 

4B.                               Authorization;
Enforceability. The execution, delivery and performance of this Agreement
have been duly authorized by each of BCC and BLTH and this Agreement has been
duly executed and delivered by each of BCC and BLTH. This Agreement constitutes
a valid and binding obligation of each of BCC and BLTH, enforceable in
accordance with its terms.

 

4C.                               Relevant
Agreements.  As of the date of this
Agreement and the date that the purchase and sale of Preferred Stock, Series A
Common Units and Series B Common Units is consummated, FPH, and each
Affiliate of FPH (collectively, the “FPH” Parties”) is in good standing under
each Relevant Agreement (as defined in the Securityholders Agreement), and (ii) no
FPH Party has in any material respect defaulted under or breached, or is in any
material respect in default under or in breach of, any Relevant Agreement.  In addition FPH, BCC, and BLTH hereby
reaffirm the FPH Parties’ ongoing obligations under each of the Relevant
Agreements.

 

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4D.                              Use
of Proceeds.  The net proceeds from
the sale of Class A Common in the IPO will be applied as described under
the heading “Use of Proceeds” in the prospectus included in the registration
statement filed with the Securities and Exchange Commission in connection with
the IPO, as such registration statement has been amended prior to the grant of
consent of OMX referred to in Section 1H hereof.

 

Section 5.                                            Certain
Representations, Warranties and Covenants of OMX and FPH.

 

5A.                             OMX
Representations and Warranties. 
Without limiting the representations and warranties made by OMX in Section 3
hereof (and each of the representations and warranties in the first sentence of
which is hereby remade for the benefit of FPH), OMX hereby represents, warrants
and covenants for the benefit of the other parties hereto that it owns, and on
the date(s) of purchase and sale of any capital stock to any other person
hereunder (i.e., at the Closing and each Subsequent Closing), will own, all
right, title and interest in and to the shares of capital stock to be
transferred hereunder, free and clear of all liens, encumbrances, and other
restrictions on transfer (other than those set forth in the Securityholders
Agreement, the Registration Agreement and pursuant to applicable securities
laws).

 

5B.                               FPH
Representations and Warranties.  As a
material inducement to OMX to enter into this Agreement, FPH represents and
warrants that (i) this Agreement and the documents requiring execution by
FPH in connection with this Agreement, and FPH’s performance hereunder and
thereunder, has been duly authorized, executed and delivered by FPH and this
Agreement constitutes the legal, valid and binding obligations of such party,
enforceable in accordance with their terms, except as enforceability may be
limited by bankruptcy, insolvency, reorganization, moratorium or other laws
affecting creditors’ rights generally and limitations on the availability of
equitable remedies, (ii) FPH is acquiring the shares of Class B
Common for its own account with the present intention of holding such
securities for purposes of investment, and not with a view to or for the sale
in connection with any distribution in violation of the federal securities laws
or any applicable state securities laws, (iii) FPH is an “accredited
investor” (as defined) under Regulation D under the Securities Act of 1933 (as
amended), is sophisticated in financial matters and is able to evaluate the
risks and benefits of the investment in the shares of Class B Common to be
purchased, (iv) FPH is able to bear the economic risk of its investment in
the Class B Common for an indefinite period of time, and (v) FPH has
had an opportunity to ask questions and receive answers concerning the terms
and conditions of the offering of the Class B Common and has had full
access to such other information concerning BCC and its Subsidiaries as it has
requested.

 

5C.                               Dividends.  BCC agrees that the record date for the cash
and/or stock dividends referred to in Section 1E hereof shall be prior to
the Closing, that OMX shall be entitled to all distributions of cash and/or
stock (including as may result from the exercise or non-exercise of the
underwriters’ over-allotment option) declared or payable to holders of Class A
Common or Class B Common (in each case to the extent held by OMX as of the
record date for such distribution) as of or prior to the Closing and shall be
entitled to its Pro Rata Share, determined as of the record date for such
distribution, of all distributions of cash and/or stock resulting from exercise
or non-exercise of the underwriters’ over-allotment option, whether or not in
any such case the distribution or payment dates therefor occur after the
Closing, and that OMX shall not be under any obligation hereunder to transfer
any portion of any such distributions or dividends to FPH

 

5D.                              Certain
Waivers.  Each of the parties hereto
agrees that no representation or warranty is being made and that such party is
entering into this Agreement without reliance upon any oral or written
representations and warranties of any kind or nature by BCC or any of its
Affiliates or any of their respective officers, directors, partners or
employees, in each case except as expressly set forth herein.  Without limiting the generality of the
foregoing, each party acknowledges and agrees that such party has made its own
independent evaluation and made its own analysis as such party has deemed

 

8

 

necessary, prudent or advisable in order for such
party to make its own determination and decision to enter into this Agreement
and the documents requiring execution in connection with this Agreement and to
consummate the transactions contemplated hereby and thereby.  Each party agrees that no representation or
warranty is being made to such party as to the current or future value of Class A
Common or Class B Common relative to the Gross Price Per Share or the Net
Price Per Share or the profitability or success of BCC and its Subsidiaries going
forward.

 

Section 6.                                            Miscellaneous.

 

6A.                             Remedies.
Each party shall have all rights and remedies set forth in this Agreement, the
Securityholders Agreement and all rights and remedies which such holders have
been granted at any time under any other agreement or contract and all of the
rights which such holders have under any law. 
Any Person having any rights under any provision of this Agreement shall
be entitled to enforce such rights specifically (without posting a bond or
other security), to recover damages by reason of any breach of any provision of
this Agreement and to exercise all other rights granted by law.  Without limiting the generality of the
foregoing, if BCC and BLTH make available, at the time and place and in the
amount and form provided in this Agreement, the consideration for the Preferred
Stock, the BLTH Series A Common and the BLTH Series B Common to be
purchased in accordance with the provisions of this Agreement, then from and
after such time the holder from whom such security is to be purchased shall
cease to have any rights as a holder of such security (other than the right to
receive payment of such consideration upon satisfaction of the requirements set
forth herein), and such security shall be deemed purchased in accordance with
the applicable provisions hereof and BCC and BLTH, as applicable, shall be
deemed the owner and holder of such security, whether or not the certificate
therefor has been delivered as required by this Agreement.

 

6B.                               Consent
to Amendments. Except as otherwise expressly provided herein, no amendment,
modification or waiver of any of the provisions of this Agreement shall be
effective against any party hereto unless such party has consented to such
amendment, modification or waiver in writing. 
No course of dealing between any parties or any delay in exercising any
rights shall operate as a waiver of any rights.

 

6C.                               Survival
of Representations and Warranties. All representations and warranties
contained herein or made in writing by any party in connection herewith shall
survive the execution and delivery of this Agreement and the consummation of
the transactions contemplated hereby.

 

6D.                              Further
Assurances.  Each of FPH, Kooskia and
OMX shall take all actions and execute all other documents consistent with its
obligations hereunder or under the Stockholders Agreement or the
Securityholders Agreement in connection with the transactions contemplated
hereby or otherwise reasonably requested by BCC and/or BLTH in order to
consummate the transactions contemplated hereby.  Furthermore, if and when requested by BCC or
BLTH in connection with the transfer, sale or disposition of equity securities
after the date hereof, each of FPH, Kooskia and OMX shall make customary
representations and warranties regarding the transfer of the equity securities
of BCC and BLTH held by OMX, Kooskia and/or FPH (including representations and
warranties regarding good title to such shares free and clear of any liens,
encumbrances and/or other restrictions) and other representations, warranties
and certifications that may be provided for in connection with a transfer of
equity securities by such holder under the Securityholders Agreement and/or the
Stockholders Agreement (as hereinafter defined).

 

6E.                                Successors
and Assigns. Except as otherwise expressly provided herein, all covenants
and agreements contained in this Agreement by or on behalf of any of the
parties hereto shall bind and inure to the benefit of the respective successors
and permitted assigns of the parties hereto,

 

9

 

whether so expressed or not, unless the assignor and
assignee have otherwise agreed; provided that neither this Agreement nor any of the rights,
interests or obligations hereunder may be assigned by any Person without the
prior written consent of the other parties affected thereby.

 

6F.                                Severability.
Whenever possible, each provision of this Agreement shall be interpreted in
such manner as to be effective and valid under applicable law, but if any
provision of this Agreement is held to be prohibited by or invalid under
applicable law, such provision shall be ineffective only to the extent of such
prohibition or invalidity, without invalidating the remainder of this
Agreement.

 

6G.                               Counterparts.
This Agreement may be executed simultaneously in two or more counterparts,
anyone of which need not contain the signatures of more than one party, but all
such counterparts taken together shall constitute one and the same Agreement.

 

6H.                              Descriptive
Headings; Interpretation; No Strict Construction. The descriptive headings
of this Agreement are inserted for convenience only and do not constitute a
substantive part of this Agreement. 
Whenever required by the context, any pronoun used in this Agreement
shall include the corresponding masculine, feminine or neuter forms, and the
singular forms of nouns, pronouns, and verbs shall include the plural and vice
versa. Reference to any agreement, document, or instrument means such
agreement, document, or instrument as amended or otherwise modified from time
to time in accordance with the terms thereof, and if applicable hereof.  The use of the words “include” or “including”
in this Agreement shall be by way of example rather than by limitation.  The use of the words “or,” “either” or “any”
shall not be exclusive.  The parties
hereto have participated jointly in the negotiation and drafting of this
Agreement.  In the event an ambiguity or
question of intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by the parties hereto, and no presumption or burden of
proof shall arise favoring or disfavoring any party by virtue of the authorship
of any of the provisions of this Agreement.

 

6I.                                  Governing
Law.  All issues and questions
concerning the construction, validity, enforcement and interpretation of this
Agreement and the exhibits and schedules hereto shall be governed by, and
construed in accordance with, the laws of the State of Delaware, without giving
effect to any choice of law or conflict of law rules or provisions
(whether of the State of Delaware or any other jurisdiction) that would cause
the application of the laws of any jurisdiction other than the State of
Delaware.

 

6J.                                  Notices.  Except as otherwise specified herein, all
notices, demands or other communications to be given or delivered under or by
reason of the provisions of this Agreement shall be made and as set forth in
the Securityholders Agreement (with any notice to Kooskia being effective if
delivered to OMX in accordance with the Securityholders Agreement, and any
notice to BLTH and BLTH being effective if delivered to BCC in accordance with
the Securityholders Agreement).

 

6K.                              Delivery
by Facsimile and Other Electronic Means. 
This Agreement, the agreements referred to herein, and each other agreement
or instrument entered into in connection herewith or therewith or contemplated
hereby or thereby, and any amendments hereto or thereto, to the extent signed
and delivered by means of a facsimile machine or other electronic transmission,
shall be treated in all manner and respects as an original agreement or
instrument and shall be considered to have the same binding legal effect as if
it were the original signed version thereof delivered in person.  At the request of any party hereto or to any
such agreement or instrument, each other party hereto or thereto shall
re-execute original forms thereof and deliver them to all other parties.  No party hereto or to any such agreement or
instrument shall raise the use of a facsimile machine or other electronic means
to deliver a signature or the fact that any signature or agreement or
instrument was transmitted or communicated

 

10

 

through the use of a facsimile machine or other
electronic means as a defense to the formation or enforceability of a contract
and each such party forever waives any such defense.

 

6L.                                Complete
Agreement.  This Agreement reflects
the complete understanding of the parties with respect to the subject matter
hereof and supersedes all prior understandings, agreements or arrangements
(including the Prior Agreement) with respect to such subject matter.

 

*          *          *          *          *

 

11

 

IN WITNESS WHEREOF, the
parties hereto have executed this Going Public Agreement the day and year first
above written.

 

 

	
   

  	
  BOISE
  CASCADE COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  John W. Holleran

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BOISE
  LAND & TIMBER HOLDINGS CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  John W. Holleran

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FOREST
  PRODUCTS HOLDINGS, L.L.C.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  John W. Holleran

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  OFFICEMAX
  INCORPORATED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Ted Crumley

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  KOOSKIA
  INVESTMENT CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Ted CrumleyExhibit
10.1

 

AMENDMENT

to

EMPLOYMENT AGREEMENT

 

                THIS AMENDMENT (“Amendment”) to that certain Employment
Agreement, dated October 15, 2001, by and between Western Gas Resources,
Inc.,  (the “Corporation”) and Peter A.
Dea, (“Employee”) (the “Agreement”), is made and entered into this 20th
day of May, 2005.

 

RECITALS

 

                WHEREAS, the Corporation and
Employee have entered into negotiations to renew the Agreement; and

 

                WHEREAS, the parties desire to
enter into a short-term extension of the term of the Agreement to facilitate
the completion of their negotiations and the execution of a new employment
agreement.

 

AGREEMENT

 

                NOW THEREFORE, in consideration
of the mutual covenants contained in the Agreement and this Amendment, the
parties hereto agree as follows:

 

 

1.               That
Section 1 of the Agreement be amended by deleted the words “May 31, 2005” and
inserting in lieu thereof the words “July 31, 2005”.

 

2.               Unless
otherwise amended herein, all other provisions of the Agreement shall remain in
full force and effect as originally written.

 

3.               This
Amendment may be executed in any number of counterparts, each of which shall be
considered an original.

 

 

                IN WITNESS WHEREOF, the parties
hereunto have executed this Amendment as of the date first written above.

 

 

	
  WESTERN
  GAS RESOURCES, INC.:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ John C. Walter

  	
   

  	
   

  
	
  Name: John C. Walter

  	
   

  
	
  Title: Executive Vice President

  	
   

  
	
   

  	
   

  
	
  EMPLOYEE:

  	
   

  
	
   

  	
   

  
	
  By:

  	
    /s/ Peter A. Dea

  	
   

  	
   

  
	
   

  	
  Peter A. Dea

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