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Exhibit 10.25    
    

 
 

BOISE CASCADE CORPORATION
  
    KEY EXECUTIVE PERFORMANCE UNIT PLAN
  
    (As Amended Through September 26, 2003)    

        1.     Purpose of the Plan. The purpose of the Boise Cascade Corporation Key Executive Performance Unit Plan (the "Plan") is to
further the growth and development of Boise Cascade Corporation (the "Company") by providing long-term economic incentives to the Company's Executive Officers, thereby encouraging their
productive efforts on behalf of the Company. The Plan is also intended to provide Participants with an opportunity to supplement their retirement income through deferral of Awards earned under the
Plan. The Plan is an unfunded plan. 

        2.     Definitions. 

        2.1   Award. The grant of Performance Units to an Executive Officer under the terms of this Plan. 

        2.2   Award Criteria. Cumulative improvement in Economic Value Added ("EVA") over rolling three-year periods
relative to a benchmark group of key business competitors, based on publicly-reported financial information. The Committee will have the discretion to make appropriate adjustments to the Company's EVA
in certifying the Company's performance relative to those key business competitors. The Award Criteria applicable to any Award Period shall be established by the Committee within 90 days of the
beginning of that Award Period. 

        2.3   Award Period. A three consecutive calendar year period with respect to which an Award has been granted. 

        2.4   Change in Control. A Change in Control shall be deemed to have occurred if: 

        (a)   Any
Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 25% or more of either the then outstanding shares of
common stock of the Company or the combined voting power of the Company's then outstanding securities; provided, however, if such Person acquires securities directly from the Company, such securities
shall not be included unless such Person acquires additional securities which, when added to the securities acquired directly from the Company, exceed 25% of the Company's then outstanding shares of
common stock or the combined voting power of the Company's then outstanding securities; and provided further that any acquisition of securities by any Person in connection with a transaction described
in Section 2.4(c)(i) shall not be deemed to be a Change in Control of the Company; or 

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

        (c)   The
consummation of a merger or consolidation of the Company (or any direct or indirect subsidiary of the Company) with any other corporation other than (i) a
merger or 

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consolidation
which would result in both (a) Continuing Directors continuing to constitute at least a majority of the number of directors of the combined entity immediately following
consummation of such merger or consolidation, and (b) the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by
remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) more than 50% of the combined voting power of the voting securities of the Company or
such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (ii) a merger or consolidation effected to implement a recapitalization of the Company
(or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 25% or more of either the then outstanding shares of
common stock of the Company or the combined voting power of the Company's then outstanding securities; provided that securities acquired directly from the Company shall not be included unless the
Person acquires additional securities which, when added to the securities acquired directly from the Company, exceed 25% of the Company's then outstanding shares of common stock or the combined voting
power of the Company's then outstanding securities; and provided further that any acquisition of securities by any Person in connection with a transaction described in
Section 2.4(c)(i) shall not be deemed to be a Change in Control of the Company; or 

        (d)   The
stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or the consummation of an agreement for the sale or disposition by
the Company of all or substantially all of the Company's assets, other than a sale or disposition by the Company of all or substantially all of the Company's assets to an entity, more than 50% of the
combined voting power of the voting securities of which are owned by Persons in substantially the same proportions as their ownership of the Company immediately prior to such sale. 

        A
transaction described in Section 2.4(c) which is not a Change in Control of the Company solely due to the operation of Subsection 2.4(c)(i)(a) will nevertheless constitute a
Change in Control of the Company if the Board determines, prior to the consummation of the transaction, that there is not a reasonable assurance that, for at least two years following the consummation
of the transaction, at least a majority of the members of the board of directors of the surviving entity or any parent will continue to consist of Continuing Directors and individuals whose election
or nomination for election by the shareholders of the surviving entity or any parent would be approved by a vote of at least two-thirds of the Continuing Directors and individuals whose
election or nomination for election has previously been so approved. 

        For
purposes of this Section and Section 2.16, "Beneficial Owner" shall have the meaning set forth in Rule 13d-3 under the Securities Exchange Act of 1934, as
amended (the "Exchange Act"). 

        For
purposes of this Section and Section 2.16, "Person" shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and
14(d) thereof, except that "Person" shall not include (i) the Company or any of its subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of
the Company or any of its subsidiaries, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, (iv) a corporation owned, directly or indirectly,
by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, or (v) an individual, entity or group that is permitted to and does report
its beneficial ownership of securities of the Company on Schedule 13G under the Exchange Act (or any successor schedule), provided that if the individual, entity or group later becomes required
to or does report its ownership of Company securities on Schedule 13D under the 

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Exchange
Act (or any successor schedule), then the individual, person or group shall be deemed to be a Person as of the first date on which the individual, person or group becomes required to or does
report its ownership on Schedule 13D. 

        2.5   Committee. The Executive Compensation Committee of the Company's board of directors. 

        2.6   Compensation. The cash value of Performance Units at the Payout Date. Compensation paid pursuant to this Plan shall not
be treated as Compensation for purposes of the Pension Plan, the Company's Savings and Supplemental Retirement Plan, or for any Company severance, vacation, or other plan or policy. 

        2.7   Competitor. Any business, foreign or domestic, which is engaged, at any time relevant to the provisions of this Plan, in
the manufacture, sale, or distribution of products, or in the providing of services, in competition with products manufactured, sold, or distributed, or services provided, by the Company or any
subsidiary, partnership, or joint venture of the Company. The determination of whether a business is a Competitor shall be made by the Company's General Counsel, in his or her sole discretion. 

        2.8   Deferred Account. The record maintained by the Company for each Participant of the cumulative amount of Compensation
otherwise payable under this Plan but deferred in accordance with the terms of this Plan and the Company's 2001 Key Executive Deferred Compensation Plan, together with imputed gains or losses on those
amounts. 

        2.9   Deferred Compensation Agreement. An agreement between a Participant and the Company whereby a Participant irrevocably
agrees to defer all or a portion of Compensation payable under the terms of this Plan. Compensation so deferred shall be subject to the terms of any distribution election executed by the Participant
under the Company's 2001 Key Executive Deferred Compensation Plan. 

        2.10 Deferred Compensation and Benefits Trust. The irrevocable trust established by the Company with an independent trustee
for the benefit of persons entitled to receive payments or benefits hereunder, the assets of which will be subject to claims of the Company's creditors in the event of bankruptcy or insolvency. 

        2.11 Executive Officer. Executive Officers of the Company required to be identified as such in the Company's Annual Report on
Form 10-K as filed with the Securities and Exchange Commission. 

        2.12 Participant. An Executive Officer of the Company who has been granted Performance Units under this Plan. 

        2.13 Payout Date. The date following the end of an Award Period, and following certification by the Committee of the value of
the Performance Units, upon which the cash value of Performance Units are paid to Participants (unless the payment is deferred at the Participant's election). 

        2.14 Pension Plan. The Boise Cascade Corporation Pension Plan for Salaried Employees, as amended from time to time. 

        2.15 Performance Unit. A notional account unit with a Target Value of $1.00 on its grant date and a maximum potential value
of $2.25. A Performance Unit will have no value unless the Company meets at least a minimum relative performance standard. 

        2.16 Potential Change in Control. A "Potential Change in Control" shall be deemed to have occurred if (a) the Company
enters into an agreement, the consummation of which would result in the occurrence of a Change in Control of the Company; (b) the Company or any Person publicly announces an intention to take
or to consider taking actions which if consummated would 

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constitute
a Change in Control of the Company; (c) any Person becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 9.5% or more of either the then
outstanding shares of common stock of the Company or the combined voting power of the Company's then outstanding securities, provided that securities acquired directly from the Company shall not be
included unless the Person acquires additional securities which, when added to the securities acquired directly from the Company, exceed 9.5% of the Company's then outstanding shares of common stock
or the combined voting power of the Company's then outstanding securities; or (d) the Board adopts a resolution to the effect that a Potential Change in Control has occurred. 

        2.17 Retirement. A Participant's termination of employment with the Company (or any subsidiary, partnership, or joint venture
of the Company) for reasons other than death, total disability (as defined in the Pension Plan), or disciplinary reasons (as that term is used for purposes of the Company's Corporate Policy 10.2,
Termination of Employment) at any time after the Participant has attained age 55 with 10 or more years of service (as defined in the Pension Plan). 

        2.18 Termination of Employment. The Participant's ceasing to be employed by the Company for any reason whatsoever, whether
voluntarily or involuntarily, including by reason of early retirement, normal retirement, death or disability, provided that transfer from the Company to a subsidiary or vice versa shall not be deemed
a Termination of Employment for purposes of this Plan. 

        2.19 Year of Service. A Year of Service as determined under the Pension Plan. 

        3.     Awards. 

        (a)   Grant. The Committee may, in its sole discretion, make an Award to any Executive Officer each year, or from time to time,
in such amount and subject to such terms and conditions as the Committee may determine. In no event, however, may the number of Performance Units awarded in any calendar year to any one Executive
Officer exceed 1,500,000. 

        (b)   Determination. As soon as practical after the conclusion of each Award Period, the Committee shall review and evaluate
the Award Criteria applicable to the Award Period in light of the Company's performance measured in accordance with such criteria, and shall determine the dollar value, if any, of the Performance
Units granted in connection with that Award Period. The Committee shall certify its determination in a written statement and shall apply the value so determined to arrive at a dollar amount of any
Award for each Participant. 

        4.     Payment of Awards. Payment of Awards, less withholding taxes, shall be made to Participants as soon as administratively
feasible following the conclusion of the applicable Award Period, but only upon the Committee's certification that the applicable Award Criteria have been satisfied and upon determination of the
amount of each Award. No Award shall be deemed to be earned under this Plan prior to the Committee's certification and Award determination. Funding of Awards under this Plan shall be out of the
general assets of the Company. Payment of Awards for which a deferral election has been made by a Participant pursuant to Section 8 hereof shall be made in accordance with the Participant's
deferral election. 

        5.     Administration and Interpretation of the Plan. The Committee shall have final discretion, responsibility, and authority to
administer and interpret the Plan. This includes the discretion and authority to determine all questions of fact, eligibility, or benefits relating to the Plan. The Committee may also adopt any rules
it deems necessary to administer the Plan. The Committee's responsibilities for administration and interpretation of the Plan shall be exercised by Company employees who have been assigned those
responsibilities by the Company's management. Any Company employee exercising responsibilities relating to the Plan in accordance with this section shall be deemed to have been 

4

 

delegated
the discretionary authority vested in the Committee with respect to those responsibilities, unless limited in writing by the Committee. Any Participant may appeal any action or decision of
these employees to the Company's General Counsel and may request that the Committee reconsider decisions of the General Counsel. Claims for benefits under the Plan and appeals of claim denials shall
be in accordance with Sections 12 and 13. Any interpretation by the Committee shall be final and binding on the Participants. 

        6.     Participation in the Plan. Executive Officers of the Company may become Participants in accordance with the terms of the
Plan at any time during the Award Period, as provided in Section 2.12. If an Executive Officer becomes a Participant at any time during the first year of an Award Period, he or she will be
eligible for an Award as if he or she had been a Participant at the beginning of that Award Period, but will not be eligible for an Award with respect to any prior Award Period. 

        When
an Executive Officer becomes a Participant in this Plan, he or she shall be eligible to be a Participant in all subsequent Award Periods under the Plan until he or she ceases to be
an Executive Officer of the Company, his or her employment with the Company terminates, or he or she is excluded from participation by the Committee. 

        7.     Treatment of Awards Upon Retirement, Disability, Death, Reassignment, or Termination. A Participant who
(a) Retires, (b) becomes totally disabled, (c) dies, or (d) terminates employment as a direct result of the sale or permanent closure of a division or facility of the
Company or as a direct result of a merger, reorganization, sale, or restructuring of all or part of the Company, will cease to be a Participant in the Plan as of the day of the occurrence of such
event; provided, however, if such event constitutes a Change in Control of the Company, benefits shall be paid to such Participant as provided in Section 9 of this Plan. 

        In
the event of Retirement, total disability, or death, the Participant will be fully vested in the Performance Units granted prior to the date of his or her Retirement, total
disability, or death; provided, however, such Performance Units shall be void and of no value if the Participant provides services, directly or indirectly, to a Competitor at any time after the date
of his or her Retirement or total disability. An Award, if any, shall be paid to the Participant (or his or her designated beneficiary or estate in the case of death) as soon as practical after the
Committee certifies that an Award is payable under the applicable Criteria and determines the amount of the Award, provided that the Participant has not, at any time prior to the date of payment of
the Award, provided services for
remuneration, directly or indirectly, to any Competitor. Any Award to be paid pursuant to this paragraph shall be calculated at the end of the Award Period as though the Participant had been employed
by the Company throughout the applicable Award Period. 

        In
the event an Executive Officer ceases to be a Participant under 7(d) above, the Participant shall receive a pro rata Award under the Plan (if one is paid), based on the number of days
he or she was a Participant in the Plan during the Award Period. This prorated Award shall be paid to the Participant as soon as practical after the Committee certifies that an Award is payable under
the applicable Criteria and determines the amount of the Award. In addition, if a Participant is excluded from participation by decision of the Committee during an Award Period, the Participant shall
cease participation as of the date of such decision and shall be eligible to receive a prorated Award for the Award Period (if one is paid). 

        Participants
who otherwise terminate their employment with the Company during an Award Period, whether voluntarily or involuntarily, with or without cause, shall not be eligible to
receive any Award for the Award Period. Performance Units granted to such Participants prior to the date of termination of employment shall be void and have no monetary or other value. 

5

 

        8.     Deferral of Awards. A Participant may elect to defer receipt of all or any portion of any Award made under the Plan to a
future date as provided in the Company's 2001 Key Executive Deferred Compensation Plan. Awards so deferred will be subject to the terms of that plan and the Deferred Compensation and Benefits Trust. 

        9.     Benefits Upon Change in Control. Upon the occurrence of any Potential Change in Control of the Company, neither the
Committee nor the Company shall have any authority to amend this Plan in any manner that would reduce or alter the rights of Participants to any benefit hereunder without the consent of the
Participants. 

        Upon
a Change in Control of the Company, the Company shall promptly pay to all Participants 150% of the Target Value of all outstanding Awards, less applicable tax withholding. Any such
payment shall be subject to any deferral election(s) made by a Participant with respect to such outstanding Award(s). 

        10.   Miscellaneous. 

        10.1 Assignability. A Participant's right and interest under the Plan may not be assigned or transferred, except in the event
of the Participant's death, in which event such right and interest shall be transferred to his or her designated beneficiary, or in the absence of a designation of beneficiary, by will or in
accordance with the laws of descent and distribution of the state of the Participant's principal residence at the time of death. 

        10.2 Employment Not Guaranteed. This Plan is not intended to and does not create a contract of employment in any manner nor
any entitlement to a position or title. Employment with the Company is at will, which means that either the Executive Officer or the Company may end the employment relationship at any time and for any
reason. Nothing in this Plan changes or should be construed as changing that at-will relationship, nor creates or should be construed as conferring any right upon a Participant to be
retained as an employee or Executive Officer of the Company. 

        10.3 Taxes. The Company shall deduct from all payments made under this Plan all applicable federal or state taxes required by
law to be withheld. Participants may, upon written request to the Company, request additional amounts to be withheld from any Award. 

        10.4 Construction and Jurisdiction. The Plan shall be construed according to the laws of the state of Idaho. In the event any
lawsuit or legal action is brought, by any party, person, or entity regarding this Plan, benefits hereunder, or any related issue, such action or suit may be brought only in Federal District Court in
the District of Idaho. 

        10.5 Form of Communication. Any election, application, claim, notice, or other communication required or permitted to be made
by a Participant to the Committee or the Company shall be made in writing and in such form as the Company may prescribe. Such communication shall be effective upon receipt by the Company's Salaried
and Executive Compensation Manager at 1111 West Jefferson Street, P.O. Box 50, Boise, Idaho 83728-0001. 

        11.   Amendment and Termination. The Company, acting through its Board or any committee of the Board, may, at its sole
discretion, amend or terminate the Plan at any time, provided that the amendment or termination shall not adversely affect the vested or accrued rights or benefits of any Participant without the
Participant's prior consent. 

        12.   Claims Procedure. Claims for benefits under the Plan shall be filed in writing, within 90 days after the event
giving rise to a claim, with the Company's Salaried and Executive Compensation Manager, who shall have absolute discretion to interpret and apply the Plan, evaluate the facts and circumstances, and
make a determination with respect to such claim in the name and on behalf of the Committee. Such written notice of a claim shall include a statement of all facts believed by the Participant to be
relevant to the claim and shall include copies of all documents, materials, or other 

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evidence
that the Participant believes relevant to such claim. Written notice of the disposition of a claim shall be furnished the claimant within 90 days after the application is filed. This
90-day period may be extended an additional 90 days by the Salaried and Executive Compensation Manager, in his or her sole discretion, by providing written notice of such extension
to the claimant prior to the expiration of the original 90-day period. In the event the claim is denied, the specific reasons for such denial shall be set forth in writing, pertinent
provisions of the Plan shall be cited, and, where appropriate, an explanation as to how the claimant may perfect the claim or submit such claim for review will be provided. 

        13.   Claims Review Procedure. Any Participant, former Participant, or Beneficiary of either, who has been denied a benefit
claim under Section 12 hereof, shall be entitled, upon written request, to a review of his or her denied claim. Such request, together with a written statement of the claimant's position, shall
be filed no later than 60 days after receipt of the written notification provided for in Section 12, and shall be filed with the Company's Salaried and Executive Compensation Manager,
who shall promptly inform the Committee and forward all such material to the Committee for its review. The Committee may meet in person or by telephone to review any such denied claim. The Committee
shall make its decision, in writing, within 60 days after receipt of the claimant's request for review. The Committee's written decision shall state the facts and Plan provisions upon which its
decision is based. The Committee's decision shall be final and binding on all parties. This 60-day period may be extended an additional 60 days by the Committee, in its discretion,
by providing written notice of such extension to the claimant prior to the expiration of the original 60-day period. 

        14.   Effective Date. The Plan shall become effective on January 1, 2001, provided, however, that no payment shall be
made with respect to any Award prior to approval of the Plan by the Company's shareholders. 

7

QuickLinks

Exhibit 10.25

BOISE CASCADE CORPORATION KEY EXECUTIVE PERFORMANCE UNIT PLAN (As Amended Through September 26, 2003)QuickLinks
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Exhibit 10.26    
    

 
 

BOISE CASCADE CORPORATION
  
    2003 DIRECTOR STOCK COMPENSATION PLAN
  
    (As Amended Through September 26, 2003)    

        1.     Plan Administration and Eligibility. 

        1.1   Purpose. The purpose of the 2003 Director Stock Compensation Plan (the "Plan") of Boise Cascade Corporation (the
"Company") is to encourage ownership of the Company's common stock by its nonemployee directors. 

        1.2   Administration. The Executive Compensation Committee or any successor to the Committee (the "Committee") shall have final
discretion, responsibility, and authority to administer and interpret the Plan. This includes the discretion and authority to determine all questions of fact, eligibility, or benefits relating to the
Plan. The Committee may also adopt any rules it deems necessary to administer the Plan. The Committee's responsibilities for administration and interpretation of the Plan shall be exercised by Company
employees who have been assigned those responsibilities by the Company's management. Any Company employee exercising responsibilities relating to the Plan in accordance with this section shall be
deemed to have been delegated the discretionary authority vested in the Committee with respect to those responsibilities, unless limited in writing by the Committee. Any Participant may appeal any
action or decision of these employees to the Company's General Counsel and may request that the Committee reconsider decisions of the General Counsel. Any interpretation by the Committee shall be
final and binding on the Participants. 

        1.3   Participation in the Plan. Directors of the Company who are not employees of the Company or any of its subsidiaries are
eligible to participate in this Plan. 

        2.     Stock Subject to the Plan. 

        2.1   Number of Shares. The maximum number of shares of the Company's $2.50 par value Common Stock ("Common Stock" or "Shares")
which may be issued pursuant to options granted under this Plan shall be 75,000 Shares, subject to adjustment as provided in Section 4.4. 

        2.2   Nonexercised Shares. If any outstanding option under this Plan for any reason expires or is terminated without having
been exercised in full, the Shares allocable to the unexercised portion of the option shall again become available for issuance under options granted pursuant to this Plan. 

        2.3   Share Issuance. Upon the exercise of an option, the Company may issue new Shares or reissue Shares previously repurchased
by or on behalf of the Company. 

        3.     Options. 

        3.1   Option Grant Dates. Options shall be granted automatically to each participating director on December 31 of each
year (or, if December 31 is not a business day, on the immediately preceding business day) (the "Grant Date"). 

        3.2   Option Price. The purchase price per share for the Shares covered by each option shall be $2.50 (the "Option Price"). 

 

        3.3   Number of Option Shares. The number of Shares subject to options granted to each participating director on each Grant
Date will be the aggregate number of Shares determined by the following formulas: 

        3.3.1 Compensation Shares. The number of option Shares equal to the nearest whole number determined by the following formula: 

	Elected Portion of Compensation
 (Fair Market Value - $2.50)	 	=	 	Number of

Option Shares

        3.3.2 Dividend Equivalent Shares. The number of option Shares equal to the nearest whole number determined by the following
formula: 

	Dividend Equivalent
 (Fair Market Value - $2.50)	 	=	 	Number of

Option Shares

        3.3.3 Definitions. For purposes of determining the number of Shares granted under this Section 3.3, the following
definitions will apply: 

        3.3.3.1 "Compensation." A Participant's fees, otherwise payable in cash, for services rendered by a Participant as a director
of the Company during a calendar year. Compensation shall not include any amounts paid by the Company to a Participant that are not strictly in consideration for personal services, such as expense
reimbursements. 

        3.3.3.2 "Dividend Equivalent." The aggregate dollar value, determined each year, equal to the product of (i) the
number of Shares subject to options held by a director pursuant to this Plan on each respective
Record Date during the year plus 1/2 the number of Shares to be granted under Section 3.3.1 for the year in which this calculation is being made, multiplied by (ii) the
value of the dividend per Share paid by the Company for each respective Record Date. 

        3.3.3.3 "Elected Portion of Compensation." A dollar amount determined each year for each director equal to the dollar amount
of the percentage of his or her Compensation, if any, which the director has irrevocably elected, in writing, to have paid in the form of options granted under this Plan. This written election must be
received by the secretary of the Company on or before December 31 of each year and shall specify a percentage, up to 100%, of the director's Compensation for the following year to be paid in
the form of options under this Plan. Eligible directors initially elected or appointed to office as directors of the Company after adoption of this plan may make a written election under this
paragraph within 30 days following their initial election or appointment to office, which election shall be effective for Compensation amounts earned during the calendar year of their initial
election or appointment to office. 

        3.3.3.4 "Fair Market Value." The closing price for Shares as reported by the New York Stock Exchange or another generally
accepted pricing standard chosen by the Company, in each case on the Valuation Date. 

        3.3.3.5 "Record Date." Each date declared as a record date by the Board of Directors for the purpose of determining
shareholders eligible to receive a dividend to be paid on Shares. 

        3.3.3.6 "Valuation Date." July 31, or if Fair Market Value is not available on July 31, the immediately
preceding business day for which Fair Market Value is available. 

        3.4   Director Terminations. If a director participating in this Plan retires, resigns, dies, or otherwise terminates his or
her position on the Company's Board of Directors, the director shall 

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be
granted, on December 31 of the year in which the termination occurs, an option for Shares under this Plan equal in value to (i) the Elected Portion of Compensation and (ii) the
Dividend Equivalent. For purposes of this Section 3.4, fixed Compensation amounts (e.g., annual retainer and committee chairperson fees) shall be prorated through the date of termination. 

        3.5   Written Agreements. Each grant of an option under this Plan shall be evidenced by a written agreement, which shall comply
with and be subject to the terms and conditions contained in this Plan. 

        3.6   Nonstatutory Stock Options. Options granted under this Plan shall not be entitled to special tax treatment under
Section 422A of the Internal Revenue Code of 1986. 

        3.7   Period of Option. No option may be exercised within 6 months of its Grant Date, provided, however, that options
held by or granted to a director shall be immediately exercisable upon (i) that director's retirement because of age, disability, or death, or (ii) the occurrence of any of the events
described in Section 3.11, except as federal and state securities laws may otherwise limit a director's ability to resell the Shares acquired upon the exercise until 6 months after the
Grant Date. No option shall be exercisable after expiration of 3 years from the date upon which the option holder terminates his or her position as a director of the Company. 

        3.8   Exercise of Options. Options may be exercised only by written notice to the secretary of the Company, and payment of the
exercise price may be made by any permissible method specified in the written agreement. Options may be exercised in whole or in part. 

        3.9   Options Not Transferable. Each option granted under this Plan shall not be transferable by the optionee otherwise than by
will or by the laws of descent and distribution or pursuant to a qualified domestic relations order as defined by the Internal Revenue Code of 1986, as amended, or Title I of the Employee Retirement
Income Security Act of 1974, as amended, and the rules and regulations thereunder. No option granted under this Plan, or any interest therein, may be otherwise transferred, assigned, pledged, or
hypothecated by the director to which the option was granted during his or her lifetime, whether by operation of law or otherwise, or be made subject to execution, attachment, or similar process. 

        3.10 Exercise by Representative Following Death of Director. A director, by written notice to the Company, may designate one
or more persons (and from time to time change such designation), including his or her legal representative, who, by reason of the director's death, shall acquire the right to exercise all or a portion
of an option granted under this Plan. Any exercise by a representative shall be subject to the provisions of this Plan. 

        3.11 Acceleration of Stock Options. Notwithstanding Section 3.7, if a "Change in Control of the Company" occurs while
unexercised options remain outstanding hereunder, then from and after the date the Change in Control of the Company occurs, all options previously granted under this Plan shall be immediately
exercisable in full. 

        For
purposes of this Section, a "Change in Control of the Company" shall be deemed to have occurred if: 

        (a)   Any
Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 25% or more of either the then outstanding shares of
common stock of the Company or the combined voting power of the Company's then outstanding securities; provided, however, if such Person acquires securities directly from the Company, such securities
shall not be included unless such Person acquires additional securities which, when added to the securities acquired directly from the Company, exceed 25% of the Company's then outstanding shares of
common stock or the combined voting power of the Company's then outstanding securities; and provided further that any acquisition of securities 

3

 

by
any Person in connection with a transaction described in Section 3.11(c)(i) shall not be deemed to be a Change in Control of the Company; or 

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

        (c)   The
consummation of a merger or consolidation of the Company (or any direct or indirect subsidiary of the Company) with any other corporation other than (i) a
merger or consolidation which would result in both (a) Continuing Directors continuing to constitute at least a majority of the number of directors of the combined entity immediately following
consummation of such merger or consolidation, and (b) the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by
remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) more than 50% of the combined voting power of the voting securities of the Company or
such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (ii) a merger or consolidation effected to implement a recapitalization of the Company
(or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 25% or more of either the then outstanding shares of
common stock of the Company or the combined voting power of the Company's then outstanding securities; provided that securities acquired directly from the Company shall not be included unless the
Person acquires additional securities which, when added to the securities acquired directly from the Company, exceed 25% of the Company's then outstanding shares of common stock or the combined voting
power of the Company's then outstanding securities; and provided further that any acquisition of securities by any Person in connection with a transaction described in
Section 3.11(c)(i) shall not be deemed to be a Change in Control of the Company; or 

        (d)   The
stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or the consummation of an agreement for the sale or disposition by
the Company of all or substantially all of the Company's assets, other than a sale or disposition by the Company of all or substantially all of the Company's assets to an entity, more than 50% of the
combined voting power of
the voting securities of which are owned by Persons in substantially the same proportions as their ownership of the Company immediately prior to such sale. 

        A
transaction described in Section 3.11(c) which is not a Change in Control of the Company solely due to the operation of Subsection 3.11(c)(i)(a) will nevertheless constitute a
Change in Control of the Company if the Board determines, prior to the consummation of the transaction, that there is not a reasonable assurance that, for at least two years following the consummation
of the transaction, at least a majority of the members of the board of directors of the surviving entity or any parent will continue to consist of Continuing Directors and individuals whose election
or nomination for election by the shareholders of the surviving entity or any parent would be approved by a vote of at least two-thirds of the Continuing Directors and individuals whose
election or nomination for election has previously been so approved. 

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

        For
purposes of this section, "Person" shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that
"Person" shall not include (i) the Company or any of its subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its
subsidiaries, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, (iv) a corporation owned, directly or indirectly, by the stockholders of the
Company in substantially the same proportions as their ownership of stock of the Company, or (v) an individual, entity or group that is permitted to and does report its beneficial ownership of
securities of the Company on Schedule 13G under the Exchange Act (or any successor schedule), provided that if the individual, entity or group later becomes required to or does report its
ownership of Company securities on Schedule 13D under the Exchange Act (or any successor schedule), then the individual, person or group shall be deemed to be a Person as of the first date on
which the individual, person or group becomes required to or does report its ownership on Schedule 13D. 

        4.     General Provisions. 

        4.1   Effective Date. This Plan shall be effective January 1, 2003, subject to approval by the shareholders of the
Company. Options may be granted under this Plan only after shareholder approval of this Plan. 

        4.2   Duration. This Plan shall remain in effect until all Shares subject to option grants have been purchased or all
unexercised options have expired. 

        4.3   Amendment and Termination. The Committee may suspend or discontinue this Plan or revise or amend it in any respect,
provided, however, that without approval of a majority of the Company's shareholders no revision or amendment shall (i) change the number of Shares subject to this Plan (except as provided in
Section 4.4), (ii) change the designation of the class of directors eligible to participate in the Plan, (iii) change the formulas to determine the amount, price, or timing for
the grants, or (iv) materially increase the benefits accruing to participants under this Plan. Moreover, in no event may these Plan provisions be amended more than once every 6 months,
other than to comport with changes in the Internal Revenue Code, the Employee Retirement Income Security Act, or the rules and regulations thereunder. No amendment, modification, or termination of
this Plan shall in any manner adversely affect the rights of directors holding options granted under this Plan without their consent. 

        4.4   Changes in Shares. In the event of any merger, consolidation, reorganization, recapitalization, stock dividend, stock
split, or other change in the corporate structure or capitalization affecting the Shares, appropriate adjustment shall be made in the number (including the aggregate numbers specified in
Section 2.1) and kind of Shares or other securities which are or may become subject to options granted under this Plan prior to and subsequent to the date of the change. 

        4.5   Limitation of Rights. 

        4.5.1 No Right to Continue as a Director. Neither this Plan, nor the granting of an option under this Plan, nor any other
action taken pursuant to this Plan shall constitute or be evidence of any agreement or understanding, express or implied, that the Company will retain a director for any period of time, or at any
particular rate of compensation. 

5

 

        4.5.2 No Shareholders' Rights for Options. An optionee shall have no rights as a shareholder with respect to the Shares
covered by his or her options until the date of the issuance to him or her of a stock certificate therefor. 

        4.6   Assignments. The rights and benefits under this Plan may not be assigned except as provided in Sections 3.9 and 3.10. 

        4.7   Notice. Any written notice to the Company required by any of the provisions of this Plan shall be addressed to the
secretary of the Company and shall be effective when it is received. 

        4.8   Shareholder Approval and Registration Statement. This Plan shall be approved by the Board of Directors and submitted to
the Company's shareholders for approval. Directors may elect to participate in this Plan prior to (i) the effective date of the Plan, (ii) shareholder approval, and (iii) filing
(and effectiveness of) a registration statement with the Securities and Exchange Commission covering the Shares to be issued upon the exercise of options. Any options granted under this Plan prior to
effectiveness of the registration statement shall not be exercisable until, and are expressly conditional upon, the effectiveness of a registration statement covering the Shares. 

        4.9   Governing Law. This Plan and all determinations made and actions taken pursuant hereto shall be governed by and construed
in accordance with the laws of the state of Delaware. 

6

QuickLinks

Exhibit 10.26

BOISE CASCADE CORPORATION 2003 DIRECTOR STOCK COMPENSATION PLAN (As Amended Through September 26, 2003)

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