Document:

<PAGE>
                                                                    Exhibit 10.9

                                                  AMENDMENT NO. 10 (this
                                        "Amendment"), dated as of September __,
                                        2003, by and among PW EAGLE, INC., a
                                        Minnesota corporation (the "Company")
                                        and the investors party to the
                                        Securities Purchase Agreement referred
                                        to below on the date hereof (the
                                        "Investors").

     WHEREAS, the Company and the Investors are parties to a Securities Purchase
Agreement, dated as of September 20, 1999 (as amended, supplemented or otherwise
modified through the date hereof, including pursuant to Amendments No.1 through
No. 9, the "Purchase Agreement") pursuant to which the Investors purchased
$32,500,000 principal amount of the Company's senior subordinated notes; and

     WHEREAS, the Company has requested, and the Investors party hereto are
willing (subject to the terms and conditions hereof), to amend certain
provisions of the Purchase Agreement as provided herein;

     NOW, THEREFORE, the parties hereto agree as follows:

     1.   Defined Terms. Capitalized terms used and not otherwise defined in
this Amendment shall have the meanings given to them in the Purchase Agreement.

     2.   Amendment to Leverage Ratio Covenant. Section 8.9(a) of the Purchase
Agreement is hereby amended by deleting the portion of the table contained in
such Section (as set forth in Section 2 of Amendment No. 6) addressing the (i)
trailing 12-month period ending September 30, 2003 and (ii) trailing 12-month
period ending December 31, 2003, and substituting in lieu thereof the following:

--------------------------------------------------------------------------------
Trailing 12-month period ending           8.75 to 1.00
September 30, 2003
--------------------------------------------------------------------------------
28.75 railing 12-month period ending      .50 to 1.00
     December 31, 2003
--------------------------------------------------------------------------------

     3.   Amendment to Interest Coverage Ratio Covenant. Section 8.9(b) of the
Purchase Agreement is hereby amended by deleting the portion of the table
contained in such Section (as set forth in Section 3 of Amendment No. 6)
addressing the (i) trailing 12-month period ending September 30, 2003 and (ii)
trailing 12-month period ending December 31, 2003, and substituting in lieu
thereof the following:

<PAGE>

--------------------------------------------------------------------------------
Trailing 12-month period ending           0.35 to 1.00
September 30, 2003
--------------------------------------------------------------------------------
1. Trailing 12-month period ending        0.65 to 1.00
December 31, 2003
-------------------------------------------------------------------------------

          4. Amendments to the Notes and Section 3.3 of the Purchase Agreement.
Notwithstanding anything to the contrary contained in the Purchase Agreement,
the Notes or otherwise, effective as of the Effective Date (x) the Stated Rate
shall be amended to equal 16% per annum and (y) the maximum amount of interest
the Company may elect to defer on any Interest Payment Date shall be an amount
equal to the interest accrued on the Notes during such Interest Period at a rate
equal to 4% per annum; provided, that any adjustment of the Stated Rate or the
maximum amount of interest the Company may elect to defer on any Interest
Payment Date (in each case as such adjustments are contemplated by Section 7 of
Amendment No. 9 to the Purchase Agreement) shall be effective in accordance with
the terms thereof.

          5. Representations and Warranties. In order to induce the Investors to
enter into this Amendment, the Company hereby represents and warrants that, (w)
no Default or Event of Default exists on the Effective Date, after giving effect
to this Amendment, (x) no Event of Default (as defined in the Sale and Leaseback
Documents) exists on the Effective Date, (y) no Default or Event of Default (in
each case as defined in the Senior Credit Agreement) exists on the Effective
Date, after giving effect to the amendment of the Senior Credit Agreement
referred to herein and (z) all of the representations and warranties contained
in the Note Documents shall be true and correct in all respects on the Effective
Date, after giving effect to this Amendment, with the same effect as though such
representations and warranties had been made on and as of the Effective Date (it
being understood that any representation or warranty made as of a specified date
shall be true and correct in all material respects as of such specific date), in
each case except as previously disclosed in writing to the Investors.

          6.   Effectiveness of this Amendment.

     This Amendment shall become effective on the date (the "Effective Date")
when:

               (i)   the Company and the Required Investors shall have signed a
     counterpart hereof (whether the same or different counterparts), and

               (ii)  each Investor shall have received, by wire transfer to an
     account designated by such Investor, an amendment fee in an amount for such
     Investor equal to 0.50% of the outstanding principal amount of the Notes
     held by such Investor (and such amendment fee shall be fully earned and
     non-refundable on the Effective Date), and

                                       2

<PAGE>

               (iii) the Company shall have paid all fees and expenses of
     O'Melveny & Myers LLP incurred by the Investors in connection with or
     relating to the preparation, execution or delivery of this Amendment and
     all other unpaid fees and expenses of O'Melveny & Myers LLP incurred by the
     Investors in connection with the Purchase Agreement to the extent the
     amount thereof has been provided to the Company prior to the execution and
     delivery of this Amendment; provided, however, that nothing in this
     Amendment shall limit the generality of Section 12.4 of the Purchase
     Agreement, and

               (iv)  the Investors shall have received a copy of a duly
     executed amendment of, and consent with respect to the increase in the
     Stated Rate contemplated by this Amendment, the Senior Credit Agreement in
     form and substance reasonably satisfactory to the Required Investors.

          7.   Miscellaneous.

               (a)  This Amendment is limited as specified and shall not
     constitute an amendment, modification or waiver of any other provision of
     the Purchase Agreement or any other Note Document.

               (b)  This Amendment may be executed in any number of
     counterparts and by the different parties hereto on separate counterparts,
     each of which counterparts when executed and delivered shall be an
     original, but all of which shall together constitute one and the same
     instrument.

               (c)  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
     PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE
     LAW OF THE STATE OF NEW YORK.

               (d)  The parties hereby agree that this Amendment shall be a
     Note Document for all purposes under the Purchase Agreement. From and after
     the Effective Date, all references in the Purchase Agreement and each of
     the other Note Documents to the Purchase Agreement shall be deemed to be
     references to the Purchase Agreement as amended hereby.

               (e)  All notices, demands and requests of any kind to be
     delivered to any party hereto in connection with this Amendment shall be
     delivered in accordance with the notice provisions contained in the
     Purchase Agreement.

               (f)  The headings used herein are for convenience of reference
     only and shall not affect the construction of, nor shall they be taken into
     consideration in interpreting, this Amendment.

                                       3

<PAGE>

IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this
AMENDMENT NO. 10 to be duly executed and delivered as of the date first above
written.

                                        PW EAGLE, INC.

                                        By:  /s/ Dobson West
                                             -----------------------------------
                                             Name:  Dobson West
                                             Title:  CAO

                                        J.P. MORGAN PARTNERS (23A SBIC), LLC

                                        By:  J.P. MORGAN PARTNERS (23A SBIC
                                               MANAGER), INC.,  Its
                                               Managing Member

                                        By:  /s/ Richard D. Waters
                                             -----------------------------------
                                             Name:  Richard D. Waters
                                             Title: Managing Director

                                        MASSACHUSETTS MUTUAL LIFE
                                        INSURANCE COMPANY

                                        By:  David L. Babson & Company Inc. as
                                               Investment Advisor

                                        By:  /s/ Mark A. Ahmed
                                             -----------------------------------
                                             Name:  Mark A. Ahmed
                                             Title: Managing Director

                                        MASSMUTUAL CORPORATE INVESTORS

                                        By:  /s/ Michael L. Klofas
                                             -----------------------------------
                                             Name:  Michael L. Klofas
                                             Title: Vice President

                                        The foregoing is executed on behalf
                                        of MassMutual Corporate Investors,
                                        organized under a Declaration of
                                        Trust, dated  September 13, 1985, as
                                        amended from time to time.The
                                        obligations of such Trust

                                       4

<PAGE>

                                        are not personally binding upon, nor
                                        shall resort to be had to the
                                        property of, any of the Trustees,
                                        shareholders, officers, employees or
                                        agents of such Trust, but the Trust's
                                        property only  shall be bound.

                                        MASSMUTUAL PARTICIPATION
                                        INVESTORS

                                        By:  /s/ Michael L. Klofas
                                             -----------------------------------
                                             Name:  Michael L. Klofas
                                             Title: Vice President

                                        The foregoing is executed on behalf of
                                        MassMutual Participation Investors,
                                        organized under a Declaration of
                                        Trust, dated April 7, 1988, as amended
                                        from time to time. The obligations of
                                        such Trust are not binding upon, nor
                                        shall resort be had to the property
                                        of, any of the Trustees, shareholders,
                                        officers, employees or agents of such
                                        Trust individually, but the Trust's
                                        assets and property only shall be
                                        bound.

                                        MASSMUTUAL CORPORATE VALUE
                                        PARTNERS LIMITED

                                        By:  David L. Babson & Company Inc.
                                               under delegated authority from
                                               Massachusetts Mutual Life
                                               Insurance Company, as
                                               Investment Manager

                                        By:  /s/ Mark A. Ahmed
                                             -----------------------------------
                                             Name:  Mark A. Ahmed
                                             Title: Managing Director

                                       5<PAGE>
                                       Exhibit 10.10

                            LANDLORD COVENANT WAIVER

          THIS LANDLORD COVENANT WAIVER (this "Amendment") is made and entered
into as of September 30, 2003, by and between PWE (MULTI) QRS 14-85 INC., a
Delaware corporation (the "Landlord") having an address at c/o W.P. Carey & Co.
LLC, 50 Rockefeller Plaza, 2nd Floor, New York, NY 10020, and PW EAGLE, INC., a
Minnesota corporation ("Tenant"), having an address at 222 South Ninth Street,
Suite 2880, Minneapolis, Minnesota 55402.

                              W I T N E S S E T H:
                              - - - - - - - - - -

          WHEREAS, Landlord and Tenant entered into that certain Lease
Agreement, dated as of February 28, 2002, as amended by that certain First
Amendment To Lease Agreement, dated as of June __, 2002, and as further amended
by that certain Second Amendment to Lease Agreement, dated as of March __, 2003
(as so amended, the "Lease"), pursuant to which Landlord leased to Tenant and
Tenant leased from Landlord certain property located in Tacoma, Washington; West
Jordan, Utah; Perris, California; and Eugene Oregon as more specifically
described in the Lease; and

          WHEREAS, Tenant desires that Landlord waive Tenant's violation of
certain provisions of the financial covenants of Tenant contained in the Lease
for the third and fourth quarters of calendar year 2003, and Landlord is willing
to do so subject to the terms and conditions set forth herein.

          NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, Landlord and Tenant covenant and
agree as follows:

          1.   Nothing herein is intended to or shall be deemed to modify or
amend any of the other terms or provisions of the Lease or constitute a waiver
of any breach or violation by Tenant thereof except as expressly provided for
herein.

          2.   All undefined capitalized terms used herein shall have the same
meanings as set forth in the Lease.

          3.   Landlord hereby waives Tenant's failure to maintain a Fixed
Charge Coverage Ratio of not less than 1.05:1 only for the period commencing on
July 1, 2003 and ending on September 30, 2003 ("Q3-03") and for the period
commencing on October 1, 2003 and ending on December 31, 2003 ("Q4-03");
provided and on condition that:

          (i)   Tenant shall maintain a Fixed Charge Coverage Ratio of not less
                than the greater of (A) 0.15:1 for Q3-03 and 0.10:1 for Q4-03,
                and (B) the lower of (x) the minimum fixed charge coverage
                ratio permitted by Tenant's senior secured lender ("Senior
                Lender") under the terms of Tenant's senior

<PAGE>

                secured credit facility (the "Credit Facility") for Q3-03 and
                Q4-03, without constituting a default under the terms thereof,
                or (y) 1.05:1;

          (ii)  Tenant shall pay to Landlord, as consideration for Landlord's
                waiver hereunder, the amount of $51,492; provided that,
                Landlord acknowledges that it has already received funds from
                Tenant in the amount of $32,425 as of the date hereof and shall
                apply such funds on account to the amount due hereunder;
          (iii) Tenant acknowledges and agrees that Landlord's agreement to
                accept the foregoing sum of $51,492 is predicated upon Tenant's
                representation that Senior Lender is receiving $128,950 as
                consideration from Tenant in connection with such Senior
                Lender's agreement to modify the fixed charge coverage ratio
                and/or other covenants contained in the Credit Facility
                contemporaneously with  this Waiver by Landlord. If Tenant (or
                any of its affiliates) has paid (or agreed to pay) any
                remuneration or consideration in  connection with such Senior
                Lender's agreement to modify the fixed charge coverage ratio or
                other covenants contained in the Credit Facility (or in
                connection with any waiver of any covenant breach thereunder by
                Tenant), then, to the extent Landlord would be entitled to
                receive commensurate pro rata remuneration under the provisions
                of the Paragraph 2(c) of Exhibit G of the Lease that is in
                excess of $51,492, such excess difference shall nevertheless be
                immediately due and payable to Landlord upon demand (together
                with interest thereon at the Default Rate from  the date hereof
                until the date actually paid to Landlord).
          (iv)  Tenant shall pay all  attorney's  fees and  expenses  incurred
                by Landlord in  connection  with the  preparation,  negotiation
                and execution of this Waiver concurrently with Tenant's
                execution and delivery hereof.

          4.   This Waiver may be executed in any number of and by different
parties hereto on separate counterparts, all of which, when so executed, shall
be deemed an original, but all such counterparts shall constitute one and the
same agreement.

          5.   This Waiver and the Lease together contain the entire
understanding between the parties hereto and supersedes all prior agreements and
understandings, if any, relating to the subject matter hereof or thereof. Any
promises, representations, warranties or guarantees not herein or therein
contained and hereinafter made shall have no force and effect unless in writing,
and executed by the party or parties making such representations, warranties or
guarantees. Neither this Waiver nor the Lease nor any portion or provisions
hereof or thereof may be changed, modified, amended, waived, supplemented,
discharged, cancelled or terminated orally or by any course of dealing, or in
any manner other than by an agreement in writing, signed by the party to be
charged.

                                       2

<PAGE>

          IN WITNESS WHEREOF, the parties hereto have caused this Waiver to be
duly executed under seal as of the day and year first above written.

                                        LANDLORD:

                                        PWE (MULTI) QRS 14-85, INC.,
                                        a Delaware corporation

                                        By:  /s/ Tom Lewis
                                           -------------------------------------
                                        Name:   Tom Lewis
                                             -----------------------------------
                                        Title:  Assistant Treasurer
                                              ----------------------------------

ATTEST:                                 TENANT:

                                        PW EAGLE, INC.,a Minnesota corporation

By:  Jeff D. Hannum                        By:  /s/ Scott Long
   -----------------------------------       -----------------------------------
Name:  Jeff D. Hannum                      Name:   Scott Long
     ---------------------------------          --------------------------------
Title:  SEC Accountant                     Title:  CFO
      --------------------------------          --------------------------------

                                       3

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