Document:

EXHIBIT 10.10

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT (“Agreement”) is made
and entered into by and between George J. Harad (“Executive”) and Boise Cascade
Corporation (the “Company” and, together with Executive, the “Parties”),
effective as of the last date signed by the Parties (the “Effective Date”).

 

RECITALS

 

WHEREAS, Executive is the Company’s Chairman of the Board and Chief Executive
Officer, with his home and office located in Boise, Idaho; and,

 

WHEREAS, the Company has entered into an agreement, dated July 26, 2004 (the “Sale
Agreement”) for the sale of its paper, forest products, and timber assets to
affiliates of Boise Cascade, L.L.C., a new company formed by Madison Dearborn
Partners LLC, (such transaction, the “Sale”); and,

 

WHEREAS, upon the closing of the Sale (the “Closing”),
the Company intends to continue to operate its current office products
distribution business in Chicago, Illinois; and,

 

WHEREAS, Executive does not intend to relocate from
Idaho to Illinois; and

 

WHEREAS, the Parties agree that the Sale will not constitute a “Change in
Control” pursuant to the Change in Control Severance Agreement between
Executive and the Company dated September 30, 2003 (the “Severance
Agreement”); and

 

WHEREAS, the Company acknowledges the importance of, and wishes to secure,
Executive’s continued services as contemplated in this Agreement, and considers
such continued services essential to the best interests of its stockholders;
and

 

WHEREAS, the Executive as part of this Agreement has agreed not to compete with
the Company or solicit its employees after his employment, to provide the
Company with a legal release, and to provide other benefits to the Company to
which the Company would not otherwise be entitled, all as described herein.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein,
it is hereby agreed by and between the Parties hereto as follows:

 

1.             CONTINUATION OF
EMPLOYMENT.  From the Effective Date until the date upon
which the Closing occurs (the “Closing Date”) (the “Initial Period”), Executive
will continue in his current role as Chairman of the Board of Directors (“Chairman”)
and Chief Executive Officer (“CEO”).  During
the Initial Period, Executive will continue to (a) be paid his current annual
salary of $1,100,000; (b) participate in the Company’s 2004 Annual Incentive
Award program under the terms and conditions currently applicable to his
participation (including a target award

 

 

of
1.2 times base pay); and (c) enjoy all other compensation, benefits and terms
of employment to which he would be entitled absent this Agreement.

 

2.             EXECUTIVE CHAIRMAN
POSITION.  Effective upon the Closing Date, Executive
will no longer hold his position as CEO of the Company.  During the period (the “Transition Period”)
from the Closing Date through the Separation Date (as defined in Paragraph 3(a),
below) Executive will act as the Executive Chairman of the Board of Directors
of the Company (“Board”), with the Company’s President and CEO reporting to him.

 

(a)           EXECUTIVE CHAIRMAN
DUTIES.  During the Transition Period, Executive will
have the following responsibilities:

 

(i)            In consultation with the lead director of the
Board, schedule, set the agenda for and chair Board meetings;

 

(ii)           Upon the request of the Board, assist in the
recruitment of new directors as required, and coordinate Board committee
assignments;

 

(iii)         Manage transition issues related to the Sale;

 

(iv)          Assist the CEO in establishing corporate
staff functions, including recruiting, selecting and/or transferring key
executives;

 

(v)            Together with the CEO, conduct initial
meetings with shareholders, analysts and other external audiences as required
to familiarize these audiences with the office products business as a
stand-alone entity;

 

(vi)          Review the business strategy analysis and
decisions prepared by the CEO and his management team;

 

(vii)         In keeping with the business strategy,
oversee resource allocation decisions for the office products business,
including preparation of capital spending plans and operating budgets for
calendar year 2005; and,

 

(viii)        Any other duties reasonably requested by the
Board, consistent with Executive’s position.

 

(b)           COMPENSATION AND BENEFITS
DURING TRANSITION PERIOD.  During the Transition Period, Executive’s
salary will be paid at the annual rate of $1,100,000.  Executive will continue to accrue vacation
time and be covered by the Company’s group Medical, Dental and Vision Programs,
and the Company’s Supplemental Healthcare Program for Executive Officers.

 

(c)           USE OF COMPANY PLANE.  Before and during the Transition Period, Executive will have full
access to the Company’s corporate plane for business purposes.

 

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3.             TERMINATION AND SEPARATION.

 

(a)           SEPARATION DATE.  Provided that neither Executive nor the Company has previously
terminated the employment relationship, and further provided that this
Agreement has not become void pursuant to Paragraph 8 below, then (i) if the
Closing occurs on or before June 30, 2005, Executive’s last day as an
employee and director of the Company will be June 30, 2005, or (ii) if the
Closing has not occurred as of June 30, 2005, Executive’s service as an employee
and director of the Company will be extended until the date which is 30 days following
the Closing Date (the “Extension Period”).  The last date of Executive’s employment is
referred to throughout this Agreement as the “Separation Date.” 
Subject to the provisions of Paragraphs 3(b), 3(c) or 8,
which provisions will govern if applicable, and provided the Closing has
occurred prior to the Separation Date, Executive shall be entitled to the
Retention Benefits (as defined in Paragraph 4, below) and the Accrued Benefits
(as defined in Paragraph 5, below).

 

(b)           TERMINATION FOR CAUSE OR OTHER
THAN FOR GOOD REASON.  In the event that Executive’s employment is
terminated by the Company for Cause, or Executive resigns his employment with
the Company without Good Reason, in either case at any time prior to June 30,
2005 (or, if applicable, prior to the end of the Extension Period), Executive
shall not be entitled to the Retention Benefits, and shall instead only be
entitled to the Accrued Benefits.

 

(c)           TERMINATION WITHOUT CAUSE, UPON DEATH OR DISABILITY, OR
WITH GOOD REASON.  In the event that Executive’s employment is
terminated by the Company without Cause or due to Executive’s death or
Disability, or Executive resigns for Good Reason, Executive (1) will be
entitled to the Accrued Benefits and (2) will be entitled to the Retention Benefits;
but only if (i) the Closing has already occurred or (ii) the Closing occurs
subsequent to such termination/resignation and prior to June 30, 2006 (in which
case, where the context requires, the Closing Date shall be deemed to be the
Separation Date for purposes of the payment of the Retention Benefits and the
term of the restrictive covenants set forth in Paragraphs 14 and 16,
below).  In the event that Executive’s
employment is terminated due to his death or Disability, and conditions (i) or
(ii) stated in this Paragraph 3(c) are otherwise met, Executive (or, as
applicable his beneficiaries (see Paragraph 11, below)) will receive the
Accrued Benefits and Retention Benefits, with the form of Supplemental Release
Agreement described in Paragraph 4 to be provided by Executive or his
beneficiaries, as applicable.  Further,
in the event that Executive’s employment is terminated due to his death, the
pension payments which result from payment of the Retention Payments will be
paid as though the Executive had made an election to receive monthly installment payments over a fifteen year period
beginning on July 1, 2005.

 

(d)           DEFINITIONS.

 

(i)            CAUSE.  “Cause”
shall mean a termination upon (A) Executive’s willful and continued failure to
substantially perform his duties with the Company (other than failure resulting
from Executive’s death or incapacity due to physical or mental illness or
injury), for thirty (30) days after a written demand for substantial
performance is delivered to Executive by the Board which specifically
identifies the manner in which the Board believes that Executive has not
substantially performed his duties, or (B) Executive’s willful engagement in
conduct which causes demonstrable and material injury to the Company monetarily
or otherwise.

 

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(1)           For purposes of this definition of Cause, no
act or failure to act on Executive’s part shall be considered “willful”
unless done or omitted to be done by Executive not in good faith and without reasonable
belief that his act or omission was in the best interest of the Company.

 

(2)           Notwithstanding the foregoing, Executive
shall not be deemed to have been terminated for Cause unless and until:

 

a.             a resolution is duly adopted by the
affirmative vote of not less than three-quarters of the entire membership of
the Board at a meeting of the Board called and held for the purpose (after
thirty (30) days’ notice to Executive and an opportunity for Executive,
together with Executive’s counsel, to be heard before the Board), finding that
in the good faith, reasonable opinion of the Board Executive was guilty of
conduct set forth above in clauses (A) or (B) of this Paragraph 3(d)(i) and
specifying the particulars of Executive’s conduct in detail, and

 

b.             a copy of this resolution is delivered to
Executive.

 

(3)           All decisions by the Company regarding
termination for Cause must be supported by clear and convincing evidence.

 

(ii)           GOOD REASON.  “Good
Reason” shall mean any one or more of the following:

 

(1)           material reduction by the Company in
Executive’s base salary as in effect on the Effective Date or failure to timely
pay Executive’s base salary when due, which failure persists for more than ten
(10) business days following notice from Executive;

 

(2)           failure by the Company to permit Executive to
participate in the welfare benefit plans or arrangements and fringe benefit
plans or arrangements which are made generally available by the Company to its
senior executive officers, which failure persists for more than ten (10)
business days following notice from Executive specifying the plan which
Executive has not been permitted to participate in (unless an equitable
substitute arrangement embodied in an ongoing substitute or alternative benefit
or fringe benefit plan or arrangement has been made for the benefit of
Executive);

 

(3)           Executive’s relocation to any office or
location other than that at which Executive is based at the Effective Date or
within 45 miles of such location, except for required travel by Executive on
the Company’s business to an extent substantially consistent with Executive’s
business travel obligations as of the Effective Date; or

 

(4)           any purported termination of Executive’s
employment by the Company which is not a Termination for Cause, as described
above, or due to Executive’s death or Disability.   For purposes of this Agreement, no such
purported termination shall be effective.

 

(iii)         DISABILITY.  If, as a result of Executive’s incapacity due to physical or mental
illness or injury, Executive is absent from his duties with the Company on a
full-time basis for six (6) consecutive months, and within thirty (30) days
after written notice of

 

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termination
is given Executive has not returned to the full-time performance of his duties,
the Company may terminate Executive’s employment for “Disability.”

 

4.             RETENTION BENEFITS.  The payments and benefits set forth in this Paragraph 4 constitute
the “Retention Benefits,” as defined in this Agreement, the payment or
provision of which are subject to Paragraphs 3(a),
3(b), 3(c) and 8 and, on or following the Separation Date, the execution and
failure of Executive (or, if applicable per Paragraph 3(c), his beneficiary) to
revoke the form of Supplemental Release Agreement attached hereto as Exhibit A:

 

(a)           INCENTIVE BONUS.  Within ten (10) days of the Separation Date, Executive will be paid a
guaranteed bonus of $1,320,000.  It is
understood that whether or not Executive remains an employee in 2005, he will
not participate in the Company’s 2005 Annual Incentive Award program.

 

(b)           RETENTION PAYMENT.  Within ten (10) days after the Separation Date the Company will pay
Executive a retention bonus of $ 1,500,000.

 

(c)           SEVERANCE.  Within
ten (10) days after the Separation Date, the Company will pay Executive
severance in an amount equal to thirty-six (36) months of Executive’s annual
salary of $1,100,000 and target bonus of $1,320,000 (equal in total to $7,260,000).

 

(d)           HEALTH INSURANCE CONTINUATION For a thirty-six (36) month period following
the Separation Date, Executive will continue to be eligible to participate in
the Company’s healthcare programs (as in effect from time to time).  During this period, the Company will make all
necessary premium payments on Executive’s behalf (other than employee
contributions at the active salaried employee rate in effect as of the date of
the contribution, which shall be Executive’s responsibility) to continue his
coverage at the same level that was in effect as of the Separation Date.  Following the expiration of such period (the “Benefit
Termination Date”), and as provided by the federal COBRA law and by the Company’s
current group health insurance policies, Executive will be eligible to continue
his health insurance benefits at his own expense for up to eighteen (18) months
following the Benefit Termination Date and, if permitted under the Company’s
policies or required by law, to convert to an individual policy if Executive
wishes. Executive will be provided with a separate notice of his COBRA rights.

 

(e)           OTHER INSURANCE AND BENEFITS.  The Company shall, for a thirty-six (36) month period following the
Separation Date, maintain in full force and effect for Executive’s continued
benefit, all life (other than the Company’s Supplemental Life Plan), disability
and accident insurance plans, programs, or arrangements, and financial
counseling services in which Executive was participating immediately prior to
the Separation Date.

 

(f)            PENSION BENEFITS.  As
part of this Agreement, solely for the purpose of calculating the amount of
benefit to which Executive is entitled under the Company’s Pension Plan for
Salaried Employees (the “Qualified Plan”), and under the Company’s Excess
Benefit Plan and Supplemental Early Retirement Plan (the “Nonqualified Plans”),
Executive shall be deemed, to the extent permissible under the Qualified Plan
and otherwise under the Nonqualified Plans to have continued to accrue
pensionable earnings and service through June 30, 2005 and,

 

5

 

(i)            Deemed to have accrued three (3) years of
service credit in addition to his service credit accrued through June 30, 2005
(or, if applicable, through the end of the Extension Period); and

 

(ii)           Deemed to have earned compensation for each
year of the three (3) additional years of service credit (without giving effect
to limitation in the Nonqualified Plans on the amount of compensation which may
be taken into account in calculating the benefit under such Plans) equal to
Executive’s annual salary of $1,100,000 and target bonus of $1,320,000 (equal
in total to $2,420,000 per year).

 

The benefits under this Paragraph 4(f) shall
be paid in the same manner as, and shall otherwise possess the same rights and
privileges as were available with respect to, benefits under the terms of the
Qualified Plan and Nonqualified Plans as in effect immediately prior to the
Separation Date.

 

(g)           OFFICE SPACE.  For a period of two (2) years after the Separation Date, the Company
will provide Executive with fully paid office space and secretarial assistance
in Boise, Idaho, provided that the cost of to the Company of such space and
assistance shall not exceed eighty thousand dollars ($80,000) per year.

 

(h)           DISCHARGE OF OTHER
OBLIGATIONS.  The Company’s payment in full to Executive of
the Retention Benefits supersedes and completely discharges any obligation the
Company may have to Executive pursuant to the Severance Agreement and the
Company’s Executive Officer Severance Pay Policy (as amended through December
11, 1992) (“Executive Officer Severance Pay Policy”).

 

5.             ACCRUED BENEFITS.  The following constitute the “Accrued Benefits,” as defined in this
Agreement:

 

(a)           ACCRUED SALARY AND
VACATION.  On the Separation Date, the Company will pay
Executive all salary and unused vacation accrued through June 30, 2005 (or, if
applicable, through the end of the Extension Period).

 

(b)           BONUSES.  Within ten (10) days after the Separation Date, or prior to then if due
under the relevant

plan(s), the Company will pay Executive any earned and unpaid bonuses due under
Executive’s long-term and annual incentive plans.  Such bonuses consist of any bonuses earned
pursuant to:

 

(i)            The Company’s 2002-2004 Key Executive
Performance Unit Plan; and,

 

(ii)           The Company’s 2004 Annual Incentive Award
program.

 

6.             PARACHUTE PAYMENT.  In the event that any payments or benefits paid to Executive under this
Agreement are deemed to be “Parachute Payments” pursuant to Internal Revenue
Code section 280G(b)(2), and Executive is subject to excise tax under Internal
Revenue Code section 4999, the Parties agree that Executive will be entitled to
receive from the Company an additional amount (the “Gross-Up Payment), the
amount of which shall be calculated in the

 

6

 

manner
described in Section 7 of the Severance Agreement and which shall be subject to
the other terms and conditions set forth in such section,

 

7.             CONFIRMATION OF OTHER
OBLIGATIONS.  The Company acknowledges that, except as
expressly provided herein, this Agreement is not intended to reduce or
eliminate any benefits or compensation due to Executive under any other Company
plans or agreements.

 

8.             TERMINATION OF SALE
AGREEMENT.  Notwithstanding anything herein to the contrary,
in the event that either (i) the Closing does not occur prior to June 30, 2006
or (ii) the Sale Agreement is terminated in accordance with its terms, this
Agreement shall terminate immediately and shall be deemed to be null and void, ab initio, and Executive will continue to
be employed with the compensation, benefits and other terms of employment which
he would have received absent this Agreement.

 

9.             RESTRICTED STOCK
AWARDS.  On July 31, 2003 and October 17, 2003 Executive
received Performance Accelerated Restricted Stock Awards.  The July 31, 2003 Award is unaffected by this
Agreement.  Effective as of the Closing,
the Performance Goals described in paragraph 3.3 of the October 17, 2003 Award
agreement shall be satisfied.  Any unvested
shares under the October 17, 2003 Award will otherwise vest in accordance with
the terms and conditions of such Award, and Executive’s rights to exercise
vested shares will be as set forth in the October 17, 2003 Award Agreement.

 

10.          STOCK OPTIONS.  All of Executive’s outstanding stock options (the “Options”) are
vested, and Executive’s rights to exercise vested option shares will be as set
forth in the Company’s Stock Incentive Plans, Executive’s Stock Option
Agreement(s) and Stock Option Grant Notice(s).

 

11.          BENEFICIARIES.  In the event that Executive should die or become disabled on or prior
to the payment by the Company of all payments due hereunder, such payments will
be made to Executive’s beneficiaries as designated in Exhibit B hereto (unless
otherwise provided pursuant to the applicable plan).  Executive shall have the right to amend
Exhibit B at any time upon written notice to the Company.  Executive may also change his beneficiaries
under any other benefit plan pursuant to the procedures applicable to such
plan.

 

12.          EXPENSE REIMBURSEMENTS.  Executive agrees that, within thirty (30) business days of the
Separation Date, he will submit his final documented expense reimbursement statement
reflecting all business expenses Executive incurred through the Separation
Date, if any, for which he seeks reimbursement. 
The Company will reimburse Executive for these expenses pursuant to its
regular business practice.

 

13.          RETURN OF COMPANY
PROPERTY.  On the Separation Date, Executive shall return
to the Company all Company documents (and all copies thereof) and other Company
property that Executive has had in his possession at any time, including, but
not limited to, Company files, notes, drawings, records, business plans and
forecasts, financial information, specifications, training materials,
computer-recorded information, tangible property including, but not limited to,
computers, credit cards, entry cards, identification badges and keys; and any materials
of any kind that contain or embody any proprietary or confidential information
of the

 

7

 

Company
(and all reproductions thereof). 
Executive may retain such documents, property, and materials after the
Separation Date only to the extent approved by the Board.

 

14.          NON-COMPETITION COVENANT.  During his employment with the Company and, if Executive is entitled to
receive the Retention Benefits, for a period of thirty-six (36) months following
the Separation Date (for purposes of this Paragraph, the “Noncompete Period”), Executive
will not, other than in connection with employment for the Company or as
otherwise approved by the Company, engage in, manage or consult with, any
business which is primarily involved in the office products distribution and/or
office products retail business (the “Business”) in any geographic area in
which the Company then does business; provided, however, that Executive may
personally own not more than 5% of the outstanding securities of any class of stock
of a corporation engaged in the Business whose shares are listed on an exchange
or the Nasdaq Stock Market.  If a court
determines that the foregoing restrictions are too broad or otherwise
unreasonable under applicable law, including with respect to time or space,
such court is hereby requested and authorized by the parties hereto to revise
the foregoing restrictions to include the maximum restrictions allowed under
the applicable law.  If such court
refuses or declines to revise the restrictions as contemplated by the preceding
sentence, the parties hereto will negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as
possible in an acceptable manner.  For
purposes of this Paragraph 14, the “Company” refers to the Company and any
incorporated or unincorporated affiliates of the Company which it
controls.  If Executive becomes entitled
to receive the Retention Benefits and thereafter (i) the Company gives
Executive specific written notice of Executive’s activities that it reasonably
and in good faith believes materially violate the provisions of this Paragraph;
(ii) Executive fails to stop such activities within thirty (30) days of
receiving such notice; and (iii) there is a final determination by a court that
conditions (i) and (ii) of this sentence have been met and Executive has
materially violated the provisions of this Paragraph, Executive shall return to
the Company a portion of the amount received by Executive pursuant to Paragraph
4(c), such amount being equal to the product of (1) $7,260,000 and (2) a fraction,
the numerator of which is the number of full months remaining in the Noncompete
Period upon such material violation and the denominator of which is 36.

 

15.          PROPRIETARY INFORMATION
OBLIGATIONS.  Executive agrees that he will not, directly
or indirectly, use, make available, sell, disclose or otherwise communicate to
any person, other than in the course of his assigned duties and for the benefit
of the Company, either during the period of his employment or at any time
thereafter, any nonpublic, proprietary or confidential information, knowledge
or data relating to the Company, any of its subsidiaries, affiliated companies
or businesses, which Executive obtained during his employment by the Company.
This restriction will not apply to information that (i) was known to the public
before its disclosure to Executive; (ii) becomes known to the public after
disclosure to Executive through no wrongful act of Executive; or (iii)
Executive is required to disclose by applicable law, regulation or legal
process (provided that Executive provides the Company with prior notice of the
contemplated disclosure and reasonably cooperates with the Company at its
expense in seeking a protective order or other appropriate protection of such
information).

 

16.          NONSOLICITATION.  During the Transition Period and for a period of three (3) years
following the Separation Date, Executive will not, directly or indirectly,
individually or on behalf of any other person, firm, corporation or other
entity, knowingly solicit or attempt to solicit any managerial level employee
of the Company or any of its subsidiaries or affiliates to

 

8

 

leave
employment in order to accept employment with or render services to or with any
other person, firm, corporation or other entity unaffiliated with the Company.

 

17.          CONFIDENTIALITY.  The provisions of this Agreement will be held in strictest confidence
by the Parties and will not be publicized or disclosed in any manner
whatsoever; provided, however, that:
 (a) Executive may disclose this
Agreement to his immediate family; (b) the Parties may disclose this
Agreement in confidence to their respective attorneys, accountants, auditors,
tax preparers, and financial advisors; (c) the Company may disclose this Agreement
as necessary to fulfill standard or legally required corporate reporting or
disclosure requirements; and (d) the Parties may disclose this Agreement
insofar as such disclosure may be necessary to enforce its terms or as
otherwise required by law, provided that, in the case of clauses (a) and (b), such
disclosure shall only be permitted to the extent that the disclosing party
requires the party receiving the disclosure to maintain the confidentiality of
the Agreement in accordance with this Paragraph 17.

 

18.          NONDISPARAGEMENT.  The Parties agree not to disparage each other, and the other party’s
officers, directors, employees, shareholders, parents, subsidiaries,
affiliates, and agents, in any manner likely to be harmful to them or their
business, business reputation or personal reputation; provided that the Parties
may, without violation of this Paragraph 18, respond accurately and fully to
any question, inquiry or request for information when required by legal
process.

 

19.          INDEMNIFICATION.  The Company’s indemnification and defense obligations to Executive, and
obligations to Executive under its Directors and Officers (D&O) or other insurance
policies, are unaffected by this Agreement.  Further, the Company agrees to maintain insurance
coverage for Executive for six (6) years following the Separation Date to the
same extent and at the same level as it does for its then-current officers and
directors.

 

20.          GENERAL RELEASE.  Except as provided in this Agreement, Executive hereby generally and completely
releases the Company and its directors, officers, employees, shareholders,
partners, agents, attorneys, predecessors, successors, parent and subsidiary
entities, insurers, affiliates, and assigns from any and all known claims,
liabilities and obligations, that arise out of or are in any way related to
events, acts, conduct, or omissions occurring prior to Executive’s signing of
this Agreement.  This general release
includes, but is not limited to:  (a) all claims arising out of or in any way related to
Executive’s employment with the Company or the termination of that employment; (b) all claims related to Executive’s compensation or
benefits from the Company, including salary, bonuses, commissions, vacation
pay, expense reimbursements, severance pay, fringe benefits, stock, stock
options, or any other ownership interests in the Company; (c)
all claims for breach of contract, wrongful termination, and breach of the
implied covenant of good faith and fair dealing; (d) all tort claims, including claims for fraud, defamation,
emotional distress, and discharge in violation of public policy; and (e) all federal, state, and local statutory claims,
including claims for discrimination, harassment, retaliation, attorneys’ fees,
or other claims arising under the federal Civil Rights Act of 1964 (as
amended), and, the federal Americans with Disabilities Act of 1990.  Provided,
however, that this release will not apply to Executive’s vested or
earned compensation or benefits, workers’ compensation claims, or the Company’s
indemnification and defense obligations to Executive or its obligations to him
under its D&O or other insurance policies.

 

9

 

21.          MISCELLANEOUS.  Payments
made hereunder shall be subject to legally required tax withholding, if
applicable.

 

22.          ENTIRE AGREEMENT.  This
Agreement, including all referenced documents and exhibits, constitutes the
complete, final and exclusive embodiment of the entire agreement between the
Parties with regard to the subject matter hereof.  It supersedes any and all other agreements
entered into by and between the Parties. 
It is entered into without reliance on any promise or representation,
written or oral, other than those expressly contained herein.  It may not be modified except in a writing
signed by Executive and a duly authorized representative of the Company.  Each party has carefully read this Agreement,
has been afforded the opportunity to be advised of its meaning and consequences
by his or its respective attorneys, and signed the same of his or its own free
will.  Executive acknowledges that the
receipt by him of the Retention Benefits will be in lieu of any rights to
severance payments or benefits he may otherwise be entitled to from the Company
or its affiliates pursuant to the Severance Agreement or the Executive Officer
Severance Pay Policy.

 

23.          ATTORNEYS’ FEES.  If
either Executive or the Company brings any action to enforce rights under this
Agreement, the prevailing party in any such action shall be entitled to recover
reasonable attorneys’ fees and costs incurred by the prevailing party in
connection with such action.  For
purposes of this Agreement “prevailing party” shall be the party who obtained substantially
the relief sought.

 

24.          SUCCESSORS AND ASSIGNS.  This
Agreement will bind the heirs, personal representatives, successors, assigns,
executors and administrators of each party, and will inure to the benefit of
each party, its heirs, successors and assigns.

 

25.          APPLICABLE LAW AND VENUE.  This
Agreement shall be governed by and construed in accordance with Delaware law,
without giving effect to any conflicts of laws principles that require the
application of the law of a different state. 
The Parties hereby expressly consent to personal jurisdiction and venue
in the federal courts of Idaho for any lawsuit arising from or related to this
Agreement.

 

26.          SEVERABILITY.  If a
court of competent jurisdiction determines that any term or provision of this
Agreement is invalid or unenforceable, in whole or in part, then the remaining terms
and provisions hereof will be unimpaired.  The court will then have the authority to
modify or replace the invalid or unenforceable term or provision with a valid
and enforceable term or provision that most accurately represents the parties’
intention with respect to the invalid or unenforceable term or provision.

 

27.          WAIVER.  Any
waiver or failure to enforce any provision of this Agreement on one occasion
will not be deemed a waiver of any other provision or of such provision on any other
occasion.

 

28.          COUNTERPARTS.  This
Agreement may be executed in two counterparts, each of which will be deemed an
original, all of which together constitutes one and the same instrument. Facsimile
signatures are as effective as original signatures.

 

10

 

IN
WITNESS WHEREOF, the
Parties have duly authorized and caused this Agreement to be executed on the
dates written below.

 

	
  BOISE CASCADE CORPORATION

  	
  GEORGE J. HARAD

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Ward W. Woods

  	
   

  	
  /s/ George J. Harad

  	
   

  
	
  WARD W. WOODS

  	
   

  
	
   

  	
   

  
	
  Date:

  	
  October 15, 2004

  	
   

  	
  Date:

  	
  10/29/04

  	
   

  
							

 

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EXHIBIT A

SUPPLEMENTAL RELEASE AGREEMENT

 

Pursuant to the Employment Agreement dated                    
between Boise Cascade Corporation (the “Company”) and me, except as provided
therein, I hereby release, acquit and forever discharge the Company, and its
directors, officers, employees, shareholders, partners, agents, attorneys,
predecessors, successors, parent and subsidiary entities, insurers, affiliates,
and assigns from any and all known claims, liabilities and obligations, that
arise out of or are in any way related to events, acts, conduct, or omissions
occurring prior to my signing of this Supplemental Release Agreement.  This general release includes, but is not
limited to:  (a) all
claims arising out of or in any way related to my employment with the Company
or the termination of that employment; (b) all claims
related to my compensation or benefits from the Company, including salary,
bonuses, commissions, vacation pay, expense reimbursements, severance pay,
fringe benefits, stock, stock options, or any other ownership interests in the
Company; (c) all claims for breach of contract,
wrongful termination, and breach of the implied covenant of good faith and fair
dealing; (d) all tort claims, including claims
for fraud, defamation, emotional distress, and discharge in violation of public
policy; and (e) all federal, state, and local
statutory claims, including claims for discrimination, harassment, retaliation,
attorneys’ fees, or other claims arising under the federal Civil Rights Act of
1964 (as amended), and, the federal Americans with Disabilities Act of 1990.  Provided,
however, that this release will not apply to my vested or earned
compensation or benefits, workers’ compensation claims, or the Company’s
indemnification and defense obligations to me or its obligations to me under
its D&O or other insurance policies.

 

I acknowledge that I am
knowingly and voluntarily waiving and releasing any rights I may have under the
Age Discrimination in Employment Act of 1967, as amended (“ADEA”).  I also acknowledge that the consideration
given for the ADEA waiver is in addition to anything of value to which I was
already entitled.  I further acknowledge
that I have been advised by this writing, as required by the ADEA, that:  a) my ADEA waiver does not apply to any rights
or claims that arise after the date I sign this Supplemental Release Agreement;
b) I should consult with an attorney prior to signing this Supplemental Release
Agreement; c) I have twenty-one (21) days to consider this Supplemental Release
Agreement (although I may choose to voluntarily sign it sooner); d) I have
seven (7) days following the date I sign this Supplemental Release Agreement to
revoke the ADEA waiver; and e) the ADEA waiver will not be effective until the
date upon which the revocation period has expired unexercised, which will be
the eighth day after I sign this Supplemental Release Agreement.

 

 

	
   

  	
   

  	
   

  	
   

  
	
  GEORGE J. HARAD

  	
  DATE

  

 

12EXHIBIT 10.11

 

REGISTRATION
RIGHTS AGREEMENT

 

This Registration Rights Agreement (“Agreement”)
is made this 29th day of October, 2004 by and among Boise Cascade Corporation,
a Delaware corporation (to be renamed “OfficeMax Incorporated” on November 1,
2004, “BCC”), Forest Products Holdings, L.L.C., a Delaware limited
liability company (“FPH”), and Boise Cascade Holdings, L.L.C., a
Delaware limited liability company (“Boise Holdings”).

 

Preliminary
Recitals

 

1.                                       BCC,
FPH and Boise Land & Timber Corp., a Delaware corporation (“Timber
Holding Co.”), are parties to that certain Asset Purchase Agreement, dated
as of July 26, 2004 (as amended from time to time in accordance with its terms,
the “Asset Purchase Agreement”);

 

2.                                       Pursuant
to and subject to the terms and conditions of the Asset Purchase Agreement, at
the closing of the transactions contemplated thereby, certain wholly-owned
Subsidiaries of Boise Holdings are acquiring substantially all of assets of the
forest products business of BCC and certain of its Subsidiaries, and certain of
Timber Holding Co.’s Affiliates are acquiring substantially all of the
timberland assets of BCC and in connection therewith, BCC is acquiring shares
of Boise Holdings;

 

3.                                       As
an inducement to BCC and FPH to enter into and consummate the transactions
contemplated by the Asset Purchase Agreement, Boise Holdings has agreed to
provide certain registration rights to BCC and FPH and transferees (to the
extent provided herein) of their equity securities of Boise Holdings as
provided herein.

 

NOW, THEREFORE, the parties hereto agree as follows:

 

1.                                       Certain
Definitions.

 

“Common Stock” means the Series B Common and,
in the event Boise Holdings has hereafter converted into a corporation or other
entity form, the series of common stock or other comparable series of common
equity securities of Boise Holdings.

 

“Initial Public Offering” shall mean the first
underwritten public offering pursuant to an effective registration statement
under the Securities Act (or any comparable form under any similar statute then
in force), covering the offer and sale of Common Stock.

 

“LLC Agreement” means that certain limited
liability company agreement governing the affairs of Boise Holdings, by and
among FPH, BCC, and the other holders of unit membership interests in Boise
Holdings, as amended from time to time in accordance with its terms.

 

 

“Person” means an individual, a partnership, a
corporation, an association, a joint stock company, a trust, a joint venture, a
limited liability company or other unincorporated organization, and a
governmental entity or any department, agency or political subdivision thereof.

 

“Registrable Securities” means, as of any date:
(i) Common Stock issued on the date hereof to BCC pursuant to the Asset
Purchase Agreement and issued to FPH or any of its Affiliates on or prior to
the date hereof; (ii) any Common Stock issued or issuable with respect to the
Common Stock in the preceding clause (i) by way of or in connection with a
stock dividend, stock split, combination of shares, share subdivision, share
exchange, recapitalization, merger, consolidation or other reorganization or
transaction, and (iii) any other Common Stock otherwise acquired by BCC or FPH
(including upon conversion of any other shares of capital stock). As of any date,
Registrable Securities owned by BCC or any of its Affiliates are sometimes
referred to herein as “BCC Registrable Securities.” As of any date,
Registrable Securities owned by FPH or any of its Affiliates are sometimes
referred to herein as “FPH Registrable Securities.” As of any date,
Registrable Securities owned by any direct or indirect transferee of BCC (other
than an Affiliate of BCC) or by any direct or indirect transferee of FPH (other
than an Affiliate of FPH) are sometimes referred to herein as “Transferee
Registrable Securities.” As to any particular Registrable Securities, such
securities will cease to be Registrable Securities when they have been
distributed to the public pursuant to a offering registered under the
Securities Act of 1933, as amended from time to time (the “Securities Act”),
or distributed to the public in compliance with Rule 144 under the Securities
Act.  For purposes of this Agreement, a
Person will be deemed to be a holder of Registrable Securities whenever such
Person has the right to acquire directly or indirectly such Registrable
Securities (upon conversion or exercise in connection with a transfer of
securities or otherwise, but disregarding any restrictions or limitations upon
the exercise of such right), whether or not such acquisition has actually been
effected.

 

“Registration Expenses” means any and all
expenses incident to performance of, or compliance with any registration of
securities pursuant to, this Agreement, including, without limitation: (i) the
fees, disbursements and expenses of Boise Holdings’ counsel and accountants;
(ii) the fees, disbursements and expenses of one or more firms, as applicable
pursuant to the terms of this Agreement, selected as counsel for the holders of
the Registrable Securities in connection with the registration of the
securities to be disposed of; (iii) all expenses, including registration and
filing fees, in connection with the preparation, printing, filing and
distribution of the registration statement, any preliminary prospectus or final
prospectus, term sheets and any other offering documents, and amendments and
supplements thereto, and the mailing and delivering of copies thereof to any
underwriters and dealers; (iv) the cost of printing or producing any
underwriting agreements and blue sky or legal investment memoranda, and any
other documents in connection with the offering, sale or delivery of the
securities to be disposed of; (v) all expenses in connection with the
qualification of the securities to be disposed of for offering and sale under
state securities laws, including the fees, disbursements and expenses of
counsel for the underwriters or the holders of the Registrable Securities in
connection with such qualification and in connection with any blue sky and
legal investment surveys; (vi) the filing fees incident to securing any
required review by the National Association of Securities Dealers, Inc. of the
terms of the sale of the securities to be disposed of; (vii) transfer agents’
and registrars’ fees and expenses and the fees and expenses of any other agent
or trustee appointed in connection with such offering; (viii) all security
engraving and security printing expenses; (ix)

 

2

 

all fees, disbursements and expenses payable in
connection with the listing of the securities on any securities exchange or
automated interdealer quotation system and the rating of such securities; (x)
any other fees, disbursements and expenses of underwriters customarily paid by
the sellers of securities (excluding underwriting discounts and commissions);
(xi) all liability insurance expense; and (xii) other out-of-pocket expenses of
the holders of the Registrable Securities participating in such registration.
Notwithstanding the foregoing, each holder of the Registrable Securities and
Boise Holdings shall be responsible for its own internal administrative and
similar costs.

 

“Series B Common” means the Series B Common
Units of Boise Holdings, having the rights and preferences set forth with respect
thereto in the LLC Agreement.

 

2.                                       Demand
Registrations.

 

(a)                                  General.
At any time and from time to time, upon written notice from the holders of at
least 75% of the FPH Registrable Securities requesting that Boise Holdings
effect the registration under the Securities Act of any or all of the FPH
Registrable Securities, Boise Holdings shall effect the registration (under the
Securities Act and applicable state securities laws) of such securities (and
other Registrable Securities subject to Sections 2(c) and 2(d) below) in
accordance with such notice, Section 5 below and the other provisions of this
Agreement.  At any time and from time to
time after the date (the “Trigger Date”) that is the earlier of (i) the
date that Boise Holdings’ Initial Public Offering has been consummated (the “IPO
Date”) and (ii) the fifth anniversary of the Closing, upon written notice
from the holders of at least 75% of the BCC Registrable Securities requesting
that Boise Holdings effect the registration under the Securities Act of any or
all of the BCC Registrable Securities, Boise Holdings shall effect the
registration (under the Securities Act and applicable state securities laws) of
such securities (and other Registrable Securities subject to Sections 2(c) and
2(d) below) in accordance with such notice, Section 5 below and the other
provisions of this Agreement; provided that, notwithstanding the
foregoing, Boise Holdings shall have not have any obligation to effect any such
registration or take other actions required by this sentence at any time prior
to the IPO Date if, at the time such request is made, BCC does not hold at
least 50% of the number of shares of Series B Common issued to BCC at closing
under the Asset Purchase Agreement (as equitably adjusted for stock splits, stock
dividends, stock combinations, reverse stock splits, recapitalizations or
similar events effecting such class or series of stock).  Any notice from holders of FPH Registrable
Securities or BCC Registrable Securities pursuant to this Section 2(a)
shall specify the approximate number of Registrable Securities to be registered
and the expected per share price range for the offering. A registration
pursuant to this Section 2 is sometimes referred to herein as a “Demand
Registration.”

 

(b)                                 Limitations
on Demand Registrations: Demand Registration Forms and Expenses. The
holders of FPH Registrable Securities shall be entitled to separately request
pursuant to this Section 2: (i) an unlimited number of effected
registrations on Form S-1 or any similar or successor long form registration (“Long-Form
Registrations”) in which Boise Holdings shall pay all Registration
Expenses, (ii) an unlimited number of registrations on Form S-2 or S-3 or any
similar or successor short form registration (“Short-Form Registrations”)
in which Boise Holdings shall pay all Registration Expenses; and (iii) an
unlimited number of Long-Form Registrations in which the holders of the
Registrable Securities participating in such

 

3

 

registration shall pay all Registration Expenses.  At and after the Trigger Date, the holders of
BCC Registrable Securities shall be entitled to separately request pursuant to
this Section 2: (x) two Long-Form Registrations in which Boise Holdings
shall pay all Registration Expenses, (y) an unlimited number of Short-Form
Registrations in which Boise Holdings shall pay all Registration Expenses; and
(z) five Long-Form Registrations in which the holders of the Registrable
Securities participating in such registration shall pay all Registration
Expenses; provided that, notwithstanding the foregoing, Boise Holdings
shall have not have any obligation to effect any such registration or take
other actions required by this sentence at any time prior to the IPO Date if,
at the time such request is made, BCC does not hold at least 50% of the number
of shares of Series B Common issued to BCC at closing under the Asset Purchase
Agreement (as equitably adjusted for stock splits, stock dividends, stock
combinations, reverse stock splits, recapitalizations or similar events
effecting such class or series of stock).

 

For purposes of clause (iii) above and clause (z)
above, each holder of securities included in accordance with this Agreement in
any registration pursuant to clause (iii) or clause (z) above shall pay those
Registration Expenses allocable to the registration of such holder’s securities
so included, and any Registration Expenses not so allocable will be borne by
all sellers of securities included in such registration in proportion to the
aggregate selling price of the securities to be so registered. Boise Holdings
shall pay and be solely responsible for Registration Expenses with respect to
registrations effected under clauses (i), (ii), (x) and (y) above.

 

After Boise Holdings has become subject to the
Securities Exchange Act of 1934, as amended from time to time (“Exchange Act”),
Boise Holdings will use its reasonable best efforts to make Short-Form
Registrations available for the sale of Registrable Securities. Demand Registrations
will be Short Form Registrations whenever Boise Holdings is permitted to use
any applicable short form; provided, however, that Boise Holdings shall
nevertheless use a long-form registration statement in the event that both: (i)
the use of a short-form registration statement would limit the offering to
existing security holders, qualified institutional buyers or other classes of
offerees or would otherwise, in the opinion of the managing underwriters, have
an adverse effect on the offering under the Securities Act and regulations
thereunder as then in effect; and (ii) the holders of 90% of the BCC
Registrable Securities or FPH Registrable Securities, as the case may be,
initially requesting the Demand Registration direct in such request that Boise
Holdings utilize a long-form registration statement.

 

Notwithstanding any other provision of this Agreement
to the contrary, a registration requested hereunder shall not be deemed to have
been effected: (i) unless it has become and remains effective for the period
specified in Section 5(b); (ii) if after it has become effective such
registration is interfered with by any stop order, injunction or other order or
requirement of the Securities and Exchange Commission (“SEC”) or other
governmental agency or court for any reason other than due solely to the fault
of the holders of the Registrable Securities participating therein and, as a
result thereof, the Registrable Securities requested to be registered cannot be
completely distributed in accordance with the plan of distribution set forth in
the registration statement; or (iii) if the conditions to closing specified in
any purchase agreement or underwriting agreement entered into in connection
with any such registration are not satisfied or waived other than due solely to
the fault of the holders of the Registrable Securities participating therein.
In addition, a Demand Registration initially requested by the holders of the
BCC Registrable Securities shall not be deemed to have been effected if the
holders of the BCC

 

4

 

Registrable Securities are unable, as a result of the
priority provisions in Section 2(d) below, to sell at least 90% of the BCC
Registrable Securities initially requested to be included in such registration.
Similarly, a Demand Registration initially requested by the holders of the FPH
Registrable Securities shall not be deemed to have been effected if the holders
of the FPH Registrable Securities are unable, as a result of the priority
provisions in Section 2(d) below, to sell at least 90% of the FPH Registrable
Securities initially requested to be included in such registration.

 

(c)                                  Notice
to Other Holders: Selection of Underwriter and Holder’s Counsel.  Within five (5) days after receipt of a
request for a Demand Registration, Boise Holdings will give prompt written
notice (in any event within five (5) days after its receipt of notice of any
exercise of Demand Registration rights under this Agreement) of such request to
all other holders of Registrable Securities, and subject to Section 2(d) below,
will include within such registration all Registrable Securities with respect
to which Boise Holdings has received written requests for inclusion therein
within fifteen (15) days after receipt of Boise Holdings’ notice. The holders
of a majority of the BCC Registrable Securities or FPH Registrable Securities,
as applicable, submitting the initial request (i.e. excluding the holders
submitting requests after Boise Holdings’ notice) shall have the right to select
the investment bankers and managers for the offering, subject in the case of
holders of BCC Registrable Securities submitting the original request, to the
approval of the holders of FPH Registrable Securities, if any, participating in
such registration pursuant to this Agreement, which approval shall not be
unreasonably withheld.

 

Counsel for all holders of Registrable Securities in
connection with such registration shall be selected: (i) by the holders of a
majority of the BCC Registrable Securities, if holders of the BCC Registrable
Securities make the initial registration request; or (ii) by the holders of a
majority of the FPH Registrable Securities, if the holders of the FPH
Registrable Securities make the initial registration request; provided, however,
if the holders of a majority of the FPH Registrable Securities, on the one
hand, and a majority of the BCC Registrable Securities, on the other hand,
reasonably conclude, after consultation with the other, that such
representation is likely to result in a conflict of interest or materially
adversely affect either group’s rights in connection with such registration,
then the holders of a majority of the FPH Registrable Securities and the
holders of a majority of the BCC Registrable Securities, respectively, shall
each be entitled to select a separate firm to represent them as counsel in
connection with such registration. The fees and expenses of such firm or firms
acting as counsel for the holders of the Registrable Securities shall be paid
by Boise Holdings.

 

(d)                                 Priority
on Demand Registrations. Boise Holdings shall not include in any Demand
Registration any securities which are not Registrable Securities without the
prior written consent of the holders of at least 75% of the Registrable
Securities included in such registration. If a Demand Registration is an
underwritten offering and the managing underwriters advise Boise Holdings in
writing that in their opinion the number of Registrable Securities and, if
permitted hereunder, other securities requested to be included in such offering
exceeds the number of Registrable Securities and other securities, if any,
which can be sold in an orderly manner in such offering within a price range
acceptable to the holders of a majority of the BCC Registrable Securities or
FPH Registrable Securities, as applicable, initially requesting registration,
Boise Holdings will include in such registration only the number of Registrable

 

5

 

Securities which such underwriters advise in writing can be sold in
such manner and within such price range in the following order of priority:

 

(i)            first,
the BCC Registrable Securities and the FPH Registrable Securities requested to
be included therein, pro-rata among the holders of such Registrable Securities
on the basis of the number of shares requested to be included by each such
holder;

 

(ii)           second,
the Transferee Registrable Securities, if any, requested to be included
therein, pro-rata among the holders of such Transferee Registrable Securities
on the basis of the number of shares requested to be included by each such
holder; and

 

(iii)          third,
any other securities requested to be included in such registration.

 

(e)                                  Restrictions
on Demand Registrations. Boise Holdings will not be obligated to effect any
Demand Registration within 90 days after the effective date of a previous
Demand Registration or previous registration in which holders of Registrable
Securities were given piggyback rights pursuant to Section 3 at an offering
price acceptable to the holders of the Registrable Securities and in which
there was no reduction in the number of Registrable Securities requested to be
included. Additionally, Boise Holdings may postpone for up to 90 days (on not
more than one occasion during any 12-month period) the filing or the
effectiveness of a registration statement for a Demand Registration if, based
on the advice of counsel, Boise Holdings reasonably determines that such Demand
Registration would likely have a material adverse effect on any proposal or
plan by Boise Holdings to engage in any acquisition of assets (other than in
the ordinary course of business) or any merger, consolidation, tender offer or
similar transaction; provided, however, that in such event, the holders of
Registrable Securities initially requesting such Demand Registration will be
entitled to withdraw such request and, if such request is withdrawn, such
Demand Registration will not count as one of the permitted Demand Registrations
hereunder and Boise Holdings will pay all Registration Expenses in connection
with such registration.

 

(f)                                    Other
Registration Rights.  Boise Holdings
will not register for the benefit of any Person other than BCC, FPH or their
respective direct or indirect transferees, or grant to any such other Person
the right to request Boise Holdings to register or to participate in Piggyback
Registrations with respect to, any equity securities of Boise Holdings, or any
securities convertible or exchangeable into or exercisable for such securities,
without the prior written consent of holders of a majority of FPH Registrable
Securities then outstanding.

 

3.                                       Piggyback
Registrations.

 

(a)                                  General;
Notice to Holders. In addition to the registration rights in Section 2
above, whenever Boise Holdings proposes to register any of its securities under
the Securities Act (other than pursuant to a Demand Registration hereunder) and
the registration form to be used may be used for the registration of
Registrable Securities, Boise Holdings will give prompt written notice (in any
event within five (5) days after its receipt of notice of any exercise of
demand registration rights other than under this Agreement) to all holders of
Registrable

 

6

 

Securities of its intention to effect such a registration. Subject to
Sections 3(c) and 3(d) below, Boise Holdings shall include in such registration
all Registrable Securities with respect to which Boise Holdings has received
written requests for inclusion therein within fifteen (15) days after the
receipt of Boise Holdings’ notice. Registrations under this Section 3 are
sometimes referred to herein as “Piggyback Registrations.”

 

(b)                                 Number
of Piggyback Registrations; Piggyback Registration Expenses. The holders of
the Registrable Securities shall be entitled to participate in an unlimited
number of Piggyback Registrations. The Registration Expenses of the holders of
Registrable Securities will be paid by Boise Holdings in all Piggyback
Registrations.

 

(c)                                  Priority
on Primary Piggyback Registrations. Subject to Section 3(f) below, if a
Piggyback Registration is an underwritten primary registration on behalf of
Boise Holdings, and the managing underwriters advise Boise Holdings in writing
that in their opinion the number of securities requested to be included in such
registration exceeds the number which can be sold in an orderly manner in such
offering within a price range acceptable to Boise Holdings, Boise Holdings will
include in such registration only the number of securities (including
Registrable Securities) which such underwriters advise in writing can be sold
in such manner and within such price range in the following order of priority:

 

(i)            first,
the securities Boise Holdings proposes to sell;

 

(ii)           second,
the BCC Registrable Securities and the FPH Registrable Securities, if any,
requested to be included therein, pro-rata among the holders of such
Registrable Securities on the basis of the number of shares requested to be
included by each such holder;

 

(iii)          third,
the Transferee Registrable Securities, if any, requested to be included
therein, pro-rata among the holders of such Transferee Registrable Securities
on the basis of the number of shares requested to be included by each such
holder; and

 

(iv)          fourth, any
other securities requested to be included in such registration.

 

(d)                                 Priority
on Secondary Piggyback Registrations. Subject to Section 3(f) below, if a
Piggyback Registration is an underwritten secondary registration on behalf of
holders of Boise Holdings’ securities, and the managing underwriters advise
Boise Holdings in writing that in their opinion the number of securities
requested to be included in such registration exceeds the number which can be
sold in an orderly manner in such offering within a price range acceptable to
the holders initially requesting such registration, Boise Holdings will include
in such registration: in the case of a registration with respect to which Boise
Holdings has provided notice under Section 3(a) above, only the number of
securities (including Registrable Securities) which can be sold in such manner
and within such price range in the following order of priority:

 

(i)                                     first,
the securities requested to be included therein by the holders requesting such
registration, the BCC Registrable Securities, if any, requested to be included
therein, and the FPH Registrable Securities, if any, requested to be included
therein, pro-rata among the holders of such

 

7

 

securities (including Registrable Securities) on the basis of the
number of shares requested to be included by each such holder;

 

(ii)           second,
the Transferee Registrable Securities, if any, requested to be included
therein, pro-rata among the holders of such Transferee Registrable Securities
on the basis of the number of shares requested to be included by each such
holder; and

 

(iii)          third,
any other securities requested to be included in such registration.

 

(e)                                  Selection
of Underwriter and Holder’s Counsel. 
If any Piggyback Registration is an underwritten offering, the selection
of investment bankers and managers for the offering must be approved by the
holders of a majority of the Registrable Securities included in such Piggyback
Registration. Such approval will not be unreasonably withheld. The holders of
the BCC Registrable Securities and the FPH Registrable Securities shall have
the right to select one or two firms as counsel as provided in Section 2(c)
above, the fees and expenses of which shall be paid by Boise Holdings.

 

(f)                                    Other
Registrations. If Boise Holdings has been requested by the holders of
Registrable Securities to file a registration statement pursuant to Section 2
above or if it has filed a Registration Statement pursuant to this Section 3,
and if such previous request or registration has not been withdrawn or
abandoned, Boise Holdings will not file or cause to be effected any other
registration of any of its equity securities or securities convertible or
exchangeable into or exercisable for its equity securities under the Securities
Act (except on Form S-8 or any successor form), whether on its own behalf or at
the request of any holder or holders of such securities, until the expiration
of the effectiveness period required under Section 5(b) below.

 

4.                                       Holdback
Agreements.

 

(a)                                  Agreement
by Holders. Each holder of Registrable Securities agrees not to effect any
public sale or distribution (including sales pursuant to Rule 144 under the
Securities Act) of equity securities of Boise Holdings, or any securities
convertible into or exchangeable or exercisable for such securities, during the
seven days prior to and the 180-day period beginning on the effective date of
any underwritten Demand Registration or any underwritten Piggyback Registration
in which Registrable Securities are included (except as part of such
underwritten registration), unless the underwriters managing the registered
public offering otherwise agree.

 

(b)                                 Agreements
by Boise Holdings. Boise Holdings agrees: (i) not to effect or
facilitate any public sale or distribution of its equity securities. or any
securities convertible into or exchangeable or exercisable for such securities,
during the thirty days prior to and during the 180-day period beginning on the
effective date of any underwritten Demand Registration or Piggyback
Registration (except as part of such underwritten Piggyback Registration or
pursuant to registrations on Form S-8 or any successor form), unless the
underwriters managing the registered public offering (and in the case of a
Demand Registration, the holders of a majority of the Registrable Securities
included therein) otherwise agree; and (ii) to cause Boise Holdings’ directors,
officers and affiliates not to effect or facilitate any public sale or
distribution (including

 

8

 

sales pursuant to Rule 144 under the Securities Act) of any equity
securities, or any securities convertible into or exchangeable or exercisable
for such securities during such period (except as part of such underwritten
registration, if otherwise permitted), unless the underwriters managing the
registered public offering, the holders of a majority of the Registrable
Securities participating in such registration otherwise agree.

 

5.                                       Registration
and Qualification. If and whenever Boise Holdings is required to effect the
registration of any Registrable Securities, Boise Holdings shall as promptly as
possible:

 

(a)                                  prepare,
file and use its reasonable best efforts to cause to become effective a
registration statement under the Securities Act relating to the Registrable
Securities to be offered and effect the sale of such Registrable Securities, in
each case in accordance with the intended method of disposition thereof (Boise
Holdings shall cause such registration statement to be effective as promptly as
possible but in any event within 120 days of the request);

 

(b)                                 prepare
and file with the SEC such amendments and supplements to such registration
statement and the prospectus used in connection therewith as may be necessary
to keep such registration statement effective and to comply with the provisions
of the Securities Act with respect to the disposition of all Registrable
Securities included therein until the earlier of: (i) such time as all of such
Registrable Securities included therein have been disposed of in accordance
with the intended methods of disposition; and (ii) the expiration of 180 days
after such registration statement becomes effective; provided, that such
180-day period shall be extended for such number of days that equals the number
of days elapsing from (x) the date the written notice contemplated by paragraph
5(g) below is given by Boise Holdings to (y) the date on which Boise Holdings
delivers to the holders of the Registrable Securities included in such
registration statement the supplement or amendment contemplated by paragraph
5(g) below;

 

(c)                                  provide
copies of all registration statements, prospectus and amendments and
supplements to each firm selected as their legal counsel by the holders of the
Registrable Securities in accordance with this Agreement at least ten days
prior to the filing thereof (if practicable, at least one day in the case of an
amendment or supplement prepared pursuant to Section 5(g) below), with such
counsel being provided with the opportunity (but not the obligation) to review
and comment on such documents;

 

(d)                                 furnish
to the holders of the Registrable Securities included in such registration
statement and to any underwriter of such Registrable Securities such number of
conformed copies of such registration statement and of each such amendment and
supplement thereto (in each case including all exhibits), such number of copies
of the prospectus included in such registration statement (including each
preliminary prospectus and any summary prospectus) in conformity with the
requirements of the Securities Act, such documents incorporated by reference in
such registration statement or prospectus, such number of other offering
documents, copies of any and all transmittal letters or other correspondence to
or received from, the SEC or any other governmental agency or self-regulatory
body or other body having jurisdiction (including any domestic or foreign
securities exchange) relating to such offering, and such other documents, as
the holders of such Registrable Securities or such underwriter may reasonably
request;

 

9

 

(e)                                  use
its reasonable best efforts to register or qualify all Registrable Securities
covered by such registration statement under the securities or blue sky laws of
such jurisdictions as the holders of the Registrable Securities included in
such registration statement or any underwriter of such Registrable Securities
shall request, and use its reasonable best efforts to obtain all appropriate
registrations, permits and consents in connection therewith, and do any and all
other acts and things which may be necessary or advisable to enable such
holders of such Registrable Securities or any such underwriter to consummate
the disposition in such jurisdictions of its Registrable Securities covered by
such registration statement;

 

(f)                                    furnish
to the holders of the Registrable Securities included in such registration
statement and to any underwriter of such Registrable Securities: (i) an opinion
of counsel for Boise Holdings addressed to the holders of such Registrable
Securities and dated the date of the closing under the underwriting agreement
(if any) (or if such offering is not underwritten, dated the effective date of
the registration statement); and (ii) a “cold comfort” letter addressed to the
holders of such Registrable Securities and signed by the independent public
accountants who have audited the financial statements of Boise Holdings
included in such registration statement, in each such case covering
substantially the same matters with respect to such registration statement (and
the prospectus included therein) as are customarily covered in opinions of
issuer’s counsel and in accountants’ letters delivered to underwriters in
underwritten public offerings of securities and such other matters as the
holders of such Securities may reasonably request and, in the case of such
accountants’ letter, with respect to events subsequent to the date of such
financial statements;

 

(g)                                 as
promptly as practicable, notify the holders of the Registrable Securities
included in such registration statement in writing: (i) at any time when a
prospectus relating to a registration statement hereunder is required to be
delivered under the Securities Act, of the happening of any event as a result
of which the prospectus included in such registration statement, as then in
effect, includes an untrue statement of a material fact or omits to state any
material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not
misleading; and (ii) of any request by the SEC or any other regulatory body or
other body having jurisdiction for any amendment of or supplement to any
registration statement or other document relating to such offering, and in
either such case prepare and furnish to the holders of such Registrable
Securities a reasonable number of copies of a supplement to or an amendment of
such prospectus as may be necessary so that, as thereafter delivered to the
purchasers of such Registrable Securities, such prospectus shall not include an
untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein, in light of the
circumstances under which they are made, not misleading;

 

(h)                                 cause
all such Registrable Securities included in such registration statement to be
listed on each securities exchange on which similar securities issued by Boise
Holdings are then listed and, if not so listed, to be listed on an exchange
satisfactory to holders of a majority of Registrable Securities;

 

(i)                                     furnish
for delivery in connection with the closing of any offering of Registrable
Securities pursuant to a registration hereunder unlegended certificates
representing

 

10

 

ownership of the Registrable Securities being sold in such
denominations as shall be requested by the holders of the Registrable
Securities or the underwriters;

 

(j)                                     provide
a transfer agent and registrar for all such Registrable Securities not later
than the effective date of such registration statement;

 

(k)                                  enter
into such customary agreements and take all such other actions as the holders
of a majority of the Registrable Securities being sold or the underwriters, if
any, reasonably request in order to expedite or facilitate the disposition of
such Registrable Securities (including effecting a stock split or a combination
of shares);

 

(l)                                     otherwise
use its best efforts to comply with all applicable rules and regulations of the
SEC, and make available to its security holders, as soon as reasonably
practicable, an earnings statement covering the period of at least twelve
months beginning with the first day of Boise Holdings’ first full calendar
quarter after the effective date of the registration statement, which earnings
statement shall satisfy the provisions of Section 11(a) of the Securities Act
and Rule 158 thereunder;

 

(m)                               permit
any holder of Registrable Securities which holder, in its sole and exclusive
judgment, might be deemed to be an underwriter or a controlling person of Boise
Holdings, to participate in the preparation of such registration statement and
to require the insertion therein of material, furnished to Boise Holdings in
writing, which in the reasonable judgment of such holder and its counsel should
be included; and

 

(n)                                 in
the event of the issuance of any stop order suspending the effectiveness of a
registration statement, or of any order suspending or preventing the use of any
related prospectus or suspending the qualification of any Common Stock included
in such registration statement for sale in any jurisdiction, Boise Holdings
will use its reasonable best efforts promptly to obtain the withdrawal of such
order.

 

If any such registration or comparable statement
refers to any holder of Registrable Securities by name or otherwise as the
holder of any securities of Boise Holdings and if in its sole and exclusive
judgment, such holder is or might be deemed to be a controlling person of Boise
Holdings, such holder will have the right to require: (i) the insertion therein
of language, in form and substance satisfactory to such holder and presented to
Boise Holdings in writing, to the effect that the holding by such holder of
such securities is not to be construed as a recommendation by such holder of
the investment quality of Boise Holdings’ securities covered thereby and that
such holding does not imply that such holder will assist in meeting any future
financial requirements of Boise Holdings; or (ii) in the event that such
reference to such holder by name or otherwise is not required by the Securities
Act or any similar federal statute then in force, the deletion of the reference
to such holder; provided that with respect to this clause (ii) such holder will
furnish to Boise Holdings an opinion of counsel to such effect.

 

6.                                       Recapitalization;
Underwriting; Due Diligence.

 

(a)                                  For
any Piggyback Registration or Demand Registration prior to the time Boise
Holdings becomes subject to the Exchange Act with respect to Registrable
Securities, Boise Holdings shall effect a stock split, stock dividend or stock
combination which in the 

 

11

 

opinion of the underwriters is desirable for the sale and marketing of
the Registrable Securities to the public.

 

(b)                                 If
requested by the underwriters for any underwritten offering of Registrable
Securities pursuant to a registration requested under this Agreement, Boise
Holdings shall enter into an underwriting agreement with such underwriters for
such offering, which agreement will contain such representations and warranties
by Boise Holdings and such other terms and provisions as are customarily
contained in underwriting agreements of Boise Holdings to the extent relevant
and as are customarily contained in underwriting agreements generally with
respect to secondary distributions to the extent relevant, including, without
limitation, indemnification and contribution provisions substantially to the
effect and to the extent provided in Section 7(a), and agreements as to the
provision of opinions of counsel and accountants’ letters to the effect and to
the extent provided in Section 5(f). Subject to Section 9 below, the holders of
the Registrable Securities included in such registration shall be parties to
any such underwriting agreement and the representations and warranties by, and
the other agreements on the part of, Boise Holdings to and for the benefit of
such underwriters, shall also be made to and for the benefit of the holders of
such Registrable Securities.

 

(c)                                  In
connection with the preparation and filing of each registration statement
registering Registrable Securities under the Securities Act pursuant to this
Agreement, Boise Holdings shall give the holders of the Registrable Securities
included in such registration and the underwriters, if any, and their
respective counsel, accountants and agents, the opportunity (but such persons
shall not have the obligation) to review the books and records of Boise
Holdings and to discuss the business of Boise Holdings with its officers and
the independent public accountants who have certified the financial statements
of Boise Holdings as shall be necessary, in the opinion of the holders of such
Registrable Securities and such underwriters or their respective counsel, to
conduct a reasonable investigation within the meaning of the Securities Act.

 

7.                                       Indemnification.

 

(a)                                  Boise
Holdings Indemnification. Boise Holdings agrees to indemnify, to the maximum
extent permitted by law, each holder of Registrable Securities, its officers
and directors and each Person who controls such holder (within the meaning of
the Securities Act) and the officers, directors, affiliates, employees and
agents of each of the foregoing (whether or not any litigation is commenced or
threatened and whether or not such indemnified Persons are parties to any
litigation commenced or threatened), against all losses, claims, damages,
liabilities and expenses including, without limitation, attorneys’ fees, expert
fees and amounts paid in settlement, resulting from or arising out of any
untrue or alleged untrue statement of material fact contained in any
registration statement, prospectus or preliminary prospectus or any amendment
thereof or supplement thereto or any omission or alleged omission of a material
fact required to be stated therein or necessary to make the statements therein
not misleading, except insofar as the same are caused by or contained in any
information furnished in writing to Boise Holdings by such holder expressly for
use therein or by such holder’s failure to deliver a copy of the registration
statement or prospectus or any amendments or supplements thereto after Boise
Holdings has furnished such holder with a sufficient number of copies of the
same. In connection with an underwritten offering, Boise Holdings will
indemnify such underwriters, their officers

 

12

 

and directors and each Person who controls such underwriters (within
the meaning of the Securities Act) to the same extent as provided above with
respect to the indemnification of the holders of Registrable Securities. Such
indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of the holders of the Registrable Securities or any
underwriter and shall survive the transfer of such securities. The foregoing
indemnity agreement is in addition to any liability that Boise Holdings may
otherwise have to the holders of the Registrable Securities or any underwriter
of the Registrable Securities or any controlling Person of the foregoing and
the officers, directors, affiliates, employees and agents of each of the
foregoing.

 

(b)                                 Holder
Indemnification. In connection with any registration statement in which a
holder of Registrable Securities is participating, each such holder agrees to
indemnify, to the extent permitted by law, Boise Holdings, its directors and
officers and each Person who controls Boise Holdings (within the meaning of the
Securities Act) and the officers, directors, affiliates, employees and agents
of each of the foregoing (whether or not any litigation is commenced or
threatened and whether or not such indemnified Persons are parties to any
litigation commenced or threatened), against any losses, claims, damages,
liabilities and expenses including, without limitation, attorneys’ fees, expert
fees and amounts paid in settlement, resulting from or arising out of any
untrue or alleged untrue statement of material fact contained in the
registration statement, prospectus or preliminary prospectus or any amendment
thereof or supplement thereto or any omission or alleged omission of a material
fact required to be stated therein or necessary to make the statements therein
not misleading, but only to the extent that such untrue statement or omission
is contained in any information furnished in writing to Boise Holdings by such
holder expressly for use in such registration statement; provided, however,
that the obligation to indemnify will be individual to each such holder and
will be limited to the net amount of proceeds received by such holder from the
sale of Registrable Securities pursuant to such registration statement.

 

(c)                                  Resolution
of Claims. Any Person entitled to indemnification hereunder will: (i) give
prompt written notice to the indemnifying party of any claim with respect to
which it seeks indemnification hereunder; and (ii) unless in such indemnified
party’s reasonable judgment a conflict of interest between such indemnified and
indemnifying parties may exist with respect to such claim, permit such
indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party. If such defense is assumed, the
indemnifying party will not be subject to any liability for any settlement made
by the indemnified party without its consent (but such consent will not be
unreasonably withheld). An indemnifying party who is not entitled to, or elects
not to, assume the defense of a claim will not be obligated to pay the fees and
expenses of more than one counsel for all parties indemnified by such
indemnifying party with respect to such claim, unless in the reasonable
judgment of any indemnified party a conflict of interest may exist between such
indemnified party and any other of such indemnified parties with respect to
such claim, in which case such indemnified party will be entitled to have the
fees and expenses of its separate counsel paid by the indemnifying party.

 

(d)                                 Contribution.
If the indemnification provided for in this Section 7 shall for any reason be
unavailable (other than in accordance with its terms) to an indemnified party
in respect of any loss, claim, damage, liability or expense referred to
therein, then each indemnifying party shall, in lieu of indemnifying such
indemnified party, contribute to the

 

13

 

amount paid or payable by such indemnified party as a result of such
loss, claim, damage, liability or expense in such proportion as shall be
appropriate to reflect the relative fault of the indemnifying party on the one
hand and the indemnified party on the other with respect to the statements or
omissions which resulted in such loss, claim, damage, liability or expense as
well as any other relevant equitable considerations. The relative fault shall
be determined by reference to whether the untrue or alleged untrue statement of
a material fact or omission or alleged omission to state a material fact
relates to information supplied by the indemnifying party on the one hand or
the indemnified party on the other. The amount paid or payable by an
indemnified party as a result of the loss, cost, claim, damage, liability or
expense, or action in respect thereof, referred to above in this Section 7(d)
shall be deemed to include, for purposes of this Section 7(d), any legal or
other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such action or claim. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. In any event, a holder’s obligation to provide
contribution pursuant to this Section 7(d) shall be limited to the net amount
of proceeds received by such holder from the sale of Registrable Securities
pursuant to such registration statement.

 

(e)                                  State
Securities Laws. Indemnification and contribution similar to that specified
in the preceding paragraphs of this Section 7 (with appropriate modifications)
shall be given by Boise Holdings, the holders of the Registrable Securities and
underwriters with respect to any required registration or other qualification
of securities under any state law or regulation or governmental authority.

 

(f)                                    Other
Rights. The obligations of the parties under this Section 7 shall be in
addition to any liability which any party may otherwise have to any other
party.

 

8.                                       Rule
144. Boise Holdings shall use its reasonable best efforts to ensure that
the conditions to the availability of Rule 144 set forth in paragraph (c)
thereof shall be satisfied. Upon the request of the holders of a majority of
the BCC Registrable Securities or the holders of a majority of the FPH
Registrable Securities, Boise Holdings will deliver to such holders a written
statement as to whether it has complied with such requirements.

 

9.                                       Participation
in Underwritten Registrations. No holder of Registrable Securities may
participate in any registration hereunder which is underwritten unless such
holder: (a) agrees to sell such holder’s securities on the basis provided in
any underwriting arrangements contemplated by such offering; and (b) completes
and executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents required under the terms of such underwriting
arrangements; provided, however, that no holder of Registrable Securities
included in any underwritten registration will be required to make: (i) any
representations or warranties to Boise Holdings, the underwriters or other
Persons, other than representations and warranties regarding such holder, such
holder’s Registrable Securities and such holder’s intended method of
distribution; or (ii) any indemnities to Boise Holdings, the underwriter or
other Persons on terms which are not substantially identical to the provisions
in Section 7(b) above.

 

14

 

10.                                 Miscellaneous.

 

(a)                                  No
Inconsistent Agreements. Boise Holdings represents and warrants to the
holders of the Registrable Securities that it has not entered into, and agrees
with the holders of the Registrable Securities that it will not hereafter enter
into, any agreement with respect to its securities which is inconsistent or
conflicts with, or violates the rights granted to the holders of Registrable
Securities in, this Agreement.

 

(b)                                 Adjustments
Affecting Registrable Securities. In addition to Boise Holdings’
obligations under Section 6(a) above, Boise Holdings will not take any action,
or permit any change to occur, with respect to its securities which would
adversely affect the ability of the holders of Registrable Securities to
include such Registrable Securities in a registration undertaken pursuant to
this Agreement or which would adversely affect the marketability of such
Registrable Securities in any such registration (including effecting a stock
split or a combination of shares).

 

(c)                                  Remedies.
Each holder of Registrable Securities will have all rights and remedies set
forth in this Agreement, Boise Holdings’ Certificate of Incorporation and all
rights and remedies which such holders have been granted at any time under any
other agreement and all of the rights which such holders have under any law.
Any Person having any rights under any provision of this Agreement will 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.

 

(d)                                 Amendments;
Waiver. Except as otherwise expressly provided herein, the provisions of
this Agreement may be amended and Boise Holdings may take any action herein
prohibited, or omit to perform any act herein required to be performed by it,
only if Boise Holdings has obtained the written consent of holders of a
majority of FPH Registrable Securities; provided that if any such
amendment or waiver materially and disproportionately affects holders of BCC Registrable
Securities adversely in a manner different than holders of FPH Registrable
Securities, such amendment or waiver shall be effective against holders of BCC
Registrable Securities only with the prior written consent of holders of a
majority of BCC Registrable Securities then outstanding.  Boise Holdings shall deliver written notice
to BCC (or in the event that BCC no longer holds BCC Registrable Securities,
the record holder of the largest number of Boise Registrable Securities)
promptly after any amendment is made that does not require the consent of the
holders of a majority of Boise Registrable Securities (as determined in
accordance with the proviso to the immediately foregoing sentence).  No other course of dealing between Boise
Holdings and the holder of any Registrable Securities or any delay in
exercising any rights hereunder or under the Certificate of Incorporation will
operate as a waiver of any rights of any such holders. For purposes of this
Agreement, shares held by Boise Holdings or any of its Subsidiaries will not be
deemed to be Registrable Securities. If Boise Holdings pays any consideration
to any holder of Registrable Securities for such holder’s consent to any
amendment, modification or waiver hereunder, Boise Holdings will also pay each
other holder granting its consent hereunder equivalent consideration computed
on a pro rata basis.

 

In the event that the Securities Act, Exchange Act
and/or regulations thereunder, respectively, are amended in a material respect
and one or more of such amendments reduce or diminish the benefits hereunder to
the holders of the Registrable Securities, including, without limitation,
amendments which may be adopted in connection with the Aircraft Carrier Release

 

15

 

(any such reducing or diminishing amendments being
referred to herein as “Securities Law Amendments”), Boise Holdings
shall, upon the written request of both (i) BCC, as long as it or any of its
Affiliates owns any BCC Registrable Securities, and (ii) FPH, as long as it or
any of its Affiliates owns any FPH Registrable Securities, amend this Agreement
to provide the holders of the Registrable Securities with benefits which, after
giving effect to such Securities Law Amendments, are equivalent to the benefits
hereunder absent such Securities Law Amendments.

 

(e)                                  Headings.
The headings in this Agreement are inserted for convenience only and shall not
be deemed to define or limit the scope of any section or subsection.

 

(f)                                    Notices.
All requests, notices, demands or other communications shall be in writing and
will be deemed to have been given when delivered to the recipient, when
received by facsimile or electronic transmission (but only if the sender
receives confirmation of receipt from the intended recipient), one (1) business
day after the date when sent to the recipient by overnight courier service, or
five (5) business days after the date when mailed to the recipient by certified
or registered mail, return receipt requested and postage prepaid. Such
requests, notices, demands and other communications will be sent to BCC, FPH
and to Boise Holdings at the addresses indicated below:

 

	
  to BCC:

  
	
   

  
	
  OfficeMax Incorporated

  
	
  1111 West Jefferson
  Street

  
	
  Boise, ID 83728

  
	
  Attention: George
  Harad, Chairman of the Board

  
	
  Facsimile: (208)
  384-4912

  
	
   

  
	
  with a copy to:

  
	
   

  
	
  OfficeMax Incorporated

  
	
  1111 West Jefferson
  Street

  
	
  Boise, ID 83728

  
	
  Attention: Matthew
  Broad, Vice President and General Counsel

  
	
  Facsimile: (208)
  384-7945

  
	
   

  
	
  to FPH:

  
	
   

  
	
  Forest Products
  Holdings, L.L.C.

  
	
  c/o Madison Dearborn
  Partners, L.L.C.

  
	
  Three First National
  Plaza

  
	
  Suite 3800

  
	
  Chicago, IL 60602

  
	
  Attention:

  	
  Samuel M. Mencoff

  
	
   

  	
  Thomas S. Souleles

  
	
  Facsimile: (312)
  895-1056

  
	
  Email:

  	
  smencoff@mdcp.com

  
	
   

  	
  tsouleles@mdcp.com

  
			

 

16

 

	
  with a copy to:

  
	
   

  
	
  Kirkland & Ellis
  LLP

  
	
  200 East Randolph Drive

  
	
  Chicago, IL 60601

  
	
  Attention: Jeffrey W.
  Richards, Esq.

  
	
  Facsimile: (312) 861-2200

  
	
  Email: jrichards@kirkland.com

  
	
   

  
	
  to Boise Holdings:

  
	
   

  
	
  Boise Cascade Holdings,
  L.L.C.

  
	
  c/o Madison Dearborn
  Partners, L.L.C.

  
	
  Three First National
  Plaza

  
	
  Suite 3800

  
	
  Chicago, IL 60602

  
	
  Attention:

  	
  Samuel
  M. Mencoff

  
	
   

  	
  Thomas
  S. Souleles

  
	
  Facsimile:  (312)
  895-1056

  
	
  Email:

  	
  smencoff@mdcp.com

  
	
   

  	
  tsouleles@mdcp.com

  
	
   

  
	
  with a copy to:

  
	
   

  
	
  Kirkland & Ellis
  LLP

  
	
  200 East Randolph Drive

  
	
  Chicago, IL 60601

  
	
  Attention:

  	
  Jeffrey
  W. Richards, Esq.

  
	
  Facsimile:  (312) 861-2200

  
	
  Email:

  	
  jrichards@kirkland.com

  
			

 

or to such other address or to the attention of such
other Person as the recipient party has specified by prior written notice in
accordance with the procedures provided above. Notices to any other holders of
Registrable Securities shall be sent to the address specified by prior written
notice to Boise Holdings, BCC and FPH in accordance with the procedures
provided above.

 

(g)                                 No
Third-Party Beneficiaries. Subject to Section 10(k), this Agreement will
not confer any rights or remedies upon any Person other than Boise Holdings,
BCC and FPH and their respective successors.

 

(h)                                 Entire
Agreement. This Agreement (including the documents referred to herein)
constitutes the entire agreement among the parties and supersedes any prior
understandings, agreements, or representations by or among the parties, written
or oral, that may have related in any way to the subject matter hereof.

 

17

 

(i)                                     Governing
Law. The corporate law of the State of Delaware will govern all issues
concerning the relative rights of Boise Holdings and its securityholders. All
other questions concerning the construction, validity and interpretation of
this Agreement will be governed by the internal law, and not the law of
conflicts, of the State of Illinois.

 

(j)                                     Severability.
In the event any provision in this Agreement is held to be invalid as applied
to any fact or circumstance, it shall be ineffective only to the extent of such
invalidity, and such invalidity shall not affect the other provisions of this
Agreement or the same provision as applied to any other fact or circumstance.

 

(k)                                  Successors
and Assigns. This Agreement shall be binding upon the parties hereto and
their respective successors and any Person who becomes a holder of Registrable
Securities. This Agreement shall inure to the benefit of and be enforceable by
the parties hereto and their respective successors and any Person who becomes a
holder of Registrable Securities (to the extent provided herein with respect to
Registrable Securities of the type held by such holder).

 

(l)                                     Counterparts.
This Agreement may be executed in counterparts (including by facsimile or
electronic transmission), all of which taken together shall constitute one and
the same original.

 

(m)                               Termination.
The rights of all holders of BCC Registrable Securities under this Agreement
shall terminate as of the date when all BCC Registrable Securities can be sold
within a three-month period without registration under the Securities Act
pursuant to Rule 144.

 

18

 

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

 

 

	
   

  	
  BOISE
  CASCADE CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Guy G.
  Hurlbutt

  	
   

  
	
   

  	
   

  	
  Name: Guy
  G. Hurlbutt

  
	
   

  	
   

  	
  Title:   Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
  FOREST
  PRODUCTS HOLDINGS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Madison Dearborn
  Capital Partners IV, L.P.

  
	
   

  	
  Its: 

  	
  Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Madison Dearborn
  Partners IV, L.P.

  
	
   

  	
   

  	
  Its: General
  Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Madison Dearborn
  Partners, L.L.C.

  
	
   

  	
  Its:

  	
  General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas S.
  Souleles

  	
   

  
	
   

  	
   

  	
  Name: Thomas
  S. Souleles

  
	
   

  	
   

  	
  Title:   Managing
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
  BOISE
  CASCADE HOLDINGS, L.L.C.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Christopher
  J. McGowan

  	
   

  
	
   

  	
   

  	
  Name: Christopher
  J. McGowan

  
	
   

  	
   

  	
  Title:   Vice
  President

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