Document:

Potlatch Corporation Annual Incentive Plan

 Exhibit 10.1 
 POTLATCH CORPORATION 
 ANNUAL INCENTIVE PLAN 
 Amended and Restated Effective January 1, 2009 

 POTLATCH CORPORATION 
 ANNUAL INCENTIVE PLAN 
 Amended and Restated Effective January 1, 2009 
  

	1.	ESTABLISHMENT AND PURPOSE 

 (a) The Potlatch
Corporation Annual Incentive Plan (the “Plan”) was adopted effective January 1, 2009, subject to shareholder approval, by the Board of Directors of Potlatch Corporation to provide meaningful financial rewards to those employees of
Potlatch Corporation and its subsidiaries who are in a position to contribute to the achievement by Potlatch Corporation and its subsidiaries of significant improvements in profit performance and growth. 
 (b) The Plan is the successor plan to the Potlatch Corporation Management Performance Award Plan II, as amended through February 20, 2008 (the
“Prior Plan”). Effective December 31, 2008, the Prior Plan was frozen and no new Award deferrals will be made under it; provided, however, that any Award deferrals made under the Prior Plan before January 1, 2009, continue to be
governed by the terms and conditions of the Prior Plan as in effect on December 31, 2008, or on the date of any later amendment. 
 (c)
Any Award deferrals made under the Prior Plan after December 31, 2008, are deemed to have been made under the Plan and all such deferrals are governed by the terms and conditions of the Plan as it may be amended from time to time. 

(d) The Plan is intended to comply with the requirements of Section 409A of the Code, to the extent applicable, and, in the case of covered
employees, the exception for “qualified performance-based compensation” under Section 162(m) of the Code. 
 (e) The Plan was
approved by the shareholders of Potlatch Corporation on May 5, 2008. 
  

	2.	DEFINITIONS 

 (a) “Award” means an award
under the Plan. 
 (b) “Award Year” means a Year with respect to which Awards are made. 
 (c) “Board of Directors” means the Board of Directors of Potlatch. 
 (d) “CEO” means the Chief Executive Officer of Potlatch. 
 (e) “Change of Control” means the effective date of any one of the following events: 
 (i) Upon consummation of a merger or consolidation involving Potlatch (a “Business Combination”), in each case, unless, following such Business Combination, 
  

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 (A) all or substantially all of the individuals and entities who were the beneficial
owners, respectively, of the then outstanding shares of common stock of Potlatch (the “Outstanding Common Stock”) and the then outstanding voting securities of Potlatch entitled to vote generally in the election of directors (the
“Outstanding Voting Securities”) immediately prior to such Business Combination beneficially own, directly or indirectly, more than fifty percent (50%) of, respectively, the then outstanding shares of common stock and the combined
voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the corporation or other entity resulting from such Business Combination (including, without limitation, a corporation or other entity
which as a result of such transaction owns Potlatch either directly or through one or more subsidiaries), 
 (B) no
individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act)) (a “Person”) (excluding any corporation or other entity resulting from such
Business Combination or any employee benefit plan (or related trust) sponsored or maintained by Potlatch or any of its Subsidiaries or such other corporation or other entity resulting from such Business Combination) beneficially owns, directly or
indirectly, thirty percent (30%) or more of, respectively, the then outstanding shares of common stock or common equity of the corporation or other entity resulting from such Business Combination or the combined voting power of the then
outstanding voting securities of such corporation or other entity except to the extent that such ownership is based on the beneficial ownership, directly or indirectly, of Outstanding Common Stock or Outstanding Voting Securities immediately prior
to the Business Combination, and 
 (C) at least a majority of the members of the board of directors or similar governing body
of the corporation or other entity resulting from such Business Combination were members of the Board of Directors at the time of the execution of the initial agreement, or of the action of the Board of Directors, providing for such Business
Combination; or 
 (ii) On the date that individuals who, as of 11:59 p.m. (Pacific) on the date of the Distribution,
constitute the Board of Directors (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors; provided, however, that any individual who becomes a member of the Board of Directors on or
subsequent to the day immediately following the date of the Distribution whose election, or nomination for election by Potlatch’s stockholders, was approved by a vote of at least a majority of the members of the Board of Directors then
comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for purposes of this proviso, any such individual whose appointment to the Board of Directors occurs as a result of an
actual or threatened election contest with respect to the election or removal of a member or members of the Board of Directors, an actual or threatened solicitation of proxies or consents or any other actual or threatened action by, or on behalf of,
any Person other than the Incumbent Board; or 
 (iii) Upon the acquisition on or after the date of the Distribution by any
Person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of thirty percent (30%) or more of either 
 (A) the then Outstanding Common Stock, or 
  

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 (B) the combined voting power of the Outstanding Voting Securities; 
 provided, however, that the following acquisitions shall not be deemed to be covered by this paragraph (iii): 
 (I) any acquisition of Outstanding Common Stock or Outstanding Voting Securities by the Corporation, 
 (II) any acquisition of Outstanding Common Stock or Outstanding Voting Securities by any employee benefit plan (or related trust)
sponsored or maintained by the Corporation, or 
 (III) any acquisition of Outstanding Common Stock or Outstanding Voting
Securities by any corporation pursuant to a transaction which complies with clauses (A), (B) and (C) of Section 2(e)(i); or 
 (iv) Upon the consummation of the sale, lease or exchange of all or substantially all of the assets of Potlatch; or 
 (v) Upon the approval by the stockholders of Potlatch of a complete liquidation or dissolution of Potlatch. 
 (f) “Code” means the Internal Revenue Code of 1986, as amended. 
 (g) “Committee” means the committee which
shall administer the Plan in accordance with Section 3. 
 (h) “Corporation” means Potlatch and its Subsidiaries. 

(i) “Covered Employee” means a “covered employee” within the meaning of Section 162(m) of the Code and the regulations
thereunder. 
 (j) “Distribution” means the distribution by Potlatch to its stockholders of all of the outstanding shares of the
common stock of Clearwater Paper Corporation then owned by Potlatch, pursuant to the Separation and Distribution Agreement between Potlatch and Clearwater Paper Corporation. 
 (k) “Employee” means a full-time salaried employee (including any Officer) of the Corporation. 
 (l) “Guidelines” means the Potlatch Corporation Stock Ownership Guidelines. 
 (m) “Officer” means any Employee who is a Board of Directors elected officer of the Corporation and who is the chief manager of an Organization
Unit. 
 (n) “Organization Unit” means a major organizational component or profit center of the Corporation as determined in
accordance with rules and regulations adopted by the Committee, the Employees of which are eligible to participate in the Plan. 
  

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 (o) “Participant” means any Officer and any Employee actively employed by the Corporation
during an Award Year in an Organization Unit in a position designated as a participating position in accordance with rules and regulations adopted by the Committee. 
 (p) “Plan” means the Potlatch Corporation Annual Incentive Plan, adopted effective January 1, 2009. 
 (q) “Potlatch” means Potlatch Corporation, a Delaware corporation. 
 (r) “Prior Plan” means the Potlatch
Corporation Management Performance Award Plan II, adopted effective January 1, 2005, as amended through February 20, 2008. 
 (s)
“Separation from Service” means termination of a Participant’s service as an employee consistent with Section 409A of the Code and the regulations promulgated thereunder. For purposes of the Plan, “Separation from
Service” generally means termination of a Participant’s employment as a common-law employee of Potlatch and each Affiliate (as defined herein) of Potlatch. A Separation from Service will not be deemed to have occurred if a Participant
continues to provide services to Potlatch or an Affiliate in a capacity other than as an employee and if the former employee is providing a level of bona fide services that is fifty percent (50%) or more of the average level of services
rendered during the immediately preceding thirty-six (36) months of employment with Potlatch or an Affiliate; provided, however, that a Separation from Service will be deemed to have occurred if it is reasonably anticipated that a
Participant’s service with Potlatch and its Affiliates will terminate after a certain date or the level of bona fide services that the Participant will perform after such date (whether as an employee or another capacity) will permanently reduce
to a rate that is less than twenty percent (20%) of the bona fide level of services rendered, on average, during the immediately preceding thirty-six (36) months (or if employed by Potlatch and its Affiliates less than thirty-six
(36) months, such lesser period). However, the employment relationship is treated as continuing intact while the individual is on military leave, sick leave, or other bona fide leave of absence if the period of such leave does not exceed six
months, or if longer, so long as the individual’s right to reemployment with the service recipient is provided either by statute or by contract. If the period of leave exceeds six months and the individual’s right to reemployment is not
provided either by statute or by contract, the employment relationship is deemed to terminate on the first date immediately following such six-month period. For purposes of determining when a Separation from Service occurs, “Affiliate”
means any other entity which would be treated as a single employer with Potlatch under Section 414(b) or (c) of the Code, provided that in applying such Sections and in accordance with the rules of Treasury Regulations
Section 1.409A-1(h)(3), the language “at least 50 percent” shall be used instead of “at least 80 percent.” 
 (t)
“Subsidiary” means any corporation fifty percent (50%) or more of the voting stock of which is owned by Potlatch or by one or more of such corporations. 
 (u) “Year” means the calendar year. 
  

	3.	ADMINISTRATION OF THE PLAN 

 The Plan shall be
administered by the Executive Compensation and Personnel Policies Committee of the Board of Directors, or such other committee as may be designated and 

  

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appointed by the Board of Directors, which shall consist of at least three (3) members of the Board of Directors. Notwithstanding the foregoing, with
respect to Participants who are Covered Employees, except in the case of a Change of Control as explained below, the Committee shall consist solely of “outside directors” within the meaning of Section 162(m). No member of the
Committee shall be eligible to participate and receive Awards under the Plan while serving as a member of the Committee. 
 In addition to
the powers and duties otherwise set forth in the Plan, the Committee shall have full power and authority to administer and interpret the Plan, to establish procedures for administering the Plan, to adopt and periodically review such rules and
regulations consistent with the terms of the Plan as the Committee deems necessary or advisable in order to properly carry out the provisions of the Plan, to receive and review an annual report to be submitted by the CEO which shall describe and
evaluate the operation of the Plan, and to take any and all necessary action in connection therewith. The Committee’s interpretation and construction of the Plan and its determination of the amount of any Award thereunder shall be conclusive
and binding on all persons. In making such determinations, the Committee shall be entitled to rely on information and reports provided by the CEO. 
 Within
thirty (30) days after a Change of Control, the Committee shall appoint an independent committee consisting of at least three (3) current (as of the effective date of the Change of Control) or former Corporation officers and directors,
which shall thereafter administer all claims for benefits under the Plan. Upon such appointment the Committee shall cease to have any responsibility for claims administration under the Plan. 
  

	4.	ELIGIBILITY AND PARTICIPATION 

 In accordance with
rules and regulations adopted by the Committee, the CEO (the Committee in the case of Covered Employees) shall designate the Organization Units and the individuals who will participate in the Plan for an Award Year. 
  

	5.	AWARDS 

 Awards shall be determined in accordance
with Sections 6, 7 and 8 and announced to Participants by March 1 following the close of the Award Year and, unless deferred in accordance with Potlatch’s Management Deferred Compensation Plan, shall be paid no later than March 15
following the close of the Award Year. 
  

	6.	DETERMINING THE ACTUAL FUNDED BONUS POOL 

 The total
amount of Awards made to all Participants with respect to any Award Year shall be determined pursuant to this Section 6. 
 (a)
Target Bonus Pool. The Target Bonus Pool for an Award Year shall be determined first. The Target Bonus Pool for an Award Year shall be the sum of the Target Bonuses for all Participants for the Award Year. A Participant’s Target Bonus
shall be an amount equal to a percentage of the Participant’s base salary, based on the position to which the Participant is assigned, as determined in accordance with rules and regulations adopted by the Committee. If a Participant does not
qualify as a Participant for the entire period of the 

  

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applicable Award Year, the Target Bonus will be prorated to reflect the number of half calendar months that the Employee was a Participant. 
 (b) Actual Funded Bonus Pool. The Actual Funded Bonus Pool for an Award Year shall be determined next. The Actual Funded Bonus Pool for each Award
Year shall be determined in accordance with rules and regulations adopted by the Committee. The Actual Funded Bonus Pool shall be represented by a bookkeeping entry only and no Employee of the Corporation shall have any vested right therein. The
Actual Funded Bonus Pool for an Award Year shall be equal to the Target Bonus Pool for the Award Year adjusted by one or more “Corporate Performance Modifiers”. A Corporate Performance Modifier shall be a percentage determined in
accordance with rules and regulations adopted by the Committee. A Corporate Performance Modifier may range from a minimum of zero to a maximum of two hundred percent (200%). In its rules and regulations concerning the determination of the Corporate
Performance Modifiers, the Committee may take into consideration one or more of the following financial measures of profit performance, and a comparison of such performance against the performance of other major competitors: increase in funds from
operations (“FFO”), consolidated earnings per share, return on shareholder equity, and return on invested capital. 
  

	7.	ALLOCATING THE ACTUAL FUNDED BONUS POOL AMONG ORGANIZATION UNITS 

 The Actual Funded Bonus Pool for each Award Year shall be allocated among the Organization Units in accordance with rules and regulations adopted by the Committee. In the case of the Organization Unit that includes
corporate management employees (including the CEO), this allocation shall be based on the portion of the Target Bonus Pool that was attributable to the employees in that Organization Unit. In the case of Organization Units that include operating
division employees, this allocation shall be based on what portion of the Target Bonus Pool was attributable to the employees in each Organization Unit (25% weight), and on the extent to which the division met its earnings before interest, taxes,
depreciation, depletion and amortization (“EBITDDA”) target (75% weight). The resulting allocations may be adjusted up or down at the discretion of the CEO, except that they may not be adjusted up in the case of a Covered Employee.

  

	8.	DETERMINING INDIVIDUAL AWARDS 

 Each Officer shall
determine the amount of the Award to each Participant who is assigned to such Officer’s Organization Unit in accordance with rules and regulations adopted by the Committee, by allocating such Organization Unit’s portion of the Actual
Funded Bonus Pool among the Participants employed in such Organization Unit in proportion to the product of the Participant’s Target Bonus and the Participant’s individual performance modifier. Each Participant’s Award shall be
subject to review by and approval of the CEO. Notwithstanding the foregoing, in the case of an Award to an Officer, the CEO, any Covered Employee, or any individual who is subject to Section 16 of the Exchange Act , this determination shall be
made solely by the Committee. 
 The Committee shall determine the Covered Employee’s, Officer’s or other Section 16
individual’s individual performance modifier at the same time as it determines his or her Target 

  

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Bonus at the beginning of the Award Year. The Committee may decrease, but not increase, the individual performance modifier when it determines the Covered
Employee’s actual Award after the end of the Award Year. Such Covered Employee’s Award also may not be increased based on his or her individual performance or based on decreases in other Participants’ bonuses relative to their Target
Bonuses based on their individual performance. 
 In no event may the Award granted to the CEO exceed $2.5 million, or the Award granted to
any other individual Covered Employee exceed $1.5 million. 
  

	9.	FORM AND TIME OF PAYMENT OF AWARDS 

 (a) All
non-deferred Awards under the Plan shall be paid in cash to all Participants other than those subject to the Guidelines. For a Participant subject to the Guidelines, the Award shall be paid in a combination of fifty percent (50%) cash and fifty
percent (50%) common stock of Potlatch if the Participant has not incrementally reached the required ownership level at the end of each of his or her first five (5) years under the Guidelines or has not maintained one hundred percent
(100%) of the applicable guideline amount in subsequent years. The number of shares of common stock shall be determined by dividing the dollar value of the portion of the Award allocated as stock by the closing price of Potlatch’s common
stock on the date of the Committee meeting at which the Award payments are approved. Award amounts shall be prorated for the portion of the Award Year the Employee was an eligible Participant in accordance with rules and regulations adopted by the
Committee. A Participant whose employment is terminated before the payment of an Award for any reason other than death, disability (within the meaning of Section 409A(a)(2)(C) of the Code) or (in the case of Employees who are not Covered
Employees) early, normal or deferred retirement under the Potlatch Salaried Retirement Plan shall not be entitled to receive an Award. Notwithstanding any other provision of this Plan, in no event may the achievement of performance goals for any
Participant who is a Covered Employee be waived except in the event of such Participant’s death or disability (within the meaning of Section 409A(a)(2)(C) of the Code) or pursuant to Section 15 below. 
 (b) Notwithstanding the foregoing, a Participant may be permitted to elect to defer receipt of payment of all or a portion of an Award subject to, and in
accordance with, the terms of Potlatch’s Management Deferred Compensation Plan. 
 (c) Notwithstanding any other provision of the Plan,
the Board of Directors or the Committee may, in its sole discretion, determine limits on the amount and alter the time and form of payment of Awards with respect to an Award Year if any of the following conditions occurs: (i) Potlatch does not
declare cash dividend with respect to its common stock during such Award Year, or (ii) the Actual Funded Bonus Pool determined pursuant to Section 6(b) for such Award Year exceeds six percent (6%) of Potlatch’s consolidated net
earnings, before taxes, for such Award Year. 
  

	10.	SPECIAL AWARDS FUND 

 (a) Creation of the
Fund. A Special Awards Fund shall be established with respect to each Award Year in an amount determined by the Committee but not to exceed ten percent 

  

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(10%) of the Target Bonus Pool for such Award Year. The Special Awards Fund shall be represented by a bookkeeping entry only and no Employee of the
Corporation shall have any vested right therein. The Special Awards Fund shall be in addition to the Bonus Pool created under Sections 5-9 above. 
 (b) Eligibility. Awards may be made in a total amount equal to the Special Awards Fund to those Employees of the Corporation who are not Participants with respect to such Award Year, but who in the judgment of an Officer have made
outstanding contributions to the success of the Corporation. 
 (c) Selection. After the close of the Award Year, recipients of Awards
under the Special Awards Fund shall be selected by the CEO upon the recommendation of an Officer. The amount of each individual’s Award under the Special Awards Fund shall be determined by the CEO upon the recommendation of an Officer and shall
fall within a range set forth in rules and regulations adopted by the Committee, expressed as minimum and maximum percentages of annualized salary at the end of the year. Awards under the Special Awards Fund shall be announced by March 1
following the close of the Award Year. 
 (d) Payment. Awards under the Special Awards Fund shall be paid in full in cash no later
than March 15 following the close of the Award Year. 
  

	11.	NO ASSIGNMENT OF INTEREST 

 The interest of any
person in the Plan or in payments to be received pursuant to it shall not be subject to option or assignable either by voluntary or involuntary assignment or by operation of law, and any act in violation of this section shall be void. 
  

	12.	EMPLOYMENT RIGHTS 

 The selection of an Employee as
a Participant shall not confer any right on such Employee to receive an Award under the Plan or to continue in the employ of the Corporation or limit in any way the right of the Corporation to terminate such Participant’s employment at any
time. 
  

	13.	AMENDMENT OR TERMINATION OF THE PLAN 

 The Board of
Directors or the Committee may amend, suspend or terminate the Plan at any time; provided, however, that any amendment adopted or effective on or after July 1 in any Award Year which would adversely affect the calculation of a
Participant’s Award or the Participant’s eligibility for an Award for such Award Year shall be applied prospectively from the date the amendment was adopted or effective, whichever is later; provided, further that if the Plan is terminated
effective on or after July 1 in any Award Year such termination shall not adversely affect any Participant’s eligibility for a pro rata share of an Award for the period of such Award Year before the date the termination was adopted or
effective, whichever is later, subject to all other applicable terms and conditions of the Plan. The foregoing notwithstanding, no amendment adopted nor termination of the Plan following the occurrence of a Change of Control shall be effective if it
(a) would reduce a Participant’s Target Bonus for the Award Year in which the Change of Control occurs, (b) would reduce an Award earned and payable to a 

  

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Participant in respect of the Award Year that ended immediately before the Award Year in which the Change of Control occurs, or (c) modify the
provisions of this sentence. 
 Notwithstanding the foregoing, the Vice President, Human Resources of Potlatch shall have the power and
authority to amend the Plan with respect to any amendment that (i) does not materially increase the cost of the Plan to the Corporation or (ii) is required to comply with new or changed legal requirements applicable to the Plan, including,
but not limited to, Section 409A of the Code. 
 Without approval by vote of the shareholders, neither the Board nor the Vice President,
Human Resources of Potlatch shall adopt any amendment that would modify the material terms of the Plan (within the meaning of Section 162(m) of the Code) as to Covered Employees. 
  

	14.	SUCCESSORS AND ASSIGNS 

 The Plan shall be binding
upon the Corporation, its successors and assigns, and any parent corporation of the Corporation’s successors or assigns. Notwithstanding that the Plan may be binding upon a successor or assign by operation of law, the Corporation shall require
any successor or assign to expressly assume and agree to be bound by the Plan in the same manner and to the same extent that the Corporation would be if no succession or assignment had taken place. 
  

	15.	CHANGE OF CONTROL 

 Notwithstanding any other
provision of the Plan to the contrary, this Section 15 shall apply with respect to the determination of Awards and the payment of Awards following a Change of Control. In the event that the employment of a Participant terminates following a
Change of Control, such Participant shall be guaranteed payment of a prorated Award for the Award Year in which the Change of Control occurs determined in accordance with Section 8 based on the Participant’s Target Bonus. A prorated Target
Bonus shall be calculated by multiplying the Participant’s Target Bonus for the applicable Award Year by a fraction, the numerator of which is the number of full months in the Award Year completed at the effective time of the Change of Control,
and the denominator of which is twelve (12). With respect to any Award earned but not yet paid in respect of the Award Year that ended immediately before the Award Year in which a Change of Control that also is a change in the ownership or effective
control of Potlatch or a change in the ownership of a substantial portion of the assets of Potlatch as defined in the regulations promulgated under Section 409A of the Code (a “Code Section 409A Change of Control”) occurs, each
Participant shall be guaranteed payment of his or her Award determined in accordance with Section 8 based on the performance results for the applicable Award Year. Awards paid pursuant to this Section 15 shall be paid in a lump sum in cash
upon the earliest of (i) the time prescribed in Sections 5 and 9(a), or (ii) the date the Participant Separates from Service for any reason other than “misconduct,” as defined in Potlatch’s Severance Program for Executive
Employees or Salaried Severance Plan, whichever applies to the Participant, following the Code Section 409A Change of Control. 
  

 9Potlatch Corporation Management Deferred Compensation Plan

 Exhibit 10.2 
 POTLATCH CORPORATION 
 MANAGEMENT DEFERRED COMPENSATION PLAN 
 Effective June 1, 2008 
 Amended
and Restated as of December 5, 2008 

	1.	ESTABLISHMENT AND PURPOSE 

 (a) The Potlatch
Corporation Management Deferred Compensation Plan was adopted on May 16, 2008, by the Board of Directors of Potlatch Corporation to provide an opportunity for senior management who have made the maximum elective contributions permitted under
the 401(k) Plan to elect to defer additional compensation and to invest and accumulate such compensation on a tax-deferred basis. 
 (b) This
Plan is also intended to provide the rules and regulations for deferral of awards under the Potlatch Corporation Management Performance Award Plan II (“MPAP II”) for the 2008 performance period and under the Potlatch Corporation Annual
Incentive Plan (the “AIP”) beginning with the 2009 performance period. 
 (c) Effective as of October 1, 2008, this Plan also
provides the rules and regulations for the administration of deferrals previously made under the MPAP II. For avoidance of doubt, deferrals made under the Potlatch Corporation Management Performance Award Plan, which are not subject to
Section 409A of the Code, continue to be subject to the rules of that plan and the administrative rules and regulations applicable thereto. 
 (d) Pursuant to the Employee Matters Agreement by and between Potlatch Corporation and Clearwater Paper Corporation (the “EMA”), all deferred compensation liabilities with respect to “Clearwater Employees” (as defined in
the EMA) under this Plan, the MPAP II and the Potlatch Corporation Management Performance Award Plan have been transferred to and assumed by the Clearwater Paper Corporation Management Deferred Compensation Plan (the “Clearwater Plan”).
Deferral and payment elections made by Clearwater Employees under this Plan and the MPAP II shall be given effect under the Clearwater Plan. 
 (e) The provisions of this Plan for elections to defer base salary are effective for base salary earned on or after January 1, 2009. 
 (f) The Plan is intended to comply with the requirements of Section 409A of the Code. The Plan is intended to constitute an unfunded program for the benefit of a select group of management or highly compensated employees of ERISA, and,
as such, to be exempt from all of the provisions of Parts 2, 3, and 4 of Title I of ERISA. 
  

	2.	DEFINITIONS 

 (a) “Affiliate” means any
other entity which would be treated as a single employer with the Corporation under Section 414(b) or (c) of the Code, provided that in applying such Sections and in accordance with the rules of Treasury Regulations
Section 1.409A-1(h)(3), the language “at least 50 percent” shall be used instead of “at least 80 percent.” 
 (b)
“AIP” means the Potlatch Corporation Annual Incentive Plan and any successor plan thereto. 
 (c) “Beneficiary” means the
person or persons designated by the Employee to receive payment of the Employee’s Deferred Compensation Account in the event of the death of the Employee. 
  

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 (d) “Board” and “Board of Directors” means the board of directors of the Corporation.

 (e) “Code” means the Internal Revenue Code of 1986, as amended. 
 (f) “Committee” means the Executive Compensation and Personnel Policies Committee of the Board. 
 (g) “Compensation” means the amount of compensation due by the Corporation to an Employee for his or her services as an Employee as either
(i) annual base salary or (ii) an award under the MPAP II or AIP. 
 (h) “Corporation” means Potlatch Corporation, a
Delaware corporation. 
 (i) “Deferred Compensation Account” means the bookkeeping account established pursuant to Section 6
on behalf of each Employee who elects to participate in the Plan. Within an Employee’s Deferred Compensation Account, a Directed Investment Account, Stock Unit Account, Cash Account, and appropriate sub-accounts, shall be maintained as are
necessary for the proper administration of a Participant’s Deferred Compensation Account. An Employee who has made a deferral under the MPAP II shall be deemed to have elected to participate in this Plan. 
 (j) “Disabled” means an Employee is unable to engage in any substantial gainful activity by reason of any medically determinable physical or
mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve months. 
 (k) “Distribution” means the distribution by the Corporation to its stockholders of all of the outstanding shares of the common stock of Clearwater Paper Corporation then owned by the Corporation, pursuant to the Separation and
Distribution Agreement between the Corporation and Clearwater Paper Corporation. 
 (l) “Dividend Equivalent” means an amount equal
to the cash distribution paid on an outstanding share of the Corporation’s common stock. Dividend Equivalents shall be credited to Stock Units as if each Stock Unit were an outstanding share of the Corporation’s common stock, except that
Dividend Equivalents shall also be credited to fractional Stock Units. 
 (m) “ERISA” means the Employee Retirement Income Security
Act of 1974, as amended. 
 (n) “Employee” means a full-time salaried employee of the Corporation or any subsidiary thereof.

 (o) “401(k) Plan” means the Potlatch Salaried 401(k) Plan, as amended. 
 (p) “MPAP II” means the Potlatch Corporation Management Performance Award Plan II, as amended. 
  

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 (q) “Performance-Based Compensation” means compensation the amount of which, or the entitlement
to which, is contingent on the satisfaction of preestablished organizational or individual performance criteria relating to a performance period of at least twelve (12) consecutive months. Organizational or individual performance criteria are
considered preestablished if established in writing by not later than ninety (90) days after the commencement of the period of service to which the criteria relates, provided that the outcome is substantially uncertain at the time the criteria
are established. Performance-Based Compensation does not include any amount or portion of any amount that will be paid either regardless of performance, or based upon a level of performance that is substantially certain to be met at the time the
criteria is established. Compensation may be Performance-Based Compensation where the amount will be paid regardless of satisfaction of the performance criteria due to the Employee’s death, disability, or a Change in Control Event (as defined
in Treasury Regulation Section l .409A-3(i)(5)), provided that a payment made under such circumstances without regard to the satisfaction of the performance criteria will not constitute performance-based compensation. For this purpose, a disability
refers to any medically determinable physical or mental impairment resulting in the Participant’s inability to perform the duties of his or her position or any substantially similar position, where such impairment can be expected to result in
death or can be expected to last for a continuous period of not less than six months. Performance-Based Compensation may include payments based upon subjective performance criteria, provided that: (i) the subjective performance criteria are
bona fide and relate to the performance of the Participant, a group of service providers that includes the Participant, or a business unit for which the Participant provides services (which may include the entire organization); and (ii) the
determination that any subjective performance criteria have been met is not made by the Participant or a family member of the Participant (as defined in Section Code 267(c)(4) applied as if the family of an individual includes the spouse of any
member of the family), or a person under the effective control of the Participant or such a family member, and no amount of the compensation of the person making such determination is effectively controlled in whole or in part by the Participant or
such a family member. 
 (r) “Plan” means the Potlatch Corporation Management Deferred Compensation Plan. 
 (s) “Plan Year” means the 12-month period beginning January 1 and ending December 31. 
 (t) “Separation from Service” means termination of an Employee’s service as an Employee consistent with Section 409A of the Code and
the regulations promulgated thereunder. For purposes of the Plan, “Separation from Service” generally means termination of an Employee’s employment as a common-law employee of the Corporation and each Affiliate of the Corporation. A
Separation from Service will not be deemed to have occurred if an Employee continues to provide services to the Corporation or an Affiliate in a capacity other than as an employee and if the former employee is providing a level of bona fide services
that is fifty percent (50%) or more of the average level of services rendered, during the immediately preceding thirty-six (36) months of employment with the Corporation or Affiliate; provided, however, that a Separation from Service will
be deemed to have occurred if it is reasonably anticipated that an Employee’s service with the Corporation and its Affiliates will terminate after a certain date or the level of bona fide services that the Employee will perform after such date

  

 4 

 
(whether as an employee or another capacity) will permanently reduce to a rate that is less than twenty percent (20%) of the bona fide level of services
rendered, on average, during the immediately preceding thirty-six (36) months (or if employed by the Corporation and its Affiliates less than thirty-six (36) months, such lesser period). However, the employment relationship is treated as
continuing intact while the individual is on military leave, sick leave, or other bona fide leave of absence if the period of such leave does not exceed six months, or if longer, so long as the individual’s right to reemployment with the
service recipient is provided either by statute or by contract. If the period of leave exceeds six months and the individual’s right to reemployment is not provided either by statute or by contract, the employment relationship is deemed to
terminate on the first date immediately following such six-month period. 
 (u) “Stock Units” means the deferred portion of
Compensation, which is converted into a unit denominated in shares of the Corporation’s common stock. 
 (v) “Value” means the
closing price of the Corporation’s common stock as reported in the New York Stock Exchange, Inc., composite transactions reports for the relevant date. 
 (w) “Variable Fractions Method” is a distribution method for amounts payable in installments. The amount of the first installment is determined by dividing the Participant’s account balance by the total
number of installments due. Each subsequent annual installment is equal to the Participant’s account balance as adjusted for earnings or losses since the last distribution date divided by a denominator equal to the total number of installments
due minus the number of installments previously paid. 
 (x) “Year” shall mean the calendar year. 
  

	3.	ELIGIBILITY TO MAKE DEFERRALS 

 (a) Each Employee
who is in a position that is eligible for Long-Term Incentive awards (an “Eligible Employee”) and who has made the maximum elective deferrals under Section 402(g) of the Code or the maximum elective contributions permitted under the
terms of the 401(k) Plan shall be eligible to elect to defer base salary under the Plan. 
 (b) Each Eligible Employee who is eligible to
receive an award under the MPAP II or AIP (other than an award under an AIP Special Awards Fund) shall be eligible to defer such award under the Plan; provided that, an Employee who is required to defer his or her award shall automatically become a
participant in this Plan. 
  

	4.	PARTICIPATION 

 (a) Each Employee who is eligible to
participate in the Plan pursuant to Section 3 above shall, prior to the beginning of each Year and in accordance with the applicable deadline established by the Committee, have the option to make an irrevocable election to defer a percentage of
his or her Compensation earned during the following Year before the beginning of each such Year. Compensation paid after December 31 of a Plan Year for services performed by the Employee during the final payroll period of the calendar year and
which payroll period 

  

 5 

 
includes the last day of such calendar year shall be treated as earned for services performed in the year paid. 
 (b) Notwithstanding the foregoing, an Employee may make an irrevocable election to participate during a Year with respect to Compensation earned during
that Year and subsequent to the filing of such election, provided such election is made within thirty (30) days of the Employee’s initial eligibility to participate in this Plan and any other nonqualified deferred compensation plans
treated as a single plan with this Plan under Section 409A of the Code. Any such initial election shall apply only to Compensation earned for services performed after the date of the election. If compensation is due for services performed over
a period of time which includes the period both before and the period after the date of the election, the election will apply to an amount equal to the total amount of the compensation paid for such performance period multiplied by the ratio of the
number of days remaining in the performance period after the election over the total number of days in the performance period. 
 (c)
Notwithstanding the preceding rules, a deferral election for an award of Compensation under the MPAP II or AIP, which constitutes Performance-Based Compensation, may be made no later than six months before the end of such performance period. This
special election rule is available only (i) if the Employee performs services for the Company or its Affiliate continuously from the later of the beginning of the performance period or the date the performance criteria are established through
the date an Election is made with respect to such payment, (ii) the Election is made before the amount of the Performance-Based Compensation to be received becomes reasonably ascertainable or, if the Performance-Based Compensation is a
specified or calculable amount, when the amount is substantially certain to be paid, and (iii) the performance period is at least twelve (12) months in duration. 
 (d) The Committee may also adopt such additional or alternative election rules provided that such rules comply with the rules of Section 409A of the
Code and applicable regulatory authority. 
  

	5.	DEFERRAL ELECTIONS 

 (a) An Employee who elects to
participate in the Plan with respect to annual base salary or an award under the MPAP II or AIP for a Year shall file a deferral election with respect to each type of Compensation on such form as the Committee shall prescribe, which shall indicate:

 (i) The amount or percentage of each type of Compensation that such Employee elects to defer pursuant to the terms of the
Plan. The percentage must be in increments of ten percent (10%) and may not exceed fifty percent (50%) in the case of annual base salary. An election to voluntarily defer an award under the MPAP II or AIP shall be for not less than fifty
percent (50%) of such award. Notwithstanding the foregoing, an election to defer compensation may not reduce the Employee’s remaining compensation below the amount necessary to satisfy applicable employment tax withholding, income tax
withholding, and benefit plan withholding. This election shall be irrevocable with respect to each type of Compensation for that Year to which it applies after the applicable deadline for making such election as provided in Section 4 for that
Year. 
  

 6 

 (ii) The percentage of the Compensation deferred pursuant to the election that is to be
converted into Stock Units or deemed invested in any other investment account available under Section 7. 
 (b) An Employee who elects
to Participate in the Plan shall have only one form of payment election in effect for all amounts deferred under the Plan. Subject to Section 5(c), below, at the time of an Employee’s initial election to defer base salary or an award under
the MPAP II or AIP, the Employee shall file an election and shall indicate: 
 (i) Whether the deferred Compensation shall be
paid in a lump sum or paid in five (5), ten (10), or fifteen (15) annual installments. For purposes of the Plan, installment payments shall be treated as a single distribution for purposes of Section 409A of the Code. Deferred Compensation
shall be paid in fifteen (15) annual installments unless the Employee elects otherwise. 
 (ii) Whether benefit payments
shall commence immediately upon Separation from Service or attainment of a specified age, if later. 
 (c) A Participant’s election as
to the time and form of payment of deferred Compensation shall be irrevocable and binding on all deferred Compensation under the Plan. For avoidance of doubt it is intended that a Participant shall have only one method of payment in effect.
Notwithstanding any provision herein to the contrary, an Employee or former Employee may revoke a previous election and make a new election as to the time and form of distribution under the Plan. Such new election shall take effect twelve
(12) months after it is filed with the Committee and shall apply only to that portion of the Employee’s or former Employee’s Deferred Compensation Account and/or Stock Units scheduled to be paid more than twelve (12) months after
the date the election is filed with the Committee; provided, however, that the newly scheduled distribution date must be at least five years later than the originally scheduled distribution date. 
 (d) For purposes of determining the payment election in effect for a participant with existing deferrals under MPAP II as of the date this Plan is
effective, such existing payment election shall remain in effect for all existing and future deferrals under the Plan unless the Employee elects and becomes subject to a new payment election in accordance with the rules of this paragraph.
Notwithstanding the limitations on changes in the time or form of payment under this Section, a Participant may, not later than the date permitted by the Committee, which shall in no event be later than December 31, 2008, change his or her
election with respect to the time or form of payment for his or her Deferred Compensation Account, provided that such election shall not be effective if it would defer payment of an amount otherwise payable in the year the election to change payment
is made or would accelerate any payment into the year the election to change the payment date is made. 
  

	6.	ESTABLISHMENT OF DEFERRED ACCOUNTS 

 (a) For each
Employee who has deferred compensation under the MPAP II or AIP or who has elected to defer base salary, the Corporation shall establish a Deferred Compensation 

  

 7 

 
Account to which shall be credited an amount equal to that portion of the Compensation which would have been payable currently to the Employee but for the
terms of the deferral election. 
 (b) If the deferral election includes an election to convert a percentage of the Compensation deferred
pursuant to the election into Stock Units, the number of full and fractional Stock Units shall be determined as follows: 
 (i) For an award deferred under the MPAP II, such conversion shall be made in accordance with Section 9(c) of the MPAP II. 
 (ii) For an award under the AIP that is deferred under this Plan, the number of full and fractional Stock Units shall equal the number of shares of the Corporation’s common stock determined by dividing the dollar
value of the portion of the award to be converted into Stock Units by the closing price of the Corporation’s common stock on the date of the Committee meeting at which the award payments are approved (or the most recent trading day if the
Committee does not meet on a trading day). 
 (iii) Amounts of base salary which are deferred and with respect to which the
Employee has elected to defer into Stock Units shall be accumulated in the Cash Account subject to Section 7 below and shall be converted into full and fractional Stock Units on a quarterly basis as of the first trading day of each calendar
quarter by dividing the accumulated amount by the Value of the Corporation’s common stock on such crediting date. 
 (c) Notwithstanding
the foregoing, if the Employee is subject to the Corporation’s insider trading policy (the “Trading Policy”) and the conversion to Stock Units is not then permitted under the Trading Policy, then the portion of the Compensation to be
deferred into Stock Units shall be held in the Cash Account subject to Section 7 below and shall be converted into Stock Units as of the first day of the next open window period (the “Open Conversion Date”) under the Trading Policy,
such Stock Units to be equal to the number of shares of the Corporation’s common stock determined by dividing the dollar value of the portion of the Compensation to be converted into Stock Units by the Value of the Corporation’s common
stock on the Open Conversion Date. 
 (d) Amounts credited to an Employee’s Deferred Compensation Account shall be fully vested at all
times. 
  

	7.	TREATMENT OF DEFERRED COMPENSATION ACCOUNT AND STOCK UNITS DURING DEFERRAL PERIOD 

 (a) Directed Investment Account. The balance of each Employee’s Directed Investment Account shall be adjusted, for earnings and losses commencing with the date as of which any amount is credited to the
Directed Investment Account. Such earnings or losses during the deferral period for amounts credited to a Participant’s Directed Investment Account shall be computed by reference to the rate of return on one or more of the investment
alternatives that are available under the 401(k) Plan and which are designated by the Committee as available under this Plan. Each Employee may select (in ten percent (10%) increments) which investment alternative(s) will be used for this
purpose with respect to his or her deferred Compensation, and the alternative(s) selected need not be the same as the Employee has selected under the 401(k) 

  

 8 

 
Plan, but any such selection will apply only prospectively. The Committee shall determine how frequently such selections may be changed. 
 (b) Stock Unit Account. On each dividend payment date, dividend equivalents shall be credited to each full and fractional Stock Unit to the extent
such Stock Unit was in the Participant’s Stock Unit Account on the dividend record date immediately preceding the applicable dividend payment date. Such dividend equivalents shall be converted into Stock Units as of the dividend payment date by
dividing the amount of the dividend equivalents by the Value of the Corporation’s common stock on the dividend payment date. 
 (c)
Cash Account. Amounts credited to the Cash Account shall be credited with additional amounts on a quarterly basis. For periods prior to July 1, 2008, credits shall be determined under Section 9(d) of the MPAP II. For periods on and
after July 1, 2008, credits shall be made at a rate equal to 120% of the long-term applicable federal rate, with quarterly compounding, as published under Section 1274(d) of the Code for the first month of each calendar quarter. For
periods on and after January 1, 2009 (or such later date as the Committee shall determine), the Cash Account shall be available only for the temporary holding of amounts pending conversion into Stock Units in accordance with Section 6, and
Participants shall not be permitted to select the Cash Account as a deemed investment for their deferrals. 
 (d) Effect of Certain
Transactions. In the event that there occurs a dividend or other distribution of shares of the Corporation’s common stock (“Shares”), a dividend in the form of cash or other property that materially affects the fair market value
of the Shares, a stock split, a reverse stock split, a split-up, a split-off, a spin-off, a combination or subdivision of Shares or other securities of the Corporation, an exchange of Shares for other securities of the Corporation, or a similar
transaction or event that materially affects the fair market value of the Shares, the Committee, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan, shall make appropriate
adjustments in the number of each Participant’s Stock Units determined as of the date of such occurrence. 
  

	8.	FORM AND TIME OF PAYMENT OF DEFERRED COMPENSATION ACCOUNT 

 Subject to Section 8(b), payment of a Employee’s Deferred Compensation Account shall
commence on the April 15th following the later of (i) the end of the quarter in which Separation from Service occurs, or (ii) the
Participant’s attainment of the age elected by the Participant under Section 5(b) of the Plan. A Participant may request an earlier distribution of an amount credited to his or her Deferred Compensation Account upon the occurrence of an
unforeseeable emergency within the meaning of Section 409A and the regulations thereunder as determined by the Committee, but only to the extent necessary to alleviate the emergency. Payment of a Employee’s Stock Units shall also be made
at such time except that, within the six-month period beginning on the last date on which Compensation have been converted into Stock Units on behalf of the Employee, to the extent that Committee reasonably determines that earlier payment would
result in a violation of Federal securities laws, payment of the Employee’s Stock Units shall be made on the last day of the month in which such six-month period expires. Notwithstanding the previous sentence, Stock Unit payments shall be made
following the Employee’s death, Disability or the date of the Employee’s Separation from Service, without regard to whether such six-month period has expired. For the purpose of payment, Stock Units 

  

 9 

 
shall be converted to cash based on the Value of the Corporation’s common stock on the last trading day of the month preceding the month during which
the distribution is due to be made. 
 The amount of each payment due for a Deferred
Compensation Account shall be determined by application of the Variable Fractions Method. Each annual installment for Years subsequent to the Year in which payment commences shall be made on April 15th. 
 In the case of a Employee who has both Stock Units and other deemed
investment accounts available under Section 7, if a partial distribution of a deferred portion of Compensation is to be made and if the Employee’s Stock Units are immediately payable in accordance with the first paragraph of this Section,
payment shall be made partially from the Employee’s Stock Units and partially from such other deemed investment accounts, in proportion to the relative value of the Employee’s Stock Units and such other accounts. If the Employee’s
Stock Units are not immediately payable in accordance with the previous paragraph, the partial payment shall be made entirely from such other deemed investment accounts, in proportion to the relative value of such accounts. 
 Notwithstanding any other provision of the Plan to the contrary: 
 (a) No distribution shall be made from the Plan that would constitute an impermissible acceleration of payment as defined in Section 409A(a)(3) of the Code and regulations promulgated thereunder; and 

(b) A distribution made to an Employee who is identified as a Key Employee at the time of his or her Separation from Service will be delayed for a
minimum of six (6) months if the Employee’s distribution is triggered by his or her Separation from Service. Any payment that otherwise would have been made except for the application of this subsection (b) during such six (6)-month
period will be made in one (1) lump sum payment no later than the last day of the second month following the month that is six (6) months from the date of the Employee’s Separation from Service. The Employee’s Deferred
Compensation Account shall continue to be adjusted for earnings and losses and Dividend Equivalents during the delay. The determination of which Employees are Key Employees will be made by the Corporation in its sole discretion in accordance with
this subsection (b) and Sections 416(i) and 409A of the Code and the regulations promulgated thereunder. 
 (i)
“Identification Date” means each December 31. 
 (ii) “Key Employee” means an Employee who, on an
Identification Date, is: 
 (A) An officer of the Corporation having annual compensation greater than the compensation limit
in Section 416(i)(1)(A) (i) of the Code, provided that no more than fifty (50) officers of the Corporation shall be determined to be Key Employees as of any Identification Date; 
 (B) A five percent (5%) owner of the Corporation; or 
 (C) A one percent (1%) owner of the Corporation having annual compensation from the Corporation of more than $150,000. 
  

 10 

 If an Employee is identified as a Key Employee on an Identification Date, then such Employee shall be
considered a Key Employee for purposes of the Plan during the period beginning on the first April 1 following the Identification Date and ending on the next March 31. 
 (c) Notwithstanding the foregoing, a lump sum distribution shall be made in the Committee’s discretion to clear out a small balance held for the
benefit of the Participant (or his or her Beneficiary) provided that the Committee’s decision is evidenced in-writing prior to the date of the distribution, the distribution is not greater than the applicable dollar amount under
Section 402(g)(1)(B) of the Code and the payment results in the termination of all benefits due under the plan and all other “account balance plans” treated as a single nonqualified deferred compensation plan with this Plan under
Treasury Regulation Section 1.409A-1(c)(2). 
 (d) If a Plan benefit is payable to a minor or a person declared incompetent or to a
person incapable of handling the disposition of property, the Committee may direct payment to the guardian, legal representative or person having the care and custody of such minor, incompetent or person. The Administrator may require proof of
incompetency, minority, incapability or guardianship as it may deem appropriate prior to distribution. Such distribution shall completely discharge the Committee, the trustees of any trusts, and the Corporation from all liability with respect to
such benefit. 
  

	9.	EFFECT OF DEATH OF PARTICIPANT 

 Upon the death of a
participating Employee, all amounts, if any, remaining in his or her Deferred Compensation Account shall be distributed to the Beneficiary designated by the Employee. Such distribution shall be made at the time or times specified in the
Employee’s deferral election. If the designated Beneficiary does not survive the Employee or dies before receiving payment in full of the Employee’s Deferred Compensation Account, payment shall be made to the estate of the last to die of
the Employee or the designated Beneficiary. 
  

	10.	CLAIMS AND REVIEW PROCEDURE 

 (a) Informal
Resolution of Questions. Any participant who has questions or concerns about his or her deferred Compensation under the Plan is encouraged to communicate with the Vice President, Human Resources. If this discussion does not give the participant
satisfactory results, a formal claim for benefits may be made within one (1) year of the event giving rise to the claim in accordance with the procedures of this Section 10. 
 (b) Formal Benefits Claim - Review by Appeals Committee. A participant may make a written request for review of any matter concerning his or her
deferred Compensation under the Plan. The claim must be addressed to the Appeals Committee, Management Deferred Compensation Plan, Potlatch Corporation, 601 W. First Ave., Suite 1600, Spokane, Washington 99201. The Corporation’s Appeals
Committee shall decide the action to be taken with respect to any such request and may require additional information, if necessary, to process the request. The Appeals Committee shall review the request and shall issue its decision, in writing, no
later than ninety (90) days after the date the request is received, unless the circumstances require an extension of time. If such an extension is required, written notice of the extension shall be furnished to the person making the request
within the initial ninety (90)-day period, and the 

  

 11 

 
notice shall state the circumstances requiring the extension and the date by which the Appeals Committee expects to reach a decision on the request. In no
event shall the extension exceed a period of ninety (90) days from the end of the initial period. 
 (c) Notice of Denied
Request. If the Appeals Committee denies a request in whole or in part, it shall provide the person making the request with written notice of the denial within the period specified in Subsection (b) above. The notice shall set forth the
specific reason for the denial, reference to the specific Plan provisions upon which the denial is based, a description of any additional material or information necessary to perfect the request, an explanation of why such information is required,
and an explanation of the Plan’s appeal procedures and the time limits applicable to such procedures, including a statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse benefit
determination on review. 
 (d) Appeal to Appeals Committee. 
 (i) A person whose request has been denied in whole or in part (or such person’s authorized representative) may file an appeal of the
decision in writing with the Appeals Committee within sixty (60) days of receipt of the notification of denial. The appeal must be addressed to: Appeals Committee, Management Deferred Compensation Plan, Potlatch Corporation, 601 W. First Ave.,
Suite 1600, Spokane, Washington 99201. The Appeals Committee, for good cause shown, may extend the period during which the appeal may be filed for another sixty (60) days. The appellant and his or her authorized representative shall be
permitted to submit written comments, documents, records and other information relating to the claim for benefits. Upon request and free of charge, the appellant should be provided reasonable access to and copies of, all documents, records or other
information relevant to the appellant’s claim. 
 (ii) The Appeals Committee’s review shall take into account all
comments, documents, records and other information submitted by the appellant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. The Appeals Committee’s review
shall not be restricted to those provisions of the Plan cited in the original denial of the claim. 
 (iii) The Appeals
Committee shall issue a written decision within a reasonable period of time but not later than sixty (60) days after receipt of the appeal, unless special circumstances require an extension of time for processing, in which case the written
decision shall be issued as soon as possible, but not later than one-hundred twenty (120) days after receipt of an appeal. If such an extension is required, written notice shall be furnished to the appellant within the initial sixty (60)-day
period. This notice shall state the circumstances requiring the extension and the date by which the Appeals Committee expects to reach a decision on the appeal. 
 (iv) If the decision on the appeal denies the claim in whole or in part written notice shall be furnished to the appellant. Such notice
shall state the reason(s) for the denial, including references to specific Plan provisions upon which the denial was based. The notice shall state that the appellant is entitled to receive, upon request and free of charge, reasonable access to, and
copies of, all documents, records, and other information relevant to the claim for 

  

 12 

 
benefits. The notice shall describe any voluntary appeal procedures offered by the Plan and the appellant’s right to obtain the information about such
procedures. The notice shall also include a statement of the appellant’s right to bring an action under Section 502(a) of ERISA. 
 (v) The decision of the Appeals Committee on the appeal shall be final, conclusive and binding upon all persons and shall be given the maximum possible deference allowed by law. 
 (e) Exhaustion of Remedies. No legal or equitable action for benefits under the Plan shall be brought unless and until the claimant has submitted
a written claim for benefits in accordance with Section 10(a) above, has been notified that the claim is denied in accordance with Section 10(c) above, has filed a written request for a review of the claim in accordance with
Section 10(d) above, and has been notified in writing that the Appeals Committee has affirmed the denial of the claim in accordance with Section 10(d) above; provided, however, that an action for benefits may be brought after the Appeals
Committee has failed to act on the claim within the time prescribed in Section 10(b) and Section 10(d), respectively. 
  

	11.	PARTICIPANT’S RIGHTS UNSECURED 

 The interest
under the Plan of any participating Employee and such Employee’s right to receive a distribution from the Plan shall be an unsecured claim against the general assets of the Corporation. The Deferred Compensation Account and all deemed
investment accounts available under Section 7 shall be bookkeeping entries only and no Employee shall have an interest in or claim against any specific asset of the Corporation pursuant to the Plan. Notwithstanding the foregoing, the
Corporation may, in its discretion, choose to contribute to the Potlatch Corporation Benefits Protection Trust Agreement to assist with the payment of benefits under the Plan. 
  

	12.	STATEMENT OF DEFERRED COMPENSATION ACCOUNT 

 The
Committee shall provide an annual statement of each participating Employee’s Deferred Compensation Account as soon as practicable after the end of each calendar year. 
  

	13.	NONASSIGNABILITY OF INTERESTS 

 The interest and
property rights of any Employee under the Plan shall not be subject to option nor be assignable either by voluntary or involuntary assignment or by operation of law, including (without limitation) bankruptcy, garnishment, attachment or other
creditor’s process, and any act in violation of this Section 13 shall be void. 
  

	14.	ADMINISTRATION OF THE PLAN 

 The Plan shall be
administered by the Committee. In addition to the powers and duties otherwise set forth in the Plan, the Committee shall have full power and authority to administer and interpret the Plan, to establish procedures for administering the Plan and to
take any and all necessary action in connection therewith, including retaining outside managers to assist with the administration of the Plan. The Committee’s interpretation and construction of the Plan shall be conclusive and binding on all
persons. In its discretion, the Committee may delegate to the Vice 

  

 13 

 
President, Human Resources the authority for the effective administration of the Plan and for assigning responsibility to designated managers to carry out
such duties. 
 Within thirty (30) days after a Change of Control (as defined in Section 17), the Committee shall appoint an
independent committee consisting of at least three (3) current (as of the effective date of the Change of Control) or former Corporation officers and directors, which shall thereafter administer all claims for benefits under the Plan. Upon such
appointment the Committee shall cease to have any responsibility for claims administration under the Plan. 
  

	15.	AMENDMENT OR TERMINATION OF THE PLAN 

 (a) The Board
or the Committee may amend, suspend or terminate the Plan at any time. The foregoing notwithstanding, the Plan may not be amended (including any amendment to this Section 15) or terminated by the Board or the Committee if such amendment or
termination would or adversely affect or impair the Employee’s right to receive amounts credited to his or her Deferred Compensation Account. 
 (b) Except as provided in Section 15(c) or as otherwise permitted under Section 409A of the Code, in the event of termination of the Plan, the Employees’ Deferred Compensation Accounts may, in the Board’s or the
Committee’s discretion, be distributed within the period beginning twelve months after the date the Plan was terminated and ending twenty-four months after the date the Plan was terminated, or pursuant to Section 8, if earlier. If the Plan
is terminated and Deferred Compensation Accounts are distributed, the Board or the Committee shall terminate all account balance non-qualified deferred compensation plans with respect to all Employees and shall not adopt a new account balance
non-qualified deferred compensation plan for at least three (3) years after the date the Plan was terminated. A termination and liquidation of the Plan under this Section 15(b) shall be made only in compliance with Treasury Regulation
Section 1.409A-3(j)(4)(ix)(c). 
 (c) The Board or the Committee may terminate the Plan upon a corporate dissolution of the Corporation
that is taxed under Section 331 of the Code or with the approval of a bankruptcy court pursuant to 11 U.S.C. Section 503(b)(1)(A), provided that the Employees’ Deferred Compensation Accounts are distributed and included in the gross
income of the Employees by the latest of (i) the Year in which the Plan terminates or (ii) the first Year in which payment of the Deferred Compensation Accounts is administratively practicable. 
 (d) Notwithstanding the foregoing, the Vice President, Human Resources of the Corporation shall have the power and authority to amend the Plan with
respect to any amendment that (i) does not materially increase the cost of the Plan to the Corporation or (ii) is intended to comply with new or changed legal requirements applicable to the Plan, including, but not limited to,
Section 409A of the Code. 
  

	16.	SUCCESSORS AND ASSIGNS 

 The Plan shall be binding
upon the Corporation, its successors and assigns, and any parent corporation of the Corporation’s successors or assigns. Notwithstanding that the Plan may be binding upon a successor or assign by operation of law, the Corporation shall require
any successor or assign to expressly assume and agree to be bound by the Plan in the same manner 

  

 14 

 
and to the same extent that the Corporation would be if no succession or assignment had taken place. 
  

	17.	CHANGE OF CONTROL 

 For purposes of the Plan,
“Change of Control” shall mean 
 (a) Upon consummation of a merger or consolidation involving the Corporation (a “Business
Combination”), in each case, unless, following such Business Combination, 
 (i) all or substantially all of the
individuals and entities who were the beneficial owners, respectively, of the then outstanding shares of common stock of the Corporation (the “Outstanding Common Stock”) and the then outstanding voting securities of the Corporation
entitled to vote generally in the election of directors (the “Outstanding Voting Securities”) immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding
shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the corporation or other entity resulting from such Business Combination (including, without
limitation, a corporation or other entity which as a result of such transaction owns the Corporation either directly or through one or more subsidiaries), 
 (ii) no individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act)) (a “Person”) (excluding any
corporation or other entity resulting from such Business Combination or any employee benefit plan (or related trust) sponsored or maintained by the Corporation or any of its subsidiaries or such other corporation or other entity resulting from such
Business Combination) beneficially owns, directly or indirectly, 30% or more of, respectively, the then outstanding shares of common stock or common equity of the corporation or other entity resulting from such Business Combination or the combined
voting power of the then outstanding voting securities of such corporation or other entity except to the extent that such ownership is based on the beneficial ownership, directly or indirectly, of Outstanding Common Stock or Outstanding Voting
Securities immediately prior to the Business Combination, and 
 (iii) at least a majority of the members of the board of
directors or similar governing body of the corporation or other entity resulting from such Business Combination were members of the Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such
Business Combination; or 
 (b) On the date that individuals who, as of 11:59 p.m. (Pacific) on the date of the Distribution, constitute the
Board of Directors (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors; provided, however, that any individual who becomes a member of the Board on or subsequent to the day immediately
following the date of the Distribution whose election, or nomination for election by the Corporation’s stockholders, was approved by a vote of at least a majority of the members of the Board then comprising the Incumbent Board shall be
considered as though such individual were a member of the Incumbent Board, but excluding, for purposes of this proviso, any such individual whose appointment to the Board occurs as a result of an actual or threatened election contest with respect to
the election or 

  

 15 

 
removal of a member or members of the Board, an actual or threatened solicitation of proxies or consents or any other actual or threatened action by, or on
behalf of, any Person other than the Incumbent Board; or 
 (c) Upon the acquisition on or after the date of the Distribution by any Person
of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either 
 (i)
the then Outstanding Common Stock, or 
 (ii) the combined voting power of the Outstanding Voting Securities; 
 provided, however, that the following acquisitions shall not be deemed to be covered by this paragraph (c): 
 (A) any acquisition of Outstanding Common Stock or Outstanding Voting Securities by the Corporation, 
 (B) any acquisition of Outstanding Common Stock or Outstanding Voting Securities by any employee benefit plan (or related trust) sponsored
or maintained by the Corporation, or 
 (C) any acquisition of Outstanding Common Stock or Outstanding Voting Securities by
any corporation pursuant to a transaction which complies with clauses (i), (ii) and (iii) of paragraph (a) of this Section; or 
 (d) Upon the consummation of the sale, lease or exchange of all or substantially all of the assets of the Corporation; or 
 (e)
Upon the approval by the stockholders of the Corporation of a complete liquidation or dissolution of the Corporation. 
  

 16

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