Document:

Exhibit 10.17

 

BOISE CASCADE COMPANY

 

SUPPLEMENTAL PENSION PLAN

 

As amended through July 31, 2013

 

 

BOISE CASCADE COMPANY

SUPPLEMENTAL PENSION PLAN

 

ARTICLE I

 

1.                                     Purpose of the Plan.  It is the policy of Boise Cascade Company (the “Company”) to provide retirement benefits to eligible employees in accordance with the terms and conditions of the Company’s retirement plans.  Under certain circumstances the effect of federal and state tax laws may preclude payment of full benefits to which an employee is otherwise entitled out of the assets of the Company’s retirement plans qualified under Section 401 of the Internal Revenue Code of 1986, as amended.  In addition, the election of certain employees to voluntarily defer receipt of otherwise taxable and pensionable compensation may have the effect of reducing the amount of retirement benefits which such employees would otherwise be entitled to receive out of the Company’s tax-qualified retirement plans.  In order to ensure that employees of the Company receive the full retirement benefits earned during the course of their employment with the Company, the Company will provide benefits as described in this Plan.

 

ARTICLE II

 

2.                                     Definitions.

 

2.1                               “Act” means the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended from time to time.

 

2.2                               “Closing Date” means October 29, 2004.

 

2.3                               “Code” means the Internal Revenue Code of 1986, as amended from time to time.

 

2.4                               “Company” means Boise Cascade Company and any of its subsidiaries or affiliated business entities participating in the Pension Plan.

 

2.5                               “Compensation” means a Participant’s compensation as defined in the Pension Plan, but without regard to any limitations required by Section 401(a)(17) of the Code, and including amounts voluntarily deferred at the Participant’s election under any of the nonqualified deferred compensation plans of the Company.

 

2.6                               “Effective Date” means October 29, 2004.

 

2.7                               “Frozen Benefit” means the monthly benefit that would have been paid to a Transferred Participant under the Boise Cascade Corporation Supplemental Pension Plan (As Amended Through September 26, 2003) as if such participant had been eligible to retire with a fully vested benefit and had retired under the terms of the

 

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Boise Cascade Corporation Pension Plan for Salaried Employees as of the day before the Closing Date.  In the event that the Boise Cascade Corporation Supplemental Pension Plan is terminated prior to the payment of any benefits under this Plan and a Participant receives a payout of his or her benefits under such terminated plan, such payout (or the actuarial equivalent thereof) shall be the Frozen Benefit.

 

2.8                               “Maximum Benefit” means the monthly equivalent of the maximum benefit permitted by the Code to be paid to a participant in the Company’s Pension Plan, taking into account all limitations required by the Code in order for the Pension Plan to retain its qualified status under Section 401 of the Code.

 

2.9                               “Participant” means any Transferred Participant who is an active Participant in the Pension Plan on or after the Effective Date and whose pension benefits determined on the basis of the provisions of the Pension Plan, without regard to the limitations of the Code, would exceed the Maximum Benefits permitted under the Code.

 

2.10                        “Pension Plan” means the Boise Cascade Company Pension Plan for Salaried Employees, as amended from time to time.

 

2.11                        “Plan” means the Boise Cascade Company Supplemental Pension Plan, as amended from time to time, which shall be an unfunded plan providing benefits for a select group of senior management or highly compensated employees of the Company.

 

2.12                        “Plan Administrator” means the individual(s) designated by the Company as the Plan Administrator for purposes of compliance with the requirements of the Act.

 

2.13                        “Separation from Service” means the Participant’s ceasing to be employed by the Company for any reason whatsoever, whether voluntarily or involuntarily, including without limitation by reason of early retirement, normal retirement, or death, provided that transfer from the Company to a subsidiary or vice versa shall not be deemed a Separation from Service for purposes of this Plan.  A Separation from Service shall also occur if (a) the Participant is on a leave of absence that exceeds 6 months and the Participant does not have a statutory or contractual right of reemployment, in which case, Separation from Service shall be deemed to have occurred on the first day following the 6-month period, (b) the Participant is on a leave of absence that exceeds 6 months and the Participant’s statutory or contractual right of reemployment ends, in which case Separation from Service shall be deemed to have occurred on the first day following the end of the right of reemployment, or (c) the Company and the Participant reasonably anticipate that the level of services the Participant will perform for the Company (whether as an employee or an independent contractor) will permanently decrease to 20% or less of the average level of services performed for the Company over the preceding 36 months.  Determination of whether a Separation from Service has occurred will be made subject to the facts and

 

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circumstances of each situation and will comply with Internal Revenue Code Section 409A.

 

2.14                        “Transferred Participant” means any employee of the Company who was an active participant in the Boise Cascade Corporation Pension Plan for Salaried Employees, as amended from time to time, immediately before the Closing Date and whose pension benefits determined on the basis of the provisions of such plan, without regard to the limitations of the Code, would exceed the monthly equivalent of the maximum benefit permitted by the Code to be paid to a participant in such plan, taking into account all limitations required by the Code in order for such plan to retain its qualified status under Section 401 of the Code.

 

2.15                        “Unrestricted Benefit” means the maximum monthly normal, early, or deferred vested (or disability) retirement benefit, whichever is applicable, which a Participant has earned, calculated in accordance with the benefit formula under the Pension Plan and determined without regard to any limitations imposed by the Code, including but not limited to limitations under Code Sections 401(a)(17) and 415.  The amount of the Unrestricted Benefit shall be based on a Participant’s Compensation as defined in this Plan.

 

2.16                        All capitalized terms used herein not otherwise defined shall have the meaning ascribed to such terms under the Pension Plan.

 

ARTICLE III

 

3.                                     Benefits.

 

3.1                               Normal Retirement Benefit.  Upon the Normal Retirement of a Participant, as defined in the Pension Plan, a Participant shall be entitled to a monthly benefit under this Plan equal in amount to his or her Unrestricted Benefit minus (i) the Maximum Benefit and (ii) the Frozen Benefit.  If the calculations made pursuant to this section produce no monthly benefits for a Participant, then this Plan shall not apply to that Participant.

 

3.2                               Early Retirement Benefit.  Upon the early retirement of a Participant as provided under the Pension Plan, such Participant shall be entitled to a monthly benefit under this Plan equal to his or her Unrestricted Benefit minus (i) the Maximum Benefit and (ii) the Frozen Benefit.  If the calculations made pursuant to this section produce no monthly benefits for a Participant, then this Plan shall not apply to that Participant.

 

3.3                               Deferred Vested Retirement Benefit.  If a Participant terminates employment with the Company and is entitled to a deferred vested retirement benefit provided under the Pension Plan, such Participant shall be entitled to a monthly benefit under this Plan equal to his or her Unrestricted Benefit minus (i) the Maximum Benefit

 

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and (ii) the Frozen Benefit.  If the calculations made pursuant to this section produce no monthly benefits for a Participant, then this Plan shall not apply to that Participant.

 

3.4                               Spousal Pension Benefit.  Subject to Section 3.5 below, on the death of a Participant whose spouse is eligible for a pre- or post-retirement surviving spouse benefit under the Pension Plan, the Participant’s surviving spouse shall be entitled to a monthly benefit equal to the surviving spouse benefit determined in accordance with the provisions of the Pension Plan without regard to the limitations under the Code, minus (i) the Maximum Benefit and (ii) the Frozen Benefit.  If the calculations made pursuant to this section produce no monthly benefits for a Participant’s surviving spouse, then this Plan shall not apply to that surviving spouse.

 

3.5                               Forms of Benefit Payment.

 

(a)                                If on the date of a Participant’s Separation from Service, his or her accrued vested benefit under this Plan is less than $10,000 in present value (calculated in accordance with present value determinations under the Pension Plan), such benefit shall be distributed in a lump sum on February 1 of the calendar year following the year in which Separation from Service occurred.

 

(b)                                If on the date of a Participant’s Separation from Service, his or her accrued vested benefit under this Plan is equal to or greater than $10,000 in present value (calculated in accordance with present value determinations under the Pension Plan), such benefit shall be distributed in a lump sum on February 1 of the calendar year following the year in which Separation from Service occurred, unless the Participant, within 30 days after the first day of the Participant’s taxable year immediately following the first year the Participant accrues a benefit hereunder, elects to have his or her benefit paid in monthly installments over a period not to exceed 15 years, commencing upon the later of Separation from Service or a date specified by the Participant which date shall not be later than the first of the month following the Participant’s 65th birthday.  Payment elections are irrevocable at the end of the 30 day election period.  Notwithstanding the foregoing, any Participant who has an accrued vested benefit under this Plan as of November 1, 2007, may specify in writing a new payment election on or before December 31, 2007, provided that such election may apply only to amounts that would not otherwise be payable in 2007 and further provided that such election may not cause an amount to be paid in 2007 that would not otherwise be payable in 2007.  This election shall not be available to any Participant whose benefit payment will have commenced as of December 31, 2007.

 

(c)                                 For purposes of this Section 3.5, the calculation of whether a Participant’s accrued vested benefit exceeds $10,000 shall be net of any Maximum Benefit or Frozen Benefit to which a Participant is entitled.

 

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3.6                               Taxes.  The Company shall deduct from all payments made under this Plan all applicable federal or state taxes required by law to be withheld.

 

ARTICLE IV

 

4.                                     Plan Administration.

 

4.1                               Administrator.  The Plan shall be administered by the Company, acting through its Plan Administrator, which shall have complete and unrestricted authority to interpret the Plan and issue such administrative rules and procedures as it deems appropriate, in its sole discretion.  The Plan Administrator shall have the duty and responsibility of maintaining records, making the requisite calculations, and disbursing the payments hereunder.  The Plan Administrator’s interpretations, determinations, procedures, and calculations shall be final and binding on all persons and parties concerned.

 

4.2                               Amendment and Termination.  The Compensation Committee of the Company’s board of directors may amend or terminate the Plan at any time, provided, however, that no such amendment or termination shall adversely affect a benefit to which a Participant or his or her beneficiary is entitled under Article III prior to the effective date of such amendment or termination unless the Participant or beneficiary becomes entitled to an amount equal to such benefit under another plan or policy adopted by the Company.

 

4.3                               Payments and Setoff.  The Company will pay all benefits arising under this Plan and all costs, charges, and expenses relating hereto.  The Company shall have the right to withhold and deduct from payments due hereunder to any Participant any amounts owed by the Participant to the Company or its affiliates.

 

4.4                               Nonassignability of Benefits.  The benefits payable hereunder or the right to receive future benefits under the Plan may not be anticipated, alienated, pledged, encumbered, or subjected to any charge or legal process, and if any attempt is made to do so, or a person eligible for any benefit becomes bankrupt, the interest under the Plan of the person affected may be terminated by the Plan Administrator which, in its sole discretion, may cause the same to be held or applied for the benefit of one or more of the dependents of such person or make any other disposition of such benefits that it deems appropriate, in its sole discretion.

 

4.5                               Status of Plan.  The benefits under this Plan shall not be funded but shall constitute liabilities by the Company payable when due.

 

4.6                               Employment Not Guaranteed.  This Plan is not intended to and does not create a contract of employment in any manner.  Employment with the Company is at will, which means that either the employee or the Company may end the employment relationship at any time and for any reason.  Nothing in this Plan changes or should be construed as changing that at-will relationship.

 

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4.7                               Applicable Law.  All questions pertaining to the construction, validity, and effect of this Plan shall be determined in accordance with the laws of the United States and, to the extent not preempted by such laws, by the laws of the state of Idaho.

 

4.8                               Deferred Compensation and Benefits Trust.  Upon the occurrence of a Change in Control of the Company (as defined in the Company’s Deferred Compensation and Benefits Trust (the “DCB Trust”)), or at any time thereafter, the Company, in its sole discretion, may transfer to the DCB Trust cash, marketable securities, or other property acceptable to the trustee to pay the Company’s obligations under this Plan in whole or in part (the “Funding Amount”).  Any cash, marketable securities, and other property so transferred shall be held, managed, and disbursed by the trustee subject to and in accordance with the terms of the DCB Trust.  In addition, from time to time, the Company may make additional transfers of cash, marketable securities, or other property acceptable to the trustee as desired by the Company in its sole discretion to maintain or increase the Funding Amount with respect to this Plan.  The assets of the DCB Trust, if any, shall be used to pay benefits under this Plan, except to the extent the Company pays such benefits.  The Company and any successor shall continue to be liable for the ultimate payment of those benefits.

 

4.9                               Appeals Procedure.  Claims for benefits under this Plan shall be subject to determination and review by the Company.  If any Participant disagrees with the Company’s determination of benefits hereunder, the Participant shall have the right to appeal the Company’s determination in accordance with procedures adopted by the Company applicable to appeals under the Pension Plan.

 

6Exhibit 10.18

 

BOISE CASCADE COMPANY

 

SUPPLEMENTAL EARLY RETIREMENT PLAN FOR EXECUTIVE OFFICERS

 

(As amended through July 31, 2013)

 

 

BOISE CASCADE COMPANY

SUPPLEMENTAL EARLY RETIREMENT PLAN FOR EXECUTIVE OFFICERS

 

ARTICLE I — PURPOSE OF THE PLAN

 

The purpose of this Supplemental Early Retirement Plan for Executive Officers (the “Plan”) is to facilitate the orderly succession of Executive Officers with continuity of management by providing additional Early Retirement Benefits for the Executive Officers.

 

ARTICLE II — DEFINITIONS

 

2.1                               “Board.”  The term Board shall mean the Board of Directors of Boise Cascade Company.

 

2.2                               “Change in Control.”  A Change in Control shall be deemed to have occurred if:

 

(a)                                 Any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 25% or more of either the then-outstanding shares of common stock of the Company or the combined voting power of the Company’s then-outstanding securities; provided, however, if such Person acquires securities directly from the Company, such securities shall not be included unless such Person acquires additional securities which, when added to the securities acquired directly from the Company, exceed 25% of the Company’s then-outstanding shares of common stock or the combined voting power of the Company’s then-outstanding securities; and provided further that any acquisition of securities by any Person in connection with a transaction described in Section 2.2(c)(i) shall not be deemed to be a Change in Control of the Company; or

 

(b)                                 The following individuals cease for any reason to constitute at least a majority of the number of managers(i.e., director equivalents for limited liabilities companies) then serving:  individuals who, on the date hereof, constitute the Board and any new manager (other than a manager whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election of managers of the Board) whose appointment or election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the managers then still in office who either were managers on the date hereof or whose appointment, election, or nomination for election was previously so approved (the “Continuing Managers”); or

 

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

 

 

Continuing Managers continuing to constitute at least a majority of the number of directors (or director-equivalents) of the combined entity immediately following consummation of such merger or consolidation, and (b) the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) more than 50% of the combined voting power of the voting securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (ii) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 25% or more of either the then-outstanding shares of common stock of the Company or the combined voting power of the Company’s then-outstanding securities; provided that securities acquired directly from the Company shall not be included unless the Person acquires additional securities which, when added to the securities acquired directly from the Company, exceed 25% of the Company’s then-outstanding shares of common stock or the combined voting power of the Company’s then-outstanding securities; and provided further that any acquisition of securities by any Person in connection with a transaction described in Section 2.2(c)(i) shall not be deemed to be a Change in Control of the Company; or

 

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

 

A transaction described in Section 2.2(c) which is not a Change in Control of the Company solely due to the operation of Subsection 2.2(c)(i)(a) will nevertheless constitute a Change in Control of the Company if the Board determines, prior to the consummation of the transaction, that there is not a reasonable assurance that, for at least two years following the consummation of the transaction, at least a majority of the members of the board of directors (or director equivalent) of the surviving entity or any parent will continue to consist of Continuing Managers and individuals whose election or nomination for election by the shareholders of the surviving entity or any parent would be approved by a vote of at least two-thirds of the Continuing Managers and individuals whose election or nomination for election has previously been so approved.

 

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

 

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

 

2.3                               “Closing Date.”  October 29, 2004.

 

2.4                               “Committee.”  The Compensation Committee of the Board of Directors of Boise Cascade Company or, in the absence of such a committee, the Retirement Committee appointed by such board, which, in addition to its other duties and responsibilities, shall have the duties and responsibilities set out in Article V of this Plan.

 

2.5                               “Company.”  Boise Cascade Company, a corporation organized and existing under the laws of the state of Delaware, or its successor or successors.

 

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

 

2.7                               Construction.  Except to the extent preempted by federal law, this Plan shall be construed according to the laws of the state of Idaho.  The words “hereof,” “herein,” “hereunder” and other similar compounds of the word “here” shall mean and refer to the entire Plan, not to any particular provision or section.

 

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

 

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2.9                               “Early Retirement.”  The termination of employment of an Executive Officer prior to his or her Normal Retirement Date but after the Executive Officer has completed 10 or more years of service and has reached the age of at least 58 years (or, for Executive Officers elected as such by Boise Cascade Corporation prior to June 1, 2004, 55 years).

 

2.10                        “Early Retirement Benefits.”  The benefits that will be paid to an Executive Officer who retires from the Company under the provisions of this Plan.

 

2.11                        “Early Retirement Date.”  The date of an Executive Officer’s Early Retirement, as defined in Section 2.9.

 

2.12                        “Effective Date.”  October 29, 2004, or the date this Plan becomes effective as established by the Board, whichever is later.

 

2.13                        “Executive Officer.”  A Transferred Executive Officer who has been duly elected by the Board to serve as an executive officer of the Company in accordance with the Company’s bylaws but not including assistant treasurers or assistant secretaries.

 

2.14                        “Involuntary Retirement.”  The termination of employment of an Executive Officer by action of the Company or the Board prior to an Executive Officer’s Normal Retirement Date but after the Executive Officer has completed 10 or more years of service and has reached the age of at least 58 years (or, for Executive Officers elected as such by Boise Cascade Corporation prior to June 1, 2004, 55 years).

 

2.15                        “Normal Retirement Date.” An Executive Officer’s 62nd birthday.

 

2.16                        “Salaried Plan.”  The Boise Cascade Company Pension Plan for Salaried Employees and the Boise Cascade Company Supplemental Pension Plan as they currently are in effect and as amended from time to time after the Effective Date of this Plan.

 

2.17                        “Transferred Executive Officer.”  An employee who has been duly elected by the Board to serve as an executive officer of the Company in accordance with the Company’s bylaws (but not including assistant treasurers or assistant secretaries), and who had been a participant in the Boise Cascade Corporation Supplemental Early Retirement Plan for Executive Officers immediately prior to the Closing Date.

 

ARTICLE III — ELIGIBILITY FOR EARLY RETIREMENT BENEFITS

 

3.1                               Eligibility.  An Executive Officer (i) with 10 or more years of service with the Company, as defined in the Salaried Plan; (ii) who has served as an Executive Officer of the Company for at least 5 full years measured from the date of his or her election to such office; and (iii) whose employment with the Company is terminated

 

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through Involuntary Retirement, or who elects Early Retirement, shall receive the Early Retirement Benefits as set forth in Article IV hereof; provided, however, if an Executive Officer’s employment is terminated for “disciplinary reasons,” as that term is used in the Company’s Corporate Policy 10.2, Termination of Employment, as amended from time to time, such Executive Officer shall not be eligible to receive any benefits under this Plan.  For purposes of this Plan, an Executive Officer’s years of service with the Company shall include his or her years of service with Boise Cascade Corporation, and an Executive Officer’s years of service as an Executive Officer of the Company shall include his or her years of service as an Executive Officer of Boise Cascade Corporation.

 

3.2                               Notice.  If an Executive Officer is required to take Involuntary Retirement under this Plan, he or she shall be given a written notice thereof and shall be advised of the Early Retirement Benefits to be paid hereunder.  Additionally, any eligible Executive Officer desiring to elect Early Retirement shall notify the Company of his or her decision, in writing, at least 30 days in advance of the Early Retirement Date.

 

ARTICLE IV — EARLY RETIREMENT BENEFITS

 

4.1                               Computation of Early Retirement Benefits.  The Early Retirement Benefits payable to any Executive Officer who is eligible for such benefits under Section 3.1 hereof shall be calculated as follows:

 

Until age 65, the Early Retirement Benefits payable hereunder shall be an amount equal to the Basic Pension Benefit that would have been payable in the form of a single life annuity at age 65 under the Salaried Plan (before reduction to reflect any retirement option selected by the Executive Officer pursuant to Article VII of the Salaried Plan) without reduction on account of early retirement, provided, however, that any such Early Retirement Benefits shall exclude the amounts of any such benefits that are based on or relate to years of service performed for Boise Cascade Corporation and that are payable under either the Boise Cascade Corporation Spun-off Pension Plan for Salaried Employees or the Boise Cascade Corporation Supplemental Early Retirement Plan for Executive Officers or would have been payable under such plans as of the day before the Closing Date if all vesting and eligibility provisions thereunder are deemed to have been met.  To the extent that the Boise Cascade Corporation Supplemental Early Retirement Plan for Executive Officers is terminated and participants thereunder are paid out in a lump sum in connection with such termination prior to the payment of benefits under this Plan, such lump sum (or its actuarial equivalent) shall be excluded from the benefits payable under this Section 4.1.

 

If the calculations made pursuant to this section produce no Early Retirement Benefits for an Executive Officer, then this Plan shall not apply to that Executive Officer.  The Company will be secondarily liable for the payment of any amounts that are payable from the Salaried Plan.

 

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4.2                               Manner and Adjustment of Payment.  The Early Retirement Benefits, as computed in Section 4.1 and as provided hereunder, shall, except as provided in Section 4.5, become an unfunded general obligation of the Company and shall be paid to the Executive Officer in monthly installments as a supplemental retirement benefit.  The Early Retirement Benefits shall be paid in the form of a single life annuity until the earlier of the Participant’s death or the date the Participant reaches age 65.  Payment of Early Retirement Benefits shall commence as soon as practicable following the Participant’s Early Retirement or Involuntary Retirement.  For purposes of Section 409A of the Internal Revenue Code, the date of the Participant’s Early Retirement or Involuntary Retirement shall be the “designated payment date.”

 

4.3                               Executive Officer Not to Compete.  If an Executive Officer who is receiving Early Retirement Benefits hereunder provides significant services as an employee or consultant, or otherwise renders services of a significant nature for remuneration, to a Competitor, the Company may, in its discretion, cancel all further Early Retirement Benefits payable to the Executive Officer hereunder, and after the date of cancellation, the Executive Officer shall forfeit all future benefits under this Plan. The Company may, in its discretion, consent to an Executive Officer’s rendering services to a Competitor, and if it does consent, it may place whatever limitations it considers appropriate on the consent.  If the Executive Officer breaches the terms of the consent, the Company may, in its discretion, cancel all further Early Retirement Benefits due to be payable to the Executive Officer hereunder, and after the date of cancellation, the Executive Officer shall forfeit all future benefits under this Plan.

 

4.4                               Supplemental Survivor’s Retirement Benefit.  If an Executive Officer terminates employment at any age by reason of death, his or her spouse, if any, shall be eligible to receive a supplemental Survivor’s Retirement Benefit under this Plan.  The amount of the supplemental Survivor’s Retirement Benefit payable under this section shall be equal to the difference between the Survivor’s Retirement Benefit payable under the terms of the Salaried Plan and the amount to which the spouse would be entitled under the terms of both this Plan and the Salaried Plan if the Executive Officer, without regard to the requirements of Section 3.1 of this Plan, had elected early retirement on the date of his or her death and had elected to receive benefits in the form of a 100% Joint and Survivor Annuity with the spouse as joint annuitant, provided that if the Executive Officer dies prior to reaching age 55, the otherwise unreduced benefit payable under this Plan shall be actuarially reduced to reflect the Executive Officer’s age at death.  Payment of this benefit shall commence as soon as practicable following the Participant’s death.  For purposes of Section 409A of the Internal Revenue Code, the date of the Participant’s death shall be the “designated payment date.”  A surviving spouse shall not be eligible for a supplemental survivor’s benefit under this Plan unless the spouse is eligible for a survivor’s benefit under the terms of the Salaried Plan.

 

Notwithstanding the foregoing, any benefits received pursuant to this section shall exclude the amounts of any such benefits that are based on or relate to an Executive Officer’s years of service performed for Boise Cascade Corporation and that

 

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are payable under either the Boise Cascade Corporation Spun-off Pension Plan for Salaried Employees or the Boise Cascade Corporation Supplemental Early Retirement Plan for Executive Officers or would have been payable under such plans as of the day before the Closing Date if all vesting and eligibility provisions thereunder are deemed to have been met.  To the extent that the Boise Cascade Corporation Supplemental Early Retirement Plan for Executive Officers is terminated and participants and surviving spouses thereunder are paid out in a lump sum in connection with such termination prior to the payment of benefits under this Plan, such lump sum (or its actuarial equivalent) shall be excluded from the benefits payable under this Section 4.4.

 

4.5                               Deferred Compensation and Benefits Trust.  Upon the occurrence of a Change in Control of the Company or at any time thereafter, the Company, in its sole discretion, may transfer to the DCB Trust cash, marketable securities, or other property acceptable to the trustee to pay the Company’s obligations under this Plan in whole or in part (the “Funding Amount”).  Any cash, marketable securities, and other property so transferred shall be held, managed, and disbursed by the trustee subject to and in accordance with the terms of the DCB Trust.  In addition, from time to time, the Company may make additional transfers of cash, marketable securities, or other property acceptable to the trustee as desired by the Company in its sole discretion to maintain or increase the Funding Amount with respect to this Plan.  The assets of the DCB Trust, if any, shall be used to pay benefits under this Plan, except to the extent the Company pays such benefits.  The Company and any successor shall continue to be liable for the ultimate payment of those benefits.

 

ARTICLE V — DUTIES

 

5.1                               Committee’s Powers.  Except as otherwise provided in the Plan with regard to the powers of the Company, the Committee shall have control of administration of the Plan, with all powers necessary to enable it to carry out its duties hereunder.  The Committee shall have the right to inspect the records of the Company whenever such inspection may be reasonably necessary in order to determine any fact pertinent to the performance of the duties of the Committee.  The Committee, however, shall not be required to make such inspection but may, in good faith, rely on any statement of the Company or any of its officers or employees.

 

5.2                               Copy of Plan to Be Furnished.  The Committee shall furnish a copy of this Plan to all Executive Officers of the Company who are or become entitled to be covered under this Plan as eligible Executive Officers.

 

5.3                               Records.  The Committee shall keep a complete record of all its proceedings and all data necessary for administration of the Plan.

 

5.4                               Appeal Procedure.  If any Executive Officer feels aggrieved by any decision of the Committee concerning his or her benefits hereunder, the Committee shall provide, upon written request of the Executive Officer, specific written reasons for the decision.  The Committee shall afford an Executive Officer, whose claim for benefits

 

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has been denied, 60 days from the date notice of denial is mailed in which to request a hearing before the Committee.  If an Executive Officer requests a hearing, the Committee shall review the written comments, oral statements, and any other evidence presented on behalf of the Executive Officer at the hearing and render its decision within 60 days of such hearing.  If the Executive Officer still feels aggrieved by the Committee’s decision concerning his or her benefits hereunder, the Executive Officer can request the Executive Compensation Committee of the Board to review his or her case.  The request for hearing must be made in writing within 60 days from the date of the Committee’s decision.  The Executive Compensation Committee of the Board shall review said decision within 4 months after receiving the Executive Officer’s request for review and shall, within a reasonable time thereafter, render a decision respecting the Executive Officer’s claim, which shall be final, binding and conclusive.

 

If any Executive Officer feels aggrieved by any decision of the Company concerning his or her rights hereunder, the Company shall provide, upon the written request of the Executive Officer, specific written reasons for its decision.  If the Executive Officer is not satisfied with the Company’s decision with respect to his or her rights, the Executive Officer can request the Executive Compensation Committee of the Board to review his or her case.  The Executive Officer’s request must be made within 60 days of the mailing of the Company’s written decision, and the Executive Compensation Committee of the Board will handle the review in the same manner as set forth above with respect to appeals from Committee decisions.

 

ARTICLE VI — AMENDMENT AND TERMINATION

 

6.1                               Amendment.  To provide for contingencies which may require the clarification, modification, or amendment of this Plan, the Company reserves the right to amend this Plan at any time; provided, however, no amendment shall affect any benefits previously granted hereunder to any Executive Officer who elected or was required, pursuant to this Plan, to retire early.

 

6.2                               Termination.  It is the present intention of the Company to maintain this Plan indefinitely.  Nonetheless, the Company reserves the right, at any time, to terminate the Plan; provided, however, no termination shall affect any benefits previously granted hereunder to an Executive Officer who elected or was required, pursuant to this Plan, to retire early.

 

ARTICLE VII — MISCELLANEOUS

 

7.1                               Benefits Not Transferable or Assignable.  None of the benefits, payments, proceeds, claims, or rights of any Executive Officer hereunder shall be subject to the claim of any creditor of the Executive Officer, other than the Company as permitted in Section 7.2, nor shall any Executive Officer have any right to transfer, assign, encumber, or otherwise alienate any of the benefits or proceeds which he or she may expect to receive, contingently or otherwise, under this Plan.

 

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7.2                               Setoff.  The Company shall have the right to withhold and deduct from payments due hereunder to any Executive Officer any amounts owed by the Executive Officer to the Company or its affiliates that were incurred prior to the Executive Officer’s Early Retirement Date.

 

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