Document:

EXHIBIT 10.14

 

SECURITYHOLDERS AGREEMENT

 

THIS SECURITYHOLDERS AGREEMENT (this “Agreement”)
is made and entered into as of the 29th day of October, 2004, by and among
BOISE CASCADE CORPORATION, a Delaware corporation (to be renamed “OfficeMax
Incorporated” on November 1, 2004, “BCC”), FOREST PRODUCTS HOLDINGS
L.L.C., a Delaware limited liability company (“FPH”), and BOISE CASCADE
HOLDINGS, L.L.C., a Delaware corporation (“Boise Holdings”).

 

R E C I T A L S

 

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

 

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

 

WHEREAS, FPH recognizes that BCC has substantial
experience and expertise in the ownership, management and operation of a forest
products business;

 

WHEREAS, BCC, FPH and Boise Holdings desire to enter
into this Agreement to set forth certain arrangements with respect to the ownership,
operation and management of Boise Holdings and its Subsidiaries; and

 

WHEREAS, the execution and delivery of this Agreement
is a condition to each of BCC’s and FPH’s respective obligations to effect the
Closing (as defined in the Asset Purchase Agreement).

 

NOW, THEREFORE, in consideration of the foregoing and
of the mutual covenants and undertakings contained herein, and subject to and
on the terms and conditions herein set forth, the parties hereto agree as
follows:

 

ARTICLE I

DEFINITIONS AND TERMS

 

1.1           Certain
Definitions. As used herein, the following terms shall have the meanings
set forth or as referenced below:

 

“Affiliate” shall mean, with respect to any
Person, any other Person directly or indirectly controlling, controlled by or
under common control with such first Person as of the

 

 

date on which, or at any
time during the period for which, the determination of affiliation is being
made.  For the purpose of this
definition, “control” means (i) the ownership or control of 50% or more of the
equity interest in any Person, or (ii) the ability to direct or cause the
direction of the management or affairs of a Person, whether through the direct
or indirect ownership of voting interests, by contract or otherwise.

 

“Agreement” shall mean this Agreement,
including the exhibits hereto, as the same may be amended or supplemented from
time to time in accordance with the terms hereof.

 

“Applicable Percentage” shall mean (i) if there
are five (5) or more members of the Board then in office, 80% or more, (ii) if
there are four (4) members of the Board then in office, 75% or more, and (iii)
if there are three (3) members of the Board then in office, 66% or more.

 

“Asset Purchase Agreement” shall have the
meaning set forth in the Recitals hereto.

 

“Board” shall mean the Board of Managers of
Boise Holdings.

 

“BCC Holders” shall collectively refer to: (i)
BCC; and (ii) any other Securityholders who directly or indirectly acquire any
Units from BCC, other than Securityholders who directly or indirectly acquire
Units from BCC pursuant to an Initial Period Pro-Rata Tag-Along as provided in
subsection 5.3(b)(ii) below.

 

“BCC Registrable Securities” shall have the
meaning set forth in the Registration Rights Agreement.

 

“BCH LLC Agreement” shall mean that certain limited
liability company agreement of Boise Cascade Holdings, L.L.C., dated as of
October 29, 2004 and effective as of September 22, 2004.

 

“Business” shall have the meaning set forth in
the Asset Purchase Agreement.

 

“Business Day” shall mean any day other than a
Saturday, a Sunday or a day on which banks in Chicago, Illinois are authorized
or obligated by Law or executive order to close.

 

“Commission” shall mean the Securities and
Exchange Commission or any other federal agency at the time administering the
Securities Act.

 

“Common Units” means, collectively, the Series
A Common, the Series B Common and the Series C Common.

 

“CPA Firm” shall mean the independent public
auditor selected pursuant to Section 4.3, or any subsequent independent public
auditor of the books and records of Boise Holdings appointed by the Board in
accordance with the terms of this Agreement.

 

“Demand Registration” shall have the meaning
set forth in the Registration Rights Agreement.

 

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“Encumbrances” shall mean liens, charges,
encumbrances, mortgages, pledges, security interests, options or any other
restrictions or third-party rights.

 

“Exempt Sale” shall mean: (i) any Transfer of
Units to an Affiliate of the selling party; (ii) any distribution of securities
by a Person to its direct or indirect equity owners; (iii) an assignment or
pledge of Units in connection with the incurrence, maintenance or renewal of
indebtedness of Boise Holdings or its Subsidiaries; (iv) any Transfer of Units
pursuant to a Public Sale or pursuant to Rule 144 of the Securities Act; and
(v) any Transfer of Units to directors, officers, or employees of Boise
Holdings or its Subsidiaries.

 

“FPH” means Forest Products Holdings, L.L.C., a
Delaware limited liability company.

 

“FPH Holders” shall collectively refer to FPH
together with any other Securityholders who directly or indirectly acquire any
Units from: (i) FPH; or (ii) BCC pursuant to an Initial Period Pro-Rata
Tag-Along as provided in subsection 5.3(b)(ii) below.

 

“GAAP” shall mean United States generally
accepted accounting principles, consistently applied.

 

“Independent Third Party” means any Person who,
immediately prior to the contemplated transaction, is not the owner of in
excess of 5% of any class or series of Boise Holdings’ common equity on a
fully-diluted basis (a “5% Owner”) and who is not an Affiliate of any
such 5% Owner.

 

“Law” shall mean any federal, state, foreign or
local law, constitutional provision, code, statute, ordinance, rule, regulation,
order, judgment or decree of any governmental authority.

 

“LLCA” shall mean the Limited Liability Company
Act of the State of Delaware.

 

“New Securities” shall mean any shares of
capital stock or other equity securities (or debt securities convertible into
such equity securities) of Boise Holdings, whether now authorized or not, and
rights, options or warrants to purchase said shares of capital stock and
securities of any type whatsoever that are, or may become, convertible into
shares of Boise Holdings capital stock or other Boise Holdings equity
securities; provided, however, that the term “New Securities”
shall not include: (i) securities issued in connection with any stock or unit
split, stock or unit dividend, reclassification or recapitalization of Boise
Holdings; (ii) units of Common Units issued to employees, consultants, officers
or directors of Boise Holdings or its Subsidiaries pursuant to: (A) the
exercise of any stock or unit option, stock or unit purchase or stock or unit
bonus plan, agreement or arrangement for the primary purpose of soliciting or
retaining the services of such Persons and which is approved by the Board; or
(B) the exercise of any stock or unit option issued pursuant to a plan or
agreement approved by the Board; (iii) securities issued in a Public Offering;
(iv) securities issued in connection with the acquisition of any business,
assets or securities of another Person; (v) securities issued to any lender of
Boise Holdings or any of its Affiliates; and (vi) securities issued pursuant to
Section 2.3(b) of the BCH LLC Agreement.

 

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“Person” shall mean an individual, a
corporation, a partnership, an association, a trust, a limited liability
company or any other entity or organization.

 

“Pro Rata Portion” shall mean, with respect to
each Securityholder, that number of shares of New Securities as is equal to the
product of (i) the total number of New Securities proposed to be issued or
otherwise transferred multiplied by (ii) a fraction, the numerator of which is
the number of units of Series B Common (including any common equity issued or
issuable in respect of such Series B Common) held by such Securityholder
immediately prior to such issuance or transfer, and the denominator of which is
the total number of units of Series B Common (including any such common equity
issued or issuable in respect of such Series B Common) which are held by all
Securityholders.

 

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

 

“Public Sale” means: (i) any sale of Series B
Common pursuant to a Public Offering or (ii) any Spin-Off.

 

“Registration Rights Agreement” shall have the
meaning set forth in the Asset Purchase Agreement.

 

“Securities Act” means the Securities Act of
1933, as amended, or any similar federal statute, and the rules and regulations
of the Commission thereunder, as shall be in effect at the time.

 

“Securityholders” means BCC, FPH and each
Person other than Boise Holdings who is or becomes bound by this Agreement.
Securityholders are sometimes individually referred to herein as a “Securityholder”.

 

“Series A Common” means Series A Common Units
of Boise Holdings, par value $0.01 per share.

 

“Series B Common” means Series B Common Units
of Boise Holdings, par value $0.01 per share.

 

“Series C Common” means Series C Common Units
of Boise Holdings, par value $0.01 per share.

 

“Spin-Off” shall mean any distribution by BCC
or one of its Affiliates of all of its Units of any class or series to its
public stockholders or unitholders, if any.

 

“Subsidiary” shall mean, with respect to any
Person, any corporation, limited liability company, partnership, joint venture
or other legal entity of which such Person, either directly or through or
together with any other Subsidiary of such Person, owns 50% or more of the
equity interests.

 

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“Units” shall mean any Series A Common, Series
B Common or Series C Common held by any Securityholder (including any
equity securities issued or issuable in respect of such Series A Common, Series
B Common or Series C Common pursuant to a stock or unit split, stock
or unit dividend, reclassification, combination, merger, consolidation,
recapitalization or other reorganization) and any other capital stock of any
class or series of Boise Holdings held by any Securityholder.  As to any particular Units, such units shall
cease to be Units for all purposes of this Agreement when they have been sold
or transferred pursuant to a Public Sale, and the transferee of any Units
pursuant to a Public Sale shall not be considered a Securityholder for purposes
of this Agreement by virtue of the ownership of Units transferred pursuant to
such Public Sale.

 

“Voting Units” shall mean securities of Boise
Holdings of any class or series the holders of which are entitled to vote
generally in the election of directors of Boise Holdings.

 

1.2           Other
Definitional Provisions.

 

(a)           The
words “hereof”, “herein”, and “hereunder”, and words of similar import, when
used in this Agreement, shall refer to this Agreement as a whole and not to any
particular provision of this Agreement.

 

(b)           The
terms defined in the singular shall have a comparable meaning when used in the
plural, and vice versa.

 

(c)           The
terms “dollars” and “$” shall mean United States dollars.

 

(d)           The
term “including” shall be deemed to mean “including without limitation.”

 

(e)           Capitalized
terms used, but not otherwise defined, herein shall have the meanings ascribed
to such terms in the Asset Purchase Agreement.

 

ARTICLE II

BUSINESS AND OPERATIONS OF TIMBER HOLDING CO.

 

2.1           Purposes
and Business. Except as otherwise approved by the Board, the original
purpose of Boise Holdings and its Subsidiaries shall be to engage in the
business of acquiring, growing, harvesting, and selling timber and timberlands
and other activities related to the foregoing or in connection therewith. Boise
Holdings shall not and shall not permit any of its Subsidiaries to (and FPH
shall not cause or, to the extent reasonably within FPH’s control, permit Boise
Holdings or any of its Subsidiaries to) engage in any other activity or
business except to the extent approved by the Board.

 

2.2           Principal
Executive Offices. The principal executive offices of Boise Holdings shall
be located at 1111 W. Jefferson Street, Boise, Idaho, 83728 or such
other location as determined by the Board.

 

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ARTICLE III

BOARD OF DIRECTORS

 

3.1           General.
From and after the Closing, each Securityholder will vote all of its respective
Units and any other Voting Units over which it possesses direct or indirect voting
power and will take all other necessary or desirable actions within its direct
or indirect control (whether in its capacity as a securityolder of Boise
Holdings or otherwise), and Boise Holdings will take all necessary and
desirable actions within its control, in order to give effect to the provisions
of this Article III.  By way of example
and without limiting the generality of the foregoing, BCC and FPH shall amend
the Company’s certificate of formation or limited liability company agreement
or both, as applicable, of Boise Holdings and each Subsidiary to incorporate
and effectuate the provisions in this Article III.

 

3.2           Powers.
Subject to the provisions of the LLCA, the certificate of formation of Boise
Holdings, the limited liability company agreement of Boise Holdings and this
Agreement, the business and affairs of Boise Holdings shall be managed by or
under the direction of the Board.

 

3.3           Size
and Composition. The Board shall initially consist of six individuals as
follows:  (i) one director shall be
designated in writing by BCC (the “BCC Director”); (ii) four directors
shall be designated in writing by FPH (the “FPH Directors”); and (iii)
the remaining director shall be the Chief Executive Officer of Boise Holdings
(the “CEO Director”); provided that, notwithstanding the
foregoing, FPH may, by written notice to Boise Holdings, at any time and from
time to time, increase or decrease the number of FPH Directors; provided
further that in the event that (i) FPH elects to increase the number of FPH
Directors above four, BCC shall be entitled to increase the number of BCC
Directors such that the number of BCC Directors as a percentage of all
directors of Boise Holdings then in office is as close as possible to (but not
in excess of) the percentage of Series B Common of Boise Holdings then held by
BCC or (ii) FPH subsequently elects to decrease the number of FPH Directors,
then the number of BCC Directors shall be decreased such that the number of BCC
Directors as a percentage of all directors of Boise Holdings then in office is
as close as possible to (but not in excess of) the percentage of Series B
Common of Boise Holdings then held by BCC. 
Notwithstanding anything in clause (ii) of the immediately foregoing
sentence to the contrary, the number of BCC Directors shall not be decreased
below one (1) unless or until BCC’s rights to designate a BCC Director have
terminated in accordance with this Agreement. 
BCC and FPH, as the holders of a majority of the Voting Units and thus
entitled to elect the CEO Director, shall: (x) at each election of directors
(or filling of a vacancy with respect to the CEO Director), elect the
individual then serving as the Chief Executive Officer of Boise Holdings as the
CEO Director; and (y) remove the CEO Director if the CEO Director ceases to
serve as the Chief Executive Officer of Boise Holdings. Anything to the
contrary contained herein notwithstanding, the rights of each of BCC and FPH to
designate directors as provided herein shall not be assignable (by operation of
law, the transfer of Units or otherwise) without the prior written consent of
the other; provided, however, that each of BCC and FPH shall, without the prior
written consent of the other, be entitled to assign its rights to designate
directors as provided herein to one of its Affiliates that is (or becomes) a
Securityholder.  If directed by FPH, one
or more representatives of financing sources to FPH and/or any of its
Subsidiaries shall be entitled to attend meetings of (and receive information

 

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provided to the directors of) the Board; provided,
however, that such representative shall not be or have any rights of a
director of the Board.

 

3.4           Term;
Removal; Vacancies. The members of the Board other than the CEO Director
shall hold office at the pleasure of the Securityholder which designated
them.  Any such Securityholder may at any
time, by written notice to the other Securityholder and Boise Holdings, remove
(with or without cause) any member of the Board designated by such
Securityholder other than the CEO Director. 
Subject to applicable Law, no member of the Board may be removed except
by written request by the Securityholder that designated the same.  In the event a vacancy occurs on the Board
for any reason, the vacancy will be filled by the written designation of the
Securityholder entitled to designate the director creating the vacancy.

 

3.5           Notice;
Quorum. Meetings of the Board may be called upon not less than three days’
prior written notice to all directors stating the purpose or purposes thereof.
Such notice shall be effective upon receipt, in the case of personal delivery,
facsimile transmission or other electronic transmission, and five Business Days
after deposit with the U.S. Postal Service, postage prepaid, if mailed. The
presence in person of a majority of the directors then serving on the Board
shall constitute a quorum for the transaction of business at any special,
annual or regular meeting of the Board. 
Each Securityholder shall use its reasonable efforts to ensure that a
quorum is present at any duly convened meeting of the Board and each of BCC and
FPH may designate by written notice to the other an alternate representative to
act in the absence of any of its designates at any such meeting. If, at any
meeting of the Board, a quorum is not present, a majority of the directors
present may, without further notice, adjourn the meeting from time to time
until a quorum is obtained.

 

3.6           Voting.
Each member of the Board shall be entitled to cast one vote on each matter
considered by such Board; provided, however, that in the event that a vote
would result in a tie or deadlock with respect to a matter, the CEO Director
shall not be entitled to vote with respect to such matter (the Board shall poll
its members prior to any vote to effectuate the purposes of this
sentence).  Except as otherwise expressly
provided by this Agreement, the act of a majority of the members of the Board
present at any meeting at which a quorum is present shall constitute an act of the
Board, as applicable.  Notwithstanding
anything to the contrary contained herein, from and after the first business
day after the Closing: (x) the following matters shall require, in addition to
any other vote required by applicable law, the affirmative vote of at least the
Applicable Percentage of the directors then in office; (y) Boise Holdings shall
not directly or indirectly take, and shall not permit any of its Subsidiaries
to directly or indirectly take, any of the following actions without first obtaining
such approval; and (z) FPH shall not cause or, to the extent reasonably within
FPH’s control, permit Boise Holdings or any of its Subsidiaries to take any of
the following actions without first obtaining such approval:

 

(i)            subject
to applicable Law or fiduciary duty, any dissolution or liquidation of Boise
Holdings;

 

(ii)           in
addition to any other requirement required under Section 8.13 hereof, any
amendment of the certificate of formation, limited liability company agreement
or other governing documents of Boise Holdings or any of its Subsidiaries which
would (a) treat any BCC Holder disproportionately vis-a-vis any FPH Holder or
(b) place any

 

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restriction or
limitation on the ability of any BCC Holder to Transfer all or any portion of
its Units or reduce the consideration received or to be received by such BCC
Holder in connection with such Transfer;

 

(iii)          the
entry into, or amendment of, contracts or other transactions between Boise
Holdings and/or any of its Subsidiaries, on the one hand, and a Securityholder
or any Affiliate thereof, on the other hand except for: (a) the execution,
delivery and performance of contracts, amendments and/or transactions at or
prior to Closing related to or in connection with the transactions contemplated
by the Asset Purchase Agreement; and (b) contracts, amendments and transactions
which are no less favorable to Boise Holdings and its Subsidiaries than could
be obtained from BCC or its Affiliates or Independent Third Parties negotiated
on an arms-length basis;

 

(iv)          except
as provided for in Boise Holdings’ certificate of formation or limited
liability company agreement, the direct or indirect redemption, retirement,
purchase or other acquisition of any equity securities of Boise Holdings except
for (A) pro rata redemptions among the holders thereof or (B) repurchases
pursuant to Section 4.2(e) of the BCH LLC Agreement;

 

(v)           appointment
of any public auditors which are not one of the Big Four accounting firms; and

 

(vi)          delegation
of any of the matters covered by any of clauses (i) through (v) above to any
committee of the Board.

 

Notwithstanding the foregoing, the approvals required
by this Section 3.6 with respect to any of the matters in subsections (i)
through (vi) above shall not restrict the sale of any assets or operations of
Boise Holdings or any of its Subsidiaries or located on the properties of Boise
Holdings or any of its Subsidiaries.

 

3.7           Telephonic
Meetings; Written Consents. Except as may otherwise be provided by
applicable Law, any action required or permitted to be taken at any meeting of
the Board or any committee thereof may be taken without a meeting pursuant to a
written consent, in compliance with the LLCA and Section 3.6 hereof and such
written consent is filed with the minutes of the proceedings of the Board or
such committee. Any meeting of the Board or any committee thereof may be held
by conference telephone or similar communication equipment, so long as all
Board or committee members participating in the meeting can hear one another
clearly, and participation in a meeting by use of conference telephone or
similar communication equipment shall constitute presence in person at such
meeting.

 

3.8           Initial
Directors. BCC and FPH shall make their initial designations pursuant to
Section 3.3 on or prior to the Closing Date.

 

3.9           Recapitalization
of Boise Holdings Under Certain Circumstances. For any Public Offering or
Spin-Off prior to the time Boise Holdings becomes subject to the Exchange Act
with respect to Units: (i) Boise Holdings shall use commercially reasonable
efforts to effect a stock or unit split, stock or unit dividend or stock or
unit combination which, in the opinion of the managing underwriter for the
Public Offering or BCC’s financial advisor in connection with a

 

8

 

Spin-Off, is desirable for the sale, marketing or
distribution of the Units to the public; and (ii) as long such stock or unit
split, stock or unit dividend or stock or unit combination does not treat such
Units or other Voting Units differently than all other Units or other Voting
Units held by the other holders of Units and Voting Units, each Securityholder
agrees to vote all of its respective Units and any other Voting Units over
which it possesses direct or indirect voting power in order to cause such stock
or unit split, dividend or combination to be effected consistent with the
provisions of this Section 3.9.

 

ARTICLE IV

ACCOUNTING, BOOKS AND RECORDS

 

4.1           Fiscal
Year. The fiscal year of Boise Holdings shall be the period commencing
January 1 in any year and ending December 31 of that year, except that the
first fiscal year of Boise Holdings shall commence on the Closing Date and end
on December 31 of the year in which the Closing Date occurs.

 

4.2           Books
and Records. Boise Holdings shall keep at its principal executive offices
books and records typically maintained by Persons engaged in similar businesses
and which set forth an account of the business and affairs of Boise Holdings
and its Subsidiaries, including a fair presentation of all income,
expenditures, assets and liabilities thereof. Such books and records shall
include all information reasonably necessary to permit the preparation of
financial statements required by applicable Law in accordance with GAAP.  Each Securityholder who, together with its
Affiliates, owns 10% or more of the outstanding common equity of Boise Holdings
(a “10% Securityholder”) and its respective authorized representatives
shall have the right, at its own cost and at all reasonable times and upon
reasonable advance written notice to Boise Holdings, to have access to,
inspect, audit and copy the original books, records, files, securities,
vouchers, canceled checks, employment records, bank statements, bank deposit
slips, bank reconciliations, cash receipts and disbursement records, and other
documents of Boise Holdings and its Subsidiaries.

 

4.3           Auditors.
Boise Holdings shall engage one of the Big Four accounting firms as the initial
independent public auditors of Boise Holdings and its Subsidiaries.

 

4.4           Reporting.
Boise Holdings shall use its commercially reasonable efforts to deliver to each
Securityholder unaudited consolidated interim financial statements for Boise
Holdings and its Subsidiaries for each fiscal quarter (including a balance
sheet as of the end of such period and statements of income, securityholders’
equity and cash flows for such period) within 35 days after the close of each
fiscal quarter. Boise Holdings will use its commercially reasonable efforts to
deliver to each Securityholder within (a) 120 days after the close of each
fiscal year of Boise Holdings, consolidated annual financial statements for
Boise Holdings and its Subsidiaries for such fiscal year (including a balance sheet
as of the end of such fiscal year and statements of income, securityholders’
equity and cash flows for such fiscal year), in each case audited and certified
by the CPA Firm, and (b) 60 days after the close of each fiscal year of Boise
Holdings, unaudited consolidated annual financial statements for Boise Holdings
and its Subsidiaries for such fiscal year (including a balance sheet as of the
end of such fiscal year and statements of income, securityholders’ equity and
cash flows for such fiscal year). Such annual and interim financial statements
shall contain such statements and schedules, prepared in

 

9

 

accordance with the requirements of the
Securityholders, as may be requested in writing by any of the 10%
Securityholders. In addition to the foregoing, if BCC or any of its Affiliates
is required to report its investment in Boise Holdings under an equity
accounting method, Boise Holdings shall use its commercially reasonable efforts
to notify BCC or the Affiliate of its share of Boise Holdings’ income or loss
when available consistent with past practices. 
Boise Holdings shall bear the cost of providing financial and accounting
information reasonably required by any of the 10% Securityholders in the preparation
of such 10% Securityholder’s own financial statements. Such annual and interim
financial statements shall be prepared in accordance with GAAP and shall
present fairly the financial position and results of operations of Boise
Holdings.

 

4.5           Securityholder’s
Audit.  Upon reasonable advance
written notice to Boise Holdings, any 10% Securityholder may request an audit
of the books and records of Boise Holdings and its Subsidiaries (a “Securityholder’s
Audit”) by an independent auditor of its selection, other than the CPA
Firm. Any Securityholder’s Audit shall be at the expense of the requesting 10%
Securityholder unless material error or fraud is found, in which case such
audit shall be at the expense of Boise Holdings. All information obtained by
any 10% Securityholder in any such audit shall be treated as confidential.

 

4.6           Consent
of Boise Holdings Auditors. Upon request from time to time by any 10%
Securityholder, Boise Holdings shall use its commercially reasonable efforts to
obtain the written agreements of Boise Holdings’ auditors to permit the use of
Boise Holdings’ audited financial statements in connection with such 10%
Securityholder’s and/or its Affiliates’ filings made with the Commission (if
such financial statements are necessary for such filings with the Commission)
and, subject to such auditor’s normal procedures, in private or public
offerings of securities of such 10% Securityholder and/or its Affiliates as may
be reasonably requested by such 10% Securityholder.  In addition, Boise Holdings will use
commercially reasonable efforts to cause Boise Holdings’ auditors to provide a
comfort letter in accordance with SAS 72 for any such offering.

 

ARTICLE V

TRANSFER OF UNITS

 

5.1           General.
No Securityholder will directly or indirectly sell, assign, pledge, encumber,
hypothecate, dispose of or otherwise transfer (“Transfer”) any Units or
interest in any Units, agree to any such Transfer or permit any such interest
to be subject to Transfer, directly or indirectly, by merger or other operation
of law, agreement or otherwise, except pursuant to and in compliance with the
provisions of this Article V.  Any
purported Transfer in any other manner, unless otherwise expressly permitted by
this Article V, shall be null and void, and shall not be recognized or given
effect by Boise Holdings or any Securityholder.

 

5.2           Transfers
by BCC Holders. Subject to the other provisions of this Section 5.2, a BCC
Holder may at any time, without the consent of any other Securityholder,
Transfer any or all of its Units or interests in Units (a) to any Affiliate or
(b) to any third Person or Persons pursuant to a Public Sale or a sale pursuant
to Rule 144 of the Securities Act. 
Notwithstanding the foregoing, except in the case of a Public Sale, no
BCC Holder may Transfer any Units to any other Person then engaged, directly or
indirectly, in a business that competes with any business of FPH or any of its
Subsidiaries.  Furthermore, no BCC Holder
may Transfer

 

10

 

any Units, except in a Public Sale, without the prior
written consent of FPH (which may be withheld by FPH for any reason until the
third anniversary of the closing under the Asset Purchase Agreement and may be
withheld after the third anniversary in FPH’s reasonable discretion).  In no event shall BCC, without the prior
written consent of FPH, Transfer any Units to BCC or any Subsidiary of BCC that
owned, leased or licensed any assets transferred to Boise Holdings in
connection with the transactions contemplated by the Asset Purchase
Agreement.  The foregoing consent rights
shall not be assignable by FPH or inure to the benefit of any transferee,
successor or assign of FPH, except for an Affiliate of FPH who is (or becomes)
a Securityholder.  Notwithstanding the
foregoing and except in the case of a Public Sale, any Transfer of Units by a
BCC Holder shall be null and void and Boise Holdings shall refuse to recognize
such Transfer unless the transferee executes and delivers to each party hereto
an agreement (a “BCC Joinder Agreement”): (i) acknowledging that all
Units or interests in any Units so transferred are and shall remain subject to
this Agreement; and (ii) agreeing to be bound hereby.  Furthermore, as a condition precedent to any
Transfer of Units by a BCC Holder, BCC must certify in writing to Boise
Holdings, without qualification, that (A) each of BCC, BCC and any Affiliate of
BCC or BCC (collectively, including Boise Cascade Office Products Corp. and
OfficeMax, Incorporated, the “BCC Parties”) is in good standing under
each agreement, arrangement or covenant to which a BCC Party is party with FPH
or any of FPH’s Affiliates (including, without limitation, the Asset Purchase
Agreement, the BOS Paper Sales Agreement and the Additional Consideration
Agreement, the “Relevant Agreements”), (B) no BCC Party has in any
material respect defaulted under or breached, or is in any material respect in
default under or in breach of, any Relevant Agreement and (C) each such BCC
Party reaffirm its obligations under each such Relevant Agreement.  Any BCC Holder shall notify the other parties
of any intended Transfer of Units or interests in Units pursuant to this
Section 5.2 (other than pursuant to an Exempt Sale), giving the name and
address of the intended transferee; provided, however, that no
otherwise valid Transfer shall be rendered invalid solely as a result of a
failure to give notice hereunder. Notwithstanding anything herein to the
contrary, transferees of a BCC Holder shall assume all obligations of the
transferring BCC Holder hereunder, but, except with respect to an Affiliate of
BCC, shall not be entitled to any rights of BCC, a BCC Holder or a
Securityholder conferred by this Agreement.

 

5.3           Transfers
by FPH Holders.

 

(a)           Permitted
Transfers. An FPH Holder may at any time, without the consent of any other
Securityholder, (i) Transfer any or all of its Units to one or more Affiliates
of FPH, (ii) Transfer any or all its Units pursuant to an Exempt Sale, or (iii)
sell any or all of its Units to any other third Person or Persons or pursuant
to a Public Sale or otherwise Transfer Units, subject to the remaining
provisions of this Section 5.3.  The
foregoing consent right shall not be assignable by BCC or inure to the benefit
of any transferee, successor or assign of BCC, except for an Affiliate of BCC
who is (or becomes) a Securityholder. 
Notwithstanding the foregoing and except in the case of a Public Sale or
sale to directors, officers or employees of Boise Holdings, any Transfer of
Units by an FPH Holder shall be null and void and Boise Holdings shall refuse
to recognize such Transfer unless the transferee executes and delivers to each
party hereto an agreement (an “FPH Joinder Agreement”): (x)
acknowledging that all Units or interests in any Units so transferred are and
shall remain subject to this Agreement; and (y) agreeing to be bound
hereby.  Upon execution of an FPH Joinder
Agreement, except as otherwise expressly provided herein and except for any
right hereunder to consent to any action or proposed action

 

11

 

(including, without limitation, any proposed Transfer
of Units), the rights of the transferring FPH Holder hereunder with respect to
the Units transferred shall be assigned to such transferee.  Any FPH Holder shall notify the other parties
of any intended Transfer of Units or interests in Units pursuant to this
Section 5.3 (other than an Exempt Sale), giving the name and address of the
intended transferee; provided, however, that no otherwise valid
Transfer shall be rendered invalid solely as a result of a failure to give
notice hereunder.

 

(b)           Tag-Along
Rights. BCC and its Affiliates shall have tag-along rights as provided in
this Section 5.3(b):

 

(i)            In
the event any FPH Holder desires to sell all or any part of any class or series
of its Units to a third Person (other than pursuant to an Exempt Sale), it
shall provide prior written notice (the “Sale Notice”) to BCC setting
forth in reasonable detail the terms and conditions on which the proposed sale
is to be made and identifying the proposed purchaser. BCC shall have the option
(the “Tag-Along Option”) to sell any or all of its Units of the same
class and series to the proposed purchaser on the terms and conditions set
forth in such Sale Notice subject to the provisions set forth in this Section
5.3(b). BCC shall exercise its Tag-Along Option by giving written notice to FPH
within ten Business Days following its receipt of the Sale Notice, which notice
shall specify the number of Units of the same class and series as to which BCC
is exercising its Tag-Along Right. In the event that BCC exercises its
Tag-Along Option with respect to any Sale Notice, BCC shall be entitled to sell
its pro rata share (based on the number of Units proposed to be sold by the FPH
Holder and BCC, respectively) of the Units proposed to be sold by the FPH
Holder in the Sale Notice, in each case on terms and conditions no less
favorable than specified in the Sale Notice or otherwise applicable to the sale
to such prospective purchasers by the FPH Holder. In the event that BCC does
not exercise its Tag-Along Option with respect to any Sale Notice, the FPH
Holder shall be entitled to sell all or any part of its Units as specified in
the Sale Notice to the prospective purchaser specified in the Sale Notice on
the terms and conditions set forth in the Sale Notice (subject to the
provisions of the third sentence of Section 5.3(a) hereof).

 

(ii)           Notwithstanding
subsection 5.3(b)(i) above, with respect to sales by a FPH Holder of any part
of any class or series of its Units to a third Person (other than pursuant to
an Exempt Sale) prior to the expiration of the six-month period beginning on
the Closing Date at a per unit price which does not exceed the per unit price
paid (excluding any interest for the carrying cost of such Unit) by such FPH
Holder for such Units:

 

(A)                              BCC
and its Affiliates shall not have a Tag-Along Option during such six-month
period for sales of Units in the aggregate amount of $125 million (“Excluded
Tag-Along Sales”); and

 

(B)                                BCC
shall have a Tag-Along Option on a pro-rata basis (i.e., on the same basis
applicable in section 5.3(b)(i) above) with respect to such sales of Units by
FPH Holders during such six-month period in excess of the Excluded Tag Along
Sales (the “Initial Period Pro-Rata Tag-Along”).

 

12

 

The provisions of this
subsection 5.3(b)(ii) shall (x) terminate upon the expiration of the six-month
period beginning on the Closing Date and (y) apply only to a Transfer or
proposed Transfer to any Person that is a private equity fund, investment
banking fund, or Affiliate of the foregoing.

 

(iii)          Notwithstanding
anything in this Agreement to the contrary, the rights under this Section
5.3(b) shall be exclusive to BCC and its Affiliates and shall not be assignable
to or inure to the benefit of any transferee of BCC or any successors or
assigns of BCC, other than Affiliates of BCC.

 

5.4           Drag-Along
Provisions.

 

(a)           Drag-Along
Sale. If a sale of all or substantially all of Boise Holdings’ assets
determined on a consolidated basis or a sale of all or substantially all of
Boise Holdings’ outstanding capital equity (whether by merger,
recapitalization, consolidation, reorganization, combination or otherwise) to
any Independent Third Party or group of Independent Third Parties (a “Sale
of the Company”) is approved by the Board or the holders of a majority of
the Units of Series B Common held by the FPH Holders (a “Drag-Along Sale”),
each Securityholder will consent to and raise no objections against such
Drag-Along Sale on the terms and subject to the conditions set forth in the
remaining provisions of this Section 5.4.

 

(b)           Drag-Along
Notice. A notice regarding any Drag-Along Sale (a “Drag-Along Notice”)
shall be delivered within two Business Days following approval of any
Drag-Along Sale by Boise Holdings or the FPH Holders to each
Securityholder.  The Drag-Along Notice
shall include a copy of a bona fide offer from the intended buyer, which shall
set forth the principal terms of the Drag-Along Sale, including the name and
address of the intended buyer.

 

(c)           Drag-Along
Sale Obligations. In connection with any Drag-Along Sale, the
Securityholders shall, and shall elect directors who shall, take all necessary
or desirable actions in connection with the consummation of the Drag-Along
Sale. If the Drag-Along Sale is structured as: (i) a merger or consolidation,
each Securityholder shall waive any dissenters rights, appraisal rights or
similar rights in connection with such merger or consolidation; (ii) a sale of
units, each Securityholder shall agree to sell all of its Units and rights to
acquire Units on the terms and conditions so approved; or (iii) a sale or
assets, each Securityholder shall vote in favor of such sale and any subsequent
liquidation of Boise Holdings or other distribution of the proceeds therefrom.
Each Securityholder shall take all necessary or desirable actions in connection
with the consummation of the Drag-Along Sale reasonably requested by FPH or
Boise Holdings, and each Securityholder shall be obligated to agree on a pro
rata, several (and not joint) basis (based on the share of the aggregate
proceeds paid in such Drag-Along Sale) to any indemnification obligations that
the FPH Holders agree to provide in connection with such Drag-Along Sale (other
than any such obligations that relate specifically to a particular holder of
Units such as indemnification with respect to representations and warranties
given by a holder regarding such holder’s title to and ownership of Units).

 

(d)           Conditions
to Drag-Along Sale Obligations. The obligations of each Securityholder with
respect to a Drag-Along Sale are subject to the satisfaction of the following
conditions: (i) the consideration to be received by the Securityholders with
respect to the Drag-

 

13

 

Along Sale shall consist only of cash, publicly-traded
securities, or a combination of cash and publicly traded Securities; (ii) if
any holders of a class or series of Units are given an option as to the form
and amount of consideration to be received, each holder of such class or series
of Units that is an “accredited investor” will be given the same option; (iii)
each holder of then currently exercisable rights to acquire units of a class or
series of Units will be given an opportunity to exercise such rights prior to
the consummation of the Drag-Along Sale and participate in such sale as holders
of such class or series of Units; and (iv) each Securityholder shall be
entitled to receive consideration per each Unit in connection with the
Drag-Along Sale at least equivalent to the consideration received per each Unit
of the same class and series by any FPH Holder in connection with the
Drag-Along Sale.

 

(e)           Expenses.
Each Securityholder will bear its pro-rata share (based on the share of the
aggregate proceeds paid in such Drag-Along Sale) of the costs of any sale of
Units pursuant to a Drag-Along Sale to the extent such costs are incurred for
the benefit of all holders of Series B Common and are not otherwise paid by
Boise Holdings or the acquiring party. For purposes of this Section 5.4(e),
costs incurred in exercising reasonable efforts to take all necessary actions
in connection with the consummation of a Drag-Along Sale in accordance with
this Section 5.4 shall be deemed to be for the benefit of all holders of Series
B Common. Costs incurred by Securityholders on their own behalf will not be
considered costs of the transaction hereunder.

 

(f)            Exception
to Drag-Along. Notwithstanding anything to the contrary contained in this
Section 5.4, no Securityholder shall have any obligation under this Section 5.4
with respect to a Drag-Along Sale if the Drag-Along Notice with respect to the
Drag-Along Sale is received by BCC after the holders of BCC Registrable Securities
have requested a Demand Registration which Boise Holdings is obligated to
observe pursuant to the Registration Rights Agreement and for a period
thereafter ending on the date following consummation of the sale of all Units
subject to such Demand Registration unless, in the opinion of the managing
underwriter for such Demand Registration, the per Unit consideration payable
pursuant to the Drag-Along Sale exceeds the net proceeds per Unit expected to
be received by selling securityholders pursuant to the Demand Registration.

 

5.5           Legends.
A copy of this Agreement shall be filed with the Secretary of Boise Holdings
and kept with the records of Boise Holdings. 
Each of the Securityholders hereby agrees that each outstanding
certificate representing Units shall bear a conspicuous legend reading
substantially as follows:

 

“The securities
represented by this Certificate have not been registered under the Securities
Act of 1933 or the applicable state and other securities laws and may not be
sold, pledged, hypothecated, encumbered, disposed of or otherwise transferred
without compliance with the Securities Act of 1933 or any exemption thereunder
and applicable state and other securities laws. The securities represented by
this Certificate are subject to the restrictions on transfer and other
provisions of a Securityholders Agreement dated as of October 29, 2004,
(as amended from time to time, the “Agreement”) by and among Boise

 

14

 

Land & Timber
Holdings Corp. (the “Company”) and certain of its stockholders, and may not be
sold, pledged, hypothecated, encumbered, disposed of or otherwise transferred
except in accordance therewith. A copy of the Agreement is on file at the
principal executive offices of the Company.”

 

ARTICLE VI

RIGHTS ON NEW SECURITY ISSUANCE

 

6.1           Preemptive
Rights. Boise Holdings hereby grants to each Securityholder the irrevocable
and exclusive first option (the “First Option”) to purchase all or part
of its Pro Rata Portion of any New Securities which Boise Holdings may, from
time to time after the date of this Agreement, propose to issue and sell or
otherwise transfer.

 

6.2           Notices
With Respect to Proposed Issuance of New Securities. In the event Boise
Holdings proposes to undertake an issuance or other transfer of New Securities,
it shall give each Securityholder entitled to a First Option pursuant to this
Article VI written notice (the “Company Notice”) of its intention,
describing in detail the type of New Securities, the price and the terms upon
which Boise Holdings proposes to issue or otherwise transfer such New
Securities. Each such Securityholder shall have 10 Business Days from the date
of receipt of any such Company Notice to agree to purchase, pursuant to the
exercise of the First Option, up to such Securityholder’s Pro Rata Portion of
each type and class and series of such New Securities (i.e., the same strips)
for the price and upon the terms and conditions specified in the Company Notice
by giving written notice to Boise Holdings and stating therein the quantity of
New Securities to be purchased.

 

6.3           Boise
Holdings’ Right to Complete Proposed Sale of New Securities to the Extent
Preemptive Rights are Not Exercised. In the event the Securityholders fail
to exercise a preemptive right with respect to any New Securities within the
periods specified in Section 6.2, Boise Holdings shall have 90 days thereafter
to sell or enter into an agreement (pursuant to which the sale of such New
Securities shall be closed, if at all, within 45 days from the date of said
agreement) to sell the New Securities not elected to be purchased by the
Securityholders at the price and upon terms not substantially more favorable to
the prospective purchasers of such securities than those specified in the
Company Notice. In the event that Boise Holdings has not sold the New
Securities or entered into an agreement to sell the New Securities within said
90-day period. Boise Holdings shall not thereafter issue or sell or otherwise
transfer such New Securities without first offering such securities to the
Securityholders in the manner provided in this Article VI.

 

6.4           Closing
of Purchase. If a Securityholder elects to purchase up to its Pro Rata
Portion of any New Securities set forth in any Company Notice, such purchase
shall be consummated at such time and at such location selected by Boise
Holdings upon reasonable advance notice. At the consummation of any purchase
and sale of New Securities pursuant to this Article VI: (i) Boise Holdings
shall issue or otherwise transfer to the electing Securityholder the
certificates evidencing the New Securities being purchased, together with such
other documents or instruments reasonably required by counsel for the
Securityholder to consummate such purchase and sale; (ii) the Securityholder
will deliver the cash consideration payable by wire

 

15

 

transfer of immediately available funds to an account
or accounts designated in writing by Boise Holdings (such designation to be
made no later than two Business Days prior to the date of such consummation);
(iii) Boise Holdings shall deliver to the Securityholder a written
representation that the New Securities are being purchased and sold free and
clear of any and all Encumbrances (other than Encumbrances under existing
securities Laws and under this Agreement and the certificate of formation and
limited liability company agreement for Boise Holdings); and (iv) the
Securityholder shall deliver to Boise Holdings such written investment representations
as may reasonably be required by counsel to Boise Holdings for securities Laws
purposes and all other applicable representations and warranties as other
purchasers of New Securities. Notwithstanding the foregoing, any purchase of
New Securities pursuant to this Article VII shall be on the same terms and
conditions as set forth in the Company Notice.

 

ARTICLE VII

TERM

 

7.1           Term.
Subject to the next sentence, unless earlier terminated by mutual agreement of
BCC and FPH, this Agreement shall terminate upon the earliest to occur of: (i)
the complete liquidation or dissolution of Boise Holdings or its Subsidiaries
and the payment of the proceeds of such liquidation or dissolution to BCC and
FPH; (ii) a Public Offering (provided that thereafter this Agreement shall
nevertheless remain in full force and effect with respect to the provisions of
Section 8.13 and all related definitions and provisions to the extent necessary
or desirable to give effect to Section 8.13 until the BCC Holders cease to hold
any Series A Common or the occurrence of an event described in clauses (i),
(iii), (iv), or (v) of this sentence); (iii) such date as BCC and its
Affiliates first hold less than 50% of the number of Units of Series B Common
that they hold on the date of the Closing; (iv) the acquisition of all or
substantially all of the stock or assets of BCC or BCC (whether directly or
indirectly and whether by stock sale, asset sale, merger, consolidation,
combination or otherwise) by a Person engaged, directly or indirectly, in a
business that has more than $500 million in annual revenues in a business that
competes or businesses that compete with the business of FPH and its
Subsidiaries, or (v) at the election of FPH, at any time when BCC or any of its
permitted Affiliates own Units, BCC or such permitted Affiliate ceases to be a
Subsidiary of BCC; provided, however, that in case of any
termination pursuant to this Section 7.1, unless otherwise determined by FPH,
this Agreement shall nevertheless remain in full force and effect with respect
to the drag-along provisions set forth in Section 5.4 and all related
definitions and provisions to the extent necessary or desirable to give full
force and effect to Section 5.4.  The
rights of each of BCC and FPH to terminate this Agreement by mutual agreement
and the right of FPH to terminate this Agreement with respect to the drag-along
provisions of Section 5.4 are not assignable by BCC or FPH, and shall not inure
to the benefit of any transferee, successor or assign of BCC or BCC, other than
to an Affiliate of such party who is (or becomes) a Securityholder, without the
prior written consent of the other.

 

ARTICLE VIII

MISCELLANEOUS

 

8.1           Notices.
All notices and other communications hereunder shall be in writing and shall be
deemed to have been given if: (i) delivered in person (to the individual whose
attention is specified below) or via facsimile or electronic transmission
(followed

 

16

 

immediately with a copy in the manner specified in clauses
(ii) or (iii) hereof); (ii) sent by prepaid first-class registered or certified
mail, return receipt requested; or (iii) sent by recognized overnight courier
service, as follows:

 

	
  to BCC:

  
	
   

  
	
   

  	
  OfficeMax Incorporated

  
	
   

  	
  1111 West Jefferson
  Street

  
	
   

  	
  Boise, ID 83728

  
	
   

  	
  Attention: George
  Harad, Chairman of the Board

  
	
   

  	
  Facsimile: (208)
  384-4912

  
	
   

  
	
  with a copy to:

  
	
   

  
	
   

  	
  OfficeMax Incorporated

  
	
   

  	
  1111 West Jefferson
  Street

  
	
   

  	
  Boise, ID 83728

  
	
   

  	
  Attention: Matthew
  Broad, Vice President and General Counsel

  
	
   

  	
  Facsimile: (208) 384-7945

  
	
   

  
	
  to FPH:

  
	
   

  
	
   

  	
  Forest Products
  Holdings, L.L.C.

  
	
   

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

  
	
   

  	
  Three First National
  Plaza

  
	
   

  	
  Suite 3800

  
	
   

  	
  Chicago, IL 60602

  
	
   

  	
  Attention:  Samuel M. Mencoff

  
	
   

  	
  Thomas S. Souleles

  
	
   

  	
  Facsimile: (312)
  895-1056

  
	
   

  	
  Email:
  smencoff@mdcp.com

  
	
   

  	
  tsouleles@mdcp.com

  
	
   

  
	
  with a copy to:

  
	
   

  
	
   

  	
  Kirkland & Ellis
  LLP

  
	
   

  	
  200 East Randolph Drive

  
	
   

  	
  Chicago, IL 60601

  
	
   

  	
  Attention: Jeffrey W.
  Richards, Esq.

  
	
   

  	
  Facsimile: (312) 861-2200

  
	
   

  	
  Email: jrichards@kirkland.com

  
	
   

  
	
  to Boise Holdings:

  
	
   

  
	
   

  	
  Boise Cascade Holdings,
  L.L.C.

  
	
   

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

  
			

 

17

 

	
   

  	
  Three First National
  Plaza

  
	
   

  	
  Suite 3800

  
	
   

  	
  Chicago, IL 60602

  
	
   

  	
  Attention: Samuel M.
  Mencoff

  
	
   

  	
   

  	
  Thomas S. Souleles

  
	
   

  	
  Facsimile: (312)
  895-1056

  
	
   

  	
  Email:
  smencoff@mdcp.com

  
	
   

  	
   

  	
  tsouleles@mdcp.com

  
	
   

  
	
  with a copy to:

  
	
   

  
	
   

  	
  Kirkland & Ellis
  LLP

  
	
   

  	
  200 East Randolph Drive

  
	
   

  	
  Chicago, IL 60601

  
	
   

  	
  Attention: Jeffrey W.
  Richards, Esq.

  
	
   

  	
  Facsimile: (312) 861-2200

  
	
   

  	
  Email:
  jrichards@kirkland.com

  
	
   

  
	
  to other
  Securityholders:

  
	
   

  
	
   

  	
  To the address which
  appears

  
	
   

  	
  on the books and
  records of Boise Holdings

  
				

 

or to
such other address as any party hereto may, from time to time, designate in a
written notice given in like manner. All notices and other communications
hereunder shall be effective: (i) the day of delivery when delivered by hand,
facsimile, electronic transmission or overnight courier; and (ii) three
Business Days from the date deposited in the mail in the manner specified
above.

 

8.2           Amendment;
Waiver. Any provision of this Agreement may be amended or waived if, and
only if, such amendment or waiver is in writing and signed: (i) in the case of
an amendment, by: (A) Boise Holdings; (B) Securityholders holding a majority of
the Units of Series B Common held by the BCC Holders; (C) Securityholders
holding a majority of the Units of Series B Common held by FPH Holders; and (D)
by each of FPH and BCC (in each case only so long as such Person or any of its
Affiliates is a Securityholder); or (ii) in the case of a waiver, by the party
against whom the waiver is to be effective. 
The rights of BCC and FPH to consent to an amendment to this Agreement
shall not be assignable by BCC or FPH and shall not inure to the benefit of any
transferee, successor or assign of BCC or FPH, other than to an Affiliate of
such party who is a (or in connection therewith, becomes) Securityholder,
without the prior written consent of the other. 
No failure or delay by any party in exercising any right, power or
privilege hereunder shall operate as a waiver thereof nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the
exercise of any other right, power or privilege. Except as otherwise provided
herein, the rights and remedies herein provided shall be cumulative and not
exclusive of any rights or remedies provided by law.

 

8.3           Assignment.
Except as otherwise expressly provided herein, no party to this Agreement may
assign any of its rights or obligations under this Agreement without the prior
written consent of the other parties hereto.

 

18

 

8.4           Entire
Agreement. This Agreement (including the exhibits hereto) and the related
Registration Rights Agreement, contains the entire agreement among the parties
hereto with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral or written, with respect to such matters.

 

8.5           Public
Disclosure. Each of the parties hereby agrees that, except as may be
required to comply with the requirements of any applicable Laws or the rules
and regulations of any stock exchange upon which its securities (or the
securities of one of its Affiliates) are traded, it shall not make or permit to
be made any press release or similar public announcement or communication
concerning the execution or performance of this Agreement unless specifically
approved in advance by all parties hereto. In the event, however, that legal
counsel for any party is of the opinion that a press release or similar public
announcement or communication is required by Law or by the rules and
regulations of any stock exchange on which such party’s securities (or the
securities of one of such party’s Affiliates) are traded, then such party may
issue a public announcement limited solely to that which legal counsel for such
party advises is required under such Law or such rules and regulations (and the
party making any such announcement shall provide a copy thereof to the other
party for review before issuing such announcement).

 

8.6           Parties
in Interest. This Agreement shall inure to the benefit of and be binding
upon the parties hereto and their respective successors and permitted assigns.
Nothing in this Agreement, express or implied, is intended to confer upon any
Person other than Boise Holdings, BCC, FPH or their respective successors or
permitted assigns, any rights or remedies under or by reason of this Agreement.

 

8.7           GOVERNING
LAW: SUBMISSION TO JURISDICTION: SELECTION OF FORUM. THIS AGREEMENT SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
DELAWARE, WITHOUT GIVING EFFECT TO ITS PRINCIPLES OF CONFLICTS OF LAWS. EACH
PARTY HERETO AGREES THAT IT SHALL BRING ANY ACTION OR PROCEEDING IN RESPECT OF
ANY CLAIM ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS
CONTAINED IN OR CONTEMPLATED BY THIS AGREEMENT, WHETHER IN TORT OR CONTRACT OR
AT LAW OR IN EQUITY, EXCLUSIVELY IN ANY UNITED STATES FEDERAL COURT OR ANY
STATE COURT LOCATED IN THE STATE OF ILLINOIS (THE “CHOSEN COURTS”) AND:
(I) IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE CHOSEN COURTS;
(II) WAIVES ANY OBJECTION TO LAYING VENUE IN ANY SUCH ACTION OR PROCEEDING IN
THE CHOSEN COURTS; (III) WAIVES ANY OBJECTION THAT THE CHOSEN COURTS ARE AN
INCONVENIENT FORUM OR DO NOT HAVE JURISDICTION OVER ANY PARTY HERETO; AND (IV)
AGREES THAT SERVICE OF PROCESS UPON SUCH PARTY IN ANY SUCH ACTION OR PROCEEDING
SHALL BE EFFECTIVE IF NOTICE IS GIVEN IN ACCORDANCE WITH SECTION 8.1 OF THIS
AGREEMENT.

 

8.8           Counterparts.
This Agreement may be executed in one or more counterparts (including by
facsimile or electronic transmission), each of which shall be deemed an
original, and all of which shall constitute one and the same Agreement.

 

19

 

8.9           Severability.
The provisions of this Agreement shall be deemed severable and the invalidity
or unenforceability of any provision shall not affect the validity or
enforceability of the other provisions hereof or thereof. If any provision of
this Agreement, or the application thereof to any Person or any circumstance,
is invalid or unenforceable: (a) a suitable and equitable provision shall be
substituted therefor in order to carry out, so far as may be valid and
enforceable, the intent and purpose of such invalid or unenforceable provision;
and (b) the remainder of this Agreement and the application of such provision
to other Persons or circumstances shall not be affected by such invalidity or
unenforceability, nor shall such invalidity or unenforceability affect the
validity or enforceability of such provision, or the application thereof, in
any other jurisdiction.

 

8.10         Headings.
The heading references and the table of contents herein are for convenience
purposes only, do not constitute a part of this Agreement and shall not be
deemed to limit or affect any of the provisions hereof.

 

8.11         Equitable
Relief. Each party acknowledges that money damages would be inadequate to
protect against any actual or threatened breach of this Agreement by any party
and that each party shall be entitled to equitable relief, including specific
performance and/or injunction, without posting bond or other security in order
to enforce or prevent any violations of the provisions of this Agreement.

 

8.12         No
Partnership. This Agreement shall not constitute an appointment of any
party as the agent of any other party, nor shall any party have any right or
authority to assume, create or incur in any manner any obligation or other
liability of any kind, express or implied, against, in the name or on behalf
of, any other party. Nothing herein or in the transactions contemplated by this
Agreement shall be construed as, or deemed to be, the formation of a
partnership by or among the parties hereto.

 

8.13         Certain
Consents of BCC Holders.

 

(a)           Neither
Boise Holdings or any of its Subsidiaries shall, without the prior written
consent of BCC Holders then holding a majority of the outstanding Series B
Common then held by all BCC Holders, make any amendment of the certificate of
formation, limited liability company agreement or other governing documents of
Boise Holdings or any of its Subsidiaries which would (i) treat any BCC Holder
disproportionately vis-a-vis any FPH Holder or (ii) place any restriction or
limitation on the ability of any BCC Holder to Transfer all or any portion of
its Units or reduce the consideration received or to be received by such BCC
Holder in connection with such Transfer.

 

(b)           Boise
Holdings agrees that BCC will have the right to cause its Series A Common to be
acquired (i) by Boise Holdings prior to any payments being made to FPH from the
proceeds of any underwritten public offering of equity securities of Boise
Holdings and (ii) in connection with the closing of any Sale of the Company, in
each case as long as cash proceeds are available to Common Units.  The purchase price per unit for Series A
Common acquired pursuant to clause (i) of this Section 8.13(b) shall be equal
to the Liquidation Value (as defined in Boise Holdings’ limited liability
company agreement) thereof plus Series A Common Accumulated Dividends (as
defined in Boise Holdings’ limited liability company agreement)

 

20

 

plus all other accrued but unpaid dividends thereon
(the “Series A Per Unit Value”) and the purchase price per unit for
Series A Common acquired pursuant to clause (ii) of this Section 8.13(b) shall
be the lesser of (A) the Series A Per Unit Value and (B) the aggregate amount
available for distribution to holders of Common Units of Boise Holdings in such
Sale of the Company divided by the number of units of Series A Common then
outstanding.

 

(c)           Boise
Holdings shall not, without the prior written consent of BCC Holders then
holding a majority of the outstanding Series A Common then held by all BCC
Holders, pay any dividend in respect of, or make any redemption or repurchase
of, any Units of Series B Common held by any FPH Holder.

 

*         
*          *          *

 

21

 

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

 

	
   

  	
  BOISE
  CASCADE CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Guy G.
  Hurlbutt

  	
   

  
	
   

  	
   

  	
  Name: Guy G.
  Hurlbutt

  
	
   

  	
   

  	
  Title:   Vice
  President

  
	
   

  	
   

  
	
   

  	
  FOREST
  PRODUCTS HOLDINGS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:  Madison
  Dearborn Capital Partners IV, L.P.

  
	
   

  	
  Its:  
  Managing Member

  
	
   

  	
   

  
	
   

  	
  By:  Madison
  Dearborn Partners IV, L.P.

  
	
   

  	
  Its:  
  General Partner

  
	
   

  	
   

  
	
   

  	
  By:  Madison
  Dearborn Partners, L.L.C.

  
	
   

  	
  Its:  
  General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas S.
  Souleles

  	
   

  
	
   

  	
   

  	
  Name: Thomas
  S. Souleles

  
	
   

  	
   

  	
  Title:   Managing
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BOISE
  CASCADE HOLDINGS, L.L.C.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas S.
  Souleles

  	
   

  
	
   

  	
   

  	
  Name: Thomas
  S. Souleles

  
	
   

  	
   

  	
  Title:   Vice
  PresidentEXHIBIT
10.15

 

STOCKHOLDERS
AGREEMENT

 

THIS STOCKHOLDERS
AGREEMENT (this “Agreement”) is made and entered into as of the 29th day
of October, 2004, by and among KOOSKIA INVESTMENT CORPORATION, a Delaware
corporation (“Boise Sub”), FOREST PRODUCTS HOLDINGS L.L.C., a Delaware
limited liability company (“FPH”), and BOISE LAND & TIMBER HOLDINGS
CORP., a Delaware corporation (“Timber Holding Co.”).

 

R E C I T A L S

 

WHEREAS, Boise Cascade
Corporation, a Delaware corporation and sole shareholder of Boise Sub (to be
renamed “OfficeMax Incorporated” on November 1, 2004, “BCC”), FPH
and Timber Holding Co. are parties to that certain Asset Purchase Agreement,
dated as of July 26, 2004 (as amended from time to time in accordance with
its terms, the “Asset Purchase Agreement”);

 

WHEREAS, pursuant to and
subject to the terms and conditions of the Asset Purchase Agreement, at the
closing of the transactions contemplated thereby, one or more wholly-owned
Subsidiaries of Timber Holding Co. is acquiring substantially all of the
timberlands assets of BCC and certain of its Subsidiaries and certain of Timber
Holding Co.’s Affiliates are acquiring substantially all of the other assets of
BCC’s forest products business and in connection therewith, Boise Sub is
acquiring shares of Timber Holding Co.;

 

WHEREAS, FPH recognizes
that BCC has substantial experience and expertise in the ownership, management
and operation of timberlands and that Boise Sub is a wholly-owned Subsidiary of
BCC;

 

WHEREAS, Boise Sub, FPH
and Timber Holding Co. desire to enter into this Agreement to set forth certain
arrangements with respect to the ownership, operation and management of Timber
Holding Co. and its Subsidiaries; and

 

WHEREAS, the execution
and delivery of this Agreement is a condition to each of Boise Sub’s and FPH’s
respective obligations to effect the Closing (as defined in the Asset Purchase
Agreement).

 

NOW, THEREFORE, in
consideration of the foregoing and of the mutual covenants and undertakings
contained herein, and subject to and on the terms and conditions herein set
forth, the parties hereto agree as follows:

 

ARTICLE I

DEFINITIONS AND TERMS

 

1.1                                 Certain
Definitions. As used herein, the following terms shall have the meanings
set forth or as referenced below:

 

 

“Affiliate” shall
mean, with respect to any Person, any other Person directly or indirectly
controlling, controlled by or under common control with such first Person as of
the date on which, or at any time during the period for which, the
determination of affiliation is being made. 
For the purpose of this definition, “control” means (i) the ownership or
control of 50% or more of the equity interest in any Person, or (ii) the
ability to direct or cause the direction of the management or affairs of a
Person, whether through the direct or indirect ownership of voting interests,
by contract or otherwise.

 

“Agreement” shall
mean this Agreement, including the exhibits hereto, as the same may be amended
or supplemented from time to time in accordance with the terms hereof.

 

“Applicable Percentage”
shall mean (i) if there are five (5) or more members of the Board then in
office, 80% or more, (ii) if there are four (4) members of the Board then in
office, 75% or more, and (iii) if there are three (3) members of the Board then
in office, 66% or more.

 

“Asset Purchase
Agreement” shall have the meaning set forth in the Recitals hereto.

 

“Board” shall mean
the Board of Directors of Timber Holding Co.

 

“Boise Sub” shall
mean Kooskia Investment Corporation, a Delaware corporation.

 

“Boise Sub Holders”
shall collectively refer to: (i) Boise Sub; and (ii) any other Stockholders who
directly or indirectly acquire any Shares from Boise Sub, other than
Stockholders who directly or indirectly acquire Shares from Boise Sub pursuant
to an Initial Period Pro-Rata Tag-Along as provided in subsection 5.3(b)(ii)
below.

 

“Boise Sub Registrable
Securities” shall have the meaning set forth in the Registration Rights
Agreement.

 

“Business” shall
have the meaning set forth in the Asset Purchase Agreement.

 

“Business Day”
shall mean any day other than a Saturday, a Sunday or a day on which banks in
Chicago, Illinois are authorized or obligated by Law or executive order to
close.

 

“Commission” shall
mean the Securities and Exchange Commission or any other federal agency at the
time administering the Securities Act.

 

“Common Stock”
means, collectively, the Series A Common, the Series B Common and the Series C
Common.

 

“CPA Firm” shall
mean the independent public auditor selected pursuant to Section 4.3, or
any subsequent independent public auditor of the books and records of Timber
Holding Co. appointed by the Board in accordance with the terms of this
Agreement.

 

“Demand Registration”
shall have the meaning set forth in the Registration Rights Agreement.

 

2

 

“DGCL” shall mean
the General Corporation Law of the State of Delaware.

 

“Encumbrances”
shall mean liens, charges, encumbrances, mortgages, pledges, security
interests, options or any other restrictions or third-party rights.

 

“Exempt Sale”
shall mean: (i) any Transfer of Shares to an Affiliate of the selling party;
(ii) any distribution of securities by a Person to its direct or indirect
equity owners; (iii) an assignment or pledge of Shares in connection with the
incurrence, maintenance or renewal of indebtedness of Timber Holding Co. or its
Subsidiaries; (iv) any Transfer of Shares pursuant to a Public Sale or pursuant
to Rule 144 of the Securities Act; and (v) any Transfer of Shares to directors,
officers, or employees of Timber Holding Co. or its Subsidiaries.

 

“FPH” means Forest
Products Holdings, L.L.C., a Delaware limited liability company.

 

“FPH Holders”
shall collectively refer to FPH together with any other Stockholders who
directly or indirectly acquire any Shares from: (i) FPH; or (ii) Boise Sub
pursuant to an Initial Period Pro-Rata Tag-Along as provided in

subsection 5.3(b)(ii) below.

 

“GAAP” shall mean
United States generally accepted accounting principles, consistently applied.

 

“Independent Third
Party” means any Person who, immediately prior to the contemplated
transaction, is not the owner of in excess of 5% of any class or series of
Timber Holding Co.’s common equity on a fully-diluted basis (a “5% Owner”)
and who is not an Affiliate of any such 5% Owner.

 

“Law” shall mean
any federal, state, foreign or local law, constitutional provision, code,
statute, ordinance, rule, regulation, order, judgment or decree of any
governmental authority.

 

“New Securities”
shall mean any shares of capital stock or other equity securities (or debt
securities convertible into such equity securities) of Timber Holding Co.,
whether now authorized or not, and rights, options or warrants to purchase said
shares of capital stock and securities of any type whatsoever that are, or may
become, convertible into shares of Timber Holding Co. capital stock or other
Timber Holding Co. equity securities; provided, however, that the
term “New Securities” shall not include: (i) securities issued in connection
with any stock split, stock dividend, reclassification or recapitalization of
Timber Holding Co.; (ii) shares of Common Stock issued to employees,
consultants, officers or directors of Timber Holding Co. or its Subsidiaries
pursuant to: (A) the exercise of any stock option, stock purchase or stock
bonus plan, agreement or arrangement for the primary purpose of soliciting or
retaining the services of such Persons and which is approved by the Board; or
(B) the exercise of any stock option issued pursuant to a plan or agreement
approved by the Board; (iii) securities issued in a Public Offering; (iv)
securities issued in connection with the acquisition of any business, assets or
securities of another Person; (v) securities issued to any lender of Timber
Holding Co. or any of its Affiliates; and (vi) securities issued pursuant to Article Four,
Section 4(a) of the certificate of incorporation of Timber Holding Co.

 

3

 

“Person” shall
mean an individual, a corporation, a partnership, an association, a trust, a
limited liability company or any other entity or organization.

 

“Pro Rata Portion”
shall mean, with respect to each Stockholder, that number of shares of New
Securities as is equal to the product of (i) the total number of New Securities
proposed to be issued or otherwise transferred multiplied by (ii) a fraction,
the numerator of which is the number of shares of Series B Common (including
any common equity issued or issuable in respect of such Series B Common) held
by such Stockholder immediately prior to such issuance or transfer, and the
denominator of which is the total number of shares of Series B Common
(including any such common equity issued or issuable in respect of such Series
B Common) which are held by all Stockholders.

 

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

 

“Public Sale”
means: (i) any sale of Series B Common pursuant to a Public Offering  or (ii) any Spin-Off.

 

“Registration Rights
Agreement” shall have the meaning set forth in the Asset Purchase
Agreement.

 

“Securities Act”
means the Securities Act of 1933, as amended, or any similar federal statute,
and the rules and regulations of the Commission thereunder, as shall be in
effect at the time.

 

“Series A Common”
means Series A Common Stock of Timber Holding Co., par value $0.01 per share.

 

“Series B Common”
means Series B Common Stock of Timber Holding Co., par value $0.01 per share.

 

Series C Common”
means Series C Common Stock of Timber Holding Co., par value $0.01 per share.

 

“Shares” shall
mean any Series A Common, Series B Common or Series C Common held by any
Stockholder (including any equity securities issued or issuable in respect of
such Series A Common, Series B Common or Series C Common pursuant to a stock
split, stock dividend, reclassification, combination, merger, consolidation,
recapitalization or other reorganization) and any other capital stock of any
class or series of Timber Holding Co. held by any Stockholder.  As to any particular Shares, such shares
shall cease to be Shares for all purposes of this Agreement when they have been
sold or transferred pursuant to a Public Sale, and the transferee of any Shares
pursuant to a Public Sale shall not be considered a Stockholder for purposes of
this Agreement by virtue of the ownership of Shares transferred pursuant to
such Public Sale.

 

“Spin-Off” shall
mean any distribution by Boise Sub or one of its Affiliates of all of its
Shares of any class or series to its public stockholders, if any.

 

4

 

“Stockholders”
means Boise Sub, FPH and each Person other than Timber Holding Co. who is or
becomes bound by this Agreement. Stockholders are sometimes individually
referred to herein as a “Stockholder”.

 

“Subsidiary” shall
mean, with respect to any Person, any corporation, limited liability company,
partnership, joint venture or other legal entity of which such Person, either
directly or through or together with any other Subsidiary of such Person, owns
50% or more of the equity interests.

 

“Timber Holding Co.”
shall mean Boise Land & Timber Holding Co., a Delaware corporation.

 

“Voting Stock”
shall mean securities of Timber Holding Co. of any class or series the holders
of which are entitled to vote generally in the election of directors of Timber
Holding Co.

 

1.2                                 Other
Definitional Provisions.

 

(a)                                  The
words “hereof”, “herein”, and “hereunder”, and words of similar import, when
used in this Agreement, shall refer to this Agreement as a whole and not to any
particular provision of this Agreement.

 

(b)                                 The
terms defined in the singular shall have a comparable meaning when used in the
plural, and vice versa.

 

(c)                                  The
terms “dollars” and “$” shall mean United States dollars.

 

(d)                                 The
term “including” shall be deemed to mean “including without limitation.”

 

(e)                                  Capitalized
terms used, but not otherwise defined, herein shall have the meanings ascribed
to such terms in the Asset Purchase Agreement.

 

ARTICLE II

BUSINESS AND OPERATIONS OF TIMBER HOLDING CO.

 

2.1                                 Purposes
and Business. Except as otherwise approved by the Board, the original
purpose of Timber Holding Co. and its Subsidiaries shall be to engage in the
business of acquiring, growing, harvesting, and selling timber and timberlands
and other activities related to the foregoing or in connection therewith.
Timber Holding Co. shall not and shall not permit any of its Subsidiaries to
(and FPH shall not cause or, to the extent reasonably within FPH’s control,
permit Timber Holding Co. or any of its Subsidiaries to) engage in any other
activity or business except to the extent approved by the Board.

 

2.2                                 Principal
Executive Offices. The principal executive offices of Timber Holding Co.
shall be located at 1111 W. Jefferson Street, Boise, Idaho, 83728 or
such other location as determined by the Board.

 

5

 

ARTICLE III

BOARD OF DIRECTORS

 

3.1                                 General.
From and after the Closing, each Stockholder will vote all of its respective
Shares and any other Voting Stock over which it possesses direct or indirect
voting power and will take all other necessary or desirable actions within its
direct or indirect control (whether in its capacity as a stockholder of Timber
Holding Co. or otherwise), and Timber Holding Co. will take all necessary and
desirable actions within its control, in order to give effect to the provisions
of this Article III.  By way of
example and without limiting the generality of the foregoing, Boise Sub and FPH
shall amend the certificate of incorporation or by-laws or both, as applicable,
of Timber Holding Co. and each Subsidiary to incorporate and effectuate the
provisions in this Article III.

 

3.2                                 Powers.
Subject to the provisions of the DGCL, the certificate of incorporation of
Timber Holding Co., the by-laws of Timber Holding Co. and this Agreement, the
business and affairs of Timber Holding Co. shall be managed by or under the
direction of the Board.

 

3.3                                 Size
and Composition. The Board shall initially consist of six individuals as
follows:  (i) one director shall be
designated in writing by Boise Sub (the “Boise Sub Director”); (ii) four
directors shall be designated in writing by FPH (the “FPH Directors”);
and (iii) the remaining director shall be the Chief Executive Officer of Timber
Holding Co. (the “CEO Director”); provided that, notwithstanding
the foregoing, FPH may, by written notice to Timber Holding Co., at any time
and from time to time, increase or decrease the number of FPH Directors; provided
further that in the event that (i) FPH elects to increase the number of FPH
Directors above four, Boise Sub shall be entitled to increase the number of
Boise Sub Directors such that the number of Boise Sub Directors as a percentage
of all directors of Timber Holding Co. then in office is as close as possible
to (but not in excess of) the percentage of Series B Common of Timber Holding
Co. then held by Boise Sub or (ii) FPH subsequently elects to decrease the
number of FPH Directors, then the number of Boise Sub Directors shall be
decreased such that the number of Boise Sub Directors as a percentage of all
directors of Timber Holding Co. then in office is as close as possible to (but
not in excess of) the percentage of Series B Common of Timber Holding Co. then
held by Boise Sub.  Notwithstanding
anything in clause (ii) of the immediately foregoing sentence to the contrary,
the number of Boise Sub Directors shall not be decreased below one (1) unless
or until Boise Sub’s rights to designate a Boise Sub Director have terminated
in accordance with this Agreement.  Boise
Sub and FPH, as the holders of a majority of the Voting Stock and thus entitled
to elect the CEO Director, shall: (x) at each election of directors (or filling
of a vacancy with respect to the CEO Director), elect the individual then
serving as the Chief Executive Officer of Timber Holding Co. as the CEO
Director; and (y) remove the CEO Director if the CEO Director ceases to serve
as the Chief Executive Officer of Timber Holding Co. Anything to the contrary
contained herein notwithstanding, the rights of each of Boise Sub and FPH to
designate directors as provided herein shall not be assignable (by operation of
law, the transfer of Shares or otherwise) without the prior written consent of
the other; provided, however, that each of Boise Sub and FPH shall,  without the prior written consent of the
other, be entitled to assign its rights to designate directors as provided
herein to one of its Affiliates that is (or becomes) a Stockholder.  If directed by FPH, one or more
representatives of financing sources to FPH and/or any of its Subsidiaries
shall be

 

6

 

entitled to attend
meetings of (and receive information provided to the directors of) the Board; provided,
however, that such representative shall not be or have any rights of a
director of the Board.

 

3.4                                 Term;
Removal; Vacancies. The members of the Board other than the CEO Director shall
hold office at the pleasure of the Stockholder which designated them.  Any such Stockholder may at any time, by
written notice to the other Stockholder and Timber Holding Co., remove (with or
without cause) any member of the Board designated by such Stockholder other
than the CEO Director. Subject to applicable Law, no member of the Board may be
removed except by written request by the Stockholder that designated the same.
In the event a vacancy occurs on the Board for any reason, the vacancy will be
filled by the written designation of the Stockholder entitled to designate the
director creating the vacancy.

 

3.5                                 Notice;
Quorum. Meetings of the Board may be called upon not less than three days’
prior written notice to all directors stating the purpose or purposes thereof.
Such notice shall be effective upon receipt, in the case of personal delivery,
facsimile transmission or other electronic transmission, and five Business Days
after deposit with the U.S. Postal Service, postage prepaid, if mailed. The presence
in person of a majority of the directors then serving on the Board shall
constitute a quorum for the transaction of business at any special, annual or
regular meeting of the Board.  Each
Stockholder shall use its reasonable efforts to ensure that a quorum is present
at any duly convened meeting of the Board and each of Boise Sub and FPH may
designate by written notice to the other an alternate representative to act in
the absence of any of its designates at any such meeting. If, at any meeting of
the Board, a quorum is not present, a majority of the directors present may,
without further notice, adjourn the meeting from time to time until a quorum is
obtained.

 

3.6                                 Voting.
Each member of the Board shall be entitled to cast one vote on each matter considered
by such Board; provided, however, that in the event that a vote would result in
a tie or deadlock with respect to a matter, the CEO Director shall not be
entitled to vote with respect to such matter (the Board shall poll its members
prior to any vote to effectuate the purposes of this sentence).  Except as otherwise expressly provided by
this Agreement, the act of a majority of the members of the Board present at
any meeting at which a quorum is present shall constitute an act of the Board,
as applicable.  Notwithstanding anything
to the contrary contained herein, from and after the first business day after
the Closing: (x) the following matters shall require, in addition to any other
vote required by applicable law, the affirmative vote of at least the
Applicable Percentage of the directors then in office; (y) Timber Holding Co.
shall not directly or indirectly take, and shall not permit any of its
Subsidiaries to directly or indirectly take, any of the following actions
without first obtaining such approval; and (z) FPH shall not cause or, to the
extent reasonably within FPH’s control, permit Timber Holding Co. or any of its
Subsidiaries to take any of the following actions without first obtaining such
approval:

 

(i)                                     subject
to applicable Law or fiduciary duty, any dissolution or liquidation of Timber
Holding Co.;

 

(ii)                                  in
addition to any other requirement required under Section 8.13 hereof, any
amendment of the certificate of incorporation, articles of incorporation,
by-laws or other governing documents of Timber Holding Co. or any of its
Subsidiaries which

 

7

 

would (a) treat any Boise Sub Holder disproportionately vis-a-vis any
FPH Holder or (b) place any restriction or limitation on the ability of any
Boise Sub Holder to Transfer all or any portion of its Shares or reduce the
consideration received or to be received by such Boise Sub Holder in connection
with such Transfer;

 

(iii)                               the entry into, or
amendment of, contracts or other transactions between Timber Holding Co. and/or
any of its Subsidiaries, on the one hand, and a Stockholder or any Affiliate
thereof, on the other hand except for: (a) the execution, delivery and
performance of contracts, amendments and/or transactions at or prior to Closing
related to or in connection with the transactions contemplated by the Asset
Purchase Agreement; and (b) contracts, amendments and transactions which are no
less favorable to Timber Holding Co. and its Subsidiaries than could be
obtained from Boise Sub or its Affiliates or Independent Third Parties
negotiated on an arms-length basis;

 

(iv)                              except
as provided for in Timber Holding Co.’s certificate of incorporation, the
direct or indirect redemption, retirement, purchase or other acquisition of any
equity securities of Timber Holding Co. except for (A) pro rata redemptions
among the holders thereof or (B) repurchases pursuant to Article Four, Section 4(c)
of the certificate of incorporation of Timber Holding Co.;

 

(v)                                 appointment
of any public auditors which are not one of the Big Four accounting firms; and

 

(vi)                              delegation
of any of the matters covered by any of clauses (i) through (v) above to any
committee of the Board.

 

Notwithstanding the
foregoing, the approvals required by this Section 3.6 with respect to any
of the matters in subsections (i) through (vi) above shall not restrict the
sale of any assets or operations of Timber Holding Co. or any of its
Subsidiaries or located on the properties of Timber Holding Co. or any of its
Subsidiaries.

 

3.7                                 Telephonic
Meetings; Written Consents. Except as may otherwise be provided by
applicable Law, any action required or permitted to be taken at any meeting of
the Board or any committee thereof may be taken without a meeting pursuant to a
written consent, in compliance with the DGCL and Section 3.6 hereof and
such written consent is filed with the minutes of the proceedings of the Board
or such committee. Any meeting of the Board or any committee thereof may be
held by conference telephone or similar communication equipment, so long as all
Board or committee members participating in the meeting can hear one another
clearly, and participation in a meeting by use of conference telephone or
similar communication equipment shall constitute presence in person at such
meeting.

 

3.8                                 Initial
Directors. Boise Sub and FPH shall make their initial designations pursuant
to Section 3.3 on or prior to the Closing Date.

 

3.9                                 Recapitalization
of Timber Holding Co. Under Certain Circumstances. For any Public Offering
or Spin-Off prior to the time Timber Holding Co. becomes subject to the
Exchange Act with respect to Shares: (i) Timber Holding Co. shall use
commercially reasonable efforts to effect a stock split, stock dividend or
stock combination which, in the opinion of the

 

8

 

managing underwriter for
the Public Offering or Boise Sub’s financial advisor in connection with a
Spin-Off, is desirable for the sale, marketing or distribution of the Shares to
the public; and (ii) as long such stock split, stock dividend or stock
combination does not treat such Shares or other Voting Stock differently than
all other Shares or other Voting Stock held by the other holders of Shares and
Voting Stock, each Stockholder agrees to vote all of its respective Shares and
any other Voting Stock over which it possesses direct or indirect voting power
in order to cause such stock split, dividend or combination to be effected
consistent with the provisions of this Section 3.9.

 

ARTICLE IV

ACCOUNTING, BOOKS AND RECORDS

 

4.1                                 Fiscal
Year. The fiscal year of Timber Holding Co. shall be the period commencing January 1
in any year and ending December 31 of that year, except that the first
fiscal year of Timber Holding Co. shall commence on the Closing Date and end on
December 31 of the year in which the Closing Date occurs.

 

4.2                                 Books
and Records. Timber Holding Co. shall keep at its principal executive
offices books and records typically maintained by Persons engaged in similar
businesses and which set forth an account of the business and affairs of Timber
Holding Co. and its Subsidiaries, including a fair presentation of all income,
expenditures, assets and liabilities thereof. Such books and records shall
include all information reasonably necessary to permit the preparation of
financial statements required by applicable Law in accordance with GAAP.  In addition to, and not in limitation of, the
rights accorded all stockholders of Timber Holding Co. by Section 220 of
the DGCL, each Stockholder who, together with its Affiliates, owns 10% or more
of the outstanding common equity of Timber Holding Co. (a “10% Stockholder”)
and its respective authorized representatives shall have the right, at its own
cost and at all reasonable times and upon reasonable advance written notice to
Timber Holding Co., to have access to, inspect, audit and copy the original
books, records, files, securities, vouchers, canceled checks, employment
records, bank statements, bank deposit slips, bank reconciliations, cash
receipts and disbursement records, and other documents of Timber Holding Co.
and its Subsidiaries.

 

4.3                                 Auditors.
Timber Holding Co. shall engage one of the Big Four accounting firms as the
initial independent public auditors of Timber Holding Co. and its Subsidiaries.

 

4.4                                 Reporting.
Timber Holding Co. shall use its commercially reasonable efforts to deliver to
each Stockholder unaudited consolidated interim financial statements for Timber
Holding Co. and its Subsidiaries for each fiscal quarter (including a balance
sheet as of the end of such period and statements of income, stockholders’
equity and cash flows for such period) within 35 days after the close of each
fiscal quarter. Timber Holding Co. will use its commercially reasonable efforts
to deliver to each Stockholder within (a) 120 days after the close of each
fiscal year of Timber Holding Co., consolidated annual financial statements for
Timber Holding Co. and its Subsidiaries for such fiscal year (including a
balance sheet as of the end of such fiscal year and statements of income,
stockholders’ equity and cash flows for such fiscal year), in each case audited
and certified by the CPA Firm, and (b) 60 days after the close of each fiscal
year of Timber Holding Co., unaudited consolidated annual financial statements
for

 

9

 

Timber Holding Co. and
its Subsidiaries for such fiscal year (including a balance sheet as of the end
of such fiscal year and statements of income, stockholders’ equity and cash
flows for such fiscal year). Such annual and interim financial statements shall
contain such statements and schedules, prepared in accordance with the
requirements of the Stockholders, as may be requested in writing by any of the
10% Stockholders. In addition to the foregoing, if BCC or any of its Affiliates
is required to report its investment in Timber Holding Co. under an equity
accounting method, Timber Holding Co. shall use its commercially reasonable
efforts to notify BCC or the Affiliate of its share of Timber Holding Co.’s
income or loss when available consistent with past practices.  Timber Holding Co. shall bear the cost of
providing financial and accounting information reasonably required by any of
the 10% Stockholders in the preparation of such 10% Stockholder’s own financial
statements. Such annual and interim financial statements shall be prepared in
accordance with GAAP and shall present fairly the financial position and
results of operations of Timber Holding Co.

 

4.5                                 Stockholder’s
Audit. In addition to, and not in limitation of, the rights accorded all
stockholders of Timber Holding Co. by Section 220 of the DGCL, upon
reasonable advance written notice to Timber Holding Co., any 10% Stockholder
may request an audit of the books and records of Timber Holding Co. and its
Subsidiaries (a “Stockholder’s Audit”) by an independent auditor of its
selection, other than the CPA Firm. Any Stockholder’s Audit shall be at the
expense of the requesting 10% Stockholder unless material error or fraud is
found, in which case such audit shall be at the expense of Timber Holding Co..
All information obtained by any 10% Stockholder in any such audit shall be
treated as confidential.

 

4.6                                 Consent
of Timber Holding Co. Auditors. Upon request from time to time by any 10%
Stockholder, Timber Holding Co. shall use its commercially reasonable efforts
to obtain the written agreements of Timber Holding Co.’s auditors to permit the
use of Timber Holding Co.’s audited financial statements in connection with
such 10% Stockholder’s and/or its Affiliates’ filings made with the Commission
(if such financial statements are necessary for such filings with the
Commission) and, subject to such auditor’s normal procedures, in private or
public offerings of securities of such 10% Stockholder and/or its Affiliates as
may be reasonably requested by such 10% Stockholder. In addition, Timber
Holding Co. will use commercially reasonable efforts to cause Timber Holding
Co.’s auditors to provide a comfort letter in accordance with SAS 72 for any
such offering.

 

ARTICLE V

TRANSFER OF SHARES

 

5.1                                 General.
No Stockholder will directly or indirectly sell, assign, pledge, encumber,
hypothecate, dispose of or otherwise transfer (“Transfer”) any Shares or
interest in any Shares, agree to any such Transfer or permit any such interest
to be subject to Transfer, directly or indirectly, by merger or other operation
of law, agreement or otherwise, except pursuant to and in compliance with the
provisions of this Article V.  Any
purported Transfer in any other manner, unless otherwise expressly permitted by
this Article V, shall be null and void, and shall not be recognized or
given effect by Timber Holding Co. or any Stockholder.

 

5.2                                 Transfers
by Boise Sub Holders. Subject to the other provisions of this Section 5.2,
a Boise Sub Holder may at any time, without the consent of any other
Stockholder,

 

10

 

Transfer any or all of
its Shares or interests in Shares (a) to any Affiliate or (b) to any third
Person or Persons pursuant to a Public Sale or a sale pursuant to Rule 144 of
the Securities Act.  Notwithstanding the
foregoing, except in the case of a Public Sale, no Boise Sub Holder may
Transfer any Shares to any other Person then engaged, directly or indirectly,
in a business that competes with any business of FPH or any of its
Subsidiaries.  Furthermore, no Boise Sub
Holder may Transfer any Shares, except in a Public Sale, without the prior
written consent of FPH (which may be withheld by FPH for any reason until the
third anniversary of the closing under the Asset Purchase Agreement and may be
withheld after the third anniversary in FPH’s reasonable discretion).  In no event shall Boise Sub, without the
prior written consent of FPH, Transfer any Shares to BCC or any Subsidiary of
BCC that owned, leased or licensed any assets transferred to Timber Holding Co.
in connection with the transactions contemplated by the Asset Purchase
Agreement.  The foregoing consent rights
shall not be assignable by FPH or inure to the benefit of any transferee,
successor or assign of FPH, except for an Affiliate of FPH who is (or becomes)
a Stockholder.  Notwithstanding the
foregoing and except in the case of a Public Sale, any Transfer of Shares by a
Boise Sub Holder shall be null and void and Timber Holding Co. shall refuse to
recognize such Transfer unless the transferee executes and delivers to each
party hereto an agreement (a “Boise Sub Joinder Agreement”): (i)
acknowledging that all Shares or interests in any Shares so transferred are and
shall remain subject to this Agreement; and (ii) agreeing to be bound
hereby.  Furthermore, as a condition
precedent to any Transfer of Shares by a Boise Sub Holder, BCC must certify in
writing to Timber Holding Co., without qualification, that (A) each of BCC,
Boise Sub and any Affiliate of BCC or Boise Sub (collectively, including Boise
Cascade Office Products Corp. and OfficeMax Incorporated, the “BCC Parties”)
is in good standing under each agreement, arrangement or covenant to which a
BCC Party is party with FPH or any of FPH’s Affiliates (including, without
limitation, the Asset Purchase Agreement, the BOS Paper Sales Agreement and the
Additional Consideration Agreement, the “Relevant Agreements”), (B) no
BCC Party has in any material respect defaulted under or breached, or is in any
material respect in default under or in breach of, any Relevant Agreement and
(C) each such BCC Party reaffirm its obligations under each such Relevant
Agreement.  Any Boise Sub Holder shall
notify the other parties of any intended Transfer of Shares or interests in
Shares pursuant to this Section 5.2 (other than pursuant to an Exempt
Sale), giving the name and address of the intended transferee; provided,
however, that no otherwise valid Transfer shall be rendered invalid
solely as a result of a failure to give notice hereunder. Notwithstanding
anything herein to the contrary, transferees of a Boise Sub Holder shall assume
all obligations of the transferring Boise Sub Holder hereunder, but, except
with respect to an Affiliate of Boise Sub, shall not be entitled to any rights
of Boise Sub, a Boise Sub Holder or a Stockholder conferred by this Agreement.

 

5.3                                 Transfers
by FPH Holders.

 

(a)                                  Permitted
Transfers. An FPH Holder may at any time, without the consent of any other
Stockholder, (i) Transfer any or all of its Shares to one or more Affiliates of
FPH, (ii) Transfer any or all its Shares pursuant to an Exempt Sale, or (iii)
sell any or all of its Shares to any other third Person or Persons or pursuant
to a Public Sale or otherwise Transfer Shares, subject to the remaining
provisions of this Section 5.3.  The
foregoing consent right shall not be assignable by Boise Sub or inure to the
benefit of any transferee, successor or assign of Boise Sub, except for an
Affiliate of Boise Sub who is (or becomes) a Stockholder.  Notwithstanding the foregoing and except in
the case of a Public Sale or sale to directors, officers or employees of

 

11

 

Timber Holding Co., any
Transfer of Shares by an FPH Holder shall be null and void and Timber Holding
Co. shall refuse to recognize such Transfer unless the transferee executes and
delivers to each party hereto an agreement (an “FPH Joinder Agreement”):
(x) acknowledging that all Shares or interests in any Shares so transferred are
and shall remain subject to this Agreement; and (y) agreeing to be bound
hereby.  Upon execution of an FPH Joinder
Agreement, except as otherwise expressly provided herein and except for any
right hereunder to consent to any action or proposed action (including, without
limitation, any proposed Transfer of Shares), the rights of the transferring
FPH Holder hereunder with respect to the Shares transferred shall be assigned
to such transferee.  Any FPH Holder shall
notify the other parties of any intended Transfer of Shares or interests in
Shares pursuant to this Section 5.3 (other than an Exempt Sale), giving
the name and address of the intended transferee; provided, however,
that no otherwise valid Transfer shall be rendered invalid solely as a result
of a failure to give notice hereunder.

 

(b)                                 Tag-Along
Rights. Boise Sub and its Affiliates shall have tag-along rights as
provided in this

Section 5.3(b):

 

(i)                                     In
the event any FPH Holder desires to sell all or any part of any class or series
of its Shares to a third Person (other than pursuant to an Exempt Sale), it
shall provide prior written notice (the “Sale Notice”) to Boise Sub
setting forth in reasonable detail the terms and conditions on which the
proposed sale is to be made and identifying the proposed purchaser. Boise Sub
shall have the option (the “Tag-Along Option”) to sell any or all of its
Shares of the same class and series to the proposed purchaser on the terms and
conditions set forth in such Sale Notice subject to the provisions set forth in
this Section 5.3(b). Boise Sub shall exercise its Tag-Along Option by
giving written notice to FPH within ten Business Days following its receipt of
the Sale Notice, which notice shall specify the number of Shares of the same
class and series as to which Boise Sub is exercising its Tag-Along Right. In
the event that Boise Sub exercises its Tag-Along Option with respect to any
Sale Notice, Boise Sub shall be entitled to sell its pro rata share (based on
the number of Shares proposed to be sold by the FPH Holder and Boise Sub,
respectively) of the Shares proposed to be sold by the FPH Holder in the Sale
Notice, in each case on terms and conditions no less favorable than specified
in the Sale Notice or otherwise applicable to the sale to such prospective purchasers
by the FPH Holder. In the event that Boise Sub does not exercise its Tag-Along
Option with respect to any Sale Notice, the FPH Holder shall be entitled to
sell all or any part of its Shares as specified in the Sale Notice to the
prospective purchaser specified in the Sale Notice on the terms and conditions
set forth in the Sale Notice (subject to the provisions of the third sentence
of Section 5.3(a) hereof).

 

(ii)                                  Notwithstanding
subsection 5.3(b)(i) above, with respect to sales by a FPH Holder of any
part of any class or series of its Shares to a third Person (other than
pursuant to an Exempt Sale) prior to the expiration of the six-month period
beginning on the Closing Date at a per share price which does not exceed the
per share price paid (excluding any interest for the carrying cost of such
Share) by such FPH Holder for such Shares:

 

12

 

(A)                              Boise
Sub and its Affiliates shall not have a Tag-Along Option during such six-month
period for sales of Shares in the aggregate amount of $125 million (“Excluded
Tag-Along Sales”); and

 

(B)                                Boise
Sub shall have a Tag-Along Option on a pro-rata basis (i.e., on the same basis
applicable in section 5.3(b)(i) above) with respect to such sales of
Shares by FPH Holders during such six-month period in excess of the Excluded
Tag Along Sales (the “Initial Period Pro-Rata Tag-Along”).

 

The provisions of
this subsection 5.3(b)(ii) shall (x) terminate upon the expiration of the
six-month period beginning on the Closing Date and (y) apply only to a Transfer
or proposed Transfer to any Person that is a private equity fund, investment
banking fund, or Affiliate of the foregoing.

 

(iii)                               Notwithstanding anything
in this Agreement to the contrary, the rights under this Section 5.3(b)
shall be exclusive to Boise Sub and its Affiliates and shall not be assignable
to or inure to the benefit of any transferee of Boise Sub or any successors or
assigns of Boise Sub, other than Affiliates of Boise Sub.

 

5.4                                 Drag-Along
Provisions.

 

(a)                                  Drag-Along
Sale. If a sale of all or substantially all of Timber Holding Co.’s assets
determined on a consolidated basis or a sale of all or substantially all of
Timber Holding Co.’s outstanding capital stock (whether by merger,
recapitalization, consolidation, reorganization, combination or otherwise) to
any Independent Third Party or group of Independent Third Parties (a “Sale
of the Company”) is approved by the Board or the holders of a majority of
the Shares of Series B Common held by the FPH Holders (a “Drag-Along Sale”),
each Stockholder will consent to and raise no objections against such
Drag-Along Sale on the terms and subject to the conditions set forth in the
remaining provisions of this Section 5.4.

 

(b)                                 Drag-Along
Notice. A notice regarding any Drag-Along Sale (a “Drag-Along Notice”)
shall be delivered within two Business Days following approval of any
Drag-Along Sale by Timber Holding Co. or the FPH Holders to each
Stockholder.  The Drag-Along Notice shall
include a copy of a bona fide offer from the intended buyer, which shall set
forth the principal terms of the Drag-Along Sale, including the name and
address of the intended buyer.

 

(c)                                  Drag-Along
Sale Obligations. In connection with any Drag-Along Sale, the Stockholders
shall, and shall elect directors who shall, take all necessary or desirable
actions in connection with the consummation of the Drag-Along Sale. If the
Drag-Along Sale is structured as: (i) a merger or consolidation, each
Stockholder shall waive any dissenters rights, appraisal rights or similar
rights in connection with such merger or consolidation; (ii) a sale of stock,
each Stockholder shall agree to sell all of its Shares and rights to acquire
Shares on the terms and conditions so approved; or (iii) a sale or assets, each
Stockholder shall vote in favor of such sale and any subsequent liquidation of
Timber Holding Co. or other distribution of the proceeds therefrom. Each
Stockholder shall take all necessary or desirable actions in connection with
the consummation of the Drag-Along Sale reasonably requested by FPH or Timber
Holding Co., and each Stockholder shall be obligated to agree on a pro rata,
several (and not joint) basis

 

13

 

(based on the share of
the aggregate proceeds paid in such Drag-Along Sale) to any indemnification
obligations that the FPH Holders agree to provide in connection with such
Drag-Along Sale (other than any such obligations that relate specifically to a
particular holder of Shares such as indemnification with respect to
representations and warranties given by a holder regarding such holder’s title
to and ownership of Shares).

 

(d)                                 Conditions
to Drag-Along Sale Obligations. The obligations of each Stockholder with
respect to a Drag-Along Sale are subject to the satisfaction of the following
conditions: (i) the consideration to be received by the Stockholders with
respect to the Drag-Along Sale shall consist only of cash, publicly-traded
securities, or a combination of cash and publicly traded Securities; (ii) if
any holders of a class or series of Shares are given an option as to the form
and amount of consideration to be received, each holder of such class or series
of Shares that is an “accredited investor” will be given the same option; (iii)
each holder of then currently exercisable rights to acquire shares of a class
or series of Shares will be given an opportunity to exercise such rights prior
to the consummation of the Drag-Along Sale and participate in such sale as
holders of such class or series of Shares; and (iv) each Stockholder shall be
entitled to receive consideration per each Share in connection with the
Drag-Along Sale at least equivalent to the consideration received per each
Share of the same class and series by any FPH Holder in connection with the
Drag-Along Sale.

 

(e)                                  Expenses.
Each Stockholder will bear its pro-rata share (based on the share of the
aggregate proceeds paid in such Drag-Along Sale) of the costs of any sale of
Shares pursuant to a Drag-Along Sale to the extent such costs are incurred for
the benefit of all holders of Series B Common and are not otherwise paid by
Timber Holding Co. or the acquiring party. For purposes of this Section 5.4(e),
costs incurred in exercising reasonable efforts to take all necessary actions
in connection with the consummation of a Drag-Along Sale in accordance with
this Section 5.4 shall be deemed to be for the benefit of all holders of
Series B Common. Costs incurred by Stockholders on their own behalf will not be
considered costs of the transaction hereunder.

 

(f)                                    Exception
to Drag-Along. Notwithstanding anything to the contrary contained in this Section 5.4,
no Stockholder shall have any obligation under this Section 5.4 with
respect to a Drag-Along Sale if the Drag-Along Notice with respect to the Drag-Along
Sale is received by Boise Sub after the holders of Boise Sub Registrable
Securities have requested a Demand Registration which Timber Holding Co. is
obligated to observe pursuant to the Registration Rights Agreement and for a
period thereafter ending on the date following consummation of the sale of all
Shares subject to such Demand Registration unless, in the opinion of the
managing underwriter for such Demand Registration, the per Share consideration
payable pursuant to the Drag-Along Sale exceeds the net proceeds per Share
expected to be received by selling stockholders pursuant to the Demand
Registration.

 

5.5                                 Legends.
A copy of this Agreement shall be filed with the Secretary of Timber Holding
Co. and kept with the records of Timber Holding Co.  Each of the Stockholders hereby agrees that
each outstanding certificate representing Shares shall bear a conspicuous
legend reading substantially as follows:

 

14

 

“The securities
represented by this Certificate have not been registered under the Securities
Act of 1933 or the applicable state and other securities laws and may not be
sold, pledged, hypothecated, encumbered, disposed of or otherwise transferred
without compliance with the Securities Act of 1933 or any exemption thereunder
and applicable state and other securities laws. The securities represented by
this Certificate are subject to the restrictions on transfer and other
provisions of a Stockholders Agreement dated as of October 29, 2004, (as
amended from time to time, the “Agreement”) by and among Boise Land &
Timber Holdings Corp. (the “Company”) and certain of its stockholders, and may
not be sold, pledged, hypothecated, encumbered, disposed of or otherwise
transferred except in accordance therewith. A copy of the Agreement is on file
at the principal executive offices of the Company.”

 

ARTICLE VI

RIGHTS ON NEW SECURITY ISSUANCE

 

6.1                                 Preemptive
Rights. Timber Holding Co. hereby grants to each Stockholder the
irrevocable and exclusive first option (the “First Option”) to purchase
all or part of its Pro Rata Portion of any New Securities which Timber Holding
Co. may, from time to time after the date of this Agreement, propose to issue
and sell or otherwise transfer.

 

6.2                                 Notices
With Respect to Proposed Issuance of New Securities. In the event Timber
Holding Co. proposes to undertake an issuance or other transfer of New
Securities, it shall give each Stockholder entitled to a First Option pursuant
to this Article VI written notice (the “Company Notice”) of its
intention, describing in detail the type of New Securities, the price and the
terms upon which Timber Holding Co. proposes to issue or otherwise transfer
such New Securities. Each such Stockholder shall have 10 Business Days from the
date of receipt of any such Company Notice to agree to purchase, pursuant to
the exercise of the First Option, up to such Stockholder’s Pro Rata Portion of
each type and class and series of such New Securities (i.e., the same strips)
for the price and upon the terms and conditions specified in the Company Notice
by giving written notice to Timber Holding Co. and stating therein the quantity
of New Securities to be purchased.

 

6.3                                 Company’s
Right to Complete Proposed Sale of New Securities to the Extent Preemptive Rights
are Not Exercised. In the event the Stockholders fail to exercise a
preemptive right with respect to any New Securities within the periods
specified in Section 6.2, Timber Holding Co. shall have 90 days thereafter
to sell or enter into an agreement (pursuant to which the sale of such New
Securities shall be closed, if at all, within 45 days from the date of said
agreement) to sell the New Securities not elected to be purchased by the
Stockholders at the price and upon terms not substantially more favorable to
the prospective purchasers of such securities than those specified in Company
Notice. In the event that Timber Holding Co. has not sold the New Securities or
entered into an agreement to sell the New Securities within said 90-day period.
Timber Holding Co. shall not thereafter issue or sell or otherwise transfer
such New

 

15

 

Securities without first
offering such securities to the Stockholders in the manner provided in this Article VI.

 

6.4                                 Closing
of Purchase. If a Stockholder elects to purchase up to its Pro Rata Portion
of any New Securities set forth in any Company Notice, such purchase shall be
consummated at such time and at such location selected by Timber Holding Co.
upon reasonable advance notice. At the consummation of any purchase and sale of
New Securities pursuant to this Article VI: (i) Timber Holding Co. shall
issue or otherwise transfer to the electing Stockholder the certificates
evidencing the New Securities being purchased, together with such other
documents or instruments reasonably required by counsel for the Stockholder to
consummate such purchase and sale; (ii) the Stockholder will deliver the cash
consideration payable by wire transfer of immediately available funds to an
account or accounts designated in writing by Timber Holding Co. (such
designation to be made no later than two Business Days prior to the date of
such consummation); (iii) Timber Holding Co. shall deliver to the Stockholder a
written representation that the New Securities are being purchased and sold
free and clear of any and all Encumbrances (other than Encumbrances under
existing securities Laws and under this Agreement and the certificate of
incorporation for Timber Holding Co.); and (iv) the Stockholder shall deliver
to Timber Holding Co. such written investment representations as may reasonably
be required by counsel to Timber Holding Co. for securities Laws purposes and
all other applicable representations and warranties as other purchasers of New
Securities. Notwithstanding the foregoing, any purchase of New Securities
pursuant to this Article VII shall be on the same terms and conditions as
set forth in the Company Notice.

 

ARTICLE VII

TERM

 

7.1                                 Term.
Subject to the next sentence, unless earlier terminated by mutual agreement of
Boise Sub and FPH, this Agreement shall terminate upon the earliest to occur
of: (i) the complete liquidation or dissolution of Timber Holding Co. or its
Subsidiaries and the payment of the proceeds of such liquidation or dissolution
to Boise Sub and FPH; (ii) a Public Offering (provided that thereafter this
Agreement shall nevertheless remain in full force and effect with respect to
the provisions of Section 8.13 and all related definitions and provisions
to the extent necessary or desirable to give effect to Section 8.13 until
the Boise Sub Holders cease to hold any Series A Common or the occurrence of an
event described in clauses (i), (iii), (iv), or (v) of this sentence); (iii)
such date as Boise Sub and its Affiliates first hold less than 50% of the
number of Shares of Series B Common that they hold on the date of the Closing;
(iv) the acquisition of all or substantially all of the stock or assets of BCC
or Boise Sub (whether directly or indirectly and whether by stock sale, asset sale,
merger, consolidation, combination or otherwise) by a Person engaged, directly
or indirectly, in a business that has more than $500 million in annual revenues
in a business that competes or businesses that compete with the business of FPH
and its Subsidiaries, or (v) at the election of FPH, at any time when Boise Sub
or any of its permitted Affiliates own Shares, Boise Sub or such permitted
Affiliate ceases to be a Subsidiary of BCC; provided, however,
that in case of any termination pursuant to this Section 7.1, unless
otherwise determined by FPH, this Agreement shall nevertheless remain in full
force and effect with respect to the drag-along provisions set forth in Section 5.4
and all related definitions and provisions to the extent necessary or desirable
to give full force and effect to Section 5.4.  The rights of each of Boise Sub and FPH to
terminate this Agreement by mutual

 

16

 

agreement and the right
of FPH to terminate this Agreement with respect to the drag-along provisions of
Section 5.4 are not assignable by Boise Sub or FPH, and shall not inure to
the benefit of any transferee, successor or assign of Boise Sub or Boise Sub,
other than to an Affiliate of such party who is (or becomes) a Stockholder,
without the prior written consent of the other.

 

ARTICLE VIII

MISCELLANEOUS

 

8.1                                 Notices.
All notices and other communications hereunder shall be in writing and shall be
deemed to have been given if: (i) delivered in person (to the individual whose
attention is specified below) or via facsimile or electronic transmission
(followed immediately with a copy in the manner specified in clauses (ii) or
(iii) hereof); (ii) sent by prepaid first-class registered or certified mail,
return receipt requested; or (iii) sent by recognized overnight courier
service, as follows:

 

	
  to Boise Sub:

  
	
   

  
	
   

  	
  Kooskia
  Investment Corporation

  
	
   

  	
  c/o OfficeMax
  Incorporated

  
	
   

  	
  1111 West
  Jefferson Street

  
	
   

  	
  Boise, ID 83728

  
	
   

  	
  Attention:
  George Harad, Chairman of the Board

  
	
   

  	
  Facsimile: (208)
  384-4912

  
	
   

  
	
  with a copy to:

  
	
   

  
	
   

  	
  OfficeMax Incorporated

  
	
   

  	
  1111 West
  Jefferson Street

  
	
   

  	
  Boise, ID 83728

  
	
   

  	
  Attention:
  Matthew Broad, Vice President and General Counsel

  
	
   

  	
  Facsimile: (208) 384-7945

  
	
   

  
	
  to FPH:

  
	
   

  
	
   

  	
  Forest Products
  Holdings, L.L.C.

  
	
   

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

  
	
   

  	
  Three First
  National Plaza

  
	
   

  	
  Suite 3800

  
	
   

  	
  Chicago, IL
  60602

  
	
   

  	
  Attention:
  Samuel M. Mencoff

  
	
   

  	
  Thomas S.
  Souleles

  
	
   

  	
  Facsimile: (312)
  895-1056

  
	
   

  	
  Email:
  smencoff@mdcp.com

  
	
   

  	
  tsouleles@mdcp.com

  
					

 

17

 

	
  with a copy to:

  
	
   

  
	
   

  	
  Kirkland &
  Ellis LLP

  
	
   

  	
  200 East
  Randolph Drive

  
	
   

  	
  Chicago, IL
  60601

  
	
   

  	
  Attention:
  Jeffrey W. Richards, Esq.

  
	
   

  	
  Facsimile: (312) 861-2200

  
	
   

  	
  Email: jrichards@kirkland.com

  
	
   

  
	
  to Timber Holding Co.:

  
	
   

  
	
   

  	
  Boise Land &
  Timber Holdings Corp.

  
	
   

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

  
	
   

  	
  Three First
  National Plaza

  
	
   

  	
  Suite 3800

  
	
   

  	
  Chicago, IL
  60602

  
	
   

  	
  Attention:  Samuel M. Mencoff

  
	
   

  	
   

  	
  Thomas S.
  Souleles

  
	
   

  	
  Facsimile: (312)
  895-1056

  
	
   

  	
  Email:
  smencoff@mdcp.com

  
	
   

  	
   

  	
  tsouleles@mdcp.com

  
	
   

  
	
  with a copy to:

  
	
   

  
	
   

  	
  Kirkland &
  Ellis LLP

  
	
   

  	
  200 East
  Randolph Drive

  
	
   

  	
  Chicago, IL
  60601

  
	
   

  	
  Attention:
  Jeffrey W. Richards, Esq.

  
	
   

  	
  Facsimile: (312) 861-2200

  
	
   

  	
  Email:
  jrichards@kirkland.com

  
	
   

  
	
  to other
  Stockholders:

  
	
   

  
	
   

  	
  To the address
  which appears

  
	
   

  	
  on the books and
  records of Timber Holding Co.

  
					

 

or to such other address as any party hereto may, from
time to time, designate in a written notice given in like manner. All notices
and other communications hereunder shall be effective: (i) the day of delivery
when delivered by hand, facsimile, electronic transmission or overnight
courier; and (ii) three Business Days from the date deposited in the mail in
the manner specified above.

 

8.2                                 Amendment;
Waiver. Any provision of this Agreement may be amended or waived if, and
only if, such amendment or waiver is in writing and signed: (i) in the case of
an amendment, by: (A) Timber Holding Co.; (B) Stockholders holding a majority
of the Shares of Series B Common held by the Boise Sub Holders; (C)
Stockholders holding a majority of the Shares of Series B Common held by FPH
Holders; and (D) by each of FPH and Boise Sub (in each case only so long as
such Person or any of its Affiliates is a Stockholder); or (ii) in the case

 

18

 

of a waiver, by the party
against whom the waiver is to be effective. 
The rights of Boise Sub and FPH to consent to an amendment to this
Agreement shall not be assignable by Boise Sub or FPH and shall not inure to
the benefit of any transferee, successor or assign of Boise Sub or FPH, other
than to an Affiliate of such party who is a (or in connection therewith,
becomes) Stockholder, without the prior written consent of the other.  No failure or delay by any party in
exercising any right, power or privilege hereunder shall operate as a waiver
thereof nor shall any single or partial exercise thereof preclude any other or
further exercise thereof or the exercise of any other right, power or
privilege. Except as otherwise provided herein, the rights and remedies herein provided
shall be cumulative and not exclusive of any rights or remedies provided by
law.

 

8.3                                 Assignment.
Except as otherwise expressly provided herein, no party to this Agreement may
assign any of its rights or obligations under this Agreement without the prior
written consent of the other parties hereto.

 

8.4                                 Entire
Agreement. This Agreement (including the exhibits hereto) and the related
Registration Rights Agreement, contains the entire agreement among the parties
hereto with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral or written, with respect to such  matters.

 

8.5                                 Public
Disclosure. Each of the parties hereby agrees that, except as may be
required to comply with the requirements of any applicable Laws or the rules
and regulations of any stock exchange upon which its securities (or the
securities of one of its Affiliates) are traded, it shall not make or permit to
be made any press release or similar public announcement or communication
concerning the execution or performance of this Agreement unless specifically
approved in advance by all parties hereto. In the event, however, that legal
counsel for any party is of the opinion that a press release or similar public
announcement or communication is required by Law or by the rules and
regulations of any stock exchange on which such party’s securities (or the
securities of one of such party’s Affiliates) are traded, then such party may
issue a public announcement limited solely to that which legal counsel for such
party advises is required under such Law or such rules and regulations (and the
party making any such announcement shall provide a copy thereof to the other
party for review before issuing such announcement).

 

8.6                                 Parties
in Interest. This Agreement shall inure to the benefit of and be binding
upon the parties hereto and their respective successors and permitted assigns.
Nothing in this Agreement, express or implied, is intended to confer upon any
Person other than Timber Holding Co., Boise Sub, FPH or their respective
successors or permitted assigns, any rights or remedies under or by reason of
this Agreement.

 

8.7                                 GOVERNING
LAW: SUBMISSION TO JURISDICTION: SELECTION OF FORUM. THIS AGREEMENT SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
DELAWARE, WITHOUT GIVING EFFECT TO ITS PRINCIPLES OF CONFLICTS OF LAWS. EACH
PARTY  HERETO AGREES THAT IT SHALL BRING
ANY ACTION OR PROCEEDING IN RESPECT OF ANY CLAIM ARISING OUT OF OR RELATED TO
THIS AGREEMENT OR THE TRANSACTIONS CONTAINED IN OR CONTEMPLATED BY THIS
AGREEMENT, WHETHER IN TORT OR CONTRACT OR AT LAW OR IN EQUITY, EXCLUSIVELY IN

 

19

 

ANY UNITED STATES FEDERAL
COURT OR ANY STATE COURT LOCATED IN THE STATE OF ILLINOIS (THE “CHOSEN
COURTS”) AND: (I) IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE
CHOSEN COURTS; (II) WAIVES ANY OBJECTION TO LAYING VENUE IN ANY SUCH ACTION OR
PROCEEDING IN THE CHOSEN COURTS; (III) WAIVES ANY OBJECTION THAT THE CHOSEN
COURTS ARE AN INCONVENIENT FORUM OR DO NOT HAVE JURISDICTION OVER ANY PARTY
HERETO; AND (IV) AGREES THAT SERVICE OF PROCESS UPON SUCH PARTY IN ANY SUCH
ACTION OR PROCEEDING SHALL BE EFFECTIVE IF NOTICE IS GIVEN IN ACCORDANCE WITH SECTION 8.1
OF THIS AGREEMENT.

 

8.8                                 Counterparts.
This Agreement may be executed in one or more counterparts (including by
facsimile or electronic transmission), each of which shall be deemed an
original, and all of which shall constitute one and the same Agreement.

 

8.9                                 Severability.
The provisions of this Agreement shall be deemed severable and the invalidity
or unenforceability of any provision shall not affect the validity or
enforceability of the other provisions hereof or thereof. If any provision of
this Agreement, or the application thereof to any Person or any circumstance,
is invalid or unenforceable: (a) a suitable and equitable provision shall be
substituted therefor in order to carry out, so far as may be valid and
enforceable, the intent and purpose of such invalid or unenforceable provision;
and (b) the remainder of this Agreement and the application of such provision
to other Persons or circumstances shall not be affected by such invalidity or
unenforceability, nor shall such invalidity or unenforceability affect the
validity or enforceability of such provision, or the application thereof, in
any other jurisdiction.

 

8.10                           Headings.
The heading references and the table of contents herein are for convenience
purposes only, do not constitute a part of this Agreement and shall not be
deemed to limit or affect any of the provisions hereof.

 

8.11                           Equitable
Relief. Each party acknowledges that money damages would be inadequate to
protect against any actual or threatened breach of this Agreement by any party
and that each party shall be entitled to equitable relief, including specific
performance and/or injunction, without posting bond or other security in order
to enforce or prevent any violations of the provisions of this Agreement.

 

8.12                           No
Partnership. This Agreement shall not constitute an appointment of any
party as the agent of any other party, nor shall any party have any right or
authority to assume, create or incur in any manner any obligation or other
liability of any kind, express or implied, against, in the name or on behalf
of, any other party. Nothing herein or in the transactions contemplated by this
Agreement shall be construed as, or deemed to be, the formation of a
partnership by or among the parties hereto.

 

8.13                           Certain
Consents of Boise Sub Holders.

 

(a)                                  Neither
Timber Holding Co. or any of its Subsidiaries shall, without the prior written
consent of Boise Sub Holders then holding a majority of the outstanding Series
B Common then held by all Boise Sub Holders, make any amendment of the
certificate of

 

20

 

incorporation, articles
of incorporation, by-laws or other governing documents of Timber Holding Co. or
any of its Subsidiaries which would (i) treat any Boise Sub Holder
disproportionately vis-a-vis any FPH Holder or (ii) place any restriction or
limitation on the ability of any Boise Sub Holder to Transfer all or any
portion of its Shares or reduce the consideration received or to be received by
such Boise Sub Holder in connection with such Transfer.

 

(b)                                 Timber
Holding Co. agrees that Boise Sub will have the right to cause its Series A
Common to be acquired (i) by Timber Holding Co. prior to any payments being
made to FPH from the proceeds of any underwritten public offering of equity
securities of Timber Holding Co. and (ii) in connection with the closing of any
Sale of the Company, in each case as long as cash proceeds are available to
Common Stock.  The purchase price per
share for Series A Common acquired pursuant to clause (i) of this Section 8.13(b)
shall be equal to the Liquidation Value (as defined in Timber Holding Co.’s
certificate of incorporation) thereof plus Series A Common Accumulated
Dividends (as defined in Timber Holding Co.’s certificate of incorporation)
plus all other accrued but unpaid dividends thereon (the “Series A Per Share
Value”) and the purchase price per share for Series A Common acquired
pursuant to clause (ii) of this Section 8.13(b) shall be the lesser of (A)
the Series A Per Share Value and (B) the aggregate amount available for
distribution to holders of Common Stock of Timber Holding Co. in such Sale of
the Company divided by the number of shares of Series A Common then
outstanding.

 

(c)                                  Timber
Holding Co. shall not, without the prior written consent of Boise Sub Holders
then holding a majority of the outstanding Series A Common then held by all
Boise Sub Holders, pay any dividend in respect of, or make any redemption or
repurchase of, any Shares of Series B Common held by any FPH Holder.

 

(d)                                 Notwithstanding
the foregoing, in the event Timber Holding Co. directly or indirectly transfers
all or substantially all of the Timberlands at any time prior to the payment in
full and termination of the senior credit facility to which Boise Cascade,
L.L.C. is a party and the notes issued under the high-yield indenture to which
Boise Cascade, L.L.C. is a party, then Timber Holding Co. may elect to
distribute a portion of the proceeds from such sale to FPH and Boise Sub.  Such a distribution may be accomplished by
(A) a distribution from Timber Holdings Co. to FPH and Boise Sub, or (B) a
liquidation of Timber Holding Co., and in either case the proceeds Timber
Holding Co. elects to distribute shall be allocated among the Series A Common
and Series B Common held by FPH and Boise Sub as a liquidating distribution pursuant
to the terms of Timber Holding Co.’s certificate of incorporation.

 

Upon any such
distribution, if there are Optional Reinvestable Proceeds, then:

 

(I) Boise Sub will have
the option to retain an amount of proceeds equal to the lesser of (x) the aggregate
Series A Per Share Value of all Series A Common held by Boise Sub (the “Series
A Value”) and (y) the Optional Reinvestable Proceeds (the lesser of (x) and
(y), the “Series A Retainable Proceeds”), but will have the option to invest a
portion of the Series A Retainable Proceeds in Series A Common Units of
Operating Holding Co. in an amount equal to the lesser of the Series A
Retainable Proceeds and the Optional Reinvestment Amount; and

 

21

 

(II) if the Series B
Optional Reinvestment Amount is greater than zero, then (x) FPH will invest in
Series B Common Units of Operating Holding Co. an amount equal to the Series B
Optional Reinvestment Amount multiplied by a fraction, the numerator of which
is the total sale proceeds distributed to FPH, and the denominator of which is
the total sale proceeds distributed to FPH and Boise Sub in respect of their
Series B Common; and (y) Boise Sub will invest in Series B Common Units of
Operating Holding Co. (at the same price per unit as paid by FPH under clause
(x) above) an amount equal to the Series B Optional Reinvestment Amount
multiplied by a fraction, the numerator of which is the total sales proceeds
distributed to Boise Sub in respect of its Series B Common, and the denominator
of which is the total sale proceeds distributed to FPH and Boise Sub in respect
of their Series B Common.

 

Upon any such
distribution, if there is a Mandatory Reinvestment Amount, then:

 

(A) if the Series A Value
is greater than the Optional Reinvestable Proceeds (or if there are no Optional
Reinvestable Proceeds), then Boise Sub will invest in Series A Common Units of
Operating Holding Co. an amount equal to the Mandatory Reinvestment Amount
multiplied by a fraction, the numerator of which is the total sale proceeds
distributed to Boise Sub in respect of its Series A Common (less the Series A
Retainable Proceeds, if any), and the denominator of which is the total sale
proceeds distributed to FPH and Boise Sub (less the Series A Retainable Proceeds,
if any);

 

(B) FPH will invest in
Series B Common Units of Operating Holding Co. an amount equal to the Mandatory
Reinvestment Amount multiplied by a fraction, the numerator of which is the
total sale proceeds distributed to FPH, and the denominator of which is the
total sale proceeds distributed to FPH and Boise Sub (less the Series A
Retainable Proceeds, if any); and

 

(C) Boise Sub will invest
in Series B Common Units of Operating Holding Co. (at the same price per unit
as paid by FPH under clause (B) above) an amount equal to the Mandatory
Reinvestment Amount multiplied by a fraction, the numerator of which is the
total sale proceeds distributed to Boise Sub in respect of its Series B Common,
and the denominator of which is the total sale proceeds distributed to FPH and
Boise Sub (less the Series A Retainable Proceeds, if any).

 

The “Mandatory
Reinvestment Amount” shall be equal to the sum, without duplication, of: (i) if
Boise Cascade L.L.C. is required under the terms of its senior credit facility
to pay to its lenders any portion of the proceeds from the sale of Timberlands
over and above amounts of debt otherwise repaid by Timber Holding Co. and its
Subsidiaries, the amount of such excess requirement, plus (ii) any other
proceeds from the sale of Timberlands distributed to FPH and Boise Sub that
pursuant to the terms of the high-yield indenture to which Boise Cascade L.L.C.
is a party may not be distributed to the shareholders of Timber Holding Co.
without reinvestment thereof by such shareholders in Operating Holding Co.

 

The “Optional
Reinvestable Proceeds” shall be equal to any proceeds from the sale of
Timberlands distributed to FPH and Boise Sub over and above any Mandatory
Reinvestment Amount; provided that the Optional Reinvestable Proceeds shall be
reduced by the aggregate

 

22

 

federal and state income
taxes payable in respect of the total sale proceeds distributed to FPH and
Boise Sub.

 

The “Optional
Reinvestment Amount” shall be equal to, if Boise Cascade L.L.C. is permitted to
repurchase or redeem any notes under the terms of its high-yield indenture with
any portion of the Optional Reinvestable Proceeds, the amount of such proceeds
that FPH determines shall be used to repurchase or redeem such notes.

 

The “Series B Optional
Reinvestment Amount” shall mean the lesser of (x) the excess, if any, of the
Optional Reinvestable Proceeds over the Series A Value, and (y) the Optional
Reinvestment Amount minus the amount, if any, elected to be invested by Boise
Sub under clause (I) above.

 

*          *          *          *

 

23

 

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

 

	
   

  	
  KOOSKIA INVESTMENT CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. W. Holleran

  	
   

  
	
   

  	
   

  	
  Name:
  J. W. Holleran

  
	
   

  	
   

  	
  Title:
  President

  
	
   

  	
   

  
	
   

  	
  FOREST PRODUCTS HOLDINGS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:
  Madison Dearborn Capital Partners IV, L.P.

  
	
   

  	
  Its:
  Managing Member

  
	
   

  	
   

  
	
   

  	
  By:
  Madison Dearborn Partners IV, L.P.

  
	
   

  	
  Its:
  General Partner

  
	
   

  	
   

  
	
   

  	
  By:
  Madison Dearborn Partners, L.L.C.

  
	
   

  	
  Its:
  General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Thomas S. Souleles

  	
   

  
	
   

  	
   

  	
  Name:
  Thomas S. Souleles

  
	
   

  	
   

  	
  Title:
  Managing Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BOISE LAND & TIMBER HOLDINGS CORP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Thomas S. Souleles

  	
   

  
	
   

  	
   

  	
  Name:
  Thomas S. Souleles

  
	
   

  	
   

  	
  Title:
  Vice President

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