Exhibit 10.3
Execution Copy
FIRST AMENDMENT TO EMPLOYMENT
AGREEMENT
THIS FIRST AMENDMENT TO EMPLOYMENT
AGREEMENT (this “Agreement”) is made as of the 20th day
of February, 2009, between Boise Cascade, L.L.C., a Delaware
limited liability company (the “Company”), and Duane C.
McDougall (“Executive”).
WHEREAS, Company and Executive are
parties to an Employment Agreement dated November 20, 2008 (as
amended from time to time, the “Employment Agreement”);
and
WHEREAS, Company and Executive have
agreed to make certain changes to the Employment
Agreement.
NOW THEREFORE, in consideration of
the mutual covenants contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:
1. Change in Base
Salary . Sections 3(a) and 5(g) of the
Employment Agreement are amended by deleting the references
“$800,000” therein and replacing same with
“$808,250”.
2. Change in Health and
Welfare Benefits . Notwithstanding anything to the
contrary in Section 3(a) of the Employment Agreement
Executive acknowledges that neither he nor his employees will have
any right to participate in the Boise Cascade L.L.C Consumerwise
Medical Benefits Plan and any successor plan thereto. All
other health care plans normally made available to salaried
employees and their dependents shall be available to Executive on
the same terms as they are from time to time available to other
salaried employees.
3. Elimination of Life
Insurance Benefit . Section 3(f) of the
Employment Agreement is deleted in its entirety.
Notwithstanding the foregoing Executive shall be entitled to
participate in Company’s customary life insurance program
provided to its salaried employees as it may from time to time be
in effect, which, as the date of this Agreement provides coverage
equal to the amount of an employee’s base salary up to a
limit of $250,000 without payment by the employee of any portion of
the premium therefor.
4. Change in Severance
Benefits . Sections 5(b) and 5(c) of the
Employment Agreement are hereby amended and restated in their
entirety to read as follows:
