STRENGE ROBERT E 4

4 · BOISE INC. · Filed Mar 19, 2012

Insider Transaction Report

Form 4

Period: 2012-03-15

BOISE INC.BZ

STRENGE ROBERT E

Senior Vice President

Transactions

Exercise/Conversion
2011 Restricted Stock Units
2012-03-15−9,078→ 0 total
From: 2012-03-15Exp: 2012-03-15→ Common Stock (9,078 underlying)
Tax Payment
Common Stock
2012-03-15$8.24/sh−55,812$459,891→ 176,216 total
Award
2012 Stock Options
2012-03-15+26,532→ 26,532 total
Exercise: $8.24From: 2013-03-15→ Common Stock (26,532 underlying)
Exercise/Conversion
Common Stock
2012-03-15+138,000→ 222,950 total
Award
2012 Restricted Stock Units
2012-03-15+13,203→ 13,203 total
From: 2013-03-15Exp: 2015-03-16→ Common Stock (13,203 underlying)
Exercise/Conversion
2009 Restricted Stock Units
2012-03-15−138,000→ 0 total
From: 2010-03-15Exp: 2012-03-15→ Common Stock (138,000 underlying)
Exercise/Conversion
Common Stock
2012-03-15+9,078→ 232,028 total

Holdings

2011 Restricted Stock Units
From: 2013-03-15Exp: 2014-03-17→ Common Stock (10,898 underlying)
10,898
2011 Stock Options
Exercise: $8.55From: 2013-03-15→ Common Stock (21,472 underlying)
21,472

Footnotes (6)

[F1]On March 16, 2009, Mr. Strenge was awarded 230,000 restricted stock units (RSUs) under the Boise Inc. Incentive and Performance Plan. The final 60% portion of this award, 138,000 RSUs, vested on March 15, 2012. Mr. Strenge elected to have shares withheld to satisfy his tax withholding obligations on these vested shares.
[F2]On March 15, 2011, Mr. Strenge was awarded 9,078 restricted stock units (RSUs) under the Boise Inc. Incentive and Performance Plan, all of which vested on March 15, 2012. Mr. Strenge elected to have shares withheld to satisfy his tax withholding obligations on these vested shares.
[F3]Each restricted stock unit represents a contingent right to receive one share of Boise Inc. common stock.
[F4]On March 15, 2011, Mr. Strenge was awarded 10,898 restricted stock units (RSUs) under the Boise Inc. Incentive and Performance Plan. These service-condition vesting RSUs vest as follows: one half (1/2) will vest on March 15, 2013, and one half (1/2) will vest on March 17, 2014.
[F5]On March 15, 2012, Mr. Strenge was awarded 13,203 restricted stock units (RSUs) under the Boise Inc. Incentive and Performance Plan. These service-condition vesting RSUs vest as follows: one third (1/3) will vest on March 15, 2013, one third (1/3) will vest on March 17, 2014, and one third (1/3) will vest on March 16, 2015.
[F6]Reflects an award of nonqualified stock options under the Boise Inc. Incentive and Performance Plan. In general, these options expire ten years after the award date. Termination of employment may shorten the exercise period, as described in the stock option award agreement.

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