Document:

EXHIBIT 10.1

 

Beazer Homes USA, Inc.

2005 Executive Value Created
Incentive Plan

Effective October 1, 2004

 

Participation

 

Participation in the 2005 Executive Value Created
Incentive Plan (“Executive VCIP” or “Executive Plan”) is at the
discretion of the Compensation Committee of the Board of Directors and is
generally available only to officers who are full-time employees of Beazer
Homes USA, Inc. at the level of Corporate Senior Vice President and above.  Any participant who ceases to be a full-time
employee will cease participation in the plan at that time.

 

Definitions

 

EBIT - Earnings Before Interest and Taxes.

 

Value Created (VC) - EBIT less a
Capital Charge.

 

Incremental Value Created (IVC)
- Increase or decrease in Value Created compared to the prior year.

 

Capital Employed - Total Assets,
excluding cash, less Total Liabilities (other than debt).  Also equal to total debt plus total equity,
less cash on hand.  This represents the
total book value of the investment in the business. Capital Employed is determined
daily.

 

Capital Charge – A charge for
the use of capital employed in the business. For the Executive Plan, the
Capital Charge is in the range of 11% to 14% of the Capital Employed.  The Capital Charge for purposes of this Plan
shall be determined from time to time by, and may be adjusted individually or
for the participants as a whole, at the discretion of the Compensation
Committee of the Board of Directors in connection with its review of the
Executive Plan.

 

Adjustments to Capital Charge –
The Compensation Committee, at its sole discretion, may approve objectively
measurable adjustments to the Capital Charge, and therefore to VC and IVC, in
recognition of special circumstances or to provide special incentives in the
long term interests of value creation. As an example, credit to the Capital
Charge may be granted for purchases of land in advance of the immediate need
for development, thereby encouraging commitments for future land development.

 

Plan Rules

 

1.                           Initial Bank

Each participant may have
a bank set up when they enter the Plan. 
The maximum initial amount in the bank is half of the participant’s
salary except the initial amount in the Bank under this Plan for participants
who participated in any of the Company’s prior VCIPs is their former bank
balance adjusted pursuant to Section 6.

 

 

2.                           Funding of the Potential  Annual Awards, and Percentages of VC and IVC

Each year the participant’s
potential award will be funded based upon a set percentage of VC (if positive)
and a set percentage of IVC (if positive). 
The percentage used of VC will vary based upon the level of VC and will
decrease as VC increases.  The percentage
of IVC is fixed regardless of the level of VC or IVC.  Exact percentages are determined by the
participant’s position.  Actual incentive
payments to each participant are subject to adjustments for three additional
performance factors:  (a) Profitable
Growth, (b) Customer Satisfaction and (c) Construction Quality and Workplace
Safety.  These additional factors are
outlined in Section 9.

 

3.                           Same Percentages of VC and IVC Put in Bank

Each year, the same
percentage of VC and the same percentage of IVC used in 2, above, are also put
into a bank.  Unlike the annual payment,
however, both positive and negative numbers are put in to the bank.  The bank balance can become negative.  The bank is subject to a maximum limit (see
Section 6).

 

4.                           One-Third of Bank Paid Out Each Year

Each year, after adding
or subtracting the current year’s amounts to the bank, one-third of the bank is
paid out.

 

5.                           Maximum Cash Payment Under
Plan Is Set Multiple of Salary; Excess in Bank

After deduction of the
deferred portion specified in Section 10 below, the maximum annual cash payment
is determined as a set multiple of the participant’s annual salary for that
year.  The multiple increases as VC
increases. Any excess over the maximum amount remains in the bank, subject to
the limit described in Section 6.

 

6.                           Bank Has Maximum Limit, Excess Paid in Restricted
Stock and/or Deferred Compensation

The maximum balance of
the bank, after current year additions and payments, is equal to one time that
year’s maximum cash payment.  Twenty-five
percent (25%) of any amount over this limit will be awarded in a combination of
restricted stock and/or deferred compensation (see Section 13).  The remaining 75% of that excess is
forfeited.  Any restricted stock and/or
deferred compensation will vest after three years after the end of the fiscal
year and is forfeited upon severance, resignation, retirement, death or
termination for any reason before vesting.

 

7.                           10% of Bank Paid in Deferred Compensation

At the end of each year
after current year adjustments have been made, all cash payments have been made
and any reduction for excess over the maximum limit specified herein, 10% of
the ending bank will be awarded as deferred compensation.  Such deferred compensation will vest three
years after the end of the fiscal year and is forfeited upon severance,
resignation, retirement, death or termination for any reason before vesting.

 

8.                           Bank Is Carried Forward And
Is Lost Upon Termination

The bank balance,
positive or negative, is carried forward to the next year.  Any positive balance in the bank is at risk
and may be reduced or eliminated by performance in subsequent years.  The bank is forfeited upon severance,
resignation, retirement, death or termination for any reason.  The bank is also forfeited when a participant
ceases to be a full-time employee.  The bank
is not deferred compensation.  It
represents future bonus potential based upon a combination of both past and
future performance.

 

 

9.                           Additional Performance Factors-Adjustments to
Potential Annual Payment

Actual
Incentive Payments are funded based
upon 100% of the calculated Value Created and Incremental Value Created results
up to the maximum amount, and then are adjusted by the following performance
factors and percentages.  The
Compensation Committee shall adopt from time to time a schedule showing the
percentage adjustments based on scores or other elements achieved with respect
to the following:

 

	
  (a)

  	
  Profitable
  Growth:

  	
    0% to +10%

  
	
  (b) 

  	
  Customer Satisfaction:

  	
  -10% to +0%

  
	
  (c) 

  	
  Construction
  Quality and Workplace Safety:

  	
  -10% to +0%

  

 

Actual incentive payments
adjustments can vary from -20% to +10% of the amount that would be payable
under Executive VCIP before performance factor adjustments.  Each factor is outlined below.

 

(a) Profitable Growth:
To encourage growth in both revenue and profit margin, with a higher weighting
toward improving profit margin as compared to revenue growth. However, no
positive adjustment to the incentive payment would occur without revenue growth
over the prior year.

 

(b) Customer Satisfaction: To
encourage customer service, referrals, and Beazer brand development,
adjustments will occur based upon the results of customer satisfaction surveys:

 

	
  Recommend to a Friend:

  	
  -5.0% to + 0%

  
	
  Total Satisfaction:

  	
  -2.5% to + 0%

  
	
  Overall Service
  Satisfaction:

  	
  -2.5% to + 0%

  

 

(c) Construction Quality and
Workplace Safety:  To
encourage high standards of construction, workplace safety, and administrative
process, Construction and Safety Evaluation scores will be used to adjust
incentive payments using the following percents:

 

	
  Construction Quality:

  	
  -2.5% to + 0%

  
	
  Workplace Safety:

  	
  -2.5% to + 0%

  
	
  Overall Score:

  	
  -5.0% to + 0%

  

 

Overall Score incorporates Construction, Safety and
the Administrative factors of Engineering, Purchasing, and Insurance.

 

10.                     Election to Defer Portion of Annual Cash Payment

Not later than the
December 31st preceding the calendar year to which a bonus relates,
participants may elect to defer a portion of the cash bonus under the Corporate
Management Stock Purchase Program (CMSPP) and/or the Deferred Compensation
Plan.  Details of the CMSPP and the DCP are
available separately from the Corporate Human Resources Department.

 

11.                     Annual Total Award Limit

The maximum total amount
of cash paid and, restricted stock (valued at the current stock price) and
deferred compensation paid and/or awarded under Section 6 to any participant in
any one year is $10,000,000 excluding the Performance Factor adjustment and
$11,000,000 including the Performance Factor adjustment.

 

12.                     Payments At Discretion of
Compensation Committee; Review and Amendment

Payments under this Plan
are made subject to the sole discretion of the Compensation Committee of the
Board of Directors.  Without limiting the
foregoing, the Committee may reduce or disallow any payment or award under this
Plan on a case by case basis in appropriate circumstances, including the

 

 

following: (a) if a
participant has breached any corporate policy or ethical standard, or (b) if a
participant has pursued any particular business policy to advance self-interest
at the expense of the interests or policies of the Company, provided that no
such reduction or disallowance shall be allowed to cause an increase in any
other participant’s payment or award under this Plan.  Annually, the Compensation Committee will
review and confirm the calculations of payments and awards to be made and
document such review in writing prior to such payments and awards being
made.  The Compensation Committee intends
to review the Executive Value Created Incentive Plan for potential changes at
least every three years and reserves the right to amend it for any fiscal year
prior to the commencement of such fiscal year, subject to shareholder approval
if required by law, the rules of the NYSE or in order to continue to qualify
payments hereunder as “performance-based compensation” under Internal Revenue
Code Section 162(m) as described in Section 14.

 

13.                     Restricted Stock And
Deferred Compensation

Restricted stock awarded
under this Plan is awarded based upon the closing stock price as of the date of
such award.  The combination of
restricted stock and deferred compensation to be awarded under Section 6 will
be determined by the Compensation Committee based upon an aggregate limitation
of 40,000 shares of restricted stock in any one year.  Restricted stock and deferred compensation
awarded under this Executive Plan are subject to the terms of any Beazer plan
under which such restricted stock is issued or deferred compensation is awarded
above, such reduction will be made pro rata among those participants receiving
restricted stock.

 

14.                     Status of Value Created Incentive Plan and Tax Deductibility

This Executive VCIP is
effective October 1, 2004, subject to shareholder approval at the Company’s
Annual Meeting in February 2005.  Subject
to that approval, the prior Value Created Incentive Plan is terminated for the
participants under this Executive Plan. 
Cash, restricted stock and deferred compensation payments made under
this Executive VCIP are intended to qualify as “performance-based compensation”
under Internal Revenue Code Section 162(m).Exhibit
10.1

 

AWARD
AGREEMENT

Under the

Louisiana-Pacific
Corporation

1997 Incentive Stock Award Plan

 

NONQUALIFIED STOCK
OPTION

 

	
  Corporation:

  	
   

  	
  Louisiana-Pacific
  Corporation

  
	
   

  	
   

  	
  414 Union Street

  
	
   

  	
   

  	
  Suite 2000

  
	
   

  	
   

  	
  Nashville, Tennessee
  37219

  
	
  Participant:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Grant Date:

  	
   

  	
  February 4, 2005

  
	
   

  	
   

  	
   

  
	
  Option:

  	
   

  	
  A
  Nonqualified Stock Option

  
	
   

  	
   

  	
   

  
	
  Option Shares:

  	
   

  	
           Shares

  
	
   

  	
   

  	
   

  
	
  Exercise Price:

  	
   

  	
  $         per
  Share

  

 

Subject to the terms and
conditions of the Louisiana-Pacific Corporation 1997 Incentive Stock Award
Plan, as amended, (the “Plan”) and this Agreement, effective as of the Grant
Date, Corporation grants to Participant the Option to purchase the Option
Shares at the Exercise Price.

 

The provisions of
Appendix A attached to this Agreement are incorporated
by reference as part of this Agreement.

 

	
   

  	
  LOUISIANA-PACIFIC
  CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
  Its

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Participant

  	
   

  

 

 

 

APPENDIX
A

To

Award
Agreement for Nonqualified Stock Option

 

This Award Agreement
evidences the grant of a Non-qualified Stock Option (the “Option”) to
Participant under the Plan.

 

Capitalized terms are
defined in Section 8.

 

1.  Option Shares; Adjustment

 

In the event of a
declaration of a stock dividend or a stock split (whether effected as a
dividend or otherwise) by Corporation where the record date for such dividend
or stock split is after the Grant Date, the number of Option Shares and the
Exercise Price will automatically be adjusted proportionately to reflect the
effect of such dividend or stock split.

 

2.  Terms of the Option

 

The Option is subject to
all applicable provisions of the Plan and to the following terms and
conditions:

 

2.1           Nonqualified
Stock Option.  The Option is not
intended to qualify as an incentive stock option meeting the requirements of
IRC § 422.

 

2.2           Term.  The term of the Option extends ten years from
the Grant Date unless terminated earlier in accordance with this Agreement.

 

2.3           Exercisability.  The Option initially will not be exercisable
and, unless the Option is terminated or canceled earlier or the exercisability
of the Option is accelerated in accordance with this Agreement, the Option may
be exercised from time to time to purchase a whole number of Option Shares up
to the following limits:

 

(a)           Prior
to the first anniversary of the Grant Date, the Option may not be exercised;

 

(b)           During
the one-year period beginning on the first anniversary of the Grant Date, the
Option may be exercised to purchase up to one-third of the total Option Shares;

 

(c)           During
the one-year period beginning on the second anniversary of the Grant Date, the
Option may be exercised to purchase up to two-thirds of the total Option
Shares; and

 

1

 

(d)           On
and after the third anniversary of the Grant Date, the Option may be exercised
to purchase all the Option Shares.

 

2.4           Effect
of Termination of Employment.  The
Option may not be exercised (in whole or in part) unless Participant is
continuously employed by an Employer from the Grant Date through at least the
first anniversary of the Grant Date.  If
Participant ceases to be an Employee for any reason on or after the first
anniversary of the Grant Date, the term of the Option will continue for the
applicable Continuation Period.  The
Option will remain exercisable during the Continuation Period, if at all, only to the extent the Option had become exercisable
pursuant to Sections 2.3 and 2.10 of this Agreement on or prior to the
Termination Date.  The Option, to the
extent not previously exercised, will be canceled automatically at the end of
the applicable Continuation Period.

 

2.5           Method
of Exercise.  The Option, or any
portion thereof, may be exercised, to the extent it has become exercisable
pursuant to this Agreement, by delivery of written notice to Corporation
stating the number of Shares, form of payment, and proposed date of closing.

 

2.6           Other
Documents.  Upon any exercise of the
Option, Participant must furnish Corporation before the closing of such
exercise such other documents or representations as Corporation may require to assure compliance with applicable laws and regulations.

 

2.7           Payment.  The Exercise Price for the Shares purchased
upon exercise of the Option must be paid in full in United States dollars at or
before closing by one or a combination of the following:

 

2.7.1        Payment
in cash or certified check or bank draft payable to the order of Corporation;

 

2.7.2        Delivery
of previously acquired Shares having a Fair Market Value equal to the Exercise
Price; or

 

2.7.3        By
delivery (in a form approved by the Committee) of an irrevocable direction to a
securities broker acceptable to the Committee:

 

(a)           To
sell Shares subject to the Option and to deliver all or a part of the sales
proceeds to Corporation in payment of all or a part of the Exercise Price and
withholding taxes due; or

 

(b)           To
pledge Shares subject to the Option to the broker as security for a loan and to
deliver all or a part of the loan proceeds to Corporation in payment of all or
a part of the Exercise Price and withholding taxes due.

 

2

 

2.8           Previously
Acquired Shares.  Delivery of
previously acquired Shares in full or partial payment for the exercise of the
Option is subject to the following conditions:

 

2.8.1        The
Shares tendered must be in good delivery form;

 

2.8.2        Any
Shares remaining after satisfying the payment for the Option will be reissued
in the same manner as the Shares tendered;

 

2.8.3        No
fractional Shares will be issued and whenever payment of the full Exercise
Price with Shares would require delivery of a fractional Share, Participant
must deliver the next lower whole number of Shares and make a cash payment to
Corporation for the balance of the Exercise Price; and

 

2.8.4        Shares
may be tendered in full or partial payment of the Exercise Price only in
connection with the exercise of the Option with respect to at least 2,000
Shares.

 

2.9           Transferability.

 

2.9.1        General.  Except as provided in Section 2.9.2, the
Option is not transferable other than by will or the laws of descent and
distribution and may be exercised during the lifetime of Participant only by
Participant or, in the case Participant becomes legally incompetent, by
Participant’s guardian or legal representative. 
No assignment or transfer of the Option in violation of the foregoing
restriction, whether voluntary, involuntary or by operation of law or
otherwise, except by will or the laws of descent and distribution, will vest in
the assignee or transferee any interest or right whatsoever, but immediately
upon any attempt to assign or transfer the Option, the Option will terminate
and be of no force or effect.  Whenever
the word “Participant” is used in any provision of this Agreement under
circumstances where the provision should logically be construed to apply to the
executor, administrator, or the person or persons to whom this Option may be
transferred by will or by the laws of descent and distribution, it will be
deemed to include such person or persons.

 

2.9.2        Permitted
Family Transfers.  The Option may be
transferred by Participant, without payment of consideration, to Participant’s
immediate family members or lineal descendants (“Permitted Family Members”), to
trusts for the benefit of Permitted Family Members, or to family partnerships
or limited liability companies of which Participant and Permitted Family
members are the only partners or members. 
For purposes of this Section, a transfer of the Option to a family
partnership or limited liability company in exchange for a partnership or
limited liability company interest will be deemed to be a transfer without
payment of consideration.

 

3

 

2.10         Effect
of Change in Control.

 

2.10.1      Acceleration
of Vesting.  Upon a Change in Control
Date, the Option, to the extent it had not yet become exercisable, will become
fully exercisable.  This acceleration
will not extend the date on which the Option terminates.  If, or to the extent, the acceleration of the
exercisability of the Option pursuant to this Section results in an “excess
parachute payment” within the meaning of Section 280G of the Code, Corporation
will reimburse Participant, on an after-tax basis, for (1) any excise tax
imposed by Section 4999(a) of the Code that is directly attributable to the
acceleration of the exercisability of the Option, and (2) any income taxes and
excise taxes imposed on any reimbursement pursuant to this sentence.  For purposes of computing any after-tax
reimbursement, Participant will be deemed to pay federal, state, and local
income taxes (for the state and locality of Participant’s residence) at the
highest effective combined marginal rates (giving effect to the deductibility
of state and local taxes) for the tax year in which the reimbursement payment
is made.  No reimbursement will be due pursuant
to this Section if, or to the extent, Participant is entitled to payment or
reimbursement for the same amounts under any other agreement with Corporation.

 

2.10.2      Dissolution.  The Option will terminate upon the effective
date of a dissolution or liquidation of Corporation.

 

2.10.3      Merger.  In the event of a merger or consolidation in
which Corporation is not the resulting or surviving corporation (or in which
Corporation is the resulting or surviving corporation but becomes a subsidiary
of another corporation), the Option will automatically be converted into an
option to purchase a number of shares of the stock of the resulting or
surviving corporation (or, in the event Corporation becomes a subsidiary of
another corporation, such other corporation) into which Corporation’s Shares
are converted in the transaction with such terms and conditions, both as to
number of shares, option price, and otherwise, as will substantially preserve
the economic rights and benefits of Participant under this Agreement.

 

3.  Tax Reimbursement

 

It is a condition of
Corporation’s obligation to issue Shares in connection with an exercise of the
Option that Participant pay to Corporation, or make provision satisfactory to
Corporation for the payment of, an amount sufficient to provide for any
withholding or similar tax liability imposed on Corporation in connection with
or with respect to any exercise of the Option.

 

4.  Conditions Precedent

 

Corporation will use its
best efforts to obtain approval of the Plan and this Option by any state or
federal agency or authority that Corporation determines has jurisdiction.  If Corporation determines that any required
approval cannot be obtained, this Option will terminate on notice to
Participant to that effect.  Without
limiting the

 

4

 

foregoing,
Corporation will not be required to issue any Shares upon exercise of all or
any portion of the Option until Corporation has taken all action required to
comply with all applicable federal and state securities laws.

 

5.  Successorship

 

Subject to restrictions
on transferability set forth in Section 2.9, this Agreement will be binding
upon and benefit the parties, their successors and assigns.

 

6.  Notices

 

Any notices under this
Option must be in writing and will be effective when actually delivered
personally or, if mailed, when deposited as registered or certified mail
directed to the address of Corporation’s records or to such other address as a
party may certify by notice to the other party.

 

7.  Arbitration

 

Any dispute or claim that
arises out of or that relates to this Agreement or to the interpretation,
breach, or enforcement of this Agreement, must be resolved by mandatory
arbitration in accordance with the then effective arbitration rules of Arbitration
Service of Portland, Inc., and any judgment upon the award rendered pursuant to
such arbitration may be entered in any court having jurisdiction thereof.

 

8.  Defined Terms

 

When used in this
Agreement, the following terms have the meaning specified below:

 

•              Acquiring Person means any person or related person or
related persons which constitute a “group” for purposes of Section 13(d) and
Rule13d-5 under the Securities Exchange Act of 1934 (the “Exchange Act”), as
such Section and Rule are in effect as of the Grant Date; provided, however,
that the term Acquiring Person shall not include (a) Corporation or any of its
Subsidiaries, (b) any employee benefit plan or related trust of Corporation or
any of its Subsidiaries, (c) any entity holding voting capital stock of
Corporation for or pursuant to the terms of any such employee benefit plan, or
(d) any person or group solely because such person or group has voting power
with respect to capital stock of Corporation arising from a revocable proxy or
consent given in response to a public proxy or consent solicitation made
pursuant to the Exchange Act.

 

•              Approved Retirement means termination of employment with an
Employer after Participant attains age 60, but only if such retirement is
approved by Corporation’s Chief Executive Officer

 

5

 

(CEO)
in his sole discretion and, in the case of termination of the CEO, by the
Compensation Committee of the Board of Directors of the Corporation in its sole
discretion.

 

•              Change in Control of Corporation means:

 

(a)           The
acquisition by any Acquiring Person of beneficial ownership (within the meaning
of Rule 13d-3 under the Exchange Act) of 20 percent or more of the combined
voting power of the then outstanding Voting Securities; provided, however, that
for purposes of this paragraph (a) the following acquisitions will not
constitute a Change in Control:  (i) any
acquisition directly from Corporation, (ii) any acquisition by Corporation, (iii)
any acquisition by any employee benefit plan (or related trust) sponsored or
maintained by Corporation or any corporation controlled by Corporation, or (iv)
any acquisition by any corporation pursuant to a transaction that complies with
clauses (i), (ii), and (iii) of paragraph (c) of this definition of Change in
Control; or

 

(b)           During
any period of 12 consecutive calendar months, individuals who at the beginning
of such period constitute the Board (the “Incumbent Board”) cease for any
reason to constitute at least a majority of the Board; provided, however, that
any individual who becomes a director during the period whose election, or
nomination for election, by Corporation’s stockholders was approved by a vote
of at least a majority of the directors then constituting the Incumbent Board
will be considered as though such individual were a member of the Incumbent
Board, but excluding, for this purpose, any such individual whose initial
assumption of office occurs as a result of an actual or threatened election
contest with respect to the election or removal of directors or other actual or
threatened solicitation of proxies or consents by or on behalf of a Person
other than the Board; or

 

(c)           Consummation
of a reorganization, merger, or consolidation or sale or other disposition of
all or substantially all of the assets of Corporation (a “Business Combination”)
in each case, unless, following such Business Combination, (i) all or
substantially all of the individuals and entities who were the beneficial
owners of the Voting Securities outstanding immediately prior to such Business
Combination beneficially own, directly or indirectly, more than 50 percent of,
respectively, the then outstanding shares of common stock and the combined
voting power of the then outstanding voting securities entitled to vote
generally in the election of directors, as the case may be, of the corporation
resulting from such Business Combination (including, without limitation, a
corporation which as a result of such transaction owns Corporation or all or
substantially all of Corporation’s assets either directly or through one or
more subsidiaries) in substantially the same proportions

 

6

 

as their ownership,
immediately prior to such Business Combination, of the Voting Securities, (ii)
no Person (excluding any employee benefit plan, or related trust, of
Corporation or such corporation resulting from such Business Combination)
beneficially owns, directly or indirectly, 20 percent or more of, respectively,
the then outstanding shares of common stock of the corporation resulting from
such Business Combination or the combined voting power of the then outstanding
voting securities of such corporation except to the extent that such ownership
existed prior to the Business Combination and (iii) at least a majority of the
members of the board of directors of the corporation resulting from such
Business Combination were members of Incumbent Board at the time of the
execution of the initial agreement, or of the action of the Board, providing
for such Business Combination; or

 

(d)           Approval
by the stockholders of Corporation of any plan or proposal for the liquidation
or dissolution of Corporation.

 

•              Change in Control Date means the first date following the
Grant Date on which a Change in Control has occurred.

 

•              Continuation Period means a period during which the Option
continues to be exercisable after termination of Employment, namely the period
ending on the earlier of the expiration of the original term of the Option or:

 

(a)           If
the termination of Employment is by reason of Participant’s death or
Disability, the expiration of one year following the Termination Date;

 

(b)           If
the termination of Employment is by reason of Participant’s Approved
Retirement, the expiration of two years following the Termination Date;

 

(c)           In
the case of an involuntary termination of Participant’s Employment by an
Employer, the expiration of five business days following the Termination Date;
or

 

(d)           If
the termination of Employment is for any other reason, the expiration of 30
days following the Termination Date.

 

(e)           Notwithstanding (a) through (d)
above, if a Participant terminates Employment for any reason other than
involuntary termination by an Employer for cause and has attained age 55 and
completed five years of service (as that term is defined in the
Louisiana-Pacific Retirement

 

7

 

Account
Plan) upon the Termination Date, the period ending on the expiration of the
original term of the Option.

 

•              Disability means the condition of being permanently unable
to perform Participant’s duties for an Employer by reason of a medically
determinable physical or mental impairment that can be expected to result in
death or that has lasted or can be expected to last for a continuous period of
at least 12 months.

 

•              Employee and Employment both refer to service by Participant
as a full-time or part-time employee of an Employer, and include periods of
illness or other leaves of absence authorized by an Employer.  A transfer of Participant’s Employment from
one Employer to another will not be treated as a termination of Employment.

 

•              Employer means Corporation or a Subsidiary of Corporation.

 

•              Termination Date means the date Participant ceases to be an
Employee.

 

•              Voting Securities means Corporation’s issued and outstanding
securities ordinarily having the right to vote at elections of directors.

 

•              Capitalized
terms not otherwise defined in this Agreement have the meanings given them in
the Plan.

 

8

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