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LOUISIANA-PACIFIC CORPORATION
  2000 EMPLOYEE STOCK PURCHASE PLAN
  
    Amended and Restated Effective July 15, 2002    
  

        1.    Purpose of the Plan.    This Plan shall be known as the "Louisiana-Pacific Corporation 2000 Employee Stock
Purchase Plan." The purpose of the Plan is to permit employees of Louisiana-Pacific Corporation (the "Company") and of its Subsidiaries (as hereinafter defined) to obtain or increase a proprietary
interest in the Company by permitting them to make installment purchases of shares of the Company's Common Stock (as hereinafter defined) through payroll deductions. The Plan is intended to qualify as
an "employee stock purchase plan" within the meaning of Section 423 of the Internal Revenue Code of 1986 (the "Code"). 

        2.    Definitions.    

        (a)    Common Stock.    The Company's $1 par value common stock as presently constituted and shares of common stock
which may be issued by the Company in exchange for or reclassification thereof. 

        (b)    Offering Dates.    

        (i)    First Offering Date.    November 1, 2000. 

        (ii)    Second Offering Date.    November 1, 2003. 

        (c)    Offering Periods.    

        (i)    First Offering Period.    The period beginning on November 1, 2000, and ending on November 30,
2000. 

        (ii)    Second Offering Period.    The period beginning on November 1, 2003, and ending on November 29,
2003. 

        (d)    Purchase Dates.    

        (i)    First Purchase Date.    December 31, 2001, or any earlier date of purchase pursuant to subscriptions
entered into during the First Offering Period. 

        (ii)    Second Purchase Date.    December 31, 2004, or any earlier date of purchase pursuant to subscriptions
entered into during the Second Offering Period. 

        (e)    Purchase Periods.    

        (i)    First Purchase Period.    The period beginning on January 1, 2001, and ending on December 31,
2001. 

        (ii)    Second Purchase Period.    The period beginning on January 1, 2004, and ending on December 31,
2004. 

        (f)    Purchase Price.    The lesser of (i) the Maximum Purchase Price or (ii) the mean between the
reported high and low sale prices of Common Stock on the New York Stock Exchange—Composite Transactions on the applicable Purchase Date or on the last day preceding such date on which such
Exchange shall have been open. The Purchase Price per share shall be subject to adjustment in accordance with the provisions of Section 17 of this Plan. 

        (g)    Maximum Purchase Price.    85 percent of the mean between the reported high and low sale prices of
Common Stock on the New York Stock Exchange—Composite Transactions on the last day preceding the applicable Offering Date on which such Exchange shall have been open. 

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        (h)    Eligible Employees.    Those persons who on the applicable Offering Date are employees of the Company or a
Subsidiary except those who, immediately prior to the applicable Offering Date, would be deemed under Section 423(b)(3) of the Code to own stock possessing 5 percent or more of the total
combined voting power or value of all classes of stock of the Company or any other corporation that constitutes a parent or subsidiary corporation of the Company within the meaning of that section. 

        (i)    Participant.    An Eligible Employee who subscribes for the purchase of shares of Common Stock under the Plan
in accordance with the Plan. 

        (j)    Subsidiary.    A corporation of which, on the applicable Offering Date, the Company or a subsidiary of the
Company owns at least 51 percent of the total combined voting power of all classes of stock and whose employees are authorized to participate in the Plan by the Board of Directors of the
Company or the Plan Administrator. Designations of participating corporations may be made from time to time from among a group consisting of the Company and its subsidiary corporations (including
corporations that become subsidiaries of the Company after the adoption and approval of the Plan). 

        (k)    Plan Administrator.    The Vice President, Human Resources, of the Company, or such other person or persons
that the Company may designate. 

        3.    The Offering.    The number of shares of Common Stock subject to the Plan shall be 1,500,000, subject to
adjustment as provided in Section 17 below. During each Offering Period the Company may offer, at the applicable Purchase Price, for subscription by Eligible Employees in accordance with the
terms of the Plan, such number of authorized and unissued or treasury shares of its Common Stock subject to the Plan as may be determined by the Plan Administrator. 

        4.    Subscriptions.    

        (a)    Shares Subject to Subscription.    During each Offering Period, each Eligible Employee shall be entitled to
subscribe for the number of whole shares of Common Stock offered during such Offering Period designated by him in accordance with the terms of the Plan; provided, however, that the minimum number of
such shares that may be subscribed for shall be the number of whole shares that can be purchased, at the Maximum Purchase Price for such Offering Period, with $600, and the maximum number of such
shares that may be subscribed for shall be the number of whole shares that can be purchased, at the Maximum Purchase Price for such Offering Period, with $21,240. 

        (b)    Further Limitation on Subscriptions.    Notwithstanding Section 4(a) above, the maximum number of shares
that may be subscribed for by an Eligible Employee shall be further limited and reduced to the extent that the number of shares owned by such Eligible Employee immediately after any Offering Date for
purposes of Section 423(b)(3) of the Code plus the maximum number of shares set forth in Section 4(a) above would exceed 5 percent of the total combined voting power or value of
all classes of stock of the Company or a parent or subsidiary corporation of the Company within the meaning set
forth in Section 423(b)(3) of the Code. Notwithstanding any other provision in the Plan, the minimum number of shares that may be purchased by a Participant shall not be less than 25 shares on
any Purchase Date. 

        (c)    Subscription Agreements.    Subscriptions pursuant to the Plan shall be evidenced by the completion and
execution of subscription agreements in the form provided by the Company and delivery of such agreements to the Company, at the place designated by the Company, prior to the expiration of each
Offering Period. Except as provided in the Plan, no subscription agreement shall be subject to termination or reduction during the Offering Period to which it relates without written consent of the
Company. 

        (d)    Over Subscription.    In the event that the aggregate number of shares subscribed pursuant to the Plan as of
any Purchase Date shall exceed the number of shares offered for sale during the Offering Period related to such Purchase Date, then each subscription for such Offering Period 

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pursuant to which a purchase is effected shall be reduced to the number of shares that such subscription would cover in the event of a proportionate reduction of all subscriptions for such Offering
Period outstanding on such Purchase Date so that the aggregate number of shares subject to all such subscriptions would not exceed the number of shares offered for sale during such Offering Period. In
making such reductions, fractions of shares shall be disregarded and each subscription shall be for a whole number of shares. 

        5.    Approval of Stockholders.    The Plan shall be submitted for approval by stockholders of the Company prior to
February 4, 2001. Subscriptions shall be subject to the condition that, prior to such date, the Plan shall be approved by the stockholders of the Company in the manner contemplated by
Section 423(b)(2) of the Code and Treasury Regulation Section 1.423-2(c). If not so approved prior to such date, the Plan shall terminate, all subscriptions hereunder shall
be canceled and be of no further force and effect, and all Participants shall be entitled to the prompt refund in cash of all sums withheld from and paid by them pursuant to the Plan. 

        6.    Payment of Purchase Price.    Except as otherwise specifically provided in the Plan, the Purchase Price of all
shares purchased hereunder shall be paid in equal installments (in the currency in which the Participant is paid) through payroll deduction from the Participant's compensation during the applicable
Purchase Period, without the right of prepayment. Each installment shall be in an amount (in the currency in which the Participant is paid) calculated as of the Offering Date to be equal to the
Maximum Purchase Price multiplied by the number of shares subscribed for divided by the number of annual pay periods for such Participant, with appropriate adjustment of future payroll deductions for
a Participant whose payroll period changes. A Participant shall pay the amount of any difference between the Purchase Price and the amount so withheld in cash not later than the applicable Purchase
Date; there shall be an appropriate reduction in the number of shares to be purchased by a Participant who fails to make such a required payment. 

        7.    Application of Funds; Participants' Accounts.    All amounts withheld from and paid by Participants hereunder
shall be deposited in the Company's general corporate account to be used for any corporate purposes; provided, however, that the Company shall maintain a separate bookkeeping account for each
Participant hereunder reflecting all amounts withheld from and paid by such Participant with respect to each Purchase Period under the Plan. No interest shall be credited to such separate accounts. 

        8.    Issuance of Shares.    Shares purchased under the Plan shall, for all purposes, be considered to have been
issued, sold and purchased at the close of business on the applicable Purchase Date. Prior to each applicable Purchase Date, no Participant shall have any rights as a holder of any shares covered by a
subscription agreement. Promptly after each Purchase Date, the Company shall issue and deliver to the Participant a stock certificate or certificates representing the whole number of shares purchased
by him during the Purchase Period ending with such Purchase Date and refund to the Participant in cash any excess amount in his account relating to such Purchase Period. Alternatively, instead of
paper stock certificates, the Company may distribute shares in book-entry form, where the Participant is provided with a statement that reflects the number of shares registered
electronically in his name on the Company's books. No adjustment shall be made for dividends or for other rights for which the record date is prior to the applicable Purchase Date, except as may
otherwise be provided in Section 17; provided, however, that the number of shares to be issued and delivered to a Participant upon a Purchase Date shall be reduced by the number of shares and
fractions thereof equal in value, determined as of said Purchase Date, to the amount of any required withholding by the Company of U.S. federal and state taxes from the Participant's income
attributable to the purchase of said shares. Notwithstanding the foregoing, shares to be otherwise delivered as aforesaid following a Purchase Date may, at the option of the Company, be held in the
possession of the Company for the benefit of a Participant for up to one year following a Purchase Date for the purpose of satisfying U.S. federal and state income tax withholding and reporting
obligations of the Company on the income of the 

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Participant attributable to the sale of the purchased shares within said one-year period. In the event purchased shares are so held by the Company, such shares shall be, upon written
instruction from the Participant, sold or transferred by gift in accordance with such instructions; provided, however, that in the case of an instruction by the Participant to sell all or a portion of
said shares, the Company shall effect the sale for the Participant on the New York Stock Exchange at a discount brokerage rate with the proceeds, less any applicable tax withholding, promptly remitted
to the Participant. 

        9.    Right to Terminate Subscription.    Each Participant shall have the right, at any time after the expiration of
each Offering Period and prior to the applicable Purchase Date, to terminate his subscription relating to such Offering Period by written notice to the Company and receive a prompt refund in cash of
the total amount in his account with respect to the applicable Purchase Period. 

        10.    Right to Reduce Number of Shares.    Each Participant shall have the right, at any time after the expiration of
each Offering Period and prior to the applicable Purchase Date, to make, by written notice to the Company, a one-time-only reduction in the number of shares covered by his
subscription agreement relating to such Offering Period (but not below the minimum number of shares provided in Section 4(b)). Upon such reduction of shares, an appropriate reduction shall be
made in the Participant's future payroll deductions during the applicable Purchase Period and the excess amount in the Participant's account with respect to such Purchase Period resulting from such
reduction shall be
promptly refunded to the Participant in cash or, at the option of the Participant, shall be applied in equal amounts against all future installment payments of the Maximum Purchase Price of the
reduced number of shares to be purchased during the applicable Purchase Period. 

        11.    Termination of Employment.    Subject to Section 4(b), upon termination of employment of a Participant
for any reason other than retirement, disability or death, including by reason of the sale of the Subsidiary by which the Participant is employed such that the Company or a Subsidiary of the Company
no longer owns at least 51 percent of the total combined voting power of all classes of stock of the Subsidiary, a Participant shall have, during the period of 30 days following his
termination date, but prior to the applicable Purchase Date, the right with respect to each Purchase Period for which he has an account under the Plan to elect to receive either a refund in cash of
the total amount of his account relating to such Purchase Period or the whole number of shares that can be purchased at the applicable Purchase Price with such amount together with any remaining cash
in his account relating to such Purchase Period. Each election must be in writing and delivered to the Company within the aforementioned period. If the Participant elects to receive shares, the
Purchase Date shall be the date the Participant's election is delivered to the Company. In the event the Participant does not make a timely election with respect to any Purchase Period for which he
has an account under the Plan, he shall be deemed to have elected to receive a cash refund of the amount of his account relating to such Purchase Period. 

        12.    Retirement; Disability.    A Participant who retires or whose employment is terminated by reason of any injury
or illness of such a serious nature as to disable the Participant from resuming employment with the Company shall have all of the rights described in Section 11 above and shall have the
additional right to elect, in the manner described in Section 11, to prepay in cash in a lump sum the entire unpaid balance of the Purchase Price of the shares covered by his subscription
agreement relating to the applicable Purchase Period and to receive such shares. The Purchase Date for this purpose shall be the date on which both the Participant's election and the
lump-sum cash payment shall have been delivered to the Company. For purposes of the Plan, a termination of employment at or after age 60 for any reason shall be considered retirement. 

        13.    Death.    In the event of the death of a Participant while in the employ of the Company or a Subsidiary and
prior to full payment of the Maximum Purchase Price for the shares covered by his subscription with respect to each Purchase Period, or the death of a retired or disabled Participant prior to the
exercise of his rights described in Section 12 above, his personal representative shall have, 

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during the period of three months following termination of the Participant's employment, but prior to the applicable Purchase Date, the rights described in Section 12. In the event of the
death of a Participant who previously terminated employment by reason other than retirement or disability prior to full payment of the Maximum Purchase Price for the shares covered by his subscription
with respect to a Purchase Period and prior to the exercise of his rights described in Section 11, his personal representative shall have the rights described in Section 11, except that
his personal representative shall have a period of three months following termination of the Participant's employment to make the applicable election. 

        14.    Termination, Retirement or Death Prior to Stockholder Approval.    Notwithstanding Sections 11, 12, and 13, if
the Plan shall not have been approved by stockholders of the Company as described in Section 5 prior to the time for the exercise of any rights described in Sections 11, 12 or 13, the
Participant or his personal representative shall only have, under said Sections, the right to receive a refund in cash of the total amount in his account with respect to each Purchase Period. 

        15.    Temporary Layoff; Leaves of Absence.    A Participant's installment payments with respect to each Purchase
Period shall be suspended during any period of absence from work due to temporary layoff or leave of absence without pay. If such Participant returns to active employment within the applicable
Purchase Period, installment payments shall resume and the Participant shall be entitled to elect either to make up the deficiency in his account with respect to such Purchase Period immediately with
a lump-sum cash payment, or to have future installments with respect to such Purchase Period uniformly increased to make up the deficiency, or to have an appropriate reduction made in the
number of shares covered by his subscription agreement with respect to such Purchase Period to eliminate the deficiency. The election (together with the lump-sum cash payment, if
applicable) must be delivered to the Company within 10 days of the Participant's return to active employment but prior to the applicable Purchase Date. If the Participant fails to make a timely
election, the appropriate reduction of shares shall be made in accordance with the above. If the Participant does not return to active employment within the applicable Purchase Period, he shall have
the right to elect to receive either a refund in cash of the total amount of his account with respect to such Purchase Period or the whole number of shares which can be purchased at the applicable
Purchase Price with such amount together with any remaining cash in his account with respect to the Purchase Period. The election must be in writing and delivered to the Company prior to, and shall be
effective as of, the applicable Purchase Date. In the event the Participant does not make a timely election with respect to any Purchase Period, he shall be deemed to have elected to receive the cash
refund with respect to that Purchase Period. 

        16.    Insufficiency of Compensation.    In the event that for any payroll period, for reasons other than termination
of employment for any reason, temporary layoff or leave of absence without pay, a Participant's compensation (after all other proper deductions from his compensation) becomes insufficient to permit
the full withholding of his installment payment, the Participant may pay the deficiency in cash when it becomes due. In the event that, in a subsequent payroll period, the Participant's compensation
becomes sufficient to make the full installment payment and there still remains a deficiency in his account, the deficiency must then be eliminated through the election of one of the alternatives
described in Section 15. The Participant must deliver his election to the Company within 10 days of the end of such subsequent payroll period but prior to the applicable Purchase Date.
In the event that on the applicable Purchase Date there remains a deficiency in such a Participant's account or, in the event a Participant described above fails to make a timely election, the
appropriate reduction of shares shall be made in accordance with Section 15. 

        17.    Effect of Certain Stock Transactions.    If at any time prior to the Fourth Purchase Date the Company shall
effect a subdivision of shares of Common Stock or other increase (by stock dividend or otherwise) of the number of shares of Common Stock outstanding, without the receipt of consideration by the
Company or another corporation in which it is financially interested and otherwise than in 

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discharge of the Company's obligation to make further payment for assets theretofore acquired by it or such other corporation or upon conversion of stock or other securities issued for consideration,
or shall
reduce the number of shares of Common Stock outstanding by a consolidation of shares, then (a) in the event of such an increase in the number of such shares outstanding, the number of shares
then remaining subject to the Plan and the number of shares of Common Stock then subject to Participants' subscription agreements shall be proportionately increased and the Maximum Purchase Price and
the Purchase Price per share for each Purchase Period affected by such event shall be proportionately reduced and (b) in the event of such a reduction in the number of such shares outstanding,
the number of shares then remaining subject to the Plan and the number of shares of Common Stock then subject to subscription agreements shall be proportionately reduced and the Maximum Purchase Price
and the Purchase Price per share for each Purchase Period affected by such event shall be proportionately increased. Except as provided in this Section 17, no adjustment shall be made under the
Plan or any subscription agreement by reason of any dividend or other distribution declared or paid by the Company. 

        18.    Merger, Consolidation, Liquidation or Dissolution.    In the event of any merger or consolidation of which the
Company is not to be the survivor (or in which the Company is the survivor but becomes a subsidiary of another corporation), or the liquidation or dissolution of the Company, each Participant shall
have the right immediately prior to such event to elect to receive the number of whole shares that can be purchased at the Purchase Price applicable to each Purchase Period with respect to which such
Participant has subscribed for purchase of Common Stock with the full amount that has been withheld from and paid by him pursuant to the subscription agreement relating to such Purchase Period,
together with any remaining excess cash in his account relating to such Purchase Period. If such election is not made with respect to the amount in a Participant's account for any Purchase Period, the
Participant's subscription agreement shall terminate and he shall receive a prompt refund in cash of the total amount in such account. 

        19.    Limitation on Right to Purchase.    Notwithstanding any provision of the Plan to the contrary, if at any time a
Participant is entitled to purchase shares of Common Stock on a Purchase Date, taking into account such Participant's rights, if any, to purchase Common Stock under the Plan and all other stock
purchase plans of the Company and of other corporations that constitute parent or subsidiary corporations of the Company within the meaning of Sections 424(e) and (f) of the Code, the result
would be that, during the then current calendar year, such Participant would have first become entitled to purchase under the Plan and all such other plans a number of shares of Common Stock of the
Company that would exceed the maximum number of shares permitted by the provisions of Section 423(b)(8) of the Code, then the number of shares that such Participant shall be entitled to
purchase pursuant to the Plan on such Purchase Date shall be reduced by the number that is one more than the number of shares that represents the excess, and any excess amount in his account resulting
from such reduction shall be promptly refunded to him in cash. 

        20.    Interest.    Any person who becomes entitled to receive any amount of cash refund from any account maintained
for him pursuant to any provision of the Plan shall be entitled to receive in cash, at the same time, simple interest on the amount of such refund at the rate of 5 percent per annum. Any refund
shall be deemed to be made from the most recent payment or payments made by the Participant pursuant to the Plan. 

        21.    Non-Assignability.    None of the rights of an Eligible Employee under the Plan or any subscription
agreement entered into pursuant hereto shall be transferable by such Eligible Employee otherwise than
by will or the laws of descent and distribution, and during the lifetime of an Eligible Employee such rights shall be exercisable only by him. 

        22.    Shares Not Purchased.    Shares of Common Stock subject to the Plan that are not subscribed for during the
First Offering Period and shares subscribed for pursuant to the First Offering Period 

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that thereafter cease to be subject to any subscription agreement hereunder shall remain subject to and reserved for use in connection with the Second Offering Period. 

        23.    Construction; Administration.    All questions with respect to the construction and application of the Plan and
subscription agreements thereunder and the administration of the Plan shall be settled by the determination of the Plan Administrator or of one or more other persons designated by it, which
determinations shall be final, binding and conclusive on the Company and all employees and other persons. All Eligible Employees shall have the same rights and privileges under the Plan. The Purchase
Price, the Maximum Purchase Price, and the amount in each Participant's account shall be denominated in United States dollars and amounts received from or paid to any Participant in any other currency
shall be converted into United States dollars at the exchange rate in effect on the date of receipt or payment. 

        24.    Termination or Amendment.    The Plan may be terminated or amended in any way by the Board of Directors at any
time prior to approval of the Plan by the stockholders of the Company pursuant to Section 5. Subsequent to such approval of the Plan by the stockholders of the Company, the Plan may be
terminated or amended by the Plan Administrator, provided that no such termination or amendment shall (a) adversely affect the rights of employees under subscription agreements theretofore
entered into pursuant to the Plan, (b) increase the maximum number of shares of Common Stock offered under the Plan or decrease the price per share, except pursuant to Section 17, or
(c) violate applicable federal or state law. 

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Exhibit 10.3    
  

 
  WAIVER AND SECOND AMENDMENT    
  

        This WAIVER AND SECOND AMENDMENT ("Second Amendment"), dated as of July 23, 2002, is entered into by and
among LOUISIANA-PACIFIC CORPORATION, a Delaware corporation (the "Borrower"), BANK OF AMERICA, N.A., as agent for the Lenders (the
"Administrative Agent") and those financial institutions parties to the Credit Agreement as defined below (collectively, the
"Lenders") signatory hereto. 

 
 

RECITALS    
  

        A.    The
Borrower, the Lenders and the Administrative Agent are parties to a Credit Agreement dated as of November 15, 2001 (as amended or modified from time to time,
the "Credit Agreement"), pursuant to which the Administrative Agent and the Lenders have extended certain credit facilities to the Borrower. 

        B.    The
Borrower and the Administrative Agent also executed that certain Security Agreement dated as of November 15, 2001 pursuant to which the Borrower granted to the
Administrative Agent for the benefit of the Lenders a security interest in certain assets of the Borrower to secure the Borrower's Obligations under the Credit Agreement (the
"Security Agreement"). 

        C.    The
Borrower has reported to the Administrative Agent and the Lenders that Schedules 5.13 and 7.02 to the Credit Agreement need to be corrected and updated due to certain
unintentional omissions and inaccuracies on such Schedules ("Schedule Inaccuracies"). The Borrower has asked the Lenders to amend Schedules 5.13 and
7.02 to the Credit Agreement to correct and update certain information and amend the Security Agreement in certain respects and, subject to the terms and conditions of this Second Amendment, the
Lenders have agreed to do so. 

        D.    The
Borrower has reported to the Administrative Agent and the Lenders that the Borrower and its Subsidiary, LP Receivables Corporation ("LP
Receivables") have unintentionally failed to comply with certain obligations under the Permitted Securitization (the "Securitization
Non-Compliance Events"), as more fully described in the waiver, attached hereto as Exhibit A (the
"Securitization Waiver"), with Wachovia Bank, N.A. ("Wachovia"), as Administrative Agent, Committed Bank
and Liquidity Bank, and Blue Ridge Asset Funding Corporation, as Lender (the "Receivables Lender"). Pursuant to the Securitization Waiver, Wachovia, the
Receivables Lender and LP Receivables waive all defaults and events of defaults under the Transaction Documents (as defined in the Permitted Securitization Credit and Security Agreement) arising from
the Securitization Non-Compliance Events. 

        E.    The
Borrower has reported to the Administrative Agent and the Lenders that the Schedule Inaccuracies and the Securitization Non-Compliance Events may have
resulted in defaults and cross-defaults under other agreements to which the Borrower and its Subsidiaries are a party, which consequence may have resulted in defaults under the Credit Agreement. The
Borrower has requested the Administrative Agent and the Lenders waive any such defaults. 

        F.    The
Lenders are willing to waive certain Defaults and Events of Default under the Credit Agreement and to amend the Schedules to the Credit Agreement and the Security
Agreement, subject to the terms and conditions of this Second Amendment. 

        NOW,
THEREFORE, for valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereby agree as follows: 

        1.    Defined Terms.    Unless otherwise defined herein, capitalized terms used herein shall have the meanings
assigned to them in the Credit Agreement. 

 

        2.    Defaults and Waiver.    shall mean: 

        (a)  For
purposes of this Second Amendment, the "Existing Defaults" shall mean: 

          (i)  the
Defaults and Events of Default existing on the date hereof under Section 6.03(a), Section 8.01(b), Section 8.01(c), Section 8.01(d) and
Section 8.01(e) of the Credit Agreement solely as a result of the Schedule Inaccuracies and the Securitization Non-Compliance Events; and 

        (ii)  the
Defaults and Events of Default, including, without limitation, any Default or Event of Default under Section 8.01 (e) of the Credit Agreement,
existing on the date hereof arising from any breaches, defaults, events of default or cross-defaults arising solely from the Schedule Inaccuracies and the Securitization Non-Compliance
Events under each of the Forex Agreement, the Canadian Credit Facility, the Transaction Documents (as defined in the Permitted Securitization Credit and Security Agreement) and any other agreement to
which the Borrower or any of its subsidiaries may be a party, provided, that, in the case of any such agreement, the breaches, defaults, events of
default or cross defaults arising solely from the Schedule Inaccuracies and the Securitization Non-Compliance Events under such agreement have been cured or have been waived by all parties
necessary to effectuate a valid and binding waiver of such breaches, defaults, events of default or cross defaults. 

        (b)  Subject
to and upon the terms and conditions hereof, the Lenders hereby waive the Existing Defaults. Without limiting the foregoing, the Lenders agree that no Obligation
shall bear interest at the Default Rate, and the Borrower shall not be obligated to pay any such interest, as a result of any Existing Default. 

        (c)  Nothing
contained herein shall be deemed a waiver of (or otherwise affect the Administrative Agent's or the Lenders' ability to enforce) any Default or Event of Default
(other than the Existing Defaults), including without limitation (i) any Default or Event of Default (other than the Existing Defaults) as may now or hereafter exist and arise from or otherwise
be related to the Existing Defaults (including without limitation any cross-default arising under the Credit Agreement (other than the Existing Defaults) by virtue of any matters resulting from the
Existing Defaults), and (ii) any Default or Event of Default (other than the Existing Defaults) existing at any time after the Effective Date (as defined below) and which is the same as any of
the Existing Defaults. 

        3.    Amendments to the Credit Agreement.    Schedule 2.01 to the Credit Agreement is amended and restated as
set forth on Replacement Schedule 2.01 attached hereto to reflect decreases in each Lender's Commitment resulting from mandatory prepayments made by the Borrower pursuant to the Credit
Agreement. Schedules 5.13 and 7.02 to the Credit Agreement are amended and restated as set forth in Replacement Schedules 5.13 and 7.02 attached hereto. 

        4.    Amendment to the Security Agreement.    Section 4.1 (a) of the Security Agreement is amended to
read as follows: 

"(a)
keep all the Inventory (other than inventory sold in the ordinary course of business or inventory in transit in the ordinary course of business to or between the locations of the Grantor
specified in Item A of Schedule I or to purchasers of such inventory) at the places therefor specified in Section 3.1 and
the office(s) where it keeps its records concerning the Inventory located at the addresses set forth on Item B of Schedule I or at such other places in a jurisdiction where all representations
and warranties set forth in Article III (including Section 3.5) shall be true and correct, and all action required pursuant to Section 4,5 shall have been taken with respect to
the Inventory, and to deliver not more than thirty days after the end of each fiscal quarter a report in form and 

2

 

substance satisfactory to the Agent which discloses the locations of all places where Inventory is stored; and 

        5.    Representations and Warranties.    The Borrower hereby represents and warrants, as of the Effective Date (as
defined below), to the Administrative Agent and each of the Lenders as follows: 

        (a)  Other
than the Existing Defaults, no Default or Event of Default has occurred and is continuing. 

        (b)  The
execution, delivery and performance by the Borrower of this Second Amendment have been duly authorized by all necessary corporate and other action and do not and
will not require any registration with, consent or approval of, notice to or action by, any Person (including any Governmental Authority) in order to be effective and enforceable. The Credit Agreement
as amended by this Second Amendment constitutes a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its respective terms, without defense,
counterclaim or offset except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors' rights generally or by
equitable principles relating to enforceability whether enforcement is sought in a proceeding at law or in equity. 

        (c)  After
giving effect to this Second Amendment, all representations and warranties made by it contained in the Credit Agreement are true and correct as though made on and
as of the Effective Date (as defined in Section 6 below) (except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true and
correct as of such earlier date; and, with respect to Section 5.13(c)(i), except to the extent disclosed on Schedule 1 hereto). 

        (d)  It
is entering into this Second Amendment on the basis of its own investigation and for its own reasons, without reliance upon the Administrative Agent, the Lenders
(except for performance of the terms hereof applicable to them) or any other person. 

        6.    Effective Date.    This Second Amendment will become effective as of the date first written above (the
"Effective Date"), provided that the Administrative Agent has received each of the following: 

        (a)  an
original or facsimile of this Second Amendment, duly executed by the Required Lenders and the Borrower; 

        (b)  a
consent and waiver, duly executed by the Borrower, Bank of America, N.A. and Canadian Imperial Bank of Commerce (together with Bank of America, N.A.,
"Forex Lenders") as parties to the Forex Agreement whereby the Forex Lenders shall have consented to the Second Amendment, agreed that any provisions of
the Credit Agreement which are incorporated by reference into the Forex Agreement are amended as set forth herein and waived each breach or default arising under the Forex Agreement and all other
documents related thereto from the Existing Defaults; 

        (c)  a
waiver, duly executed by the Borrower and Royal Bank of Canada as parties to the Canadian Credit Facility whereby such parties shall have waived each breach or default
arising under the Canadian Credit Facility and all other documents related thereto from the Existing Defaults; and 

        (d)  a
Securitization Waiver, duly executed by each party thereto. 

        7.    Reservation of Rights.    The Borrower acknowledges and agrees that neither the Administrative Agent's nor the
Lenders' forbearance in exercising their rights and remedies in connection with the Existing Defaults nor the execution and delivery by the Administrative Agent 

3

 

and the Lenders of this Second Amendment, shall be deemed (i) to create a course of dealing or otherwise obligate the Administrative Agent or the Lenders to forbear or execute similar waivers
under the same or similar circumstances in the future or (ii) to waive, relinquish or impair any right of the Administrative Agent or the Lenders to receive any indemnity or similar payment
from any person or entity as a result of any matter arising from or relating to the Existing Defaults. 

        8.    Miscellaneous.    

        (a)  All
terms, covenants and provisions of the Credit Agreement, after giving effect to this Second Amendment, are and shall remain in full force and effect, and all
references therein to such Credit Agreement shall henceforth refer to the Credit Agreement as amended by this Waiver and Amendment. This Waiver and Amendment shall be deemed incorporated into, and a
part of, the Credit Agreement. 

        (b)  This
Second Amendment shall be binding upon and inure to the benefit of the parties hereto and thereto and their respective successors and assigns. No third party
beneficiaries are intended in connection with this Second Amendment. 

        (c)  This
Second Amendment shall be governed by, and construed in accordance with, the law of the State of New York made and to be performed entirely within such state;  provided that the Administrative Lender and
each Lender shall retain all rights arising under federal law. 

        (d)  This
Second Amendment, together with the Credit Agreement, contains the entire and exclusive agreement of the parties hereto with reference to the matters discussed
herein and therein. This Second Amendment supersedes all prior drafts and communications with respect thereto. This Second Amendment may not be amended except in accordance with the provisions of
Section 10.01 of the Credit Agreement, 

        (e)  This
Second Amendment may be executed in any number of separate counterparts, each of which, when so executed, shall be deemed an original, and all of said counterparts
taken together shall be deemed to constitute but one and the same instrument. 

        (f)    If
any term or provision of this Second Amendment is deemed prohibited by or invalid under any applicable law, such provision shall be invalidated without affecting the
remaining provisions of this Second Amendment or the Credit Agreement, respectively. 

        (g)  The
Borrower covenants to pay or reimburse the Administrative Agent and the Lenders, upon demand, for all reasonable costs and expenses (including, without limitation,
allocated costs of in-house counsel) incurred in connection with the development, preparation, negotiation, execution and delivery of this Second Amendment. 

[Remainder
of Page Intentionally Left Blank] 

4

        IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute and deliver this Second Amendment as of the date first above written. 

	 	 	LOUISIANA-PACIFIC CORPORATION, as the Borrower
	

 	
 	

By:	
 	

/s/  CURTIS M. STEVENS      

	 	 	Name:	 	Curtis M. Stevens

	 	 	Title:	 	EVP & CFO

	

 	
 	
BANK OF AMERICA, N.A., as Administrative Agent, an L/C Issuer and a Lender
	

 	
 	

By:	
 	

/s/  MICHAEL BALOK      

	 	 	Name:	 	Michael Balok

	 	 	Title:	 	Managing Director

	

 	
 	
ROYAL BANK OF CANADA, as Documentation Agent and a Lender
	

 	
 	

By:	
 	

/s/  CHRIS ABE      

	 	 	Name:	 	Chris Abe

	 	 	Title:	 	Manager

	

 	
 	
THE BANK OF NOVA SCOTIA, as a Lender
	

 	
 	

By:	
 	

/s/  DARYL K. HOGGE      

	 	 	Name:	 	Daryl K. Hogge

	 	 	Title:	 	Director

	

 	
 	
WACHOVIA BANK, N.A., as Syndication Agent and a Lender
	

 	
 	

By:	
 	

/s/  SHAWN JANKO      

	 	 	Name:	 	Shawn Janko

	 	 	Title:	 	Vice President

	

 	
 	
EXPORT DEVELOPMENT CANADA, (formerly known as EXPORT DEVELOPMENT CORPORATION), as a Lender
	

 	
 	

By:	
 	

/s/  SAMUEL ASIEDER      

	 	 	Name:	 	Samuel Asieder

	 	 	Title:	 	Asset Management

	

 	
 	

By:	
 	

/s/  ROBERT PELLETIER      

	 	 	Name:	 	Robert Pelletier

	 	 	Title:	 	Asset Management

 
 

REPLACEMENT SCHEDULE 2.01
  COMMITMENTS AND PRO RATA SHARES    
  

	Lender
 
	 	Commitment
	 	Pro Rata Share
	 
	BANK OF AMERICA, N.A.	 	$	49,320,628.21	 	26.315789478	%
	WACHOVIA BANK, N.A.	 	$	49,320,628.20	 	26.315789472	%
	ROYAL BANK OF CANADA	 	$	49,320,628.20	 	26.315789472	%
	TAE BANK OF NOVA SCOTIA	 	$	29,592,376.92	 	15.789473683	%
	EXPORT DEVELOPMENT CANADA	 	$	9,864,125.64	 	5.263157894	%
	 	 	
	 	
	 
	TOTAL	 	$	187,418,387.17	 	100.00000000	%

 
 

REPLACEMENT SCHEDULE 5.13
  5.13(c) ERISA Compliance    
  

        The Company sponsors the Louisiana-Pacific Corporation Retirement Account Plan. Originally this was a defined benefit pension plan covering certain hourly
employees of LP. Effective January 1, 2000, this was converted to a cash balance plan covering most non-bargained employees. As of January 1, 2002, on an ongoing basis, the
Plan has a surplus of approximately $1,000,000. As of January l, 2002, on a plan termination basis, the Plan has an unfunded liability of approximately $29,000,000. 

        The
Company sponsors the ABTco, Inc. Retirement Plan. This is a defined benefit plan covering bargained and non-bargained employees of ABTco. As of January 1,
2002, on an ongoing basis, the Plan has a surplus of approximately $1,000,000. As of January 1, 2002, on a plan termination basis, the Plan has an unfunded liability of approximately
$14,000,000. 

 
 

SCHEDULE 7.02
  EXISTING INVESTMENTS(1)
  LOUISIANA-PACIFIC CORPORATION    
  

	(1)
	Investments
listed on this schedule that apply to wholly-owned Foreign Subsidiaries are listed to indicate that such existing investments do not count towards the $50,000,000 limit on
investments in Foreign Subsidiaries contained in Section 7.02(j) of the Credit Agreement. 

Guaranties  

	1.
	All
guaranties listed on Schedule 7.03 

Joint Venture Arrangements  

	2.
	Bridge
loan to Samoa Pacific Cellulose, LLC ("Samoa"), pursuant to the Bridge Loan Agreement between Samoa and Louisiana-Pacific Corporation ("LPC"), dated February 21, 2001.

	3.
	Investment
in Louisiana-Pacific Coillte Ireland pursuant to the Joint Venture Agreement between LPC and Coillte Teorantia, dated September 14, 1993 or otherwise.

	4.
	Investment
in Louisiana-Pacific Chile S.A, pursuant to the Joint Venture Agreement entered into May 21, 1999 among Bomasil S.A., LPC and Louisiana-Pacific South America S.A.
otherwise. 

Foreign Subsidiaries  

	5.
	Louisiana-Pacific
Canada Pulp Co.

	6.
	3047525
Nova Scotia Company

	7.
	3047526
Nova Scotia Company

	8.
	Louisiana-Pacific
Canada Ltd.

	9.
	Louisiana-Pacific
B.C. Forest Products Limited

	10.
	LP
Engineered Wood Products Ltd.

	11.
	Louisiana
Pacific de Mexico, S.A. de C.V.

	12.
	Louisiana-Pacific,
S.A. de C.V.

	13.
	Louisiana-Pacific
Coillte Ireland Limited

	14.
	L-P
Foreign Sales Corporation

	15.
	Louisiana-Pacific
South America S.A. 

Other Investments  

	16.
	Investment
in LP Receivables Corporation

	17.
	Investment
in LPS Corporation

	18.
	Investment
in Louisiana-Pacific Timber Company

	19.
	Timber
Notes Receivables

	20.
	Loans
to executive officers and other executives under the Executive Loan Program for the purchase of the Borrower's Common Stock 

 
 

LOUISIANA-PACIFIC CANADA LTD.    
  

Joint Venture Arrangements  

	1.
	Investment
in Slocan-LP OSB Corp. ("Slocan"; formerly known as 600720 B.C. Ltd.) pursuant to the Shareholders Agreement among Slocan Forest Products Ltd.,
Louisiana-Pacific Canada Ltd. and Slocan, dated June 23, 2000 or otherwise. 

Subsidiaries  

	2.
	Louisiana-Pacific
B.C. Forest Products Limited

	3.
	LP
Engineered Wood Products Ltd. 

 
 

LOUISIANA-PACIFIC TIMBER COMPANY    
  

Investment
in L-PSPV, Inc. 

 
 

LPS CORPORATION    
  

Investment
in Samoa Pacific Cellulose 

Investment
in LPS II Corporation 

Investment
in L-P Redwood, LLC 

 
 

LPS II CORPORATION    
  

Investment
in Samoa Pacific Cellulose 

 
 

L-P REDWOOD,-LLC    
  

Investment
in L-P SPV2, LLC 

 
 

GREENSTONE INDUSTRIES, INC.    
  

Investment
in US Green Fiber LLC pursuant to the Limited Liability Company Agreement of US Green Fiber LLC or otherwise. 

 
 

LOUISIANA-PACIFIC LIMITED PARTNERSHIP    
  

Subsidiary  

Louisiana-Pacific
Canada Ltd. 

 
 

3047525 NOVA SCOTIA COMPANY    
  

Subsidiary  

Investment
in Louisiana-Pacific Limited Partnership. 

 
 

3047526 NOVA SCOTIA COMPANY    
  

Subsidiary  

Louisiana-Pacific
Limited Partnership 

 
 

LOUISIANA-PACIFIC SOUTH AMERICA S.A.    
  

Subsidiary  

Louisiana-Pacific
Chile, S.A. 

 
 

INVESTMENTS IN FORM OF INTER-COMPANY LOANS    
  

Investments
in form of inter-company indebtedness, as listed on Exhibit C to Schedule 7.03. 

 
 

SCHEDULE 1    
  

        On May 4, 2002, the Company announced a program of facility sales and closures that to the extent implemented may result in a reduction under ERISA
Section 4043(c)(3) of more than 24 percent of the active participants in 2002 or 2003, or more than 25 percent of the active participants in 2002 and 2003, in either or both of
the Louisiana-Pacific Corporation Retirement Account Plan or the ABTco. Inc. Retirement Plan. 

        As
such, it would be a Reportable Event, unless the 30 day notice period has been waived under 29 CFR Section 4043.23(c)(2) or (3). It is not presently known whether either
such waiver will apply and thus it is not presently certain that either such event would be a Reportable Event under the Credit Agreement. Such participant reductions may constitute a partial
termination of either or both such Plans, in which event the affected participants must under tax qualified plan law be vested to the extent their benefits are funded. The Company has decided to fully
vest the affected participants who are not already vested, by Plan amendment, instead of incurring the substantial administrative expenses and uncertainties of a vesting to the extent funded
determination. 

QuickLinks

Exhibit 10.3

WAIVER AND SECOND AMENDMENT

RECITALS

REPLACEMENT SCHEDULE 2.01 COMMITMENTS AND PRO RATA SHARES

REPLACEMENT SCHEDULE 5.13 5.13(c) ERISA Compliance

SCHEDULE 7.02 EXISTING INVESTMENTS(1) LOUISIANA-PACIFIC CORPORATION

LOUISIANA-PACIFIC CANADA LTD.

LOUISIANA-PACIFIC TIMBER COMPANY

LPS CORPORATION

LPS II CORPORATION

L-P REDWOOD,-LLC

GREENSTONE INDUSTRIES, INC.

LOUISIANA-PACIFIC LIMITED PARTNERSHIP

3047525 NOVA SCOTIA COMPANY

3047526 NOVA SCOTIA COMPANY

LOUISIANA-PACIFIC SOUTH AMERICA S.A.

INVESTMENTS IN FORM OF INTER-COMPANY LOANS

SCHEDULE 1

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