Document:

Restricted Stock Unit

RESTRICTED STOCK UNIT AWARD AGREEMENT

		
	Corporation:
	Louisiana-Pacific Corporation, a Delaware corporation (“Corporation”)

		
	Awardee:
	[Employee name] (“Participant”)

		
	Plan:
	Louisiana-Pacific Corporation 2013 Omnibus Stock Award Plan (the “Plan”)

		
	Award:
	[XXX] Share units having a value equal to such number of Shares (“Restricted Stock Units”)

		
	Grant Date:
	__________ ___, 20___ (“Grant Date”)

Corporation and Participant agree as follows:
1.    Defined Terms.  Capitalized terms not otherwise defined in this Restricted Stock Unit Award Agreement (the “Agreement”) have the meanings given them in the Plan.
2.    Grant of Restricted Stock Units.  As of the Grant Date, Corporation has granted to Participant the Restricted Stock Units (which Award is a form of restricted stock grant under the Plan).  Each Restricted Stock Unit represents the right of Participant to receive one Share subject to and upon the terms and conditions of this Agreement and the Plan.
3.    Acknowledgment.  Participant acknowledges that the Restricted Stock Units are subject to the terms and conditions set forth in this Agreement and in the Plan.
4.     Vesting of Restricted Stock Units.  
(a)    The Restricted Stock Units will become nonforfeitable and payable to Participant pursuant to Section 5 hereof on the _____ anniversary of the Grant Date (the “Vesting Date”), conditioned upon Participant’s continuous employment with the Company or a Subsidiary through the Vesting Date.  Any Restricted Stock Units that do not so become nonforfeitable will be forfeited, including, except as provided in Section 4(b) below, if Participant ceases to be 

continuously employed by Corporation or a Subsidiary prior to the Vesting Date.  For purposes of this Agreement, “continuously employed” means the absence of any interruption or termination of Participant’s employment with Corporation or with a Subsidiary.  Continuous employment shall not be considered interrupted or terminated in the case of sick leave, military leave or any other leave of absence approved by Corporation or in the case of transfers between locations of Corporation and its Subsidiaries.
(b)    Notwithstanding Section 4(a) above, all of the Restricted Stock Units will become nonforfeitable and payable to Participant pursuant to Section 5 hereof upon the occurrence of any of the following events (each, an “Early Vesting Event”) if the Restricted Stock Units have not previously been forfeited or become nonforfeitable:  termination of Participant’s continuous employment by reason of Participant’s death, Disability, or a Change of Control.
5.     Form and Time of Payment of Restricted Stock Units.
(a)    Payment for the Restricted Stock Units, after and to the extent they have become nonforfeitable, shall be made in the form of Shares.  Except as provided in Section 5(b), such payment shall be made within 10 days following the date that the Restricted Stock Units become nonforfeitable pursuant to Section 4 hereof.
(b)    If the Restricted Stock Units become nonforfeitable (i) by reason of the occurrence of a Change of Control as described in Section 4(b), and if the Change of Control does not constitute a “change in control” for purposes of Section 409A(a)(2)(A)(v) of the Code, or (ii) by reason of a termination of Participant’s employment by reason of Participant’s Disability, and if such termination does not constitute a “separation from service” for purposes of Section 409A(a)(2)(A)(i) of the Code, then payment for the Restricted Stock Units will be made upon the earliest of (w) Participant’s “separation from service” with Corporation and its Subsidiaries (determined in accordance with Section 409A(a)(2)(A)(i) of the Code), (x) the Vesting Date, (y) Participant’s death, 

or (z) the occurrence of a Change in Control that constitutes a “change in control” for purposes of Section 409A(a)(2)(A)(v) of the Code.
(c)    If the Restricted Stock Units become payable on Participant’s “separation from service” with the Corporation and its Subsidiary within the meaning of Section 409A(a)(2)(A)(i) of Code and Participant is a “specified employee” as determined pursuant to procedures adopted by Corporation in compliance with Section 409A of the Code, then payment for the Restricted Stock Units shall be made on the earlier of the first day of the seventh month after the date of Participant’s “separation from service” with Corporation and its Subsidiaries within the meaning of Section 409A(a)(2)(A)(i) of the Code or the Participant’s death.
(d)    Except to the extent provided by Section 409A of the Code and permitted by the Administrator, no Shares may be issued to Participant at a time earlier than otherwise expressly provided in this Agreement.
(e)    Corporation’s obligations to Participant with respect to the Restricted Stock Units will be satisfied in full upon the issuance of Shares corresponding to such Restricted Stock Units.
6.     Restrictions during Vesting Period.  Subject to Section 6.6(a) of the Plan, prior to the Vesting Date or an Early Vesting Date, Participant may not sell, assign, pledge, transfer, encumber or otherwise dispose of the Restricted Stock Units (or the Shares subject to the Restricted Stock Units).
7.    Dividend, Voting and Other Rights.  Participant will have no rights of ownership in the Shares underlying the Restricted Stock Units, no right to dividends and no right to vote the Shares underlying the Restricted Stock Units until the date on which the Shares underlying the Restricted Stock Units are issued or transferred to Participant pursuant to Section 5 above.  However, from and after the Grant Date and until the earlier of (a) the time when the Restricted Stock Units are settled in Shares in accordance with Section 5 hereof or (b) the time when 

Participant’s right to receive Shares  in payment of the Restricted Stock Units is forfeited in accordance with Section 4, on the date that Corporation pays a cash dividend (if any) to holders of Shares generally, Corporation shall accrue an amount of cash equal to the product of the per-Share amount of the dividend paid multiplied by the number of such Restricted Stock Units.  Such amount shall be paid to Participant only if, and at the same time as, the underlying Shares are delivered to Participant pursuant to Section 5. 
8.     Tax Withholding.  Corporation will have the right to deduct from any settlement of the Restricted Stock Units any federal, state, or local taxes of any kind required by law to be withheld with respect to such payments or to take such other action as may be necessary in the opinion of Corporation to satisfy all obligations for the payment of such taxes. Participant must make arrangements satisfactory to Corporation for the satisfaction of any such withholding tax obligations. Corporation will not be required to make any such payment until such obligations are satisfied. Participant may elect that all or any part of such withholding requirement be satisfied by retention by Corporation of a portion of the Shares to be delivered to Participant or by delivering to Corporation other Shares held by Participant.  If such election is made, the Shares so retained or delivered shall be credited against such withholding requirement at the Fair Market Value per Share of such Shares on the date of such delivery.  In no event will the fair market value of the Shares to be withheld and/or delivered pursuant to this Section 8 to satisfy applicable withholding taxes exceed the minimum amount of taxes required to be withheld.
9.    Miscellaneous.
(a)    Compliance With Law.  Corporation shall make reasonable efforts to comply with all applicable federal and state securities laws; provided, however, notwithstanding any other provision of the Plan and this Agreement, Corporation shall not be obligated to issue any Shares pursuant to this Agreement if the issuance thereof would result in a violation of any such law.

(b)    Compliance With Section 409A of the Code.  To the extent applicable, it is intended that this Agreement and the Plan comply with the provisions of Section 409A of the Code.  This Agreement and the Plan shall be administered in a manner consistent with this intent, and any provision that would cause this Agreement or the Plan to fail to satisfy Section 409A of the Code shall have no force or effect until amended to comply with Section 409A of the Code (which amendment may be retroactive to the extent permitted by Section 409A of the Code and may be made by Corporation without the consent of Participant). 
(c)    Interpretation.  Any reference in this Agreement to Section 409A of the Code will also include any proposed, temporary or final regulations, or any other guidance, promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service.  Except as expressly provided in this Agreement, capitalized terms used herein will have the meaning ascribed to such terms in the Plan.
(d)    No Employment Rights.  The grant of the Restricted Stock Units under this Agreement to Participant is a voluntary, discretionary award being made on a one-time basis and it does not constitute a commitment to make any future awards.  The grant of the Restricted Stock Units and any payments made hereunder will not be considered salary or other compensation for purposes of any severance pay or similar allowance, except as otherwise required by law.  Nothing contained in this Agreement shall confer upon Participant any right to be employed or remain employed by Corporation or any of its Subsidiaries, nor limit or affect in any manner the right of Corporation or any of its Subsidiaries to terminate the employment or adjust the compensation of Participant.
(e)    Relation to Other Benefits.  Any economic or other benefit to Participant under this Agreement or the Plan shall not be taken into account in determining any benefits to which Participant may be entitled under any profit-sharing, retirement or other benefit or 

compensation plan maintained by Corporation or any of its Subsidiaries and shall not affect the amount of any life insurance coverage available to any beneficiary under any life insurance plan covering employees of Corporation or any of its Subsidiaries    
(f)    Amendments.  Any amendment to the Plan shall be deemed to be an amendment to this Agreement to the extent that the amendment is applicable hereto; provided, however, that (i) no amendment shall adversely affect the rights of Participant under this Agreement without Participant’s written consent, and (ii) Participant’s consent shall not be required to an amendment that is deemed necessary by Corporation to ensure compliance with Section 409A of the Code. 
(g)    Severability.  In the event that one or more of the provisions of this Agreement shall be invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully enforceable.
(h)    Relation to Plan.  This Agreement is subject to the terms and conditions of the Plan.  In the event of any inconsistency between the provisions of this Agreement and the Plan, the Plan shall govern.  The Administrator acting pursuant to the Plan, as constituted from time to time, shall, except as expressly provided otherwise herein or in the Plan, have the right to determine any questions which arise in connection with this Agreement.
(i)    Successors and Assigns.  Without limiting the provisions of this Agreement, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, administrators, heirs, legal representatives and assigns of Participant, and the successors and assigns of Corporation.

(j)    Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same agreement. 
[signature page follows]
     IN WITNESS WHEREOF, Corporation has caused this Agreement to be executed on its behalf by its duly authorized officer and Participant has executed this Agreement, effective as of _________, ___, 20__.
	
		
	Corporation:
	LOUISIANA-PACIFIC CORPORATION

_____________________________________
By:  [officer name] 
Its:  [officer title]

	Participant:
	 

[Participant name]First Admendment

FIRST AMENDMENT TO CREDIT AGREEMENT

THIS FIRST AMENDMENT TO CREDIT AGREEMENT, dated as of February 25, 2014 (this “Agreement”), is entered into among Louisiana-Pacific Corporation, a Delaware corporation (the “Borrower”), the Guarantors identified on the signatures pages hereto, the Lenders and Voting Participants identified on the signature pages hereto, American AgCredit, PCA (as assignee of American AgCredit, FLCA), as Administrative Agent (the “Administrative Agent”) and CoBank, ACB, as L/C Issuer (the “L/C Issuer”).  Capitalized terms used herein and not otherwise defined shall have the meanings ascribed thereto in the Credit Agreement (as defined below).

RECITALS

A.    The Borrower, the Guarantors from time to time party thereto, the Lenders from time to time party thereto, the Administrative Agent and the L/C Issuer are parties to that certain Credit Agreement dated as of December 6, 2013 (as amended or modified from time to time, the “Credit Agreement”).

B.    The Borrower has informed the Administrative Agent that it wishes to (a) make one or more intercompany loans to its wholly owned Subsidiary, Can Holdco, and (b) pledge such promissory note evidencing such loan(s) to Can Holdco to secure the Borrower’s guarantee of LP Holdings’ forward subscription obligations to Can Holdco.  

C.    The Borrower and the Guarantors have requested certain changes to the Credit Agreement to accommodate the transactions set forth above, and, in connection therewith, the parties hereto have agreed to amend the Credit Agreement as provided herein.

D.    In consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows.

AGREEMENT

1.    Amendments.  

(a)The definition of Excluded Property in Section 1.01 of the Credit Agreement is amended to delete the word “and” prior to clause (h) thereof and to add the following at the end thereof:

“, and (i) the Can Holdco Notes.”

		
	(b)
	Definitions of Can Holdco, Can Holdco Notes, Can Holdco Subscription Agreements and LP Holdings are added to Section 1.01 of the Credit Agreement to read as follows:

“Can Holdco” means LP Canada Holdings Corp., a corporation organized under the laws of the province of British Columbia, Canada.  
    
“Can Holdco Notes” means one or more promissory notes in an aggregate principal amount not to exceed $750,000,000 Canadian Dollars to be issued to the Borrower by Can Holdco which are secured by Can Holdco’s rights, payments, title and interest in, to and under one or more of the Can Holdco Subscription Agreements and all proceeds thereof.

“Can Holdco Subscription Agreements” means one or more subscription agreements evidencing forward subscription obligations of LP Holdings’ to Can Holdco. 

“LP Holdings” means Louisiana-Pacific Holdings LLC, a Delaware limited liability company.

		
	(c)
	Section 8.01 of the Credit Agreement is amended to (a) delete the word “and” at the end of subsection (u); (b) renumber the current subsection (v) as subsection (w); and (c) add a new subsection (v) to read as follows:

(v)        (i) Liens on the Can Holdco Notes and all proceeds thereof securing the Borrower’s guarantee of LP Holdings’ obligations to Can Holdco under any Can Holdco Subscription Agreement and (ii) Liens on one or more of the Can Holdco Subscription Agreements and all proceeds thereof securing Can Holdco’s obligations in respect of any Can Holdco Note; and 

		
	(d)
	Section 8.02 of the Credit Agreement is amended to (a) renumber the current subsection (n) as subsection (o); and (b) add a new subsection (n) to read as follows:

(n)        An Investment consisting of one or more intercompany loans from the Borrower to Can Holdco in a principal amount not to exceed $750,000,000 Canadian Dollars at any time outstanding; and

		
	(e)
	Section 8.03 of the Credit Agreement is amended to (a) delete the word “and” at the end of subsection (j); (b) renumber the current subsection (k) as subsection (l); and (c) add a new subsection (k) to read as follows:

(k)        Indebtedness of Can Holdco evidenced by the Can Holdco Notes, in a principal amount not to exceed $750,000,000 Canadian Dollars at any time outstanding; and

2.    Effectiveness; Conditions Precedent.  This Agreement shall be effective as of the date of this Agreement upon receipt by the Administrative Agent of copies of this Agreement duly executed by the Borrower, the Guarantors, the Required Lenders, the Administrative Agent and the L/C Issuer.

3.    Ratification of Credit Agreement.  Each of the Loan Parties hereby acknowledges and consents to the terms set forth herein and agrees that this Agreement does not impair, reduce or limit any of its obligations under the Loan Documents as amended hereby.  

4.    Affirmation of Liens.  Each of the Loan Parties hereby affirms the liens and security interests created and granted by it in the Loan Documents (including, but not limited to, each of the Collateral Documents) and agrees that this Agreement shall in no manner adversely affect or impair such liens and security interests (other than as an express result of the change to the definition of Excluded Property contemplated hereby).

5.    Representations and Warranties.  Each of the Loan Parties represents and warrants to the Lenders as follows:

(a)    It has taken all necessary action to authorize the execution, delivery and performance of this Agreement;

(b)    This Agreement has been duly executed and delivered by such Person and constitutes such Person’s legal, valid and binding obligations, enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally; 

(c)    No material approval, consent, exemption, authorization or other action by, or notice to, or filing with, any Governmental Authority or any other Person is required in connection with the execution, delivery or performance by such Person of this Agreement;

(d)    The execution and delivery of this Agreement does not (i) contravene the terms of any of such Person’s Organization Documents; (ii) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (A) any Contractual Obligation to which such 

Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (B) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (iii) violate any Law (including, without limitation, Regulation U or Regulation X issued by the FRB); except in each case referred in clauses (ii) or (iii), to the extent that conflict or violation could not reasonably be expected to have a Material Adverse Effect;

(e)    After giving effect to this Agreement, the representations and warranties of the Borrower and each other Loan Party contained in Article VI of the Credit Agreement and any other Loan Document are true and correct in all material respects on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct, in all material respects, as of such earlier date; and

(f)    After giving effect to this Agreement, no Default exists or would result.

6.    Guaranty.  Each of the Guarantors, hereby consents to this Agreement and hereby agrees (a) that the Guaranty in Article IV of the Credit Agreement is and shall continue in full force and effect with respect to the Obligations, (b) that, to its knowledge, as of the date hereof, there are no offsets, claims, counterclaims, cross-claims or defenses of any Guarantor with respect to the Guaranty nor, to each Guarantor’s knowledge, with respect to such Obligations, (c) that the Guaranty is not released, diminished or impaired in any way by this Agreement or the transactions contemplated hereby, and (d) that the Guaranty is hereby ratified and confirmed in all respects.  Each Guarantor hereby consents to the terms of this Agreement and acknowledges that without this consent and reaffirmation, the Administrative Agent and Lenders party hereto would not execute this Agreement or otherwise consent to its terms.

7.    Counterparts/Telecopy.  This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument.  Delivery of executed counterparts of this Agreement by telecopy or .pdf shall be effective as an original.

8.    GOVERNING LAW.  THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

9.    Reference to and Effect on Credit Agreement.  Except as specifically modified herein, the Credit Agreement and the other Loan Documents shall remain in full force and effect and are each hereby ratified and confirmed.  This Agreement shall be considered a Loan Document from and after the date hereof.  The Borrower and the Guarantors intend for the amendments to the Loan Documents set forth herein to evidence an amendment to the terms of the existing indebtedness of the Borrower and the Guarantors to the Administrative Agent and the Lenders and do not intend for such amendments to constitute a novation in any manner whatsoever.  

[remainder of page intentionally left blank]

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

		
	BORROWER:
	LOUISIANA-PACIFIC CORPORATION,

a Delaware corporation
By:    /s/ Mark G. Tobin
Name: Mark G. Tobin
Title: Treasurer

		
	GUARANTORS:
	LOUISIANA-PACIFIC HOLDINGS LLC,

a Delaware limited liability company
By:    /s/ Mark G Tobin
Name: Mark G Tobin
Title: Treasurer

LPS CORPORATION,
an Oregon corporation

By: /s/ Mark G Tobin    
Name: Mark G Tobin
Title: Treasurer

[SIGNATURE PAGES CONTINUE]

ADMINISTRATIVE
		
	AGENT: 
	AMERICAN AGCREDIT, pCA,

as Administrative Agent
By:    /s/ Michael J Balock
Name: Michael J Balock
Title: Vice President

		
	L/C ISSUER:
	cobank, acb, 

as L/C Issuer
By: /s/ Zachery Carpenter    
Name: Zachery Carpenter
Title: Vice President
LENDERS AND VOTING 
		
	PARTICIPANTS:
	AMERICAN AGCREDIT, PCA,

as a Lender 
By:    /s/ Michael J Balock
Name: Michael J Balock
Title: Vice President
cobank, Fcb, 
as a Lender
By: /s/ Zachery Carpenter    
Name: Zachery Carpenter
Title: Vice President
FARM CREDIT SERVICES OF AMERICA, PCA,
as a Lender

By: /s/ Ben Fogle    
Name: Ben Fogle
Title: Vice President Capital Markets
 

AGFIRST FARM CREDIT BANK

By:     /s/ James M. Mancini Jr.                    
Name: James M Mancini Jr                        
Title:     Vice President                    

ii

FARM CREDIT MID-AMERICA, FLCA

By: /s/ Ralph M Bowman                         
Name:     Ralph M Bowman                    
Title:     Vice President                    

ii

        
GREENSTONE FARM CREDIT SERVICES, FLCA

By:     /s/ Jeff Pavlik                    
Name:     Jeff Pavlik                    
Title:     Vice President                    

ii

FIRST SOUTH FARM CREDIT

By:     /s/ John W. Hurt                    
Name:     John W Hurt                    
Title:     Vice President

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