Document:

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                                                                    Exhibit 10.1

                          LOUISIANA-PACIFIC CORPORATION

                      DIRECTORS' DEFERRED COMPENSATION PLAN

                              AMENDED AND RESTATED

                                 AUGUST 1, 2000

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                                TABLE OF CONTENTS

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Article 1     --PURPOSE; EFFECTIVE DATE......................................1

Article 2     --DEFINITIONS..................................................1

Article 3     --PARTICIPATION AND DEFERRAL ELECTIONS.........................5

      3.1   Eligibility and Participation....................................5

            3.1.1 Eligibility................................................5

            3.1.2 Participation..............................................5

            3.1.3 Part-Period Participation..................................5

      3.2   Deferral Election................................................5

      3.3   Amount of Deferral; Minimum Deferral.............................5

      3.4   Limitation on Deferral...........................................5

      3.5   Revocation or Modification of Deferral Elections.................5

            3.5.1 General....................................................5

            3.5.2 Exception..................................................6

Article 4     --DEFERRED COMPENSATION ACCOUNT................................6

      4.1   Accounts.........................................................6

      4.2   Initial Account Balance..........................................6

      4.3   Separate Subaccounts.............................................6

            4.3.2 New Contributions..........................................6

            4.3.3 Transfers..................................................6

      4.4   Deferred Compensation............................................6

      4.5   Additional Amounts Credited as Growth Factor.....................7

            4.5.1 General....................................................7

            4.5.2 Fixed Return Subaccount....................................7

            4.5.3 L-P Stock Return Subaccount................................7

      4.6   Maintenance of Subaccounts.......................................7

            4.6.1 Fixed Return Subaccount....................................7

            4.6.2 L-P Stock Return Subaccount................................7

      4.7   Restricted Stock Plan Credit.....................................8

      4.8   Determination of Accounts........................................8

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      4.9   Vesting of Accounts..............................................8

      4.10  Statement of Accounts............................................8

Article 5     --PLAN BENEFITS................................................9

      5.1   Plan Benefit; Settlement Date....................................9

      5.2   Payment Methods..................................................9

      5.3   Election of Settlement Date and Payment Method...................9

      5.4   Modification of Settlement Date and Payment Method...............9

      5.5   In-Service Withdrawals..........................................10

            5.5.1 Election to Withdraw......................................10

            5.5.2 Amount of Withdrawal......................................10

            5.5.3 Form of In-Service Withdrawal Payment.....................10

      5.6   Hardship Distributions..........................................10

      5.7   Accelerated Distribution........................................10

      5.8   Payment to Guardian.............................................10

Article 6     --BENEFICIARY DESIGNATION.....................................10

      6.1   Beneficiary Designation.........................................10

      6.2   Changing Beneficiary............................................11

      6.3   Community Property..............................................11

      6.4   No Beneficiary Designation......................................11

      6.5   Effect of Payment...............................................12

Article 7     --ADMINISTRATION..............................................12

      7.1   Committee; Duties...............................................12

      7.2   Agents..........................................................12

      7.3   Binding Effect of Decisions.....................................12

      7.4   Indemnity of Committee..........................................12

Article 8     --AMENDMENT AND TERMINATION OF PLAN...........................12

      8.1   Amendment.......................................................12

                  (a)   Notice..............................................13

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                                TABLE OF CONTENTS
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                  (b)   Change in Control...................................13

      8.2   Corporation's Right to Terminate................................13

                  (a)   Partial Termination.................................13

                  (b)   Complete Termination................................13

Article 9     --MISCELLANEOUS...............................................13

      9.1   Unfunded Plan...................................................13

      9.2   Unsecured General Creditor......................................13

      9.3   Trust Fund......................................................14

      9.4   Nonassignability................................................14

      9.5   Not a Contract of Future Service on Board.......................14

      9.6   Protective Provisions...........................................14

      9.7   Terms...........................................................14

      9.8   Captions........................................................14

      9.9   Governing Law; Arbitration......................................14

      9.10  Validity........................................................15

      9.11  Notice..........................................................15

      9.12  Successors......................................................15

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                         LOUISIANA-PACIFIC CORPORATION

                      DIRECTORS' DEFERRED COMPENSATION PLAN

                              AMENDED AND RESTATED
                            EFFECTIVE AUGUST 1, 2000

Article 1 --PURPOSE; EFFECTIVE DATE

      The purpose of this Directors' Deferred Compensation Plan (the "Plan") is
to provide current tax planning opportunities as well as supplemental funds for
retirement or death for non-employee directors of Louisiana-Pacific Corporation
("Corporation"). It is intended that the Plan will aid in attracting and
retaining directors of exceptional ability by providing them with these
benefits. The Plan became effective as of July 1, 1997, and is amended and
restated effective August 1, 2000, as set forth in this Plan. The terms of this
Plan superseded and replaced the terms of the Louisiana-Pacific Corporation
Director's Deferred Compensation Plan dated August 1, 1985 (the "Prior Plan")
and, effective on and after July 1, 1997, the amount of any director's deferred
account under the Prior Plan, computed as of June 30, 1997, are subject to and
governed by the terms of this Plan.

                            Article 2--DEFINITIONS

      For the purposes of this Plan, the following terms have the meanings
indicated unless the context clearly indicates otherwise:

      "ACCOUNT" means a bookkeeping account maintained by Corporation in
accordance with Article 4 with respect to any Deferred Compensation pursuant to
the Plan.

      "ACQUIRING PERSON" means any person or related person or related persons
which constitute a "group" for purposes of Section 13(d) and Rule 13d-5 under
the Securities Exchange Act of 1934 as amended (the "Exchange Act"); provided,
however, that the term Acquiring Person does 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.

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      "ACTUARIAL EQUIVALENT" means equivalence in value between two or more
forms and/or times of payment based on a determination by an actuary chosen by
Corporation, using sound actuarial assumptions at the time of such
determination.

      "BENEFICIARY" means the person, persons or entity entitled under Article 4
to receive any Plan Benefits payable after a Participant's death.

      "BOARD" means the Board of Directors of Corporation.

      "CHANGE IN CONTROL" means any of the following events:

            (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 shareholders 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:

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                  (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
            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 (1) or more
            subsidiaries) in substantially the same proportions 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 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 Corporation resulting from such Business Combination
            were members of the 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 shareholders of Corporation of any plan or
      proposal for the liquidation or dissolution of Corporation.

      "COMMITTEE" means the Committee appointed by the Chief Executive Officer
to administer the Plan pursuant to Article 7.

      "COMPENSATION" means all directors' fees, including Board and committee
meeting fees, payable to a Participant (before reduction for amounts deferred
under the Plan). Compensation does not include expense reimbursements or any
form of noncash compensation or benefits.

      "CORPORATION" means Louisiana-Pacific Corporation, a Delaware corporation,
or any successor to its business.

      "DEFERRAL ELECTION" means an election made by a Participant pursuant to a
Participation Agreement as described in Article 3.

      "DEFERRAL PERIOD" means a period over which a Participant has elected to
defer a portion of his or her Compensation. For all periods prior to August 1,
2000, Deferral Periods were calendar years (or, for the initial Deferral Period
the portion of calendar year 1997 beginning July 1, 1997). Effective August 1,
2000, each calendar quarter will be a Deferral Period.

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      "DEFERRED COMPENSATION" means the amount of Compensation that a
Participant elects to defer pursuant to a Deferral Election.

      "DETERMINATION DATE" means the last day of each calendar month.

      "DIRECTOR" means a member of the Board who is not an employee of
Corporation or of any subsidiary of Corporation.

      "FINANCIAL HARDSHIP" means severe financial hardship to the Participant
resulting from a sudden and unexpected illness or accident of the Participant or
of a dependent (as defined in Section 152(a) of the Internal Revenue Code) of
the Participant, loss of the Participant's property due to casualty, or other
similar extraordinary and unforeseeable circumstances arising as a result of
events beyond the control of the Participant. The circumstances that will
constitute an unforeseeable emergency will depend upon the facts of each case,
but in any case, payment may not be made to the extent that such hardship is or
may be relieved:

            (a)   Through reimbursement or compensation by insurance or
      otherwise;

            (b) By liquidation of the Participant's assets, to the extent the
      liquidation of such assets would not itself cause severe financial
      hardship;

            (c)   By cessation of deferrals under the Plan;

            (d) By borrowing from commercial sources on reasonable commercial
      terms.

      "FIXED RETURN RATE" means (as of each Determination Date) the monthly
equivalent of the annual yield plus two percentage points of the Moody's Average
Corporate Bond Yield Index for the preceding calendar month as published by
Moody's Investor Service, Inc. (or any successor service) or, if such index is
no longer published, a substantially similar index selected by the Board.

      "PARTICIPANT" means any Director who is participating or has participated
in the Plan as provided in Article 3.

      "PARTICIPATION AGREEMENT" means an agreement submitted by a Participant to
the Committee prior to the beginning of a Deferral Period, with respect to a
Deferral Election covering one or more Deferral Periods.

      "PLAN BENEFIT" means the benefit payable to a Participant under the Plan.
      "SETTLEMENT DATE" means the date elected by a Participant pursuant to
Section 5.1 for payment, or commencement of installment payments, of a Plan
Benefit.

      "SHARE" or "SHARES" means a share (or shares) of Corporation's Common
Stock.

      "SHARE UNIT" means a bookkeeping unit with a value, as of any measurement
date (such as the date amounts are credited or transferred to or from an L-P
Stock Return Subaccount) equal

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to the value of a Share. Share Units will be determined on the basis of whole
and fractional Shares (with fractional Share Units expressed as a decimal
fraction rounded to the nearest one-hundredth).

      "SUBACCOUNT" means an L-P Stock Return Subaccount or a Fixed Return
Subaccount as described in Section 4.3.

      "TERMINATION DATE" means the date a Participant ceases to be a Director
for any reason.

                ARTICLE 3--PARTICIPATION AND DEFERRAL ELECTIONS

      3.1   ELIGIBILITY AND PARTICIPATION

            3.1.1 ELIGIBILITY. The persons eligible to participate in the Plan
are Directors.

            3.1.2 PARTICIPATION. Except as provided in Section 3.1.3, a Director
who elects to participate in the Plan with respect to any Deferral Period must
submit a Participation Agreement to the Committee prior to the beginning of the
Deferral Period.

            3.1.3 PART-PERIOD PARTICIPATION. In the event that a Director first
becomes eligible to participate during a Deferral Period, a Participation
Agreement must be submitted to the Committee no later than 30 days following
notification of the Director of eligibility to participate. Such Participation
Agreement will be effective only with regard to Compensation earned following
the submission of the Participation Agreement to the Committee.

      3.2 DEFERRAL ELECTION. A Participant makes a Deferral Election for a
Deferral Period by signing and delivering to the Committee a Participation
Agreement prior to the beginning of the Deferral Period. A Deferral Election may
cover:

            (a) A single specified Deferral Period (i.e., a specified calendar
      quarter);

            (b) Two or more consecutive specified Deferral Periods; or

            (c) All Deferral Periods commencing with a designated calendar
      quarter and continuing until the Participant either revokes or modifies
      the Deferral Election.

      3.3 AMOUNT OF DEFERRAL; MINIMUM DEFERRAL. A Participant may elect to defer
any portion of his or her compensation for a Deferral Period. The amount to be
deferred may be stated as either a percentage of Compensation or a dollar amount
and may not be less than $600 for any Deferral Period.

      3.4 LIMITATION ON DEFERRAL. A Participant may defer up to 100 percent of
the Participant's Compensation. However, the Committee may impose a maximum
deferral amount or increase the minimum deferral amount under Section 3.3 from
time to time by giving written notice to all Participants, provided, however,
that no such changes will affect a Deferral Election made prior to the
Committee's action.

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      3.5 REVOCATION OR MODIFICATION OF DEFERRAL ELECTIONS.

            3.5.1 GENERAL. A Deferral Election for a Deferral Period may not be
revoked or modified after the beginning of the Deferral Period except as
provided in Section 3.5.2. Any Deferral Election covering Deferral Periods that
have not yet begun may be revoked or modified by delivery to the Committee
(prior to the beginning of the applicable Deferral Period) of a new
Participation Agreement.

            3.5.2 EXCEPTION. The Committee may permit a Participant to reduce
the amount to be deferred, or waive the remainder of a Deferral Election for a
Deferral Period, upon a finding that the Participant has suffered a Financial
Hardship. If a Participant ceases receiving Compensation during a Deferral
Period due to disability, the Deferral Election for such Deferral Period will
cease at that time.

                   ARTICLE 4--DEFERRED COMPENSATION ACCOUNT

      4.1 ACCOUNTS. Corporation will maintain a bookkeeping account ("Account")
for each Participant as described in this Article 4. A Participant's Account
will be utilized solely as a device for the determination and measurement of the
amounts to be paid to the Participant pursuant to the Plan. A Participant's
Account will not constitute or be treated as a trust fund of any kind.

      4.2 INITIAL ACCOUNT BALANCE. Each Participant who was a Director on June
30, 1997, was credited with an initial balance in his or her Account equal to
the balance (if any) in the Prior Plan as of June 30, 1997.

      4.3 SEPARATE SUBACCOUNTS.

            4.3.1 GENERAL. Effective August 1, 2000, each Participant will have
two Subaccounts in his or her Account:

            (a) An L-P Stock Return Subaccount; and

            (b) A Fixed Return Subaccount.

The balance in each Participant's Account as of July 31, 2000, will be credited
to such participant's Fixed Return Subaccount.

            4.3.2 NEW CONTRIBUTIONS. A Participant may direct that new Deferred
Compensation amounts be allocated to either Subaccount or between both
Subaccounts in such proportions as the Participant directs in a Participation
Agreement. A Participant's direction as to the allocation of new Deferred
Compensation amounts between the Subaccounts may be made and/or modified only on
a calendar quarter by calendar quarter basis and must be made (pursuant to a new
or modified Participation Agreement) and delivered to the Committee before the
beginning of the applicable calendar quarter. Subsequent transfers between
Subaccounts may be made only as provided in Section 4.3.3.

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            4.3.3 TRANSFERS. A Participant may transfer all or any portion of
the balance of one Subaccount to the Participant's other Subaccount effective as
of January 1 or July 1 of each calendar year beginning in 2001. Such transfer
may be made by written notice to the Committee prior to the January 1 or July 1
effective date of such transfer.

      4.4 DEFERRED COMPENSATION. A Participant's Deferred Compensation will be
credited to the Participant's Account and Subaccounts as the corresponding
nondeferred portion of the Compensation becomes or would have become payable.
Any withholding of taxes or other amounts with respect to Deferred Compensation
that is required by state, federal, or local law will be withheld from the
Participant's nondeferred Compensation to the maximum extent possible and the
Participant will make arrangements with Corporation for the payment of any
excess.

      4.5 ADDITIONAL AMOUNTS CREDITED AS GROWTH FACTOR.

            4.5.1 GENERAL. For all periods beginning August 1, 2000, each
Subaccount will be credited with an additional amount as described in this
Section ("Growth Factor") from the date Deferred Compensation amounts are
credited to a Subaccount (or amounts are transferred to a Subaccount as provided
in Section 4.3.3). Each Subaccount will be adjusted effective as of each
Determination Date to reflect the Growth Factor for such Subaccount accrued
during the calendar month ending on such Determination Date.

            4.5.2 FIXED RETURN SUBACCOUNT. For each Fixed Return Subaccount the
Growth Factor will be an additional amount (accrued in the same manner as
interest compounded monthly). The rate of such accrual will be the Fixed Return
Rate.

            4.5.3 L-P STOCK RETURN SUBACCOUNT. For each L-P Stock Return
Subaccount the Growth Factor will be the total investment income (or loss),
including dividends and appreciation (or depreciation) in the value of the Stock
Units credited to the L-P Stock Return Subaccount.

      4.6 MAINTENANCE OF SUBACCOUNTS.

            4.6.1 FIXED RETURN SUBACCOUNT. Each Fixed Return Subaccount will be
maintained as follows:

            (a) All Deferred Compensation amounts allocated to a Fixed Return
      Subaccount pursuant to Section 4.3.3 will be credited to the Fixed Return
      Subaccount as of the date of such contribution or transfer.

            (b) As of each Determination Date, each Fixed Return Account will be
      credited with an amount equal to the interest that would accrue during the
      one-month period ending on such Determination Date on a principal amount
      equal to the daily average balance of the Fixed Return Subaccount during
      such period with an interest rate equal to the Fixed Return Rate.

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            4.6.2 L-P STOCK RETURN SUBACCOUNT. Each L-P Stock Return Subaccount
will be maintained as follows:

            (a) As of each date any Deferred Compensation is credited to, and as
      of such date any amount is transferred pursuant to Section 4.3.3 to, a
      Participant's L-P Stock Return Subaccount, the L-P Stock Return Subaccount
      will be credited with a number of Stock Units equal to the total dollar
      amount of such credit or transfer divided by the market value of a Share
      as of the date of such credit or transfer;

            (b) Each L-P Stock Return Subaccount will be credited, as of the
      payment date of each dividend paid with respect to Corporation's Common
      Stock, with:

                  (i) A number of Stock Units equivalent to the per-Share number
            of Shares distributed as a stock dividend multiplied by the number
            of Stock Units in such L-P Stock Return Account as of the record
            date for such stock dividend; and

                  (ii) A number of Stock Units equal to (A) the per-Share dollar
            amount of any cash dividend multiplied by the number of Stock Units
            in such L-P Stock Return Subaccount on the record date for such cash
            dividend divided by (B) the market value of a Share as of the
            payment date of such cash dividend;

            (c) Each L-P Stock Return Subaccount will be similarly adjusted to
      reflect any stock splits, extraordinary distributions on Corporation's
      Common Stock, etc., to reflect the same investment result as if the Stock
      Units held in an L-P Stock Return Subaccount were actual Shares;

            (d) Each L-P Stock Return Subaccount will be debited (reduced) as of
      the date of any distribution or transfer to another subaccount pursuant to
      Section 4.3.3 by a number of Share Units equal to the dollar amount of
      such distribution or transfer divided by the market value of a Share as of
      the date of such distribution or transfer; and

            (e) The value of an L-P Stock Return Account as of any date will be
      equal to the product of the number of Stock Units credited to the L-P
      Stock Return Subaccount multiplied by the market value of a Share on such
      date.

      4.7 RESTRICTED STOCK PLAN CREDIT. A Participant who makes a deferral
election under Corporation's 2000 Non-Employee Director Restricted Stock Plan
(the "Restricted Stock Plan") will receive a credit to the Participant's L-P
Stock Return Subaccount equal to the Fair Market Value (as defined in the
Restricted Stock Plan) as of the vesting date for a restricted stock award (an
"Award") under the Restricted Stock Plan, of the shares covered by the Award
pursuant to such deferral election. Amounts credited to a Participant's L-P
Stock Return Subaccount pursuant to this Section 4.7 will be subject to all the
provisions of this Plan as if such amounts had been Deferred Compensation
amounts under the Plan.

      4.8 DETERMINATION OF ACCOUNTS. Each Participant's Account as of each
Determination Date will consist of the balance of the Participant's Accounts as
of the immediately preceding

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Determination Date, plus the Participant's Deferred Compensation credited, any
amounts credited pursuant to Section 4.7, and the appropriate Growth Factor
accrued, minus the amount of any withdrawals or distributions made since the
immediately preceding Determination Date. As of any Determination Date, the
balance of a Participant's Account equals the sum of the balances of his or her
Subaccounts.

      4.9 VESTING OF ACCOUNTS. Each Participant will be 100 percent vested at
all times in his or her entire Account and Subaccounts.

      4.10 STATEMENT OF ACCOUNTS. The Committee will submit to each Participant,
within 120 days after the close of each calendar year and at such other time as
determined by the Committee, a statement setting forth the balance to the credit
of each Account and Subaccount maintained for a Participant.

                           ARTICLE 5 --PLAN BENEFITS

      5.1 PLAN BENEFIT; SETTLEMENT DATE. Upon termination of a Participant's
service as a Director for any reason (including death) the Participant will be
entitled to a Plan Benefit equal to the balance of his or her Account. The Plan
Benefit will be paid or commenced as of the Settlement Date elected by the
Participant in the manner described in Section 5.3, which may be either 65 days
after the Termination Date or January 10 of the calendar year following the
Termination Date.

      5.2 PAYMENT METHODS. A Participant may elect, in the manner described in
Section 5.3, one of the following payment methods:

            (a) A lump-sum payment;

            (b) Annual installment payments over any period selected by the
      Participant computed as follows (the computation uses as an illustrative
      example an election for installment payments over ten years):

                  (i) The Account and Subaccounts will continue to accrue Growth
            Factor as described in Article 4 during the installment period;

                  (ii) The first installment will be one-tenth of the total
            Account Balance as of the Settlement Date and will be payable within
            5 days after the Settlement Date;

                  (iii) The second installment will be one-ninth of the total
            Account balance as of the first anniversary of the Settlement Date
            and will be payable within 5 days of such anniversary; and

                  (iv) Subsequent installments will be computed in the same
            manner; or

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            (c) Any other method acceptable to the Committee that is the
      Actuarial Equivalent of a lump-sum payment of the Participant's Account
      balance.

      5.3 ELECTION OF SETTLEMENT DATE AND PAYMENT METHOD. A Participant must
elect a Settlement Date and form of payment method as of the first Participation
Agreement submitted by the Participant after August 1, 2000. Effective August 1,
2000, any payment method previously elected for the last Deferral Period will be
the payment method for the Participant's entire Account unless the Participant
subsequently modifies such election as provided in Section 5.4. If no Settlement
Date is selected, the Settlement Date will be 65 days after the Termination
Date. If no payment method is elected or if a Participant's Account Balance is
less than $20,000, the Participant will be deemed to have elected payment in a
lump sum.

      5.4 MODIFICATION OF SETTLEMENT DATE AND PAYMENT METHOD. A Participant may
modify the Settlement Date or the form of payment method at any time so long as
such modification is made in writing to the Committee before the end of the
calendar year that is two calendar years prior to the date when the
Participant's benefit payments were scheduled to be made or commenced if no
modification had been made.

      5.5 IN-SERVICE WITHDRAWALS. Participants will be permitted to elect to
withdraw amounts from their Account subject to the following restrictions:

            5.5.1 ELECTION TO WITHDRAW. An election to make an in-service
withdrawal must be made at the same time the Participant enters into a
Participation Agreement for a Deferral Election. The date of the in-service
withdrawal cannot be earlier than five (5) years after the first day of the
first Deferral Period covered by the Deferral Election. Such election may be
modified no later than the end of the calendar year two calendar years prior to
the calendar year the Participant was scheduled to receive the benefits.

            5.5.2 AMOUNT OF WITHDRAWAL. The amount which a Participant can elect
to withdraw with respect to any Deferral Election will be limited to 100 percent
of the amount of such Deferral Election plus Growth Factor accrued with respect
to the Deferred Compensation pursuant to that Deferral Election through the
withdrawal date.

            5.5.3 FORM OF IN-SERVICE WITHDRAWAL PAYMENT. The amount elected to
be withdrawn will be paid in a lump sum unless the Committee approves an
alternative form of payment at the time elected by the Participant in the
Participation Agreement in which he or she elected the in-service withdrawal.

      5.6 HARDSHIP DISTRIBUTIONS. Upon a finding that a Participant has suffered
a Financial Hardship or a Disability, the Committee may, in its sole discretion,
make distributions from the Participant's Account prior to the time specified
for payment of Plan Benefits under the Plan. The amount of such distribution
will be limited to the amount reasonably necessary to meet the Participant's
requirements during the Financial Hardship or Disability.

      5.7 ACCELERATED DISTRIBUTION. Notwithstanding any other provision of the
Plan, at any time, a Participant will be entitled to receive, upon written
request to the Committee, a lump-sum

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distribution equal to 90 percent of the vested Account balance as of the
Determination Date immediately preceding the date on which the Committee
receives the written request. The remaining balance will be forfeited by the
Participant and the Participant will not be allowed to participate in the Plan
in the future. The amount payable under this section will be paid in a lump sum
within 30 days following the receipt of the notice by the Committee from the
Participant.

      5.8 PAYMENT TO GUARDIAN. If a Plan Benefit is payable to a minor or a
person declared incompetent or to a person incapable of handling the disposition
of his or her property, the Committee may direct payment of such Plan Benefit to
the guardian, legal representative, or person having the care and custody of
such minor, incompetent, or person. The Committee may require proof of
incompetency, minority, incapacity or guardianship, as it may deem appropriate
prior to distribution of the Plan Benefit. Such distribution will completely
discharge the Committee from all liability with respect to such benefit.

                      ARTICLE 6--BENEFICIARY DESIGNATION

      6.1 BENEFICIARY DESIGNATION. Subject to Section 6.3, each Participant has
the right, at any time, to designate one or more persons or an entity as
Beneficiary or Beneficiaries (both primary as well as secondary) to whom Plan
Benefits will be paid in the event of Participant's death prior to complete
distribution of the Participant's Account. Each Beneficiary designation must be
in a written form prescribed by the Committee and will be effective only when
filed with the Committee during the Participant's lifetime.

      6.2 CHANGING BENEFICIARY. Subject to Section 6.3, any Beneficiary
designation may be changed by a Participant without the consent of the
previously named Beneficiary by the filing of a new designation with the
Committee. The filing of a new designation will cancel all designations
previously filed. If a Participant's Compensation or Account is community
property, any Beneficiary designation will be valid or effective only as
permitted by applicable law.

      6.3 COMMUNITY PROPERTY. If the Participant resides in a community property
state, the following rules will apply:

            (a) Designation by a married Participant of a Beneficiary other than
      the Participant's spouse will not be effective unless the spouse executes
      a written consent that acknowledges the effect of the designation, or it
      is established the consent cannot be obtained because the spouse cannot be
      located;

            (b) A married Participant's Beneficiary designation may be changed
      by a Participant with the consent of the Participant's spouse as provided
      for in Section 6.3(a) by the filing of a new designation with the
      Committee;

            (c) If the Participant's marital status changes after the
      Participant has designated a Beneficiary, the following will apply:

                                      -11-
<PAGE>

                  (i) If the Participant is married at the time of death but was
            unmarried when the designation was made, the designation will be
            void unless the spouse has consented to it in the manner prescribed
            in Section 6.3(a);

                  (ii) If the Participant is unmarried at the time of death but
            was married when the designation was made:

                        (1) The designation will be void if the spouse was named
                  as Beneficiary unless Participant had submitted a change of
                  beneficiary listing the former spouse as the beneficiary; and

                        (2) The designation will remain valid if a nonspouse
                  Beneficiary was named.

                  (iii) If the Participant was married when the designation was
            made and is married to a different spouse at death, the designation
            will be void unless the new spouse has consented to it in the manner
            prescribed above.

      6.4 NO BENEFICIARY DESIGNATION. In the absence of an effective Beneficiary
Designation, or if all designated Beneficiaries predecease the Participant or
die prior to complete distribution of the Participant's benefits, then the
Participant's designated Beneficiary will be deemed to be the person in the
first of the following classes in which there is a survivor:

            (a) The surviving spouse;

            (b) The Participant's children, except that if any of the children
      predeceases the Participant but leaves issue surviving, then such issue
      will take by right of representation the share the parent would have taken
      if living; and

            (c) The Participant's estate.

      6.5 EFFECT OF PAYMENT. The payment to the designated or deemed Beneficiary
will completely discharge Corporation's obligations under the Plan.

                           ARTICLE 7--ADMINISTRATION

      7.1 COMMITTEE; DUTIES. The Plan will be administered by the Committee,
which will consist of not less than two persons appointed by the Chief Executive
Officer and which may include the CEO as a member. The Committee will have the
authority to make, amend, interpret and enforce all appropriate rules and
regulations for the administration of the Plan and decide or resolve any and all
questions, including interpretations of the Plan, as may arise in connection
with the Plan. A majority vote of the Committee members will control any
decision. Members of the Committee may be Participants under the Plan.

                                      -12-
<PAGE>

      7.2 AGENTS. The Committee may, from time to time, employ other agents and
delegate to them such administrative duties as it sees fit, and may from time to
time consult with counsel who may be counsel to Corporation.

      7.3 BINDING EFFECT OF DECISIONS. The decision or action of the Committee
with respect to any question arising out of or in connection with the
administration, interpretation and application of the Plan and the rules and
regulations promulgated under the Plan will be final, conclusive and binding
upon all persons having any interest in the Plan.

      7.4 INDEMNITY OF COMMITTEE. Corporation will indemnify and hold harmless
the members of the Committee against any and all claims, loss, damage, expense
or liability arising from any action or failure to act with respect to the Plan,
except in the case of gross negligence or willful misconduct.

                  ARTICLE 8--AMENDMENT AND TERMINATION OF PLAN

      8.1 AMENDMENT. Corporation may at any time amend the Plan in whole or in
part; provided, however, that any such amendment that would materially increase
the benefits provided under the Plan will be subject to the prior approval of
the Board. Provided, further, that no amendment will be effective to decrease or
restrict the amount accrued to the date of Amendment in any Account maintained
under the Plan. Changes in the definition of "Rate of Return" are subject to the
following restrictions:

            (a) NOTICE. A change will not become effective before the first day
      of the calendar year which follows the adoption of the amendment and at
      least 30 days written notice of the amendment to the Participant.

            (b) CHANGE IN CONTROL. Any change in the definition of Rate of
      Return after a Change in Control will apply only to those amounts credited
      to the Participant's Account as a result of Deferral Elections made after
      the Change in Control.

      8.2 CORPORATION'S RIGHT TO TERMINATE. Corporation may at any time
partially or completely terminate the Plan if, in its judgment, the tax,
accounting or other effects of the continuance of the Plan, or potential
payments thereunder would not be in the best interests of Corporation.

            (a) PARTIAL TERMINATION. Corporation may partially terminate the
      Plan by instructing the Committee not to accept any additional Deferral
      Elections. In the event of such a Partial Termination, the Plan will
      continue to operate and be effective with regard to Deferral Elections
      entered into prior to the effective date of such Partial Termination.

            (b) COMPLETE TERMINATION. Corporation may completely terminate the
      Plan by instructing the Committee not to accept any additional Deferral
      Elections, and by terminating all ongoing Deferral Elections. In the event
      of Complete Termination, the Plan will cease to operate and Corporation
      will pay out to each Participant his or her Account as if the Participant
      had terminated service as of the effective date of the

                                      -13-
<PAGE>

      Complete Termination. Payments will be made in equal annual installments
      over the period listed below, based on the Account balance:

      RETIREMENT ACCOUNT BALANCE          PAYOUT PERIOD
      ---------------------------------------------------
      Less than $10,000                       1 Year
      $10,000 but less than $50,000           3 Years
      More than $50,000                       5 Years
      ===================================================

                           ARTICLE 9--MISCELLANEOUS

      9.1 UNFUNDED PLAN. The Plan is intended to be an unfunded plan maintained
solely for Directors and is not an employee benefit plan within the meaning of
the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and
as such is not intended to be covered by ERISA.

      9.2 UNSECURED GENERAL CREDITOR. The Plan and the Plan Benefits will be
unfunded and will be payable only from the general assets of Corporation.
Corporation does not represent that any specific assets or portion of its assets
will be used to provide Plan Benefits. Participants and their Beneficiaries will
not have any vested interest in any assets of Corporation and will have no legal
or equitable rights, interest or claims in any property or assets of
Corporation, nor will such Participants or their Beneficiaries be beneficiaries
of, or have any rights, claims or interests in any life insurance policies,
annuity contracts or the proceeds therefrom owned or which may be acquired by
Corporation. Any and all of Corporation's assets and policies will be, and
remain, the general, unpledged, unrestricted assets of Corporation.
Corporation's obligation under the Plan are that of an unfunded and unsecured
promise of Corporation to pay money in the future.

      9.3 TRUST FUND. Corporation will be responsible for the payment of all
Plan Benefits. At its discretion, Corporation may establish one or more trusts,
with such trustees as the Board may approve, for the purpose of providing for
the payment of Plan Benefits. Such trust or trusts may be irrevocable, but the
assets of such trust or trusts will be subject to the claims of Corporation's
creditors. To the extent any Plan Benefits Plan are actually paid from any such
trust, Corporation will have no further obligation with respect to such Plan
Benefits, but to the extent not so paid, such Plan Benefits will remain the
obligation of, and will be paid by, Corporation.

      9.4 NONASSIGNABILITY. Neither a Participant nor any other person will have
any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or
otherwise encumber, transfer, hypothecate or convey in advance of actual receipt
the amounts, if any, payable under this Plan, or any part of such amounts, which
are, and all rights to which are, expressly declared to be unassignable and
nontransferable. No part of the amounts payable will, prior to actual payment,
be subject to seizure or sequestration for the payment of any debts, judgments,
alimony or separate maintenance owed by a Participant or any other person, nor
be transferable by operation of law in the event of a Participant's or any other
person's bankruptcy or insolvency.

                                      -14-
<PAGE>

      9.5 NOT A CONTRACT OF FUTURE SERVICE ON BOARD. The terms and conditions of
the Plan may not be deemed to constitute a contract of future service between
Corporation and the Participant, and the Participant (or his or her Beneficiary)
will have no rights against Corporation except as may otherwise be specifically
provided in the Plan.

      9.6 PROTECTIVE PROVISIONS. A Participant will cooperate with Corporation
by furnishing any and all information requested by Corporation, in order to
facilitate the payment of Plan Benefits, and by taking such physical
examinations as Corporation may deem necessary and taking such other action as
may be requested by Corporation.

      9.7 TERMS. Whenever any words are used herein in the masculine, they will
be construed as though they were used in the feminine in all cases where they
would so apply; and wherever any words are used herein in the singular or in the
plural, they will be construed as though they were used in the plural or the
singular, as the case may be, in all cases where they would so apply.

      9.8 CAPTIONS. The captions of the articles, sections and paragraphs of the
Plan are for convenience only and will not control or affect the meaning or
construction of any of its provisions.

      9.9 GOVERNING LAW; ARBITRATION. The provisions of the Plan will be
construed and interpreted according to the laws of the State of Oregon. Any
dispute or claim that arises out of or that relates to the Plan or to the
interpretation, breach, or enforcement of the Plan, 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.

      9.10 VALIDITY. In case any provision of the Plan is held illegal or
invalid for any reason, said illegality or invalidity will not affect the
remaining parts of the Plan, but the Plan will be construed and enforced as if
such illegal and invalid provision had never been inserted in the Plan.

      9.11 NOTICE. Any notice or filing required or permitted to be given to the
Committee under the Plan will be sufficient if in writing and hand delivered, or
sent by registered or certified mail, to any member of the Committee or the
Secretary of Corporation. Such notice will be deemed given as of the date of
delivery or, if delivery is made by mail, as of the date shown on the postmark
on the receipt for registration or certification.

      9.12 SUCCESSORS. The provisions of the Plan will bind and inure to the
benefit of Corporation and its successors and assigns. The term successors as
used in the Plan include any corporate or other business entity which, whether
by merger, consolidation, purchase or otherwise, acquires all or substantially
all of the business and assets of Corporation, and successors of any such
corporation or other business entity.

                                      -15-
<PAGE>

      The foregoing Plan has been adopted by the Board of Directors of
Louisiana-Pacific Corporation effective as of August 1, 2000.

                                    -----------------------------------
                                     Officer

                                    -----------------------------------
                                     Officer

                                      -16-<PAGE>
                                                                    Exhibit 10.2

                          LOUISIANA-PACIFIC CORPORATION

                      EXECUTIVE DEFERRED COMPENSATION PLAN

<PAGE>

                                TABLE OF CONTENTS

                                                                       PAGE
                                                                     --------

ARTICLE I--PURPOSE; EFFECTIVE DATE.......................................1

ARTICLE II--DEFINITIONS..................................................1

  2.1   Account..........................................................1
  2.2   Acquiring Person.................................................1
  2.3   Beneficiary......................................................2
  2.4   Board............................................................2
  2.5   Change in Control................................................2
  2.6   Committee........................................................3
  2.7   Compensation.....................................................3
  2.8   Corporation......................................................4
  2.9   Deferral Commitment..............................................4
  2.10  Deferral Period..................................................4
  2.11  Determination Date...............................................4
  2.12  Disability.......................................................4
  2.13  Early Retirement Date............................................4
  2.14  Earnings Index...................................................4
  2.15  Elective Deferred Compensation...................................5
  2.16  Employee.........................................................5
  2.17  Employer.........................................................5
  2.18  Employer Plans...................................................5
  2.19  Employment.......................................................5
  2.20  Financial Hardship...............................................5
  2.21  Moody's Plus Index...............................................6
  2.22  Moody's Return...................................................6
  2.23  Normal Retirement Date...........................................6
  2.24  Participant......................................................6
  2.25  Participation Agreement..........................................6
  2.26  Plan Benefit.....................................................6
  2.27  Plus Rate Return.................................................6
  2.28  Qualified Plan...................................................6
  2.29  Rate of Return...................................................7
  2.30  Retirement.......................................................7
  2.31  Years of Service.................................................7

ARTICLE III--PARTICIPATION AND DEFERRAL commitments......................7

  3.1   Eligibility and Participation....................................7
  3.2   Form of Deferral; Minimum Deferral...............................7
  3.3   Deferral Commitment; Periods of Deferral.........................8
  3.4   Limitation on Deferral...........................................8
  3.5   Modification of Deferral Commitment..............................8
  3.6   Cessation of Eligibility.........................................8

                                                                             (i)
<PAGE>

                                TABLE OF CONTENTS

                                                                       PAGE
                                                                     --------

ARTICLE IV--DEFERRED COMPENSATION ACCOUNT................................9

  4.1   Accounts.........................................................9
  4.2   Elective Deferred Compensation...................................9
  4.3   Qualified Plan Makeup Credit.....................................9
  4.4   Allocation of Elective Deferred Compensation....................10
  4.5   Determination of Accounts.......................................10
  4.6   Match...........................................................10
  4.7   Vesting of Accounts.............................................10
  4.8   Statement of Accounts...........................................11

ARTICLE V--PLAN BENEFITS................................................11

  5.1   Retirement Benefit..............................................11
  5.2   Termination Benefit.............................................11
  5.3   Death Benefit...................................................12
  5.4   In-Service Withdrawals..........................................12
  5.5   Hardship Distributions..........................................12
  5.6   Form of Benefit Payment.........................................12
  5.7   Small Accounts..................................................13
  5.8   Accelerated Distribution........................................13
  5.9   Excise Tax and Lost Benefit Makeup..............................13
  5.10  Withholding; Payroll Taxes......................................14
  5.11  Payment to Guardian.............................................14

ARTICLE VI--BENEFICIARY DESIGNATION.....................................14

  6.1   Beneficiary Designation.........................................14
  6.2   Changing Beneficiary............................................14
  6.3   Community Property..............................................14
  6.4   No Beneficiary Designation......................................15
  6.5   Effect of Payment...............................................15

ARTICLE VII--ADMINISTRATION.............................................16

  7.1   Committee; Duties...............................................16
  7.2   Agents..........................................................16
  7.3   Binding Effect of Decisions.....................................16
  7.4   Indemnity of Committee..........................................16

ARTICLE VIII--CLAIMS PROCEDURE..........................................16

  8.1   Claim...........................................................16
  8.2   Denial of Claim.................................................16
  8.3   Review of Claim.................................................17
  8.4   Final Decision..................................................17

                                                                            (ii)

<PAGE>

                                TABLE OF CONTENTS

                                                                       PAGE
                                                                     --------

ARTICLE IX--AMENDMENT AND TERMINATION OF PLAN...........................17

  9.1   Amendment.......................................................17
  9.2   Employer's Right to Terminate...................................17

ARTICLE X--MISCELLANEOUS................................................18

  10.1  Unfunded Plan...................................................18
  10.2  Unsecured General Creditor......................................18
  10.3  Trust Fund......................................................18
  10.4  Nonassignability................................................19
  10.5  Not a Contract of Employment....................................19
  10.6  Protective Provisions...........................................19
  10.7  Terms...........................................................19
  10.8  Captions........................................................19
  10.9  Governing Law; Arbitration......................................20
  10.10 Validity........................................................20
  10.11 Notice..........................................................20
  10.12 Successors......................................................20

                                                                           (iii)
<PAGE>

                          LOUISIANA-PACIFIC CORPORATION

                      EXECUTIVE DEFERRED COMPENSATION PLAN

                     AMENDED AND RESTATED SEPTEMBER 1, 2000

                       ARTICLE I--PURPOSE; EFFECTIVE DATE

      The purpose of this Executive Deferred Compensation Plan (the "Plan") is
to provide current tax planning opportunities as well as supplemental funds for
retirement or death for selected employees of Louisiana-Pacific Corporation (the
"Corporation"). It is intended that the Plan will aid in attracting and
retaining employees of exceptional ability by providing them with these
benefits. The Plan became effective as of May 1, 1997 and has been amended as of
October 1, 1999 and December 31, 1999 and amended and restated as of January 1,
2000. The Plan is further amended and restated as of September 1, 2000 as set
forth herein.

                             ARTICLE II--DEFINITIONS

      For the purposes of the Plan, the following terms shall have the meanings
indicated unless the context clearly indicates otherwise:

2.1   ACCOUNT

      "Account" means a balance as maintained by the Employer in accordance with
Article IV with respect to any deferral of Compensation pursuant to the Plan. A
Participant's Account shall be utilized solely as a device for the determination
and measurement of the amounts to be paid to the Participant pursuant to the
Plan. A Participant's Account shall not constitute or be treated as a trust fund
of any kind.

2.2   ACQUIRING PERSON

      "Acquiring Person" means any person or related person or related persons
which constitute a "group" for purposes of Section 13(d) and Rule 13d-5 under
the Securities Exchange Act of 1934 (the "Exchange Act"); 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

PAGE 1
<PAGE>

            (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.

2.3   BENEFICIARY

      "Beneficiary" means the person, persons or entity entitled under Article
VI to receive any Plan benefits payable after a Participant's death.

2.4   BOARD

      "Board" means the Board of Directors of the Corporation.

2.5   CHANGE IN CONTROL

      A "Change in Control" shall occur upon:

            (a) The acquisition by any Acquiring Person of beneficial ownership
      (within the meaning of Rule 13d-3 under the Exchange Act) of twenty
      percent (20%) 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 twelve (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 shareholders 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

PAGE 2
<PAGE>

            (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 fifty percent (50%) 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 (1) or more
            subsidiaries) in substantially the same proportions 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, twenty percent (20%) 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 the 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 shareholders of Corporation of any plan or
      proposal for the liquidation or dissolution of Corporation.

2.6   COMMITTEE

      "Committee" means the Committee appointed by the Chief Executive Officer
of the Corporation to administer the Plan pursuant to Article VII.

      COMPENSATION

      "Compensation" means cash compensation paid by the Employer as base
salary, bonuses and severance pay paid on account of involuntary termination of
Employment by the Employer without cause, before reduction for amounts deferred
under the Plan and before reduction for amounts deferred under any other plan of
the Employer, tax-qualified or otherwise. Compensation does not include amounts
in connection with any employee stock option plan, compensation paid in stock of
the Employer, sign-on bonuses, severance pay other than that described in this
Section 2.7 above (except for

PAGE 3
<PAGE>

accrued vacation), noncash compensation attributable to fringe benefits or
similar items, or compensation for any period during which the employee is not
within the class of employees eligible to participate in the Plan as determined
by the Committee under Article III.

2.8   CORPORATION

      "Corporation" means Louisiana-Pacific Corporation, a Delaware corporation,
or any successor to the business thereof.

2.9   DEFERRAL COMMITMENT

      "Deferral Commitment" means a Salary Deferral Commitment, a Bonus Deferral
Commitment or a Severance Deferral Commitment made by a Participant pursuant to
Article III and for which a Participation Agreement has been submitted by the
Participant to the Committee.

2.10  DEFERRAL PERIOD

      "Deferral Period" means the period over which a Participant has elected to
defer a portion of his or her Compensation. Prior to January 1, 2001, the
Deferral Period shall be one (1) calendar year for all Deferral Commitments,
except that the Committee may, from time to time, designate a Deferral Period of
less than one (1) full calendar year. On and after January 1, 2001, the Deferral
Period shall be one (1) calendar quarter for Salary Deferral, Bonus Deferral and
Severance Deferral Commitments. The Deferral Period may be modified pursuant to
Section 3.5.

2.11  DETERMINATION DATE

      "Determination Date" means the last day of each calendar month.

2.12  DISABILITY

      "Disability" means a physical or mental condition which, in the opinion of
the Committee, prevents an Employee from satisfactorily performing Employee's
usual duties for Employer. The Committee's decision as to Disability will be
based upon medical reports and/or other evidence satisfactory to the Committee.

2.13  EARLY RETIREMENT DATE

      "Early Retirement Date" means the date prior to a Participant's Normal
Retirement Date on which the Participant actually terminates Employment
following the attainment of age fifty-five (55) and completion of five (5) Years
of Service.

2.14  EARNINGS INDEX

      "Earnings Index" means a portfolio or fund selected by the Committee from
time to time to be used as an index in calculating Rate of Return. In addition
to portfolios or

PAGE 4
<PAGE>

funds selected by the Committee, the Moody's Plus Index shall be available to
Participants as an Earnings Index.

2.15  ELECTIVE DEFERRED COMPENSATION

      "Elective Deferred Compensation" means the amount of Compensation that a
Participant elects to defer pursuant to a Deferral Commitment.

2.16  EMPLOYEE

      "Employee" shall mean a person, other than an independent contractor, who
is receiving remuneration for services rendered to, or labor performed for, the
Employer (or who would be receiving such remuneration except for an authorized
leave of absence).

2.17  EMPLOYER

      "Employer" means the Corporation and any affiliated or subsidiary
corporation of the Corporation which is incorporated under the laws of any state
of the United States.

2.18  EMPLOYER PLANS

      "Employer Plans" shall mean any employee benefit plan or contract from
which benefits may be payable to the Participant.

2.19  EMPLOYMENT

      "Employment" means a Participant's service with the Employer as an
Employee.

2.20  FINANCIAL HARDSHIP

      "Financial Hardship" means severe financial hardship to the Participant
resulting from a sudden and unexpected illness or accident of the Participant or
of a dependent (as defined in Section 152(a) of the Internal Revenue Code) of
the Participant, loss of the Participant's property due to casualty, or other
similar extraordinary and unforeseeable circumstances arising as a result of
events beyond the control of the Participant. The circumstances that will
constitute an unforeseeable emergency will depend upon the facts of each case,
but in any case, payment may not be made to the extent that such hardship is or
may be relieved:

            (a) Through reimbursement or compensation by insurance or otherwise;

            (b) By liquidation of the Participant's assets, to the extent the
      liquidation of such assets would not itself cause severe financial
      hardship;

            (c) By cessation of deferrals under the Plan.

            (d) By borrowing from commercial sources on reasonable commercial
      terms.

PAGE 5
<PAGE>

2.21  MOODY'S PLUS INDEX

      "Moody's Plus Index" means the sum of the Moody's Return and the Plus Rate
Return.

2.22  MOODY'S RETURN

      "Moody's Return" means a rate of return equal to the monthly equivalent of
the annual yield of the Moody's Average Corporate Bond Yield Index for the
preceding calendar month as published by Moody's Investor Service, Inc. (or any
successor thereto) or, if such index is no longer published, a substantially
similar index selected by the Committee.

2.23  NORMAL RETIREMENT DATE

      "Normal Retirement Date" means the first day of the month coinciding with
or next following the date on which the Participant attains age sixty-five (65).

2.24  PARTICIPANT

      "Participant" means any individual who is participating or has
participated in the Plan as provided in Article III or has a Qualified Plan
Makeup Credit under Section 4.3.

2.25  PARTICIPATION AGREEMENT

      "Participation Agreement" means the agreement submitted by a Participant
to the Committee prior to the beginning of the Deferral Period, with respect to
one or more Deferral Commitments made for such Deferral Period.

2.26  PLAN BENEFIT

      "Plan Benefit" means the benefit payable to a Participant as calculated in
Article V.

2.27  PLUS RATE RETURN

      "Plus Rate Return" means the monthly equivalent of an annual yield of two
percent (2%).

2.28  QUALIFIED PLAN

      "Qualified Plan" means the Louisiana-Pacific Corporation Salaried
Employees' Stock Ownership Trust and any successor thereof. On and after January
1, 2000, "Qualified Plan" shall mean the Louisiana-Pacific Corporation
Retirement Account Plan and the profit-sharing component of the
Louisiana-Pacific Salaried 401(k) and Profit-Sharing Plan. The term "Qualified
Plan" shall also include, for purposes of this Plan and effective as of May 1,
1997, the Louisiana-Pacific Supplemental Benefits Plan.

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2.29  RATE OF RETURN

      "Rate of Return" means the amount credited monthly to a Participant's
Account under Article IV. Such rate shall be determined by the Committee based
upon the net performance of the Earnings Indices selected by the Participant
pursuant to Section 4.4.

2.30  RETIREMENT

      "Retirement" means severance of Employment on or after the Participant's
Normal Retirement Date or Early Retirement Date.

2.31  YEARS OF SERVICE

      "Years of Service" shall have the meaning provided for such term for
vesting purposes under the Qualified Plan, whether or not the Participant
participates in that Plan.

               ARTICLE III--PARTICIPATION AND DEFERRAL COMMITMENTs

3.1   ELIGIBILITY AND PARTICIPATION

            (a) ELIGIBILITY. Employees eligible to participate in the Plan shall
      be those key management employees of the Employer who are designated, from
      time to time, by the Committee as eligible to participate in the Plan.

            (b) PARTICIPATION. An eligible Employee who elects to participate in
      the Plan with respect to any Deferral Period must submit a Participation
      Agreement to the Committee prior to the beginning of such Deferral Period.

3.2   FORM OF DEFERRAL; MINIMUM DEFERRAL

      A Participant may elect in the Participation Agreement any of the
following Deferral Commitments:

            (a) SALARY DEFERRAL COMMITMENT. A Participant may elect to defer any
      portion of his or her base salary Compensation earned during a Deferral
      Period. The amount to be deferred shall be stated as a percentage of base
      salary and may not be less than six hundred dollars ($600) for a Deferral
      Period.

            (b) BONUS DEFERRAL COMMITMENT. A Participant may elect to defer all
      or a portion of his or her bonus Compensation amounts to be paid by the
      Employer in a Deferral Period. The amount to be deferred shall be stated
      as an even percentage of such bonus and must not be less than six hundred
      dollars ($600) for a Deferral Period, unless the Participant also elects
      to make a Salary Deferral Commitment for that Deferral Period, in which
      case there shall be no minimum Bonus Deferral Commitment.

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            (c) SEVERANCE DEFERRAL COMMITMENT. A Participant may elect to defer
      all or a portion of his or her severance Compensation amounts that may be
      paid by the Employer in a Deferral Period. The amount to be deferred shall
      be stated as an even percentage of such severance amount and must not be
      less than six hundred dollars ($600).

3.3   DEFERRAL COMMITMENT; PERIODS OF DEFERRAL

      A Participant makes a Deferral Commitment by signing and delivering to the
Committee a Participation Agreement prior to the beginning of the applicable
Deferral Period. Effective for Deferral Periods commencing on and after January
1, 2001, a Deferral Commitment may cover:

            (a) A single specified Deferral Period (i.e., a specified calendar
      quarter);

            (b) Two or more consecutive specified Deferral Periods; or

            (c) All Deferral Periods commencing with a designated calendar
      quarter and continuing until the Participant either revokes or modifies
      the Deferral Commitment with respect to future Deferral Periods.

3.4   LIMITATION ON DEFERRAL

      A Participant may defer up to one hundred percent (100%) of the
Participant's Compensation. However, the Committee may from time to time impose
another maximum deferral amount or increase the minimum deferral amount under
Section 3.2 by giving written notice to all Participants, provided that no such
changes may affect a Deferral Commitment made prior to the Committee's action.

3.5   MODIFICATION OF DEFERRAL COMMITMENT

      A Deferral Commitment shall be irrevocable with respect to any Deferral
Period that has already commenced, except that the Committee may permit a
Participant to reduce the amount to be deferred, or waive the remainder of the
Deferral Commitment, upon a finding that the Participant has suffered a
Financial Hardship. If a Participant ceases receiving Compensation during a
Deferral Period due to Disability, the Deferral Commitment shall cease at that
time.

3.6   CESSATION OF ELIGIBILITY

      In the event a Participant ceases to be designated by the Committee as
eligible to participate in the Plan by reason of a change in employment status
or otherwise, no further amounts of his or her Compensation shall be deferred
under a Deferral Commitment after the date of such cessation of eligibility.

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                  ARTICLE IV--DEFERRED COMPENSATION ACCOUNT

4.1   ACCOUNTS

      For recordkeeping purposes only, an Account shall be maintained for each
Participant. Separate subaccounts shall be maintained to the extent necessary to
properly reflect the Participant's selection of Earnings Indices and total
vested or nonvested Account balances. The Account shall be a bookkeeping device
utilized for the sole purpose of determining the benefits payable under the Plan
and shall not constitute a separate fund of assets. The Account balance for all
active Participants on October 1, 1999 shall be the Account credited with the
Moody's Plus Index Rate of Return. However, such Participants shall not be
vested in the Plus Rate Return balance until the Participant is eligible for
Retirement or upon death, Disability, involuntary termination of Employment by
the Employer without cause after August 31, 2000, or termination within
twenty-four (24) months after a Change in Control. Such balance may be
reallocated by the Participant to other Earnings Indices as of October 1, 1999;
provided, however, that Participants whose employment terminated prior to such
date shall not be entitled to have their Account Balances reallocated to any
Earnings Index or Indices other than the aforementioned Moody's index.

4.2   ELECTIVE DEFERRED COMPENSATION

      A Participant's Elective Deferred Compensation shall be credited to the
Participant's Account as the corresponding nondeferred portion of the
Compensation becomes or would have become payable. Any withholding of taxes or
other amounts with respect to deferred Compensation that is required by state,
federal, or local law shall be withheld from the Participant's nondeferred
Compensation to the maximum extent possible with any excess being withheld from
the Participant's Account.

4.3   QUALIFIED PLAN MAKEUP CREDIT

      The Employer shall credit to each Participant's Account, as of the first
day of each calendar year, a Qualified Plan Makeup Credit ("Makeup"), which
shall be the difference between:

            (a) The amount which would have been contributed or credited for the
      immediately preceding calendar year to the Qualified Plan for such
      Participant if no deferrals had been made under the Plan; and

            (b) The amounts actually contributed or credited for such year to
      the Qualified Plan for such Participant.

      Effective as of December 31, 1997, as to any Employee who is or thereafter
becomes eligible to participate in the Plan (whether or not he or she becomes a
Participant under Article III of the Plan), the amount of such Employee's
account in the Louisiana-Pacific Supplemental Benefits Plan (`SBP"), if any,
shall be transferred to the Plan as a Makeup, in lieu of continuing such account
in the SBP, as of the close of the calendar year in which the Employee becomes
so eligible. Any such Employee who on or after such date would otherwise be
entitled to receive a supplemental benefit credit

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under the SBP shall receive such credit in this Plan as a Makeup, in lieu of
receiving such credit in the SBP. The Makeup under this Section 4.3 shall vest
in accordance with Section 4.7(c).

      To the extent that any distribution or withdrawal from the Plan increases
the amount contributed or credited to the Qualified Plan for a Participant as a
result of the addition of any amount of the distribution or withdrawal to the
Compensation of such Participant covered by the Qualified Plan, an amount equal
to such increase under the Qualified Plan shall be deducted from the amount of
any Makeup in such Participant's Account resulting from prior deferrals under
the Plan.

4.4   ALLOCATION OF ELECTIVE DEFERRED COMPENSATION

            (a) At the time a Participant completes a Deferral Commitment for a
      Deferral Period, the Participant shall also select the Earnings Index or
      Indices in which the Participant wishes to have his or her deferrals
      deemed invested. The Participant may select any combination of Earnings
      Indices as long as at least ten percent (10%), in whole percentages, is
      credited to each of the Earnings Indices selected.

            (b) A Participant may change the amounts allocated to the Earnings
      Indices as of the first day of any month, provided that the Participant
      submits a notice of the change to the Committee at least ten (10) business
      days before the first day of the month. The change may apply to future
      deferrals only or may include current Account balances.

4.5   DETERMINATION OF ACCOUNTS

      Each Participant's Account as of each Determination Date shall consist of
the balance of the Participant's Account as of the immediately preceding
Determination Date, plus the Participant's Elective Deferred Compensation
credited during the period, plus any Makeup or Match crediting, plus the
applicable Rate of Return, minus the amount of any distributions made since the
immediately preceding Determination Date.

4.6   MATCH

      Each deferral of base salary made by a Participant after October 1, 1999
shall be matched by the Employer at a rate equal to one hundred percent (100%)
of the first seven percent (7%) of base salary deferred during the period. Match
amounts shall be credited to the Participant's Account the same day the
corresponding deferral amount is credited.

4.7   VESTING OF ACCOUNTS

      Each Participant shall be vested in the amounts credited to such
Participant's Account and the earnings thereon as follows:

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            (a) AMOUNTS DEFERRED. A Participant shall be one hundred percent
      (100%) vested at all times in the amount of Compensation elected to be
      deferred under this Plan and the earnings thereon.

            (b) EMPLOYER MATCHING CONTRIBUTIONS. Employer Matching Contributions
      and the earnings thereon shall be one hundred percent (100%) vested after
      completion of two (2) Years of Service or upon eligibility for Retirement,
      death, Disability, or termination of Employment within twenty-four (24)
      months after a Change in Control.

            (c) QUALIFIED PLAN MAKEUP CREDITS. Qualified Plan Makeup Credits and
      the earnings thereon shall be vested at the same rate as they otherwise
      would have vested under the underlying Qualified Plan, except for death,
      Disability, or termination of Employment within twenty-four (24) months
      after a Change in Control, in which case Participants shall be one hundred
      percent (100%) vested in their Makeup balance.

            (d) PLUS RATE RETURN. Notwithstanding the provisions of Section
      4.7(a), (b) and (c) above, the Plus Rate Return and the earnings thereon
      shall vest only upon eligibility for Retirement, death, Disability, or
      termination of Employment within twenty-four (24) months after a Change in
      Control or upon involuntary termination of Employment by the Employer
      without cause. Upon the occurrence of any one of such events, the Plus
      Rate Return and the earnings thereon shall be one hundred percent (100%)
      vested.

4.8   STATEMENT OF ACCOUNTS

      The Committee shall submit to each Participant, within one hundred twenty
(120) days after the close of each calendar year and at such other times as
determined by the Committee, a statement setting forth the balance to the credit
of each Account maintained for the Participant.

                            ARTICLE V--PLAN BENEFITS

5.1   RETIREMENT BENEFIT

      The Employer shall pay a Plan Benefit equal to the Participant's Account
balance in the form selected in Section 5.6 to a Participant who terminates
Employment by reason of Retirement, Disability or within twenty-four (24) months
after a Change in Control or who is terminated by the Employer involuntarily
without cause.

5.2   TERMINATION BENEFIT

      Except as may otherwise be provided in Section 5.3, the Employer shall pay
a Plan Benefit equal to the Participant's Account balance in a lump sum, or in
such other forms as determined by the Committee, to a Participant who terminates
Employment for any reason other than those provided for in Section 5.1.

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5.3   DEATH BENEFIT

      Upon the death of a Participant, the Employer shall pay to the
Participant's Beneficiary an amount determined as follows:

            (a) POST-TERMINATION. If the Participant dies after termination of
      Employment, the amount payable shall be equal to the remaining unpaid
      balance of the Participant's appropriate Account.

            (b) PRE-TERMINATION. If the Participant dies prior to termination of
      Employment, the amount payable shall be the Participant's Account balance
      in the form elected.

5.4   IN-SERVICE WITHDRAWALS

      Participants shall be permitted to elect to withdraw amounts from their
Account subject to the following restrictions:

          (a) ELECTION TO WITHDRAW. An election to make an in-service withdrawal
      must be made at the same time the Participant enters into a Participation
      Agreement for a Deferral Commitment. The date of the in-service withdrawal
      cannot be earlier than five (5) years after the date the Deferral Period
      begins under the Deferral Commitment. Such election may be modified no
      later than the end of the calendar year two (2) calendar years prior to
      the calendar year the Participant was scheduled to receive the benefits.

          (b) AMOUNT OF WITHDRAWAL. The amount which a Participant can elect to
      withdraw with respect to any Deferral Commitment shall be limited to one
      hundred percent (100%) of the amount of such Deferral Commitment plus
      earnings thereon.

          (c) FORM OF IN-SERVICE WITHDRAWAL PAYMENT. The amount elected to be
      withdrawn shall be paid in a lump sum unless the Committee approves an
      alternative form of payment at the time elected by the Participant in the
      Participation Agreement wherein he or she elected the in-service
      withdrawal.

5.5   HARDSHIP DISTRIBUTIONS

      Upon a finding that a Participant has suffered a Financial Hardship or a
Disability, the Committee may, in its sole discretion, make distributions from
the Participant's vested Account prior to the time specified for payment of
benefits under the Plan. The amount of such distribution shall be limited to the
amount reasonably necessary to meet the Participant's requirements during the
Financial Hardship or Disability.

5.6   FORM OF BENEFIT PAYMENT

          (a) If a Participant terminates Employment with the Employer due to
      Retirement, death, Disability, involuntary termination by the Employer
      without cause or within twenty-four (24) months of a Change in Control,
      the Participant's

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<PAGE>

      Account shall be paid in the form selected by the Participant under his or
      her Deferral Commitment or Commitments. Optional forms of payment include
      a lump-sum payment, substantially equal annual installments of the Account
      amortized over a period of up to fifteen (15) years selected by the
      Participant, or any other form of payment made available in the discretion
      of the Committee to all Participants. If installment payments are elected,
      the Account shall be amortized with an assumed Rate of Return of six
      percent (6%) unless the Participant selects, and the Committee approves,
      an alternative assumed Rate of Return. As of each January 1, the amount to
      be distributed in installment payments for that year shall be determined
      by amortizing the Participant's Account balance as of the preceding
      December 31 over the remainder of the installment period, using the
      assumed Rate of Return which was fixed under the preceding sentence at the
      time installment payments were elected.

            (b) Payment shall commence as elected by the Participant, which
      shall be either within sixty-five (65) days of termination or in the next
      January following the Participant's termination.

            (c) The Participant may modify the form or timing of benefit payment
      as long as such modification is made before the end of the calendar year
      two (2) calendar years prior to when the Participant's benefits were
      scheduled to commence had the modification not been made.

5.7   SMALL ACCOUNTS

      Notwithstanding Section 5.6(a), if a Participant's Account is less than
twenty thousand dollars ($20,000), the Committee shall pay the Participant in a
lump sum.

5.8   ACCELERATED DISTRIBUTION

      Notwithstanding any other provision of the Plan, at any time, a
Participant shall be entitled to receive, upon written request to the Committee,
a lump-sum distribution equal to ninety percent (90%) of the vested Account
balance as of the Determination Date immediately preceding the date on which the
Committee receives the written request. The remaining balance shall be forfeited
by the Participant and the Participant will not be allowed to participate in the
Plan in the future. The amount payable under this section shall be paid in a
lump sum within thirty (30) days following the receipt of the notice by the
Committee from the Participant.

5.9   EXCISE TAX AND LOST BENEFIT MAKEUP

      If as a result of participating in the Plan the Participant is required to
pay additional excise tax under Section 4999 of the Internal Revenue Code
("IRC"), or receives a smaller benefit from any other Employer Plan as a result
of any IRC Section 280G Golden Parachute limitations, then a makeup amount shall
be payable from the Plan. This amount shall be equal to the amount of Section
4999 excise tax payable and any lost benefit from other Employer Plans due to
IRC Section 280G Golden Parachute limitation, as a result of participation in
the Plan, plus any excise tax or income taxes payable due to this payment. The
Corporation and Participant shall

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<PAGE>

cooperate in good faith in making such determination and in providing the
necessary information for this purpose.

5.10  WITHHOLDING; PAYROLL TAXES

      The Employer shall withhold from payments made hereunder any taxes
required to be withheld from such payments under federal, state or local law.
However, a Beneficiary may elect not to have withholding for federal income tax
pursuant to Section 3405(a)(2) of Internal Revenue Code, or any successor
provision thereto.

5.11  PAYMENT TO GUARDIAN

      If a Plan benefit is payable to a minor or a person declared incompetent
or to a person incapable of handling the disposition of his or her property, the
Committee may direct payment of such Plan Benefit to the guardian, legal
representative, or person having the care and custody of such minor,
incompetent, or person. The Committee may require proof of incompetency,
minority, incapacity or guardianship as it may deem appropriate prior to
distribution of the Plan Benefit. Such distribution shall completely discharge
the Committee from all liability with respect to such benefit.

                       ARTICLE VI--BENEFICIARY DESIGNATION

6.1   BENEFICIARY DESIGNATION

      Subject to Section 6.3, each Participant shall have the right, at any
time, to designate one or more persons or an entity as Beneficiary (both primary
as well as secondary) to whom benefits under the Plan shall be paid in the event
of Participant's death prior to complete distribution of the Participant's
Account. Each Beneficiary designation shall be in a written form prescribed by
the Committee and shall be effective only when filed with the Committee during
the Participant's lifetime.

6.2   CHANGING BENEFICIARY

      Subject to Section 6.3, any Beneficiary designation may be changed by a
Participant without the consent of the previously named Beneficiary by the
filing of a new designation with the Committee. The filing of a new designation
shall cancel all designations previously filed. If a Participant's Compensation
is community property, any Beneficiary designation shall be valid or effective
only as permitted by applicable law.

6.3   COMMUNITY PROPERTY

      If the Participant resides in a community property state, the following
rules shall apply:

            (a) Designation by a married Participant of a Beneficiary other than
      the Participant's spouse shall not be effective unless the spouse executes
      a written

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      consent that acknowledges the effect of the designation, or it is
      established the consent cannot be obtained because the spouse cannot be
      located.

            (b) A married Participant's Beneficiary designation may be changed
      by a Participant with the consent of the Participant's spouse as provided
      for in Section 6.3(a) by the filing of a new designation with the
      Committee.

            (c) If the Participant's marital status changes after the
      Participant has designated a Beneficiary, the following shall apply:

                  (i) If the Participant is married at the time of death but was
            unmarried when the designation was made, the designation shall be
            void unless the spouse has consented to it in the manner prescribed
            in Section 6.3(a).

                  (ii) If the Participant is unmarried at the time of death but
            was married when the designation was made:

                        (A) The designation shall be void if the spouse was
                  named as Beneficiary unless Participant had submitted a change
                  of beneficiary listing the former spouse as the beneficiary.

                        (B) The designation shall remain valid if a nonspouse
                  Beneficiary was named.

                  (iii) If the Participant was married when the designation was
            made and is married to a different spouse at death, the designation
            shall be void unless the new spouse has consented to it in the
            manner prescribed above.

6.4   NO BENEFICIARY DESIGNATION

      In the absence of an effective Beneficiary Designation, or if all
designated Beneficiaries predecease the Participant or die prior to complete
distribution of the Participant's benefits, then the Participant's designated
Beneficiary shall be deemed to be the person in the first of the following
classes in which there is a survivor:

            (a) the surviving spouse;

            (b) the Participant's children, except that if any of the children
      predeceases the Participant but leaves issue surviving, then such issue
      shall take by right of representation the share the parent would have
      taken if living;

            (c) the Participant's estate.

6.5   EFFECT OF PAYMENT

      The payment to the deemed Beneficiary shall completely discharge
Employer's obligations under the Plan.

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                           ARTICLE VII--ADMINISTRATION

7.1   COMMITTEE; DUTIES

      The Plan shall be administered by the Committee, which shall consist of
not less than three (3) persons appointed by the Chief Executive Officer of the
Corporation and which may include the CEO as a member. The Committee shall have
the authority to make, amend, interpret and enforce all appropriate rules and
regulations for the administration of the Plan and decide or resolve any and all
questions, including interpretations of the Plan, as may arise in connection
with the Plan. A majority vote of the Committee members shall control any
decision. Members of the Committee may be Participants under the Plan.

7.2   AGENTS

      The Committee may, from time to time, employ other agents and delegate to
them such administrative duties as it sees fit, and may from time to time
consult with counsel who may be counsel to the Employer.

7.3   BINDING EFFECT OF DECISIONS

      The decision or action of the Committee with respect to any question
arising out of or in connection with the administration, interpretation and
application of the Plan and the rules and regulations promulgated hereunder
shall be final, conclusive and binding upon all persons having any interest in
the Plan.

7.4   INDEMNITY OF COMMITTEE

      The Employer shall indemnify and hold harmless the members of the
Committee against any and all claims, loss, damage, expense or liability arising
from any action or failure to act with respect to the Plan, except in the case
of gross negligence or willful misconduct.

                         ARTICLE VIII--CLAIMS PROCEDURE

8.1   CLAIM

      Any person claiming a benefit, requesting an interpretation or ruling
under the Plan, or requesting information under the Plan shall present the
request in writing to the Committee, which shall respond in writing as soon as
practicable.

8.2   DENIAL OF CLAIM

      If the claim or request is denied, the written notice of denial shall
state:

          (a) The reasons for denial, with specific reference to the Plan
      provisions on which the denial is based.

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<PAGE>

            (b) A description of any additional material or information required
      and an explanation of why it is necessary.

            (c) An explanation of the Plan's claim review procedure.

8.3   REVIEW OF CLAIM

      Any person whose claim or request is denied or who has not received a
response within thirty (30) days may request review by notice given in writing
to the Committee. The claim or request shall be reviewed by the Committee which
may, but shall not be required to, grant the claimant a hearing. On review, the
claimant may have representation, examine pertinent documents, and submit issues
and comments in writing.

8.4   FINAL DECISION

      The decision on review shall normally be made within sixty (60) days. If
an extension of time is required for a hearing or other special circumstances,
the claimant shall be notified and the time limit shall be one hundred twenty
(120) days. The decision shall be in writing and shall state the reasons and the
relevant Plan provisions. All decisions on review shall be final and bind all
parties concerned.

                ARTICLE IX--AMENDMENT AND TERMINATION OF PLAN

9.1   AMENDMENT

      The Corporation may at any time amend the Plan in whole or in part;
provided, however, that any such amendment that would materially change the
benefits provided under the Plan shall be subject to the prior approval of the
Compensation Committee of the Board. Provided, further, that no amendment shall
be effective to decrease or restrict the amount accrued to the date of amendment
in any Account maintained under the Plan.

9.2   EMPLOYER'S RIGHT TO TERMINATE

      The Corporation may at any time partially or completely terminate the Plan
if, in its judgment, the tax, accounting or other effects of the continuance of
the Plan, or potential payments thereunder would not be in the best interests of
the Employer.

            (a) PARTIAL TERMINATION. The Corporation may partially terminate the
      Plan by instructing the Committee not to accept any additional Deferral
      Commitments. In the event of such a Partial Termination, the Plan shall
      continue to operate and be effective with regard to Deferral Commitments
      entered into prior to the effective date of such Partial Termination.

            (b) COMPLETE TERMINATION. The Corporation may completely terminate
      the Plan by instructing the Committee not to accept any additional
      Deferral Commitments, and by terminating all ongoing Deferral Commitments.
      In the

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      event of Complete Termination, the Plan shall cease to operate and the
      Employer shall pay out to each Participant his or her Account (including
      any Plus Rate Return) as if the Participant had terminated service as of
      the effective date of the Complete Termination. Payments shall be made in
      equal annual installments over the period listed below, based on the
      Account balance:

                                                        PAYOUT
                    ACCOUNT BALANCE                     PERIOD
               ---------------------------------------------------
                   Less than $10,000                   1 Year
                   10,000 but less than $50,000        3 Years
                   More than $50,000                   5 Years
               ===================================================

                            ARTICLE X--MISCELLANEOUS

10.1  UNFUNDED PLAN

      The Plan is intended to be an unfunded plan maintained primarily to
provide deferred compensation benefits for a select group of "management or
highly-compensated employees" within the meaning of Sections 201, 301 and 401 of
the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and
therefore is exempt from the provisions of Parts 2, 3 and 4 of Title I of ERISA.
Accordingly, the Plan shall terminate and no further benefits shall accrue
hereunder in the event it is determined by a court of competent jurisdiction or
by an opinion of counsel that the Plan constitutes an employee pension benefit
plan within the meaning of Section 3(2) of ERISA which is not so exempt. In the
event of such termination, all ongoing Deferral Commitments shall terminate, no
additional Deferral Commitments will be accepted by the Committee, and the
amount of each Participant's vested Account balance shall be distributed to such
Participant at such time and in such manner as the Committee, in its sole
discretion, determines.

10.2  UNSECURED GENERAL CREDITOR

      In the event of Employer's insolvency, Participants and their
Beneficiaries, heirs, successors, and assigns shall have no legal or equitable
rights, interest or claims in any property or assets of the Employer, nor shall
they be Beneficiaries of, or have any rights, claims or interests in any life
insurance policies, annuity contracts or the proceeds therefrom owned or which
may be acquired by the Employer. In that event, any and all of the Employer's
assets and policies shall be, and remain, the general, unpledged, unrestricted
assets of the Employer. The Employer's obligation under the Plan shall be that
of an unfunded and unsecured promise of the Employer to pay money in the future.

10.3  TRUST FUND

      The Employer shall be responsible for the payment of all benefits provided
under the Plan. At its discretion, the Employer may establish one or more
trusts, with such trustees as it may approve, for the purpose of providing for
the payment of such

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benefits. Such trust or trusts may be irrevocable, but the assets thereof shall
be subject to the claims of the Employer's creditors. To the extent any benefits
provided under the Plan are actually paid from any such trust, the Employer
shall have no further obligation with respect thereto, but to the extent not so
paid, such benefits shall remain the obligation of, and shall be paid by, the
Employer.

10.4  NONASSIGNABILITY

      Neither a Participant nor any other person shall have any right to sell,
assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer,
hypothecate or convey in advance of actual receipt the amounts, if any, payable
hereunder, or any part thereof, which are, and all rights to which are,
expressly declared to be unassignable and nontransferable. No part of the
amounts payable shall, prior to actual payment, be subject to seizure or
sequestration for the payment of any debts, judgments, alimony or separate
maintenance owed by a Participant or any other person, or be transferable by
operation of law in the event of a Participant's or any other person's
bankruptcy or insolvency.

10.5  NOT A CONTRACT OF EMPLOYMENT

      The terms and conditions of the Plan shall not be deemed to constitute a
contract of employment between the Employer and the Participant, and the
Participant (or his or her Beneficiary) shall have no rights against the
Employer except as may otherwise be specifically provided herein. Moreover,
nothing in the Plan shall be deemed to give a Participant the right to be
retained in the service of the Employer or to interfere with the right of the
Employer to discipline or discharge the Participant at any time.

10.6  PROTECTIVE PROVISIONS

      A Participant will cooperate with the Employer by furnishing any and all
information requested by the Employer, in order to facilitate the payment of
benefits hereunder, and by taking such physical examinations as the Employer may
deem necessary and taking such other action as may be requested by the Employer.

10.7  TERMS

      Whenever any words are used herein in the masculine, they shall be
construed as though they were used in the feminine in all cases where they would
so apply; and wherever any words are used herein in the singular or in the
plural, they shall be construed as though they were used in the plural or the
singular, as the case may be, in all cases where they would so apply.

10.8  CAPTIONS

      The captions of the articles, sections and paragraphs of the Plan are for
convenience only and shall not control or affect the meaning or construction of
any of its provisions.

PAGE 19
<PAGE>

10.9  GOVERNING LAW; ARBITRATION

      The provisions of the Plan shall be construed and interpreted according to
the laws of the State of Oregon. Any dispute or claim that arises out of or that
relates to the Plan or to the interpretation, breach, or enforcement of the
Plan, 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.

10.10 VALIDITY

      In case any provision of the Plan shall be held illegal or invalid for any
reason, said illegality or invalidity shall not affect the remaining parts
hereof, but the Plan shall be construed and enforced as if such illegal and
invalid provision had never been inserted herein.

10.11 NOTICE

      Any notice or filing required or permitted to be given to the Committee
under the Plan shall be sufficient if in writing and hand delivered, or sent by
registered or certified mail, to any member of the Committee or the Secretary of
the Employer. Such notice shall be deemed given as of the date of delivery or,
if delivery is made by mail, as of the date shown on the postmark on the receipt
for registration or certification.

10.12 SUCCESSORS

      The provisions of the Plan shall bind and inure to the benefit of the
Employer and its successors and assigns. The term successors as used herein
shall include any corporate or other business entity which shall, whether by
merger, consolidation, purchase or otherwise acquire all or substantially all of
the business and assets of the Employer, and successors of any such corporation
or other business entity.

                                      LOUISIANA-PACIFIC CORPORATION

                                      By:
                                         -------------------------------------
                                            Vice President, Human Resources

                                      By:
                                         -------------------------------------
                                                       Secretary

                                      Dated:
                                            ----------------------------------

PAGE 20

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