Document:

Exhibit

Exhibit 10.24
PERFORMANCE SHARES AWARD AGREEMENT
	
		
	 
	 

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

	
		
	 
	 

	Awardee:
	[Employee name] (“Participant”)

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

	
		
	Target Award:
	Target number of [XXX] Share units, each unit representing a right to receive one Share subject to the terms and conditions of this Agreement (“Performance Shares”)

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

Corporation and Participant agree as follows:

1.    Defined Terms. Capitalized terms not otherwise defined in this Performance Shares Award Agreement, including the Statement of Performance Objectives (this “Agreement”) have the meanings given them in the Plan. As used in this Agreement:
(a)    “Performance Objectives” means the threshold, target and maximum goals established by the Administrator for the Performance Period as described in the Statement of Performance Objectives. No adjustment of the Performance Objectives shall be permitted in respect of any Performance Shares granted to Participant if at the Grant Date he or she is, or is determined by the Administrator to be likely to become, a “covered employee” within the meaning of Section 162(m) of the Code (or any successor provisions) if such adjustment would result in the loss of an otherwise available deduction. 
(b)    “Performance Period” is a three-year period commencing on __________, 20__ and ending on ____________, 20__.
(c)    “Statement of Performance Objectives” shall mean the statement of Performance Objectives as approved by the Administrator with respect to the Performance Shares on the Grant Date and attached hereto as Annex A.

2.    Grant of Award of Performance Shares. As of the Grant Date, Corporation has granted to Participant an Award covering the number of Performance Shares, payment of which depends on Corporation’s performance as set forth in this Agreement and in the Statement of Performance Objectives. Subject to the attainment of the Performance Objectives, Participant may earn between 0% and 200% of the target award of Performance Shares.
3.    Acknowledgment. Participant acknowledges that the Award of Performance Shares is subject to the terms and conditions set forth in this Agreement, in the Statement of Performance Objectives and in the Plan.
4.    Normal Earning of Performance Shares. Performance Shares covered by this Agreement shall only be earned and result in payment, at the time described in Section 6, after completion of the Performance Period and only if they are earned as provided in the Statement of Performance Objectives. The performance award can be increased or decreased based on Total Shareholder Return Relative to the Peer Group over the three-year Performance Period, as set forth in the Statement of Performance Objectives. Except as otherwise provided herein, no Performance Shares will result in payment unless Participant remains continuously employed by Corporation or a Subsidiary during the entire Performance Period. For purposes of this Agreement, “continuously employed” means the absence of any interruption or termination of Participant’s employment with Corporation or with a Subsidiary. Continuous employment shall not be considered interrupted or terminated in the case of sick leave, military leave or any other leave of absence approved by Corporation or in the case of transfers between locations of Corporation and its Subsidiaries.
5.     Alternative Earning of Performance Shares; Forfeiture.
(a)    Effect of Death or Disability. If Participant experiences a termination of employment because of Participant’s death or Disability during the Performance Period, then a number of Performance Shares shall be earned and result in payment, at the time described in Section 6, in an amount equal to the product of (i) the number of Performance Shares that would have resulted in payment in accordance with the terms of Section 4 if Participant had earned 100 percent of the Performance Shares at the end of the Performance Period, multiplied by (ii) a fraction (in no case greater than 1), the numerator of which is the number of whole months from the first day of the Performance Period through the date of such death or termination of employment because of Disability, and the denominator of which is 36.  Under this subsection (a), the Performance Shares earned will not be modified based on Total Shareholder Return Relative to the Peer Group.  
(b)    Effect of Change of Control. In the event a Change of Control occurs prior to end of the Performance Period, 100% of the Performance Shares covered by this Agreement shall be deemed earned at the target level of performance and result in payment, at the time described in Section 6.
(c)    Effect of Retirement. If Participant experiences a termination of employment because of Participant’s Retirement (as defined below), then a number of Performance Shares shall be earned and result in payment, at the time described in Section 6, in an amount equal to the number of Performance Shares that would have resulted in payment in accordance with the terms of Section 4 if Participant had remained in the continuous employ of Corporation or a Subsidiary from the Grant Date until the end of the Performance Period. For purposes of this Agreement, “Retirement” shall mean the voluntary termination of the Participant’s employment with the Corporation and its Subsidiaries if: (i) Participant is then at least age 55 and has completed at least twenty (20) years of continuous service with the Corporation or a Subsidiary, (ii) Participant is then at least age 60 and has completed at least ten (10) year of continuous service with the Corporation or as Subsidiary, or (iii) Participant is then at least age 65 and has completed at least five (5) years of continuous service with the Corporation or a Subsidiary.
(d)  Forfeiture.  Any Performance Shares that are not earned pursuant to Section 4 shall be forfeited.

6.    Form and Time of Payment of Performance Shares. 
(a)    General. Payment of any Performance Shares that become earned as set forth herein will be made in the form of Shares. Except as provided in Section 6(b), payment shall be made after the end of the Performance Period and after the determination and certification by the Administrator of the level of the attainment of the Performance Objectives, but in any event no later than two and one-half months following the completion of the Performance Period. 
(b)    Alternative Payment Event. Notwithstanding Section 6(a), to the extent that Performance Shares have become earned in accordance with Section 5(a) or 5(b), then payment of the Shares will be made: (i) under Section 5(a) on the date of the death or disability or at a reasonable time after the date of death or disability but in no instance longer than 75 days; and (ii) under Section 5(b) on the date of the Change of Control; provided, however, that if the Change of Control does not constitute a “change in control” for purposes of Section 409A(a)(2)(A)(v) of the Code, then issuance of the Shares will be made, to the extent necessary to comply with the provisions of Section 409A of the Code, to Participant on the date that would have otherwise applied pursuant to Section 6(a) as though the Change of Control had not occurred. 
7.     Dividend Equivalents, Voting and Other Rights. During the Performance Period for any Award of Performance Shares, the Participant will not have any rights as a stockholder with respect to the Performance Shares (until the time shares of Stock have been issued in settlement of the Performance Shares as described in Section 6). Participants holding a Performance Share Award will be credited with dividend equivalent additional Performance Shares equal to the amount or value of any cash or other distributions or dividends payable during the Performance Period with respect to an equal number of shares of Stock. 
8.    Performance Shares Nontransferable. Until payment is made to Participant as provided herein, neither Performance Shares granted hereby nor any interest therein or in the Shares related thereto shall be transferable other than by will or the laws of decent and distribution prior to payment.
9.     Tax Withholding. To the extent that Corporation or any Subsidiary is required to withhold any federal, state, or local taxes of any kind required by law with respect to the payment of earned Performance Shares pursuant to this Agreement, it shall be a condition that Participant made arrangements satisfactory to Corporation for the satisfaction of any such minimum withholding tax obligations. Corporation will not be required to make any such payment until such obligations are satisfied. Participant may elect that all or any part of such withholding requirement be satisfied by retention by Corporation of a portion of the Shares that may be issued in connection with earned Performance Shares. If such election is made, the Shares so retained shall be credited against such withholding requirement at the Fair Market Value per Share of such Shares on the date of the determination and certification by the Administrator of the level of the attainment of the Performance Objectives.  In no event will the fair market value of the Shares to be withheld pursuant to this Section 9 to satisfy applicable withholding taxes exceed the minimum amount of taxes to be withheld if such withholding would result in adverse accounting implications for the Corporation.
10.    Miscellaneous.
(a)    Compliance With Law. Corporation shall make reasonable efforts to comply with all applicable federal and state securities laws.
(b)    Compliance With Section 409A of the Code. To the extent applicable, it is intended that this Agreement and the Plan comply with the provisions of Section 409A of the Code, so that the income inclusion provisions of Section 409A(a)(1) of the Code do not apply to Participant. This Agreement and the Plan shall be administered in a manner consistent with this intent, and any provision that would cause this Agreement or the Plan to fail to satisfy Section 409A of the Code shall have no force or effect until amended to comply with Section 409A of the Code (which amendment may be retroactive to the 

extent permitted by Section 409A of the Code and may be made by Corporation without the consent of Participant). If the event triggering the right to payment under this Agreement is Participant’s “separation from service” with Corporation or any Subsidiary within the meaning of Section 409A(a)(2)(A)(i) of the Code and Participant is a “specified employee” as determined pursuant to procedures adopted by Corporation in compliance with Section 409A of the Code, then, to the extent necessary to comply with the provisions of Section 409A of the Code, issuance of the Shares will be made to Participant on the earlier of the first day of the seventh month after the date of Participant’s “separation of service” with Corporation and its Subsidiaries within the meaning of Section 409A(a)(2)(A)(i) or the date of Participant’s death. 
(c)    Interpretation. Any reference in this Agreement to Section 409A of the Code will also include any proposed, temporary or final regulations, or any other guidance, promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service. Except as expressly provided in this Agreement, capitalized terms used herein will have the meaning ascribed to such terms in the Plan.
(d)    No Employment Rights. The grant of the Award of Performance Shares under this Agreement to Participant is a voluntary, discretionary award being made on a one-time basis and it does not constitute a commitment to make any future awards. The grant of the Award of Performance Shares and any payments made hereunder will not be considered salary or other compensation for purposes of any severance pay or similar allowance, except as otherwise required by law. Nothing contained in this Agreement shall confer upon Participant any right to be employed or remain employed by Corporation or any of its Subsidiaries, nor limit or affect in any manner the right of Corporation or any of its Subsidiaries to terminate the employment or adjust the compensation of Participant.
(e)    Relation to Other Benefits. Any economic or other benefit to Participant under this Agreement or the Plan shall not be taken into account in determining any benefits to which Participant may be entitled under any profit-sharing, retirement or other benefit or compensation plan maintained by Corporation or any of its Subsidiaries and shall not affect the amount of any life insurance coverage available to any beneficiary under any life insurance plan covering employees of Corporation or any of its Subsidiaries.
(f)    Amendments. Any amendment to the Plan shall be deemed to be an amendment to this Agreement to the extent that the amendment is applicable hereto; provided, however, that (i) no amendment shall materially adversely affect the rights of Participant under this Agreement without Participant’s written consent, and (ii) Participant’s consent shall not be required to an amendment that is deemed necessary by Corporation to ensure compliance with Section 409A of the Code. 
(g)    Severability. In the event that one or more of the provisions of this Agreement shall be invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully enforceable.
(h)    Relation to Plan. This Agreement is subject to the terms and conditions of the Plan. In the event of any inconsistency between the provisions of this Agreement and the Plan, the Plan shall govern. The Administrator acting pursuant to the Plan, as constituted from time to time, shall, except as expressly provided otherwise herein or in the Plan, have the right to determine any questions which arise in connection with this Agreement.
(i)    Successors and Assigns. Without limiting the provisions of this Agreement, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, administrators, heirs, legal representatives and assigns of Participant, and the successors and assigns of Corporation.
(j)    Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same agreement.

(k)     Repayment Obligation. In the event that (i) Corporation issues a restatement of financial results to correct a material error, (ii) the Administrator determines, in good faith, that Participant’s fraud or willful misconduct was a significant contributing factor to the need to issue such restatement and (iii) some or all of the Performance Shares that were granted and/or earned during the three-year period prior to such restatement would not have been granted and/or earned, as applicable, based upon the restated financial results, Participant shall immediately forfeit to Corporation (as applicable) any outstanding Performance Shares, return to Corporation any Shares received under this Award and/or the pre-tax income derived from any disposition of the Shares previously received in settlement of Performance Shares that would not have been granted and/or earned based upon the restated financial results (the “Repayment Obligation”). This Repayment Obligation shall be in addition to any compensation recovery policy that is adopted by the Corporation or is otherwise required by applicable law; provided, however, that there shall be no duplication of recovery under this agreement and any of 15 U.S.C. Section 7243 (Section 304 of the Sarbanes-Oxley Act of 2002) or Section 10D of the Securities Exchange Act of 1934.
IN WITNESS WHEREOF, Corporation has caused this Agreement to be executed on its behalf by its duly authorized officer and Participant has executed this Agreement, effective as of the Grant Date first written above.
	
		
	 

	 
	 

	Corporation:
	LOUISIANA-PACIFIC CORPORATION

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

	

	 

	Participant:
	 _________________________________

	 
	[Participant name]Exhibit

Exhibit 10.25
STOCK APPRECIATION RIGHTS AWARD AGREEMENT
	
		
	Corporation:
	Louisiana-Pacific Corporation, a Delaware corporation (“Corporation”)

	
				
	Awardee:
	[Employee name] (“Participant”)
	 

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

	
		
	        Award:
	[XXX] freestanding stock-settled stock appreciation rights (“SARs”)

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

Corporation and Participant agree as follows:
1.    Defined Terms. Capitalized terms not otherwise defined in this Stock Appreciation Rights Award Agreement (the “Agreement”) have the meanings given them in the Plan. In addition, for purposes of this Agreement, “Base Price” means $__________, which was the Fair Market Value of the Common Stock on the Grant Date.
2.    Grant of SARs. As of the Grant Date, Corporation has granted to Participant the SARs. The SARs represent the right of Participant to receive Shares in an amount equal to 100% of the Spread on the date on which the SARs are exercised subject to and upon the terms and conditions of this Agreement and the Plan. For purposes of this Agreement, “Spread” means the excess of the Fair Market Value of a Share on the date when a SAR is exercised over the Base Price.
3.    Acknowledgment. Participant acknowledges that the SARs are subject to the terms and conditions set forth in this Agreement and in the Plan.
4.    Vesting of SARs.

(a)    The SARs covered by this Agreement shall become exercisable as described in this Section.  One-third of the SARs shall become exercisable on the first anniversary of the Grant Date if Participant remains in the continuous employ of Corporation or one of its Subsidiaries from the Grant Date through such first anniversary.  An additional one-third of the SARs shall become exercisable on each subsequent anniversary of the Grant Date, through the third anniversary of the Grant Date, when 100% of the SARs shall have become exercisable, if Participant remains in the continuous employ of Corporation or one of its Subsidiaries from the Grant Date through each such anniversary.  For purposes of this Agreement, “continuous employ” means the absence of any interruption or termination of Participant’s employment with Corporation or with a Subsidiary.  Continuous employment shall not be considered interrupted or terminated in the case of sick leave, military leave or any other leave of absence approved by Corporation or in the case of transfers between locations of Corporation and its Subsidiaries.
 (b)    Notwithstanding Section 4(a) above, the SARs granted hereby shall become immediately exercisable in full if at any time prior to the termination of the SARs, any of the following events occur:
(i)     Participant’s death or Disability; or
(ii)    A Change of Control.
(c) Notwithstanding Section 4(a) above, if Participant experiences a termination of employment because of Participant’s retirement (as defined below), then the remaining number of SARs, not previously vested, shall continue to vest and become exercisable as if Participant had remained in the continuous employ of Corporation or a Subsidiary from the Grant Date through the third anniversary of the Grant Date. For purposes of this Agreement, “Retirement” shall mean the voluntary termination of the Participant’s employment with the Corporation and its Subsidiaries if: (i) Participant is then at least age 55 and has completed at least twenty (20) years of continuous service with the Corporation or a Subsidiary, (ii) Participant is then at least age 60 and has completed at least ten (10) year of continuous 

service with the Corporation or as Subsidiary, or (iii) Participant is then at least age 65 and has completed at least five (5) years of continuous service with the Corporation or a Subsidiary.
5.    Exercise of SARs.
(a)    To the extent exercisable as provided in Section 4 of this Agreement, the SARs may be exercised in whole or in part by delivery to Corporation of a notice in form and substance satisfactory to Corporation specifying the number of SARs to be exercised and the date of exercise. 
(b)    Upon exercise, Corporation will issue to Participant, with respect to the number of SARs that are exercised, the number of Shares that equal the Fair Market Value per Share on the date of exercise divided into the Spread, rounded down to the nearest whole Share.
6.    Termination of SARs. Both exercisable and nonexercisable SARs shall terminate, as provided below, upon the earliest to occur of the following:
(a)    five days after Participant ceases to be an employee of Corporation or a Subsidiary due to involuntary termination by Corporation or a Subsidiary for cause;
(b)    One year after the death of Participant; and
(c)    Ten years from the Grant Date. 
7.    Compliance with Law. The SARs shall not be exercisable if such exercise would involve a violation of any applicable federal or state securities law, and Corporation hereby agrees to make reasonable efforts to comply with any applicable federal and state securities laws. 
8.    Adjustments. The SARs shall be subject to adjustment in accordance with Article 12 of the Plan.
9.    Withholding. To the extent that Corporation is required to withhold federal, state, local or foreign taxes in connection with the exercise of the SARs, and the amounts available to Corporation for such withholding are insufficient, it shall be a condition to such exercise that 
Participant make arrangements satisfactory to Corporation for payment of the balance of such taxes required to be withheld. Participant may elect that all or any part of such withholding requirement be 

satisfied by retention by Corporation of a portion of the Shares to be delivered to Participant or by delivering to Corporation other Shares held by Participant. If such election is made, the Shares so retained or delivered shall be credited against such withholding requirement at the Fair Market Value per Share on the date of such exercise. In no event shall the market value of the Shares to be withheld and/or delivered pursuant to this Section 9 to satisfy applicable withholding taxes exceed the minimum amount of taxes required to be withheld if such withholding would result in adverse accounting implications for the corporation.
10.    No Employment Rights. The grant of the SARs under this Agreement to Participant is a voluntary, discretionary award being made on a one-time basis and it does not constitute a commitment to make any future awards. The grant of the SARs and any payments made hereunder will not be considered salary or other compensation for purposes of any severance pay or similar allowance, except as otherwise required by law. Nothing in this Agreement will give Participant any right to continue employment with Corporation or any Subsidiary, as the case may be, or interfere in any way with the right of Corporation or a Subsidiary to terminate the employment of Participant at any time.
11.    Relation to Other Benefits. Any economic or other benefit to Participant under this Agreement or the Plan shall not be taken into account in determining any benefits to which Participant may be entitled under any profit sharing, retirement or other benefit or compensation plan maintained by Corporation or a Subsidiary and shall not affect the amount of any life insurance coverage available to any beneficiary under any life insurance plan covering employees of Corporation or a Subsidiary.
12.    Amendments. Subject to Article 13 of the Plan, any amendment to the Plan shall be deemed to be an amendment to this Agreement to the extent that the amendment is applicable hereto; provided, however, that (a) no amendment shall adversely affect the rights of Participant under this Agreement without Participant’s written consent, and (b) Participant’s consent shall not be required to an amendment that is deemed necessary by Corporation to ensure compliance with Section 409A of the Code.

13.    Severability. In the event that one or more of the provisions of this Agreement shall be invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully enforceable.
14.    Relation to Plan. This Agreement is subject to the terms and conditions of the Plan. In the event of any inconsistency between the provisions of this Agreement and the Plan, the Plan shall govern. The Administrator acting pursuant to the Plan, as constituted from time to time, shall, except as expressly provided otherwise herein or in the Plan, have the right to determine any questions which arise in connection with this Agreement.
15.    Successors and Assigns. Without limiting the provisions of this Agreement, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, administrators, heirs, legal representatives and assigns of Participant, and the successors and assigns of Corporation.
16.    Compliance With Section 409A of the Code. To the extent applicable, it is intended that this Agreement and the Plan comply with the provisions of Section 409A of the Code. This Agreement and the Plan shall be administered in a manner consistent with this intent, and any provision that would cause this Agreement or the Plan to fail to satisfy Section 409A of the Code shall have no force or effect until amended to comply with Section 409A of the Code (which amendment may be retroactive to the extent permitted by Section 409A of the Code and may be made by Corporation without the consent of Participant). 
17.    Interpretation. Any reference in this Agreement to Section 409A of the Code will also include any proposed, temporary or final regulations, or any other guidance, promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service.
18.    Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same Agreement.

IN WITNESS WHEREOF, Corporation has caused this Agreement to be executed on its behalf by its duly authorized officer and Participant has executed this Agreement, effective as of _________, ___, 20__.

LOUISIANA-PACIFIC CORPORATION

__________________________________
By: [officer name]
Its: [Title]

Participant: [Participant name]

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