LOUISIANA-PACIFIC CORPORATION (NASDAQ:LPX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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LOUISIANA-PACIFIC CORPORATION (NASDAQ:LPX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Item 5.02. Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers

On December 6, 2016, Brian E. Luoma, who currently serves as
Executive Vice President, General Manager Siding of
Louisiana-Pacific Corporation (the Company), notified the Board
of Directors of the Company (the Board) that he will be resigning
from employment with the Company at a mutually agreeable time no
later than June 1, 2017. Effective January 1, 2017, Mr. Luoma
will no longer be an executive officer of the Company.
To ensure a smooth transition, the Board authorized the Company
to enter into a Separation Agreement with Mr. Luoma in connection
with his departure from the Company. The Separation Agreement
provides for Mr. Luoma to receive the following compensation and
benefits: a cash amount equal to 18 months base salary less any
salary Mr. Luoma receives as an employee from the Company after
January 1, 2017; continued vesting of his restricted stock awards
outstanding at the time of his termination of employment in
accordance with their existing vesting schedules; an amount equal
to 18 months of health insurance premiums; up to 12 months of
outplacement services; financial planning services for the
remainder of 2017; and tax return preparation services for 2017.
On December 8, 2016, the Company announced that the Board
approved, on December 6, 2016, the promotion and appointment of
Neil Sherman as Executive Vice President, General Manager Siding.
Mr. Shermans promotion will be effective January 1, 2017. Mr.
Sherman, age 54, is currently the Companys Senior Vice President,
General Manager Engineered Wood Products, a position that he has
held since March 2015. Prior to that, Mr. Sherman was Vice
President of Procurement, Logistics and Supply Management and has
had held positions with increasing responsibility since joining
the Company in 1994.
On December 8, 2016, the Company also announced that the Board
approved, on December 6, 2016,>the promotion and appointment
of Jason Ringblom as Executive Vice President, General Manager
OSB. Mr. Ringblom, age 34, is currently the Companys Vice
President, OSB Sales and Marketing, a position that he has held
since March 2015. Prior to that, Mr. Ringblom was Regional Sales
Manager for the Eastern Division of the United States. Prior to
that, Mr. Ringbloom was OSB Sales Manager and has held positions
with increasing responsibility since joining the Company in 2004.
The Company will enter into a Change-of-Control Agreement with
Mr. Ringblom, effective January 1, 2017, substantially in the
form of the Change-of-Control Agreement that the Company has
entered into with its other executive officers.
Item 7.01 Regulation FD Disclosure
On December 8, 2016, the Company issued a press release relating
to the promotions and reorganization of its Executive Leadership,
which is furnished herewith as Exhibit 99.1.
Item 9.01 Financial Statements, Pro Forma Financial Statements
and Exhibits.
Exhibit
Number
Description
99.1
Press release issued by Louisiana-Pacific Corporation
on December 8, 2016 regarding changes in executive
leadership


About LOUISIANA-PACIFIC CORPORATION (NASDAQ:LPX)