LPX » Topics » Determination of Base Salaries

This excerpt taken from the LPX DEF 14A filed Mar 20, 2006.
Determination of Base Salaries

In January 2005, the Compensation Committee reconfirmed base salaries for LP’s four executive officers at levels established in late 2004. Mr. Frost’s annual base salary had been established at $640,000 in November 2004 in connection with his promotion to Chief Executive Officer following the retirement of LP’s prior Chief Executive Officer. The salary level was based on the responsibilities of Mr. Frost’s position and benchmark data provided by the Compensation Committee’s outside compensation consultant. In connection with the increased responsibilities assumed by Mr. Stevens in November 2004, his base salary level was increased approximately 10% to $400,000. The Compensation Committee adjusted the annual salary level of Mr. Stanton in September 2004 to $285,000 based on his background, experience and skills, the responsibilities of his new position, and comparable benchmark data. The Compensation Committee determined to maintain the compensation and benefit amounts for the position to which Mr. Wagner was promoted, Vice President, OSB, in August 2004, consistent with the levels established within LP’s regular compensation structure, including an annual base salary of $215,000. In August 2005, pursuant to management’s recommendation, the Compensation Committee approved an increase in Mr. Wagner’s annual base salary to $227,000 based on his demonstrated skill and contributions to LP and on competitive data provided by the Committee’s outside compensation consultant.

This excerpt taken from the LPX DEF 14A filed Mar 17, 2005.
Determination of Base Salaries

With the assistance of the Compensation Committee’s outside compensation consultant, the Compensation Committee conducted a review of market data for comparable executive positions at U.S. general manufacturing companies from three data sources in the fall of 2003. Based on that data and a review of the current duties and responsibilities of each LP executive officer position, the Committee approved adjustments to base salaries for LP’s three Executive Vice Presidents effective November 1, 2003, bringing salary levels to approximately the median and resulting in percentage increases from October 2002 levels ranging from 12% to 15%. In connection with approving those adjustments, the Committee determined to defer consideration of merit increases for the Executive Vice Presidents until the Committee’s regular review for this purpose in 2005.

In January 2004, the Compensation Committee considered a merit increase for Mr. Suwyn and approved a 5% raise in his base salary to $840,000 effective February 1, 2004. Following Mr. Suwyn’s retirement, the Committee approved a base salary level for Mr. Frost in connection with his promotion to Chief Executive Officer of $640,000 effective November 1, 2004, based on the responsibilities of the position and benchmark data provided by the Compensation Committee’s outside compensation consultant. In connection with the increased responsibilities assumed by Mr. Stevens in November 2004, his base salary level was increased approximately 10% to $400,000. The Committee adjusted the annual salary level of Mr. Stanton in September 2004 to $285,000 based on his background, experience and skills, the responsibilities of his new position, and comparable benchmark data. The Committee determined to maintain the compensation and benefit amounts for the position to which Mr. Wagner was promoted, Vice President, OSB, consistent with the levels established within LP’s regular compensation structure, including an annual base salary of $215,000.

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