LPX » Topics » ELIGIBILITY AND PARTICIPATION

This excerpt taken from the LPX 8-K filed Feb 3, 2005.
ELIGIBILITY AND PARTICIPATION

 

4.1           General.  All employees of Corporation or any subsidiary or affiliate of Corporation who are (a) within Levels 1 or 2 of the Louisiana-Pacific Corporation Management Incentive Plan (“MIP 1 or MIP 2 level employees”) on the Effective Date and (b) participants in the Qualified Plans will automatically be participants in the Plan (“Participants”).  For all purposes of this Plan, Corporation’s Chief Executive Officer will be considered an MIP 1 level employee.  An employee who first becomes an MIP 1 or MIP 2 level employee after the Effective Date will become a Participant as of the later of the date the employee attains that MIP level or the date he or she becomes a participant in the Qualified Plans.

 

4.2           Cessation of Participation.  If a Participant ceases to be an MIP 1 or MIP 2 level employee or ceases to be a participant in the Qualified Plans:

 

4.2.1        Participant Deferral Contributions and Employer Match Contributions.  His or her participation in the Plan will then cease and no further Participant Deferral

 

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Contributions as described in Section 5 or Employer Match Contributions as described in Section 6.3 will be made or credited for such former Participant with respect to services performed after the date of such cessation; and

 

4.2.2        Qualified Plan Credits.  Such former Participant will be entitled to a Qualified Plan Supplemental Credit and a Qualified Plan Makeup Credit, if any, to the extent provided for in Sections 6.1 and 6.2.

 

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