DEF 14A of Louisiana-Pacific Corp, Mar 20, 2026

DEF 14A of Louisiana-Pacific Corp

Filed Mar 20, 2026 · FY20250001104659-26-032457

Open on EDGAR

  1. BOARD OF DIRECTORS

    BOARD OF DIRECTORS The following table provides an overview of our three Class II director nominees for election to the Board at the Annual Meeting and our Class I and Class III directors whose terms of office will continue beyond the Annual Meeting.

  2. BOARD OF DIRECTORS

    | | | DIRECTOR SINCE | | BOARD COMMITTEES | | | | | NAME | AGE | | INDEPENDENT | AC | CC | GC | EC | | Class II Directors to Be Elected for a Three-Year Term Expiring at the 2029 Annual Meeting | | | | | | | | | JOSE A. BAYARDO Chairman, President and Chief Executive Officer of NOV Inc. | 54 | 2021 | | | | | | | STEPHEN E. MACADAM Retired Chief Executive Officer of EnPro Industries, Inc. | 65 | 2019 | | | | | | | JEAN-MICHEL RIBIÉRAS Retired Chairman and Chief Executive Officer of Sylvamo Corporation | 63 | 2025 | | | | | | | Class I and III Directors Continuing in Office | | | | | | | | | KELLY H. BARRETT Retired Senior Vice President, Home Services of The Home Depot, Inc. | 61 | 2025 | | | | | | | LIZANNE M. BRUCE Retired EVP-Senior Adviser to the CEO/Chairman of Kimberly-Clark Corporation | 69 | 2006 | | | | | | | F. NICHOLAS GRASBERGER III Chairman and Chief Executive Officer of Enviri Corporation | 62 | 2019 | | | | | | | JASON P. RINGBLOM Chief Executive Officer of LP | 43 | 2026 | | | | | | | TY R. SILBERHORN Retired Chief Executive Officer and President of Apogee Enterprises, Inc. | 58 | 2025 | | | | | | | Directors Retiring at the 2026 Annual Meeting | | | | | | | | | OZEY K. HORTON, JR. Director Emeritus of McKinsey & Company | 75 | 2016 | | | | | | | DUSTAN E. MCCOY Retired Chairman and Chief Executive Officer of Brunswick Corporation | 76 | 2002 | | | | | |

  3. BOARD OF DIRECTORS

    AC = Audit Committee CC = Compensation Committee GC = Governance Committee EC = Executive Committee = Chair = Committee member

  4. BOARD AND GOVERNANCE HIGHLIGHTS

    BOARD AND GOVERNANCE HIGHLIGHTS

  5. BOARD AND GOVERNANCE HIGHLIGHTS

    | STRONG INDEPENDENT OVERSIGHT | » 9 of our 10 directors are independent (all except Mr. Ringblom, our Chief Executive Officer). » All members of the standing committees of the Board are independent (except for the Executive Committee, on which Mr. Ringblom serves as a member). » Executive sessions are scheduled for each quarterly Board meeting. | | COMMITMENT TO BOARD EFFECTIVENESS | » Limits on other directorships (i.e., no overboarding). » Each then-current director attended at least 75% of all Board and applicable committee meetings. » Annual Board and committee self-evaluation. » New director orientation and ongoing educational opportunities. » Regular review of succession planning. » Retirement at next annual meeting of stockholders following a director’s 75th birthday, unless waived by the Board. | | ALIGNMENT WITH STOCKHOLDERS’ INTERESTS | » Majority voting standard for uncontested election of directors. » Policy to address resignation of director nominees who fail to receive majority vote in uncontested election of directors. » Stock ownership guidelines for outside directors and executive officers. » Directors, executive officers, and certain employees are prohibited from entering into hedging transactions and from pledging LP securities as collateral for margin and other loans. |

  6. BOARD AND GOVERNANCE HIGHLIGHTS

    | ELECTION OF DIRECTORS |

  7. BOARD AND GOVERNANCE HIGHLIGHTS

    | | THE BOARD RECOMMENDS THAT YOU VOTE “FOR” THE ELECTION OF EACH OF THE THREE CLASS II DIRECTOR NOMINEES. |

  8. GENERAL

    GENERAL We have a skilled and experienced Board that consists of a majority of independent directors. The Board currently has 10 members, consisting of our Chief Executive Officer and nine independent directors. LP’s Second Amended and Restated Bylaws (the “Bylaws”) provide for a classified Board consisting of three classes, with directors in each class serving three-year terms. If elected at the 2026 Annual Meeting of Stockholders, the terms of our Class II directors will expire at the 2029 Annual Meeting of Stockholders. The terms of our Class III directors will expire at the 2027 Annual Meeting of Stockholders and terms of our Class I directors will expire at the 2028 Annual Meeting of Stockholders. Effective February 19, 2026, in connection with W. Bradley Southern’s retirement as Chief Executive Officer (“CEO”), Mr. Southern also retired as Chairperson of the Board and a Class III director of LP. Effective on the same date, (i) Mr. Ringblom, who succeeded Mr. Southern as CEO, was appointed as a Class III director of the Board, and (ii) Mr. Grasberger was elected as the independent Chairperson of the Board. On January 23, 2026, Mr. McCoy notified LP of his decision to retire from the Board effective as of the 2026 Annual Meeting of Stockholders. Mr. Horton will also retire as of the 2026 Annual Meeting of Stockholders in accordance with LP’s mandatory age retirement policy for directors. Concurrently with the retirement of Messrs. McCoy and Horton at the 2026 Annual Meeting of Stockholders, the size of the Board will be reduced to eight members. Stockholders are being asked to vote on the election of three Class II director nominees, Jose A. Bayardo, Stephen E. Macadam and Jean-Michel Ribiéras, to serve until the 2029 Annual Meeting of Stockholders and until their successors are duly elected and qualified. Each of these director nominees was recommended to the Board by the Governance and Corporate Responsibility Committee of the Board (the “Governance Committee”) and currently serves as a Class II director of LP. The Board has determined that each of Messrs. Bayardo, Macadam and Ribiéras (i) has no material relationship with LP (either directly or as a partner, stockholder, officer or director of an organization that has a relationship with LP) other than his or her service as a director of LP, and (ii) is independent under the listing standards adopted by the New York Stock Exchange (the “NYSE”). We believe that all nominees will be able and willing to serve if elected. However, should any nominee become unable or unwilling to serve for any reason, your proxy may be voted for a substitute nominee designated by the Board, or the Board may decrease the size of the Board. Each nominee who receives the affirmative vote of a majority of the total votes cast on his election will be elected, meaning that a nominee will be elected if the number of shares voted for that nominee’s election exceeds the number of votes cast against that nominee’s election. Abstentions and broker non-votes are not considered to be votes cast and, accordingly, will have no effect on the outcome of the vote on a nominee’s election. Set forth below is certain information about the background, skills and expertise of each director nominated for election relevant to his or her service as a director, as well as certain information about the background, skills and expertise of the other members of the Board whose terms of office will continue beyond the 2026 Annual Meeting of Stockholders. The summary of qualifications that the Governance Committee uses in its review of director nominees is described below under “Corporate Governance—Consideration of Director Nominees.”

  9. NOMINEES FOR DIRECTOR

    NOMINEES FOR DIRECTOR (For Three-Year Terms Expiring at the 2029 Annual Meeting)

  10. NOMINEES FOR DIRECTOR

    | JOSE A. BAYARDO | | INDEPENDENT DIRECTOR | | Chairman, President and Chief Executive Officer of NOV Inc. AGE: 54 DIRECTOR SINCE: 2021 COMMITTEES: » Audit Committee (Chair) » Executive Committee » Governance Committee | BACKGROUND: Mr. Bayardo is the Chairman, President and Chief Executive Officer of NOV Inc. (NYSE: NOV), a leading global provider of equipment and technology to the energy industry (“NOV”). He joined NOV in August 2015 and served as its Senior Vice President and Chief Financial Officer until March 2025, and as its Chief Operating Officer from March 2025 until his appointment as Chief Executive Officer effective January 1, 2026. Mr. Bayardo has served as President of NOV since March 2025 and as a director of NOV since October 2025. He was appointed as Chairman of NOV’s board of directors effective January 1, 2026. Prior to joining NOV, Mr. Bayardo served as Senior Vice President of Resource and Business Development of Continental Resources, Inc., a petroleum and natural gas exploration and production company, and spent nine years serving in various roles at Complete Production Services, Inc., an oilfield service provider which traded on the NYSE under the ticker symbol CPX prior to its acquisition by Superior Energy Services Inc. in 2012, including Senior Vice President, Chief Financial Officer and Treasurer. Prior to that, he was an investment banker with J.P. Morgan Securities, Inc. Mr. Bayardo graduated from the University of Texas at Austin with a bachelor of science degree in Chemical Engineering, from the McCormick School of Engineering at Northwestern University with a master’s degree in Engineering Management and from Kellogg Graduate School of Management at Northwestern University with an M.B.A. QUALIFICATIONS: The Board selected Mr. Bayardo to serve as a director based on his broad financial expertise and experience holding various C-suite executive positions with a large publicly traded company. Mr. Bayardo also has extensive experience with mergers and acquisitions and global manufacturing. The Board believes this experience makes him particularly well-suited to serve as a director of LP. | |

  11. NOMINEES FOR DIRECTOR

    | | | | | | | | | Public Company Board Experience | C-Suite Leadership | Financial Literacy / Accounting | Manufacturing and Distribution / Sourcing / Logistics | Global Operations Experience | Risk Management | Strategic Planning |

  12. NOMINEES FOR DIRECTOR

    | STEPHEN E. MACADAM | | INDEPENDENT DIRECTOR | | Retired Chief Executive Officer of EnPro Industries, Inc. AGE: 65 DIRECTOR SINCE: 2019 COMMITTEES: » Compensation Committee (Chair) » Executive Committee » Governance Committee | BACKGROUND: Mr. Macadam served as Chief Executive Officer and President of EnPro Industries, Inc. (NYSE: NPO), a manufacturing company (“Enpro”), from April 2008 until his retirement in July 2019. He served on the board of directors of EnPro from 2008 until his retirement effective February 29, 2020, including as Vice Chairman beginning in August 2019. Prior to joining EnPro, he was Chief Executive Officer of BlueLinx Holdings Inc. (NYSE: BXC), a building products wholesaler, from October 2005 to March 2008. Mr. Macadam was President and Chief Executive Officer of Consolidated Container Company, a plastic packaging manufacturer, from 2001 to 2005. From March 1998 until August 2001, he held executive positions with Georgia-Pacific Corporation, which traded on the NYSE under the ticker symbol GP prior to its acquisition by Koch Industries, Inc. in 2005. Mr. Macadam held positions of increasing responsibility with McKinsey & Company, Inc., a global management consulting firm, from 1988 until 1998, culminating in the role of principal in charge of its Charlotte, NC operation. Mr. Macadam has served as a director for Sleep Number Corporation (NASDAQ: SNBR) since November 2023 and has served on its audit committee since 2024 and as chair of such committee since September 2025. He has served as the non-executive chairman of Atmus Filtration Technologies (NYSE: ATMU) since May 2023. He previously served as the chair of the board of directors of Veritiv Corporation (NYSE: VRTV) from 2020 to November 2023 and as a director for Valvoline Inc. (NYSE: VVV) from 2016 to January 2023. Mr. Macadam received a bachelor of science degree in Mechanical Engineering from the University of Kentucky, a master of science degree in Finance from Boston College and an M.B.A. from Harvard University, where he was a Baker Scholar. QUALIFICATIONS: The Board selected Mr. Macadam to serve as a director because of his valuable financial expertise and his experience and knowledge in the areas of corporate governance, industrial products manufacturing, building products, product distribution, and procurement. The Board also believes that Mr. Macadam’s extensive experience leading publicly traded companies makes him particularly well-suited to serve as a director of LP. | |

  13. NOMINEES FOR DIRECTOR

    | SKILLS: | | | | | | | | | | | | | | | | | | Public Company Board Experience | C-Suite Leadership | Financial Literacy / Accounting | Manufacturing and Distribution / Sourcing / Logistics | Global Operations Experience | Sales / Marketing | Risk Management | Strategic Planning |

  14. NOMINEES FOR DIRECTOR

    | JEAN-MICHEL RIBIÉRAS | | INDEPENDENT DIRECTOR | | Retired Chairman and Chief Executive Officer of Sylvamo Corporation AGE: 63 DIRECTOR SINCE: 2025 COMMITTEES: » Audit Committee » Governance Committee | BACKGROUND: Mr. Ribiéras served as the Chief Executive Officer of Sylvamo Corporation (NYSE: SLVM), a global producer of uncoated paper, from October 2021 until his retirement on January 1, 2026, and previously served as the President of Sylvamo Corporation from March 2021 until October 2021. Mr. Ribiéras also served as a director of Sylvamo Corporation from its formation in March 2021 until December 31, 2025, including as Chairman beginning in October 2021. Previously, Mr. Ribiéras held various positions of increasing responsibility with International Paper Company (NYSE: IP) in Europe and in the United States, where he accumulated over 26 years of experience. At International Paper Company, he served as Senior Vice President—Industrial Packaging of the Americas from June 2018 until March 2021 and as Senior Vice President—Global Cellulose Fibers from July 2016 through June 2018, and he led the integration of Weyerhaeuser’s cellulose fibers business with International Paper Company’s pulp business. Prior to that, he served with International Paper Company as Senior Vice President and President, Europe, Middle East, Africa and Russia from 2013 until June 2016, and as Vice President and President, Latin America from 2009 until 2013. Earlier in his career, Mr. Ribiéras served with International Paper Company as Vice President of European Papers from 2002 to 2004 and Vice President of International Paper Company’s Pulp and Converting Papers businesses from 2005 to 2009. Mr. Ribiéras has been appointed to the U.S.-Brazil CEO Forum by the U.S. Secretary of Commerce for its 2024-2026 term. Mr. Ribiéras received a bachelor of science degree in Business Management from École Supérieure des Dirigeants d’Entreprise in France and an M.B.A. in Marketing from the Barney School of Business at the University of Hartford. QUALIFICATIONS: The Board selected Mr. Ribiéras based on his extensive management experience and strong executive leadership skills, developed over more than three decades in the paper and packaging industry. Mr. Ribiéras has a proven track record leading complex organizations and multinational business operations. The Board believes this experience makes him particularly well-suited to serve as a director of LP. | |

  15. NOMINEES FOR DIRECTOR

    | SKILLS: | | | | | | | | | | | | | | | | Public Company Board Experience | C-Suite Leadership | Manufacturing and Distribution / Sourcing / Logistics | Global Operations Experience | HR / Labor Relations | Sales / Marketing | Strategic Planning |

  16. CONTINUING DIRECTORS

    CONTINUING DIRECTORS The current members of the Board whose terms of office will continue beyond the 2026 Annual Meeting of Stockholders are listed below. The Board has determined that each continuing director named below, other than Mr. Ringblom, (i) has no material relationship with LP (either directly or as a partner, shareholder or officer of an organization that has a relationship with LP) other than his service as a director of LP, and (ii) is independent under the NYSE listing standards.

  17. CONTINUING DIRECTORS

    | KELLY H. BARRETT | | INDEPENDENT DIRECTOR | | Retired Senior Vice President, Home Services of The Home Depot, Inc. AGE: 61 DIRECTOR SINCE: 2025 – Current Term Expiring 2028 COMMITTEES: » Audit Committee » Governance Committee | BACKGROUND: Ms. Barrett served as Senior Vice President, Home Services at The Home Depot, Inc. (NYSE: HD) from 2016 until her retirement in December 2018. Prior to that appointment, Ms. Barrett held various senior management positions at The Home Depot from 2003 to 2016, including Vice President of Internal Audit and Corporate Compliance, and Controller. Prior to her employment by The Home Depot, Ms. Barrett was employed by Cousins Properties Incorporated (NYSE: CUZ) for eleven years in various senior financial roles, including ultimately that of Senior Vice President and Chief Financial Officer. Ms. Barrett currently serves as a director and member of both the audit and compensation committees of Americold Realty Trust, Inc. (NYSE:COLD) and a director and member of both the compensation and information technology committees of EVERTEC, Inc. (NYSE: EVTC). She also serves as the chair of the board of directors and chair of the audit committee of Piedmont Realty Trust, Inc. (NYSE: PDM). She previously served as a director of The Aaron’s Company, Inc. (NYSE:AAN) from May 2019 until October 2024. Her leadership roles in the community currently include serving on the board of the Metro Atlanta YMCA (where she formerly served as chair); the National Association of Corporate Directors (“NACD”), Atlanta Chapter board; the Georgia Tech Foundation Board of Trustees; and the Advisory Board of the Scheller College of Business at Georgia Tech (where she also formerly served as chair). She has previously served on the boards of the Girl Scouts of Greater Atlanta, Partnership Against Domestic Violence and the Atlanta Rotary Club. She has been a licensed Certified Public Accountant in Georgia for over thirty years, is certified as a director by the NACD and holds a Certificate in Cybersecurity oversight from the NACD. Ms. Barrett graduated from the Georgia Institute of Technology with a bachelor of science degree in Industrial Management. QUALIFICATIONS: The Board selected Ms. Barrett to serve as a director because of her extensive experience in strategic planning, international business operations, and financial management, as well as her knowledge of the building products industry and her public company board service. The Board believes that Ms. Barrett’s broad understanding of the operational, strategic and financial issues facing large international companies and her deep experience in executive leadership roles make her particularly well-suited to serve as a director of LP. | |

  18. CONTINUING DIRECTORS

    | SKILLS: | | | | | | | | | | | | | | | | | | | | Public Company Board Experience | C-Suite Leadership | Financial Literacy / Accounting | Manufacturing and Distribution / Sourcing / Logistics | Global Operations Experience | Risk Management | Strategic Planning | Corporate Governance / Ethics / Legal | Environmental / Sustainability / Corporate Responsibility |

  19. CONTINUING DIRECTORS

    | LIZANNE M. BRUCE | | INDEPENDENT DIRECTOR | | Retired EVP-Senior Adviser to the CEO/Chairman of Kimberly-Clark Corporation AGE: 69 DIRECTOR SINCE: 2006 – Current Term Expiring 2028 COMMITTEES: » Compensation Committee » Executive Committee » Governance Committee (Chair) | BACKGROUND: Ms. Bruce retired from Kimberly-Clark Corporation (NYSE: KMB) in 2017 as EVP-Senior Adviser to the CEO/Chairman. Prior to that appointment, Ms. Bruce served as Senior Vice President and Chief Human Resources Officer of Kimberly-Clark Corporation from 2002 to 2017. She held a variety of human resources, manufacturing and operational roles of increasing responsibility with Kimberly-Clark Corporation over the 36 years prior to her retirement. Ms. Bruce has been a director of Sylvamo Corporation (NYSE: SLVM), a global producer of uncoated paper, since October 2021 and serves as the Chair of the management development and compensation committee. Ms. Bruce previously served as an advisor for World 50, Inc., a resource group for senior executives from globally respected organizations, and she currently serves as a member of Gartner, Inc.’s CHRO Global Leadership Board. Ms. Bruce graduated from the State University of New York at Albany with a bachelor’s degree in Business Administration. QUALIFICATIONS: The Board selected Ms. Bruce to serve as a director based upon her experience in labor relations and human resources with a large publicly traded company. The Board believes that Ms. Bruce’s extensive experience in leading, designing and implementing human capital strategies, including compensation and benefits, both domestically and globally, talent management, diversity and inclusion, organizational effectiveness and corporate health services makes her particularly well-suited to serve as a director of LP. | |

  20. CONTINUING DIRECTORS

    | SKILLS: | | | | | | | | | | | | | | | | | | | | Public Company Board Experience | C-Suite Leadership | Manufacturing and Distribution / Sourcing / Logistics | Global Operations Experience | HR / Labor Relations | Risk Management | Strategic Planning | Corporate Governance / Ethics / Legal | Environmental / Sustainability / Corporate Responsibility |

  21. CONTINUING DIRECTORS

    | F. NICHOLAS GRASBERGER III | | CHAIRPERSON & INDEPENDENT DIRECTOR | | Chairman and Chief Executive Officer of Enviri Corporation AGE: 62 DIRECTOR SINCE: 2019 – Current Term Expiring 2027 COMMITTEES: » Audit Committee » Compensation Committee » Executive Committee (Chair) » Governance Committee | BACKGROUND: Mr. Grasberger is Chairman and Chief Executive Officer of Enviri Corporation (NYSE: NVRI), a global market leader providing environmental solutions for industrial and specialty waste streams and innovative technologies for the rail sector (“Enviri”). He has served as Chief Executive Officer of Enviri since 2014 and as Chairman since 2018. Mr. Grasberger previously held the positions of Chief Financial Officer and Senior Vice President (2013-2014), Chief Operating Officer (2014) and President (2015-2025) of Enviri. Prior to joining Enviri, Mr. Grasberger served as Managing Director of the Precision Polymers Division of Fenner PLC, which traded on the London Stock Exchange under the ticker symbol FENR prior to its acquisition by Compagnie Générale des Établissements Michelin in 2018. Earlier, he spent four years with Armstrong World Industries, Inc. (NYSE: AWI), first as Senior Vice President and Chief Financial Officer, and later as Executive Vice President of Building Products and Asia Pacific. Mr. Grasberger also held the positions of Vice President and Chief Financial Officer for Kennametal, Inc. (NYSE: KMT), and Corporate Treasurer and Director of Corporate Planning at H. J. Heinz Company, which has since merged into Kraft Heinz Company (NASDAQ: KHC). He started his career with USX Corporation, since renamed United States Steel Corporation (NYSE: X). Mr. Grasberger graduated from the University of Notre Dame with a bachelor’s degree in Business Administration and Finance, and from the University of Pittsburgh’s Katz Graduate School of Business with an M.B.A. QUALIFICATIONS: The Board selected Mr. Grasberger to serve as a director based upon his broad financial expertise and strong leadership experience. The Board believes that Mr. Grasberger’s significant record as a successful chief executive officer and his experience leading publicly traded companies will provide strategic insight to LP and make him particularly well-suited to serve as a director of LP. | |

  22. CONTINUING DIRECTORS

    | SKILLS: | | | | | | | | | | | | | | | | | | Public Company Board Experience | C-Suite Leadership | Financial Literacy / Accounting | Manufacturing and Distribution / Sourcing / Logistics | Global Operations Experience | Risk Management | Strategic Planning | Environmental / Sustainability / Corporate Responsibility |

  23. CONTINUING DIRECTORS

    | JASON P. RINGBLOM | | | Chief Executive Officer of LP AGE: 43 DIRECTOR SINCE: 2026 – Current Term Expiring 2027 COMMITTEE: » Executive Committee | BACKGROUND: Mr. Ringblom has served as Chief Executive Officer of LP since February 2026. Prior to that he served as President of LP from April 2025 to February 2026 and as Executive Vice President, General Manager, Siding from February 2022 to April 2025. He previously also held the title Executive Vice President, General Manager, EWP from February 2022 until August 2022, when LP sold the assets related to its Engineered Wood Products (EWP) business. Mr. Ringblom has held various other sales leadership positions at LP since 2004, including serving as Executive Vice President, OSB and EWP from January 2017 to February 2022 and as Vice President of OSB sales and marketing from February 2015 to December 2016. Mr. Ringblom holds a bachelor of science degree in Forest Products Marketing and Business Management from the University of Minnesota. QUALIFICATIONS: The Board selected Mr. Ringbom to serve as a director based upon his appointment as Chief Executive Officer of LP, his performance as an executive at LP and his long history and deep familiarity with LP’s operational matters. The Board also considered Mr. Ringblom’s extensive knowledge of the forest products industry in North America and South America, as well as his experience in strategic planning and his proven track record of leading organizational transformation. In addition, the Board recognized Mr. Ringblom’s leadership of key initiatives in manufacturing, sales and marketing, and supply chain during his tenure at LP. The Board believes Mr. Ringblom is an effective liaison between the Board and management. |

  24. CONTINUING DIRECTORS

    SKILLS:

  25. CONTINUING DIRECTORS

    | | | | | | | | C-Suite Leadership | Manufacturing and Distribution / Sourcing / Logistics | Global Operations Experience | Sales / Marketing | Risk Management | Strategic Planning |

  26. CONTINUING DIRECTORS

    | TY R. SILBERHORN | | INDEPENDENT DIRECTOR | | Retired Chief Executive Officer and President of Apogee Enterprises, Inc. AGE: 58 DIRECTOR SINCE: 2025 – Current Term Expiring 2027 COMMITTEES: » Compensation Committee » Governance Committee | BACKGROUND: Mr. Silberhorn served as the Chief Executive Officer and President of Apogee Enterprises, Inc. (NASDAQ: APOG), a leading provider of architectural products and services for enclosing buildings, and glass and acrylic products used for preservation, energy conservation, and enhanced viewing (“Apogee Enterprises”) from January 2021 until October 2025. Prior to joining Apogee Enterprises, Mr. Silberhorn served for over twenty years in various roles at 3M Company (NYSE: MMM), a diversified global manufacturer and technology company (“3M”), most recently as Senior Vice President of 3M’s Transformation, Technology and Services from 2019 to 2020. Between 2001 and 2019, he held several global business unit leadership roles at 3M, serving as Vice President and General Manager for 3M divisions within Safety & Industrial, Transportation & Electronics, and Consumer business groups. Mr. Silberhorn earned a bachelor of science degree from Indiana University’s Kelley School of Business and an M.B.A. from the University of Minnesota, Carlson School of Management. QUALIFICATIONS: The Board selected Mr. Silberhorn because of his significant multi-sector experience as a senior business executive. The Board believes that Mr. Silberhorn’s broad management experience in sales and marketing, strategic planning, product development, mergers and acquisitions, and operational efficiency makes him particularly well-suited to serve as a director of LP. | |

  27. CONTINUING DIRECTORS

    | SKILLS: | | | | | | | | | | | | | | | | Public Company Board Experience | C-Suite Leadership | Financial Literacy / Accounting | Global Operations Experience | Sales / Marketing | Risk Management | Strategic Planning |

  28. RETIRING DIRECTORS

    RETIRING DIRECTORS The current members of the Board who are expected to retire at the 2026 Annual Meeting of Stockholders are listed below. The Board has determined that each retiring director named below (i) has no material relationship with LP (either directly or as a partner, shareholder or officer of an organization that has a relationship with LP) other than his service as a director of LP, and (ii) is independent under the NYSE listing standards.

  29. RETIRING DIRECTORS

    | OZEY K. HORTON, JR. | | INDEPENDENT DIRECTOR | | Director Emeritus of McKinsey & Company AGE: 75 DIRECTOR SINCE: 2016 COMMITTEES: » Audit Committee » Governance Committee | BACKGROUND: Mr. Horton has been a Director Emeritus of McKinsey & Company, a global management and consulting firm, since 2011, when he retired after nearly 30 years with the firm. At McKinsey & Company, Mr. Horton worked in various practice areas around the globe, including Pulp, Paper and Packaging, Industrial, Change Management, Global Operations in Energy and Materials, and Basic Materials. Mr. Horton is a faculty member for McKinsey & Company’s leadership development program and also serves as an independent business advisor. Mr. Horton also serves as a director of Worthington Enterprises, Inc. (NYSE: WOR). Mr. Horton graduated from Duke University with a bachelor of science degree in Civil and Environmental Engineering and from Harvard Business School with an M.B.A. QUALIFICATIONS: The Board selected Mr. Horton to serve as a director because of his extensive experience in global operations, strategic planning, merger and acquisition integration and change management. The Board believes that Mr. Horton’s broad understanding of the operational and strategic issues facing large global companies and his experience in both change management and merger and acquisition integration make him particularly well-suited to serve as a director of LP. | |

  30. RETIRING DIRECTORS

    | | | | | | | Public Company Board Experience | Financial Literacy / Accounting | Global Operations Experience | Risk Management | Strategic Planning |

  31. RETIRING DIRECTORS

    | DUSTAN E. MCCOY | | INDEPENDENT DIRECTOR | | Retired Chairman and Chief Executive Officer of Brunswick Corporation AGE: 76 DIRECTOR SINCE: 2002 COMMITTEES: » Compensation Committee » Governance Committee | BACKGROUND: Mr. McCoy was Chairman and Chief Executive Officer and a director of Brunswick Corporation (NYSE: BC), a market leader in the marine, fitness and billiards industries, from December 2005 until his retirement in February 2016. He joined Brunswick Corporation in September 1999 and, in addition to the roles above, also served as Vice President, General Counsel and Corporate Secretary until October 2000, and served as President of the Brunswick Boat Group from October 2000 to December 2005. Mr. McCoy previously served as Executive Vice President of Witco Corporation (“Witco”), which traded on the NYSE under the ticker symbol WIT prior to its merger with Crompton & Knowles in 1999, and prior to that served as Witco’s Senior Vice President, General Counsel and Corporate Secretary. Mr. McCoy is also the lead independent director of Freeport-McMoRan Inc. (NYSE: FCX) and a director of YETI Holdings, Inc. (NYSE: YETI). Mr. McCoy graduated from Eastern Kentucky University with a bachelor’s degree in Political Science and a J.D. from Salmon P. Chase College of Law at Northern Kentucky University. QUALIFICATIONS: The Board selected Mr. McCoy to serve as a director because of his extensive experience in legal and compliance matters, and specifically his experience in corporate governance and disclosure matters for publicly traded companies. The Board believes that Mr. McCoy’s broad understanding of the operational, financial and strategic issues facing large global companies, his leadership and oversight in LP’s compliance matters, his leadership roles for companies producing both commodity and specialty products, and his valuable strategic advice to the Board and management in advancing LP’s interests, make him particularly well-suited to serve as a director of LP. | |

  32. RETIRING DIRECTORS

    | SKILLS: | | | | | | | | | | | | | | | | | | | | Public Company Board Experience | C-Suite Leadership | Manufacturing and Distribution / Sourcing / Logistics | Global Operations Experience | Sales / Marketing | Risk Management | Strategic Planning | Corporate Governance / Ethics / Legal | Environmental / Sustainability / Corporate Responsibility |

  33. RETIRING DIRECTORS

    | CORPORATE GOVERNANCE |

  34. CONSIDERATION OF DIRECTOR NOMINEES

    CONSIDERATION OF DIRECTOR NOMINEES The Board believes that all directors must possess a considerable amount of education and business management experience. The Board also believes that it is necessary for each of LP’s directors to possess certain general qualities and that there are certain skills and experiences that should be represented on the Board as a whole, but not necessarily by each director individually. The composition of the Board, as well as the perspectives and skills of its members, should effectively support LP’s growth and business strategy and collectively, the members of the Board must be capable of providing sound and prudent guidance with respect to LP’s operations and interests.

  35. CONSIDERATION OF DIRECTOR NOMINEES

    | General qualities for all directors: | Specific experiences, qualifications and backgrounds to be represented on the Board as a whole: | | » Extensive executive leadership experience | » Financial and/or accounting expertise | | » Excellent business judgment | » Knowledge of international markets | | » High level of integrity and ethics | » Experience serving as chief executive officer, chief operating officer or chief financial officer | | » Original thinking | » Extensive board experience | | » Strong commitment to LP’s goal of maximizing stockholder value | » Diversity of skills, backgrounds and perspectives |

  36. CONSIDERATION OF DIRECTOR NOMINEES

    Under the Governance Committee charter, the Governance Committee is responsible for determining the criteria for membership on the Board. The Governance Committee uses the results of annual evaluations of the Board and Board committees in evaluating the skills and attributes desired in new director candidates, and assesses the effectiveness of the Board’s diversity efforts as part of this process. The following criteria are considered for membership on the Board: » directors must be persons of integrity, with significant accomplishments and recognized business stature, who will bring a diversity of perspectives to the Board; » one or more directors should have significant experience in the type of industry and business in which LP operates; » experience in some capacity with publicly traded companies is a desirable attribute; » while the Board does not establish specific goals with respect to diversity, diversifying factors among directors and director nominees are considered, including diversity in professional and personal experience, skills, expertise, background, gender, race and ethnic background, and cultural and geographical diversity, and qualified individuals who are diverse with respect to gender, race and/or ethnic background are required to be included in the pool of candidates from which any new director nominees are selected; and » directors must be able to commit the requisite time to prepare for and attend all regularly scheduled meetings of the Board and committees on which they serve, except when there are unavoidable business or personal conflicts. Additionally, the Governance Committee believes it to be desirable for all new outside directors (as is true of all current outside directors) to qualify as independent under the NYSE listing standards and applicable SEC rules. The Corporate Governance Guidelines recognize that LP’s CEO will normally be a director and that other senior officers may be elected to the Board in appropriate circumstances, as long as a majority of directors are independent, as determined by the Board in accordance with the NYSE listing standards and applicable SEC rules. As part of its annual self-evaluation process, the Board and its committees determine the specific skill sets, perspectives and characteristics necessary for the Board and each of its committees to function effectively. If the Board, generally or through the Governance Committee, determines that a necessary skill set, perspective or characteristic is absent, the Board may authorize an increase in the number of Board members. In the event of a vacancy on the Board, the Governance Committee determines which skills should be sought in filling the vacancy and then each current director is asked to suggest names of potential director candidates based on the applicable criteria. The Governance Committee is also authorized by its charter to retain a third-party search firm to assist in identifying director candidates. As part of its search process for potential candidates for director, the Governance Committee considers a potential candidate’s ability to contribute to the diversity of personal and professional experiences, skills, opinions, perspectives and backgrounds on the Board. In accordance with the Corporate Governance Guidelines, the Governance Committee must require that qualified individuals who are diverse with respect to gender, race and/or ethnic background are included in the pool of potential candidates from which any new director nominee is selected, and any third-party search firm engaged to assist the Governance Committee in identifying potential director candidates must be instructed accordingly. After potential candidates are identified, the Governance Committee designates one or more directors to screen each potential candidate. Following that screening process, the Governance Committee (or a subcommittee) conducts in-person or telephone interviews with candidates warranting further consideration, and based on the results of those interviews, the Governance Committee recommends a candidate to the full Board for election, as well as alternative candidates whom the Board may wish to consider. The Governance Committee will consider stockholders’ recommendations concerning nominees for director. Any such recommendation, including the name and qualifications of a nominee, may be submitted to LP at its corporate offices: Louisiana-Pacific Corporation, 1610 West End Avenue, Suite 200, Nashville, Tennessee 37203, to the attention of the Chair of the Governance Committee. Stockholder-recommended candidates will be evaluated using the same qualities and criteria described above.

  37. STOCKHOLDER NOMINATIONS FOR ELECTION OF DIRECTORS

    STOCKHOLDER NOMINATIONS FOR ELECTION OF DIRECTORS LP’s Bylaws permit nominations for election to the Board to be made by any stockholder of record entitled to vote at the Annual Meeting. The number of nominees a stockholder may nominate for election at a stockholder meeting may not exceed the number of directors to be elected at such meeting. Notice of a stockholder’s intent to make such a nomination must be given in writing to the Corporate Secretary of LP, and must comply with the requirements set forth in LP’s Bylaws. Such notice must be delivered to, or mailed and received by, LP’s Corporate Secretary at least 90, and no more than 120, calendar days prior to the first anniversary of the preceding year’s annual meeting of stockholders. For the 2027 Annual Meeting of Stockholders, this notice must be received by LP at its corporate offices: Louisiana-Pacific Corporation, 1610 West End Avenue, Suite 200, Nashville, Tennessee 37203, no earlier than January 1, 2027, and no later than January 31, 2027. In addition, stockholders who intend to solicit proxies in support of director nominees other than the Board’s nominees in connection with the 2027 Annual Meeting of Stockholders must comply with the SEC’s universal proxy rules and provide notice to LP by March 2, 2027 setting forth the information required by Rule 14a-19 under the Exchange Act.

  38. DIRECTOR COMPENSATION

    DIRECTOR COMPENSATION The Governance Committee reviews, on an annual basis, director compensation in relation to other comparable companies and in light of other factors that the Governance Committee deems appropriate, and discusses director compensation with, and makes recommendations to, the Board, with the Board approving director compensation. Pursuant to our director compensation policy in effect for fiscal year 2025, each of our non-employee directors received an annual cash retainer, each chair of the Audit, Compensation and Governance Committees received an annual cash committee chair retainer, and our Lead Independent Director received an annual cash retainer, with each retainer paid quarterly in equal installments, as follows:

  39. DIRECTOR COMPENSATION

    | | Annual Retainer ($) | | Non-Employee Director | 100,000 | | Compensation Committee Chair | 20,000 | | Finance and Audit Committee Chair | 20,000 | | Governance and Corporate Responsibility Committee Chair | 15,000 | | Lead Independent Director | 30,000 |

  40. DIRECTOR COMPENSATION

    Effective February 19, 2026, as a part of LP’s leadership succession planning, the Board (i) elected independent director F. Nicholas Grasberger III to serve as Chairperson of the Board, (ii) eliminated the position of Lead Independent Director, and (iii) approved, upon the recommendation of the Compensation Committee, an annual retainer of $150,000 for the independent Chairperson, to be paid in addition to the non-employee director annual cash retainer described above. The annual retainer for our independent Chairperson recognizes the additional time commitment and responsibilities related to this role compared to the other independent directors. The role and responsibilities of the independent Chairperson are described above under “—The Board Leadership Structure.” Under our Amended and Restated Louisiana-Pacific Corporation Non-Employee Directors Compensation Plan (the “Non-Employee Directors Compensation Plan”), any independent director may elect to (i) defer receipt of all or a portion of his or her annual cash retainer to a cash account to be paid at a future date specified in the election form or (ii) exchange all or a portion of his or her annual cash retainer for an award of deferred stock units (“DSUs”) (which award is a form of restricted stock unit entitling the grantee the right to delivery of shares in the future) granted under the Louisiana-Pacific Corporation 2022 Omnibus Stock Award Plan (the “2022 Plan”). Elections must be made by December 31 for the deferral of fees in the next calendar year and must state (x) the amount or portion of fees to be deferred; (y) whether and to what extent fees are to be deferred to a cash account or exchanged for DSUs; and (z) the date on which such payout of cash or issuance of shares pursuant to any DSUs will commence. In the case of exchanges for DSUs, the number of DSUs to be issued is calculated by dividing the amount of the annual cash retainer to be exchanged by the closing price of LP Common Stock as of the date(s) on which the annual cash retainer would otherwise have been paid. DSUs are issued on the date on which the annual cash retainer would otherwise have been paid and credited to the independent director’s DSU recordkeeping account. Any annual cash retainer payment deferred to a cash account will be credited with interest, compounded monthly, from the date the cash would otherwise have been paid until the amount credited to his or her cash account is paid to the independent director. The rate of interest credited for each quarter will be based on the annual rate on 30-year Treasury securities, as of the first business day of each quarter. Independent directors holding DSUs or deferred payments in their cash account are entitled to distribution thereof, or to begin distribution thereof, upon the earliest to occur of (a) such independent director’s separation from the Board, (b) a change of control of LP (as defined in the 2022 Plan), or (c) the distribution date specified in the independent director’s deferral election form, if any (a “Distribution Event”). Independent directors who have elected to receive DSUs in exchange for their annual cash retainer are entitled to receive one share of LP Common Stock for each DSU upon distribution. In addition, non-employee directors receive an annual grant of RSUs with a grant date fair value of $140,000. The RSUs generally vest in full on the earliest to occur of (i) one year following the grant date, (ii) the director’s death, disability or retirement (as defined in the award agreement), or (iii) a change of control of LP. If the director otherwise ceases to be a director before the restrictions lapse, the shares are forfeited. Equity awards to non-employee directors during 2025 were made pursuant to the 2022 Plan. The RSUs are settled in shares of LP Common Stock and non-employee directors will have no rights as a stockholder with respect to the RSUs until the RSUs are settled. However, from and after the grant date of the RSUs and until such RSUs are settled in shares of LP Common Stock, on the date LP pays a dividend (if any) to holders of shares of LP Common Stock generally, non-employee directors holding RSUs will be credited with dividend equivalent additional RSUs equal in value to the aggregate distribution the director would have been entitled to with respect to a number of shares equal to the number of RSUs held by the director. Directors who are also LP employees (i.e., Mr. Ringblom and prior to February 19, 2026, Mr. Southern) receive no additional compensation for their Board service. The Non-Employee Directors Compensation Plan also permits any independent director of LP to defer receipt of any LP Common Stock issuable pursuant to RSUs that vest according to their terms. Directors who elect to defer settlement of their annual RSU grants receive, on the date the RSUs would have otherwise settled in shares, a number of DSUs that is equal to the number of RSUs to which the deferral election applies. Independent directors holding DSUs as a result of deferring settlement of their RSUs are entitled to distribution thereof, or to begin distribution thereof, upon a Distribution Event. Independent directors who have elected to receive DSUs in lieu of shares upon the vesting of their RSUs are entitled to receive one share of LP Common Stock for each DSU upon distribution. Pursuant to the Non-Employee Directors Compensation Plan, independent directors will have no rights of ownership in the shares of LP Common Stock underlying the DSUs, no right to current dividends, and no right to vote the shares of LP Common Stock underlying the DSUs until the date on which the shares of LP Common Stock underlying such DSUs are issued as a result of a Distribution Event. However, from and after the grant date of the DSUs and until such DSUs are settled in shares of LP Common Stock, on the date LP pays a dividend (if any) to holders of shares of LP Common Stock generally, independent directors holding DSUs will be credited with dividend equivalent additional DSUs equal to the number obtained by dividing (i) the amount of the dividend the independent director would have received had he or she owned a number of shares of LP Common Stock equal to the number of DSUs then credited to his or her DSU recordkeeping account, by (ii) the closing price of LP Common Stock on the day before the date of the dividend payment. Such dividend equivalent DSUs are credited to the independent director’s DSU recordkeeping account and paid to such independent director only if, and at the same time as, the shares of LP Common Stock underlying such DSUs are distributed to such independent director pursuant to the terms of the Non-Employee Directors Compensation Plan. Pursuant to the Non-Employee Directors Compensation Plan, (i) Messrs. Grasberger, Macadam and Silberhorn elected to defer settlement of their 2025 RSU awards that are scheduled to vest on May 15, 2026, (ii) Mr. Silberhorn elected to defer settlement of his RSU award that vested on February 13, 2026, (iii) Mr. Silberhorn also elected to defer 20% of his 2025 annual cash retainer to a lump sum payment on June 5, 2035, and (iv) Mr. Grasberger elected to defer his 2025 annual cash retainer to a lump sum payment on January 1, 2028. The following table summarizes compensation paid to non-employee directors for services during 2025.

  41. DIRECTOR COMPENSATION

    | Name | Fees Earned or Paid in Cash ($) | Stock Awards(1) ($) | Total ($) | | Kelly H. Barrett(2) | 84,723 | 167,616 | 252,339 | | Jose A. Bayardo | 110,000 | 140,000 | 250,000 | | Tracy A. Embree(3) | 35,165 | — | 35,165 | | Lizanne M. Bruce | 115,000 | 140,000 | 255,000 | | F. Nicholas Grasberger III | 100,000(4) | 140,000(7) | 240,000 | | Ozey K. Horton, Jr. | 100,000 | 140,000 | 240,000 | | Stephen E. Macadam | 120,000 | 140,000(7) | 260,000 | | Dustan E. McCoy | 130,000 | 140,000 | 270,000 | | Jean-Michel Ribiéras(5) | 90,000 | 174,904 | 264,904 | | Ty R. Silberhorn(5) | 90,000(6) | 174,904(7) | 264,904 |

  42. DIRECTOR COMPENSATION

    The amounts shown reflect the fair value as of the date of grant (computed in accordance with FASB ASC Topic 718) with respect to awards of RSUs under the 2022 Plan. At December 31, 2025, (i) Messrs. Ribiéras and Mr. Silberhorn held RSUs representing the right to receive 1,828 shares, which included dividend equivalents representing the right to receive 18 shares, (ii) Ms. Barrett held RSUs representing the right to receive 1,806 shares, which included dividend equivalents representing the right to receive 17 shares, (iii) each of LP’s other outside directors held RSUs representing the right to receive 1,513 shares, which included dividend equivalents representing the right to receive 14 shares, and (iv) Ms. Embree held no RSUs. Outstanding RSUs held by the outside directors vest on May 15, 2026. (2) Ms. Barrett was appointed to the Board effective February 25, 2025. She received a prorated RSU award with a value of $27,616 on March 4, 2025 in connection with her appointment, which vested in full on March 4, 2026. (3) Ms. Embree served on the Board until May 8, 2025. The table reflects payments of her prorated annual cash retainer fees received in 2025. (4) Mr. Grasberger elected to defer his 2025 annual cash retainer to a lump sum payment on January 1, 2028. (5) Messrs. Ribiéras and Silberhorn were appointed to the Board effective February 6, 2025. Each received a prorated RSU award with a value of $34,904 on February 13, 2025 in connection with his appointment, which vested in full on February 13, 2026. (6) Mr. Silberhorn elected to defer 20% of his 2025 annual cash retainer to a lump sum payment on June 5, 2035. Messrs. Grasberger, Macadam and Silberhorn elected to defer settlement of their 2025 RSU awards pursuant to the Non-Employee Directors Compensation Plan, which will result in the issuance of DSUs upon their vesting on May 15, 2026 (and which resulted in the issuance of DSUs on February 13, 2026, with respect to Mr. Silberhorn’s prorated RSU award) in lieu of the issuance of shares of Common Stock.

  43. DIRECTOR COMPENSATION

    | RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM |

  44. SECTION I: 2025 BUSINESS AND FINANCIAL HIGHLIGHTS

    | WHAT WE DO: | WHAT WE DON’T DO: | | Benchmark target compensation levels of our executive officers against the target median of our compensation peer group | Do not offer excessive perquisites | | Engage an independent compensation consultant who reports directly to the Compensation Committee, and the Governance Committee with respect to director compensation, and does not provide any other services to LP | Do not provide high levels of fixed compensation | | Maintain a high percentage of executive pay as “at risk” compensation | Do not provide guaranteed bonuses or long-term incentive awards | | Align targets for performance-based compensation to stakeholder interests | Do not provide excise tax reimbursement for payments made in connection with a change of control | | Maintain meaningful share ownership requirements for executive officers and directors | Do not engage in short-term, hedging or speculative transactions involving LP Common Stock | | Manage and assess risk in compensation programs annually | Do not buy and sell options (“put” or “call”) | | Mitigate undue risk by having a NYSE−compliant clawback policy and a general recoupment policy with respect to all performance-based compensation | Do not enter into forward sales contracts, prepaid variable forwards, equity swaps, collars or exchange funds | | Periodically, and at least annually, seek stockholder feedback on our executive compensation | Do not grant discounted stock options |

  45. SECTION II: 2025 COMPENSATION HIGHLIGHTS

    SECTION II: 2025 COMPENSATION HIGHLIGHTS LP uses its compensation program to attract, motivate and retain high-quality executive talent to lead the organization. The Compensation Committee has established programs and practices designed to pay for performance and to align executive officers’ interests with those of LP’s stakeholders. The Compensation Committee believes that LP’s compensation program helps drive LP’s performance by providing compensation that is commensurate with performance. The 2025 executive compensation program was guided by the following core principles: Equity-based compensation aligns executive officers’ interests with stakeholders’ interest, drives performance and facilitates retention of superior talent LP believes that equity-based compensation aligns executive officers’ interests with those of its stakeholders. The Compensation Committee’s practice is to make equity awards to its NEOs and other employees at its first Compensation Committee meeting in a given year (generally in the last week of January or the first or second week of February). LP’s annual equity awards consist of PSUs and RSUs. PSUs are tied to a specific performance goal set for a three-year cumulative performance period, with threshold, target and maximum performance levels. Payout can be achieved at up to 200% of the target award amount. PSUs are only paid out if the threshold level for the performance goal is met and only if the NEO remains in continuous employment through the vesting date which is three years from the grant date (or such later date on which the Compensation Committee determines the extent to which the performance goal has been achieved), subject to acceleration upon certain events. Payout upon final achievement of the performance goal is also subject to a TSR modifier relative to LP’s capital market peer group. For PSUs awarded in 2025, the performance goal was based on a three-year return on invested capital (“ROIC”) (calculated as described below), for the period from January 1, 2025 to December 31, 2027. RSUs awarded annually by LP vest in three equal annual installments beginning on the first anniversary of the grant date and only if the NEO remains in continuous employment through the applicable vesting dates, subject to acceleration upon certain events. PSUs and RSUs are settled in shares of LP Common Stock and provide for double-trigger vesting in the event of a change of control, if the acquirer assumes the awards. Prior to vesting and settlement, the NEOs will not have any rights as stockholders with respect to shares of LP Common Stock underlying the PSUs and the RSUs. However, from and after the grant date of the awards, on the date LP pays a dividend (if any) to holders of shares of LP Common Stock generally, the NEOs will be credited with dividend equivalent additional PSUs and RSUs, respectively, equal in value to the aggregate distributions the NEOs would have been entitled to receive with respect to a number of shares equal to the number of PSUs or RSUs, as applicable, held by such NEOs. Any dividend equivalent PSUs or RSUs credited to the NEOs will be subject to the same applicable terms and conditions (including vesting, payment and forfeiture) as apply to the PSUs or RSUs with respect to which they were credited, and such amounts will be paid in shares of LP Common Stock at the same time as the PSUs or RSUs to which they relate. In 2025, LP also made the following retention and/or special grants: (i) on April 7, 2025, LP awarded additional RSUs and PSUs to Mr. Ringblom in connection with his appointment as President, each award with a value equal to $750,000, on the same terms described above for the annual equity awards to NEOs, (ii) on April 7, 2025, LP made a retention RSU award to Mr. Haughie with a value equal to $2,250,000 which vests in full on the third anniversary of the grant date, subject to Mr. Haughie’s continuous employment, and (iii) on July 1, 2025, LP made a one-time RSU award to Mr. Hamill in connection with his appointment as Senior Vice President, Chief Operating Officer, which vests in three equal annual installments over a period of three years following the grant date, subject to his continuous employment. All of the awards described above were made pursuant to the 2022 Plan. The 2022 Plan allows LP to offer equity-based compensation to its officers, employees, directors and consultants in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, other stock-based awards and/or cash-based awards. As of December 31, 2025, 913,211 shares of LP Common Stock were subject to outstanding awards (assuming the maximum number of PSUs are earned and payable at the end of the applicable performance period), and 3,070,740 shares of LP Common Stock were reserved for future issuance, under the 2022 Plan.

  46. Cash incentive compensation is designed to drive increasing profits and returns

    Cash incentive compensation is designed to drive increasing profits and returns The Compensation Committee strongly believes that linking compensation to certain critical performance metrics results in increased profits and stronger stockholder returns. For 2025, LP’s annual cash incentive award plan (“Annual Incentive Plan”) for NEOs was based upon Adjusted EBITDA (as defined below, and as adjusted for certain market influences related to OSB commodities), Economic Profit (as defined below) and certain business unit-specific operational goals for the year ended December 31, 2025. The Economic Profit metric further links asset utilization and financial performance of LP. No amounts would have been payable under the 2025 Annual Incentive Plan unless the minimum threshold level for at least one of the corporate or business unit-specific performance goals was achieved. In 2025, the target threshold level for each of the corporate and business unit-specific performance goals was exceeded except for the business unit performance goal for the South America business, which did not meet the minimum threshold level, and annual cash incentives pursuant to the 2025 Annual Incentive Plan were paid at an average of 135% of the target award amount.

  47. Base salary is appropriately weighted to emphasize performance-based compensation

    | Named Executive Officer | Annual Base Salary ($)(1) | Annual Incentive Target Value ($) | Long-Term Incentive Award Value ($)(2) | 2025 Total Target Compensation ($) | | Jason P. Ringblom(3) | 800,000 | 720,000 | 2,700,000(4) | 4,220,000 | | Alan J.M. Haughie | 699,697 | 559,758 | 1,500,000(5) | 2,759,455 | | Anthony Hamill(6) | 630,000 | 504,000 | —(6) | 1,134,000 | | Nicole C. Daniel | 551,487 | 386,041 | 1,000,000 | 1,937,528 | | W. Bradley Southern | 1,200,000 | 1,440,000 | 6,000,000 | 8,640,000 | | Jimmy E. Mason(7) | 600,464 | 450,348 | 1,200,000 | 2,250,811 |

  48. Base salary is appropriately weighted to emphasize performance-based compensation

    (1) The amounts listed in this column reflect the NEOs’ annual base salaries that went into effect February 16, 2025, with the exception of Mr. Ringblom and Mr. Hamill, as described below. (2) Includes the value of annual equity awards, expressed as the aggregate value of PSUs (at target) and RSUs, determined using the closing price of LP Common Stock on the date of grant, February 13, 2025, of $112.27 per share, except as otherwise disclosed below with respect to Mr. Ringblom’s April 2025 award. (3) The amounts listed for Mr. Ringblom reflect his total target compensation that went into effect upon his appointment as President effective April 7, 2025. (4) In addition to his annual equity awards on February 13, 2025, also includes the aggregate value ($1,500,000) of the additional PSUs (at target) and RSUs granted to Mr. Ringblom on April 7, 2025 in connection with his promotion to President, determined using the closing price of LP Common Stock on the date of grant, April 7, 2025, of $83.20 per share. (5) Excludes a one-time RSU retention award made to Mr. Haughie on April 7, 2025 valued at $2,250,000, determined using the closing price of LP Common Stock on the date of grant, April 7, 2025, of $83.20 per share, which vests in full on the third anniversary of the grant date. (6) Mr. Hamill joined LP as Senior Vice President, Chief Operating Officer effective June 30, 2025. The table above reflects his annualized total target compensation for 2025, for which he was eligible on a prorated basis on and after his appointment date. Excluded from the table above are (i) a one-time RSU award valued at $1,180,000 made to Mr. Hamill on July 1, 2025 pursuant to his offer letter, which vests in three equal annual installments beginning on the first anniversary of the grant date, and (ii) a $500,000 cash hiring bonus payable within 30 days following his employment start date. Beginning with LP’s grant of long-term incentive awards in February 2026, Mr. Hamill will be eligible to receive long-term equity awards valued at 180% of his annual base salary. (7) Mr. Mason departed LP effective April 7, 2025, which constituted a termination of his employment by LP other than due to “cause” (as such term is defined in Mr. Mason’s severance agreement). The table above reflects total target compensation that Mr. Mason would have been eligible to earn for the full year. Actual payments to Mr. Mason were or will be made in accordance with his severance agreement.

  49. Review of Compensation Peer Group and Survey Data for Comparison Purposes

    Review of Compensation Peer Group and Survey Data for Comparison Purposes To ensure that LP’s compensation programs are reasonable and competitive in the marketplace, the Compensation Committee compares LP’s programs to those of its peers. In the third quarter of every other year, with the assistance of FW Cook, the Compensation Committee’s independent compensation consultant, the Compensation Committee approves LP’s compensation peer group for purposes of benchmarking LP’s executive officer compensation. In the third quarter of 2025, the Compensation Committee approved LP’s compensation peer group consisting of the companies identified below, as recommended by FW Cook. The companies in this compensation peer group were selected because of similarities in channels, business cycles, manufacturing expertise and size in terms of revenue and market capitalization, among other financial metrics, thus providing appropriate benchmark data.

  50. Review of Compensation Peer Group and Survey Data for Comparison Purposes

    | » Advanced Drainage Systems | » Gibraltar Industries, Inc. | | » Allegion Public Limited Company | » Griffon Corporation | | » American Woodmark Corporation | » JELD-WEN Holding, Inc. | | » A. O. Smith Corporation | » Lennox International, Inc. | | » Apogee Enterprise, Inc. | » Masco Corporation | | » Armstrong World Industries, Inc. | » Owens Corning | | » Boise Cascade Company | » Simpson Manufacturing Co., Inc. | | » Eagle Materials | » Trex Company, Inc. | | » Fortune Brands Innovations, Inc. | » Universal Forest Products, Inc. |

  51. Review of Compensation Peer Group and Survey Data for Comparison Purposes

    The Compensation Committee, with assistance from FW Cook, also reviews size-adjusted general industry survey data to supplement the compensation peer group data. In 2025, the Compensation Committee relied on both compensation peer group and general industry survey data to more clearly understand the relevant market for executive talent, help inform its decision-making and ensure that LP’s executive compensation program supports its recruitment and retention needs. Specifically, the Compensation Committee compared each executive officer’s base salary, total cash compensation opportunities (salary and target cash incentive award), and total direct compensation opportunities (salary, target cash incentive award, and annualized grant-date present value of equity-based awards) for 2025 against comparable information from the compensation peer group and general industry survey data. The Compensation Committee believes using several benchmark data sources improves the quality of comparison because it may be difficult to identify an appropriate match for some executive officer positions within the compensation peer group alone. In addition, the general industry survey data reflects the broader industries with which LP competes for management talent.

  52. Base Salaries

    On February 13, 2025, the Compensation Committee approved a 2025 base salary of $600,478 for Mr. Ringblom, when he served as Executive Vice President, General Manager, Siding. In connection with Mr. Ringblom’s appointment as President effective April 7, 2025, his annual base salary was increased to $800,000, which is reflected in the table above. Mr. Hamill joined LP as Senior Vice President, Chief Operating Officer effective June 30, 2025. The table above reflects his 2025 annual base salary as set forth in the offer letter entered into between LP and Mr. Hamill. Mr. Hamill also received a $500,000 cash hiring bonus payable within 30 days following his employment start date. Mr. Hamill was previously employed by LP in a non-executive capacity. The 2024 base salary listed for Mr. Hamill in the table above reflects his annual base salary prior to his break in employment with LP in September 2024. (3) Mr. Mason departed LP effective April 7, 2025, which constituted a termination of his employment by LP other than due to “cause” (as such term is defined in Mr. Mason’s severance agreement). The table above reflects the total base salary that Mr. Mason would have been eligible to earn for the full year. Actual payments to Mr. Mason were made in accordance with his severance agreement.

  53. Annual Cash Incentive Plan

    Annual Cash Incentive Plan LP’s 2025 Annual Incentive Plan metrics included corporate financial performance goals and business unit financial performance goals, as further described below. No amounts would have been payable under the 2025 Annual Incentive Plan unless the threshold level for at least one performance goal was achieved, and awards are paid only if the NEO remains in continuous employment through the payment date, subject to acceleration upon certain events. The Compensation Committee has the authority, in its sole discretion, to reduce or eliminate the payout of annual cash incentive awards under the 2025 Annual Incentive Plan, despite its determination that performance was at or above the threshold level, if it finds that paying the original payout amount of the awards is not in the best interests of LP. Corporate Financial Performance Goals The 2025 Annual Incentive Plan performance metrics included an Adjusted EBITDA goal (adjusted for certain market influences related to OSB commodities) and an Economic Profit goal. Adjusted EBITDA is a non-GAAP financial measure and is defined as income attributed to LP from continuing operations before interest expense, provision for income taxes, depreciation and amortization, and excludes stock-based compensation expense, loss on impairment attributed to LP, product-line discontinuance charges, business exit charges, other operating credits and charges, net loss on early debt extinguishment, investment income, pension settlement charges, and other non-operating items. Economic Profit is defined as income from operations, less tax, and further reduced by a capital charge (based on average invested capital multiplied by weighted-average cost of capital). Each goal is assigned a value based on a variety of factors which can result in the performance component ranging from 0-200% based on the level of attainment. As adjusted for certain market influences related to OSB commodities, the Adjusted EBITDA performance goal for the year ended December 31, 2025 had a threshold level of $211 million, a target level of $353 million and a maximum level of $476 million. LP’s reported Adjusted EBITDA of $436 million for the year ended December 31, 2025 exceeded the target level under the 2025 Annual Incentive Plan. LP’s Economic Profit performance goal for the year ended December 31, 2025 had a threshold level of $(145) million, a target level of $(38) million, and a maximum level of $55 million. LP’s Economic Profit of $23 million for the year ended December 31, 2025 exceeded the target performance level under the 2025 Annual Incentive Plan. Business Unit Financial Performance Goals The Compensation Committee established specific business unit financial performance goals for the 2025 Annual Incentive Plan. Following the end of the year, performance is assessed against those goals to determine each NEO’s level of achievement. Each goal is assigned a value based on a variety of factors which can result in the performance component ranging from 0-200% based on the level of attainment. Weighting of Awards and Payout The Compensation Committee established weightings for the performance goals for LP’s CEO; President; Executive Vice President, Chief Financial Officer (“CFO”); Senior Vice President, Chief Operating Officer; and Senior Vice President, General Counsel and Corporate Secretary, for 2025 as follows:

  54. Annual Cash Incentive Plan

    | Corporate Financial | Adjusted EBITDA (35%) | 70% | | | Economic Profit (35%) | | | Business Unit Financial | OSB Economic Profit (10%) | 30% | | | Siding Economic Profit (10%) | | | | South America Economic Profit (10%) | | | Weightings for the performance goals for LP’s Executive Vice President, General Manager, Siding; and Executive Vice President, General Manager, OSB, for 2025 were established as follows: | | | | Corporate Financial | Adjusted EBITDA (20%) | 40% | | | Economic Profit (20%) | | | Business Unit Financial | Adjusted EBITDA (30%) | 60% | | | Economic Profit (30%) | |

  55. Annual Cash Incentive Plan

    The following table summarizes the target payout opportunities for LP’s NEOs and the actual incentive payouts under the 2025 Annual Incentive Plan paid in 2026, reflecting performance in 2025:

  56. Annual Cash Incentive Plan

    | | Target Annual Incentive Payout | | Actual 2025 Attainment of Corporate Financial Goals(1) | Actual 2025 Attainment of Business Unit Financial Goals(1) | Actual Annual Incentive Payout | | Named Executive Officer | % of Base Salary | Amount ($) | % of Target | % of Target | Amount ($) | | Jason P. Ringblom(2) | 90% | 720,000 | 167% | 114% | 1,040,122 | | Alan J.M. Haughie | 80% | 559,758 | 167% | 114% | 844,699 | | Anthony Hamill(3) | 80% | 504,000 | 167% | 114% | 380,279 | | Nicole C. Daniel | 70% | 386,041 | 167% | 114% | 582,552 | | W. Bradley Southern | 120% | 1,440,000 | 167% | 114% | 2,173,021 | | Jimmy E. Mason(4) | 75% | 450,348 | 167% | 200% | 840,699 |

  57. Annual Cash Incentive Plan

    (1) Weighted as set forth in the tables above. (2) On February 13, 2025, the Compensation Committee approved a target annual incentive payout value equal to 75% of Mr. Ringblom’s base salary of $600,478, when he served as Executive Vice President, General Manager, Siding. In connection with Mr. Ringblom’s appointment as President effective April 7, 2025, his target annual incentive payout value was increased to 90% of his annual base salary of $800,000. The performance goals for Mr. Ringblom’s 2025 Annual Incentive Plan award were weighted on a pro-rata basis based on the amount of time he held the positions of Executive Vice President, General Manager, Siding (January 1-April 6) and President (April 7-December 31) in 2025, calculated using his base salary as of December 31, 2025 of $800,000. (3) Mr. Hamill joined LP as Senior Vice President, Chief Operating Officer effective June 30, 2025. The amount reflected under “Target Annual Incentive Payout” is Mr. Hamill’s annualized target incentive payout. His actual annual incentive payout will be prorated based on his employment date. (4) Mr. Mason departed LP effective April 7, 2025, which constituted a termination of his employment by LP other than due to “cause” (as such term is defined in Mr. Mason’s severance agreement). The table above reflects total target compensation that Mr. Mason would have been eligible to earn for the full year. Actual payments to Mr. Mason were made in accordance with his severance agreement.

  58. Long-Term Equity Incentive Compensation

    Long-Term Equity Incentive Compensation The Compensation Committee awards long-term equity incentive grants to the NEOs as part of their overall compensation package. These awards are consistent with the Compensation Committee’s objectives of aligning LP’s executive officers with the financial interests of LP’s stakeholders, focusing on long-term success, supporting pay-for-performance, and offering competitive compensation packages. This component comprises the largest portion of the executive officers’ total compensation package, with vesting tied to multi-year performance goals and/or service to LP. 2025 Awards The following table summarizes the award opportunities for 2025:

  59. Long-Term Equity Incentive Compensation

    | Named Executive Officer | Annual Awards of PSUs ($)(1) | Annual Awards of RSUs ($) | Special Awards of RSUs ($) | Total Long-Term Incentive Award Value ($) | | Jason P. Ringblom(2) | 1,350,000 | 1,350,000 | — | 2,700,000 | | Alan J.M. Haughie | 750,000 | 750,000 | 2,250,000(3) | 3,750,000 | | Anthony Hamill(4) | — | — | 1,180,000(4) | 1,180,000 | | Nicole C. Daniel | 500,000 | 500,000 | — | 1,000,000 | | W. Bradley Southern | 3,600,000 | 2,400,000 | — | 6,000,000 | | Jimmy E. Mason(5) | 600,000 | 600,000 | — | 1,200,000 |

  60. Long-Term Equity Incentive Compensation

    (1) Reports PSUs at target award amount (100%); payout can be achieved at up to 200% of the target award amount. (2) On February 13, 2025, the Compensation Committee approved PSU and RSU awards to Mr. Ringblom, each with a value of $600,000, for a total of $1,200,000, when he served as Executive Vice President, General Manager, Siding. In connection with Mr. Ringblom’s appointment as President effective April 7, 2025, he was granted additional PSU and RSU awards, each with a value of $750,000, for a total of $1,500,000 additional long-term incentive awards. The aggregate values of Mr. Ringblom’s PSU and RSU awards in 2025 are reflected in the table above. (3) Represents a one-time RSU retention award made Mr. Haughie on April 7, 2025, which vests in full on the third anniversary of the grant date. (4) Mr. Hamill joined LP as Senior Vice President, Chief Operating Officer effective June 30, 2025. Mr. Hamill received a one-time RSU award valued at $1,180,000 on July 1, 2025 pursuant to his offer letter, which vests in three equal annual installments beginning on the first anniversary of the grant date. Beginning with LP’s grant of long-term incentive awards in February 2026, Mr. Hamill will be eligible to receive long-term equity awards valued at 180% of his annual base salary. (5) Mr. Mason departed LP effective April 7, 2025, which constituted a termination of his employment by LP other than due to “cause” (as such term is defined in Mr. Mason’s severance agreement). The table above reflects total target compensation that he would have been eligible to earn for the full year. Actual payments to Mr. Mason were or will be made in accordance with his severance agreement. For 2025, the Compensation Committee determined that the annual long-term equity incentive awards under the 2022 Plan would be split between PSUs (60%) and RSUs (40%) for the CEO and between PSUs (50%) and RSUs (50%) for the other NEOs, with the awards’ values based on the closing price of LP’s Common Stock on the grant date. On February 13, 2025, LP made its annual grant of RSUs to the NEOs under the 2022 Plan. On April 7, 2025, LP granted additional RSUs to Mr. Ringblom under the 2022 Plan in connection with his appointment as President. On the same date, LP made a one-time retention RSU award to Mr. Haughie, which will vest in full on the third anniversary of the grant date, subject to Mr. Haughie’s continued employment through such date. Mr. Haughie’s retention award was intended to (i) ensure continuity and reinforce commitment and stability within the executive leadership team during a period of transition, including implementation of LP’s leadership succession plan; (ii) promote and ensure retention in a highly competitive environment for senior executives; and (iii) further strengthen the alignment between compensation and long-term value creation for the benefit of stockholders. In addition, on July 1, 2025, LP granted a one-time RSU award to Mr. Hamill in connection with his appointment as Senior Vice President, Chief Operating Officer. The 2025 RSUs (other than Mr. Haughie’s retention RSU award described above) will vest in three equal annual installments beginning on the first anniversary of the grant date, subject to the NEO’s continuous employment through the applicable vesting dates, and will be settled in shares of LP Common Stock. Vesting may be accelerated upon certain events. On February 13, 2025, LP made its annual grant of PSUs to the NEOs under the 2022 Plan. On April 7, 2025, LP granted additional PSUs to Mr. Ringblom under the 2022 Plan in connection with his appointment as President. The 2025 PSUs will vest on the third anniversary of the grant date (or such later date on which the Compensation Committee determines the extent to which the performance goal has been achieved), based on achievement of the performance goal at the end of the three-year performance period ending on December 31, 2027, subject to acceleration upon certain events, and will be settled in shares of LP Common Stock. The performance goal for the 2025 PSUs is based on a three-year ROIC, with threshold, target and maximum levels for achievement of the goal. ROIC is a non-GAAP measure and is calculated by dividing average after-tax operating income for the performance period by the average invested capital (net debt plus equity) for the performance period. For purposes of this calculation, after-tax operating income is defined as Adjusted EBITDA (as defined above), less depreciation and amortization and stock-based compensation expense, and adjusting for a normalized tax rate. Payout can be achieved at up to 200% of the target award amount. If the threshold performance level is met at the end of the performance period, the final award amount will be subject to adjustment to reflect LP’s three-year TSR performance relative to its capital market peer group. This TSR modifier can increase or decrease the number of shares underlying the award by 20%, although the TSR modifier cannot cause the number of shares underlying the award to exceed the maximum payout of 200% of the target award amount, and no adjustment will be made to the payout if LP’s TSR performance relative to the capital market group is between the 25th and 75th percentile. The capital market peer group used for purposes of calculating the TSR modifier includes the following companies:

  61. Long-Term Equity Incentive Compensation

    | » A. O. Smith Corporation | » Masco Corporation | | » Armstrong World Industries, Inc. | » Owens Corning | | » Boise Cascade Company | » Simpson Manufacturing Co., Inc. | | » CSW Industrials, Inc. | » Summit Materials, Inc. | | » Fortune Brands Innovations, Inc. | » Trex Company, Inc. | | » James Hardie Industries plc | » UFP Industries, Inc. | | » Lennox International, Inc. | » West Fraser Timber Co. Ltd. |

  62. Long-Term Equity Incentive Compensation

    Prior to vesting and settlement, the NEOs will not have any rights as stockholders with respect to shares underlying the PSUs and RSUs. However, from and after the grant date of the awards, on the date LP pays a dividend (if any) to holders of shares of LP Common Stock generally, the NEOs will be credited with dividend equivalent additional PSUs or RSUs, as applicable, equal in value to the aggregate distributions the NEOs would have been entitled to receive with respect to a number of shares equal to the number of PSUs or RSUs held by such NEOs. Any dividend equivalent PSUs or RSUs credited to the NEOs will be subject to the same applicable terms and conditions (including vesting, payment and forfeiture) as apply to the PSUs or RSUs with respect to which they were credited, and such amounts will be paid in shares of LP Common Stock at the same time as the PSUs or RSUs to which they relate. Modification and Vesting of 2023 PSU Awards (Performance Period 2023-2025) On July 31, 2025, the Compensation Committee, with guidance from its independent compensation consultant, approved a modification to the performance goal tied to approximately 101,000 PSU awards granted in 2023 to 20 eligible participants (including the NEOs). The modification changed the performance goal under the 2023 PSUs from cumulative company Adjusted EBITDA improvement to ROIC over the three-year performance period. ROIC is a non-GAAP measure and is calculated by dividing average after-tax operating income for the performance period by the average invested capital (net debt plus equity) for the performance period. At the time the 2023 PSU awards were granted, the Compensation Committee selected cumulative Adjusted EBITDA improvement as the performance metric based on LP’s strategic priorities and operating outlook at that time. But over the course of the performance period, significant headwinds in the siding business created a shortfall in one year of the three-year performance period that, given the cumulative nature of the metric, made recovery to threshold performance levels impracticable despite otherwise strong operational execution across LP’s business segments. In fact, recognizing these limitations relating to the Adjusted EBITDA metric, the Compensation Committee began using ROIC as the key metric for performance-based long-term equity incentive compensation beginning with LP’s annual PSU grants in February 2024 and has continued to use ROIC in subsequent PSU grants in 2025 and 2026. The Compensation Committee’s decision to modify the 2023 PSU awards was supported by LP’s strong performance during the performance period. During this period, LP delivered strong total stockholder returns on both an absolute and relative basis, achieving an absolute TSR of 39.94% and a relative TSR in the 66th percentile. In the Compensation Committee’s view, these results supported a meaningful payout under the 2023 PSU awards rather than a zero outcome driven by the cumulative nature of the original Adjusted EBITDA metric. Additionally, the use of ROIC for the 2023 PSU awards, consistent with the metric used for all PSU grants beginning in February 2024, provides greater stability and closer alignment between payouts and LP’s overall performance. After thoughtful deliberation, the Compensation Committee approved the modification to provide an appropriate level of incentive and achievability to LP’s executives. The Compensation Committee believes that modifying the 2023 PSU awards improves the retentive value of the awards and further aligns the objectives of LP’s long-term incentive compensation with the interests of LP’s stockholders. Prior to the modification, none of the 2023 PSU awards were expected to vest. At the modification date, the 2023 PSUs were expected to vest at approximately 85% of the target award amount. The modification was considered a Type III modification under Accounting for Share-Based Payments (FASB ASC Topic 718), in which the original awards were canceled, and the modified awards were considered granted on the modification date. The incremental fair value related to the modifications is included in the “Stock Awards” column of the “Summary Compensation Table” below. On February 12, 2026, the Compensation Committee reviewed and certified the performance results relating to the 2023 PSU awards against the ROIC performance goal, in accordance with the modification described above. The threshold, target and maximum performance levels for the performance goal and the payout results for the 2023 PSUs (with the performance period beginning on January 1, 2023 and ending on December 31, 2025) are summarized below:

  63. Long-Term Equity Incentive Compensation

    | | | | Cumulative Company Return on Invested Capital | | | | | | | Year Granted | Performance Period | Goal | Weighting | Actual Results (%) | Threshold Performance Level (%) | Target Performance Level (%) | Maximum Performance Level (%) | % of Target Award Attained | | 2023 | 3 years | Cumulative Company Return on Invested Capital | 100% | 18% | 10% | 20% | 30% | 88% |

  64. Long-Term Equity Incentive Compensation

    The overall results achieved a payout value equal to 88% of the target PSU award amounts based on three-year ROIC performance. Since the threshold performance level was exceeded, payout of the shares underlying the 2023 PSU awards would have been subject to adjustment (+/- 20%) to reflect LP’s three-year TSR performance relative to its capital market peer group (subject to a maximum of 200% of the target award amount) if LP’s TSR performance relative to the capital market group was lower than the 25th percentile or higher than the 75th percentile. LP’s actual TSR performance was in 66th percentile relative to the capital market peer group described above, which did not result in any adjustments to the payout of the 2023 PSU awards.

  65. SECTION V: EXECUTIVE COMPENSATION DECISIONS FOR 2026

    SECTION V: EXECUTIVE COMPENSATION DECISIONS FOR 2026 As part of the establishment of the 2026 executive compensation targets, the Compensation Committee, in collaboration with FW Cook, reviewed LP’s compensation peer group for 2025 to ensure it represented similar U.S. organizations with which LP competes for executive talent. LP’s compensation peer group for benchmarking 2026 executive compensation is described above in Section IV of the CD&A under the heading “Review of Compensation Peer Group and Survey Data for Comparison Purposes.”

  66. Annual Incentive Plan

    Annual Incentive Plan On February 12, 2026, the Compensation Committee approved the 2026 Annual Incentive Plan. For Mr. Ringblom, Mr. Haughie, Mr. Hamill and Ms. Daniel, awards under the 2026 Annual Incentive Plan are based 100% on LP’s corporate financial performance.

  67. Long-Term Equity Incentive Compensation

    Long-Term Equity Incentive Compensation On February 12, 2026, the Compensation Committee approved long-term equity grants to the NEOs consisting of PSUs (60%) and RSUs (40%) for the CEO, and PSUs (50%) and RSUs (50%) for all other NEOs. The 2026 RSUs will vest in three equal annual installments beginning on the first anniversary of the grant date, and the 2026 PSUs will vest on the third anniversary of the grant date (or such later date on which the Compensation Committee determines the extent to which the performance goal has been achieved) based on achievement of the performance goal at the end of the three-year performance period (2026-2028), in each case only if the NEO remains in continuous employment through the applicable vesting date(s) and subject to acceleration upon certain events. The 2026 PSU and RSU award agreements provide for the settlement of the awards in LP Common Stock only, and provide for double-trigger vesting in the event of a change of control, if the acquirer assumes the awards, subject to the terms and conditions set forth in such award agreements. The performance metric, approved by the Compensation Committee with respect to the three-year performance period for the 2026 PSUs is based on a three-year ROIC, with threshold, target and maximum performance levels. ROIC is calculated by dividing average after-tax operating income for the performance period by the average invested capital for the performance period. Payout can be achieved at up to 200% of the target award amount. If the threshold performance level is met at the end of the three-year performance period, the award will be adjusted to reflect LP’s three-year TSR performance relative to a capital market peer group. This TSR modifier can increase or decrease the number of shares underlying the PSUs by up to 20%. The TSR modifier cannot cause the number of shares underlying the award to exceed the maximum of 200% of the target award amount and no adjustment will be made to the payout if LP’s TSR performance relative to the capital market group is between the 25th and 75th percentile.

  68. Role of Independent Compensation Consultant

    Role of Independent Compensation Consultant The Compensation Committee continued to engage FW Cook as its independent compensation consultant to assist in determining the appropriate executive officer compensation in 2025 and advise the Compensation Committee about its executive compensation programs and policies. At the Compensation Committee’s request, FW Cook attends committee meetings and meets with individual committee members to plan for committee meetings. In 2025, the Compensation Committee generally sought input from FW Cook on a range of topics related to LP’s compensation programs, including comparative data, competitive positioning of executive pay, plan design, long-term incentive pay practices, peer group development, director compensation and market trends. FW Cook has had no other business relationship with LP and has received no payments from us other than fees for services to the Compensation Committee and the Governance Committee. See “Corporate Governance—Committees of the Board—Compensation Committee” for additional information about LP’s use of compensation consultants.

  69. Timing of Long-Term Equity Grants

    Timing of Long-Term Equity Grants LP policies require PSUs and RSUs to be valued as of their respective grant dates based upon the closing price of LP’s Common Stock on the grant date of the award. The Compensation Committee’s practice is to make equity awards to its NEOs and other employees at its first Compensation Committee meeting in a given year (generally in the last week of January or the first or second week of February). Compensation Committee meeting dates are set by the Compensation Committee at least one year in advance. Equity awards are not granted in anticipation of the release of material non-public information, and the release of material non-public information is not timed on the basis of equity grant dates. We do not currently grant stock options, stock-settled stock appreciation rights (“SSARs”) or similar instruments with option-like features as part of our equity compensation programs. If stock options, SSARs or similar instruments were to be granted in the future, LP would not grant such awards in anticipation of the release of material nonpublic information that is likely to result in changes to the price of our Common Stock.

  70. SUMMARY COMPENSATION TABLE

    SUMMARY COMPENSATION TABLE The table below summarizes the various elements of compensation paid to, accrued to, or earned by each of the NEOs for the three years ended December 31, 2025 (or for such shorter period that such person has been determined to be an NEO during the covered years).

  71. SUMMARY COMPENSATION TABLE

    | Name and Principal Position | Year | Salary ($)(6) | Bonus ($) | Stock Awards ($)(1) | Non-Equity Incentive Plan Compensation ($)(2) | All Other Compensation ($)(3) | Total ($) | | Jason P. Ringblom Chief Executive Officer | 2025 | 737,217 | — | 3,434,278 | 1,040,122 | 181,672 | 5,393,288 | | | 2024 | 563,137 | — | 1,123,394 | 849,732 | 71,915 | 2,608,179 | | | 2023 | 540,714 | — | 1,582,775 | 364,200 | 73,630 | 2,561,319 | | Alan J.M. Haughie Executive Vice President, Chief Financial Officer | 2025 | 694,963 | — | 4,507,207 | 844,699 | 159,554 | 6,206,423 | | | 2024 | 664,968 | — | 1,353,179 | 1,025,553 | 52,314 | 3,096,014 | | | 2023 | 643,198 | — | 1,766,754 | 613,044 | 70,367 | 3,093,363 | | Anthony Hamill Senior Vice President, Chief Operating Officer(4) | 2025 | 302,885 | 500,000 | 1,179,977 | 380,279 | 58,363 | 2,421,503 | | Nicole C. Daniel Senior Vice President, General Counsel and Corporate Secretary | 2025 | 547,447 | — | 1,366,188 | 582,552 | 177,024 | 2,673,211 | | | 2024 | 522,118 | — | 765,974 | 704,586 | 64,447 | 2,057,125 | | | 2023 | 497,961 | — | 803,866 | 385,079 | 67,976 | 1,754,883 | | W. Bradley Southern Former Chairperson of the Board and Chief Executive Officer | 2025 | 1,196,154 | — | 9,850,253 | 2,173,021 | 304,394 | 13,523,822 | | | 2024 | 1,171,154 | — | 5,553,195 | 2,702,146 | 127,232 | 9,553,727 | | | 2023 | 1,146,154 | — | 7,577,416 | 1,753,737 | 193,286 | 10,670,593 | | Jimmy E. Mason Former Executive Vice President, General Manager, OSB(5) | 2025 | 228,028 | — | 1,587,773 | 840,896 | 1,747,530 | 4,404,226 | | | 2024 | 549,325 | — | 1,123,394 | 849,713 | 62,895 | 2,585,327 |

  72. SUMMARY COMPENSATION TABLE

    (1) The amounts shown reflect (i) the aggregate grant date fair value (computed in accordance with FASB ASC Topic 718) of the awards of PSUs and RSUs granted under the 2022 Plan, for PSUs based upon the target level of performance for 2025, 2024 and 2023 (the probable outcome of the performance conditions at the grant date and excluding the effect of estimated forfeitures), (ii) for 2023 only, the incremental fair value related to the modification made in October 2023 to the 2021 PSU awards (no incremental value was associated with the modification to the 2022 PSU awards at that time), and (iii) for 2025 only, the incremental fair value related to the modification made in July 2025 to the 2023 PSU awards. As required by GAAP and applicable SEC rules, (x) the modification to the 2021 PSU awards resulted in incremental fair value that is reported as additional compensation in fiscal year 2023 (the year of modification), and (y) the modification to the 2023 PSU awards resulted in incremental fair value that is reported as additional compensation in fiscal year 2025 (the year of modification). The incremental fair value was calculated as of the modification date in accordance with FASB ASC Topic 718. In connection with the modification of 2023 PSU awards in July 2025, the previously recorded compensation expense for the 2023 PSU awards was fully reversed and the NEOs will only realize pay related to the modified 2023 PSU awards. The following table summarizes the elements included in the “Stock Awards” column reported for fiscal 2025:

  73. SUMMARY COMPENSATION TABLE

    | Named Executive Officer | Grant Date Value of RSU Award Granted in 2025 ($) | Grant Date Fair Value of PSU Award Granted in 2025 ($)* | Incremental Fair Value of 2023 PSU Award Modified in July 2025* | Total Stock Awards for Fiscal 2025 ($) | | Jason P. Ringblom | 1,349,936 | 1,427,282 | 657,061 | 3,434,278 | | Alan J.M. Haughie | 2,999,941 | 805,408 | 701,858 | 4,507,207 | | Anthony Hamill | 1,179,977 | — | — | 1,179,977 | | Nicole C. Daniel | 500,051 | 537,019 | 329,119 | 1,366,188 | | W. Bradley Southern | 2,399,996 | 3,866,198 | 3,584,060 | 9,850,253 | | Jimmy E. Mason | 599,971 | 644,326 | 343,476 | 1,587,773 |

  74. SUMMARY COMPENSATION TABLE

    Values based on the achievement of target performance levels. Assuming the maximum performance level of the performance goal was achieved, the grant date fair value for the 2025 PSU awards included in the “Stock Awards” column would be $6,991,671 for Mr. Southern; $1,456,507 for Mr. Haughie; $2,814,047 for Mr. Ringblom; $1,165,206 for Mr. Mason; and $971,150 for Ms. Daniel. Assumptions used in calculating the fair value are described in Note 9 to LP’s audited financial statements included in its Annual Report on Form 10-K for the year ended on December 31, 2025, except that assumptions regarding forfeitures are ignored. Consistent with the applicable accounting standards, the grant date fair value of the PSUs reflects the market-related TSR modifier, determined using a Monte Carlo simulation model. Additional details regarding the terms of the 2025 awards granted under the 2022 Plan are described in the tables captioned “Grants of Plan-Based Awards for 2025” and “Outstanding Equity Awards at December 31, 2025” in this “Executive Compensation” section of the proxy statement. (2) The amounts shown reflect the annual cash incentive awards under the Annual Incentive Plan based on performance for the year shown and paid in the first quarter of the following year. (3) Amounts shown in this column for 2025 represent the sum of the amounts attributable to perquisites, personal benefits, severance payments and other items of compensation listed in the table below. In addition to the benefits listed below, LP provided medical, vision, dental and long-term disability insurance benefits to each of the NEOs, which benefits are generally available to all of LP’s employees.

  75. SUMMARY COMPENSATION TABLE

    | | Jason P. Ringblom | Alan J.M. Haughie | Anthony Hamill | Nicole C. Daniel | W. Bradley Southern | Jimmy E. Mason | | Financial and Tax Planning Services Allowance(a) | 23,355 | — | 11,325 | 23,355 | 23,355 | 23,355 | | Life Insurance Premiums(b) | 5,085 | 2,693 | 1,346 | 2,693 | 5,834 | 1,695 | | Employer Contributions to Defined Contribution Plans(c) | 45,320 | 55,840 | 11,384 | 44,716 | 105,247 | 43,088 | | Severance Payment(d) | — | — | — | — | — | 1,621,252 | | PTO Payout(e) | 104,615 | 91,499 | 34,308 | 99,288 | 156,923 | 57,737 | | Long-Term Care(f) | 3,296 | 9,522 | — | 6,972 | 13,035 | 403 | | TOTAL | 181,672 | 159,554 | 58,363 | 177,024 | 304,394 | 1,747,530 |

  76. SUMMARY COMPENSATION TABLE

    (a) Certain executive officers receive a perquisite allowance used for expenses associated with financial and tax planning consulting services. (b) LP pays the annual group term life insurance premiums for coverage provided to each NEO in an amount equal to four times his or her annual base salary. (c) Represents the employer 401(k) and Profit Sharing Plan and Deferred Compensation Plan matching and spillover contributions for each NEO, which are up to 5% of such NEO’s eligible compensation. (d) Represents payment to Mr. Mason in connection with his departure, which constituted a termination of his employment by LP other than due to “cause” (as such term is defined in Mr. Mason’s severance agreement), in accordance with his severance agreement in an amount equal to 1.5 times the sum of his base salary (paid in a lump sum on April 18, 2025) and annual cash incentive award based on actual performance for the year shown (paid in the first quarter of the following year). (e) Represents a one-time payout of paid time off (“PTO”) of maximum accruable hours to all executives following a policy change to allow for unlimited PTO for all executives. (f) LP pays the annual long-term care premiums for coverage provided to each NEO. (4) Mr. Hamill joined LP as Senior Vice President, Chief Operating Officer effective June 30, 2025. His salary and annual cash incentive award under the Annual Incentive Plan are prorated based on such date. In connection with his hiring, Mr. Hamill also received (i) a $500,000 cash hiring bonus payable within 30 days following his employment start date, and (ii) a one-time RSU award valued at $1,180,000 on July 1, 2025, which vests in three equal annual installments beginning on the first anniversary of the grant date, both of which are reflected in the relevant columns in the table above. (5) Amounts reflect proration of Mr. Mason’s salary and annual cash incentive award resulting from his departure from LP effective April 7, 2025, which constituted a termination of his employment by LP other than due to “cause” (as such term is defined in Mr. Mason’s severance agreement). The amounts shown in this column correct the 2024 salaries disclosed in LP’s 2025 Proxy Statement, as they were previously overstated by 80 working hours for all NEOs.

  77. GRANTS OF PLAN-BASED AWARDS FOR 2025

    GRANTS OF PLAN-BASED AWARDS FOR 2025 The table below provides information regarding (i) annual cash incentive awards under the 2025 Annual Incentive Plan, (ii) grants of PSUs and RSUs to the NEOs in 2025 under the 2022 Plan, and (iii) modification of the 2023 PSUs in July 2025.

  78. GRANTS OF PLAN-BASED AWARDS FOR 2025

    | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | | | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | | | All Other Stock Awards: Number of Shares of Stock or Units(3) (#) | Grant Date Fair Value of Stock and Option Awards(4) ($) | | Name | Grant Date | Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | | | | Jason P. Ringblom | 2/13/2025 | 360,000 | 720,000 | 1,440,000 | | | | | | | | 2/13/2025 | | | | 2,672 | 9,014 | 18,028 | | 644,326 | | | 2/13/2025 | | | | | | | 5,344 | 599,971 | | | 4/7/2025 | | | | 4,507 | 9,014 | 18,028 | | 782,956 | | | 4/7/2025 | | | | | | | 9,014 | 749,965 | | | 7/31/2025(5) | | | | | | | | 657,061 | | Alan J.M. Haughie | 2/13/2025 | 279,879 | 599,758 | 1,119,516 | | | | | | | | 2/13/2025 | | | | 3,340 | 6,680 | 13,360 | | 805,408 | | | 2/13/2025 | | | | | | | 6,680 | 749,964 | | | 4/7/2025 | | | | | | | 27,043 | 2,249,978 | | | 7/31/2025(5) | | | | | | | | 701,858 | | Anthony Hamill | 7/1/2025(6) | 252,504 | 504,000 | 1,008,000 | | | | | | | | 7/1/2025 | | | | | | | 12,927 | 1,179,977 | | Nicole C. Daniel | 2/13/2025 | 193,021 | 386,041 | 772,082 | | | | | | | | 2/13/2025 | | | | 2,227 | 4,454 | 8,908 | | 537,019 | | | 2/13/2025 | | | | | | | 4,454 | 500,051 | | | 7/31/2025(5) | | | | | | | | 329,119 | | W. Bradley Southern | 2/13/2025 | 720,000 | 1,440,000 | 2,880,000 | | | | | | | | 2/13/2025 | | | | 16,033 | 32,066 | 64,132 | | 3,866,198 | | | 2/13/2025 | | | | | | | 21,377 | 2,399,996 | | | 7/31/2025(5) | | | | | | | | 3,584,060 | | Jimmy E. Mason(7) | 2/13/2025 | 225,174 | 450,348 | 900,695 | | | | | | | | 2/13/2025 | | | | 2,672 | 5,344 | 10,688 | | 644,357 | | | 2/13/2025 | | | | | | | 5,344 | 599,971 | | | 7/31/2025(5) | | | | | | | | 343,476 |

  79. GRANTS OF PLAN-BASED AWARDS FOR 2025

    (1) The amounts shown in these columns reflect threshold, target and maximum cash payouts for annual cash incentive awards under the 2025 Annual Incentive Plan. The threshold payout amount (50% of the target award amount) represents a payout based on achievement of performance goals at the threshold performance levels. The target payout amount (100% of the target award amount) represents a payout based on achievement of performance goals at the target performance levels. The maximum payout amount (200% of the target award amount) represents a payout based on achievement of performance goals at the maximum performance levels. The amounts shown in these columns reflect the threshold, target and maximum share award amounts underlying PSUs granted in 2025 under the 2022 Plan. The PSUs will vest on the third anniversary of the grant date (or such later date on which the Compensation Committee determines the extent to which the performance goal has been achieved) based on achievement of the performance goal at the end of the three-year performance period, subject to acceleration upon certain events. See “Compensation of Executive Officers—Compensation Discussion and Analysis—Section IV: Elements and Philosophy of Executive Compensation—Long-Term Equity Incentive Compensation” for more information regarding the 2025 PSUs and see “Compensation of Executive Officers—Potential Payments Upon Termination of Employment or Change of Control of LP” for additional detail on acceleration of vesting terms. Prior to vesting and settlement, the NEOs will not have any rights as stockholders with respect to shares underlying the PSUs; however, on the date LP pays a dividend (if any) to holders of shares of LP Common Stock generally, they will be credited with dividend equivalent additional PSUs equal in value to the aggregate distributions the NEOs would have been entitled to receive with respect to a number of shares equal to the number of PSUs held by such NEOs. The amounts shown reflect shares underlying RSUs granted in 2025 under the 2022 Plan. Except as set forth below, the RSUs will vest in three equal annual installments beginning on the first anniversary of the grant date, subject to acceleration upon certain events. The special retention RSU award made to Mr. Haughie on April 7, 2025 will vest in full on the third anniversary of the grant date subject to his continued employment through the vesting date and subject to acceleration upon certain events. See “Compensation of Executive Officers—Potential Payments Upon Termination of Employment or Change of Control of LP” for additional detail on acceleration of vesting terms. Prior to vesting and settlement, the NEOs will not have any rights as stockholders with respect to shares underlying the RSUs; however, on the date LP pays a dividend (if any) to holders of shares of LP Common Stock generally, they will be credited with dividend equivalent additional RSUs equal in value to the aggregate distributions the NEOs would have been entitled to receive with respect to a number of shares equal to the number of RSUs held by such NEOs. (4) Except as disclosed in footnote 5 below, the amounts shown represent the grant date fair values of the RSUs and the PSUs (computed in accordance with FASB ASC Topic 718) at the target award amounts (the probable outcome of the performance conditions at the grant date). Assumptions used in calculating the grant date fair value are described in Note 9 to LP’s audited financial statements included in LP’s Annual Report on Form 10-K for the year ended December 31, 2025, except that assumptions regarding forfeitures are ignored. Consistent with the applicable accounting standards, the grant date fair value of the PSUs reflects the market-related TSR modifier, determined using a Monte Carlo simulation model. (5) On July 31, 2025, the Compensation Committee approved a modification to the performance goal for the PSUs granted in 2023 under the 2022 Plan. The modification date is reflected in this “Grant Date” column. The 2023 PSUs vested on February 10, 2026, the third anniversary of the original grant date, based on achievement of the performance goal at the end of the three-year performance period. The amounts shown in the “Grant Date Fair Value” column represent the incremental fair value of the 2023 PSUs, as a result of the above-described modification, calculated in accordance with FASB ASC Topic 718. See “Compensation of Executive Officers—Compensation Discussion and Analysis—Section IV: Elements and Philosophy of Executive Compensation—Long-Term Equity Incentive Compensation—Modification and Vesting of 2023 PSU Awards” for further information related to the modification of the 2023 PSUs. (6) Mr. Hamill joined LP as Senior Vice President, Chief Operating Officer effective June 30, 2025. The table above reflects Mr. Hamill’s annualized cash incentive award under the 2025 Annual Incentive Plan. His actual annual cash incentive award under the 2025 Annual Incentive Plan will be prorated based on his employment date. The table above reflects the full amounts of the awards originally granted to Mr. Mason in 2025. Upon Mr. Mason’s departure on April 7, 2025, the amount of annual cash incentive award paid under the Annual Incentive Plan and the amount of outstanding 2025 PSUs were prorated in accordance with his severance agreement. The 2025 PSUs will vest on the third anniversary of the grant date (or such later date on which the Compensation Committee determines the extent to which the performance goal has been achieved), in accordance with the original vesting schedule, as provided in his severance agreement.

  80. OUTSTANDING EQUITY AWARDS AT DECEMBER 31, 2025

    OUTSTANDING EQUITY AWARDS AT DECEMBER 31, 2025 The table below provides information regarding PSUs and RSUs held by the NEOs at December 31, 2025.

  81. OUTSTANDING EQUITY AWARDS AT DECEMBER 31, 2025

    | | Stock Awards | | | | | Name | Number of Shares or Units of Stock That Have Not Vested(1) (#) | Market Value of Shares or Units of Stock That Have Not Vested(2) ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested(3) (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(2) ($) | | Jason P. Ringblom | 22,851 | 1,845,482 | 16,728 | 1,350,935 | | Alan J.M. Haughie | 43,719 | 3,530,716 | 19,255 | 1,555,049 | | Anthony Hamill | 13,012 | 1,050,829 | — | — | | Nicole C. Daniel | 9,671 | 781,032 | 10,466 | 845,246 | | W. Bradley Southern | 52,652 | 4,252,183 | 95,687 | 7,727,702 | | Jimmy E. Mason(4) | — | — | 6,573 | 530,797 |

  82. OUTSTANDING EQUITY AWARDS AT DECEMBER 31, 2025

    (1) Reports the number of shares underlying outstanding RSU awards. Except as set forth below, the RSU awards vest in three equal annual installments beginning on the first anniversary of the grant date. Accordingly, (i) the RSU awards granted on February 10, 2023 vested 1/3 on each of February 10, 2024, February 10, 2025 and February 10, 2026, (ii) the RSU awards granted on February 8, 2024 vested 1/3 on each of February 8, 2025 and February 8, 2026, and will vest 1/3 on February 8, 2027, and (iii) the RSU awards granted on February 13, 2025 vested 1/3 on February 13, 2026, and will vest 1/3 on each of February 13, 2027 and February 13, 2028. The additional RSU award made to Mr. Ringblom on April 7, 2025 in connection with his appointment as President will vest 1/3 on each of April 7, 2026, April 7, 2027 and April 7, 2028. The special retention RSU award made to Mr. Haughie on April 7, 2025 will vest in full on the third anniversary of the grant date. Vesting is subject to the award recipient’s continued employment through the applicable vesting dates and may be accelerated upon certain events. (2) Calculated based on the closing price of the Common Stock on the NYSE on December 31, 2025 of $80.76 per share. Reports the number of shares underlying outstanding PSU awards based on our actual performance results through December 31, 2025 under the applicable performance metrics and assuming that the payout will occur at the next highest level (threshold, target, or maximum). PSUs granted in 2023 and 2024 are reported at the target performance level (100%), and PSUs granted in 2025 are reported at the threshold performance level (50%). The PSUs will vest on the third anniversary of the grant date (or such later date on which the Compensation Committee determines the extent to which the performance goal has been achieved), based on achievement of the performance goal at the end of the three-year performance period, subject to acceleration upon certain events. Accordingly, (i) the PSUs granted on February 10, 2023 (2023-2025 performance period) vested on February 12, 2026, the date on which the Compensation Committee determined the extent to which the ROIC performance goal was achieved, (ii) the PSUs granted on February 8, 2024 (2024-2026 performance period) are scheduled to vest on February 8, 2027 or such later date on which the Compensation Committee determines the extent to which the ROIC performance goal has been achieved, and (iii) the PSUs granted on February 13, 2025 (2025-2027 performance period) are scheduled to vest on February 13, 2028 or such later date on which the Compensation Committee determines the extent to which the ROIC performance goal has been achieved. The PSUs have threshold (50%), target (100%) and maximum (200%) levels for achievement of their respective performance goals. In connection with Mr. Mason’s departure effective April 7, 2025, which constituted a termination of his employment by LP other than due to “cause” (as such term is defined in Mr. Mason’s severance agreement), and in accordance with Mr. Mason’s severance agreement (i) all of his outstanding RSU awards vested as of April 7, 2025, and (ii) his outstanding PSU awards were prorated based on his departure date and will vest on the third anniversary of the grant date (or such later date on which the Compensation Committee determines the extent to which the performance goal has been achieved), in accordance with the original vesting schedule.

  83. OPTION EXERCISES AND STOCK VESTED IN 2025

    OPTION EXERCISES AND STOCK VESTED IN 2025 The following table provides information regarding the vesting of PSUs and RSUs with respect to LP’s NEOs in 2025.

  84. OPTION EXERCISES AND STOCK VESTED IN 2025

    | | Stock Awards | | | Name | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($) | | Jason P. Ringblom | 7,642 | 876,969 | | Alan J.M. Haughie | 8,892 | 1,020,499 | | Anthony Hamill | — | — | | Nicole C. Daniel | 4,534 | 520,484 | | W. Bradley Southern | 28,206 | 3,236,623 | | Jimmy E. Mason | 18,014 | 1,662,793 |

  85. NONQUALIFIED DEFERRED COMPENSATION FOR 2025

    NONQUALIFIED DEFERRED COMPENSATION FOR 2025 The following table summarizes information regarding participation by the NEOs in LP’s Deferred Compensation Plan.

  86. NONQUALIFIED DEFERRED COMPENSATION FOR 2025

    | Name | Registrant Contributions in 2025 ($) | Aggregate Earnings in 2025 ($) | Aggregate Withdrawals/ Distributions ($) | Aggregate Balance at December 31, 2025 ($) | | Jason P. Ringblom | 17,470 | 21,138 | — | 243,161 | | Alan J.M. Haughie | 27,990 | 20,501 | — | 232,458 | | Anthony Hamill | 3,914 | 5,292 | (90,185) | 66,501 | | Nicole C. Daniel | 16,866 | 17,929 | — | 128,126 | | W. Bradley Southern | 77,397 | 69,573 | — | 824,508 | | Jimmy E. Mason | 22,644 | 8,429 | (72,569) | 2,904 |

  87. NONQUALIFIED DEFERRED COMPENSATION FOR 2025

    All employees who are in LP’s top two levels of management and participate in the profit-sharing component of the 401(k) and Profit Sharing Plan are automatically participants in the Deferred Compensation Plan. Key features of the Deferred Compensation Plan include: » Deferrals. The Deferred Compensation Plan permits deferrals of up to 90% of a participant’s base salary and annual bonuses. » Matching Contributions by LP. The Deferred Compensation Plan requires matching contributions by LP equal to 5% of the participating employee’s deferral contributions. » Supplemental Credit. LP credits each participating employee’s Deferred Compensation Plan account with the amount that would have been contributed under the profit sharing component of the 401(k) and Profit Sharing Plan, if limits imposed under the Internal Revenue Code did not apply. » Make-up Credit. LP credits each participating employee’s Deferred Compensation Plan account with the amount that would have been contributed under the profit sharing component of LP’s 401(k) and Profit Sharing Plan, had the participant not deferred compensation to the Deferred Compensation Plan. » Vesting. Participants are immediately vested in credits for their deferral contributions and related earnings. Participants are vested in their rights to LP’s matching contributions and related earnings after two years of service to LP and are vested in their rights to supplemental and make-up credits and related earnings in accordance with the vesting schedule of the profit sharing component of the 401(k) and Profit Sharing Plan. Participants will also become vested in LP’s matching contributions, supplemental credits, and make-up credits upon reaching age 65 or immediately upon death, disability, or a termination of employment for any reason within 24 months following a change of control of LP. » Form of Payment. If a participant’s employment with LP is terminated for any reason, the participant is entitled to receive his or her vested Deferred Compensation Plan account balances, either in a lump sum or in annual payments over a period of up to 15 years as designated by the participant. However, to be eligible for the annual payment form of distribution, the participant’s balances must exceed $25,000 in accordance with the terms and conditions set forth in the Deferred Compensation Plan. In addition, a participant is permitted to designate a distribution date (either after termination of employment or while employed) which must be at least two years after the beginning of the deferral period to which that designation relates. Participants may also receive distributions prior to termination in the event of emergencies or as otherwise specified in the Deferred Compensation Plan. Earnings on Account Balances. Amounts credited to participants’ Deferred Compensation Plan accounts are adjusted to reflect amounts of income, gain or loss, as if the amounts held in such accounts had been invested in investment funds designated under the Deferred Compensation Plan and selected by the participants. The following table shows investment choices made by participants for the purpose of valuing their contribution credits in the Deferred Compensation Plan as of December 31, 2025 and annualized returns for each investment choice for 2025:

  88. NONQUALIFIED DEFERRED COMPENSATION FOR 2025

    | Fund | Performance | | Vanguard Federal Money Market Fund | 4.2% | | Vanguard Total Bond Index | 7.2% | | PIMCO Inflation Response Multi-Asset Fund | 16.8% | | Vanguard Institutional Index | 17.8% | | JP Morgan Large Cap Growth | 14.4% | | T Rowe Price Mid-Cap Value | 6.1% | | T Rowe Price Mid-Cap Growth | 3.6% | | DFA US Small Cap | 8.1% | | John Hancock Disciplined Value Fund | 17.5% | | Vanguard Tot I S | 32.2% | | MFS International Growth Fund | 21.2% | | T Rowe Price Retirement 2025 | 13.1% | | T Rowe Price Retirement 2030 | 14.6% | | T Rowe Price Retirement 2035 | 16.3% | | T Rowe Price Retirement 2040 | 17.6% | | T Rowe Price Retirement 2045 | 18.7% |

  89. POTENTIAL PAYMENTS UPON TERMINATION OF EMPLOYMENT OR CHANGE OF CONTROL OF LP

    POTENTIAL PAYMENTS UPON TERMINATION OF EMPLOYMENT OR CHANGE OF CONTROL OF LP This section describes, and sets forth quantitative disclosure with respect to, payments and benefits to which our NEOs, other than Mr. Mason, would have been entitled if their employment had terminated or if LP experienced a change of control on December 31, 2025, the last business day of LP’s last completed fiscal year, under various circumstances. Mr. Mason departed LP effective April 7, 2025, and the disclosures provided below for Mr. Mason reflect the actual payments Mr. Mason was entitled to receive in connection with his departure in accordance with his severance agreement. Each NEO is party to a severance agreement (each, a “Severance Agreement”) and a change of control employment agreement (each, a “CoC Agreement”) with LP. Upon a termination event, and as a condition to receiving the severance or change of control compensation under the Severance Agreements or the CoC Agreements, as applicable, the NEOs are required to timely sign and not revoke a customary release of claims in favor of LP. The Severance Agreements also impose on the NEOs customary confidentiality, intellectual property and mutual non-disparagement restrictive covenants, as well as non-competition and non-solicitation obligations that extend for 24 months (for the CEO) or 18 months (for the other NEOs) after termination (the “Restrictive Covenants”). If an NEO experiences a termination of employment that entitles the NEO to compensation or benefits under a CoC Agreement, then the NEO will not be entitled to any compensation or benefits under the NEO’s Severance Agreement, the term of the NEO’s Severance Agreement will immediately cease and the Restrictive Covenants will no longer apply. The compensation and benefits payable under the NEO’s CoC Agreement also apply in lieu of those payable under the NEO’s Severance Agreement if an NEO’s employment is terminated prior to a change of control of LP and the NEO can reasonably show that such termination is (i) connected to an impending change of control or (ii) at the request of a third party who has taken steps reasonably calculated to effect a change of control. As used herein, the terms “cause,” “good reason,” “retirement,” “disability” and “change of control” have the meanings assigned to such terms in the relevant agreements or plans governing the described payments or benefits. Payments in connection with termination of an NEO by LP or its successor without cause or by the NEO for good reason following a change of control apply if such termination occurs (i) within three years after such change of control, with respect to payments made pursuant to the COC Agreement, and (ii) within 12 months after such change of control, with respect to payments made in respect of the 2023, 2024 and 2025 RSU and PSU awards. The following table describes the payments and benefits that would have been received by an NEO, or his or her estate, if such NEO’s employment is terminated or if LP experiences a change of control under the following circumstances: — termination of the NEO by LP for cause or by the NEO without good reason; — termination of the NEO by LP without cause or by the NEO for good reason; — death or disability of the NEO; — termination of the NEO by LP or its successor without cause or by the NEO for good reason within 12 months following a change of control of LP; — change of control of LP not resulting in a termination of the NEO; and — retirement of the NEO.

  90. POTENTIAL PAYMENTS UPON TERMINATION OF EMPLOYMENT OR CHANGE OF CONTROL OF LP

    | TERMINATION EVENT | BASE SALARY & ANNUAL CASH INCENTIVE | BENEFITS PROGRAM & OTHER BENEFITS | LONG-TERM EQUITY INCENTIVES | | Termination by LP for Cause or by the NEO Without Good Reason | » Any earned but unpaid base salary | » Any amounts or benefits required to be paid or provided or which the NEO is eligible to receive under any plan, program, policy or practice or contract or agreement of LP, including any vested account balance under LP’s Deferred Compensation Plan | » RSUs: All are forfeited » PSUs: All are forfeited | | Termination by LP Without Cause or by the NEO for Good Reason | » Any earned but unpaid base salary » A pro-rata amount of the target annual cash incentive award under the Annual Incentive Plan for the year in which the termination occurred » An amount equal to two (for the CEO) or one and a half (for the other NEOs) multiplied by the sum of (a) the NEO’s annual base salary, plus (b) the NEO’s target annual cash incentive | » Any amounts or benefits required to be paid or provided or which the NEO is eligible to receive under any plan, program, policy or practice or contract or agreement of LP, including any vested account balance under LP’s Deferred Compensation Plan » Reimbursement for COBRA payments for up to 24 months (for the CEO) or 18 months (for the other NEOs) after the termination date » Outplacement services for up to 24 months (for the CEO) or 18 months (for the other NEOs) after the termination date in an amount up to $10,000 | » RSUs: Immediate vesting in full » PSUs: Pro-rata vesting based on the number of days employed during the performance period, calculated using the amount of the original award that would have vested following the end of the performance period based on actual performance |

  91. POTENTIAL PAYMENTS UPON TERMINATION OF EMPLOYMENT OR CHANGE OF CONTROL OF LP

    | TERMINATION EVENT | BASE SALARY & ANNUAL CASH INCENTIVE | BENEFITS PROGRAM & OTHER BENEFITS | LONG-TERM EQUITY INCENTIVES | | Death or Disability | » Any earned but unpaid base salary » A pro-rata amount of the target annual cash incentive award under the Annual Incentive Plan | » Any amounts or benefits required to be paid or provided or which the NEO is eligible to receive under any plan, program, policy or practice or contract or agreement of LP, including any vested account balance under LP’s Deferred Compensation Plan » Long-term disability and life insurance benefits | » RSUs: Immediate vesting in full » PSUs: Immediate vesting of the target award; provided, that if the termination occurs after the last day of the performance period, PSUs vest in an amount equal to the number of performance shares that would have been paid in accordance with the original terms of the PSUs as if the NEO had remained continuously employed through the vesting date | | Termination by LP or its Successor Without Cause or by the NEO for Good Reason Following a Change of Control | » Any earned but unpaid base salary » A pro-rata amount of the target annual cash incentive award under the Annual Incentive Plan for the year in which the change of control occurred » An amount equal to three times the sum of the NEO’s (a) annual base salary, plus (b) target annual cash incentive award under the Annual Incentive Plan » Interest on the amounts listed above from the termination date through the payment date | » An amount equal to 36 months cash value of LP’s welfare benefit plans » Outplacement services for 12 months after the termination date in an amount up to 10% of the NEO’s annual base salary » Any other amounts or benefits required to be paid or provided or which the NEO is eligible to receive under any plan, program, policy or practice or contract or agreement of LP, including any vested account balance under LP’s Deferred Compensation Plan | » RSUs: » Awards Assumed by Successor: Immediate vesting in full upon termination of the NEO » Awards Not Assumed by Successor: Immediate vesting in full prior to change of control » PSUs: » Awards Assumed by Successor: Immediate vesting upon termination of the NEO in an amount equal to the number of shares that would have been earned if the NEO had maintained employment from the grant date until the original vesting date, determined as if the end date of the performance period were the date of the change of control and after the performance objectives have been adjusted to account for such shortened performance period, as determined by the administrator of the 2022 Plan, in its sole discretion (the “adjusted award”); provided, that if the change of control occurs after the end of the performance period, PSUs vest in an amount equal to the number of performance shares that |

  92. POTENTIAL PAYMENTS UPON TERMINATION OF EMPLOYMENT OR CHANGE OF CONTROL OF LP

    | TERMINATION EVENT | BASE SALARY & ANNUAL CASH INCENTIVE | BENEFITS PROGRAM & OTHER BENEFITS | LONG-TERM EQUITY INCENTIVES | | | | | would have been earned on the original vesting date » Awards Not Assumed by Successor: Immediate vesting upon change of control (a) based on actual performance if such change of control occurs after the last day of the applicable performance period, or (b) in amount equal to the greater of (1) the target award, and (2) the adjusted award | | Change of Control Not Resulting in Termination | » Annual base salary in an amount equal to at least 12 times the NEO’s highest monthly base salary paid during the 12 months immediately preceding the month of the consummation of such change of control » Annual cash bonus in an amount at least equal to the NEO’s target bonus for the year in which the change of control occurs | » Participation in all incentive, savings and retirement plans, welfare benefit programs and fringe benefits » Reimbursement for reasonable expenses per LP’s policies » Same/larger office size and support staff » Paid vacation available to other peer executive officers on, generally, at least as favorable terms as those in place during the 120-day period immediately preceding the change of control | » RSUs: » Awards Assumed by Successor: Vest in accordance with their original vesting schedule » Awards Not Assumed by Successor: Immediate vesting in full prior to change of control » PSUs: » Awards Assumed by Successor: Vest in accordance with their original vesting schedule in the amount of the adjusted award; provided, that if the change of control occurs after the end of the performance period, PSUs vest in an amount equal to the number of performance shares that would have been paid in accordance with the original terms of the PSUs » Awards Not Assumed by Successor: Immediate vesting upon change of control (a) based on actual performance if such change of control occurs after the last day of the applicable performance period, or (b) in amount equal to the greater of (1) the target award, and (2) the adjusted award |

  93. POTENTIAL PAYMENTS UPON TERMINATION OF EMPLOYMENT OR CHANGE OF CONTROL OF LP

    | TERMINATION EVENT | BASE SALARY & ANNUAL CASH INCENTIVE | BENEFITS PROGRAM & OTHER BENEFITS | LONG-TERM EQUITY INCENTIVES | | Retirement | » Any earned but unpaid base salary » A pro-rata amount of the target annual cash incentive award under the Annual Incentive Plan for the year in which the termination occurred | » Any other amounts or benefits required to be paid or provided or which the NEO is eligible to receive under any plan, program, policy or practice or contract or agreement of LP, including any vested account balance under LP’s Deferred Compensation Plan | » RSUs: » 2023 RSUs: » If retirement occurs on or after the first anniversary of the award grant date: Immediate vesting in full » If retirement occurs prior to the first anniversary of award grant date: All are forfeited » 2024 & 2025 RSUs: » If retirement occurs on or after the first anniversary of the award grant date: Immediate vesting in full » If retirement occurs prior to the first anniversary of award grant date: Immediate pro-rata vesting based on the number of days employed between the applicable grant date and the first anniversary thereof » PSUs: » 2023 PSUs » If retirement occurs on or after the first anniversary of the award grant date: PSUs will vest following the NEO’s retirement, on the original vesting date, in an amount equal to the number of performance shares that would have been paid in accordance with the original terms of the PSUs as if the NEO had remained continuously employed through the vesting date » If retirement occurs prior to the first anniversary of award grant date: All are forfeited |

  94. POTENTIAL PAYMENTS UPON TERMINATION OF EMPLOYMENT OR CHANGE OF CONTROL OF LP

    | TERMINATION EVENT | BASE SALARY & ANNUAL CASH INCENTIVE | BENEFITS PROGRAM & OTHER BENEFITS | LONG-TERM EQUITY INCENTIVES | | | | | » 2024 & 2025 PSUs » If retirement occurs on or after the first anniversary of the award grant date: PSUs will vest following the NEO’s retirement, on the original vesting date, in an amount equal to the number of performance shares that would have been paid in accordance with the original terms of the PSUs as if the NEO had remained continuously employed through the vesting date » If retirement occurs prior to the first anniversary of award grant date: PSUs will vest on a pro-rata basis following the NEO’s retirement, on the original vesting date based on the number of days employed between the applicable grant date and the first anniversary thereof, calculated using the number of performance shares that would have been paid in accordance with the original terms of the PSUs as if the NEO had remained continuously employed through the vesting date |

  95. POTENTIAL PAYMENTS UPON TERMINATION OF EMPLOYMENT OR CHANGE OF CONTROL OF LP

    The following table sets forth, for each NEO (other than Mr. Mason), quantitative disclosure regarding estimated payments and other benefits that would have been received by the NEO, or his or her estate, if such NEO’s employment had terminated or if LP had experienced a change of control on December 31, 2025, under the circumstances described above.

  96. POTENTIAL PAYMENTS UPON TERMINATION OF EMPLOYMENT OR CHANGE OF CONTROL OF LP

    | Name | Triggering Event | Payments Earned but Unpaid(1) | Severance Payments | Equity Awards(2) | Other Benefits(3) | Total | | Jason P. Ringblom | Termination by LP for Cause or by the NEO Without Good Reason | $— | — | — | $243,161 | $243,161 | | | Termination by LP Without Cause or by the NEO for Good Reason | $720,000(4) | $2,325,960(5) | $3,067,228(6) | $253,161(7) | $6,366,350 | | | Death or Disability | $720,000(4) | — | $4,116,482(8) | $243,161 | $5,079,643 | | | Termination Following a Change of Control(11) | $720,000(4) | $4,662,297(9) | $4,149,966(8) | $323,161(14) | $9,855,424 | | | Change of Control Not Resulting in Termination | — | — | $4,149,966(8)(12) | — | $4,149,966 | | | Retirement | $— | — | — | $243,161 | $243,161 | | Alan J.M. Haughie | Termination by LP for Cause or by the NEO Without Good Reason | $— | — | — | $232,458 | $232,458 | | | Termination by LP Without Cause or by the NEO for Good Reason | $559,758(4) | $1,941,045(5) | $4,713,245(6) | $242,458(7) | $7,456,506 | | | Death or Disability | $559,758(4) | — | $5,323,190(8) | $232,458 | $6,115,406 | | | Termination Following a Change of Control(11) | $559,758(4) | $3,907,427(9) | $5,358,959(8) | $302,428(14) | $10,128,572 | | | Change of Control Not Resulting in Termination | — | — | $5,358,959(8)(12) | — | $5,358,959 | | | Retirement | $— | — | — | $232,458 | $232,458 | | Anthony Hamill | Termination by LP for Cause or by the NEO Without Good Reason | — | — | — | 66,501 | 66,501 | | | Termination by LP Without Cause or by the NEO for Good Reason | $504,000(4) | 1,701,029(5) | 1,050,829(6) | 76,501(7) | 3,332,359 | | | Death or Disability | 504,000(4) | | 1,050,829(8) | 66,501 | 1,621,330 | | | Termination Following a Change of Control | 504,000(4) | $3,405,389(9) | 1,050,829(8) | 129,501(14) | 5,089,719 | | | Change of Control Not Resulting in Termination | — | — | 1,050,829(8)(12) | — | 1,050,829 | | | Retirement | — | — | — | 66,501 | 66,501 | | Nicole C. Daniel | Termination by LP for Cause or by the NEO Without Good Reason | $— | — | — | $128,126 | $128,126 | | | Termination by LP Without Cause or by the NEO for Good Reason | $386,041(4) | $1,432,294(5) | $1,406,356(6) | $138,126(7) | $3,362,817 | | | Death or Disability | $386,041(4) | — | $1,791,662(8) | $128,126 | $2,305,829 | | | Termination Following a Change of Control(11) | $386,041(4) | $2,875,185(9) | $1,808,434(8) | $183,275(14) | $5,252,935 | | | Change of Control Not Resulting in Termination | — | — | $1,808,434(8)(12) | — | $1,808,434 | | | Retirement | — | — | — | $128,126 | $128,126 | | W. Bradley Southern | Termination by LP for Cause or by the NEO Without Good Reason | $— | — | — | $824,508 | $824,508 | | | Termination by LP Without Cause or by the NEO for Good Reason | $1,440,000(4) | $5,324,274(5) | $10,237,693(6) | $834,508(7) | $17,836,475 | | | Death or Disability | $1,440,000(4) | — | $13,186,458(8) | $824,508 | $15,450,966 | | | Termination Following a Change of Control(11) | $1,440,000(4) | $8,014,005(9) | $13,369,097(8) | $944,508(14) | $23,767,610 | | | Change of Control Not Resulting in Termination | — | — | $13,369,097(8)(12) | — | $13,369,097 | | | Retirement | $1,440,000(4)(13) | — | $12,842,140(6)(10) | $824,508 | $15,106,647 | | Jimmy E. Mason | Termination by LP Without Cause or by the NEO for Good Reason(15) | $218,633 | $1,621,252 | $1,475,451 | $14,704 | $3,330,040 |

  97. POTENTIAL PAYMENTS UPON TERMINATION OF EMPLOYMENT OR CHANGE OF CONTROL OF LP

    (1) Table assumes that there is no earned but unpaid 2025 base salary at December 31, 2025. Calculated based on the closing price of the Common Stock on the NYSE on December 31, 2025 of $80.76 per share. PSUs were calculated assuming payout at target award amount (100%). Includes vested account balance under LP’s Deferred Compensation Plan. This payment would be made in accordance with the NEO’s distribution selection under such plan. (4) Includes a pro-rata amount of the target annual cash incentive award under the 2025 Annual Incentive Plan. This payment would be made in a lump sum. (5) Includes (a) a cash amount equal to two (for the CEO) or one and a half (for the other NEOs) multiplied by the sum of (x) the NEO’s annual base salary, plus (y) the NEO’s target annual cash incentive, and (b) a reimbursement for COBRA payments for 24 months (for the CEO) or 18 months (for the other NEOs) after the termination date. The value of COBRA subsidy was determined based on (i) current COBRA coverage rates for 2026-2027 and (ii) LP’s current costs of providing coverage at the coverage levels in effect for the NEO immediately prior to December 31, 2025. This payment would be made in a lump sum. (6) Payment of the RSUs would be made as soon as practicable after termination and payment of the PSUs would be made following the end of the applicable performance period and certification of the performance results, at the times specified in the related award agreements. (7) Includes outplacement services valued at $10,000. (8) Payments would be made in accordance with the related award agreements. (9) Includes (a) an amount equal to three times the sum of the NEO’s (x) annual base salary, plus (y) target annual cash incentive award under the Annual Incentive Plan, and (b) an amount equal to 36 months’ cash value of LP’s welfare benefit plans, with the cash value of LP’s welfare benefit plans being determined as the estimated cost of continuing health, disability and life insurance coverage and other welfare benefits to the NEO and his or her family at the same level as in place at December 31, 2025, for a three-year period. This payment would be made in a lump sum. (10) As of December 31, 2025, only Mr. Southern was retirement-eligible pursuant to the terms of the award agreements for outstanding RSUs and PSUs awards granted under the 2022 Plan. (11) Assumes the employment of the NEO is terminated by LP or its successor without cause or by the NEO for good reason within 12 months following a change of control of LP. (12) Assumes equity awards were not assumed in connection with the change of control. (13) As of December 31, 2025, only Mr. Southern was retirement-eligible pursuant to the terms of the Annual Incentive Plan. (14) Includes outplacement services valued at 10% of the NEO’s annual base salary. (15) This table reflects actual payments Mr. Mason was entitled to receive pursuant to his severance agreement in connection with his departure from LP effective April 7, 2025, which constituted a termination of his employment by LP other than due to “cause” (as such term is defined in Mr. Mason’s severance agreement), subject to the assumptions set forth below. Equity Awards include the value of the RSUs that vested in full immediately at the time of departure, based on the closing sale price of the Common Stock on the NYSE on April 7, 2025 of $83.20 per share. Equity Awards also include the value of (i) the prorated number of 2023 PSUs, which was calculated based on actual performance achieved at the end of performance period on December 31, 2025 (88%), and (ii) the prorated number of 2024 PSUs and 2025 PSUs, which was calculated assuming payout at the target award amount (100%). The value of the PSUs was calculated using the closing sale price of the Common Stock on the NYSE on December 31, 2025 of $80.76 per share. All such PSUs will vest on the third anniversary of their respective grant dates (or such later date on which the Compensation Committee determines the extent to which the performance goal has been achieved), in accordance with their original vesting schedules.

  98. CEO PAY RATIO

    CEO PAY RATIO For the 2025 fiscal year, the ratio of the annual total compensation of W. Bradley Southern (“CEO Compensation”), who served as LP’s CEO in 2025, to the median of the annual total compensation of all of LP’s employees and those of its consolidated subsidiaries other than its CEO (“Median Annual Compensation”) was 166 to 1. This ratio is a reasonable estimate calculated in a manner consistent with Item 402(u) of Regulation S-K using the data and assumptions summarized below. In this summary, the employee who received such Median Annual Compensation is referred to as the “Median Employee.” The SEC rules allow us to identify our Median Employee once every three years unless there has been a change in our employee population or employee compensation arrangements that we reasonably believe would result in a significant change in our pay ratio disclosure. For purposes of this disclosure, the date used to identify the Median Employee was October 1, 2023 (the “Determination Date”). We believe there has been no change in our employee population or employee compensation arrangements that would result in a significant change to our pay ratio disclosure. However, the Median Employee identified on the Determination Date experienced a change in circumstances in 2025, and consistent with SEC rules, we have identified a substitute Median Employee who had substantially similar compensation to that of the original Median Employee, based on the compensation measure used to identify the original Median Employee. CEO Compensation for purposes of this disclosure was $13,523,822 and represents the total compensation reported for Mr. Southern in the “Summary Compensation Table” for 2025. For purposes of this disclosure, Median Annual Compensation was $81,344 and was calculated by totaling for LP’s Median Employee all applicable elements of compensation for 2025 in accordance with Item 402(c)(2)(x) of Regulation S-K plus personal benefits and compensation under non-discriminatory benefit plans otherwise not reportable under this Item. The Compensation Committee did not make any cost-of-living adjustments in identifying the Median Employee. As previously disclosed, to identify the Median Employee, the Compensation Committee first determined LP’s employee population as of the Determination Date. LP had 4,118 employees (other than the CEO), representing all full-time, part-time, seasonal and temporary employees of LP and its consolidated subsidiaries as of the Determination Date. This amount excluded independent contractors and “leased” workers, as permitted by the applicable SEC rules. Of LP’s 4,118 total employees, approximately 66% were in the United States, 19% were in Canada, 9% were in Chile and 5% were in Brazil. A total of 14 employees (less than 1%) were in Peru, Mexico, Argentina, Colombia and Paraguay, and the Compensation Committee chose to exclude these 14 employees in determining LP’s Median Employee, as permitted under the de minimis exemption to Item 402(u) of Regulation S-K. The Compensation Committee used LP’s number of total employees (4,118) in making its de minimis calculation. Under the relevant rules, we were required to identify the Median Employee by use of a “compensation measure that is consistently applied” to all employees included in the calculation. Thus, the Compensation Committee measured compensation for the period beginning on January 1, 2023, and ending on September 30, 2023, for 4,118 employees (after the permitted exclusions noted above). This compensation measurement was calculated by totaling, for each employee, salary as shown in LP’s payroll records for the first nine months of 2023. A portion of LP’s employee workforce (full-time and part-time) worked for less than the full fiscal year due to commencing employment after the beginning of the fiscal year. In determining the Median Employee, the Compensation Committee did not annualize the total compensation for such individuals.

  99. PAY VERSUS PERFORMANCE

    PAY VERSUS PERFORMANCE The table below summarizes the compensation actually paid to each of the NEOs listed below and company financial performance measures for the five years ended December 31, 2025.

  100. PAY VERSUS PERFORMANCE

    | Year | Summary Compensation Table Total for PEO(1) ($) | Compensation Actually Paid to PEO(2)(3) ($) | Average Summary Compensation Table Total for Non-PEO NEOs(1) ($) | Average Compensation Actually paid to Non-PEO NEOs(2)(3) ($) | Value of Initial Fixed $100 Investment Based on:(4) | | Net Income ($ Million) | ROIC (%) | | | | | | | Company TSR ($) | Peer Group TSR ($) | | | | 2025 | 13,523,822 | 9,300,998 | 4,219,730 | 3,460,908 | 232.06 | 193.69 | 146 | 11 | | 2024 | 9,553,727 | 13,992,034 | 2,586,661 | 3,442,776 | 375.07 | 214.80 | 420 | 24 | | 2023 | 10,670,593 | 10,495,230 | 2,235,201 | 2,272,644 | 253.70 | 172.49 | 178 | 17 | | 2022 | 8,682,313 | (7,732,568) | 2,042,305 | (224,312) | 208.61 | 137.88 | 1,083 | 72 | | 2021 | 9,158,272 | 34,346,704 | 1,943,418 | 5,334,446 | 272.24 | 180.45 | 1,373 | 122 |

  101. PAY VERSUS PERFORMANCE

    (1) W. Bradley Southern is our principal executive officer (“PEO”) for each year presented. The individuals comprising the Non-PEO NEOs for each presented year are listed below.

  102. PAY VERSUS PERFORMANCE

    | 2025 | 2024 | 2023 | 2022 | 2021 | | Jason P. Ringblom | Alan J.M. Haughie | Alan J.M. Haughie | Alan J.M. Haughie | Alan J.M. Haughie | | Alan J.M. Haughie | Jason P. Ringblom | Jason P. Ringblom | Jason P. Ringblom | Jason P. Ringblom | | Jimmy E. Mason | Jimmy E. Mason | Nicole C. Daniel | Nicole C. Daniel | Neil Sherman | | Anthony Hamill | Nicole C. Daniel | Michael W. Blosser | Michael W. Blosser | Michael J. Sims | | Nicole C. Daniel | | | Robin H. Everhart | |

  103. PAY VERSUS PERFORMANCE

    (2) The amounts shown for “Compensation Actually Paid” were calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually earned, realized, or received by LP’s NEOs. These amounts reflect the total compensation reported in the “Summary Compensation Table” with certain adjustments as described in footnote 3 below. (3) “Compensation Actually Paid” for 2025 reflects the exclusions and inclusions of certain amounts for the PEO and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718 using the same assumption methodologies used to calculate the grant date fair value of awards for purposes of the Summary Compensation Table. At the grant date for each PSU award, the relevant performance metrics are assumed to be achieved at the target level (100% of the target award amount). The fair value of unvested PSUs for each year used in the calculation of “Compensation Actually Paid” is based on the probable outcome of the applicable performance conditions as of the last day of the fiscal year. As of December 31, 2025, the fair value of the unvested PSUs changed from the grant date primarily due to the change in stock price and our probable performance based on the performance metrics applicable to those PSUs awards. As of December 31, 2025, the 2023 PSUs were expected to vest at 85% and the 2024 PSUs and 2025 PSUs were projected to vest at 100%. The amounts in the “Exclusion of Stock Awards” columns are based on the totals from the “Stock Awards” column set forth in the “Summary Compensation Table.”

  104. PAY VERSUS PERFORMANCE

    | Summary Compensation Table Total for PEO ($) | Deduct Change in Pension Value for PEO ($) | Pension Benefits Adjustments for PEO ($) | Exclusion of Stock Awards for PEO ($) | Inclusion of Equity Values for PEO ($) | Compensation Actually Paid to PEO ($) | | 13,523,822 | — | — | (9,850,253) | 5,627,429 | 9,300,998 |

  105. PAY VERSUS PERFORMANCE

    | Average Summary Compensation Table Total for Non-PEO NEOs ($) | Deduct Change in Pension Value for Non-PEO NEOs ($) | Pension Benefits Adjustments for Non-PEO NEOs ($) | Exclusion of Stock Awards for Non-PEO NEOs ($) | Inclusion of Equity Values for Non-PEO NEOs ($) | Average Compensation Actually Paid to Non-PEO NEOs ($) | | 4,219,730 | — | — | (2,415,085) | 1,656,262 | 3,460,908 |

  106. PAY VERSUS PERFORMANCE

    The amounts in the “Inclusion of Equity Values” in the tables above are derived from the amounts set forth in the following tables:

  107. PAY VERSUS PERFORMANCE

    | Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for PEO ($) | Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for PEO ($) | Vesting-Date Fair Value of Equity Awards Granted During Year that Vested During Year for PEO ($) | Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for PEO ($) | Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year for PEO ($) | Value of Dividends or Other Earnings Paid on Stock or Option Awards Not Otherwise Included for PEO ($) | Total– Inclusion of Equity Values for PEO ($) | | 4,464,232 | 741,724 | — | 421,472 | — | — | 5,627,429 |

  108. PAY VERSUS PERFORMANCE

    | Average Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for Non-PEO NEOs ($) | Average Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for Non-PEO NEOs ($) | Average Vesting- Date Fair Value of Equity Awards Granted During Year that Vested During Year for Non-PEO NEOs ($) | Average Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for Non-PEO NEOs ($) | Average Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year for Non-PEO NEOs ($) | Average Value of Dividends or Other Earnings Paid on Stock or Option Awards Not Otherwise Included for Non-PEO NEOs ($) | Total–Average Inclusion of Equity Values for Non-PEO NEOs ($) | | 1,503,439 | 53,848 | 89,203 | 125,862 | (116,090) | — | 1,656,262 |

  109. PAY VERSUS PERFORMANCE

    (4) The “Peer Group TSR” set forth in this table utilizes the following published index: S&P 500 Building Products. TSR for both LP and the peer group is based on an initial $100 investment, measured on a cumulative basis from the market close on December 31, 2020, through and including the end of the fiscal year for which TSR is being presented in the table.

  110. FINANCIAL PERFORMANCE MEASURES USED TO LINK COMPENSATION ACTUALLY PAID TO NEOS FOR THE MOST RECENTLY COMPLETED FISCAL YEAR TO COMPANY PERFORMANCE

    FINANCIAL PERFORMANCE MEASURES USED TO LINK COMPENSATION ACTUALLY PAID TO NEOS FOR THE MOST RECENTLY COMPLETED FISCAL YEAR TO COMPANY PERFORMANCE For the fiscal year ended December 31, 2025, our Compensation Committee identified the performance measures listed below as the most important in setting compensation for the NEOs. The key performance measure used in setting performance goals for our PSUs, which comprise a significant portion of the NEOs’ compensation mix, is ROIC. In previous years, the key performance measure used was Adjusted EBITDA. Adjusted EBITDA for 2025 was $436 million. For additional detail on ROIC, see “Compensation of Executive Officers—Compensation Discussion and Analysis— Section IV: Elements and Philosophy of Executive Compensation—Long-Term Equity Incentive Compensation” beginning on page 52.

  111. FINANCIAL PERFORMANCE MEASURES USED TO LINK COMPENSATION ACTUALLY PAID TO NEOS FOR THE MOST RECENTLY COMPLETED FISCAL YEAR TO COMPANY PERFORMANCE

    | Company 3-year ROIC | | Adjusted EBITDA (Company and Segment basis) | | Economic Profit (Company and Segment basis) | | Relative Total Shareholder Return |

  112. DESCRIPTION OF RELATIONSHIP BETWEEN COMPENSATION ACTUALLY PAID AND PERFORMANCE MEASURES

    DESCRIPTION OF RELATIONSHIP BETWEEN COMPENSATION ACTUALLY PAID AND PERFORMANCE MEASURES The following tables illustrate the relationship between compensation actually paid (CAP) to the PEO and the other NEOs compared to Company Net Income, ROIC and company and peer TSR.

  113. DESCRIPTION OF RELATIONSHIP BETWEEN COMPENSATION ACTUALLY PAID AND PERFORMANCE MEASURES

    | EQUITY COMPENSATION PLAN INFORMATION |

  114. DESCRIPTION OF RELATIONSHIP BETWEEN COMPENSATION ACTUALLY PAID AND PERFORMANCE MEASURES

    The table below sets forth additional information as of December 31, 2025, regarding shares of Common Stock that may be issued under LP’s existing equity compensation plans and arrangements, all of which have been approved by LP’s stockholders. The information includes the number of shares covered by, and the weighted average exercise price of, outstanding SSARs and other rights, and the number of shares remaining available for future grants, excluding the shares to be issued upon exercise of outstanding SSARs and other rights.

  115. DESCRIPTION OF RELATIONSHIP BETWEEN COMPENSATION ACTUALLY PAID AND PERFORMANCE MEASURES

    | Plan Category | (a) Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants, and Rights | (b) Weighted-Average Exercise Price of Outstanding Options, Warrants, and Rights(2) | (c) Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (excluding securities reflected in column(a))(3) | | Equity compensation plans approved by stockholders(1) | 913,361 | $19.14 | 4,493,374 | | Equity compensation plans or arrangements not approved by stockholders | N/A | N/A | N/A | | TOTAL | 913,361 | $19.14 | 4,493,374 |

  116. DESCRIPTION OF RELATIONSHIP BETWEEN COMPENSATION ACTUALLY PAID AND PERFORMANCE MEASURES

    (1) Equity compensation plans under which awards are currently outstanding and that were approved by LP’s stockholders include the 2022 Plan and the 2013 Omnibus Stock Award Plan, as amended (the “2013 Plan”). The number of shares shown in this column include (i) 913,211 shares subject to awards of PSUs (assuming the maximum number of PSUs are earned and payable at the end of the applicable performance period), RSUs and DSUs, and (ii) 150 shares subject to SSARs outstanding on December 31, 2025. See the “Outstanding Equity Awards at December 31, 2025” table in the “Compensation of Executive Officers” section and the “Corporate Governance—Director Compensation” section for additional information regarding the vesting of these awards for the NEOs and directors, respectively. (2) Weighted average exercise price of outstanding SSARs; excludes PSUs and RSUs. Includes 3,070,740 shares remaining for future issuance under the 2022 Plan and 1,422,633 shares reserved for issuance under LP’s 2019 Employee Stock Purchase Plan. The 2019 Employee Stock Purchase Plan has two purchase periods each fiscal year: January 1 to June 30 and July 1 to December 31. The maximum number of shares that can be purchased under the 2019 Employee Stock Purchase Plan in any year by an employee is $25,000.

  117. DESCRIPTION OF RELATIONSHIP BETWEEN COMPENSATION ACTUALLY PAID AND PERFORMANCE MEASURES

    | OTHER BUSINESS |

  118. DESCRIPTION OF RELATIONSHIP BETWEEN COMPENSATION ACTUALLY PAID AND PERFORMANCE MEASURES

    At the time this proxy statement was distributed, management knew of no matters to be presented at the 2026 Annual Meeting of Stockholders other than the items of business listed in the Notice of Annual Meeting of Stockholders and the Notice of Internet Availability of Proxy Materials. If any matters other than the listed items properly come before the meeting, the proxies named in the accompanying form of proxy will vote or refrain from voting on such matters in accordance with their best judgment.

  119. DESCRIPTION OF RELATIONSHIP BETWEEN COMPENSATION ACTUALLY PAID AND PERFORMANCE MEASURES

    | HOLDERS OF COMMON STOCK |