Nicole Daniel
LOUISIANA-PACIFICAbout Nicole Daniel
Senior Vice President, General Counsel & Corporate Secretary at Louisiana‑Pacific (LP) since September 2019; previously VP/GC/Corporate Secretary at Ciner Resources LP (2013–2019) and legal/compliance leadership at Albemarle (2002–2013) . She signs LP’s proxy as Corporate Secretary and is part of the executive governance cadence; LP’s Sustainability Task Force is led by the General Counsel, with the GC on the Sustainability Executive Council . Company performance metrics central to her incentive pay include Adjusted EBITDA, Economic Profit, three‑year ROIC, and a relative TSR modifier; in 2024 LP reported Net Income $420M, Adjusted EBITDA $688M, and cumulative TSR of $375 (vs peer index $215) on a $100 base since 2020 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ciner Resources LP (formerly OCI Enterprises) | Vice President, General Counsel & Corporate Secretary | 2013–2019 | Led legal and corporate secretary functions for a leading natural soda ash producer |
| Albemarle Corporation | Legal and compliance leadership roles | 2002–2013 | Advanced compliance and legal operations at a global specialty chemicals company |
External Roles
No external directorships or committee roles disclosed for Ms. Daniel beyond employment history in LP’s proxy materials .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 452,692 | 497,961 | 542,319 |
| Annual Incentive (AIP) Paid ($) | 540,772 | 385,079 | 704,586 |
Current-year updates:
- 2024 approved base salary: $525,226
- 2025 approved base salary: $551,487 (+5.0%)
2024 AIP target and attainment:
| AIP Element | Target (% of Base) | Target ($) | Actual Attainment (% of Target) | Actual Payout ($) |
|---|---|---|---|---|
| Corporate Financial (Adj. EBITDA 35%, Economic Profit 35%) | — | — | 200% | — |
| Business Unit Financial (OSB EP 10%, Siding EP 10%, South America EP 10%) | — | — | 172% | — |
| Total AIP | 70% | 367,658 | Weighted per table above | 704,586 |
Perquisites and benefits (2024):
| Item | Amount ($) |
|---|---|
| Financial/Tax Planning Allowance | 23,355 |
| Life Insurance Premiums | 2,952 |
| Employer DC/Deferred Plan Contributions | 38,025 |
| Special Recognition Gift | 115 |
| Total Perqs/Other Comp | 64,447 |
Performance Compensation
2024 equity grants (under 2022 Plan):
| Award Type | Grant Date | Threshold (#) | Target (#) | Maximum (#) | Grant Date Fair Value ($) | Vesting |
|---|---|---|---|---|---|---|
| PSUs (3‑yr ROIC with ±20% TSR modifier) | 2/8/2024 | 2,713 | 5,426 | 10,851 | 390,963 | Cliff vest at 3rd anniversary, performance‑based |
| RSUs (time‑based) | 2/8/2024 | — | 5,426 | — | 375,012 | 1/3 per year over 3 years |
Key PSU design features:
- Metric: three‑year ROIC; TSR modifier ±20% vs capital markets peer group (AOS, AWI, BCC, CSWI, FBIN, JHX, LII, MAS, OC, SSD, SUM, TREX, UFPI, WFG), capped at 200% .
- Settlement in LP common stock; double‑trigger vesting on COC if awards assumed .
Outcomes on prior PSUs:
| PSU Grant Year | Performance Period | Goal | Actual | Threshold/Target/Max ($M) | Payout |
|---|---|---|---|---|---|
| 2022 | 2022–2024 | Cumulative Company Adjusted EBITDA improvement (100% weight) | $2,557M | Threshold $2,846; Target $3,056; Max $3,266 | 0% of target (below threshold) |
Stock vested/exercised (2024):
| Metric | Shares (#) | Value ($) |
|---|---|---|
| Stock Awards Vested (PSUs/RSUs) | 8,964 | 632,176 |
| SSARs Exercised | — | — |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 31,460 shares; less than 1% of outstanding |
| RSUs Unvested (12/31/2024) | 9,629 units; scheduled vest: 2/8/2025: 1,829; 2/10/2025: 2,705; 2/8/2026: 1,829; 2/10/2026: 1,437; 2/8/2027: 1,828 (market value $997,049 @ $103.55) |
| PSUs Unvested (12/31/2024) | 6,802 units reported at threshold; scheduled 2/10/2025: 1,902; 2/10/2026: 2,156; 2/8/2027: 2,744 (market/payout value $704,349 assuming threshold basis) |
| Stock Ownership Guidelines | Senior Vice President multiple: 2× base salary; all NEOs met guidelines in 2024 |
| Hedging/Pledging | Prohibited for directors and executive officers |
Employment Terms
| Provision | Terms (Non‑CEO NEOs; Nicole C. Daniel) |
|---|---|
| Severance (without cause / for good reason) | Lump sum = 1.5× (base salary + target AIP); pro‑rated target AIP for year of termination; COBRA reimbursement up to 18 months; outplacement up to $10,000; RSUs vest in full; PSUs vest pro‑rata based on actual performance at end of period |
| Change‑of‑Control (termination within 12 months post‑COC) | Lump sum = 3× (base + target AIP) + cash value of 36 months welfare benefits; outplacement up to 10% of base; RSUs/PSUs accelerate per whether awards are assumed; double‑trigger vesting if assumed; if not assumed, immediate vesting using target or adjusted award; interest on cash amounts from termination to payment |
| Non‑Compete / Non‑Solicit | 18 months post‑termination for NEOs under severance agreements (24 months for CEO) |
| Clawback (NYSE‑compliant) | Recovery of erroneously awarded incentive comp for restatements within prior 3 fiscal years (post 10/2/2023), irrespective of fault |
| General Recoupment (misconduct) | Additional recoupment if fraud/intentional misconduct caused restatement (cash and equity) |
| Deferred Compensation | Executive Deferred Compensation Plan: LP 5% match; Nicole registrant contributions $14,175; aggregate balance $93,331; immediate vesting of deferrals, vesting schedules for employer credits; distribution features include lump sum or installments |
Performance & Pay Linkage
| Measure | Usage in Compensation |
|---|---|
| Adjusted EBITDA (Company/Segments) | AIP and PSUs (2022/2023 cycles) performance metrics |
| Economic Profit (Company/Segments) | AIP metric with defined weightings |
| Three‑Year ROIC | PSU metric for 2024 (and 2025) cycles |
| Relative TSR | ±20% PSU modifier vs capital markets peer group; cannot exceed 200% payout; no adjustment between 25th–75th percentile |
Governance & Related Transactions
- Insider Trading, Hedging, Pledging: Prohibited activities (short sales, options, swaps, collars; pledging banned) .
- Related Party Transactions: Policy overseen by Audit Committee; no related person transactions requiring disclosure in 2024 .
Investment Implications
- Alignment and performance sensitivity: AIP paid $704,586 on strong 2024 attainment; PSUs are tied to capital‑efficient growth (ROIC) and relative TSR, with the 2022 PSU cycle paying 0%—indicating real downside if multi‑year goals aren’t met .
- Ownership and potential selling pressure: 31,460 owned shares, plus RSUs scheduled to vest through 2027 (9,629 units) and PSUs through 2027 (6,802 units at threshold), which can create periodic supply as awards settle; hedging/pledging are prohibited and guidelines were met in 2024 .
- Retention risk: Severance (1.5×) and strong double‑trigger change‑of‑control protection (3×, equity acceleration) with 18‑month non‑compete/non‑solicit support retention and orderly transitions; clawbacks add governance discipline .
- Pay trends: 2025 base salary increased 5.0% to $551,487; long‑term mix remains weighted to equity with ROIC+TSR, reinforcing longer‑horizon value creation focus .