Lapierre, 25, had five goals and three assists and was minus-7 in 38 games this year with Montreal. He played primarily as a fourth-line winger.
The native of St. Leonard, Quebec is in his fifth NHL season, all with the Canadiens. He was drafted by Montreal in the second round of the 2003 NHL draft.
Lapierre was a restricted free agent last summer, and re-signed a one-year deal with Montreal. He is earning $900,000 and will be a restricted free agent again at the end of the season.
Lapierre has 40 goals and 40 assists in 293 NHL contests.
Festerling, 24, has spent the majority of his time with Syracuse of the AHL. He has played 32 games for the Crunch, scoring three goals and nine assists.
The Canadiens confirmed that Festerling will be assigned to the AHL's Hamilton Bulldogs.
The 6'1", 210 lb. blueliner was placed on waivers just prior to the start of the regular season, and was sent down after he cleared.
The native of Quesnel, B.C. has eight assists in 83 career NHL games and has yet to register his first goal. He was originally signed as a free agent by Anaheim in 2005.