Fourth Amended and Restated Redemption Plan



 Exhibit 4.1 

FOURTH AMENDED AND RESTATED REDEMPTION PLAN 

CNL LIFESTYLE PROPERTIES, INC., a Maryland corporation (the “Company”), has adopted a Fourth Amended and Restated Redemption Plan
(the “Redemption Plan”) by which shares of the Company’s common stock (the “Shares”) may be repurchased by the Company from stockholders subject to the terms and conditions set forth herein. 

1. Redemption Price. The Company’s Redemption Plan is designed to provide eligible stockholders with limited, interim liquidity by
enabling them to sell Shares back to the Company prior to the listing of the Company’s Shares on a national securities market. Subject to certain restrictions set forth below, the Company may repurchase Shares ( including fractional shares)
computed to three decimal places, from time to time, at an amount equal to the Company’s then current estimated net asset value per Share as determined by the Board of Directors on the date the redemption is effected (“Redemption Date
Value”) and as published from time to time in its Annual Reports on Form 10-K, its Quarterly Reports on Form 10-Q and/or its Current Reports on Form 8-K with the U.S. Securities and Exchange Commission. 

Notwithstanding the foregoing, the price for the repurchase of Shares shall not exceed an amount (the “Redemption Cap”) equal to the
purchase price paid per Share by the Stockholder (the “Purchase Price”). 
 Redemption of Shares issued pursuant to the
Company’s Dividend Reinvestment Plan will be priced based upon the Redemption Date Value. 
 2. Redemption of Shares. Any
stockholder who has held Shares for not less than one year (other than the advisor) may present for the Company’s consideration all or any portion of his or her Shares for redemption at any time, in accordance with the procedures outlined
herein. Commitments to redeem Shares will be made at the end of each quarter and will be communicated to each stockholder who has submitted a redemption request in writing. A stockholder may present fewer than all of his or her Shares to the Company
for redemption, provided, however, that: 
  

	 	(i)	the minimum number of Shares which must be presented for redemption shall be at least 25% of his or her Shares; and 

  

	 	(ii)	if such stockholder retains any Shares, he or she must retain at least $5,000 worth of Shares based on the fair market value of the Company’s common stock as determined and announces from time to time by the
Company. 

 For purposes of calculating the ownership period set forth above, if a stockholder purchased Shares for economic
value from a prior stockholder (a “Resale”), the purchasing stockholder’s period of ownership for such Shares shall commence on the date the purchasing stockholder purchased the Shares from the prior stockholder. For a transfer of
ownership that is not considered a Resale, the stockholder’s period of ownership for such Shares shall commence on the date of the acquisition of Shares by the original stockholder. 

Further, the Company has the right to waive the one-year holding period set forth in this Section 2, above, and the pro rata redemption
requirements under Section 3 below, in the event of a redeeming stockholder’s death, Qualifying Disability, Bankruptcy or Unforseeable Emergency (each as defined in Section 3 below) . If the Company determines to permit any such
redemption, notwithstanding anything contained in this Redemption Plan to the contrary, the Company, in its sole discretion, may redeem such Shares prior to the redemption of any other Shares. 







 At such time, the Company may, at the Company’s sole option, choose to redeem such Shares
presented for redemption for cash to the extent it has sufficient funds available. There is no assurance that there will be sufficient funds available for redemption or that the Company will exercise its discretion to redeem such Shares and,
accordingly, a stockholder’s Shares may not be redeemed. Factors that the Company will consider in making its determination to redeem Shares include: 
  

	 	(i)	whether such redemption impairs the Company’s capital or operations; 

  

	 	(ii)	whether an emergency makes such redemption not reasonably practical; 

  

	 	(iii)	whether any governmental or regulatory agency with jurisdiction over the Company so demands such action for the protection of the Company’s stockholders; 


 

	 	(iv)	whether such redemption would be unlawful; or 

  

	 	(v)	whether such redemption, when considered with all other redemptions, sales, assignments, transfers and exchanges of the Shares, could cause direct or indirect ownership of the Shares to become concentrated to an extent
which would prevent the Company from qualifying as a REIT for tax purposes. 

 The Company is not obligated to redeem Shares
under the Redemption Plan. If the Company determines to redeem Shares, at no time during a 12-month period may the number of Shares the Company redeems exceed 5% of the weighted average number of Shares of the Company’s outstanding common stock
at the beginning of such 12-month period. The aggregate amount of funds under the Redemption Plan will be determined on a quarterly basis in the sole discretion of the board of directors of the Company, and may be less than but is not expected to
exceed the aggregate proceeds from the Company’s Dividend Reinvestment Plan. To the extent the aggregate proceeds received from the Dividend Reinvestment Plan are not sufficient to fund redemption requests pursuant to the 5% limitation
described above, the Company’s board of directors may, in its sole discretion, choose to use other sources of funds to redeem Shares. There is no guarantee that any funds will be set aside under the Dividend Reinvestment Plan or otherwise made
available for the Redemption Plan during any period during which redemptions may be requested. Further, no Shares will be redeemed under the Redemption Plan on any date upon which the Company pays any dividend or other distribution with respect to
the Shares. 
 3. Insufficient Funds. In the event there are insufficient funds to redeem all of the Shares for which redemption
requests have been submitted, and the Company determines to redeem Shares, the Company will redeem pending requests at the end of each quarter in the following order: 
  

	 	(i)	pro rata as to redemptions sought upon a stockholder’s death; 

  

	 	(ii)	pro rata as to redemptions sought by stockholders with a Qualifying Disability; 

  

	 	(iii)	pro rata as to redemptions sought by stockholders subject to Bankruptcy; 

  

	 	(iv)	pro rata as to redemptions sought by stockholders in the event of an Unforeseeable Emergency; 

  

	 	(v)	pro rata as to stockholders subject to mandatory distribution requirements under an individual retirement arrangement (an “IRA”); 


  
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	 	(vi)	pro rata as to redemptions that would result in a stockholder owning less than 100 Shares; and 

  

	 	(vii)	pro rata as to all other redemption requests. 

 For a disability to be considered a
“Qualifying Disability” for the purposes of this Redemption Plan, (a) the stockholder must receive a determination of disability based upon a physical or mental impairment arising after the date the stockholder acquired the Shares to
be redeemed that can be expected to result in death or to last for a continuous period of not less than 12 months; and (b) the determination of disability must have been made by the governmental agency, if any, responsible for reviewing the
disability retirement benefits that the stockholder could be eligible to receive. Such governmental agencies are limited to the following: (1) if the stockholder is eligible to receive Social Security disability benefits, the Social Security
Administration; (2) if the stockholder is not eligible for Social Security disability benefits but could be eligible to receive disability benefits under the Civil Service Retirement System (the “CSRS”), the U.S. Office of Personnel
Management or the agency charged with responsibility for administering CSRS benefits at that time; or (3) if the stockholder is not eligible for Social Security disability benefits but could be eligible to receive military disability benefits,
the Veteran’s Administration or the agency charged with the responsibility for administering military disability benefits at that time. 

With respect to redemptions sought upon a stockholder’s Bankruptcy, “Bankruptcy” shall mean a bankruptcy over which a trustee
has been appointed by a bankruptcy court. 
 An “Unforeseeable Emergency” shall mean: (x) a severe financial hardship to the
stockholder resulting from an illness, death or accident of the stockholder or the stockholder’s spouse, beneficiary or dependent; (y) loss of the stockholder’s property due to casualty (including the need to rebuild a home following
damage to a home not otherwise covered by insurance); or (z) similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the stockholder, as determined in the discretion of the Company, any of which
shall have arisen after the date the stockholder acquired the Shares to be redeemed. 
 With regard to a stockholder whose Shares are not
redeemed due to insufficient funds in that quarter, the redemption request will be retained by the Company, unless withdrawn by the stockholder in the manner described below, and such Shares will be redeemed in subsequent quarters as funds become
available and before any subsequently received redemption requests are honored, subject to the priority for redemption requests listed in (i) through (vi) above. Stockholders will not relinquish their Shares of common stock to the Company
until such time as the Company commits to redeem such Shares. However, the redemption price for redemption requests not withdrawn by the stockholder and Shares subsequently redeemed by the Company shall be at the current estimated net asset value
per share as of the date that redemption occurs subject to the Redemption Cap. 
 4. Excess Funds. If the full amount of funds
available for any given quarter exceeds the amount necessary for such redemptions, the remaining amount may be held for subsequent redemptions unless such amount is sufficient to make an additional investment (directly or through a joint venture),
or is used to repay outstanding indebtedness. In that event, the Company may use all or a portion of such amount to make additional investments or to repay such outstanding indebtedness, provided that the Company (or, if applicable, the joint
venture) enters into a binding contract to make such investments, or uses such amount to repay outstanding indebtedness, prior to payment of the next distribution and the Company’s receipt of requests for redemption of Shares. 

5. Redemption Requests. A stockholder who wishes to have his or her Shares redeemed must mail or deliver a written request on a form
the Company provides, executed by the stockholder, its trustee or authorized agent. In the event of redemptions sought upon the death, Qualifying Disability, 

  
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Bankruptcy, Unforeseeable Emergency or mandatory IRA distribution of a stockholder, the written request must be received by the Company within one year after the death, determination of the
stockholder’s Qualifying Disability or occurrence of a Bankruptcy, Unforeseeable Emergency or mandatory IRA distribution, as applicable. If requests in the event of a stockholder’s death, Qualifying Disability, Bankruptcy Unforeseeable
Emergency or mandatory IRA distribution are not received within the one-year period described in the preceding sentence, they will be treated as ordinary redemption requests and will not be subject to priority. 

The redemption agent will effect such redemption for the calendar quarter provided that it receives the properly completed redemption
documents relating to the Shares to be redeemed from the stockholder, including the applicable supporting documents described in Section 3, as applicable, at least one calendar month prior to the last day of the current calendar quarter and has
sufficient funds available to redeem such Shares. The effective date of any redemption will be the last date during a quarter during which the redemption agent receives the properly completed redemption documents. As a result, the Company
anticipates that, assuming sufficient funds are available for redemption, the redemptions will be paid no later than 30 days after the quarterly determination of the availability of funds for redemption. 

Upon the redemption agent’s receipt of notice for redemption of Shares, the redemption price will be as set forth in paragraph 1 above.

 Until such time as the Company redeems the Shares, a stockholder may withdraw its redemption request as to any remaining Shares not
redeemed by requesting from the Company a redemption change form, completing the form and delivering it to the Company by facsimile transmission to the facsimile number indicated on the form (subject to such stockholder receiving an electronic
confirmation of such transmission) or by mail to the mailing address indicated on the form. Upon timely receipt of the redemption change form, the Company will treat the initial redemption request as cancelled as to any Shares not redeemed in prior
quarters. 
 6. Amendment, Suspension or Termination of the Redemption Plan. The redemption price paid to stockholders for Shares the
Company redeems may vary over time to the extent that the United States Internal Revenue Service changes its ruling regarding the percentage discount that a REIT may give on reinvested Shares, or to the extent that the board of directors determines
to make a corresponding change to the price at which it offers Shares pursuant to its Dividend Reinvestment Plan. Our board of directors will announce any price adjustment and the time period of its effectiveness as a part of its regular
communications with stockholders. We will provide at least 15 days advance notice prior to effecting a price adjustment: (i) by means of disclosure in the Company’s annual or quarterly reports; or (ii) by means of disclosure in a
current or periodic report under the Securities Exchange Act of 1934. While the Company is engaged in an offering, the Company will also include this information in a prospectus supplement or post-effective amendment to the registration statement as
required under federal securities laws. 

  
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 The Company’s board of directors, in its sole discretion, may amend or suspend the
Redemption Plan at any time it determines that such amendment or suspension is in the Company’s best interests. The board of directors may also amend or suspend the Redemption Plan if: 

 

	 	(i)	it determines, in its sole discretion, that the Redemption Plan impairs the Company’s capital or operations; 

  

	 	(ii)	it determines, in its sole discretion, that an emergency makes the Redemption Plan not reasonably practical; 

  

	 	(iii)	any governmental or regulatory agency with jurisdiction over the Company so demands for the protection of the stockholders; 

  

	 	(iv)	it determines, in its sole discretion, that the Redemption Plan would be unlawful; or 

  

	 	(v)	it determines, in its sole discretion, that redemptions under the Redemption Plan, when considered with all other sales, assignments, transfers and exchanges of the Shares, could cause direct or indirect ownership of
the Shares to become concentrated to an extent which would prevent the Company from qualifying as a REIT under the Internal Revenue Code. 


If the Company’s board of directors amends, suspends or terminates the Redemption Plan, the Company will provide stockholders with at
least 15 days advance notice prior to effecting such amendment, suspension or termination: (i) by means of disclosure in the Company’s annual or quarterly reports; or (ii) by means of disclosure in the appropriate current or periodic
report under the Securities Exchange Act of 1934. While the Company is engaged in an offering, the Company will also include this information in a prospectus supplement or post-effective amendment to a registration statement as required under
federal securities laws. 
 7. Governing Law. THIS REDEMPTION PLAN AND A STOCKHOLDER’S ELECTION TO PARTICIPATE IN THE REDEMPTION
PLAN SHALL BE GOVERNED BY THE LAWS OF THE STATE OF FLORIDA APPLICABLE TO CONTRACTS TO BE MADE AND PERFORMED ENTIRELY IN SAID STATE; PROVIDED, HOWEVER, THAT CAUSES OF ACTION FOR VIOLATIONS OF FEDERAL OR STATE SECURITIES LAWS SHALL NOT BE GOVERNED BY
THIS SECTION 7. 
 Effective: March 25, 2014 

  
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