Document:

Exhibit

Amended and Restated Louisiana-Pacific Corporation
Non-Employee Directors Compensation Plan
1.Establishment, Purpose and Term of Plan.
(a)Establishment.  The Board adopted the Amended and Restated Louisiana-Pacific Corporation Non-Employee Directors Compensation Plan (as amended from time to time, the “Plan”) on May 21, 2020 (the “Effective Date”).
(b)Purpose.  The purpose of the Plan is to give the Company an advantage in attracting and retaining Non-Employee Directors and to link the interests of Non-Employee Directors to those of the Company’s stockholders.
(c)Term of Plan.  The Plan commenced on the Effective Date and will remain in effect until the Board terminates it pursuant to Section 7 hereof.
2.Definitions and Construction.
(a)Definitions.  The following defined terms have the meanings set forth below:
(i)“Affiliate” means any person that, directly or indirectly, is in control of, is controlled by, or is under common control with, the Company.
(ii)“Annual Retainer” means the cash retainer fee established by the Board in accordance with Section 5(a) and paid to a Non-Employee Director for services performed as a member of the Board for a Plan Year.
(iii)“Award” has the meaning given to such term under the Incentive Plan.
(iv)“Beneficiary” means the person entitled under Section 6(e) to receive payment of the balances remaining in a Non-Employee Director’s Cash Account and/or DSU Account in case such Non-Employee Director dies before the entire balance in such Cash Account and/or DSU Account has been paid.
(v)“Board” means the Board of Directors of the Company.
(vi)“Cash Account” means a recordkeeping account in a Non-Employee Director’s name to which his or her cash retainer fees not immediately payable to him or her and, if applicable, interest earned on such fees, are credited.
(vii)“Change of Control” means:
(A)The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act, (a “Person”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (I) the then outstanding Shares (the “Outstanding Company Stock”) or (II) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (A), the following acquisitions shall not constitute a Change of Control: (I) any acquisition directly from the Company, (II) any acquisition by the Company, (III) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company or (IV) any acquisition pursuant to a transaction which complies with clauses (I), (II) and (III) of subsection (C) of this definition; or
(B)Individuals who, as of the Effective Date, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Effective Date whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a 

member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or 
(C)Consummation by the Company of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company or the acquisition of assets of another entity (a “Business Combination”), in each case, unless, following such Business Combination, (I) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 60% of, respectively, the then outstanding Shares and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Company Stock and Outstanding Company Voting Securities, as the case may be, (II) no Person (excluding any employee benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the then outstanding voting securities of such corporation except to the extent that such ownership existed prior to the Business Combination and (III) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or 
(D)Approval by the stockholders of the Company of a complete liquidation or dissolution of the Company.
Notwithstanding the foregoing, if an amount is “deferred compensation” for purposes of Code Section 409A, and if payment of such amount would be accelerated or otherwise triggered upon a “Change in Control,” then the foregoing definition is modified, to the extent necessary to avoid the imposition of an excise tax under Code Section 409A, to mean a “change in control event” as such term is defined for purposes of Code Section 409A. For purposes of clarity, if an amount would, for example, vest and be paid on a “Change in Control” as defined herein but payment of such amount would violate the provisions of Code Section 409A, then the amount shall vest but will be paid only in compliance with its terms and Code Section 409A (i.e., upon a permissible payment event). 
(viii)“Code” means the U.S. Internal Revenue Code of 1986, as amended and in effect from time to time, or any successor thereto, together with rules, regulations, and interpretations promulgated thereunder. Where the context so requires, any reference to a particular Code section will be construed to refer to the successor provision to such Code section.
(ix)“Common Stock Fair Market Value” means the closing price of publicly traded Shares on the national exchange on which the Shares are listed as of a particular date.
(x)“Company” means Louisiana-Pacific Corporation, a Delaware corporation, or any successor corporation thereto.
(xi)“Deferral Election Form” means such document(s) or form(s), which may be electronic, as prescribed and made available from time to time by the Compensation Committee, whereby a Non-Employee Director elects to defer all or a portion of his or her Annual Retainer to his or her Cash Account or exchange all or a portion of his or her Annual Retainer and/or all of his or her Restricted Stock Units for an Award of Deferred Stock Units.

(xii)“Deferred Stock Unit” means a deferred stock unit (which Award is a form of restricted stock grant under the Incentive Plan) granted under the Incentive Plan.
(xiii)“Director” means any individual who is a member of the Board.
(xiv)“DSU Account” means a recordkeeping account in the Non-Employee Director’s name to which Deferred Stock Units are credited.
(xv)“Effective Date” has the meaning ascribed to it in Section 1(a).
(xvi)“Exchange Act” means the Securities Exchange Act of 1934, as amended and in effect from time to time, or any successor thereto, together with rules, regulations, and interpretations promulgated thereunder. Where the context so requires, any reference to a particular Exchange Act section will be construed to refer to the successor provision to such Exchange Act section.
(xvii)“Incentive Plan” means the Company’s 2013 Omnibus Stock Award Plan, as amended from time to time, or a successor plan.
(xviii)“Installment Payment” has the meaning ascribed to it in Section 5(a).
(xix)“Non-Employee Director” means a Director who, at the time in question, is not an employee of the Company or any of its Affiliates.
(xx)“Plan” has the meaning ascribed to it in Section 1.
(xxi)“Plan Year” means the 12 month period beginning on January 1 and ending on the next following December 31.
(xxii)“Restricted Stock Unit” means a restricted stock unit (which Award is a form of restricted stock granted under the Incentive Plan) granted under the Incentive Plan.
(xxiii)“Separation from Service” or “Separate from Service” means ceasing to be a Director of the Company for any reason. Notwithstanding anything to the contrary, the determination of whether an individual has had a Separation from Service will be made in accordance with Code Section 409A and the regulations thereunder.
 “Shares” means the common stock, $1.00 par value, of the Company, as adjusted from time to time.
(xxiv)“Termination Date” means the date on which a Non-Employee Director has a Separation from Service.
(b)Construction.  Captions and titles contained herein are for convenience only and shall not affect the meaning or interpretation of any provision of the Plan.  Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular.  Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise.
3.Administration.
(a)The Board. The Plan will be administered by the Board. The Board will act by a majority of its members at the time in office and eligible to vote on any particular matter, and may act either by a vote at a meeting or in writing without a meeting.
(b)Authority of the Board. Except as limited by law and subject to the provisions herein, the Board has full power to: construe and interpret the Plan and any agreement or instrument entered into under the Plan; establish, amend or waive rules and regulations for the Plan’s administration; and amend the terms and conditions of the Plan. Further, the Board will make all other determinations which may be necessary or advisable for the administration of the Plan. As permitted by law and consistent with Section 3(a), the Board may delegate some or all of its authority under this Plan.
(c)Decisions Binding. All determinations and decisions made by the Board pursuant to the provisions of the Plan will be final, conclusive and binding on all persons, including the Company, its stockholders, all Affiliates, Non-Employee Directors and their estates and beneficiaries.
4.Eligibility.
Each Non-Employee Director of the Board during a Plan Year will participate in the Plan for that year.

5.Annual Retainer and Restricted Stock Unit Grant.
(a)Amount Payable in Cash. Each Non-Employee Director will be entitled to receive an Annual Retainer in the amount determined from time to time by the Board. Until changed by resolution of the Board, the Annual Retainer will be $85,000.  In addition, the Chair of each committee will receive:
		
	•
	$15,000 Chair of the Finance and Audit Committee

		
	•
	$15,000 Chair of the Compensation Committee

		
	•
	$12,500 Chair of the Governance and Corporate Responsibility Committee

		
	•
	$25,000 Lead Independent Director

         The Annual Retainer will be paid in quarterly cash installments (the “Installment Payments”) to the Non-Employee Director, payable on the first day of the second month in each quarter (i.e., February 1, May 1, August 1, and November 1), for the given quarter’s service. Each Installment Payment to a Non-Employee Director will equal the quotient of the Non-Employee Director’s Annual Retainer divided by four. Any Non-Employee Director who first becomes a Non-Employee Director during a quarter will be entitled to a prorated Installment Payment for that quarter based on such Non-Employee Director’s days of service for the applicable quarter. 
(b)Restricted Stock Unit Grant. Each Non-Employee Director will be entitled to receive a grant of Restricted Stock Units, which grant will be made under the Incentive Plan, as of the date that is seven (7) calendar days following the date of any annual meeting of the stockholders of the Company at which such Non-Employee Director is elected or re-elected to serve in such position. The amount of the Restricted Stock Unit grant will be determined from time to time by the Board. Until changed by resolution of the Board, the number of Shares subject to each Restricted Stock Unit grant for each Non-Employee Director will be equal to $125,000 divided by the Common Stock Fair Market Value on the date of the grant. The Restricted Stock Units may be subject to restrictions and conditions in the event a Non-Employee Director ceases to be a Non-Employee Director, in accordance with the terms of the Incentive Plan and the applicable award agreement. Any Non-Employee Director who first becomes a Non-Employee Director during a year will be entitled to a prorated Restricted Stock Grant for that year based on such Non-Employee Director’s days of service until the next annual meeting.
6.Deferral of Annual Retainer and Restricted Stock Units.
(a)Deferral of Annual Retainer. Any Non-Employee Director may elect to defer the cash compensation payable to him or her under Section 5(a) for the Plan Year by completing a Deferral Election Form, pursuant to which he or she elects to (i) defer all or a portion of his or her Annual Retainer to his or her Cash Account and/or (ii) exchange all or a portion of his or her Annual Retainer for an Award of Deferred Stock Units.  For purposes of clause (i) above, each Installment Payment deferred to a Non-Employee Director’s Cash Account will be credited with interest, compounded monthly, from the date the cash would otherwise have been payable under Section 5(a) until the amount credited to his or her Cash Account is paid to the Non-Employee Director. The rate of interest credited for each quarter will be the annual rate on 30-year Treasury securities, as of the first business day of each quarter, on an annual basis. For purposes of clause (ii) above, the number of Deferred Stock Units to be awarded will be determined by dividing the amount of the Annual Retainer to be exchanged by the Common Stock Fair Market Value as of the date(s) on which the Annual Retainer would otherwise have been paid.  Deferred Stock Units will be issued upon the date on which the Cash Retainer would otherwise have been paid and credited to the Non-Employee Director’s DSU Account.
(b)Deferral of Restricted Stock Units.  Any Non-Employee Director may elect to defer settlement of the Restricted Stock Units payable to him or her under Section 5(b) for the Plan Year by completing a Deferral Election Form, pursuant to which he or she elects to exchange all of his or her Restricted Stock Units for an Award of Deferred Stock Units. The Deferred Stock Units will be awarded at a rate of one Deferred Stock Unit for each Restricted Stock Unit and shall be issued upon the date that the 

Restricted Stock Units would have otherwise settled in Shares and credited to the Non-Employee Director’s DSU Account.  For the avoidance of doubt, a Non-Employee Director may not elect to defer Restricted Stock Units to his or her Cash Account.
(c)Dividend Voting and Other Rights. Non-Employee Directors will have no rights of ownership in the Shares underlying the Deferred Stock Units, no right to current dividends, and no right to vote the Shares underlying the Deferred Stock Units until the date on which the Shares underlying the Deferred Stock Units are issued pursuant to the Deferral Election Form. However, from and after the grant date of the Deferred Stock Units and until the Deferred Stock Units are settled in Shares, on the date the Company pays a dividend (if any) to holders of Shares generally, Non-Employee Directors holding Deferred Stock Units will be credited with dividend equivalent additional Deferred Stock Units equal to the number obtained by dividing (i) the amount of the dividend the Non-Employee Director would have received had he or she owned a number of Shares equal to the number of Deferred Stock Units then credited to his or her DSU Account by (ii) the Common Stock Fair Market Value on the day before the date of the dividend payment. These dividend equivalent Deferred Stock Units shall be credited to the Non-Employee Director’s DSU Account and paid to such Non-Employee Director only if, and at the same time as, the Shares for such underlying DSUs are distributed to such Non-Employee Director pursuant to the terms of this Plan. 
(d)Timing and Form of Distribution. The amount (or portion thereof, as applicable) in a Non-Employee Director’s Cash Account and/or DSU Account will be distributed, or will begin to be distributed, to him or her or, in the event of his or her death, to his or her Beneficiary, as soon as administratively possible, but in any event within thirty (30) days following the earliest of:
(i)the date(s) specified by the Non-Employee Director in his or her Deferral Election Form(s);
(ii)the Non-Employee Director’s Termination Date; and
(iii)the date on which a Change in Control occurs.
(e)Beneficiary. A Non-Employee Director may designate any person to whom payments are to be made if the Non-Employee Director dies before receiving payment of all amounts due hereunder. A Beneficiary Designation form becomes effective only after the signed form is filed with the Secretary of the Company while the Non-Employee Director is alive, and will cancel any prior Beneficiary Designation form. If the Non-Employee Director fails to designate a Beneficiary or if all designated Beneficiaries predecease the Non-Employee Director, the Non-Employee Director’s Beneficiary will be his or her estate.
7.Amendment and Termination.
The Board may at any time and from time to time, alter, amend, modify or terminate the Plan in whole or in part.
8.Miscellaneous.
(a)Indemnification. Each person who is or has been a member of the Board will be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by that person in connection with or resulting from any claim, action, suit, or proceeding to which that person may be a party or in which that person may be involved by reason of any action taken or failure to act under the Plan and against and from any and all amounts paid by that person in a settlement approved by the Company, or paid by that person in satisfaction of any judgment in any such action, suit, or proceeding against that person, provided he or she gives the Company an opportunity, at its own expense, to handle and defend the action, suit or proceeding before that person undertakes to handle and defend it. The foregoing right of indemnification will not be exclusive of any other rights of indemnification to which an individual may be entitled under the Company’s Certificate of Incorporation or By-Laws, as a matter of law, or otherwise, or any power that the Company may have to indemnify him or her or hold him or her harmless.

(b)Successors. All obligations of the Company under the Plan with respect to a given Plan Year will be binding on any successor to the Company, whether the existence of the successor is the result of a direct or indirect purchase of all or substantially all of the business and/or assets of the Company, or a merger, consolidation, or otherwise.
(c)Reservation of Rights. Nothing in this Plan or in any award agreement granted hereunder will be construed to limit in any way the Board’s right to remove a Non-Employee Director from the Board.
(d)Source of Shares.  The Restricted Stock Units and Deferred Stock Units that may be paid pursuant to the Plan shall be issued as restricted stock awards under the Incentive Plan subject to all of the terms and conditions of the Incentive Plan, and only to the extent that Shares remain available for issuance under the Incentive Plan. The terms and conditions of the Incentive Plan are incorporated into and made a part of this Plan with respect to any Restricted Stock Units and Deferred Stock Units paid pursuant to this Plan, and any awards of Restricted Stock Units or Deferred Stock Units shall be governed by and construed in accordance with the provisions of the Incentive Plan. In the event of any inconsistency between the Incentive Plan and this Plan with respect to Restricted Stock Units or Deferred Stock Units, the terms of the Incentive Plan shall control. The Plan does not constitute a separate source of Shares for the grant of the Restricted Stock Units and Deferred Stock Units described herein.  
9.Legal Construction.
(a)Gender and Number. Except where otherwise indicated by the context, any masculine term used herein will also include the feminine; the plural will include the singular and the singular will include the plural.
(b)Severability. If any provision of the Plan is held illegal or invalid for any reason, the illegality or invalidity will not affect the remaining parts of the Plan, and the Plan will be construed and enforced as if the illegal or invalid provision had not been included.
(c)Requirements of Law. The issuance of payments under the Plan will be subject to all applicable laws, rules, and regulations, and to any approvals required by any governmental agencies or national securities exchanges.
(d)Securities Law and Tax Law Compliance.
(i)Insider Trading. To the extent any provision of the Plan or action by the Board would subject any Non-Employee Director to liability under Section 16(b) of the Exchange Act, it will be deemed null and void, to the extent permitted by law and deemed advisable by the Board.
(ii)Section 409A. This Plan is intended to comply with Code Section 409A and the regulations thereunder, and will be administered and interpreted in accordance with such intent. If the Company determines that any provision of the Plan is or might be inconsistent with the requirements of Code Section 409A, it will attempt in good faith to make such changes to the Plan as may be necessary or appropriate to avoiding a Non-Employee Director’s becoming subject to adverse tax consequences under Code Section 409A. No provision of the Plan will be interpreted to transfer any liability for a failure to comply with Code Section 409A from a Non-Employee Director or any other individual to the Company. Notwithstanding anything to the contrary herein, if the Compensation Committee determines that the Non-Employee Director is a “specified employee” (within the meaning of Code Section 409A(a)(2)(B)), then notwithstanding any provision in the Plan to the contrary, payments triggered by the Non-Employee Director’s Termination Date will not be paid until six months after the Non-Employee Director’s Termination Date or until the Non-Employee Director’s earlier death. The foregoing six-month delay provision will not affect the timing of payments that would otherwise be paid more than six months after the Non-Employee Director’s Termination Date. 
(e)Unfunded Status of the Plan. The Plan is intended to constitute an “unfunded” plan. With respect to any payments not yet made to a Non-Employee Director by the Company, nothing contained herein will give any rights to a Non-Employee Director that are greater than those of a general creditor of the Company.

(f)Governing Law. The Plan will be construed in accordance with and governed by the laws of the State of Delaware, determined without regard to its conflict of law rules.
Nontransferability. A Non-Employee Director’s Cash Account, DSU Account and any Restricted Stock Units or Deferred Stock Units granted hereunder may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and  distribution, or pursuant to a domestic relations order (as defined in Code Section 414(p)). All rights with respect to Cash Accounts, DSU Accounts, Restricted Stock Units and Deferred Stock Units will be available during the Non-Employee Director’s lifetime only to the Non-Employee Director or the Non-Employee Director’s guardian or legal representative. The Board may, in its discretion, require a Non-Employee Director’s guardian or legal representative to supply it with evidence the Board deems necessary to establish the authority of the guardian or legal representative to act on behalf of the Non-Employee Director.
EXHIBIT A
LOUISIANA-PACIFIC CORPORATION
NON-EMPLOYEE DIRECTORS COMPENSATION PLAN
DEFERRAL ELECTION FORM: ANNUAL RETAINER

Please complete and return this Deferral Election Form to [_______] so that it is received by Louisiana-Pacific Corporation (the “Company”) on or before December 31 of the year prior to the year in which you intend to (i) defer all or a portion of your Annual Retainer to your Cash Account and/or (ii) exchange all or a portion of your Annual Retainer for an Award of Deferred Stock Units under the Louisiana-Pacific Corporation Non-Employee Directors Compensation Plan (the "Plan"). However, if you are newly eligible to participate in the Plan, you may complete and return this Deferral Election Form during the 30-day period following the date on which you became eligible to participate in the Plan. Capitalized terms used in this Deferral Election Form and not defined herein shall have the meaning ascribed to them in the Plan.  

	
					
	_________________________
First Name
	_________________________
Middle Name
	_________________________
Last Name

	___________________________________
Street Address
	_______________
City
	________
State
	______________
Zip Code

ELECTION TO DEFER ANNUAL RETAINER
As a non-employee director on the Company’s Board, you may elect to:
		
	(i)
	defer receipt of all or a portion of your Annual Retainer, which will be credited to the Cash Account established for you under the Plan as of the date(s) you would have otherwise been paid your Annual Retainer.

		
	(ii)
	exchange all or a portion of your Annual Retainer for an award of Deferred Stock Units, which will be credited to the DSU Account established for you under the Plan as of the date(s) you would have otherwise been paid your Annual Retainer.    

This election will be applied to your Annual Retainer effective January 1 of the year following the year in which you make and file this election. This election will remain in effect for each subsequent year until you file a new Deferral Election Form with the Company. Any new election will not be effective until January 1 of the year following the year in which the new election is made and filed.
However, if you are a new participant in the Plan, and you make and file this election during the 30-day period following the date on which you became a participant in the Plan, your election will be applied to your Annual Retainer paid after your Deferral Election Form is filed.   

Please complete the following:
		
	(A)
	I elect to defer a whole percentage of my Annual Retainer equal to ________% (0% - 100%) to my Cash Account    

		
	(B)
	I elect to exchange a whole percentage of my Annual Retainer equal to ________% (0% - 100%) for an award of Deferred Stock Units under the terms of the Plan. 

*Note that the aggregate percentage included in (A) and (B) above cannot exceed 100%.

ELECTION OF DISTRIBUTION DATE
The amount in your Cash Account and/or your Deferred Stock Units will be settled and/or distributed to you on the earliest to occur of (i) your Termination Date; (ii) the date on which a Change in Control occurs; and (iii) the date you elect pursuant to this Deferral Election Form, in accordance with the terms of the Plan. If you do not elect a date below, the amount in your Cash Account and/or your Deferred Stock Units (as applicable) will be settled and/or distributed upon the earlier of your Termination Date and the date on which a Change in Control occurs.
This election will be applied to your Cash Account and/or Deferred Stock Units credited to your DSU Account beginning on January 1 of the year following the year in which you make and file this election. Following your initial election, you may elect a different date by filing a new Deferral Election Form with the Company in accordance with the terms of the Plan; however, a new election following your initial election (1) must be filed with the Committee no later than 12 months prior to the distribution date you initially elected, (2) will not become effective until 12 months following the date your new election is made and filed, and (3) must elect a distribution date that is at least 5 years after the date you initially elected.

   I elect to receive payment of my Cash Account in a lump sum on _____________ ___, ______.  
   I elect to receive a distribution (in Shares) of my Deferred Stock Units on _____________ ___, ______.  

This Deferral Election Form, the Plan and the Incentive Plan are intended to comply with the applicable requirements of Code Section 409A and will be limited, construed and interpreted in a manner so as to comply therewith. I acknowledge and agree that the Company reserves the right to amend my election, the Plan and the Incentive Plan at any time to comply with the requirements of Code Section 409A.

AGREEMENT AND AUTHORIZATION
I understand that my elections are subject to review and final approval by the Company, and that my elections are governed by the terms and conditions of the Plan, as may be amended from time to time.  The Plan and related Plan materials (if any) have been made available to me, and I have had the opportunity to ask questions and receive answers regarding the terms and conditions of the Plan.  I hereby certify that the above information about me is true, accurate, and complete.  I authorize the Company to make the appropriate deductions, as indicated on this form, from my Annual Retainer.  I acknowledge that I have been advised to consult with my own financial, tax, estate planning and legal advisors before making any election to defer compensation in order to determine the tax effects and other implications of my participation in the Plan.  

 
	
		
	_____________________________________________________
Participant Signature
	___________________________
Date

EXHIBIT B
LOUISIANA-PACIFIC CORPORATION

NON-EMPLOYEE DIRECTORS COMPENSATION PLAN
DEFERRAL ELECTION FORM:  RESTRICTED STOCK UNIT GRANT

Please complete and return this Deferral Election Form to [_______] so that it is received by Louisiana-Pacific Corporation (the “Company”) on or before December 31 of the year prior to the year in which you intend to exchange all of your Restricted Stock Units for Deferred Stock Units under the Louisiana-Pacific Corporation Non-Employee Directors Compensation Plan (the "Plan"). However, if you are newly eligible to participate in the Plan, you may complete and return this Deferral Election Form during the 30-day period following the date on which you became eligible to participate in the Plan. Capitalized terms used in this Deferral Election Form and not defined herein shall have the meaning ascribed to them in the Plan.  

	
					
	_________________________
First Name
	_________________________
Middle Name
	_________________________
Last Name

	___________________________________
Street Address
	_______________
City
	________
State
	______________
Zip Code

ELECTION TO RECEIVE DEFERRED STOCK UNITS
As a non-employee director on the Company’s Board, you are scheduled to receive a grant of Restricted Stock Units in [2019].  This Restricted Stock Unit grant date will coincide with the Company’s 2019 annual meeting. [On such date], you will be granted a number of Restricted Stock Units equal to $120,000 divided by the Common Stock Fair Market Value on the date of the grant.  [These Restricted Stock Units will vest as follows: __________.] 
Under the terms of the Plan, you may elect to defer the settlement (in Shares) of all of your Restricted Stock Units by exchanging such Restricted Stock Units for an award of Deferred Stock Units, which will be credited to the DSU Account established for you under the Plan, as of the date your Restricted Stock Units would have otherwise settled. Upon making a timely deferral election, your Restricted Stock Units will remain subject to the same vesting terms but shall be exchanged for Deferred Stock Units on the original vesting date on the basis of one Deferred Stock Unit for each Restricted Stock Unit, and no Shares will be issued to you at the time such Shares would otherwise be issued under the Incentive Plan.
 
Please complete the following:
		
	•
	I elect to defer the settlement (in Shares) of the Restricted Stock Units granted to me under the [2019] Restricted Stock Unit grant by exchanging my Restricted Stock Units for an award of Deferred Stock Units as follows: 

   I elect to defer the settlement (in Shares) of 100% of my Restricted Stock Units.

ELECTION OF DISTRIBUTION DATE
Your Deferred Stock Units will be settled and distributed on the earliest to occur of (i) your Termination Date; (ii) the date on which a Change in Control occurs; and (iii) the date you elect pursuant to this Deferral Election Form, in accordance with the terms of the Plan. If you do not elect a date below, your Deferred Stock Units will be settled and distributed upon the earlier of your Termination Date and the date on which a Change in Control occurs.

   I elect to receive a distribution (in Shares) of my Deferred Stock Units on _____________ ___, ______.  

I understand that by making this election, I will not receive Shares payable upon the vesting of my Restricted Stock Units and instead will receive Deferred Stock Units, which will be settled and distributed in Shares on the date elected above.  I further understand that my election for the [calendar year] is irrevocable.    

This Deferral Election Form, the Plan and the Incentive Plan are intended to comply with the applicable requirements of Code Section 409A and will be limited, construed and interpreted in a manner so as to comply therewith. I acknowledge and agree that the Company reserves the right to amend my election, the Plan and the Incentive Plan at any time to comply with the requirements of Code Section 409A.

AGREEMENT AND AUTHORIZATION
I understand that my elections are subject to review and final approval by the Company, and that my elections are governed by the terms and conditions of the Plan, as may be amended from time to time.  The Plan and related Plan materials (if any) have been made available to me, and I have had the opportunity to ask questions and receive answers regarding the terms and conditions of the Plan.  I hereby certify that the above information about me is true, accurate, and complete.  I acknowledge that I have been advised to consult with my own financial, tax, estate planning and legal advisors before making any election to defer compensation in order to determine the tax effects and other implications of my participation in the Plan.  

 
	
		
	_____________________________________________________
Participant Signature
	___________________________
DateExhibit 10.2
​

Amendment No. 1 to Second Amended and Restated Loan Agreement 
AND MODIFICATION TO LOAN DOCUMENTS
AMENDMENT NO. 1 TO SECOND AMENDED AND RESTATED LOAN AGREEMENT AND MODIFICATION TO LOAN DOCUMENTS (this “Agreement”), dated as of June 30, 2020, relating to the Second Amended and Restated Loan Agreement, dated as of July 2, 2019 (as amended, supplemented or otherwise modified prior to the date hereof, the “Existing Loan Agreement”), by and among AURORA CONVENTION CENTER HOTEL, LLC, a Delaware limited liability company (“Borrower”), AURORA CONVENTION CENTER HOTEL LESSEE, LLC, a Delaware limited liability company (“Operating Lessee”), the LENDERS from time to time party thereto (collectively, the “Lenders”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (“Administrative Agent”).  
RECITALS
WHEREAS, Borrower and Operating Lessee have notified Administrative Agent and the Lenders that such entities are experiencing or anticipate to experience material adverse changes in their financial position and prospects as a direct result of the COVID-19 outbreak and, as such, Borrower, Operating Lessee, and the other Loan Parties have requested, and Administrative Agent and the Requisite Lenders (as defined below) have agreed, to modify certain provisions of the Existing Loan Agreement and other Loan Documents; and
WHEREAS, pursuant to Section 13.12 of the Existing Loan Agreement, Borrower, Operating Lessee, Administrative Agent and the Lenders party hereto (representing the Requisite Lenders required pursuant to Section 13.12 of the Existing Loan Agreement) (collectively, the “Requisite Lenders”), agree to amend the Existing Loan Agreement, as well as modify certain other Loan Documents, on the terms set forth herein.
NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto hereby agree as follows:
SECTION 1.  Defined Terms.  Capitalized terms used but not defined herein shall have the meanings given to them in the Existing Loan Agreement.  The rules of interpretation set forth in the Existing Loan Agreement are hereby incorporated by reference herein, mutatis mutandis.  Each reference to “hereof”, “hereunder”, “herein” and “hereby” and each other similar reference and each reference to “this Agreement” and each other similar reference contained in the Existing Loan Agreement or any other Loan Document shall, after this Agreement becomes effective, refer to the Existing Loan Agreement or such other Loan Document as amended hereby.
SECTION 2.DSCR Reserve Account Funds.  Notwithstanding anything to the contrary in the Existing Loan Agreement, the Cash Management Agreement or the Operating Lessee Cash Management Agreement, during a Cash Sweep Period, Administrative Agent shall, promptly following Borrower’s or Operating Lessee’s request, no more than once per month, so long as no Default or Potential Default (except for a Potential Default which is to be cured from such disbursement of funds on deposit in the DSCR Reserve Account) has occurred, disburse funds on deposit in the DSCR Reserve Account to Borrower or Operating Lessee, as applicable, to fund debt service on the Loan, operating expenses at the Property pursuant to the terms of the Management Agreement, and such other uses as reasonably approved by Administrative Agent, in each case only to the extent that there is insufficient cash flow from the Property for such month or from other sources (including, without limitation, any amounts received from business interruption insurance or any governmental entity in the form of a loan, grant, subsidy, bail-out or otherwise, 

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but not including equity contributions from the direct or indirect equity owners of Borrower or Operating Lessee).  
SECTION 3.Amendments to the Loan Agreement.  The Existing Loan Agreement is, effective as of the Amendment No. 1 Effective Date (as defined below), hereby amended as follows (the Existing Loan Agreement, as so amended, the “First Amended Loan Agreement”):
(a)The definition of “Completion Date” in Section 1.01 of the Existing Loan Agreement is hereby deleted in its entirety and replaced with the following:
“Completion Date” – means, if the Expansion is commenced, the First Extended Maturity Date.”
(b)Section 1.01 of the Existing Loan Agreement is hereby amended by adding the following definitions, in each case in appropriate alphabetical order, as follows:
“Amendment No. 1” – means that certain Amendment No. 1 to Second Amended and Restated Loan Agreement, dated as of June 30, 2020, by and between Borrower, Operating Lessee, Administrative Agent, and certain Lenders party thereto.
“Amendment No. 1 Effective Date” – means June 30, 2020.
“Commitment Debt Service” – means, as of the last day of the calendar quarter immediately preceding the applicable date of determination, an amount equal to the greater of (i) the actual, annual debt service for the Loan for the relevant calculation period, and (ii) the amount obtained by multiplying the then aggregate Commitment Amount of the Loan by the greater of (A) eight percent (8.00%), and (B) a debt service constant calculated using (1) an interest rate factor equal to the then prevailing rate on 10 Year U.S. Treasury Notes, plus two and one-half percent (2.50%) and (2) principal amortization based on a thirty (30) year amortization schedule.
“Commitment DSCR” - means, as of any DSCR Test Date, (i) the Adjusted NOI for the twelve (12) consecutive calendar months ending on such DSCR Test Date, divided by (ii) the Commitment Debt Service as of such date.
“Excluded Stimulus Transaction” – means any loans, equity investments, grants or other transactions pursuant to which a party receives funds in connection with any federal COVID-19 stimulus legislation, including, without limitation, any loan made pursuant to the Paycheck Protection Program under the Small Business Administration 7(a) Loan Program, as implemented by the “Coronavirus Aid, Relief, and Economic Security Act” or the “CARES Act”, or any similar program.
“Expansion Equity Release Event” – means the Property shall have achieved a Commitment DSCR greater than or equal to 1.125 to 1.000 for two (2) consecutive quarters, and Borrower shall have delivered to Administrative Agent the DSCR Compliance Certificates so certifying.
(c)Section 1.01 of the Existing Loan Agreement is hereby amended by replacing the defined terms set forth below with the definitions set forth herein:

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“Adjusted NOI” – means the amount by which (a) Gross Operating Revenues for any period exceed (b) the Adjusted Operating Expenses for such period, which, unless otherwise expressly stated herein, shall be calculated with respect to the following periods: (i) for the DSCR Test Dates occurring on June 30, 2020, September 30, 2020, December 31, 2020, and March 31, 2021, the trailing three (3) months ending on such DSCR Test Date, annualized; (ii) for the DSCR Test Date occurring on June 30, 2021, the trailing six (6) months ending on such DSCR Test Date, annualized; (iii) for the DSCR Test Date occurring on September 30, 2021, the trailing nine (9) months ending on such DSCR Test Date, annualized; and (iv) thereafter, for the trailing twelve (12) months ending on the DSCR Test Date.
“Minimum DSCR Hurdle”  – means the DSCR as of the particular DSCR Test Date in question is equal to or greater than the following: 
	Date
	DSCR

	June 30, 2020, September 30, 2020, December 31, 2020, March 31, 2021, June 30, 2021, September 30, 2021, December 31, 2021
	1.00:1.00

	March 31, 2022, June 30, 2022, September 30, 2022, December 31, 2022
	1.125:1.000

	March 31, 2023 and continuing on each DSCR Test Date until the Maturity Date
	1.1875:1.0000

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(d)Section 2.10(c) of the Existing Loan Agreement is hereby deleted in its entirety and replaced with the following:
“(c)In connection with Borrower exercising the Second Option to Extend and the Third Option to Extend, to the extent Borrower has commenced construction of the Expansion, the Expansion shall have been Completed.”
(e)The first sentence of the last paragraph of Section 2.10 of the Existing Loan Agreement is hereby deleted in its entirety and replaced with the following:
“Any undisbursed Commitments of Lenders shall be permanently and automatically cancelled on the First Extended Maturity Date and, for the avoidance of doubt, shall not be used in the calculation of the extension fee payable by Borrower in connection with the Second Option to Extend or the Third Option to Extend.”
(f)Section 3.2 of the Existing Loan Agreement is hereby modified as follows:
(i)the reference to “July 2, 2021” appearing in subsection (a) as the deadline for Borrower to elect to commence construction of the Expansion is deleted and replaced with “October 2, 2022”;
(ii)subsection (h) is hereby moved and renumbered to a new subsection (j), and a new subsections (h) and (i) are hereby added as follows:

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“(h)no Cash Sweep Period shall then exist;”
(i)from the Amendment No. 1 Effective Date until the occurrence of the Expansion Equity Release Event, prior to any disbursement of the Expansion Tranche, Borrower shall have provided evidence satisfactory to Administrative Agent that Borrower has funded no less than forty percent (40%) of the construction costs as set forth in the approved Expansion Budget with Borrower equity (the “Required Expansion Equity”) towards construction of the Expansion.  Following Borrower’s funding of the Required Expansion Equity, Administrative Agent shall disburse Expansion Tranche funds up to an amount not to exceed sixty percent (60%) of the remaining construction costs as set forth in the approved Expansion Budget in accordance with the terms herein.  Upon the occurrence of the Expansion Equity Release Event, provided no Default or Potential Default then exists and no Cash Sweep Period is then in effect, Administrative Agent shall disburse to Borrower funds from the Expansion Tranche in an amount equal to the lesser of: (y) the Required Expansion Equity funded prior to such date of disbursement (if any) or (z) the remaining undisbursed proceeds of the Expansion Tranche; and” 
(iii)the reference to “July 2, 2021” appearing in the last paragraph of said Section as the deadline to achieve the conditions set forth in subsection (g) is deleted and replaced with “October 2, 2022”; and
(iv)the reference to “January 2, 2022” appearing in the last paragraph of said Section as the deadline for Borrower to submit an Application for Payment to Administrative Agent requesting a disbursement from the Expansion Tranche is deleted and replaced with “August 2, 2023”.
(g)Section 9.13 of the Existing Loan Agreement is hereby amended by adding the following sentence to the end of said Section:
“Notwithstanding anything to the contrary in this Agreement, the Cash Management Agreement or the Operating Lessee Cash Management Agreement, neither Borrower nor Operating Lessee shall make any distributions of money or other property to any member of Borrower or Operating Lessee or any other Person, whether in the form of earnings, income, payments under the Operating Lease or other proceeds from the Property, nor shall Borrower or Operating Lessee repay any principal or interest on any loan or other advance made to Borrower or Operating Lessee by any member, nor shall Borrower or Operating Lessee loan or advance any funds to any such member, (y) from the First Amendment Effective Date until August 31, 2020, or (z) during the existence of a Cash Sweep Period provided, however, that Operating Lessee shall not be prohibited from making any payment from funds otherwise available to Operating Lessee to Borrower that is due to Borrower under the Operating Lease.”
(h)The first sentence of Section 9.25(b) of the Existing Loan Agreement is hereby deleted in its entirety and replaced with the following:
“(b)Neither Borrower nor Operating Lessee shall materially modify, change, supplement, alter or amend, or waive or release any of its material rights and remedies under any of the Project Documents, without Requisite Lender’s prior written consent, provided, however, Borrower and Operating Lessee may, without the prior consent of the 

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Requisite Lenders, amend, modify or change the Operating Lease, except for such amendments, modifications or changes that would reasonably be likely to adversely affect the Lenders, and Borrower shall promptly following request therefor deliver to Administrative Agent executed copies of any such amendments, modifications or changes to the Operating Lease.”
(i)The first sentence of Section 9.33(a) of the Existing Loan Agreement is hereby deleted in its entirety and replaced with the following:
“Commencing on the DSCR Start Date, on or before each DSCR Reporting Date, Borrower shall and/or shall cause Operating Lessee to provide Administrative Agent a calculation and certification of the DSCR and, if and when applicable, the Commitment DSCR for the applicable calculation period in the form attached hereto as Schedule 9.33 (each, a “DSCR Compliance Certificate”), together with reasonable supporting information (including, without limitation, historical operating statements and the amounts and sources of Gross Operating Revenue and Gross Operating Expenses) reasonably required by Administrative Agent to confirm the DSCR and, if and when applicable, the Commitment DSCR, as of the immediately preceding DSCR Test Date.
(j)The last sentence of Section 9.33(b) of the Existing Loan Agreement is hereby deleted in its entirety and replaced with the following:
“Upon the occurrence of a Cash Flow Sweep Release Event, so long as no Potential Default or Default then exists, all funds on deposit in the DSCR Reserve Account in excess of the lesser of (y) $16,500,000, or (z) the aggregate amount on deposit in the DSCR Reserve Accounts as of the date of the Cash Flow Sweep Release Event (such amount, the “Minimum Retained Swept Funds”) shall be promptly disbursed to Borrower or Operating Lessee, or, at the election of Borrower and/or Operating Lessee, as applicable, shall be applied against the outstanding principal balance of the Loan, it being agreed that, if such application occurs on a date (i) on or prior to the expiration of the Spread Maintenance Period, Borrower shall pay the Spread Maintenance Fee and (ii) after the expiration of the Spread Maintenance Period, there shall be no prepayment fee or penalty (including, without limitation, the Spread Maintenance Fee) in connection therewith.  Thereafter, no more than once per month, so long as no Default or Potential Default (except for a Potential Default which is to be cured from such disbursement of funds on deposit in the DSCR Reserve Account) then exists, Administrative Agent shall disburse such Minimum Retained Swept Funds to Borrower or Operating Lessee, as applicable, to fund debt service on the Loan, operating expenses at the Property pursuant to the terms of the Management Agreement, and such other uses as reasonably approved by Administrative Agent, in each case only to the extent that there is insufficient cash flow from the Property for such month or from other sources (including, without limitation, any amounts received from business interruption insurance or any governmental entity in the form of a loan, grant, subsidy, bail-out or otherwise, but not including equity contributions from the direct or indirect equity owners of Borrower or Operating Lessee).  Following the twelve (12) month anniversary of the Cash Flow Sweep Release Event, so long as no Default or Potential Default (except for a Potential Default which is to be cured from such disbursement of funds on deposit in the DSCR Reserve Account) then exists and a Cash Sweep Period is not then in effect, Administrative Agent shall disburse the entire remaining amount of Minimum Retained Swept Funds to Borrower and Operating Lessee, or, at the election of Borrower or Operating Lessee, to be applied against the outstanding principal balance of the Loan, it being agreed that, if such application occurs on a date (i) on or prior 

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to the expiration of the Spread Maintenance Period, Borrower shall pay the Spread Maintenance Fee and (ii) after the expiration of the Spread Maintenance Period, there shall be no prepayment fee or penalty (including, without limitation, the Spread Maintenance Fee) in connection therewith.”
(k)A new Section 9.34 is hereby added to the Existing Loan Agreement as follows:
“9.34.NOTICE OF EXCLUDED STIMULUS TRANSACTION.  Borrower or Operating Lessee, as applicable, shall promptly provide written notice to Administrative Agent of any Excluded Stimulus Transaction entered into or received by any Loan Party or any of their respective subsidiaries with respect to the Property.  Each Loan Party covenants and agrees that the proceeds and benefits of any Excluded Stimulus Transaction received by such party with respect to the Property shall be used only for the permitted uses pursuant to the terms of such Excluded Stimulus Transaction.  In the event that any such Excluded Stimulus Transaction is in the form of a loan that can be forgiven, such party shall use commercially reasonable efforts to comply with all requirements to ensure such loan is forgiven in accordance with the applicable program, in each case solely to the extent satisfaction of such requirements does not otherwise cause, directly or indirectly, a Default or Potential Default under the Loan Documents, or otherwise cause a breach of the terms thereof to arise.  Such Loan Party or any of their respective subsidiaries, as applicable, shall execute and deliver to Administrative Agent such additional amendments, documents and instruments as may be reasonably required in connection with such Excluded Stimulus Transaction.”
SECTION 4.Amendments to Cash Management Agreement.  The Cash Management Agreement is, effective as of the Amendment No. 1 Effective Date, hereby amended as follows:
The last paragraph of Section 2.4(A)(iii) of the Cash Management Agreement is hereby deleted in its entirety and replaced with the following:
“Neither Borrower nor Manager shall be entitled to any disbursement or use of funds on deposit in the Borrower’s DSCR Reserve Account except as expressly permitted pursuant to the Loan Agreement (including, without limitation, Section 9.33 thereof), and such funds shall be held by Agent as collateral for the Loan. Upon the repayment of the Loan in full, all funds on deposit in the Borrower’s DSCR Reserve Account shall be promptly disbursed to Borrower.”
SECTION 5.Amendments to Operating Lessee Cash Management Agreement.  The Operating Lessee Cash Management Agreement is, effective as of the Amendment No. 1 Effective Date, hereby amended as follows:
The last paragraph of Section 2.4(A)(iv) of the Operating Lessee Cash Management Agreement is hereby deleted in its entirety and replaced with the following:
“Neither Operating Lessee nor Manager shall be entitled to any disbursement or use of funds on deposit in the Operating Lessee’s DSCR Reserve Account except as expressly permitted pursuant to the Loan Agreement (including, without limitation, Section 9.33 thereof), and such funds shall be held by Agent as collateral for the Loan. Upon the repayment of the Loan in full, all funds on deposit in the Operating Lessee’s DSCR Reserve Account shall be promptly disbursed to Operating Lessee.”

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SECTION 6.Consent to Operating Lease Amendment.  Administrative Agent and the Requisite Lenders hereby consent to the Amendment to the Operating Lease, dated on or about the date hereof, entered into between Borrower and Operating Lessee.
SECTION 7.Conditions to the Close.  This Agreement is effective on the Amendment No. 1 Effective Date.  By its execution of this Agreement, Administrative Agent hereby acknowledges and agrees that each of the following conditions have been satisfied or waived by Administrative Agent:
(i)Representations and Warranties.  The representations and warranties of Borrower, Operating Lessee and each other Loan Party contained in Article VI of the Existing Loan Agreement or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects (except that any representation and warranty that is qualified by materiality shall be true and correct in all respects) on and as of the Amendment No. 1 Effective Date, except to the extent that such representations and warranties specifically refer or relate to an earlier date, in which case they shall be true and correct as of such earlier date.
(ii)No Default.  Neither a Default nor, to Borrower’s knowledge, Potential Default shall exist, or would result from, the effectiveness of this Agreement.
(iii)This Agreement.  Administrative Agent has received executed counterparts hereof that, when taken together, bear the signatures of Borrower, Operating Lessee, the Guarantors, the Requisite Lenders and Administrative Agent.
(iv)Officer’s Certificates.  Administrative Agent has received a certificate or certificates executed by an officer of Borrower and Operating Lessee as of the Amendment No. 1 Effective Date, in form and substance satisfactory to Administrative Agent, stating that (A) the conditions specified in clauses (i) and (ii) above have been satisfied, and (B) all material governmental, shareholder and third party consents and approvals, if any, with respect to this Agreement and any other instruments or documents executed and delivered in connection with this Agreement and the transactions contemplated thereby have been obtained (and attaching copies thereof).
(v)Opinions.  Administrative Agent has received an opinion of legal counsel to Borrower, in form and content satisfactory to Administrative Agent to the effect that: (i) each of Borrower, Operating Lessee, and the Ryman Guarantor are duly formed, validly existing and in good standing and has all requisite power and authority to enter into this Agreement; (ii) this Agreement has been duly authorized, executed and delivered; and (iii) the transactions described in this Agreement will not constitute a default or breach under the terms of any material agreement or instrument listed by the Ryman Guarantor as an exhibit to its annual report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2019.
(vi)Fees and Expenses.  Borrower has paid all fees required in connection with the closing of this Agreement and all reasonable costs and expenses (including reasonable attorneys’ costs and fees) incurred by Administrative Agent in documenting or implementing same.

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(vii)Closing Fee.  Borrower has paid to each Requisite Lender a closing fee in an amount equal to such Requisite Lender’s Commitment as of the Amendment No. 1 Effective Date multiplied by two and one-half basis points (0.025%).
(viii)Attorney Costs.  Borrower has paid all reasonable fees, charges and disbursements of counsel of Administrative Agent to the extent invoiced prior to or on the Amendment No. 1 Effective Date.
(ix)Collateral.  Administrative Agent has received satisfactory evidence that Administrative Agent, on behalf of the Lenders, shall continue to have, as applicable, a valid and perfected first priority (subject to certain exceptions set forth in the Loan  Documents) lien and security interest in the Collateral.
(x)Management Agreement.  Administrative Agent has received satisfactory evidence that the modifications contemplated hereby are permitted by Manager pursuant to the terms of the Management Agreement and the Owner’s Agreement.
(xi)Other Deliverables. Borrower has provided to Administrative Agent, and Administrative Agent has approved, all other materials, documents and submissions requested by Administrative Agent in connection with the transactions contemplated by this Agreement.
SECTION 8.  Reaffirmation.  By signing this Agreement, each Loan Party herby confirms that this Agreement shall not effect a novation of any of the obligations of the Loan Parties under the Existing Loan Agreement, any other Loan Document or any Other Related Document, which obligations shall continue in full force and effect as set forth in the First Amended Loan Agreement and such other Loan Documents.  Additionally, by signing this Agreement, each Guarantor hereby confirms that this Agreement shall not effect a novation of any of the obligations of such Guarantor under its Guaranty, the Hazardous Materials Indemnity, any other Loan Document or any Other Related Document to which such Guarantor is a party (collectively, the “Guarantor Documents”),  which obligations continue in full force and effect, and the Guarantor Documents are hereby reaffirmed, ratified and confirmed.  Each Loan Party hereby ratifies and confirms that all Liens granted, conveyed, or assigned to Administrative Agent by such Person pursuant to any Loan Document to which it is a party remain in full force and effect, are not released or reduced, and continue to secure full payment and performance of the Obligations as increased hereby.  
SECTION 9.  Applicable Law; Jurisdiction; Venue.  
(i)GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.
(ii)SUBMISSION TO JURISDICTION.  BORROWER, OPERATING LESSEE, EACH OTHER LOAN PARTY, ADMINISTRATIVE AGENT AND EACH REQUISITE LENDER IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO 

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IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.  EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.  NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT ADMINISTRATIVE AGENT OR ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST BORROWER, OPERATING LESSEE OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.
(iii)WAIVER OF VENUE.  BORROWER, OPERATING LESSEE, EACH OTHER LOAN PARTY, ADMINISTRATIVE AGENT AND EACH REQUISITE LENDER IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (ii) OF THIS SECTION.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.
(iv)WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
SECTION 10.  Loan Agreement Governs.  Except as expressly set forth herein, this Agreement shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of any Lender or Administrative Agent under the Existing Loan Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Existing Loan Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.  Nothing herein shall be deemed to entitle any Loan Party to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the First Amended Loan Agreement or any other Loan Document in similar or different circumstances.

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SECTION 8.  Counterparts.  This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument.  Delivery of any executed counterpart of a signature page of this Agreement by facsimile or electronic transmission shall be as effective as delivery of a manually executed counterpart hereof.
SECTION 11.Severability.  If any provision or obligation under this Agreement shall be determined by a court of competent jurisdiction to be invalid, illegal or unenforceable, that provision shall be deemed severed from this Agreement and the validity, legality and enforceability of the remaining provisions or obligations shall remain in full force as though the invalid, illegal, or unenforceable provision had never been a part of this Agreement.
SECTION 12.Electronic Signatures.  This Agreement may be executed in one or more counterparts, each of which shall constitute an original and all of which when taken together shall constitute one agreement.  The words “execution,” signed,” “signature,” and words of like import in this Agreement shall include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”, “tif” or “jpg”) and other electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.  Each party hereto hereby waives any defenses to the enforcement of the terms of this Agreement based on the form of its signature, and hereby agrees that such electronically transmitted or signed signatures shall be conclusive proof, admissible in judicial proceedings, of such party’s execution of this Agreement. Even though the parties agree that electronic signatures are legally enforceable and intended to be effective for all purposes, the signing parties agree if requested by Administrative Agent in its sole discretion to promptly deliver to Administrative Agent the requested original document bearing an original manual signature, to the extent required or advisable to be delivered in connection with any program made available to Administrative Agent or any of its affiliates by the Federal Reserve, U.S. Treasury Department or any other federal or state regulatory body.
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of the date first above written.
“BORROWER”
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AURORA CONVENTION CENTER HOTEL, LLC, 
a Delaware limited liability company
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By:/s/ Mark Fioravanti
Name:Mark Fioravanti
Its:President
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“OPERATING LESSEE”
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AURORA CONVENTION CENTER HOTEL LESSEE, LLC, 
a Delaware limited liability company
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By:/s/ Mark Fioravanti
Name:Mark Fioravanti
Its:President
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Signature Page to Amendment No. 1 to Second Amended and Restated Loan Agreement and 
Modification to Loan Documents

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AGREED AND CONSENTED TO:
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“RIDA GUARANTOR”
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By:/s/ Ira M. Mitzner
Ira M. Mitzner
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Signature Page to Amendment No. 1 to Second Amended and Restated Loan Agreement and 
Modification to Loan Documents

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AGREED AND CONSENTED TO:
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“RYMAN GUARANTOR”
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RHP HOTEL PROPERTIES, LP, 
a Delaware limited partnership
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By: RHP Partner, LLC,
a Delaware limited liability company,
as sole general partner
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By:/s/ Mark Fioravanti
Name:Mark Fioravanti
Title:Vice President
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RYMAN HOSPITALITY PROPERTIES, INC., 
a Delaware corporation
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By:/s/ Mark Fioravanti
Name:Mark Fioravanti
Title:President and Chief Financial Officer
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Signature Page to Amendment No. 1 to Second Amended and Restated Loan Agreement and 
Modification to Loan Documents

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“ADMINISTRATIVE AGENT AND LENDERS”
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WELLS FARGO BANK, NATIONAL ASSOCIATION, 
in its capacity as Lender and as Administrative Agent
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By:/s/ Anand. J. Jobanputra
Name:Anand. J. Jobanputra
Title:Senior Vice President
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Signature Page to Amendment No. 1 to Second Amended and Restated Loan Agreement and 
Modification to Loan Documents

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AAREAL CAPITAL CORPORATION,
in its capacity as a Lender
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By:/s/ Asish Thallur
Name:Asish Thallur
Its:Executive Director
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By:/s/ Alan Griffin
Name:Alan Griffin
Its:General Counsel
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Signature Page to Amendment No. 1 to Second Amended and Restated Loan Agreement and 
Modification to Loan Documents

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AAREAL BANK AG,
in its capacity as a Lender
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By:/s/ Daniela Pfutzner
Name:Daniela Pfutzner
Its:Senior Manager
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By:/s/ Peter Kretzer
Name:Peter Kretzer
Its:Senior Manager
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[Signatures Continue on Following Page]
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Signature Page to Amendment No. 1 to Second Amended and Restated Loan Agreement and 
Modification to Loan Documents

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BANK OF AMERICA, NA,
in its capacity as a Lender
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By:/s/ Roger C. Davis
Name:Roger C. Davis
Its:Senior Vice President
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[Signatures Continue on Following Page]
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Signature Page to Amendment No. 1 to Second Amended and Restated Loan Agreement and 
Modification to Loan Documents

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THE BANK OF NOVA SCOTIA,
in its capacity as a Lender
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​
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By:/s/ Ajit Goswami
Name:Ajit Goswami
Its:Managing Director
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[Signatures Continue on Following Page]
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​
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Signature Page to Amendment No. 1 to Second Amended and Restated Loan Agreement and 
Modification to Loan Documents

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BMO HARRIS BANK N.A.,
in its capacity as a Lender
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By:/s/ Scott Morris
Name:Scott Morris
Its:Authorized Signature
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[Signatures Continue on Following Page]
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Signature Page to Amendment No. 1 to Second Amended and Restated Loan Agreement and 
Modification to Loan Documents

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CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,
in its capacity as a Lender
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By:/s/ Steven Jonassen
Name:Steven Jonassen
Its:Managing Director
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By:/s/ Attila Coach
Name:Attila Coach
Its:Managing Director
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[Signatures Continue on Following Page]
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​
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Signature Page to Amendment No. 1 to Second Amended and Restated Loan Agreement and 
Modification to Loan Documents

​

FROST BANK,
in its capacity as a Lender
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By:/s/ Anna Pawlik
Name:Anna Pawlik
Its:Market President
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[Signatures Continue on Following Page]
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Signature Page to Amendment No. 1 to Second Amended and Restated Loan Agreement and 
Modification to Loan Documents

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MIDFIRST BANK,
in its capacity as a Lender
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By:/s/ Todd Wright
Name:Todd Wright
Its:Senior Vice President
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[Signatures Continue on Following Page]
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Signature Page to Amendment No. 1 to Second Amended and Restated Loan Agreement and 
Modification to Loan Documents

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RAYMOND JAMES BANK, N.A.,
in its capacity as a Lender
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By:/s/ Matt Stein
Name:Matt Stein
Its:Senior Vice President
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[Signatures Continue on Following Page]
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Signature Page to Amendment No. 1 to Second Amended and Restated Loan Agreement and 
Modification to Loan Documents

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BANCO DE SABADELL, S.A. - MIAMI BRANCH,
in its capacity as a Lender
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By:/s/ Ignacio Alcaraz
Name:Ignacio Alcaraz
Its:Head of Structured Finance Americas
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[Signatures Continue on Following Page]
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Signature Page to Amendment No. 1 to Second Amended and Restated Loan Agreement and 
Modification to Loan Documents

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SUMITOMO MITSUI BANKING CORPORATION,
in its capacity as a Lender
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By:/s/ Juan Kreutz
Name:Juan Kreutz
Its:Managing Director

Signature Page to Amendment No. 1 to Second Amended and Restated Loan Agreement and 
Modification to Loan Documents

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