Document:

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FOURTH AMENDMENT TO 
EXECUTIVE EMPLOYMENT AGREEMENT
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THIS FOURTH AMENDMENT, dated as of December 31, 2020 (this “Amendment”) by and between RYMAN HOSPITALITY PROPERTIES, INC. (the “Company”), a Delaware corporation and successor in interest by merger to Gaylord Entertainment Company, formerly a Delaware corporation (“Gaylord”), and COLIN V. REED, a resident of Nashville, Davidson County, Tennessee (“Executive”) is to the Executive Employment Agreement, dated as of February 25, 2008 by and between Gaylord and Executive, as amended (the “Agreement”).
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WITNESSETH: 
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WHEREAS, effective October 1, 2012, Gaylord merged with and into the Company with the Company surviving the merger and succeeding to Gaylord’s rights and obligations under the Agreement; 
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WHEREAS, the Tax Cuts and Jobs Act of 2017 (P.L. 115-97) and associated guidance made certain changes to the rules and application of the $1 million deduction limitation under Section 162(m) of the Internal Revenue Code (“Section 162(m)”);
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WHEREAS, the Company and Executive wish to amend the Agreement for the sole purpose of clarifying that certain payments made pursuant to the Agreement are “grandfathered” under Section 162(m) and to take advantage of certain transition rules made available under the revised Section 162(m); 
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NOW, THEREFORE, in consideration of the continued employment of Executive by the Company, the agreements made herein and in the Agreement and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the parties agree as follows:  
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1.A new paragraph at the end of Section 4(a) of the Agreement is hereby added to provide as follows: 
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The Company intends that the amounts described in this Section 4(a) be “grandfathered” to the maximum extent permitted by Section 13601(e) of the Tax Cuts and Jobs Act of 2017 and Section 162(m) of the Code and the guidance and regulations thereunder (collectively, “Applicable Grandfathering Rules” and such effectively grandfathered amounts, the “SERP Grandfathered Amounts”).
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2.The last sentence of Section 4(j) of the Agreement is amended and restated in its entirety to provide as follows: 
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In the event a payment arising from one of these paragraphs is determined to be deferred compensation subject to Code Section 409A, and in the event that the Executive can make an election regarding the timing of the payment, the payment will instead be made in the calendar year following the calendar year in which the liability for reimbursement arose or, if later, and solely in the case of Grandfathered Amounts (as defined below), at the earliest time possible so that the deduction related to such payment will not be limited or eliminated by application of Internal Revenue Code Section 162(m).
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3.Section 5(a) of the Agreement is amended and restated in its entirety to provide as follows: 
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(a)Deferral of Current Compensation. Subject to Section 5(e) hereof, during any period in which Executive is a “covered employee” within the meaning of Section 162(m)(3), any “applicable employee remuneration” otherwise payable to Executive in excess of the limit specified in Section 162(m)(1) or any successor provision of the Code (currently $1,000,000) shall not be currently paid, but shall be a deferred payment obligation of the Company governed by the provisions of this Section 5.
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4.A new Section 5(e) of the Agreement is added to provide as follows:
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(e)162(m) Grandfathering.  Notwithstanding anything in this Section 5 to the contrary, the provisions of this Section 5 shall only apply and be of any force and effect with respect to amounts deferred under this Section 5 (if any) that are “grandfathered” pursuant to Applicable Grandfathering Rules (with the SERP Grandfathered Amounts, the “Grandfathered Amounts”).     
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5.A new Section 15(m) of the Agreement is added to provide as follows: 
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(m)Section 162(m) Grandfathering Compliance.  It is intended that Grandfathered Amounts shall be ‘grandfathered’ from the changes to Code Section 162(m) to the maximum extent permitted under Applicable Grandfathering Rules, and that this Agreement and the payments described herein shall be administered consistent with this intention so that Grandfathered Amounts payable to the Executive will be deductible by the Company or its subsidiaries. The Company may establish rules in its sole discretion in order to prohibit any modifications with respect to Grandfathered Amounts for the Executive that it determines will or may be material modifications under Applicable Grandfathering Rules, which may include restricting or prohibiting the exercise of rights that might otherwise be permitted under this Agreement. No amendment to this Agreement after November 2, 2017 shall apply 

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to amounts that are intended to be Grandfathered Amounts unless it explicitly provides otherwise.
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6.This Amendment shall be deemed to be a contract under the laws of the State of Tennessee and shall be construed and enforced with the internal laws of said state. 
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7.This Amendment may be executed in two or more counterparts, all of which taken together shall be deemed one original. 
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[Signature page follows]

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IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed as of the date first written above. 
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RYMAN HOSPITALITY PROPERTIES, INC.
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By: ​ ​
Name: ​ ​
Title: ​ ​
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EXECUTIVE
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​ ​​ ​​
Colin V. Reed
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Acknowledged and Agreed by:
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RHP CORPORATE PROPERTIES, LLC
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By: ​ ​​ ​
Name: ​ ​​ ​
Title: ​ ​​ ​Exhibit 10.27
Ryman Hospitality Properties, Inc. (the “Company”)
Summary of Director and Executive Officer Compensation
 
	

	

	I.
	Director Compensation. Directors who are employees of the Company do not receive additional compensation for serving as directors of the Company. The following table sets forth current rates of cash compensation for the Company’s non-employee directors.

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	Retainer
	  
	2021
	 

	Board retainer
	  
	$
	65,000
	  

	Lead Non-Management Director retainer
	  
	$
	30,000
	  

	Audit chair retainer
	  
	$
	25,000
	  

	Human Resources chair retainer
	  
	$
	20,000
	  

	Nominating and Corporate Governance chair retainer
	  
	$
	15,000
	  

	Audit member retainer
	  
	$
	10,000
	  

	Human Resources member retainer
	  
	$
	10,000
	  

	Nominating member retainer
	  
	$
	7,500
	  

Non-employee directors may elect payment in cash or may defer this portion of their compensation and receive restricted stock units pursuant to the Company’s 2016 Omnibus Incentive Plan with a value equal to the fees, based on the fair market value of the Company’s common stock on the date of issuance. Such restricted stock units will be deferred until a specified date or the end of the director’s service on the Board of Directors. All directors are reimbursed for expenses incurred in attending meetings.
In addition, as of the date of our board meeting following our annual meeting of stockholders, each non-employee director will receive an annual grant of restricted stock units having a dollar value of $95,000, based on the fair market value of the Company’s common stock on the date of grant. The restricted stock units vest fully on the first anniversary of the date of grant, pursuant to the Company’s 2016 Omnibus Incentive Plan, unless deferred by the director until either a specified date or the end of the director’s service on the Board of Directors. Directors will not receive fees for attending meetings. 
	

	20

	The following table sets forth the 2021 annual base salaries (which are unchanged from 2020) and the fiscal 2020 discretionary cash bonuses provided to the Company’s Chief Executive Officer, the Company’s Chief Financial Officer and the three other most highly compensated executive officers to be named in the Company’s proxy statement to be filed in connection with the 2021 annual meeting of stockholders (the “Named Executive Officers” or the “NEOs”).

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	2021 Salary
	 
	  
	Fiscal 2020
Bonus Amount
	 

	Colin Reed
	  
	$
	1,100,000
	 
	  
	$     
	-
	 

	Mark Fioravanti
	  
	$
	600,000
	 
	  
	$
	200,000
	 

	Patrick Chaffin
	  
	$
	475,000
	 
	  
	$
	100,000
	 

	Scott Lynn
	  
	$
	400,000
	 
	  
	$
	100,000
	 

	Jennifer Hutcheson
	  
	$
	340,000
	 
	  
	$
	75,000
	 

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No annual cash incentives were earned or paid based on our financial performance pursuant to the Company’s short-term cash incentive compensation program under the Company’s 2016 Omnibus Incentive Plan for the 

2020 fiscal year. The NEOs were awarded the discretionary cash bonus amounts listed above for 2020 in recognition of their efforts to stabilize the Company’s businesses and financial condition following the outbreak of the COVID-19 pandemic. In addition, the following amounts of 2020 base salary, which were voluntarily forgone by each NEO in 2020, will be paid to each NEO as follows: Mr. Reed:  $415,385; Mr. Fioravanti:  $82,000; Mr. Chaffin:  $63,462; Mr. Lynn:  $54,173; and Ms. Hutcheson:  $52,308.
Certain performance-based restricted stock unit awards under the Company’s 2016 Omnibus Incentive Plan with respect to performance periods ended December 31, 2020 will vest on March 15, 2021, as will be reflected in Form 4 filings to be made with the SEC.
The following table sets forth the fiscal 2021 cash incentive compensation targets as a percentage of 2021 base salary set for the NEOs:
 
													
	 
	  
	Threshold
	 
	 
	Target
	 
	 
	Maximum
	 

	Colin V. Reed
	  
	 
	75
	% 
	 
	 
	150
	% 
	 
	 
	300
	% 

	Mark Fioravanti
	  
	 
	62.5
	% 
	 
	 
	125
	% 
	 
	 
	250
	% 

	Patrick Chaffin
	  
	 
	50
	% 
	 
	 
	100
	% 
	 
	 
	200
	% 

	Scott Lynn
	  
	 
	50
	% 
	 
	 
	100
	% 
	 
	 
	200
	% 

	Jennifer Hutcheson
	  
	 
	37.5
	% 
	 
	 
	75
	% 
	 
	 
	150
	% 

The fiscal 2021 bonuses will be determined based upon the achievement of a combination of certain financial goals and designated strategic objectives, and, if earned, will be paid pursuant to the Company’s cash incentive compensation program under the Company’s 2016 Omnibus Incentive Plan.
On February 25, 2021, as part of an annual grant to designated management-level employees, including the NEOs, the NEOs received the following long-term incentive awards pursuant to the Company’s stockholder-approved equity incentive plans:

		●	Awards of time-based vesting restricted stock units, as listed in the table below, vesting ratably over four years beginning on March 15, 2022 (the “Time-Based RSUs”). The form of Time-Based RSU agreement is filed as Exhibit 10.44 to this Annual Report on Form 10-K and is incorporated herein by this reference. 

		●	Awards of performance-vesting restricted stock units for the 2021-2023 performance period (of which up to 150% will vest on March 15, 2024 based on the achievement of Total Stockholder Return, or TSR, against a designated peer group), pursuant to the Company’s 2016 Omnibus Incentive Plan (the “Performance-Based RSUs”). The form of Performance-Based RSU agreement is filed as Exhibit 10.45 to this Annual Report on Form 10-K and is incorporated herein by this reference.

		●	Awards of restricted stock units for a three-year performance period (of which up to 100% will vest on March 15, 2024 based on the achievement of designated stock price targets during the performance period) pursuant to the Company’s 2016 Omnibus Incentive Plan (the “Long-Term Stockholder Value Creation Program RSUs”). The form of Long-Term Stockholder Value Creation Program RSU agreement is filed as Exhibit 10.46 to this Annual Report on Form 10-K and is incorporated herein by this reference.

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The long-term incentive awards to each NEO were as follows:
	

	

	

	

	

	

	

	

	

	

	  
	  
	Time-Based
RSUs
	 
	  
	Performance-Based
RSUs
	 
	Long-Term Value Creation Program 
RSUs

	Colin V. Reed
	  
	 
	22,355
	  
	  
	 
	23,158
		47,059

	Mark Fioravanti
	  
	 
	9,000
	  
	  
	 
	9,000
	  
	15,882

	Patrick Chaffin
	  
	 
	4,000
	  
	  
	 
	4,000
	  
	8,382

	Scott Lynn
	  
	 
	3,500
	  
	  
	 
	3,500
	  
	7,059

	Jennifer Hutcheson
	  
	 
	2,500
	  
	  
	 
	2,500
	 
	4,500

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	III.
	Additional Information. The foregoing information is summary in nature. Additional information regarding the compensation of directors and named executive officers may be provided in the Company’s filings with the SEC, including the proxy statement to be filed in connection with the 2021 annual meeting of stockholders.

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