Document:

Amendment No. 2 to Loan and Servicing Agreement

 Exhibit 4.1 

AMENDMENT NO. 2 

TO 
 LOAN
AND SERVICING AGREEMENT 
 THIS AMENDMENT NO. 2 TO LOAN AND SERVICING AGREEMENT (this “Amendment”) dated as
of July 27, 2010, is entered into by and among Harley-Davidson Warehouse Funding Corp., a Nevada corporation (the “Borrower”), Harley-Davidson Credit Corp., a Nevada corporation (the “Servicer”), certain
commercial paper conduits party hereto (the “Conduit Lenders”), certain financial institutions party hereto as committed lenders (the “Committed Lenders” and together with the Conduit Lenders, the
“Lenders”), the financial institutions party hereto as administrative agents (the “Administrative Agents”), JPMorgan Chase Bank, N.A. (“JPMorgan”) and Citicorp North America, Inc., as syndication
agents (the “Syndication Agents”) and JPMorgan, as program agent (the “Program Agent”) and is made in respect of the Loan and Servicing Agreement dated as of April 30, 2009 among the Borrower, the Servicer, the
Lenders, the Administrative Agents, the Syndication Agents and the Program Agent (as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Loan Agreement”). Defined terms used herein
and not otherwise defined herein shall have the meaning given to them in the Loan Agreement as amended hereby. 
 WHEREAS, the
Borrower, the Servicer, the Lenders, the Administrative Agents, the Syndication Agents and the Program Agent have agreed to amend the Loan Agreement on the terms and conditions set forth herein; 

NOW, THEREFORE, in consideration of the premises set forth above, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Borrower, the Servicer, the Lenders, the Administrative Agents, the Syndication Agents and the Program Agent agree as follows: 

1. Amendments. Subject to the satisfaction of the conditions precedent set forth in Section 2 below, the Loan
Agreement is hereby amended as follows: 
 The definition of “Maturity Date” in
Section 1.01 of the Loan Agreement is amended to delete the date “July 28, 2010” therein and to substitute therefor the date “September 10, 2010”. 

2. Conditions Precedent. This Amendment shall become effective as of the date hereof upon the satisfaction of the following
conditions precedent: 
 (a) the Administrative Agents shall have received a copy of this Amendment duly executed by each party
hereto and acknowledged by each Hedge Counterparty; and 
 (b) the Administrative Agents shall have received such other
documents, instruments and agreements as such Administrative Agents may have reasonably requested. 

 3. Representations and Warranties of the Borrower and the Servicer. Each of the
Borrower and the Servicer, as to itself, hereby represents and warrants to the Program Agent, each Administrative Agent and the Lenders as of the date hereof that: 

(a) This Amendment and the Loan Agreement, as amended hereby, constitute the legal, valid and binding obligations of the Borrower and the
Servicer and are enforceable against the Borrower and the Servicer in accordance with their respective terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or
limiting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 

(b) Upon the effectiveness of this Amendment, each of the Borrower and the Servicer hereby reaffirms all representations and warranties
made by it in Article IV of the Loan Agreements, as amended, and agrees that all such representations and warranties shall be deemed to have been re-made as of the effective date of this Amendment, unless and to the extent that any such
representation and warranty is stated to relate solely to an earlier date, in which case such representation and warranty shall have been true and correct as of such earlier date. 

(c) As of the date hereof, no Event of Termination, Incipient Event of Termination, Early Amortization Event or Servicer Termination
Event has occurred and is continuing. 
 4. Reference to and Effect on the Loan Agreement. 

(a) Upon the effectiveness of Section 1 hereof, each reference in the Loan Agreement to “this Agreement”,
“hereunder”, “hereof”, “herein” or words of like import shall mean and be a reference to the Loan Agreement as amended hereby. 

(b) The Loan Agreement, as amended hereby, and all other documents, instruments and agreements executed and/or delivered in connection
therewith, shall remain in full force and effect until hereafter terminated in accordance with their respective terms, and the Loan Agreement and such documents, instruments and agreements are hereby ratified and confirmed. 

(c) Except as expressly provided herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any
right, power or remedy of the Program Agent, any Administrative Agent or any Lender, nor constitute a waiver of any provision of the Loan Agreement or any other documents, instruments and agreements executed and/or delivered in connection therewith.

 5. Costs and Expenses. The Borrower agrees to pay all costs, fees, and out-of-pocket expenses (including reasonable
attorneys’ fees) incurred by the Program Agent, each Syndication Agent and each Lender in connection with the preparation, execution and enforcement of this Amendment; provided that (a) the Borrower shall not be obligated to pay or
reimburse the costs and expenses of more than one primary law firm (and, in addition to such primary law firm, one local counsel engaged in each relevant jurisdiction by such primary law firm) serving as external counsel for all of the Program Agent
and the Syndication Agents in connection with such 
  

 2 

 
preparation and execution of this Amendment, and (b) the Borrower shall not be obligated to pay or reimburse the costs and expenses of more than one primary law firm (and, in addition to
such primary law firm, one local counsel engaged in each relevant jurisdiction by such primary law firm) serving as counsel for the Program Agent and the Syndication Agents and one primary law firm (and, in addition to such primary law firm, one
local counsel engaged in each relevant jurisdiction by such primary law firm) serving as counsel for all of the Lenders in connection with any such enforcement of this Amendment. 

6. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK. 
 7. Headings. Section headings in this Amendment are included herein for convenience of reference only and
shall not constitute a part of this Amendment for any other purpose. 
 8. Counterparts. This Amendment may be executed
by one or more of the parties to the Amendment on any number of separate counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart of a signature page to
this Amendment by facsimile (transmitted by telecopier or by email) shall be effective as delivery of a manually executed counterpart of this Amendment. 

[Remainder of page left intentionally blank] 
  

 3 

 IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed and delivered
by their duly authorized signatories as of the date first above written. 
  

					
	 HARLEY-DAVIDSON WAREHOUSE FUNDING

CORP., as Borrower

		
	By:	 	 /s/ Perry A. Glassgow

		 	Name:	 	Perry A. Glassgow
		 	Title:	 	 Vice President, Treasurer and Assistant

Secretary

	
	HARLEY-DAVIDSON CREDIT CORP., as Servicer
		
	By:	 	 /s/ Perry A. Glassgow

		 	Name:	 	Perry A. Glassgow
		 	Title:	 	Vice President and Treasurer

  

 Signature page to 

Amendment No. 2 to Loan and Servicing Agreement 

							
	 JPMorgan Chase Bank

Lender Group
	 		 	 JPMORGAN CHASE BANK, N.A.,

as Program Agent, as an Administrative Agent, as a

Syndication Agent and as a Committed Lender

		 		 
				
		 		 	By:	 	 /s/ Brian K. Honda

		 		 		 	Name: Brian K. Honda
		 		 		 	Title: Vice President
			
		 		 	 CHARIOT FUNDING LLC,

as a Conduit Lender

		 		 
				
		 		 	By:	 	 JPMorgan Chase Bank, N.A., its

Attorney-in-Fact

				
		 		 	By:	 	 /s/ Brian K. Honda

		 		 		 	Name: Brian K. Honda
		 		 		 	Title: Vice President

  

 Signature page to 

Amendment No. 2 to Loan and Servicing Agreement 

							
	 Citigroup North America

Lender Group
	 		 	 CITICORP NORTH AMERICA, INC.,

as an Administrative Agent and as a Syndication

Agent

				
		 		 	By:	 	 /s/ Karrie L. Truglia

		 		 		 	Name: Karrie L. Truglia
		 		 		 	Title: Vice President
			
		 		 	 CIESCO, LLC,
 as
a Conduit Lender

				
		 		 	By:	 	 Citicorp North America, Inc., its

as Attorney-in-Fact

				
		 		 	By:	 	 /s/ Karrie L. Truglia

		 		 		 	Name: Karrie L. Truglia
		 		 		 	Title: Vice President
			
		 		 	 CITIBANK, N.A.,

as a Committed Lender

				
		 		 	By:	 	 /s/ Karrie L. Truglia

		 		 		 	Name: Karrie L. Truglia
		 		 		 	Title: Vice President

  

 Signature page to 

Amendment No. 2 to Loan and Servicing Agreement 

									
	Deutsche Bank AG, New York	 		  	DEUTSCHE BANK AG, NEW YORK BRANCH,
	Branch Lender Group	 		  	 as an Administrative Agent and as a Committed

Lender

				
		 		  	By:	 	 /s/ Ozan Kaya

		 		  		 	Name:	 	Ozan Kaya
		 		  		 	Title:	 	Vice President
				
		 		  	By:	 	 /s/ Daniel Gerber

		 		  		 	Name:	 	Daniel Gerber
		 		  		 	Title:	 	Director
			
		 		  	SEDONA CAPITAL FUNDING CORP., LLC,
		 		  	as a Conduit Lender
				
		 		  	By:	 	 /s/ Doris J. Hearn

		 		  		 	Name:	 	Doris J. Hearn
		 		  		 	Title:	 	Vice President

  

 Signature page to 

Amendment No. 2 to Loan and Servicing Agreement 

									
	The Royal Bank of Scotland plc	 		 	THE ROYAL BANK OF SCOTLAND PLC,
	 Lender Group
	 		 	 as an Administrative Agent and as a Committed

Lender

				
		 		 	By:	 	RBS Securities Inc., as agent
				
		 		 	By:	 	 /s/ David Viney

		 		 		 	Name:	  	David Viney
		 		 		 	Title:	  	Managing Director
			
		 		 	AMSTERDAM FUNDING CORPORATION,
		 		 	as a Conduit Lender
				
		 		 	By:	 	 /s/ Jill A. Russo

		 		 		 	Name:	  	Jill A. Russo
		 		 		 	Title:	  	Vice President

 Signature page to 

 Amendment No. 2 to Loan and Servicing Agreement 

 

 CONSENT 

Each of the undersigned Hedge Counterparties consents to the foregoing Amendment No. 2 to the Loan Agreement and agrees, as contemplated in the
Schedule comprising part of its Hedge Agreement, that all terms in such Hedge Agreement that are defined by reference to the Loan Agreement shall be deemed to refer to such terms as amended hereby. 

 

					
	CITIBANK, N.A.,
	as a Hedge Counterparty
		
	By:	 	 /s/ Karrie L. Truglia

		 	Name:	 	Karrie L. Truglia
		 	Title:	 	Vice President
	
	 JPMORGAN CHASE BANK, N.A.

as a Hedge Counterparty

		
	By:	 	 /s/ Brian K. Honda

		 	Name:	 	Brian K. Honda
		 	Title:	 	Vice President
	
	 DEUTSCHE BANK AG, NEW YORK BRANCH,

as a Hedge Counterparty

		
	By:	 	 /s/ Steven Kessler

		 	Name:	 	Steven Kessler
		 	Title:	 	Director
		
	By:	 	 /s/ Kathleen Yohe

		 	Name:	 	Kathleen Yohe
		 	Title:	 	Director

  

 Consent to 

Amendment No. 2 to Loan and Servicing Agreement 

					
	THE ROYAL BANK OF SCOTLAND PLC,
	as a Hedge Counterparty
		
	By:	 	RBS Securities Inc., as agent
		
	By:	 	 /s/ David E. Wagner

		 	Name:	 	David E. Wagner
		 	Title:	 	Managing Director

 Consent to

 Amendment No. 2 to Loan and Servicing AgreementExhibit 10.1

 Exhibit 10.1 

TREX COMPANY, INC. 

AMENDED AND RESTATED 

1999 INCENTIVE PLAN FOR OUTSIDE DIRECTORS 

 TABLE OF CONTENTS 

 

													
	 	  	 	  	 	  	 	  	 	  	 	  	Page
					
	 1.
	  		  		  	DEFINITIONS	  	1
	 2.
	  		  		  	PURPOSE	  	3
	 3.
	  		  		  	SHARES SUBJECT TO THE PLAN	  	3
	 4.
	  		  		  	ANNUAL DIRECTOR AND COMMITTEE FEES	  	3
		  	4.1.	  		  		  	Annual Director Fee	  	3
		  		  	4.1.1	  		  		  	Cash Portion of Annual Director Fee	  	3
		  		  	4.1.2	  		  		  	Equity Portion of Annual Director Fee	  	3
		  	4.2.	  		  	Annual Committee Fee
	  	4
		  	4.3.	  		  	Election	  	4
		  	4.4	  		  	Proration	  	4
		  	4.5	  		  	Initial Grant upon Election to Board	  	5
	 5.
	  		  		  	GRANT DATE	  	5
	 6.
	  		  		  	OPTION/SAR PRICE	  	5
	 7.
	  		  		  	TERM OF OPTIONS/SARS	  	5
	 8.
	  		  		  	VESTING OF OPTIONS/SARS	  	5
		  	8.1	  		  	Options/SARs	  	5
		  	8.2.	  		  	Restricted Stock	  	6
	 9.
	  		  		  	SERVICE TERMINATION	  	6
		  	9.1	  		  	Options/SARs	  	6
		  	9.2	  		  	Restricted Stock	  	6
	 10.
	  		  		  	ELECTION TO RECEIVE ADDITIONAL OPTIONS OR SARS	  	6
		  	10.1.	  		  		  		  	Election Form	  	6
		  	10.2.	  		  		  		  	Time for Filing Election Form	  	7
	 11.
	  		  		  	ADMINISTRATION	  	7
		  	11.1.	  		  		  		  	Committee	  	7
		  	11.2.	  		  		  		  	Rules for Administration	  	7
		  	11.3.	  		  		  		  	Committee Action	  	7
		  	11.4.	  		  		  		  	Delegation	  	7
		  	11.5.	  		  		  		  	Services	  	7
		  	11.6.	  		  		  		  	Indemnification	  	8
	 12.
	  		  		  	AMENDMENT AND TERMINATION	  	8
	 13.
	  		  		  	GENERAL PROVISIONS	  	8
		  	13.1.	  		  		  		  	Limitation of Rights	  	8
		  	13.2.	  		  		  		  	No Rights as Stockholders	  	8
		  	13.3.	  		  		  		  	Rights as a Non-Employee Director	  	8
		  	13.4.	  		  		  		  	Assignment, Pledge or Encumbrance	  	8
		  	13.5.	  		  		  		  	Binding Provisions	  	8
		  	13.6.	  		  		  		  	Notices	  	9
		  	13.7.	  		  		  		  	Governing Law	  	9
		  	13.8.	  		  		  		  	Withholding	  	9
		  	13.9.	  		  		  		  	Effective Date	  	9

  

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	1.	DEFINITIONS 

 To the
extent any capitalized words used in this Plan are not defined, they shall have the definitions stated for them in the Trex Company, Inc. 2005 Stock Incentive Plan. 

1.1 “Annual Director Fee” means an annual fee earned by an Eligible Director for service on the Board of Directors.

 1.2 “Annual Committee Fee” means an annual fee earned by an Eligible Director for service on various
committees of the Board of Directors. 
 1.3 “Board of Directors” or “Board” means the Board of
Directors of the Company. 
 1.4 “Cash Portion of the Annual Director Fee” means the portion of the Annual
Director Fee to be received in cash, or if elected by the Eligible Director, in Options or SARs and Restricted Stock, as provided in Sections 4.1.1 and 4.3 hereof. 

1.5 “Committee” means the Nominating/Corporate Governance Committee which administers the Plan. 

1.6 “Common Stock” means the common stock, par value $0.01 per share, of the Company. 

1.7 “Company” means Trex Company, Inc., a Delaware corporation, or any successor thereto. 

1.8 “Election Form” means the form used by an Eligible Director to elect to receive all or a portion of the Cash Portion
of the Annual Director Fee and the Annual Committee Fee for a Plan Year in the form of Options or SARs and Restricted Stock. 

1.9 “Eligible Director” for each Plan Year means a member of the Board of Directors who is not an employee of the Company
or any Subsidiary. 
 1.10 “Fair Market Value” means the closing price of a share of Common Stock reported on
the New York Stock Exchange (the “NYSE”) on the date Fair Market Value is being determined, provided that if there is no closing price reported on such date, the Fair Market Value of a share of Common Stock on such date shall be deemed
equal to the closing price as reported by the NYSE for the last preceding date on which sales of shares of Common Stock were reported. Notwithstanding the foregoing, in the event that the shares of Common Stock are listed upon more than one
established stock exchange, “Fair Market Value” means the closing price of the shares of Common Stock reported on the exchange that trades the largest volume of shares of Common Stock on the date Fair Market Value is being determined. If
the Common Stock is not at the time listed or admitted to trading on a stock exchange, Fair Market Value means the mean between the lowest reported bid price and highest reported asked price of the Common Stock on the date in question in the
over-the-counter market, as such prices are reported in a publication of general circulation selected by the Board and regularly reporting the market 

 

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price of Common Stock in such market. If the Common Stock is not listed or admitted to trading on any stock exchange or traded in the over-the-counter market, Fair Market Value shall be as
determined in good faith by the Board. 
 1.11 “Grant Date” has the meaning set forth in Section 5 hereof.

 1.12 “Option” means a non-qualified Option granted pursuant to the Trex Company, Inc. 2005 Stock Incentive
Plan as may be amended from time to time. 
 1.13 “Option Agreement” means the written agreement between the
Company and the Participant that evidences and sets out the terms and conditions of the Option. 
 1.14 “Equity Portion
of the Annual Director Fee” means the portion of the Annual Director Fee to be received in Options or SARs and Restricted Stock, as provided in Section 4.1.2 hereof. 

1.15 “Option Price” means the purchase price for each share of Common Stock subject to an Option. 

1.16 “Participant” for any Plan Year means an Eligible Director who participates in the Plan for that Plan Year in
accordance with Section 10.1 hereof. 
 1.17 “Plan” means the Trex Company, Inc. Amended and Restated 1999
Incentive Plan for Outside Directors as set forth herein and as amended from time to time. 
 1.18 “Plan Year”
means the twelve-month period beginning on July 1 and ending on June 30. 
 1.19 “Restricted Stock”
means shares of Common Stock, issued pursuant to the Trex Company, Inc. 2005 Stock Incentive Plan as may be amended from time to time. 

1.20 “Restricted Stock Agreement” means the written agreement between the Company and the Participant that evidences and
sets out the terms and conditions of the Restricted Stock. 
 1.21 “SAR Agreement” means the written agreement
between the Company and the Participant that evidences and sets out the terms and conditions of the SARs. 
 1.22 “Stock
Appreciation Right” or “SAR” means a right granted pursuant to, and in accordance with the terms of, the Trex Company, Inc. 2005 Stock Incentive Plan to receive, upon exercise thereof, the excess of (x) the Fair Market
Value of one share of Common Stock on the date of exercise over (y) the grant price of the SAR, determined pursuant to Section 6 hereof. 

1.23 “SAR Price” means the grant price of the SAR. 

 

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 1.24 “Subsidiary” means any “subsidiary corporation” of the
Company within the meaning of Section 424(f) of the Internal Revenue Code of 1986, as amended. 
  

	2.	PURPOSE 

 The purpose of
the Plan is to compensate Eligible Directors for service on the Board of Directors and various committees of the Board, and to provide an incentive for Eligible Directors to increase their equity holdings in the Company so that the financial
interests of the Eligible Directors shall be more closely aligned with the financial interests of the Company’s stockholders. 
  

	3.	SHARES SUBJECT TO THE PLAN 

The shares of Common Stock issuable under the Plan shall be issued pursuant to the Trex Company, Inc. 2005 Stock Incentive Plan.

  

	4.	ANNUAL DIRECTOR AND COMMITTEE FEES 

  

	 	4.1	Annual Director Fee 

 Each
Eligible Director shall be entitled to an Annual Director Fee, which may be adjusted by the Board from time to time, as follows: 

4.1.1 Cash Portion of the Annual Director Fee. Each Eligible Director shall receive the amount of twenty seven thousand five
hundred dollars ($27,500), plus one thousand dollars ($1,000) for each Board meeting that the Eligible Director attends personally, and five hundred dollars ($500) for each Board meeting that the Eligible Director participates in telephonically
(collectively, the “Cash Portion of the Annual Director Fee”). The Cash Portion of the Annual Director Fee (after reduction pursuant to Section 4.3 hereof, if any) shall be paid to an Eligible Director in four equal quarterly
installments in arrears on the first business day following the end of each quarter of the Plan Year in which the Eligible Director provided services to the Company. Notwithstanding the foregoing, (a) any Eligible Director who serves as
Chairman of the Board shall receive the amount of fifty four thousand dollars ($54,000) in lieu of the $27,500 payment referred to above, and (b) any Eligible Director that serves as Lead Independent Director shall receive the amount of twelve
thousand five hundred dollars ($12,500) in addition to the $27,500 payment referred to above, with all other provisions of this subsection being applicable to such Eligible Director(s). 

4.1.2 Equity Portion of the Annual Director Fee. Each Eligible Director shall receive (a) either Options or SARs valued at fifteen
thousand dollars ($15,000), and (b) Restricted Stock valued at fifteen thousand dollars ($15,000), (collectively, the “Equity Portion of the Annual Director Fee”). The number of Options or SARs granted shall be determined by dividing
$15,000 by the value of each Option or SAR on the grant date as determined pursuant to the methodology then in use by the Company’s Finance Department to value Options and SARs granted pursuant to the Trex Company, Inc. 2005 Stock Incentive
Plan. The form of the grant (either Options or SARs, or some combination) shall be determined by the Board prior to the 

 

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Grant Date. The number of shares of Restricted Stock shall be determined by dividing $15,000 by the Fair Market Value of a share of Common Stock on the grant date. The Equity Portion of the
Annual Director Fee shall be paid in arrears as provided in Section 5 below. Notwithstanding the foregoing, any Eligible Director who serves as Chairman of the Board shall receive the amount of $25,361, payable in cash, in lieu of the equity
grants referred to above, with such amount payable in arrears at the same time as equity payments described in this subsection are due to other Eligible Directors as provided in Section 5 below. 

 

	 	4.2	Annual Committee Fee 

Each Eligible Director shall be entitled to an Annual Committee Fee, which may be adjusted by the Board from time to time, as follows
(a) twelve thousand five hundred dollars ($12,500) for the Audit Committee Chairman, (b) six thousand five hundred dollars ($6,500) for each Audit Committee member (other than the Chairman), (c) seven thousand five hundred dollars
($7,500) for the Nominating/Corporate Governance Committee Chairman and the Compensation Committee Chairman, (d) four thousand dollars ($4,000) for each Compensation Committee member (other than the Chairman), and (e) three thousand five
hundred dollars ($3,500) for each Nominating/Corporate Governance Committee member (other than the Chairman). In addition, each Eligible Director shall receive one thousand dollars ($1,000) for each Committee meeting that the Eligible Director
attends personally not held in conjunction with a Board of Directors meeting, and five hundred dollars ($500) for each Committee meeting that the Eligible Director participates in telephonically not held in conjunction with a Board of Directors
meeting. The Annual Committee Fee shall be paid to an Eligible Director in four equal quarterly installments in arrears on the first business day following each quarter of the Plan Year in which the Eligible Director served on the applicable
committee(s). 
  

	 	4.3	Election 

 Pursuant to
Section 10 hereof, an Eligible Director may elect to receive all or a portion of the Cash Portion of the Annual Director Fee and the Annual Committee Fee in the form of (a) Options or SARs equal to fifty percent (50%) of the value and
(b) Restricted Stock equal to fifty percent (50%) of the value. The value of such Options or SARs shall be determined pursuant to the methodology then in use by the Company’s Finance Department to value Options and SARs granted
pursuant to the Trex Company, Inc. 2005 Stock Incentive Plan. The Board shall determine whether payment is made in the form of Options or SARs, or some combination, prior to the Grant Date. The value of a share of Restricted Stock shall be equal to
the Fair Market Value of a share of Common Stock on the grant date. 
  

	 	4.4	Proration 

 The Cash
Portion of the Annual Director Fee, the Equity Portion of the Annual Director Fee and the Annual Committee Fee shall be prorated for any partial periods served. 
  

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	 	4.5	Initial Grant upon Election to Board 

Upon initial election to the Board (but not subsequent re-elections), each Eligible Director shall receive Options or SARs valued at
twenty eight thousand eight hundred dollars ($28,800), with the number of Options or SARs granted being determined by dividing such amount by the value of each Option or SAR on the grant date as determined pursuant to the methodology then in use by
the Company’s Finance Department to value Options and SARs granted pursuant to the Trex Company, Inc. 2005 Stock Incentive Plan. The form of the grant (either Options or SARs, or some combination) shall be determined by the Board prior to the
Grant Date. 
  

	5.	GRANT DATE 

 The date of
grant for the Equity Portion of the Annual Director Fee shall be the date of the first regularly scheduled Board of Directors’ Meeting following the end of each Plan Year in which the Eligible Director provided services to the Company, and the
date of grant for SARs or Options, as the case may be, and Restricted Stock, issued in lieu of the Cash Portion of the Annual Director Fee and the Annual Committee Fee, as provided in Section 10 hereof, shall be the date such Fees would
otherwise be due (each of such dates being referred to as the “Grant Date”). 
  

	6.	OPTION/SAR PRICE 

 The
Option Price or SAR Price of Common Stock covered by each SAR or Option, as the case may be, granted under the Plan shall be the Fair Market Value of such Common Stock on the Grant Date. 

 

	7.	TERM OF OPTIONS/SARS 

Each Option or SAR, as the case may be, granted under the Plan shall terminate, and all rights to purchase shares of Common Stock
thereunder shall cease, upon the expiration of ten years (eleven years if the service of the Participant as a director of the Company shall terminate due to death in the tenth year of the Option or SAR term) from the date such Option or SAR is
granted. 
  

	8.	VESTING OF OPTIONS/SARS AND RESTRICTED STOCK 

  

	 	8.1	Options/SARs 

 Each Option
or SAR, as the case may be, granted hereunder shall be exercisable in respect of 100 percent (100%) of the number of shares covered by the grant on the date of the grant of such Option or SAR. Any limitation on the exercise of an Option or SAR
contained in any Option or SAR Agreement may be rescinded, modified or waived by the Committee, in its sole discretion, at any time and from time to time after the date of grant of such Option or SAR. The Option or SAR, as the case may be, shall be
exercisable, in whole or in part, at any time and from time to time, prior to the termination of the Option or SAR; provided, that no single 

 

 -5- 

 
exercise of the Option or SAR shall be for less than 100 shares, unless the number of shares purchased is the total number at the time available for purchase under the Option or SAR. 

 

	 	8.2	Restricted Stock 

 Except
as otherwise provided in the Restricted Stock Agreement, each share of Restricted Stock will vest on the first anniversary of the grant, provided that such Restricted Stock has not been forfeited as provided in Section 9.2 below. 

 

	9.	SERVICE TERMINATION 

  

	 	9.1	Options/SARs 

 Except as
otherwise provided in the Option or SAR Agreement, upon the termination of service (a “Service Termination”) of the Participant as a director of the Company for any reason, the Participant shall have the right, at any time within five
years after the date of such Participant’s Service Termination and prior to termination of the Option or SAR pursuant to Section 7 hereof, to exercise any Option or SAR held by such Participant at the date of such Participant’s
Service Termination. After the termination of the Option or SAR, the Participant shall have no further right to purchase shares of Common Stock pursuant to such Option or SAR. 

 

	 	9.2	Restricted Stock 

 Except
as otherwise provided in the Restricted Stock Agreement, (a) in the event of a Service Termination of a Participant due to death, “permanent and total disability” (within the meaning of Section 22(e)(3) of the Code), or
retirement effective at the end of an applicable three-year term, any unvested Restricted Stock held by such Participant shall immediately vest, and (b) in the event of a Service Termination for any other reason, any unvested Restricted Stock
held by such Participant shall immediately be deemed forfeited. 
  

	10.	ELECTION TO RECEIVE ADDITIONAL OPTIONS OR SARS AND RESTRICTED STOCK 

 

	 	10.1	Election Form 

 A
Participant who wishes to receive all or any portion of the Cash Portion of the Annual Director Fee and the Annual Committee Fee in the form of Options or SARs and Restricted Stock shall file an Election Form with the Company, in the form and manner
prescribed by the Committee. Filing of a completed Election Form will authorize the Company to issue Options or SARs, at the election of the Board, and Restricted Stock, to the Participant in lieu of all or any portion of the Cash Portion of the
Annual Director Fee and the Annual Committee Fee, in accordance with the Participant’s instructions on the Election Form. Options or SARs and Restricted Stock issued pursuant to an election made under this Section 10 shall vest in
accordance with the schedule set forth in Section 8 hereof. 
  

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	 	10.2	Time for Filing Election Form 

An Election Form shall be completed and filed by each newly elected Eligible Director within thirty (30) days after the
Participant’s election to the Board, and elections under the Plan made by a newly elected Eligible Director shall apply to the Participant’s Annual Director Fee and Annual Committee Fee for the remainder of the Plan Year and subsequent
Plan Years unless and until a new Election Form is submitted by an Eligible Director to the Corporate Secretary. Notwithstanding the foregoing, a new Election Form may be submitted by each Eligible Director no more than once each Plan Year, and any
new election shall not be effective until the start of the next calendar year. 
  

	11.	ADMINISTRATION 

  

	 	11.1	Committee 

 The general
administration of the Plan and the responsibility for carrying out its provisions shall be placed in the Nominating/Corporate Governance Committee. 
  

	 	11.2	Rules for Administration 

Subject to the limitations of the Plan, the Committee may from time to time establish such rules and procedures for the administration and
interpretation of the Plan and the transaction of its business as the Committee may deem necessary or appropriate. The determination of the Committee as to any disputed question relating to the administration and interpretation of the Plan shall be
conclusive. 
  

	 	11.3	Committee Action 

 Any act
which the Plan authorizes or requires the Committee to do may be done by a majority of its members. The action of such majority, expressed from time to time by a vote at a meeting (i) in person, or (ii) by telephone or other means by which
all members can hear one another shall have the same effect for all purposes as if assented to by all members of the Committee at the time in office. The Committee may also act without a meeting by unanimous written consent. 

 

	 	11.4	Delegation 

 The members
of the Committee may authorize one or more of their number to execute or deliver any instrument, make any payment or perform any other act which the Plan authorizes or requires the Committee to do. 

 

	 	11.5	Services 

 The Committee
may employ or retain agents to perform such clerical, accounting and other services as it may require in carrying out the provisions of the Plan. 
  

 -7- 

	 	11.6	Indemnification 

 The
Company shall indemnify and save harmless each member of the Committee against all expenses and liabilities arising out of membership on the Committee, other than expenses and liabilities arising from the such member’s own gross negligence or
willful misconduct, as determined by the Board of Directors. 
  

	12.	AMENDMENT AND TERMINATION 

The Company, by action of the Board of Directors or the Committee, may at any time or from time to time modify or amend any or all of the
provisions of the Plan, or may at any time terminate the Plan. No such action shall adversely affect the accrued rights of any Participant hereunder without the Participant’s consent thereto. 

 

	13.	GENERAL PROVISIONS 

  

	 	13.1	Limitation of Rights 

 No
Participant shall have any right to any payment or benefit hereunder except to the extent provided in the Plan. 
  

	 	13.2	No Rights as Stockholders 

Nothing contained in this Plan shall be construed as giving any Participant rights as a stockholder of the Company. 

 

	 	13.3	Rights as a Non-Employee Director 

Nothing contained in this Plan shall be construed as giving any Participant a right to be retained as a non-employee director of the
Company. 
  

	 	13.4	Assignment, Pledge or Encumbrance 

No assignment, pledge or other encumbrance of any payments or benefits under the Plan shall be permitted or recognized and, to the extent
permitted by law, no such payments or benefits shall be subject to legal process or attachment for the payment of any claim of any person entitled to receive the same, except to the extent such assignment, pledge or other encumbrance is in favor of
the Company to secure a loan or other extension of credit from the Company to the Participant. 
  

	 	13.5	Binding Provisions 

 The
provisions of this Plan shall be binding upon each Participant as a consequence of the Participant’s election to participate in the Plan, upon the Company, upon the Participant’s heirs, executors and administrators and upon the successors
and assigns of the Participant and the Company. 
  

 -8- 

	 	13.6	Notices 

 Any election
made or notice given by a Participant pursuant to the Plan shall be in writing to the Committee or to such representative thereof as may be designated by the Committee for such purpose and shall be deemed to have been made or given on the date
received by the Committee or its representative. 
  

	 	13.7	Governing Law 

 The
validity and interpretation of the Plan and of any of its provisions shall be construed under the laws of the State of Delaware without giving effect to the choice of law provisions thereof. 

 

	 	13.8	Withholding 

 The Company
shall have the right to deduct from the amounts distributable hereunder any federal, state or local taxes required by law to be withheld with respect to such distributions, and such additional amounts of withholding as are reasonably requested by
the Participant. 
  

	 	13.9	Effective Date 

 This Plan
shall be effective as of March 12, 1999. The Plan was amended and restated effective May 14, 2002, October 24, 2003, July 27, 2004, February 10, 2005, July 21, 2005, February 8,
2006, July 20, 2006 and November 12, 2007. The Plan was amended on May 5, 2010 and July 20, 2010. 
  

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