Document:

EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 1 TO FIFTH AMENDED AND RESTATED CREDIT AGREEMENT 

AMENDMENT NO. 1 TO FIFTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”), dated as of May 23, 2017, relating to
the Fifth Amended and Restated Credit Agreement, dated as of May 11, 2017 (as amended, supplemented or otherwise modified prior to the date hereof, the “Existing Credit Agreement”), among RHP HOTEL PROPERTIES, LP, a Delaware
limited partnership, (together with any permitted successors and assigns, the “Borrower”), RYMAN HOSPITALITY PROPERTIES, INC. (the “Parent”), the GUARANTORS from time to time party thereto, the PLEDGORS from time to
time party to the Pledge Agreement (as defined in the Existing Credit Agreement) (the “Pledgors”), the CLOSING DATE TERM LOAN LENDERS from time to time party thereto, the REVOLVING CREDIT LENDERS from time to time party thereto, and
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”). This Agreement, from and after the Amendment No. 1 Effective Date (as herein defined), is the “Closing Date Term Loan
Amendment” contemplated by the Existing Credit Agreement and is a “Loan Document” thereunder. 
 RECITALS 

WHEREAS, the Borrower has requested that (i) the Closing Date Term Loan Facility be increased from $0 to $200,000,000 in accordance with
Section 5.03 of the Existing Credit Agreement, (ii) the maturity dates for the Revolving Credit Facility be extended, (iii) the Applicable Margin for the increased Closing Date Term Loan Facility be set forth,
(iv) the Applicable Margin with respect to the Revolving Credit Facility be reduced, and (v) certain provisions of the Existing Credit Agreement related thereto be amended; 

WHEREAS, pursuant to Section 11.01 of the Existing Credit Agreement, the Parent, the Borrower, the Loan Parties, all
of the Closing Date Term Loan Lenders and all of the Revolving Credit Lenders (representing the entire Class of Lenders affected by this Agreement as required pursuant to Section 11.01 of the Existing Credit
Agreement)(the “Affected Lenders”), and the Administrative Agent, agree to amend the Existing Credit Agreement on the terms set forth herein, and the Closing Date Term Loan Lenders are willing to increase the Closing Date Term Loan
Facility available to Borrower on the terms and conditions set forth herein and in the First Amended Credit Agreement (as herein defined); and 

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 Credit Agreement. The rules of interpretation set forth in Section 1.02 of the Existing Credit 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 Credit Agreement shall, after this Agreement becomes effective, refer to the Existing Credit Agreement as amended hereby. For the avoidance of doubt, from and after the Amendment No. 1 Effective Date, any
references to “date hereof” or “date of this agreement” in the Existing Credit Agreement shall continue to refer to May 11, 2017. 

 SECTION 2. Closing Date Term Loan Facility. Subject to and upon the terms and conditions
set forth herein, on the Amendment No. 1 Effective Date, the Closing Date Term Loan Lenders agree to make the Closing Date Term Loans available to Borrower in the amount of each Lender’s Closing Date Term Loan Commitment in accordance with
Section 2.01(b) of the First Amended Credit Agreement. 
 SECTION 3. Amendments to the Credit Agreement. The Existing Credit
Agreement is, effective as of the Amendment No. 1 Effective Date, hereby amended as follows (the Existing Credit Agreement, as so amended, the “First Amended Credit Agreement”): 

(a) Section 1.01 of the Existing Credit Agreement is hereby amended by replacing the defined terms
set forth below with the definitions set forth herein: 
 “Applicable Margin” means, 

(a) in the case of Revolving Loans and Letters of Credit Fees, subject to the conditions below, the percentages per annum set
forth below, based upon the Consolidated Funded Indebtedness to Total Asset Value Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 7.02(b): 

 

											
	 Pricing Tier
	  	 Consolidated Funded

Indebtedness to Total Asset

Value Ratio
	  	Applicable Margin
for Revolving Loans
or Letter of Credit
Fees that are
Eurodollar Rate
Loans	 	 	Applicable
Margin for
Revolving
Loans or
Letter of
Credit Fees
that are
Base Rate
Loans	 
	 I
	  	< 40.0%	  	 	1.55	% 	 	 	0.55	% 
	 II
	  	> 40.0% and < 45.0%	  	 	1.60	% 	 	 	0.60	% 
	 III
	  	> 45.0% and < 50.0%	  	 	1.80	% 	 	 	0.80	% 
	 IV
	  	> 50.0% and < 55.0%	  	 	2.00	% 	 	 	1.00	% 
	 V
	  	> 55.0% and < 60.0%	  	 	2.15	% 	 	 	1.15	% 
	 VI
	  	> 60.0%	  	 	2.40	% 	 	 	1.40	% 

 Any increase or decrease in the Applicable Margin for the Revolving Loans or Letter of Credit
Fees resulting from a change in the Consolidated Funded Indebtedness to Total Asset Value Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is required to be delivered pursuant to
Section 7.02(b); provided, however, that if a Compliance Certificate is not delivered when due in accordance with such 

  
 2 

 
Section, then Pricing Tier VI shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and shall continue to apply until
the first Business Day immediately following the date a Compliance Certificate is delivered in accordance with Section 7.02(b), whereupon the Applicable Margin shall be adjusted based upon the calculation of the
Consolidated Funded Indebtedness to Total Asset Value Ratio contained in such Compliance Certificate. Notwithstanding anything in this definition to the contrary, the determination of the Applicable Margin for any period shall be subject to the
provisions of Section 2.10(b). 
 (b) in the case of Closing Date Term Loans, subject to the
conditions below, the percentages per annum set forth below, based upon the Consolidated Funded Indebtedness to Total Asset Value Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to
Section 7.02(b): 
  

											
	 Pricing Tier
	  	 Consolidated Funded

Indebtedness to Total Asset

Value Ratio
	  	Applicable Margin
for Closing Date
Term Loans that are
Eurodollar Rate
Loans	 	 	Applicable
Margin for
Closing
Date Term
Loans that
are Base
Rate Loans	 
	 I
	  	< 40.0%	  	 	1.50	% 	 	 	0.50	% 
	 II
	  	> 40.0% and < 45.0%	  	 	1.55	% 	 	 	0.55	% 
	 III
	  	> 45.0% and < 50.0%	  	 	1.75	% 	 	 	0.75	% 
	 IV
	  	> 50.0% and < 55.0%	  	 	1.95	% 	 	 	0.95	% 
	 V
	  	> 55.0% and < 60.0%	  	 	2.10	% 	 	 	1.10	% 
	 VI
	  	> 60.0%	  	 	2.35	% 	 	 	1.35	% 

 Any increase or decrease in the Applicable Margin for the Closing Date Term Loans resulting
from a change in the Consolidated Funded Indebtedness to Total Asset Value Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is required to be delivered pursuant to
Section 7.02(b); provided, however, that if a Compliance Certificate is not delivered when due in accordance with such Section, then Pricing Tier VI shall apply as of the first Business Day after the date on
which such Compliance Certificate was required to have been delivered and shall continue to apply until the first Business Day immediately following the date a Compliance Certificate is delivered in accordance with
Section 7.02(b), whereupon the Applicable Margin shall be adjusted based upon the calculation of the Consolidated Funded Indebtedness to Total Asset Value Ratio contained in such Compliance Certificate. Notwithstanding
anything in this definition to the contrary, the determination of the Applicable Margin for any period shall be subject to the provisions of Section 2.10(b). 

  
 3 

 (c) in the case of Tranche B Term Loans, (i) the Applicable Margin for
Tranche B Term Loans that are Eurodollar Rate Loans shall be 2.25%, and (ii) the Applicable Margin for Tranche B Term Loans that are Base Rate Loans shall be 1.25%. 

“Appraised Value” means, as of any date of determination, for each Borrowing Base Property existing as of such
date, the most-recently obtained “as-is” appraised value (or, if greater, the “hypothetical as if stabilized” appraised value, if applicable), of such Borrowing Base Property as set forth
in an appraisal in form and substance acceptable to the Administrative Agent (in its discretion) and prepared by an appraiser acceptable to the Administrative Agent (in its discretion); provided, however, that (a) the “Appraised
Value” for any Borrowing Base Property which is the subject of a Substantial Casualty or Substantial Condemnation and which is being rebuilt, reconstructed and restored pursuant to the terms of Section 7.07 hereof shall, following the
receipt by the Administrative Agent of any new “as completed” appraisal pursuant to Section 7.12 hereof and prior to the receipt by the Administrative Agent of a new “as-is” appraisal
of such Property following the completion of the applicable rebuilding, reconstruction and restoration, equal the “as-completed” appraised value of such Borrowing Base Property, (b) if as of the
Stabilization Date for any Borrowing Base Property (as specified in such appraisal for such Borrowing Base Property), the trailing twelve (12) month net operating income for such Borrowing Base Property is within five percent (5%) of the net
operating income projected by such appraisal in its determination of the “as stabilized” value for such Borrowing Base Property, then the “as stabilized” value reflected in such appraisal and (c) the “Appraisal
Value” for any Borrowing Base Property shall be reduced by the value of any personal property related thereto that is transferred in accordance with the terms hereof. 

“Closing Date Term Loan Commitment” means, as to any Lender, the obligation of such Lender, if any, to make a
Closing Date Term Loan to the Borrower pursuant to Section 2.01(b). The original aggregate principal amount of the Closing Date Term Loan Commitments of all Lenders in effect on the Closing Date Term Loan Funding Date is TWO HUNDRED MILLION
DOLLARS ($200,000,000.00). 
 “Closing Date Term Loan Maturity Date” means May 23, 2022. 

“Closing Date Term Loans” has the meaning specified in Section 2.01(b). As of the Closing Date Term
Loan Funding Date, the outstanding principal amount of the Closing Date Term Loans is TWO HUNDRED MILLION DOLLARS ($200,000,000). 

“First Extended Revolving Credit Maturity Date” means November 23, 2021. 

“Original Revolving Credit Maturity Date” means May 23, 2021. 

“Second Extended Revolving Credit Maturity Date” means May 23, 2022. 

(b) Schedule 2.01 of the Existing Credit Agreement is hereby replaced with Schedule 2.01 attached hereto. 

  
 4 

 SECTION 4. Conditions to the Extension of the increased Closing Date Term Loan Facility.
This Agreement shall become effective as of the first date (the “Amendment No. 1 Effective Date”, which, for the avoidance of doubt, shall be the “Closing Date Term Loan Funding Date” referenced in the
Existing Credit Agreement) when each of the following conditions shall have been satisfied or waived in writing by the Administrative Agent: 

(a) Representations and Warranties. The representations and warranties of the Borrower and each other Loan Party contained in Article
VI of the Existing Credit 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 to an
earlier date, in which case they shall be true and correct as of such earlier date, and except that for purposes of this Agreement, the representations and warranties contained in subsections (a) and (b) of
Section 6.05 of the Existing Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 7.01. 

(b) No Default. No Default shall exist, or would result from, the funding of the Closing Date Term Loans. 

(c) Mortgage Modifications. To the extent required by the Administrative Agent, the Borrower shall have executed and delivered updated
Mortgage Modifications, in form and substance reasonably satisfactory to the Administrative Agent, reflecting changes necessitated by the execution of this Agreement as an amendment to the Mortgage Instruments. 

(d) Notes. The Borrower shall have executed and delivered new Notes to any Affected Lenders requesting new Notes in connection herewith.

 (e) This Agreement. The Administrative Agent shall have received executed counterparts hereof that, when taken together, bear the
signatures of the Loan Parties, the Guarantors, the Affected Lenders, and the Administrative Agent. 
 (f) Request for Credit
Extension. The Administrative Agent shall have received a Request for Credit Extension with respect to the Closing Date Term Loans. 

(g) Officer’s Certificates. The Administrative Agent shall have received a certificate or certificates executed by a Responsible
Officer of the Borrower as of the Amendment No. 1 Effective Date, in form and substance satisfactory to the Administrative Agent, stating that (A) the applicable conditions specified herein and in Sections 5.02 of
the Amended Credit Agreement have been satisfied, (B) each Loan Party is in compliance with all existing financial obligations, (C) all material governmental, shareholder and third party consents and approvals, if any, with respect to the
Loan Documents executed and delivered in connection with this Agreement and the transactions contemplated thereby have been obtained (and attaching copies thereof), and (D) that no action, suit, investigation or proceeding is pending or
threatened in any court or before any arbitrator or governmental instrumentality that purports to affect any Loan Party or any transaction contemplated by the Loan Documents executed and delivered in connection with this Agreement, if such action,
suit, investigation or proceeding could reasonably be expected to have a Material Adverse Effect. 

  
 5 

 (h) Fees and Expenses. The Borrower shall have paid all fees required in connection with
the closing of the Existing Credit Agreement and the funding of the Closing Date Term Loans and all costs and expenses (including attorneys’ costs and fees) incurred by the Administrative Agent in documenting or implementing same. 

(i) Attorney Costs. The Borrower shall have paid all reasonable fees, charges and disbursements of counsel of the Administrative Agent
to the extent invoiced prior to or on the Amendment No. 1 Effective Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred
or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent). 

SECTION 5. Reaffirmation. By signing this Agreement, each Loan Party hereby confirms that this Agreement shall not effect a
novation of any of the obligations of the Loan Parties under the Existing Credit Agreement, which obligations continue in full force and effect as set forth in the First Amended Credit Agreement, and each Loan Party and each Pledgor acknowledges and
confirms that the obligations of the Loan Parties under the Existing Credit Agreement as modified or supplemented hereby (including with respect to the Closing Date Term Loans contemplated by this Agreement) and the Loan Parties and the Pledgors
under the other Loan Documents (i) are entitled to the benefits of the guarantees, pledge of and/or grant of the security interests set forth or created in the Collateral Documents and the other Loan Documents, (ii) constitute
“Obligations” and “Secured Obligations” or other similar term for purposes of the First Amended Credit Agreement, the Collateral Documents and all other Loan Documents, (iii) notwithstanding the effectiveness of the terms
hereof, the Collateral Documents and the other Loan Documents are, and shall continue to be, in full force and effect and are hereby ratified and confirmed in all respects. Each Loan Party and each Pledgor hereby ratifies and confirms that all Liens
granted, conveyed, or assigned to the 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 6. Applicable Law; Jurisdiction; Venue. 

(a) GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 

(b) SUBMISSION TO JURISDICTION. THE BORROWER, EACH PLEDGOR AND EACH OTHER LOAN PARTY 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

  
 6 

 
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 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 THE ADMINISTRATIVE AGENT, ANY LENDER OR THE JOINT LEAD ARRANGERS MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER, ANY PLEDGOR OR ANY OTHER
LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 
 (c) WAIVER OF VENUE. THE BORROWER, EACH PLEDGOR AND EACH OTHER LOAN
PARTY 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 (B) 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. 
 (d) 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 7. Credit 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 the Administrative Agent under the Existing Credit Agreement or any other Loan Document, and shall not alter, modify, amend
or in any way 

  
 7 

 
affect any of the terms, conditions, obligations, covenants or agreements contained in the Existing Credit 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 Credit Agreement or any other Loan Document in similar or different circumstances. 
 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 9. Miscellaneous. This Agreement shall constitute an amendment of the Existing Credit Agreement. The
Borrower shall pay all reasonable fees, costs and expenses of the Administrative Agent incurred in connection with the negotiation, preparation and execution of this Agreement and the transactions contemplated hereby. 

[Remainder of this page intentionally left blank] 

  
 8 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered as of the date first above written. 
  

									
	BORROWER AND PLEDGOR:
		
		 	RHP HOTEL PROPERTIES, LP,
		 	a Delaware limited partnership, as Borrower and as a Pledgor
			
		 	        By:	 	RHP Partner, LLC,
		 		 	a Delaware limited liability company,
		 		 	its general partner
				
		 		 	        By:	 	         /s/ Mark Fioravanti

		 		 		 	        Mark Fioravanti
		 		 		 	        Vice President

  

									
	GUARANTORS AND PLEDGORS:
	
	    RYMAN HOSPITALITY PROPERTIES, INC.,
	    a Delaware corporation, as a Guarantor and a     Pledgor
			
		 	By:	 	     /s/ Mark Fioravanti

		 		 	Mark Fioravanti
		 		 	President and Chief Financial Officer
		
		 	RHP PROPERTY GP, LP,
		 	a Florida limited partnership, as a Guarantor
				
		 		 	By:	 	Opryland Hospitality, LLC,
		 		 		 	a Tennessee limited liability company
		 		 		 	its general partner
					
		 		 		 	By:	 	     /s/ Mark Fioravanti

		 		 		 		 	    Mark Fioravanti
		 		 		 		 	    Vice President

 Signature Page – Amendment No. 1 to Fifth Amended and Restated Credit
Agreement 

 
							
	RHP PROPERTY GT, LP,
	a Delaware limited partnership, as a Guarantor
			
		 	By:	 	Opryland Hospitality, LLC,
		 		 	a Tennessee limited liability company,
		 		 	its general partner
				
		 		 	By:	 	         /s/ Mark Fioravanti

		 		 		 	        Mark Fioravanti
		 		 		 	        Vice President
	
	 RHP PROPERTY NH, LLC,
 a
Maryland limited liability company, as a
 Guarantor and a Pledgor

		
	By:	 	         /s/ Mark Fioravanti

		 	        Mark Fioravanti
		 	        Vice President
	
	 RHP PARTNER, LLC,
 a Delaware
limited liability company, as a
 Guarantor and a Pledgor

		
	By:	 	         /s/ Mark Fioravanti

		 	        Mark Fioravanti
		 	        Vice President

  
 Signature Page –
Amendment No. 1 to Fifth Amended and Restated Credit Agreement 

 
			
	 RHP HOTELS, LLC,
 a Delaware
limited liability company, as a Guarantor and a Pledgor

		
	By:	 	         /s/ Mark Fioravanti

		 	        Mark Fioravanti
		 	        Vice President
	
	 RHP PROPERTY GT, LLC,
 a
Delaware limited liability company, as a Guarantor and a Pledgor

		
	By:	 	         /s/ Mark Fioravanti

		 	        Mark Fioravanti
		 	        Vice President
	
	 OPRYLAND HOSPITALITY, LLC,
 a
Tennessee limited liability company, as a Guarantor and a Pledgor

		
	By:	 	         /s/ Mark Fioravanti

		 	        Mark Fioravanti
		 	        Vice President

  
 Signature Page –
Amendment No. 1 to Fifth Amended and Restated Credit Agreement 

 
			
	ADMINISTRATIVE AGENT:
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 in its capacity as Administrative Agent

		
	        By:	 	         /s/ Anand. J. Jobanputra

		 	Name: Anand. J. Jobanputra
		 	Title: Senior Vice President

  
 Signature Page –
Amendment No. 1 to Fifth Amended and Restated Credit Agreement 

 LENDER: 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	in its capacity as a Lender
		
	By:	 	         /s/ Anand. J. Jobanputra

		 	Name: Anand. J. Jobanputra
		 	Title: Senior Vice President

  
 Signature Page –
Amendment No. 1 to Fifth Amended and Restated Credit Agreement 

 LENDER: 

 

			
	BANK OF AMERICA, N.A.,
	in its capacity as a Lender
		
	By:	 	         /s/ Alicia Casseb

		 	Name: Alicia Casseb
		 	Title: Vice President

  
 Signature Page –
Amendment No. 1 to Fifth Amended and Restated Credit Agreement 

 LENDER: 

 

			
	DEUTSCHE BANK AG NEW YORK BRANCH,
	in its capacity as a Lender
		
	By:	 	         /s/ James Rolison

		 	Name: James Rolison
		 	Title: Managing Director
		
	By:	 	         /s/ Joanna Soliman

		 	Name: Joanna Soliman
		 	Title: Vice President

  
 Signature Page –
Amendment No. 1 to Fifth Amended and Restated Credit Agreement 

 LENDER: 

 

			
	JP MORGAN CHASE BANK, N.A.,
	in its capacity as a Lender
		
	By:	 	         /s/ Amrish Desai

		 	Name: Amrish Desai
		 	Title: Vice President

  
 Signature Page –
Amendment No. 1 to Fifth Amended and Restated Credit Agreement 

 LENDER: 

 

			
	U.S. BANK NATIONAL ASSOCIATION,
	in its capacity as a Lender
		
	By:	 	         /s/ Lori Y. Jensen

		 	Name: Lori Y. Jensen
		 	Title: Senior Vice President

  
 Signature Page –
Amendment No. 1 to Fifth Amended and Restated Credit Agreement 

 LENDER: 

 

			
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,
	in its capacity as a Lender
		
	By:	 	         /s/ Steve Jonassen

		 	Name: Steve Jonassen
		 	Title: Managing Director
		
	By:	 	         /s/ Adam Jenner

		 	Name: Adam Jenner
		 	Title: Director

  
 Signature Page –
Amendment No. 1 to Fifth Amended and Restated Credit Agreement 

 LENDER: 

 

			
	THE BANK OF NOVA SCOTIA,
	in its capacity as a Lender
		
	By:	 	         /s/ Anthony Ottavino

		 	Name: Anthony Ottavino
		 	Title: Director

  
 Signature Page –
Amendment No. 1 to Fifth Amended and Restated Credit Agreement 

 LENDER: 

 

			
	CAPITAL ONE, N.A.,
	in its capacity as a Lender
		
	By:	 	         /s/ Thomas A. Kashynski

		 	Name: Thomas A. Kashynski
		 	Title: Senior Vice President

  
 Signature Page –
Amendment No. 1 to Fifth Amended and Restated Credit Agreement 

 LENDER: 

 

			
	TD BANK, N.A.,
	in its capacity as a Lender
		
	By:	 	         /s/ Donald R. Mincey

		 	Name: Donald R. Mincey
		 	Title: SVP

  
 Signature Page –
Amendment No. 1 to Fifth Amended and Restated Credit Agreement 

 LENDER: 

 

			
	SUMITOMO MITSUI BANKING CORPORATION,
	in its capacity as a Lender
		
	By:	 	         /s/ Hideo Notsu

		 	Name: Hideo Notsu
		 	Title: Managing Director

  
 Signature Page –
Amendment No. 1 to Fifth Amended and Restated Credit Agreement 

 LENDER: 

 

			
	RAYMOND JAMES BANK, N.A.,
	in its capacity as a Lender
		
	By:	 	         /s/ Matthew Stein

		 	Name: Matthew Stein
		 	Title: Vice President

  
 Signature Page –
Amendment No. 1 to Fifth Amended and Restated Credit Agreement 

 LENDER: 

 

			
	MIDFIRST BANK, a federal chartered
	savings association,
	in its capacity as a Lender
		
	By:	 	         /s/ Tom L. Gray

		 	Name: Tom L. Gray
		 	Title: Vice President

  

					
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	

  

  
 Signature Page –
Amendment No. 1 to Fifth Amended and Restated Credit Agreement 

 Schedule 2.01 

Commitments and Applicable Percentages 

Closing Date Term Loans and Revolving Loan 
  

																	
	 Lender
	  	 Closing Date
Term
Loan
Commitment
	 	  	 Pro Rata

Share of

Closing Date
Term Loans
	 	 	
Revolving
Commitment
	 	  	 Pro Rata

Share of
Revolving
Commitment
	 
	 Wells Fargo Bank, National Association
	  	$	21,000,000	 	  	 	10.50000000	% 	 	$	78,800,000	 	  	 	11.25714286	% 
	 Bank of America, N.A.
	  	$	21,000,000	 	  	 	10.50000000	% 	 	$	78,800,000	 	  	 	11.25714286	% 
	 Deutsche Bank AG New York Branch
	  	$	21,000,000	 	  	 	10.50000000	% 	 	$	78,800,000	 	  	 	11.25714286	% 
	 JPMorgan Chase Bank, N.A.
	  	$	21,000,000	 	  	 	10.50000000	% 	 	$	78,800,000	 	  	 	11.25714286	% 
	 U.S. Bank National Association
	  	$	21,000,000	 	  	 	10.50000000	% 	 	$	78,800,000	 	  	 	11.25714286	% 
	 Credit Agricole
	  	$	20,000,000	 	  	 	10.00000000	% 	 	$	70,000,000	 	  	 	10.00000000	% 
	 The Bank of Nova Scotia
	  	$	18,000,000	 	  	 	9.00000000	% 	 	$	63,000,000	 	  	 	9.00000000	% 
	 Capital One, N.A.
	  	$	16,000,000	 	  	 	8.00000000	% 	 	$	55,000,000	 	  	 	7.85714286	% 
	 TD Bank, N.A.
	  	$	11,000,000	 	  	 	5.50000000	% 	 	$	42,000,000	 	  	 	6.00000000	% 
	 Sumitomo Mitsui Banking Corporation
	  	$	11,000,000	 	  	 	5.50000000	% 	 	$	42,000,000	 	  	 	6.00000000	% 
	 MidFirst Bank
	  	$	5,000,000	 	  	 	2.50000000	% 	 	$	20,000,000	 	  	 	2.85714286	% 
	 Raymond James Bank, N.A.
	  	$	14,000,000	 	  	 	7.00000000	% 	 	$	14,000,000	 	  	 	2.00000000	% 
	 Total
	  	$	200,000,000	 	  	 	100.00000000	% 	 	$	700,000,000	 	  	 	100.00000000	%Exhibit

Exhibit 10.1

Amended Aetna Inc. 2010 Stock Incentive Plan 
As Amended May 19, 2017
		
	SECTION 1.
	PURPOSE. 

 
The purposes of this Plan are to promote the interests of the Company and its shareholders and align the interests of shareholders and Participants by: 
 
(i)    motivating Participants through Awards tied to total return to shareholders (i.e., stock price appreciation and dividends); 
(ii)    attracting and retaining high performing individuals as Participants; 
(iii)    enabling Participants to acquire additional equity interests in the Company; and 
(iv)    providing compensation opportunities dependent upon the Company’s performance relative to its competitors and changes in its own performance over time. 

		
	SECTION 2.
	DEFINITIONS. 

 
 
“AFFILIATE” shall mean any corporation or other entity (other than the Company or one of its Subsidiaries) in which the Company directly or indirectly owns at least twenty percent (20%) of the combined voting power of all classes of stock of such entity or at least twenty percent (20%) of the ownership interests in such entity. 
“AWARD” shall mean a grant or award under the Plan, as evidenced in a written document delivered to a Participant as provided in Section 12(b). 
“BOARD” shall mean the Board of Directors of the Company. 
“CAUSE” shall mean (i) the willful failure by the Participant to perform substantially the Participant’s duties as an employee of the Company (other than due to physical or mental illness) after reasonable notice to the Participant, (ii) the Participant’s engagement in serious misconduct that is injurious to the Company, any Subsidiary or any Affiliate, (iii) the Participant’s conviction of, or entrance of a plea of nolo contendere to, a crime that constitutes a felony, (iv) the breach by the Participant of any written covenant or agreement not to compete with the Company, any Subsidiary or any Affiliate or (v) the breach by the Participant of his or her duty of loyalty to the Company which shall include, without limitation, (A) any disclosure by the Participant of any confidential information pertaining to the Company, any Subsidiary or any Affiliate, (B) any harmful interference by the Participant in the business or operations of the Company, any Subsidiary or any Affiliate, (C) any attempt by the Participant directly or indirectly to induce any employee, insurance agent, insurance broker or broker-dealer of the Company, any Subsidiary or any Affiliate to be employed or perform services elsewhere, (D) any attempt by the Participant directly or indirectly to solicit the trade of any customer or supplier, or prospective customer or supplier, of the Company or (E) any breach or violation of the Company’s Code of Conduct. 
 
“CODE” shall mean the Internal Revenue Code of 1986, as amended, and the regulations thereunder. 
“COMMITTEE” shall mean a committee of the Board as may be designated by the Board to administer the Plan, which shall consist of at least three directors of the Company chosen by the Board each of whom has satisfied such criteria for independence as the Board may establish and such additional regulatory or listing requirements as the Board may determine to be applicable or appropriate. 
“COMMON STOCK” shall mean the common shares, $.01 par value, of the Company. 
“COMPANY” shall mean Aetna Inc., a Pennsylvania corporation. 
“ELIGIBLE EMPLOYEE” shall mean each employee of the Company, its Subsidiaries or its Affiliates, but shall not include directors who are not employees of such entities. Any individual the Company designates as, or otherwise determines to be, an independent contractor shall not be considered an Eligible Employee, and such designation or determination shall govern regardless of whether such individual is ultimately determined to be an employee pursuant to the Code or any other applicable law. 

“EMPLOYMENT” shall mean, for purposes of determining whether a termination of employment has occurred under the Plan, continuous and regular salaried employment with the Company, a Subsidiary or an Affiliate, which shall include (unless the Committee shall otherwise determine) any period of paid time off, any approved leave of absence or any salary continuation or severance pay period and, at the discretion of the Committee, may include service with any former Subsidiary or Affiliate of the Company. For this purpose, regular salaried employment means scheduled employment of at least 20 hours per week. 
 
“EXCHANGE ACT” shall mean the Securities Exchange Act of 1934, as amended from time to time. 
“EXECUTIVE OFFICER” shall mean those persons who are officers of the Company within the meaning of Rule 16a-1(f) of the Exchange Act. 
“FAIR MARKET VALUE” shall mean on any date, with respect to a share of Common Stock, the closing price of a share of Common Stock as reported by the Consolidated Tape of New York Stock Exchange Listed Shares on such date, or, if no shares were traded on such Exchange on such date, on the next date on which the Common Stock is traded on such Exchange. 
“FUNDAMENTAL CORPORATE EVENT” shall mean any stock dividend, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination, exchange of shares, offering to purchase Common Stock at a price substantially below fair market value, or other similar event. 
“INCENTIVE STOCK” shall mean an Award of Common Stock granted under Section 7 which may become vested and nonforfeitable upon the passage of time and/or the attainment, in whole or in part, of performance objectives determined by the Committee. 
“INCENTIVE STOCK OPTION” shall mean an option which is intended to meet the requirements of Section 422 of the Code. 
“INCENTIVE UNIT” shall mean an Award of a contractual right granted under Section 7 to receive Common Stock (or, at the discretion of the Committee, cash based on the Fair Market Value of the Common Stock) which may become vested and nonforfeitable upon either the passage of time and/or the attainment, in whole or in part, of performance objectives determined by the Committee. 
“NONSTATUTORY STOCK OPTION” shall mean an Option which is not intended to be an Incentive Stock Option. 
 
“OPTION” shall mean the right granted under Section 5 to purchase the number of shares of Common Stock specified by the Committee, at a price and for the term fixed by the Committee in accordance with the Plan and subject to any other limitations and restrictions as this Plan and the Committee shall impose, and shall include both Incentive Stock Options and Nonstatutory Stock Options. 
“OTHER STOCK-BASED AWARD” shall mean any right granted under Section 8. 
“PARTICIPANT” shall mean an Eligible Employee who is selected by the Committee to receive an Award under the Plan and any recipient of a Substitute Award. 
“PLAN” shall mean the Aetna Inc. 2010 Stock Incentive Plan, described herein, and as may be amended from time to time. 
“RESTRICTED PERIOD” shall mean the period during which a grant of Incentive Stock or Incentive Units is subject to forfeiture. 
“SECTION 409A” shall mean Section 409A of the Code and the regulations issued thereunder, as may be amended from time to time. 
“STOCK APPRECIATION RIGHT” or “SAR” shall mean a right granted under Section 6. 
“SUBSIDIARY” shall mean any entity of which the Company possesses directly or indirectly fifty percent (50%) or more of the total combined voting power of all classes of stock of such entity. 
“SUBSTITUTE AWARD” shall mean an Award granted in assumption of, or in substitution for, an outstanding award previously granted by a company acquired by the Company or with which the Company combines. 

		
	SECTION 3.
	ADMINISTRATION. 

 
 
The Plan shall be administered by the Committee. The Committee shall have the responsibility of construing and interpreting the Plan and of establishing and amending such rules and regulations as it deems necessary or desirable for the proper administration of the Plan. Any decision or action taken or to be taken by the Committee, arising out of or in connection with the construction, administration, interpretation and effect of the Plan and of its rules and regulations, shall, to the maximum extent permitted by applicable law, be within its absolute discretion (except as otherwise specifically provided herein) and shall be conclusive and binding upon all Participants and any person claiming under or through any Participant. 

Subject to the terms of the Plan and applicable law, and in addition to other express powers and authorizations conferred on the Committee by the Plan, the Committee election of the holder thereof or of the Committee; (vii) interpret and administer the Plan and any instrument or agreement relating to, or Award made under, the Plan; (viii) establish, amend, suspend, or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; and (ix) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan (including authorizing another committee of the Board to designate Participants or make Awards under the Plan within limits prescribed by the Committee). 
 
Except with respect to any action or adjustment taken in connection with a Fundamental Corporate Event, any amendment or action that would, directly or indirectly, reduce the exercise price of any outstanding option or SAR previously granted under the Plan, including through an exchange or cancellation of awards for cash or other awards, shall be subject to the approval of the Company’s shareholders. 

		
	SECTION 4.
	SHARES AVAILABLE FOR AWARDS. 

 
 
(a)    Shares Available for Issuance. The maximum number of shares of Common Stock in respect of which Awards may be made under the Plan shall be a total of 27,287,000,29,387,000 shares of Common Stock. Shares of Common Stock may be made available from the authorized but unissued shares of the Company or from shares held in the Company’s treasury and not reserved for some other purpose. In the event that any Award is paid solely in cash, no shares shall be deducted from the number of shares available for issuance by reason of such Award. Shares of Common Stock subject to Awards that are forfeited, terminated, canceled or settled, in whole or in part, without the delivery of Common Stock under the Plan will again be available for Awards under the Plan, as will shares of Common Stock tendered (either actually or by attestation) to the Company in satisfaction or partial satisfaction of the exercise price of any Award under the Plan, and shares withheld by the Company to pay applicable withholding in accordance with Section 12. 
(b)    Adjustment for Corporate Transactions. In the event that the Committee shall determine that any Fundamental Corporate Event affects the Common Stock such that an adjustment is required to preserve, or to prevent enlargement of, the benefits or potential benefits made available under this Plan, then the Committee shall, in such manner as the Committee may deem equitable, adjust any or all of (i) the number and kind of shares which thereafter may be awarded or optioned and sold or made the subject of Awards under the Plan, (ii) the number and kinds of shares subject to outstanding Awards and (iii) the grant, exercise or conversion price with respect to any of the foregoing. Additionally, the Committee may make provisions for a cash payment to a Participant or a person who has an outstanding Award; provided, however, that to the extent such an Award constitutes “deferred compensation” within the meaning of Section 409A, no such provision for a cash payment shall change the timing of payment of such Award unless such change is permitted under Section 409A. However, the number of shares subject to any Award shall always be a whole number. 

		
	SECTION 5.
	STOCK OPTIONS. 

 
 
(a)    Grant. Subject to the provisions of the Plan, the Committee shall have the authority to grant Options to an Eligible Employee and to determine (i) the number of shares to be covered by each Option, (ii) subject to Section 5(b), the exercise price of the Option and (iii) the conditions and limitations applicable to the exercise of the Option. Notwithstanding the foregoing, in no event shall the Committee grant any Participant Options (i) for more than 2,000,000 shares of Common Stock in respect of any year in which the Plan is in effect, as such number may be adjusted pursuant to Section 4(b) or (ii) with a term of exceeding 10 years. In the case of Incentive Stock Options, the terms and conditions of such grants shall be subject to and comply with Section 422 of the Code and the regulations thereunder. 
(b)    Exercise Price. Except in the case of a Substitute Award, the exercise price of an Option shall not be less than 100% of the Fair Market Value on the date of grant. 
 
(c)    Exercise. Each Option shall be exercised at such times and subject to such terms and conditions as the Committee may specify at the time of the applicable Award or thereafter. No shares shall be delivered pursuant to any exercise of an Option unless arrangements satisfactory to the Committee have been made to assure full payment of the exercise price therefor. Without limiting the generality of the foregoing, payment of the exercise price may be made in cash or its equivalent or, if and to the extent permitted by the Committee, by exchanging shares of Common Stock owned by the optionee (which are not the subject of any pledge or other security interest or which, in the case of Incentive Stock, are fully vested) either actually or by attestation, or by a combination of the foregoing, provided that the combined value of all cash and cash equivalents and the Fair Market Value of 

any such Common Stock so tendered to the Company, valued as of the date of such tender, is at least equal to such exercise price. 

(d)    Incentive Stock Option Annual Limit. The aggregate Fair Market Value (determined as of the date the Incentive Stock Option is granted) of the Common Stock with respect to which Incentive Stock Options are exercisable for the first time by an Eligible Employee during any calendar year (counting Incentive Stock Options under this Plan and under any other stock option plan of the Company or a subsidiary) shall not exceed $100,000. If an Option intended to be an Incentive Stock Option is granted to an Eligible Employee and the Option may not be treated in whole or in part as an Incentive Stock Option pursuant to the $100,000 limitation, the Option shall be treated as an Incentive Stock Option to the extent it may be so treated under the limitation and as a Nonstatutory Stock Option as to the remainder. For purposes of determining whether an Incentive Stock Option would cause the limitation to be exceeded, Incentive Stock Options shall be taken into account in the order granted. The annual limit set forth above shall not apply to Nonstatutory Stock Options. 

		
	SECTION 6.
	STOCK APPRECIATION RIGHTS. 

 
 
(a)    Grant of Stock Appreciation Rights. The Committee shall have the authority to grant Stock Appreciation Rights in tandem with an Option, in addition to an Option, or freestanding and unrelated to an Option. Notwithstanding the foregoing, in no event shall the Committee grant any Participant Stock Appreciation Rights (i) for more than 2,000,000 shares of Common Stock in respect of any year in which the Plan is in effect, as such number may be adjusted pursuant to Section 4(b), and (ii) with a term exceeding 10 years (or the term of the underlying Incentive Stock Option in the case of a Stock Appreciation Right granted in tandem with an Incentive Stock Option). Stock Appreciation Rights granted in tandem with an Option may be granted either at the same time as the Option or at a later time. 
(b)    Exercise Price. The exercise price of a Stock Appreciation Right shall not be less than 100% of the Fair Market Value of a share of Common Stock on the date the Stock Appreciation Right was granted; provided that if a Stock Appreciation Right is granted retroactively in tandem with or in substitution for an Option, the exercise price may be the exercise price of the Option to which it is related. 
(c)    Exercise of Stock Appreciation Rights. A Stock Appreciation Right shall entitle the Participant to receive from the Company an amount equal to the excess of the Fair Market Value of a share of Common Stock on the date of exercise of the Stock Appreciation Right over the base price thereof. The Committee shall determine the time or times at which or the event or events (including, without limitation, a change of control) upon which a Stock Appreciation Right may be exercised in whole or in part, the method of exercise and whether such Stock Appreciation Right shall be settled in cash, shares of Common Stock or a combination of cash and shares of Common Stock; provided, however, that unless otherwise specified by the Committee at or after grant, a Stock Appreciation Right granted in tandem with an Option shall be exercisable at the same time or times as the related Option is exercisable. 

		
	SECTION 7.
	INCENTIVE AWARDS. 

 
 
(a)    Incentive Stock and Incentive Units. Subject to the provisions of the Plan, the Committee shall have the authority to grant time vesting and/or performance vesting Incentive Stock or Incentive Units to any Eligible Employee and to determine (i) the number of shares of Incentive Stock and/or the number of Incentive Units to be granted to each Participant and (ii) the other terms and conditions of such Awards; provided that, to the extent necessary to comply with applicable law, Incentive Stock shall only be awarded to an Eligible Employee who has been employed for such minimum period of time as shall be determined by the Committee. The Restricted Period related to Incentive Stock or Incentive Units shall lapse upon the passage of time and/or the determination by the Committee that the performance objectives established by the Committee have been attained, in whole or in part. The maximum number of shares of Common Stock that may be subject to any performance-based Awards of Incentive Stock and/or Incentive Units (whether payable in cash or shares) granted to an Executive Officer with respect to any year in which the Plan is in effect shall not exceed 2,000,000 shares, as such number may be adjusted pursuant to Section 4(b). If the award is intended to qualify under Section 162(m) of the Code, the performance objectives with respect to an Award made to an Executive Officer shall be related to at least one of the following criteria, which may be determined solely by reference to the performance of the Company, a Subsidiary or an Affiliate (or any business unit thereof) or based on comparative performance relative to other companies: (i) net income; (ii) earnings before income taxes; (iii) earnings per share; (iv) return on shareholders equity; (v) expense management; (vi) profitability of an identifiable business unit or product; (vii) ratio of claims to revenues; (viii) revenue growth; (ix) earnings growth; (x) total shareholder return; (xi) cash flow; (xii) return on assets; 

(xiii) pretax operating income; (xiv) net economic profit (operating earnings minus a charge for capital); (xv) customer satisfaction; (xvi) provider satisfaction; (xvii) employee satisfaction; (xviii) quality of networks; (xix) strategic innovation or (xx) any combination of the foregoing. 
 
		
	SECTION 8.
	OTHER STOCK-BASED AWARDS. 

 
 
The Committee shall have authority to grant to eligible Employees an “Other Stock-Based Award”, which shall consist of any right which is (i) not an Award described in Sections 5 through 7 above and (ii) an Award of Common Stock or an Award denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Common Stock (including, without limitation, securities convertible into Common Stock), as deemed by the Committee to be consistent with the purposes of the Plan; provided that any such rights must comply, to the extent deemed desirable by the Committee, with Rule 16b-3 under the Exchange Act and applicable law. Subject to the terms of the Plan and any applicable Award Agreement, the Committee shall determine the terms and conditions of any such Other Stock-Based Award. 

		
	SECTION 9.
	DIVIDENDS AND DIVIDEND EQUIVALENTS. 

 
 
The Committee may provide that any Award shall include dividends or dividend equivalents, payable in cash, Common Stock, securities or other property on a current or deferred basis, including payment contingencies provided, however, in no event shall any such dividend or dividend equivalent become payable prior to the date on which an award is vested in accordance with its terms. The preceding sentence to the contrary notwithstanding, no dividends or dividend equivalents will be payable on options or stock appreciation rights. 

		
	SECTION 10.
	STOCK IN LIEU OF CASH. 

 
The Committee may grant Awards in lieu of all or a portion of compensation or an Award otherwise payable in cash to an Executive Officer pursuant to any bonus or incentive compensation plan of the Company. 
		
	SECTION 11.
	DEFERRAL. 

 
 
The Committee shall have the discretion to determine whether, to what extent, and under what circumstances cash, shares of Common Stock, other securities, other Awards, other property, and other amounts payable with respect to an Award shall be deferred either automatically or at the election of the Participant or of the Committee. The timing of any elective deferral shall comply with Section 409A. At the time of any automatic or elective deferral, the time and form of payment shall be established consistent with the requirements of Section 409A. If the time or form of payment is not so established, the form of payment shall be a lump sum and the time of payment shall be the date the Participant experiences a “separation from service” within the meaning of Section 409A. Gains from the exercise of Options and Stock Appreciation Rights shall not be eligible for automatic or elective deferral. 

		
	SECTION 12.
	GENERAL PROVISIONS. 

 
 
(a)    Withholding. The Company shall have the right to deduct from all amounts paid to a Participant in cash (whether under this Plan or otherwise) any taxes required by law to be withheld in respect of Awards under this Plan. In the case of any Award satisfied in the form of Common Stock, no shares shall be issued unless and until arrangements satisfactory to the Company shall have been made to satisfy any withholding tax obligations applicable with respect to such Award. 
(b)    Award Agreement. Each Award hereunder shall be evidenced in writing. The written agreement shall be delivered to the Participant and shall incorporate the terms of the Plan by reference and specify the terms and conditions thereof and any rules applicable thereto. 
(c)    Nontransferability. Unless the Committee shall permit (on such terms and conditions as it shall establish) an Award to be transferred to a member of the Participant’s immediate family or to a trust or similar vehicle for the benefit of such immediate family members (collectively, the “Permitted Transferees”), no Award shall be assignable or transferable except by will or the laws of descent and distribution, and except to the extent required by law, no right or interest of any Participant shall be subject to any lien, obligation or liability of the Participant. All rights with respect to Awards granted to a Participant under the Plan shall be exercisable during the Participant’s lifetime only by such Participant or, if applicable, the Permitted Transferees or the Participant’s legal representative. 

(d)    No Right to Employment. The grant of an Award shall not be construed as giving a Participant the right to be retained in the employ of the Company, any Subsidiary or any Affiliate. Further, the Company and each Subsidiary and Affiliate expressly reserves the right at any time to dismiss a Participant free from any liability, or any claim under the Plan, except as provided herein or in any Award Agreement. 
(e)    No Rights to Awards, No Shareholder Rights. No Participant or Eligible Employee shall have any claim to be granted any Award under the Plan, and there is no obligation of uniformity of treatment of Participants and Eligible Employees. Subject to the provisions of the Plan and the applicable Award, no person shall have any rights as a shareholder with respect to any shares of Common Stock to be issued under the Plan prior to the issuance thereof. 
(f)    Applicable Law. The validity, construction, interpretation, administration and effect of the Plan and of its rules and regulations, and rights relating to the Plan, shall be determined solely in accordance with the laws of the State of Connecticut. 
(g)    Effective Date. The Plan shall be effective upon approval by the Company’s shareholders. 
(h)    Amendment or Termination of Plan. The Board or the Committee may terminate or suspend the Plan at any time, but the termination or suspension will not adversely affect any vested Awards then outstanding under the Plan. No Award may be granted under the Plan after May 21, 2020 or such earlier date as the Plan is terminated by action of the Board or the Committee. The Plan may be amended or terminated at any time by the Board, except that no amendment may be made without shareholder approval if the Committee determines that such approval is necessary to comply with any tax or regulatory requirement, including any approval requirement which is a prerequisite for exemptive relief from Section 16 of the Exchange Act, for which or with which the Committee determines that it is desirable to qualify or comply; and, the Committee may amend the term of any Award or Option granted, retroactively or prospectively, but no amendment may adversely affect any vested Award or Option without the holder’s consent. 
(i)    Compliance with Legal and Exchange Requirements. The Plan, the granting and exercising of Awards thereunder and the other obligations of the Company under the Plan, shall be subject to all applicable federal and state laws, rules, and regulations, and to such approvals by any regulatory or governmental agency as may be required. The Company, in its discretion, may postpone the granting and exercising of Awards, the issuance or delivery of Common Stock under any Award or any other action permitted under the Plan to permit the Company, with reasonable diligence, to complete such stock exchange listing or registration or qualification of such Common Stock or other required action under any federal or state law, rule, or regulation and may require any Participant to make such representations and furnish such information as it may consider appropriate in connection with the issuance or delivery of Common Stock in compliance with applicable laws, rules, and regulations. The Company shall not be obligated by virtue of any provision of the Plan to recognize the exercise of any Award or to otherwise sell or issue Common Stock in violation of any such laws, rules, or regulations; and any postponement of the exercise or settlement of any Award under this provision shall not extend the term of such Awards, and neither the Company nor its directors or officers shall have any obligations or liability to the Participant with respect to any Award (or stock issuable thereunder) that shall lapse because of such postponement. 
(j)    Severability of Provisions. If any provision of this Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof, and this Plan shall be construed and enforced as if such provision had not been included. 
(k)    Incapacity. Any benefit payable to or for the benefit of a minor, an incompetent person or other person incapable of providing a receipt therefore shall be deemed paid when paid to such person’s guardian or to the party providing or reasonably appearing to provide for the care of such person, and such payment shall fully discharge any liability or obligation of the Committee, the Board, the Company and all other parties with respect thereto. 
(l)    Headings and Captions. The headings and captions herein are provided for reference and convenience only, shall not be considered part of this Plan, and shall not be employed in the construction of this Plan. 
(m)     Compliance with Section 409A. All Awards granted under the Plan are intended to be either exempt from the requirements of Section 409A or, if not exempt, to satisfy the requirements of Section 409A. The provisions of the Plan and any Awards granted under the Plan shall be construed in a manner consistent with such intent. In addition, notwithstanding any other provision of this Plan or an Award agreement to the contrary, the Company will not pay or accelerate the payment of any amount that constitutes “deferred compensation” within the meaning of Section 409A, in violation of Section 409A. To the extent any amount of “deferred compensation” as defined in Section 409A would otherwise vest and become payable upon a Change in Control or upon a disability, as set forth herein or in an Award Agreement, any such Award may vest but payment shall not be accelerated unless the Change in Control or the disability also satisfies the definition of “change in control” or “disability” as set forth in Section 409A. 

Any amount that constitutes “deferred compensation” within the meaning of Section 409A and is payable under the Plan solely by reason of a Participant’s termination of employment shall be payable only if the Participant has experienced a “separation from service” within the meaning of Section 409A, provided that if the Participant is a “specified employee” within the meaning of Section 409A at the time of such separation from service, as determined by the Company in accordance with Section 409A, no payments shall be made before the six-month anniversary of the Participant’s separation from service, at which time all payments that would otherwise have been made during such six-month period shall be paid to the Participant in a lump sum.

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