Document:

Exhibit 10.1

 Exhibit 10.1 
 NINTH AMENDMENT TO CREDIT AGREEMENT 
 THIS NINTH AMENDMENT TO CREDIT AGREEMENT (this
“Amendment”) is dated as of June 12, 2007 and effective as of June 18, 2007, by and between TREX COMPANY, INC., a Delaware corporation (sometimes hereinafter referred to herein as “Trex Inc.”), and BRANCH
BANKING AND TRUST COMPANY, a North Carolina state banking corporation, successor by merger to Branch Banking and Trust Company of Virginia (hereinafter referred to herein as the “Bank”). 
 Trex Inc., TREX Company, LLC, a Delaware limited liability company (“TREX LLC”), and the Bank are the original parties to that certain Credit
Agreement dated as of June 19, 2002, as amended by a First Amendment to Credit Agreement dated as of August 29, 2003, as further amended by a Second Amendment to Credit Agreement dated as of September 30, 2004, as further amended by a
Third Amendment to Credit Agreement dated as of March 31, 2005, as further amended by a Fourth Amendment to Credit Agreement dated as of July 25, 2005, as further amended by a Fifth Amendment to Credit Agreement dated as of
December 31, 2005, as further amended by a Sixth Amendment to Credit Agreement dated as of November 9, 2006, as further amended by a Seventh Amendment to Credit Agreement dated as of December 31, 2006, as further amended by an Eighth
Amendment to Credit Agreement dated as of March 16, 2007 (as so amended and as it may hereafter be amended, restated, supplemented, replaced or otherwise modified from time to time, the “Credit Agreement”). Subject to the terms and
conditions contained in the Credit Agreement, the Bank agreed to extend to Trex Inc. and TREX LLC (i) a revolving credit facility, with a letter of credit subfacility, in the aggregate amount of $100,000,000 for working capital financing of
Trex Inc.’s and TREX LLC’s accounts receivable and inventory, to purchase new equipment and/or for other general corporate purposes of Trex Inc. and TREX LLC, (ii) a term loan facility in the amount of $9,570,079.88 to refinance the
Winchester Property (as defined in the Credit Agreement), and (iii) a term loan facility in the amount of $3,029,920.12 to finance existing improvements to the Winchester Property. Effective December 31, 2002, TREX LLC merged with and into
Trex Inc., with Trex Inc. being the surviving entity. As a result of such merger, Trex Inc. is the sole borrower under the Credit Agreement and shall hereinafter sometimes be referred to in this Amendment as the “Borrower.” 
 The Borrower intends to issue certain subordinated notes in order to, among other matters, pay in full the indebtedness outstanding under the Note
Agreement (as defined in the Credit Agreement) and pay down the Revolving Credit Note (as defined in the Credit Agreement). In connection with the issuance of such subordinated notes and the payment in full of the indebtedness outstanding under the
Note Agreement, the Credit Agreement and certain other Loan Documents (as defined in the Credit Agreement) need to be modified. In addition, the Borrower has requested that the Bank extend the Revolving Credit Termination Date (as defined in the
Credit Agreement), to extend the maturity date of Real Estate Term Loan 1, Real Estate Term Loan 2 and Real Estate Term Loan 3 (as each such term is defined in the Credit Agreement), and to make certain other modifications to the Credit Agreement,
and the Bank is willing to do so upon the terms and conditions contained herein. 
 Accordingly, the Borrower and the Bank hereby agree as
follows: 
 1. Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings assigned thereto in the
Credit Agreement. 

 2. Section 2.01(a) of the Credit Agreement is hereby deleted in its entirety and the following
Section is substituted in its place: 
 (a) Term Loans. The Bank agrees, on the terms and conditions set forth in this
Agreement, to make (i) a term loan to the Borrower on the Ninth Amendment Effective Date in the principal amount of Two Million Forty-Two Thousand One Hundred Sixty-One and 05/100s Dollars ($2,042,161.05) (“Real Estate Term Loan 1”),
(ii) a term loan to the Borrower on the Ninth Amendment Effective Date in the principal amount of Five Hundred Eighty-Seven Thousand Five Hundred Eighty-Eight and 00/100s Dollars ($587,588.00) (“Real Estate Term Loan 2”) and
(iii) a term loan to the Borrower on the Ninth Amendment Effective Date in the principal amount of Four Million Ninety-Five Thousand One Hundred Eighty-One and 54/100s Dollars ($4,095,181.54) (“Real Estate Term Loan 3”). 

3. The first paragraph of Section 2.01(c)ii. of the Credit Agreement is hereby deleted in its entirety and the following paragraph is substituted
in its place: 
  

	 	ii.	“Eligible Account” means an account receivable which is (i) for each account receivable created during the period January 1 to and including January 31 of
each calendar year, (A) not more than 150 days from the date of the original invoice and (B) not more than 90 days from the due date of the original invoice that arises in the ordinary course of the Borrower’s business, is on normal
and customary terms in the Borrower’s business (which customary terms include customer incentives), and meets the eligibility requirements set forth in items 1. to and including 12. immediately following this clause ii, (ii) for each
account receivable created during the period February 1 to and including February 28 (or February 29, as the case may be) of each calendar year, (A) not more than 120 days from the date of the original invoice and (B) not
more than 60 days from the due date of the original invoice that arises in the ordinary course of the Borrower’s business, is on normal and customary terms in the Borrower’s business (which customary terms include customer incentives), and
meets the eligibility requirements set forth in items 1. to and including 12. immediately following this clause ii, and (iii) for each account receivable created at any other time, (A) not more than 90 days from the date of the original
invoice and (B) not more than 45 days from the due date of the original invoice that arises in the ordinary course of the Borrower’s business, is on normal and customary terms in the Borrower’s business (which customary terms include
customer incentives), and meets the eligibility requirements set forth in items 1. to and including 12. immediately following this clause ii: 

  

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 4. Section 6.01(m) of the Credit Agreement is hereby deleted in its entirety and the following
Section is substituted in its place: 
 (m) Indenture. Notice of the occurrence of any default or event of default under the
Indenture, under any other agreement or note evidencing Material Debt, or under any Material Contract, in each case which remains uncured or unwaived following the expiration of any applicable cure period, and the action which the Borrower is taking
or proposes to take with respect thereto. 
 5. Section 6.07(n) of the Credit Agreement is hereby deleted in its entirety and the
following Section is substituted in its place: 
 (n) [Reserved]. 
 6. Section 6.07 of the Credit Agreement is hereby amended by deleting the last two sentences of that Section and inserting the following two
(2) sentences at the end of that Section: 
 The Borrower hereby represents and warrants to the Bank that, as of the Ninth Amendment
Effective Date, neither the Borrower nor any of its Subsidiaries, nor any Corporate Assets, is subject to any agreement, judgment, injunction, order, decree or other instrument that prohibits, restricts or in any way limits the Borrower or any of
its Subsidiaries from creating, incurring, assuming or suffering to exist any Lien upon or with respect to any Corporate Assets in favor of any creditor except for (i) the Loan Documents, (ii) agreements or documents creating or
establishing Permitted Liens and (iii) the Reimbursement and Credit Agreement dated as of December 1, 2004 by and between the Borrower, JPMorgan Chase Bank, N.A., as issuing bank, and JPMorgan Chase Bank, N.A., as administrative agent, as
amended effective as of the Ninth Amendment Effective Date (as so amended, the “Chase Credit Agreement”). The Borrower hereby covenants and agrees that neither it nor any of its Subsidiaries, nor any of the Corporate Assets, will become
subject to any agreement, judgment, injunction, order, decree or other instrument that prohibits, restricts or in any way limits the Borrower or any of its Subsidiaries from creating, incurring, assuming or suffering to exist any Lien upon or with
respect to any of the Corporate Assets in favor of any creditor except for (i) the Loan Documents, (ii) agreements or documents creating or establishing Permitted Liens and (iii) the Chase Credit Agreement. 
 7. Clause (iii) of Section 6.08 of the Credit Agreement is hereby deleted in its entirety and the following clause is substituted in its place:

 (iii) Debt outstanding under the Indenture and the Senior Subordinated Notes; 
  

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 8. Clauses (v) and (vi) of Section 6.08 of the Credit Agreement are hereby deleted in
their entirety and the following clauses are substituted in their respective places: 
 (v) additional Facility Debt incurred after the
Closing Date, provided that at the time such additional Facility Debt is incurred (1) no Default or Event of Default shall have occurred or will occur as a result of the incurrence of such Facility Debt and (2) the aggregate principal
amount of such additional Facility Debt is not greater than $10,000,000; and (vi) in addition to the Debt permitted by clauses (i) to and including (v) above, Debt incurred after the Closing Date, provided that at the time such
additional Debt is incurred, (1) no Default or Event of Default shall have occurred or will occur as a result of the incurrence of such additional Debt, (2) the Total Consolidated Debt to Total Consolidated Capitalization Ratio both
immediately prior to the incurrence of such additional Debt and immediately after and giving effect to the incurrence of such additional Debt shall be at least three percentage points lower than the maximum Total Consolidated Debt to Total
Consolidated Capitalization Ratio required by Section 6.10 on the date of the incurrence of such additional Debt (e.g., if the additional Debt were incurred during the period commencing on April 1, 2007 to and including
March 31, 2008, the Total Consolidated Debt to Total Consolidated Capitalization Ratio both immediately prior to the incurrence of such Debt and immediately after and giving effect to the incurrence of such Debt shall not exceed 57%), and
(3) the Total Consolidated Senior Debt to Consolidated EBITDA Ratio both immediately prior to the incurrence of such additional Debt and immediately after and giving effect to the incurrence of such additional Debt shall be at least 0.5 lower
than the maximum Total Consolidated Senior Debt to Consolidated EBITDA Ratio required by Section 6.11 on the date of the incurrence of such additional Debt (e.g., if the additional Debt were incurred during the period April 1, 2007
to and including June 30, 2007, the Total Consolidated Senior Debt to EBITDA Ratio both immediately prior to the incurrence of such additional Debt and immediately after and giving effect to the incurrence of such additional Debt shall not
exceed 2.75 to 1). 
 9. Section 6.10 of the Credit Agreement is hereby deleted in its entirety and the following Section is substituted
in its place: 
 Section 6.10. Total Consolidated Debt to Total Consolidated Capitalization Ratio. The Borrower
will not, as of the end of any fiscal quarter, permit the ratio of Total Consolidated Debt to Total Consolidated Capitalization (the “Total Consolidated Debt to Total Consolidated Capitalization Ratio”), as a percentage, to exceed the
following amounts for the following periods: (i) 60% for the period commencing on April 1, 2007 to and including March 31, 2008, and (ii) thereafter (A) 50% for each period commencing on April 1 of a calendar year to
and including September 30 of such calendar year and (B) 60% for each period commencing on October 1 of a calendar year to and including March 31 of the immediately succeeding calendar year. 
  

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 10. Section 6.11 of the Credit Agreement is hereby deleted in its entirety and the following Section
is substituted in its place: 
 Section 6.11. Total Consolidated Senior Debt to Consolidated EBITDA Ratio. The
Borrower will not, as of the end of any fiscal quarter, permit the ratio of the Total Consolidated Senior Debt to Consolidated EBITDA (the “Total Consolidated Senior Debt to Consolidated EBITDA Ratio”) for the four-quarter period ended as
of the end of such fiscal quarter to exceed the following amounts for the following periods: (i) 3.25 to 1 for the period commencing on April 1, 2007 to and including March 31, 2008, and (ii) thereafter (A) 2.5 to 1 for each
period commencing on April 1 of a calendar year to and including September 30 of such calendar year and (B) 3.0 to 1 for each period commencing on October 1 of a calendar year to and including March 31 of the immediately
succeeding calendar year. 
 11. Section 6.12 of the Credit Agreement is hereby deleted in its entirety and the following Section is
substituted in its place: 
 Section 6.12. Fixed Charge Coverage Ratio. The Borrower will not, as of the end of
any fiscal quarter, permit the Fixed Charge Coverage Ratio for the four-quarter period ended as of the end of such fiscal quarter to be less than the following amounts for the following periods: (i) 1.25 to 1 for the period commencing on
April 1, 2007 to and including March 31, 2008 and (ii) 1.4 to 1 thereafter. 
 12. Section 6.15(a)(vi) is hereby deleted
in its entirety and the following Section is inserted in its place: 
 (vi) the Borrower may invest up to $400,000 in addition to the
Borrower’s investment in Winchester Capital, Inc. existing as of May 1, 2007; 
 13. Section 6.15(b)(ii)(D) of the Credit
Agreement is hereby deleted in its entirety and the following Section is substituted in its place: 
 (D) (1) the Total Consolidated Debt
to Total Consolidated Capitalization Ratio both immediately prior to such proposed Acquisition and immediately after and giving effect to such proposed Acquisition shall be at least three percentage points lower than the maximum Total Consolidated
Debt to Total Consolidated Capitalization Ratio required by Section 6.10 on the date of such proposed Acquisition (e.g., if the proposed Acquisition occurs during the period commencing on April 1, 2007 to and including
March 31, 2008, the Total Consolidated Debt to Total Consolidated Capitalization Ratio both immediately prior to such proposed Acquisition and immediately after and giving effect to such proposed Acquisition shall not exceed 57%) and
(2) the Pro Forma Total Consolidated Senior Debt to Consolidated EBITDA Ratio shall be at least 0.5 

  

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lower than the maximum ratio of the Total Consolidated Senior Debt to Consolidated EBITDA required by Section 6.11 on the date of the proposed
Acquisition (e.g., if the proposed Acquisition occurs during the period commencing on April 1, 2007 to and including March 31, 2008, the Pro Forma Total Consolidated Senior Debt to Consolidated EBITDA Ratio shall not exceed 2.75 to
1); 
 14. Section 6.16(a) of the Credit Agreement is hereby deleted in its entirety and the following Section is substituted in its
place: 
 (a) the making of any distribution, dividend, payment or delivery of property or cash on or with respect to its Capital Stock or its
membership interests by (i) any Subsidiary to Trex Company, Inc. or to any Material Subsidiary or (ii) any Subsidiary that is not a Material Subsidiary to another Subsidiary that is not a Material Subsidiary; 
 15. Section 6.16(c) of the Credit Agreement is hereby deleted in its entirety and the following Section is substituted in its place: 
 (c) the redemption, retirement, purchase or other acquisition for value of Capital Stock of Trex Company, Inc. (or any options, warrants or other rights
to acquire Capital Stock of Trex Company, Inc.) (i) upon the issuance, vesting, delivery, exercise, exchange or conversion of any Benefit Plan Awards, (ii) tendered by the holder thereof in payment of withholding or other taxes relating to
the vesting, delivery, exercise, exchange or conversion or any Benefit Plan Awards and (iii) upon the conversion of the Senior Subordinated Notes in accordance with the terms thereof and the terms of the Indenture; 
 16. Section 6.16(g) of the Credit Agreement is hereby deleted in its entirety and the following Section is substituted in its place: 
 (g) the payment of cash in lieu of fractional shares of Capital Stock of Trex Company, Inc.; provided, however, that the aggregate amount of all such cash
payments shall not exceed $500,000; or 
 17. The final sentence of Section 6.17 of the Credit Agreement is hereby deleted in its
entirety and the following sentence is substituted in its place: 
 None of the proceeds of the Revolving Loans or Real Estate Term Loans 1, 2
or 3 will be used, directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of buying or carrying any “margin stock” (within the meaning of Regulation U) in violation of Regulation U. 
 18. Section 6.22 of the Credit Agreement is hereby deleted in its entirety and the following Section is substituted in its place: 
  

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 Section 6.22. More Favorable Covenants. If, after the Ninth Amendment
Effective Date, any of the covenants, representations and warranties or events of default, or any other material term or provision, contained in the Indenture or in the Chase Credit Agreement is amended, restated, supplemented or otherwise modified
to make such covenant, representation and warranty or event of default, or any other material term or provision more favorable, in the sole but reasonable opinion of the Bank, to the holder or holders of the Senior Subordinated Notes or the lender
or lenders under the Chase Credit Agreement, as the case may be, than are the terms of this Agreement to the Bank, this Agreement shall be amended to contain each such more favorable covenant, representation and warranty, event of default, term or
provision, and the Borrower hereby agrees to so amend this Agreement and to execute and deliver all such documents requested by the Bank to reflect such amendment. If, after the Ninth Amendment Effective Date, any of the covenants, representations
and warranties or events of default, or any other material term or provision, of the documents executed in connection with the Facility Debt permitted under Section 6.08(v) is, or is amended, restated, supplemented or otherwise modified to be,
more favorable, in the sole but reasonable opinion of the Bank, to the lender or lenders under such Facility Debt documents than are the terms of this Agreement to the Bank, this Agreement shall be amended to contain each such more favorable
covenant, representation and warranty, event of default, term or provision, and the Borrower hereby agrees to so amend this Agreement and to execute and deliver all such documents requested by the Bank to reflect such amendment. Prior to the
execution and delivery of such documents by the Borrower, unless the Bank has waived in writing its rights under this Section 6.22, this Agreement shall be deemed to contain each such more favorable covenant, representation and warranty, event
of default, term or provision of the Indenture, the Chase Credit Agreement or the documents executed in connection with the Facility Debt, as the case may be, for purposes of determining the rights and obligations hereunder. 
 19. Article VI of the Credit Agreement is hereby amended by inserting the following new Section immediately following Section 6.28 of the Credit
Agreement: 
 Section 6.29 Designated Senior Indebtedness. The Real Estate Term Loan Obligations, the Revolving
Credit Loan Obligations and all other indebtedness, liabilities and obligations of the Borrower now existing or hereafter arising under any of the Loan Documents, as such indebtedness, liabilities and obligations may be amended, extended, increased,
restated, supplemented or otherwise modified from time to time, are, and at all times shall be, Designated Senior Indebtedness (as defined in the Indenture). 
 20. The definition of the term, “Applicable Real Estate Term Loan Margin,” contained in the Definitions Appendix to the Credit Agreement is hereby deleted in its entirety and the following definition is
inserted in its place: 
  

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 “Applicable Real Estate Term Loan Margin” means (i) 3.00% for the period
from March 31, 2007 through and including the first day of the month following receipt by the Bank of the consolidated financial statements described in Section 6.01(a) for the period ending June 30, 2007 and (ii) thereafter
shall be determined by reference to the Total Consolidated Senior Debt to Consolidated EBITDA Ratio in accordance with the following table: 
  

				
	 Total Consolidated Senior Debt to Consolidated EBITDA Ratio
	  	Applicable Real Estate
Term Loan Margin	 
	 Equal to or higher than 3.5 to 1
	  	3.00	%
		
	 Equal to or higher than 3.0 to 1 but lower than 3.5 to 1
	  	2.75	%
		
	 Equal to or higher than 2.5 to 1 but lower than 3.0 to 1
	  	2.50	%
		
	 Equal to or higher than 2.0 to 1 but lower than 2.5 to 1
	  	2.25	%
		
	 Equal to or higher than 1.5 to 1 but lower than 2.0 to 1
	  	2.00	%
		
	 Equal to or higher than 1.0 to 1 but lower than 1.5 to 1
	  	1.75	%
		
	 Lower than 1.0 to 1
	  	1.50	%

 Except during the initial period described in clause (i) above, the Applicable Real Estate
Term Loan Margin will be automatically adjusted as of the first day of the month following receipt by the Bank of consolidated financial statements of the Borrower and its Consolidated Subsidiaries pursuant to Section 6.01(a) or
Section 6.01(b) demonstrating to the Bank’s reasonable satisfaction that there has been a change in the Total Consolidated Senior Debt to Consolidated EBITDA Ratio which would cause a change in the Applicable Real Estate Term Loan Margin
in accordance with the preceding table. Any such change shall apply to Real Estate Term Loans 1, 2 & 3 outstanding on such effective date. At all times after and during the continuance of a Default with respect to the Borrower’s obligations
under Section 6.01(a) or Section 6.01(b) until the delivery of the applicable financial statements required pursuant thereto, the Applicable Real Estate Term Loan Margin shall be 3.00%. 
  

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 21. The definition of the term, “Applicable Revolving Loan Margin,” contained in the
Definitions Appendix to the Credit Agreement is hereby deleted in its entirety and the following definition is substituted in its place: 
 “Applicable Revolving Loan Margin” means (i) 2.75% for the period from March 31, 2007 through and including the first day of the month following receipt by the Bank of the consolidated financial
statements described in Section 6.01(a) for the period ending June 30, 2007 and (ii) thereafter shall be determined by reference to the Total Consolidated Senior Debt to Consolidated EBITDA Ratio in accordance with the following
table: 
  

				
	 Total Consolidated Senior Debt to Consolidated EBITDA Ratio
	  	Applicable Revolving
Loan Margin	 
	 Equal to or higher than 3.5 to 1
	  	2.75	%
		
	 Equal to or higher than 3.0 to 1 but lower than 3.5 to 1
	  	2.50	%
		
	 Equal to or higher than 2.5 to 1 but lower than 3.0 to 1
	  	2.25	%
		
	 Equal to or higher than 2.0 to 1 but lower than 2.5 to 1
	  	2.00	%
		
	 Equal to or higher than 1.5 to 1 but lower than 2.0 to 1
	  	1.75	%
		
	 Equal to or higher than 1.0 to 1 but lower than 1.5 to 1
	  	1.50	%
		
	 Lower than 1.0 to 1
	  	1.25	%

  

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 Except during the initial period described in clause (i) above, the Applicable Revolving Loan Margin
will be automatically adjusted as of the first day of the month following receipt by the Bank of consolidated financial statements of the Borrower and its Consolidated Subsidiaries pursuant to Section 6.01(a) or Section 6.01(b)
demonstrating to the Bank’s reasonable satisfaction that there has been a change in the Total Consolidated Senior Debt to Consolidated EBITDA Ratio which would cause a change in the Applicable Revolving Loan Margin in accordance with the
preceding table. Any such change shall apply to the Revolving Loans outstanding on such effective date or made on or after such effective date. At all times after and during the continuance of a Default with respect to the Borrower’s
obligations under Section 6.01(a) or Section 6.01(b) until the delivery of the applicable financial statements required pursuant thereto, the Applicable Revolving Loan Margin shall be 2.75%. 
 22. The definition of the term, “Capital Stock,” contained in the Definitions Appendix to the Credit Agreement is hereby deleted in its
entirety and the following definition is substituted in its place: 
 “Capital Stock” means, with respect to any
Person, any and all shares, interests, participations and other equivalents (howsoever designated and whether or not voting) in equity of such Person, including, without limitation, all common stock and preferred stock. 
 23. The definition of the term, “Facility Debt,” contained in the Definitions Appendix to the Credit Agreement is hereby deleted in its
entirety and the following definition is substituted in its place: 
 “Facility Debt” means Debt of the Borrower
and/or its Subsidiaries that (a) bears interest at a fixed rate, (b) has no principal payments due on or prior to the Revolving Credit Termination Date and (c) has its stated maturity after the Revolving Credit Termination Date;
provided, however, the term, “Facility Debt,” shall not include the Debt outstanding under the Indenture and the Senior Subordinated Notes. 
 24. The definition of the term, “Fixed Charge Coverage Ratio,” contained in the Definitions Appendix to the Credit Agreement is hereby deleted in its entirety and the following definition is substituted in
its place: 
 “Fixed Charge Coverage Ratio” means, for the four-quarter period ending on the date of measurement,
the ratio of (i) the sum of Consolidated EBITDA for such four-quarter period plus the consolidated operating lease expense of the Borrower and its Subsidiaries for such four-quarter period minus cash taxes for such four-quarter period minus
Maintenance Capital Expenditures for such four-quarter period minus cash dividends and redemptions or purchases of Capital 

  

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Stock of the Borrower for cash for such four-quarter period made pursuant to Section 6.16(h), to (ii) the sum of current maturities of long-term
debt of the Borrower and its Consolidated Subsidiaries for such four-quarter period, consolidated interest expense of the Borrower and its Consolidated Subsidiaries for such four-quarter period, and consolidated operating lease expense of the
Borrower and its Subsidiaries for such four-quarter period. Notwithstanding the foregoing, if, in accordance with the terms of the Indenture, the conditions to the exercise by the holders of the Senior Subordinated Notes of their right to convert
all or any portion of such Senior Subordinated Notes have been satisfied, the principal balance of such Senior Subordinated Notes shall not be included in the calculation of the current maturities of long-term debt of the Borrower and its
Consolidated Subsidiaries for purposes of determining the Fixed Charge Coverage Ratio. 
 25. The definition of the term, “Inventory
Sublimit,” contained in the Definitions Appendix to the Credit Agreement is hereby deleted in its entirety and the following definition is substituted in its place: 
 “Inventory Sublimit” means (a) $50,000,000 for the period commencing on December 1 of each calendar year to and
including May 31 of the immediately succeeding calendar year and (ii) $30,000,000 for the period commencing on June 1 to and including November 30 of each calendar year. 
 26. The definition of the term, “Management Stockholders,” contained in the Definitions Appendix to the Credit Agreement is hereby deleted in
its entirety and the following definition is substituted in its place: 
 “Management Stockholders,” means Anthony
J. Cavanna, Andrew U. Ferrari, Harold F. Monahan, Paul D. Fletcher, Patrick M. Burns, Colleen T. Combs, J. Mitchell Cox, William R. Gupp, Richard D. McWilliams and Robert L. Thibodeau, and their respective Management Stockholder Affiliates.

 27. The definition of the term, “Net Proceeds,” contained in the Definitions Appendix to the Credit Agreement is hereby deleted
in its entirety and the following definition is substituted in its place: 
 “Net Proceeds” means (i) with
respect to any borrowed money Debt, the aggregate cash proceeds received by the Borrower or any of its Subsidiaries in connection with the incurrence of such borrowed money Debt, after deducting therefrom all reasonable and customary costs and
expenses incurred by the Borrower or such Subsidiary directly in connection with the incurrence of such borrowed money Debt; provided, however, that (1) the proceeds of the sale of the Senior Subordinated Notes and (2) the proceeds of
borrowed money Debt permitted under Section 6.08 shall not be Net Proceeds; and (ii) with respect to any Capital Stock issued by the Borrower or any of its Subsidiaries, seventy-five percent (75%) of the aggregate cash proceeds
received by the Borrower or any of 

  

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its Subsidiaries in connection with the private or public issuance of any such Capital Stock, after deducting therefrom all reasonable and customary costs
and expenses incurred by the Borrower or such Subsidiary directly in connection with the issuance of such Capital Stock; provided, however, that (1) the proceeds of common capital stock or options to purchase common capital stock issued by the
Borrower pursuant to its employee stock purchase plan or stock option and incentive plan and (2) the proceeds of Capital Stock issued by the Borrower in connection with the conversion of the Senior Subordinated Notes shall not be Net Proceeds.

 28. The definition of the term, “Pro Forma Total Consolidated Debt to Consolidated EBITDA Ratio,” contained in the Definitions
Appendix to the Credit Agreement is hereby deleted in its entirety and the following definition is substituted in its place: 
 “Pro Forma Total Consolidated Senior Debt to Consolidated EBITDA Ratio” means, as of the date of determination, the pro forma ratio of (i) the aggregate of the Total Consolidated Senior Debt and the total Debt of the Person
being acquired outstanding on such date, after eliminating all offsetting debits and credits between the Borrower and its Subsidiaries and all other items required to be eliminated in the course of the preparation of consolidated financial
statements of the Borrower and its Subsidiaries in accordance with GAAP to (ii) Consolidated EBITDA (excluding the Person being acquired) as of such date. 
 29. The definition of the term, “Revolving Commitment,” contained in the Definitions Appendix to the Credit Agreement is hereby deleted in its entirety and the following definition is substituted in its
place: 
 “Revolving Commitment” means (i) for the period commencing on December 1 of each calendar year
to and including May 31 of the immediately succeeding calendar year, $70,000,000 or such lesser amount to which it is reduced pursuant to Section 2.07 and (ii) for the period commencing on June 1 to and including November 30
of each calendar year, $40,000,000 or such lesser amount to which it is reduced pursuant to Section 2.07. 
 30. The definition of the
term, “Revolving Credit Termination Date,” contained in the Definitions Appendix to the Credit Agreement is hereby deleted in its entirety and the following definition is substituted in its place: 
 “Revolving Credit Termination Date” means the earlier to occur of June 30, 2010 and the date of termination by the Bank
pursuant to Section 7.01. 
 31. The definition of the term, “Unused Commitment Fee Percentage,” contained in the Definitions
Appendix to the Credit Agreement is hereby deleted in its entirety and the following definition is substituted in its place: 
  

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 “Unused Commitment Fee Percentage” means (i) 0.375% for the period from
March 31, 2007 through and including the first day of the month following receipt by the Bank of the consolidated financial statements described in Section 6.01(b) for the period ending June 30, 2007 and (ii) thereafter shall be
determined by reference to the Total Consolidated Senior Debt to Consolidated EBITDA Ratio in accordance with the following table: 
  

				
	 Total Consolidated Senior Debt to Consolidated EBITDA Ratio
	  	Unused Commitment
Fee Percentage	 
	 Equal to or higher than 1.5 to 1
	  	0.375	%
		
	 Equal to or higher than 1.0 to 1 but lower than 1.5 to 1
	  	0.25	%
		
	 Lower than 1.0 to 1
	  	0.20	%

 Except during the initial period described in clause (i) above, the Unused Commitment Fee
Percentage will be automatically adjusted as of the first day of the month following receipt by the Bank of consolidated financial statements of the Borrower and its Consolidated Subsidiaries pursuant to Section 6.01(a) or Section 6.01(b)
demonstrating to the Bank’s reasonable satisfaction that there has been a change in the Total Consolidated Senior Debt to Consolidated EBITDA Ratio which would cause a change in the Unused Commitment Fee Percentage in accordance with the
preceding table. At all times after and during the continuance of a Default with respect to the Borrower’s obligations under Section 6.01(a) or Section 6.01(b) until the delivery of the applicable financial statements required
pursuant thereto, the Unused Commitment Fee Percentage shall be 0.375%. 
 32. The Definitions Appendix to the Credit Agreement is hereby
amended by deleting each of the following terms in their entirety: “Total Consolidated Debt to Consolidated EBITDA Ratio” and “Pro Forma Total Consolidated Debt to Consolidated EBITDA Ratio.” 
 33. The Definitions Appendix to the Credit Agreement is hereby amended by inserting the following new terms in the correct alphabetical order in the
Definitions Appendix: 
 “Benefit Plan” means (i) the Trex Company, Inc. 1999 Stock Option and Incentive Plan,
(ii) the Trex Company, Inc. Amended and Restated 1999 Incentive Plan for Outside Directors, (iii) the Trex Company, Inc. 2005 Stock Incentive Plan, (iv) the Trex Company, Inc. 1999 Employee Stock Purchase Plan, and (v) any other
stock option, restricted stock, stock incentive, employee stock purchase, deferred compensation, profit sharing, defined benefit, defined contribution or other benefit plan of the Borrower or any of its Subsidiaries and the related award agreements
under each such plan. 
  

 -13- 

 “Benefit Plan Awards” means stock options, restricted stock, stock appreciation
rights, performance shares and other stock-based awards issuable under any Benefit Plan to directors of the Borrower or to employees of, or consultants to, the Borrower or any of its Subsidiaries. 
 “Indenture” means the Indenture, dated as of June 18, 2007, between the Borrower, as Issuer, and The Bank of New York, as
Trustee, as supplemented by the Supplemental Indenture, dated as of June 18, 2007, between the Borrower, as Issuer, and The Bank of New York, as Trustee, as further amended and supplemented from time to time. 
 “Ninth Amendment Effective Date” means June 18, 2007. 
 “Senior Subordinated Notes” means the 6.0% Convertible Senior Subordinated Notes due July 1, 2012 in the aggregate original
maximum principal amount of $97,500,000.00 issued by the Borrower and outstanding from time to time under the Indenture. 
 “Total Consolidated Senior Debt” means, as of the date of determination, Total Consolidated Debt minus Total Consolidated Subordinated Debt. 
 “Total Consolidated Senior Debt to Consolidated EBITDA Ratio” has the meaning set forth in Section 6.11. 
 “Total Consolidated Subordinated Debt,” means, as of the date of determination, Total Consolidated Debt (i) the payment of
which is subordinated to the payment of the Real Estate Term Loan Obligations and the Revolving Credit Loan Obligations pursuant to its terms or pursuant to a written subordination agreement, in each case in form and substance satisfactory to
the Bank and (ii) all the terms of which, including without limitation the structure, payment schedule, maturity date and all other aspects of such Total Consolidated Debt, are satisfactory to the Bank; provided, however, that the term,
“Total Consolidated Subordinated Debt,” shall in any event include all Debt outstanding under the Indenture and the Senior Subordinated Notes. 
 34. Exhibit D-2 to the Credit Agreement is hereby deleted in its entirety and a new Exhibit, which is attached to this Amendment and labeled Exhibit D-3, is substituted in its place. 
 35. Exhibit E-2 to the Credit Agreement is hereby deleted in its entirety and a new Exhibit, which is attached to this Amendment and labeled Exhibit
E-3, is substituted in its place. 
 36. Exhibit F-2 to the Credit Agreement is hereby deleted in its entirety and a new Exhibit, which
is attached to this Amendment and labeled Exhibit F-3, is substituted in its place. 
  

 -14- 

 37. Schedule 5.20 to the Credit Agreement is hereby deleted in its entirety and a new Schedule, which is
attached to this Amendment and labeled Schedule 5.20, is substituted in its place. 
 38. The Borrower hereby represents and warrants
to the Bank (which representations and warranties shall survive the execution and delivery of this Amendment) that: 
 (a) It is in compliance
with all of the terms, covenants and conditions of the Credit Agreement, as amended by this Amendment, and each of the other Loan Documents. 
 (b) There exists no Default or Event of Default under the Credit Agreement, as amended by this Amendment, and no event has occurred or condition exists which, with the giving of notice or lapse of time, or both, would constitute such a
Default or Event of Default. 
 (c) The representations and warranties contained in Article V of the Credit Agreement are, except to the
extent that they relate solely to an earlier date or except to the extent that they relate solely to TREX LLC, true in all material respects with the same effect as though such representations and warranties had been made on the date of this
Amendment. 
 (d) The execution, delivery and performance by the Borrower of this Amendment, each of the new promissory notes (attached
hereto as Exhibit D-3, Exhibit E-3, and Exhibit F-3, respectively, and collectively, “Real Estate Term Loan Notes 1, 2 and 3”), and the Amendment to and Acknowledgement of Intercreditor and Collateral Agency Agreement
(in the form attached hereto as Exhibit L) are within its corporate powers, have been duly authorized by all necessary corporate action, require no action by or in respect of, or filing with, any governmental body, agency or official and do
not contravene or constitute (with or without the giving of notice or lapse of time or both) a default under any provision of applicable law or of the organizational documents of the Borrower or any Subsidiary or of any agreement, judgment,
injunction, order, decree or other instrument binding upon or affecting the Borrower or any Subsidiary or result in the creation or imposition of any Lien on any asset of the Borrower or any of its Subsidiaries other than a Lien in favor of the Bank
as provided in the Security Agreement. 
 (e) This Amendment, Real Estate Term Loan Notes 1, 2 and 3, and the Amendment to and
Acknowledgement of Intercreditor and Collateral Agency Agreement (described in paragraph 38(d) hereof) constitute the valid and binding agreements of the Borrower, enforceable against the Borrower in accordance with their respective terms, except as
such enforceability may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally and by equitable principles of general applicability (regardless of whether such enforceability is considered in a proceeding in
equity or at law). 
 (f) Except as set forth on Schedule 5.05 to the Credit Agreement, there is no material action, suit, proceeding
or investigation pending against, or to the knowledge of 

  

 -15- 

 
the Borrower threatened against, contemplated or affecting, the Borrower or any of its Subsidiaries before any court, arbitrator or governmental body, agency
or official which has, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, or which in any manner draws into question the validity or enforceability of this Amendment, Real Estate Term Loan Notes 1,
2 and 3, the Amendment to and Acknowledgement of Intercreditor and Collateral Agency Agreement (described in paragraph 38(d) hereof), or any of the other Loan Documents, and there is no basis known to the Borrower or any of its Subsidiaries for any
such action, suit, proceeding or investigation. 
 39. The Bank’s agreement to enter into this Amendment is subject to the following
conditions precedent: 
 (a) The Borrower shall have executed and delivered to the Bank this Amendment and each of Real Estate Term Loan Notes
1, 2 and 3 with the blanks therein appropriately completed. 
 (b) The Borrower shall have executed and delivered and caused each of the
other parties to the Amendment to and Acknowledgement of Intercreditor and Collateral Agency Agreement in the form of Exhibit L attached hereto with the blanks therein appropriately completed to have executed and delivered such Termination of
Intercreditor and Collateral Agency Agreement. 
 (c) The Borrower, JPMorgan Chase Bank, N.A., as issuing bank (the “Issuing
Bank”), and JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), shall have executed and delivered an amendment to the Chase Credit Agreement in form and substance acceptable to the Bank. 
 (d) The Bank shall have reviewed and approved the Indenture and all of the terms, conditions and documents associated therewith. 
 (e) The Bank shall have received a favorable opinion of counsel to the Borrower addressed to the Bank, dated as of the date hereof and satisfactory in
form and substance to the Bank, as to the due authorization, execution, delivery and enforceability of this Amendment, Real Estate Term Loan Notes 1, 2 and 3, and the Amendment to and Acknowledgement of Intercreditor and Collateral Agency Agreement
(described in paragraph 38(d) hereof), and such other matters as the Bank shall reasonably request. 
 (f) The Borrower shall have executed
and delivered, or caused to be executed and delivered, to the Bank such other and further documents, certificates, opinions and other papers as the Bank shall reasonably request; and the Borrower shall have paid all fees due to the Bank. 

40. Except as expressly amended hereby, the terms of the Credit Agreement shall remain in full force and effect in all respects, and the Borrower
hereby reaffirms its obligations under the Credit Agreement, as amended by this Amendment, and each of the other Loan Documents. The Borrower hereby waives any claim, cause of action, defense, 

  

 -16- 

 
counterclaim, setoff or recoupment of any kind or nature that it may assert against the Bank arising from or in connection with the Credit Agreement, as
amended by this Amendment, any of the Loan Documents, or the transactions contemplated thereby or hereby that exist on the date hereof or arise from facts or actions occurring prior hereto or on the date hereof. Nothing contained in this Amendment
shall be construed to constitute a novation with respect to the obligations described in the Credit Agreement. 
 41. All references to the
Credit Agreement in any of the Loan Documents, or any other documents or instruments that refer to the Credit Agreement, shall be deemed to be references to the Credit Agreement as amended by this Amendment. 
 42. This Amendment shall be construed in accordance with and governed by the laws of the Commonwealth of Virginia. 
 43. Any Dispute arising out of or related to this Amendment or any of the other Loan Documents shall be resolved by binding arbitration as provided in
Section 9.07 of the Credit Agreement. TO THE FULLEST EXTENT PERMITTED BY LAW, THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL WITH RESPECT TO ANY DISPUTE. 
 44. This Amendment may be executed in any number of counterparts, each of which shall be an original, but all of which taken together shall constitute
one and the same instrument. 
 45. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns. The Borrower shall not have the right to assign any of its rights or obligations under or delegate any of its duties under the Credit Agreement, as amended by this Amendment, or any of the other Loan Documents. 
 46. The Borrower hereby agrees that it will pay on demand all out-of-pocket expenses incurred by the Bank in connection with the preparation of this
Amendment and all other related documents and the filing of any uniform commercial code amendments, including but not limited to the fees and disbursements of counsel for the Bank. 
 47. This Amendment represent the final agreement between the Borrower and the Bank with respect to the subject matter hereof, and may not be
contradicted, modified or supplemented in any way by evidence of any prior or contemporaneous written or oral agreements of the Borrower and the Bank. 
 [Remainder of Page Intentionally Left Blank] 
  

 -17- 

 IN WITNESS WHEREOF, the Borrower and the Bank have caused this Amendment to be executed by their
duly authorized officers under seal as of the date first written above. 
  

					
	TREX COMPANY, INC.
			
	By:	 	 /s/ Paul D. Fletcher
  
	 	(SEAL)
	Name:	 	Paul D. Fletcher	 	
	Title:	 	Senior Vice President and Chief Financial Officer	 	
	
	BRANCH BANKING AND TRUST COMPANY
			
	By:	 	 /s/ David A. Chandler
  
	 	(SEAL)
	Name:	 	David A. Chandler	 	
	Title:	 	Senior Vice President	 	

 Exhibit D-3 - Promissory Note (Real Estate Term Loan 1) 
 Exhibit E-3 - Promissory Note (Real Estate Term Loan 2) 
 Exhibit F-3 -
Promissory Note (Real Estate Term Loan 3) 
 Exhibit L - Amendment to and Acknowledgement of Intercreditor and Collateral Agency Agreement 
 Schedule 5.20 - Debt 
  

 -18- 

 SCHEDULE 5.20 
 Debt 
 The following information is provided as of the Ninth Amendment Effective Date: 
  

							
	 Type
	 	 Maturity
	 	 Lender/Counter Party
	 	 Principal Amount

	Real Estate Note	 	9/30/2014	 	Bank of America	 	$4,306,546.32
				
	SWAP # 133261	 	10/01/2014	 	Bank of America	 	 $248,582.97
 (subject to adjustment due to interest rate
fluctuations)

				
	Variable Rate Promissory Note/Reimbursement Agreement	 	12/1/2029	 	Mississippi Business Finance Corporation/JPMorgan Chase Bank, N.A.	 	$25,000,000.00
				
	Convertible Senior Subordinated Notes	 	07/1/2012	 	The Bank of New York, Trustee	 	 $97,500,000.00
 (maximum principal amount
issuable)

  

 -19-Exhibit 10.2

 Exhibit 10.2 

 FIFTH AMENDMENT TO REIMBURSEMENT AND CREDIT AGREEMENT 
 dated as of June 12, 2007 
 and effective as of June 18, 2007 
 By and Between 
 Trex Company, Inc.

 and 
 JPMorgan Chase Bank,
N.A., as Issuing Bank and Administrative Agent 
 in connection with the Letter of Credit 
 securing 
 $25,000,000 
 Mississippi Business Finance Corporation 
 Variable Rate Demand Environmental Improvement Revenue Bonds 
 (Trex Company, Inc. Project), Series 2004 
  

 FIFTH AMENDMENT TO REIMBURSEMENT AND CREDIT AGREEMENT 
 TABLE OF CONTENTS 
 This Table of Contents is
not a part of this Fifth Amendment to Reimbursement and Credit Agreement and is only for convenience of reference. 
  

							
	 	 	 	  	 	  	Page
	Section 1. Definitions; Rules of Interpretation	  	1
				
		 	1.1	  	 Definitions
	  	1
				
		 	1.2	  	 Rules of Interpretation
	  	1
		
	Section 2. Amendment of Amended Agreement	  	2
				
		 	2.1	  	 Amendment of Section 1.01 of Amended Agreement
	  	2
				
		 	2.2	  	 Amendment of Section 2.02(a) of Amended Agreement
	  	4
				
		 	2.3	  	 Amendment of Section 6.11 of Amended Agreement
	  	4
				
		 	2.4	  	 Amendment of Section 6.12 of Amended Agreement
	  	4
				
		 	2.5	  	 Amendment of Section 6.13 of Amended Agreement
	  	5
				
		 	2.6	  	 Amendment of Section 7.01 of Amended Agreement
	  	5
				
		 	2.7	  	 Amendment of Schedule 7.01 of Amended Agreement
	  	6
				
		 	2.8	  	 Amendment of Section 7.03 of Amended Agreement
	  	6
				
		 	2.9	  	 Amendment of Section 7.08 of Amended Agreement
	  	7
		
	Section 3. Representations of the Parties	  	7
				
		 	3.1	  	 Due Organization
	  	7
				
		 	3.2	  	 Due Authorization
	  	7
				
		 	3.3	  	 No Conflict
	  	8
				
		 	3.4	  	 Further Assurances
	  	8
		
	Section 4. Special Representations of the Borrower	  	8
				
		 	4.1	  	 Prior Representations and Warranties
	  	8
				
		 	4.2	  	 No Default
	  	8
				
		 	4.3	  	 Full Force and Effect
	  	8
				
		 	4.4	  	 BBT Agreement Amendment
	  	8
		
	Section 5. More Favorable Covenants	  	8
		
	Section 6. Consent	  	9
		
	Section 7. Miscellaneous	  	9

  

 -i- 

							
		 	7.1	  	 Governing Law
	  	9
				
		 	7.2	  	 Execution in Counterparts
	  	9
				
		 	7.3	  	 Costs and Expenses
	  	9
				
		 	7.4	  	 Modification Fee
	  	9
		
	Section 8. Effective Date	  	9

  

 -ii- 

 FIFTH AMENDMENT TO REIMBURSEMENT AND CREDIT AGREEMENT 
 THIS FIFTH AMENDMENT TO REIMBURSEMENT AND CREDIT AGREEMENT (this “Fifth Amendment”), dated as of June 12, 2007 and effective June 18,
2007, between TREX COMPANY, INC., a Delaware corporation (the “Borrower”) and JPMorgan Chase Bank, N.A., as Issuing Bank (in such capacity the “Bank”) and Administrative Agent (in such capacity the
“Administrative Agent”). 
 BASIS FOR THIS FIFTH AMENDMENT 
 1. This Fifth Amendment is authorized by Section 11.03 of the Reimbursement and Credit Agreement dated as of December 1, 2004, among the
Borrower, the Bank and the Administrative Agent (the “Original Agreement”). The terms, conditions and provisions of the Original Agreement, as amended by the First Amendment to Reimbursement and Credit Agreement dated July 25, 2005,
among the Borrower, the Bank and the Administrative Agent (the “First Amendment”), the Second Amendment to Reimbursement and Credit Agreement dated as of and effective December 31, 2005 (the “Second Amendment”), the Third
Amendment to Reimbursement and Credit Agreement dated as of and effective November 21, 2006 (the “Third Amendment”) and the Fourth Amendment to Reimbursement and Credit Agreement dated as of and effective December 31, 2006 (the
“Fourth Amendment” and together with the Original Agreement, the First Amendment, the Second Amendment and the Third Amendment, the “Amended Agreement”) are incorporated into this Fifth Amendment by reference to the same extent
and with the same force and effect as if fully stated in this Fifth Amendment. 
 2. The Borrower, the Bank and the Administrative Agent have
agreed to further amendments to various provisions of the Amended Agreement in order to accommodate the sale by the Borrower of certain subordinated notes in order to pay in full the indebtedness outstanding under the Note Agreement (as defined in
the hereinafter defined BBT Agreement) and pay down the Revolving Credit Note (as defined in the BBT Agreement). The Bank and the Administrative Agent have also agreed to certain other consents and agreements as herein provided. 
 3. In consideration of the premises and of the mutual covenants herein contained, and for good and valuable consideration, the Bank, the Administrative
Agent and the Borrower do mutually covenant and agree, as follows: 
 Section 1. Definitions; Rules of Interpretation. 

1.1 Definitions. For purposes of this Fifth Amendment, all capitalized words and phrases not defined in this Fifth Amendment shall have the
meanings given to them in Section 1.01 of the Original Agreement. 
 1.2 Rules of Interpretation. For all purposes of the
Agreement the following shall govern, except as otherwise expressly provided for or unless the context otherwise requires: 
 (i) The “Agreement” shall mean the Amended Agreement as modified, altered, amended or supplemented by this Fifth Amendment and as it may from time to time be further modified, altered, amended or supplemented. 

 (ii) All references in this Fifth Amendment to designated “Sections” and other
subdivisions are to the designated Sections and other subdivisions of the Amended Agreement unless otherwise indicated. 
 (iii) Terms defined in this Fifth Amendment shall have the meanings prescribed for them where defined herein. 
 (iv)
All accounting terms not otherwise defined in this Fifth Amendment shall have the meanings assigned to them in accordance with the Amended Agreement. 
 (v) Words of the masculine gender shall be deemed and construed to include correlative words of the feminine and neuter genders. 
 (vi) Terms in the singular include the plural and vice versa. 
 (vii) The headings and the table of contents set forth in this Fifth Amendment are solely for convenience of reference and shall not
constitute a part of this Fifth Amendment nor shall they affect its meaning, construction or effect. 
 Section 2. Amendment of
Amended Agreement. 
 2.1 Amendment of Section 1.01 of the Amended Agreement. 
 (a) Section 1.01 of the Amended Agreement is hereby amended by inserting the following defined terms in the correct alphabetical order to read as
follows: 
 “BBT Agreement” means the Credit Agreement dated as of June 1, 2002 by and among the Borrower and
Branch Banking and Trust Company of Virginia, as amended through the date of this Fifth Amendment. 
 “Fifth Amendment Effective
Date” means June 18, 2007. 
 “Funded Net Senior Debt” means, as of the date of determination,
Funded Net Debt minus Subordinated Debt. 
 “Funded Net Senior Debt to Consolidated EBITDA Ratio” means the ratio of
Funded Net Senior Debt to Consolidated EBITDA. 
 “Indenture” means the Indenture, dated as of June 18, 2007,
between the Borrower, as Issuer, and The Bank of New York, as Trustee, as supplemented by the Supplemental Indenture, dated as of June 18, 2007, between the Borrower, as Issuer, and The Bank of New York, as Trustee, as further amended and
supplemented from time to time. 
 “Investment” means as to any Person any direct or indirect purchase or other
acquisition by such Person of stock or other securities of any other Person, or any direct or indirect loan, advance (other than advances to employees for moving and travel expenses, drawing accounts and similar expenditures in the ordinary 

  

 -2- 

 
course of business) or capital contribution by such Person to any other Person, including all debt and accounts receivable from such other Person which are
not current assets or did not arise from sales to such other Person in the ordinary course of business. 
 “Pro Forma Funded Net
Senior Debt to Consolidated EBITDA Ratio” means, as of the date of determination, the pro forma ratio of (i) the aggregate of the Funded Net Senior Debt and the total Debt of the Person being acquired outstanding on such date,
after eliminating all offsetting debits and credits between the Borrower and its Subsidiaries and all other items required to be eliminated in the course of the preparation of consolidated financial statements of the Borrower and its Subsidiaries in
accordance with Generally Accepted Accounting Principles to (ii) Consolidated EBITDA (excluding the Person being acquired) as of such date. 
 “Senior Subordinated Notes” means the 6.00% Convertible Senior Subordinated Notes due July 1, 2012 in the maximum aggregate original principal amount of $97,500,000.00 issued by the Borrower and outstanding from
time to time under the Indenture. 
 “Subordinated Debt” means, as of the date of determination, Funded Net Debt
(i) the payment of which is subordinated to the payment of the Real Estate Term Loan Obligations and the Revolving Credit Loan Obligations (each as defined in the BBT Agreement) pursuant to its terms or pursuant to a written subordination
agreement in form and substance satisfactory to Branch Banking and Trust Company (“BBT”) in its reasonable discretion and (ii) all the terms of which, including without limitation, the structure, payment, schedule, maturity date and
all other aspects of such Funded Net Debt, are satisfactory to BBT in its reasonable discretion; provided, however, that the term, “Subordinated Debt” shall in any event include all Debt outstanding under the Indenture and the Senior
Subordinated Notes. 
 (b) The following definitions contained in Section 1.01 of the Amended Agreement are hereby amended in their
entirety to read as follows: 
 ““Fixed Charge Coverage Ratio” means for the four-quarter period ending on the
date of measurement, the ratio of (a) the sum of Consolidated EBITDA for such four-quarter period plus the consolidated operating lease expense of the Borrower and its Subsidiaries for such four-quarter period minus cash taxes for such
four-quarter period minus Maintenance Capital Expenditures for such four-quarter period minus cash dividends and redemptions or purchases of Capital Stock of the Borrower for cash for such four-quarter period made pursuant to Section 6.16(h) of
the BBT Agreement to (b) the sum of current maturities of Long-Term Indebtedness of the Borrower and its Consolidated Subsidiaries for such four-quarter period, consolidated interest expense of the Borrower and its Consolidated Subsidiaries for
such four-quarter period, and consolidated operating lease expense of the Borrower and its Subsidiaries for such four-quarter period. Notwithstanding the foregoing, if, in accordance with the terms of the Indenture, the conditions to the exercise by
the holders of 

  

 -3- 

 
the Senior Subordinated Notes of their right to convert all or any portion of such Senior Subordinated Notes have been satisfied, the principal balance of
such Senior Subordinated Notes shall not be included in the calculation of the current maturities of long-term debt of the Borrower and its Consolidated Subsidiaries for purposes of determining the Fixed Charge Coverage Ratio. “ 
 ““Management Stockholders” means Anthony J. Cavanna, Andrew U. Ferrari, Harold F. Monahan, Paul D. Fletcher, Patrick M.
Burns, Colleen T. Combs, J. Mitchell Cox, William R. Gupp, Richard D. McWilliams and Robert L. Thibodeau, and their respective Management Stockholder Affiliates.” 
 2.2 Amendment of Section 2.02(a) of the Amended Agreement. Section 2.02(a) of the Amended Agreement is hereby further amended to read in its entirety as follows: 
 “(a) The Borrower hereby agrees to pay to the Bank, in advance, on each Fee Payment Date until the expiration or termination of the Letter of
Credit, a nonrefundable facility fee calculated based on the Stated Amount as of the Fee Payment Date and based on a 360 day year but charged on the actual number of days elapsed. The amount payable on (i) July 1, 2007 shall be 150 basis
points and (ii) each Fee Payment Date thereafter shall be based upon the Funded Net Senior Debt to Consolidated EBITDA Ratio as disclosed in the Certificate of Compliance most recently delivered for purposes of demonstrating the Borrower’s
compliance with Section 6.12(b) hereof and based upon the number of days in the calendar quarter commencing on such Fee Payment Date, and, in each case, shall be calculated using the following: (w) less than or equal to 1.00X, the annual
facility fee shall be 65 basis points; (x) more than 1.00X but less than or equal to 1.50X, the annual facility fee shall be 75 basis points; (y) more than 1.50X but less than 2.00X, the annual facility fee shall be 85 basis points; and
(z) 2.00X or greater, the annual facility fee shall be 100 basis points.” 
 2.3 Amendment of Section 6.11 of Amended
Agreement. Section 6.11 of the Amended Amendment is hereby further amended to read in its entirety as follows: 
 “The Borrower
will not, as of the end of any fiscal quarter, permit the Fixed Charge Coverage Ratio for the four quarter period ended as of the end of such fiscal quarter to be less the following amounts for the following periods: (a) 1.25 to 1.00 for the
period commencing on April 1, 2007 to and including March 31, 2008 and (b) 1.40 to 1.00 thereafter.” 
 2.4 Amendment
of Section 6.12 of Amended Agreement. Section 6.12(a) and (b) of the Amended Agreement are hereby further amended to read in their entirety as follows: 
 “(a) The Borrower will not, as of the end of any fiscal quarter, permit the ratio of Funded Net Debt to Total Consolidated Capitalization, as a percentage, to exceed the following amounts for the following
periods: (i) 60% for the period commencing on April 1, 2007 to and including March 31, 2008, and (ii) thereafter (A) 50% for each period commencing on April 1 of a calendar year to and including September 30 of
such calendar year and (B) 60% for each period commencing on October 1 of a calendar year to and including March 31 of the immediately succeeding calendar year. 
  

 -4- 

 (b) The Borrower will not, as of the end of any fiscal quarter, permit the Funded Net Senior Debt to
Consolidated EBITDA Ratio for the four-quarter period ended as of the end of such fiscal quarter to exceed the following amounts for the following periods: (i) 3.25 to 1 for the period commencing on April 1, 2007 to and including
March 31, 2008 and (ii) thereafter (A) 2.50 to 1 for each period commencing on April 1 of a calendar year to and including September 30 of such calendar year and (B) 3.00 to 1 for each period commencing on
October 1 of a calendar year to and including March 31 of the immediately succeeding calendar year.” 
 2.5 Amendment of
Section 6.13 of Amended Agreement. Section 6.13 of the Amended Agreement is hereby amended to read in its entirety as follows: 
 “The Borrower will at all times maintain Consolidated Tangible Net Worth at not less than the sum of (a) $100,000,000, (ii) 75% of the net proceeds of all stock issued after the Issuance Date (excluding the net proceeds of
any stock issued in connection with the conversion of the Senior Subordinated Notes), plus (c) 50% of Consolidated Net Income after June 30, 2004 (taken as one accounting period), but excluding from such calculation of Consolidated Net
Income for purposes of this clause (c) any quarter in which Consolidated Net Income is negative.” 
 2.6 Amendment of
Section 7.01 of Amended Agreement. Section 7.01 of the Amended Agreement is hereby amended to read in its entirety as follows: 
 “The Borrower shall not create, incur, assume or suffer to exist or permit any Subsidiary to create incur, assume or suffer to exist, any Debt, except (a) Debt owing to the Bank or the Bank Participants; (b) Material Debt
existing on the Fifth Amendment Effective Date and described on Exhibit 7.01, and any extension, renewal or refinancing of such Material Debt, provided that any such extension, renewal or such refinancing (i) does not increase the principal
amount of such Material Debt at the time of such extension, renewal or refinancing and (ii) is on terms substantially similar to, and no more restrictive than, the original terms of such Material Debt; (c) Debt outstanding under the BBT
Agreement (including the Real Estate Term Loan Obligations (as defined in the BBT Agreement) and the Revolving Credit Loan Obligations (as defined in the BBT Agreement) and under the Notes (as defined in the BBT Agreement) and the Subsidiary
guarantees required pursuant thereto; (d) Debt outstanding under the Indenture and the Senior Subordinated Notes; (e) Debt owing from the Borrower to a Wholly-Owned Subsidiary, from a Wholly-Owned Subsidiary to the Borrower, or from one
Wholly-Owned Subsidiary to another Wholly-Owned Subsidiary; (f) additional Facility Debt incurred after the Issuance Date, provided that at the time such additional Facility Debt is incurred (i) no Default or Event of Default shall have
occurred or will occur as a result of the incurrence of such Facility Debt and (ii) the aggregate principal amount of such additional 

  

 -5- 

 
Facility Debt is not greater than $10,000,000; and (g) in addition to Debt permitted by clauses (a) through (f) above, Debt incurred after the
Issuance Date, provided that at the time such additional Debt is incurred, (i) no Default or Event of Default shall have occurred or will occur as a result of the incurrence of such additional Debt, (ii) the Funded Net Debt to Total
Consolidated Capitalization Ratio both immediately prior to the occurrence of such additional Debt shall be at least three percentage points lower than the maximum Funded Net Debt to Total Consolidated Capitalization Ratio required by
Section 6.12(a) on the date of the incurrence of such additional Debt and (iii) the Funded Net Senior Debt to Consolidated EBITDA Ratio both immediately prior to the incurrence of such additional Debt and immediately after and giving
effect to the incurrence of such Debt shall be at least 0.5 lower than the maximum Funded Net Senior Debt to Consolidated EBITDA Ratio required by Section 6.12(b) on the date of the incurrence of such additional Debt. Any Person which becomes a
Subsidiary after the date hereof shall for all purposes of this Section 7.01 be deemed to have created, assumed or incurred at the time it becomes a Subsidiary all Debt of such Person existing immediately after it becomes a Subsidiary.”

 2.7 Amendment of Schedule 7.01 of Amended Agreement. Schedule 7.01 to the Amended Agreement are hereby deleted in its entirety and
a new Schedule which is attached to this Firth Amendment and labeled Schedule 7.01 is substituted in its place. 
 2.8 Amendment of
Section 7.03 of Amended Agreement. Section 7.03(a)(vi) and Section 7.03(b) of the Amended Agreement are hereby amended to read in their entirety as follows: 
 “(vi) the Borrower may invest up to $400,000 in addition to its investment in Winchester Capital, Inc. existing as of May 1, 2007; 

(b) The Borrower will not, and will not permit any of its Subsidiaries to, enter into any Acquisition transaction, except that the Borrower and any
Subsidiary may (i) acquire all or a material portion of the assets of a Person and (ii) own, purchase or acquire stock, obligations or securities of a Person which following such purchase or acquisition is a Wholly-Owned Subsidiary if
(A) the Person being acquired (or whose assets are being acquired) is in the same general type of business as the Borrower (or complementary thereto); (B) the aggregate cash consideration (exclusive of all Debt of such Person being
acquired that is not discharged by the seller at the time of such Acquisition, all Debt as to which the Borrower takes subject, and all other liabilities (including contingent earn-out payments) paid or to be paid by the Borrower or the Person being
acquired in connection with such Acquisition) paid (1) in connection with any Acquisition (or series of related Acquisitions) shall not exceed $10,000,000 during any Fiscal Year of the Borrower and (2) in connection with all Acquisitions
shall not exceed $15,000,000 for the period from the Issuance Date to the Stated Expiration Date, (C) the aggregate consideration (including all Debt of such Person being Acquired that is not discharged by the seller at the time of such
Acquisition, all Debt as to which the Borrower takes subject, and all other liabilities (including 

  

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contingent earn-out payments paid or to be paid by the Borrower or the Person being acquired in connection with such Acquisition) paid (1) in connection
with all Acquisitions shall not exceed $20,000,000 during any Fiscal Year of the Borrower and (2) in connection with all Acquisitions shall not exceed $30,000,000 for the period from the Issuance Date to the Stated Expiration Date;
(D) (1) the ratio referred to in Section 6.12(a) both immediately prior to such proposed Acquisition and immediately after and giving effect to such proposed Acquisition shall be at least three percentage points lower than the maximum
ratio required by Section 6.12(b) on the date of such proposed Acquisition and (2) the Pro Forma Funded Net Senior Debt to Consolidated EBITDA Ratio shall be at least 0.5 lower than the maximum ratio required by Section 6.12(b) on the
date of the proposed Acquisition; (E) no Default or Event of Default has occurred or will occur as a result of the Acquisition of such Person; and (F) the Borrower shall have provided the Administrative Agent not less than ten
(10) Business Days before the consummation of such Acquisition a certificate in form and substance satisfactory to the Administrative Agent that certifies as to each of the items in clauses (A), (B), (C), (D) and (E) of this
Section 7.03(b) and includes both pro forma financial statements that demonstrate compliance with clause (D) of this Section 7.03(b) and consolidated financial statements for the Borrower and its Subsidiaries that demonstrate
compliance with each of the financial covenants contained in Sections 6.11, 6.12 and 6.13 hereof immediately prior to and after giving effect to such Acquisition, and the Administrative Agent shall have accepted as correct prior to the consummation
of such Acquisition such certificate and the calculations and assumptions contained therein and in the financial statements included therewith.” 
 2.9 Amendment of Section 7.08 of Amended Agreement. Section 7.08 of the Amended Agreement is hereby amended to read in their entirety as follows: 
 “Except as permitted or required by the BBT Agreement, the Borrower shall not permit any Material Subsidiary to guaranty any obligations other than
the Obligations hereunder.” 
 Section 3. Representations of the Parties. Each of the parties hereto hereby represents and
warrants to the other parties as follows: 
 3.1 Due Organization. Each party is an organization duly organized, validly existing under
the law of the state of its formation and in good standing in all jurisdictions required for it to conduct its business as now conducted and has full power and authority to carry on its business as now conducted. 
 3.2 Due Authorization. Each party has full power and authority to execute, deliver and perform this Fifth Amendment and to carry out the
transactions contemplated hereby. This Fifth Amendment has been duly and validly executed and delivered by each party and constitutes the valid and binding obligation of each party, enforceable in accordance with its terms, except to the extent that
enforceability may be limited by laws affecting creditors’ rights and debtors’ obligations generally, and legal limitations relating to remedies of specific performance and injunctive and other forms of equitable relief. 
  

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 3.3 No Conflict. The execution, delivery and performance of this Fifth Amendment (as well as any
other instruments, agreements, certificates or other documents contemplated hereby, if any) do not (a) violate any laws, rules, regulations, court orders or orders of any governmental or regulatory body applicable to the parties or their
respective property, (b) require any consent, approval or authorization of, or notice to, or declaration, filing or registration with any governmental body or other entity that has not been obtained or made or (c) violate or conflict with
any provision of the organizational document, operating agreement or bylaws of such party. 
 3.4. Further Assurances. Each party
hereto, at the reasonable request of any other party hereto, will execute and deliver such other documents and do and perform such other acts and things as may be necessary or desirable for effecting completely the consummation of the transactions
contemplated hereby. 
 Section 4. Special Representations of the Borrower The Borrower hereby represents and warrants to the
other parties as follows: 
 4.1. Prior Representations and Warranties The representations and warranties of the Borrower in the
Amended Agreement are true and correct in all material respects as of the date hereof. 
 4.2. No Default There is no Default or Event
of Default under the Amended Agreement. 
 4.3. Full Force and Effect All provisions of Amended Agreement continue in full force and
effect with respect to the Borrower. 
 4.4. BBT Agreement Amendment The BBT Agreement was amended to contain provisions similar to
those contained in Section 2.1 through 2.7 hereof on or prior to the Fifth Amendment Effective Date. 
 Section 5. More
Favorable Covenants. If, after the date hereof, any of the covenants, representations and warranties or events of default, or any other material term or provision, contained in the BBT Agreement is amended, restated, supplemented or otherwise
modified to make such covenant, representation and warranty or event of default, or any other material term or provision more favorable, in the sole but reasonable opinion of the Administrative Agent, to the lender or lenders under the BBT Agreement
than are the terms of the Amended Agreement as amended by this Fifth Amendment to the Bank and the Bank Participants, then the Amended Agreement as amended by this Fifth Amendment shall be amended to contain each such more favorable covenant,
representation and warranty, event of default, term or provision, and the Borrower hereby agrees to so amend the Amended Agreement as amended by this Fifth Amendment and to execute and deliver all such documents requested by the Administrative Agent
to reflect such amendment. Prior to the execution and delivery of such documents by the Borrower, unless the Administrative Agent has waived in writing its rights under this Section 5, the Amended Agreement as amended by this Fifth Amendment
shall be deemed to contain each such more favorable covenant, representation and warranty, event of default, term or provision of the BBT Agreement for purposes of determining the rights and obligations hereunder. 
  

 -8- 

 Section 6. Consent. The Bank and the Administrative Agent hereby consent to the Borrower
granting a Lien on its Accounts, Inventory (each as defined in the UCC), proceeds of the foregoing (including supporting obligations) and those books and records relating to or referring to such Accounts, Inventory or proceeds thereof (all of the
foregoing, collectively, the “Collateral” to secure (a) the “Revolving Credit Loan Obligations” as defined in the BBT Agreement and (b) without limitation of the foregoing, all reasonable costs and expenses, including,
without limitation, reasonable attorneys’ fees incurred by the Borrower, its agents, or any of them, for taxes and/or insurance relating to, or maintenance or preservation of, the Collateral or any part thereof or incurred by the Borrower, its
agents, or any of them, arising from or in connection with the modification, workout, collection or enforcement of any of Revolving Credit Loan Obligations, including any such collection or enforcement by any action or participation in, or in
connection with a case or proceeding under, any federal bankruptcy statute; provided, however, that this consent is conditioned upon the principal amount of the advances with respect to the Revolving Credit Loan Obligations being in an authorized
amount not exceeding (a) $70,000,000 from December 1 of each calendar year to and including May 31 of the immediately succeeding calendar year and (b) $40,000,000 from June 1 to and including November 30 of each
calendar year. The Lien consented to in this Section 6 shall be a Permitted Encumbrance. 
 Section 7. Miscellaneous.

 7.1 Governing Law. The substantive laws of the State shall govern the construction and enforcement of this Fifth Amendment without
giving effect to the application of choice of law principles. 
 7.2 Execution in Counterparts. This Fifth Amendment may be
simultaneously executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. 
 7.3 Costs and Expenses. The Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses of the Administrative Agent and the Bank in connection with the preparation, execution and delivery
of this Fifth Amendment and any other documents which may be delivered in connection herewith, including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for the Bank and the Administrative Agent with respect thereto.

 7.4 Modification Fee. The Borrower shall have paid to the Bank in immediately available funds a modification fee in the amount of
$5,000, which fee shall be deemed fully earned and non-refundable once paid. 
 Section 8. Effective Date. This Fifth Amendment
shall become effective as of the Fifth Amendment Effective Date. 
  

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

			
	 TREX COMPANY, INC.

		
	By:	 	 /s/ Paul D. Fletcher
  

		 	Paul D. Fletcher
		 	Senior Vice President and Chief Financial Officer
	
	JPMORGAN CHASE BANK, N.A., as
Bank and Administrative Agent
		
	By:	 	 /s/ Lee Brennan
  

		 	Lee Brennan
		 	Vice President

  

 -10- 

 Schedule 7.01 
 Debt 
 The following information is provided as of the Fifth Amendment Effective Date: 
  

							
	 Type
	  	Maturity	  	Lender/Counter Party	  	 Principal
 Amount

	Real Estate Note	  	9/30/2014	  	Bank of America	  	$4,306,546.32
				
	SWAP # 133261	  	10/01/2014	  	Bank of America	  	$248,582.97
(subject to adjustment due to
interest rate fluctuations)
				
	Convertible Senior Subordinated Notes	  	7/01/2012	  	The Bank of New York,
Trustee	  	$97,500,000.00
(maximum principal amount
issuable)

  

 -11-

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