Document:

EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 2 TO FIFTH AMENDED AND RESTATED CREDIT AGREEMENT 

THIS AMENDMENT NO. 2 TO FIFTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”), is dated as of June 26, 2018, and
made by and among RHP HOTEL PROPERTIES, LP, a Delaware limited partnership, (together with any permitted successors and assigns, the “Borrower”), RYMAN HOSPITALITY PROPERTIES, INC. (“Parent”), the GUARANTORS party
to the Existing Credit Agreement (as defined below) (the “Guarantors”), the PLEDGORS party to the Pledge Agreement (as defined in the Existing Credit Agreement) (the “Pledgors”), the TRANCHE B TERM LENDERS (as
defined in the Existing Credit Agreement) party hereto with respect to the 11.13 Amendment (as defined below) (the “Consenting Tranche B Term Lenders”), all of the TRANCHE B TERM LENDERS party to the Existing Credit Agreement after
giving effect to the Master Assignment (as defined below) (the “Current Tranche B Term Lenders”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”). 

RECITALS 
 WHEREAS,
pursuant to the Fifth Amended and Restated Credit Agreement, dated as of May 11, 2017, by and among the Borrower, the Parent, the Lenders from time to time party thereto, and the Administrative Agent, as amended pursuant to Amendment No. 1
to Fifth Amended and Restated Credit Agreement, dated as of May 23, 2017 (as may have been further amended, supplemented or otherwise modified prior to the date hereof, the “Existing Credit Agreement”), among other things, the
Tranche B Term Lenders party thereto disbursed to the Borrower a senior secured Tranche B Term Loan Facility in the original principal amount of Five Hundred Million Dollars ($500,000,000). The Existing Credit Agreement, as amended by the 11.13
Amendment (as defined below) and the Repricing Amendment (as defined below), is herein referred to as the “Credit Agreement”) 

WHEREAS, the Borrower has requested, and the Administrative Agent and the Consenting Tranche B Term Lenders have agreed, to provide the
Borrower with the ability to replace non-consenting Tranche B Term Lenders with Eligible Assignees, and to amend certain provisions of the Existing Credit Agreement related thereto. The amendment described in
this recital paragraph and set forth in Section 2 below is referred to herein as the “11.13 Amendment”. The Consenting Tranche B Term Lenders comprise the Required Lenders of the Class of Tranche B
Term Lenders existing prior to the effectiveness of the Master Assignment (as defined below). 
 WHEREAS, immediately following the
effectiveness of the 11.13 Amendment, certain of the Tranche B Term Lenders shall assign their portions of the Tranche B Term Loans to Deutsche Bank AG New York Branch pursuant to the terms of the new Section 11.13 of the Credit Agreement (such
assignments, collectively, the “Master Assignment”), which Master Assignment shall be deemed effective immediately following the effectiveness of the 11.13 Amendment and immediately prior to Repricing Amendment. After giving effect
to the Master Assignment, the Current Tranche B Term Lenders shall comprise the entire Class of Tranche B Term Lenders under the Credit Agreement. 

 WHEREAS, the Borrower has requested, and the Administrative Agent and the Current Tranche B Term
Lenders have agreed, effective immediately following the Master Assignment, (i) to reduce the Applicable Margin applicable to the Tranche B Term Loan Facility to two percent (2.00%), (ii) to extend the date of commencement of any Excess Cash Flow
payments by one (1) year, (iii) to extend the date that the prepayment fee required in connection with a Repricing Event reduces to 0% to be the six-month anniversary of the Amendment No. 2 Effective
Date, and (iv) to amend certain provisions of the Existing Credit Agreement related thereto. The amendments described in this recital paragraph and set forth in Section 3 below are referred to collectively as the
“Repricing Amendment”.  
 WHEREAS, pursuant to Section 11.01 of the Existing Credit
Agreement, the Parent, the Borrower, the Loan Parties, all of the Consenting Tranche B Term Lenders and the Administrative Agent, agree to amend the Existing Credit Agreement in order to effectuate the 11.13 Amendment on the terms set forth herein.

 WHEREAS, pursuant to Section 11.01 of the Existing Credit Agreement, the Parent, the Borrower, the Loan
Parties, all of the Current Tranche B Term Lenders and the Administrative Agent, agree to amend the Existing Credit Agreement in order to effectuate the Repricing Amendment on the terms set forth herein. 

NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and
receipt of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 SECTION 1. Defined Terms. Capitalized terms
used but not defined herein shall have the meanings given to them in the Existing 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. 2 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. 11.13 Amendment. The Existing Credit Agreement is, effective as of the Amendment No. 2 Effective Date and immediately
prior to the effectiveness of the Master Assignment and the Repricing Amendment, hereby amended as follows: 
 (a)
Section 1.01 of the Existing Credit Agreement is hereby amended by adding the following defined term (and the corresponding definition) thereto: 

“Non-Consenting Tranche B Term Lender” means (i) any Tranche B Term Lender that
does not approve any consent, approval, amendment or waiver that (a) requires the consent of all Tranche B Term Lenders or all affected Tranche B Term Lenders in accordance with the terms of Section 11.01 and
(b) has been approved by the Required Lenders of the Class of Tranche B Term Lenders. 
 (b)
Section 11.13 of the Existing Credit Agreement is hereby amended and restated in its entirety with the following: 

  
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 “11.13. Replacement of Lenders. 

If any Lender requests compensation under Section 3.04, or if the Borrower is required to pay any additional amount
to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, or if any Lender is a Defaulting Lender or a Non-Consenting Tranche B Term Lender,
then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, provided no Default or Event of Default then exists, require such Lender to assign and delegate, without recourse (in accordance with and
subject to the restrictions contained in, and consents required by, Section 11.06), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume
such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that: 
 (a) the
Borrower shall have paid to the Administrative Agent the assignment fee specified in Section 11.06(b); 

(b) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and L/C Advances,
accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05) from the assignee (to the extent of such outstanding
principal and accrued interest and fees) or the Borrower (in the case of all other amounts); 
 (c) in the case of any such
assignment resulting from a claim for compensation under Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or
payments thereafter; 
 (d) such assignment does not conflict with applicable Laws; and 

(e) in the case of any assignment resulting from a Tranche B Term Lender becoming a
Non-Consenting Tranche B Term Lender, the applicable assignee shall have consented to the applicable consent, approval, amendment or waiver. 

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender (or, in the
case of a Non-Consenting Tranche B Term Lender, a grant of the applicable consent by such Lender) or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to
apply. Each Lender required to make an assignment or delegation pursuant to this Section 11.13 shall be deemed to have consented to such assignment or delegation upon receipt and acceptance by such Lender of all amounts due
to such Lender as specified in subsection (b) above.” 
 SECTION 3. Repricing Amendment. The Existing Credit Agreement is,
effective as of the Amendment No. 2 Effective Date and immediately after the effectiveness of the Master Assignment (which shall be effective immediately following the 11.13 Amendment), hereby amended as follows: 

  
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 (a) Section 1.01 of the Existing Credit Agreement is
hereby amended by replacing clause (c) of the definition of “Applicable Margin” with the following: 
 “(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 2.00%, and (ii) the Applicable Margin for Tranche B Term Loans that are Base Rate Loans shall be 1.00%. 

(b) Section 2.05(a)(iii) of the Existing Credit Agreement is hereby amended and restated in its
entirety with the following: 
 “(iii) Any prepayment made pursuant to this Section 2.05(a)(i) or Section 2.05(b)(v) of the
Tranche B Term Loans as a result of a Repricing Event shall be accompanied by a prepayment fee, which shall initially be 1% of the aggregate principal amount prepaid and shall decline to 0% after December 26, 2018. Such amounts shall be due and
payable to the Tranche B Lenders on the date of effectiveness of such Repricing Event.” 
 (c)
Section 2.05(b)(vi) of the Existing Credit Agreement is hereby amended by replacing the reference to “December 31, 2018” with a reference to “December 31, 2019”. 

SECTION 4. Conditions to Amendment. This Agreement shall become effective as of the first date (the “Amendment
No. 2 Effective Date”) 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. 2 Effective Date after giving effect to both the 11.13 Amendment and the Repricing Amendment, 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. 

(c) 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 Consenting Tranche B Term Lenders, the Current Tranche B Term Lenders, and the Administrative Agent. 

  
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 (d) 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. 2 Effective Date, in form and substance satisfactory to the Administrative Agent, stating that (A) each Loan Party is in compliance with
all existing financial obligations, (B) 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 (C) 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.

 (e) Fees and Expenses. The Borrower shall have paid all fees required in connection with this Agreement and all costs and expenses
(including attorneys’ costs and fees) incurred by the Administrative Agent and the Tranche B Term Loan Arranger in documenting or implementing same. 

(f) Attorney Costs. The Borrower shall have paid all reasonable fees, charges and disbursements of counsel of the Administrative Agent
and the Tranche B Term Loan Arranger to the extent invoiced prior to or on the Amendment No. 2 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 or the Tranche B
Term Loan Arranger, as applicable). 
 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 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 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 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. 

  
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 (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 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. 

  
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 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 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 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. 

(a) This Agreement shall constitute an amendment of the Existing Credit Agreement and a “Loan Document”. The Borrower
shall pay all reasonable fees, costs and expenses of the Administrative Agent and the Tranche B Term Loan Arranger incurred in connection with the negotiation, preparation and execution of this Agreement and the transactions contemplated hereby.

 (b) For the avoidance of doubt, the effectiveness of this Agreement and the Master Assignment shall be deemed to occur in
the following order: (i) first, the 11.13 Amendment shall be deemed effective, (ii) second, the Master Assignment shall be deemed effective, and (iii) third, the Repricing Amendment shall be deemed effective. The Consenting Tranche B
Term Lenders are executing this Agreement for the purpose of consenting to the 11.13 Amendment and also, in their capacity as Current Tranche B Term lenders, consenting to the Repricing Amendment, and the Current Tranche B Term Lenders (which term
shall include all Consenting Tranche B Term Lenders together with Deutsche Bank AG New York Branch following the Master Assignment), are executing this Agreement for the limited purpose of consenting to the Repricing Amendment. 

SECTION 10. Arranger Titles. From and after the Second Amendment Effective Date, the following entities shall have the following titles
with respect to the Tranche B Term Loan Facility: 

  
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	Deutsche Bank Securities Inc.	 	Left Lead Arranger, Syndication Agent, Joint Book Runner, and Co-Documentation Agent
		
	U.S. Bank National Association	 	Right Lead Arranger and Joint Book Runner
		
	Wells Fargo Securities LLC	 	Joint Lead Arranger, Joint Book Runner, and Co-Documentation Agent
		
	JPMorgan Chase Bank, N.A.	 	Joint Lead Arranger, Joint Book Runner, and Co-Documentation Agent
		
	Merrill Lynch, Pierce, Fenner & Smith Incorporated	 	Joint Lead Arranger, Joint Book Runner, and Co-Documentation Agent
		
	Credit Agricole Corporate and Investment Bank	 	Joint Lead Arranger, Joint Book Runner, and Co-Documentation Agent
		
	The Bank of Nova Scotia	 	Joint Lead Arranger, Joint Book Runner, and Co-Documentation Agent
		
	Capital One, N.A.	 	Joint Lead Arranger, Joint Book Runner, and Co-Documentation Agent

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

 Signature Page – Amendment No. 2 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:                                     
                    
		 	                Mark Fioravanti
		 	                Vice President
	
	 RHP PROPERTY NH, LLC,
 a
Maryland limited liability company, as a Guarantor and a Pledgor

		
	By:	 	  

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

		
	By:	 	  

		 	        Mark Fioravanti
		 	        Vice President

 Signature Page – Amendment No. 2 to Fifth Amended and Restated Credit Agreement 

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

		
	By:	 	  

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

		
	By:	 	  

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

		
	By:	 	  

		 	        Mark Fioravanti
		 	        Vice President

 Signature Page – Amendment No. 2 to Fifth Amended and Restated Credit Agreement 

 
					
	ADMINISTRATIVE AGENT:
		
		 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
		 	in its capacity as Administrative Agent

  

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

 Signature Page – Amendment No. 2 to Fifth Amended and Restated Credit Agreement 

 
			
	 CONSENTING TRANCHE B TERM LENDERS:

	
	 _______________________________,

as a Consenting Tranche B Term Lender

	
	
By:                  
                                         
 

	 Name:

	 Title:Exhibit

 

AWARD AGREEMENT
For an Award of Performance Share Units 
Under the Jones Lang LaSalle Incorporated
 2017 Stock Award and Incentive Plan
Participant: <first_name> <last_name>
Aggregate Target Amount of Performance Share Units: [Amount]
Date of Grant: 05/29/2018    
Restricted Period (the “Performance Period”): January 1, 2018 through December 31, 2020

Jones Lang LaSalle Incorporated, a Maryland corporation (the “Company”), hereby awards you the right to earn Performance Share Units (“Performance Share Units”) as described in this Award Agreement (the “Agreement”) under the Jones Lang LaSalle Incorporated 2017 Stock Award and Incentive Plan (the “Plan”).  The Performance Share Units are intended to be an Other Stock-Based Award under the Plan.  This Award is subject in all respects to the terms, definitions and provisions of the Plan, and any inconsistency of this Agreement with the Plan shall be interpreted in favor of the Plan.  Capitalized terms used in this Agreement that are not specifically defined herein shall have the meanings ascribed to such terms in the Plan.  
1. PERFORMANCE SHARE UNITS AWARD
(a)     The aggregate target amount of Performance Share Units set forth above is allocated among three performance measures, which, except as expressly set forth below, will vest subject to your continued service through the Performance Period and the attainment of performance goals as follows and as set forth on Exhibit A 
(b)     Except as provided below, you must remain in continuous service with the Company through the last day of the Performance Period.  If at any time prior to the end of the Performance Period, you are no longer employed by or providing services to the Company or any Affiliate, any Performance Share Units hereunder shall be canceled and forfeited without the payment of consideration therefor, except as expressly provided below.
(c)    Each of the PSU Goals in respect of the Performance Share Units shall be measured independently, and the attainment of any one such PSU Goal shall not affect the attainment or count towards the measurement of performance for any other PSU Goal.  
		
	2.
	DETERMINATION OF PERFORMANCE SHARE UNITS VESTED; FORFEITURES; SETTLEMENT

(a)    Except as may be earlier determined in connection with a Change in Control (which in such case for purposes of the Plan the Award shall be treated in the same manner as if it were a “Performance Compensation Award” under the Plan), in the first calendar quarter that begins following the end of the Performance Period, the Committee shall determine and certify the Company’s performance in relation to the applicable PSU Goals for the Performance Period.  The Committee shall determine the extent to which Performance Share Units are earned on the basis of the foregoing and Exhibit A, provided, however, that, the Committee may exercise discretion to reduce or increase the amount of Performance Share Units earned in its assessment of performance in relation to PSU Goals, or in light of other considerations the Committee deems relevant (including, without limitation, any non-recurring or extraordinary events or circumstances).  Any Performance Share Units that are not, based on the Committee’s determination, earned or deemed earned in respect of the Performance Period (or deemed to be vested in connection with a termination of service under Section 3 below) shall be canceled and forfeited.    
(b)    The number of Performance Share Units earned shall be rounded to the nearest whole Performance Share Unit, unless otherwise determined by the Committee.  Performance Share Units will be settled by the Committee, to the extent earned or deemed earned hereunder, in shares of Common Stock based on the attainment of the PSU Goals as determined in accordance with Exhibit A, unless otherwise provided in this Agreement.
(c)    Performance Share Units that vest shall be settled as soon as reasonably practicable in the calendar year that follows the last day of the Performance Period following the Committee’s determination and certification as set forth above (the “Payment Date”).  
(d)    Until shares of Common Stock are delivered to you in settlement of Performance Share Units, you will not have the rights of a shareholder of the Company with respect to the shares of Common Stock issuable in settlement of the Performance Share Units, including the right to vote the shares and receive dividends.  
		
	3.
	TERMINATION OF SERVICE

(a) Retirement.  In the event of your Retirement prior to settlement of the Performance Share Units, you will be deemed vested in a Prorated portion of the Performance Share Units awarded for the Performance Period and earned based on the actual performance hereunder through December 31, 2020, provided that your employment has not been terminated for, and you have not been notified of grounds constituting Cause (as defined below) (“Retirement Vesting”).  Proration will be based on a fraction, the numerator of which is the number of days in the Performance Period prior to the effective date of your termination and the denominator of which is 1,095 (“Prorated”).   Any Performance Share Units deemed vested under this Section 3 shall be settled on the Payment Date.  Except as expressly provided in this Agreement, any unvested Performance Share Units that are unvested as of the date your employment terminates and that are not eligible for Retirement Vesting shall be forfeited.  
In the event that the Committee identifies grounds for Cause after termination of your employment, then you shall not remain eligible for Retirement Vesting.  “Cause” for purposes of this Agreement shall have the meaning set forth in your employment agreement, or if none, means (i)  your failure to perform your job responsibilities in good faith, (ii) your falsification of Company records, theft, or failure to cooperate with an investigation, (iii) your use or distribution on the premises of the Company or any of the Company’s subsidiaries of illegal drugs, (iv) your conviction, plea of guilty or nolo contendere (or procedural equivalent of the foregoing) of any crime against the Company, any of the Company’s subsidiaries or any of their employees, or (v) your violation of the Company’s Code of Business Ethics or any material Company or subsidiary policy applicable to you.
(b) Death or Disability.  In the event of your death or Disability prior to settlement of the Performance Share Units, you will be deemed vested in the amount of the Performance Share Units granted, measured at target subject to you or your estate or legal representative (as the case may be) satisfying the Release Condition.   Any Performance Share Units deemed vested under this Section 6 shall be settled within sixty (60) days following the date of such death or Disability.  
(c) Voluntary or involuntary termination.  In the event of your voluntary resignation or involuntary termination with or without Cause, any unvested Performance Share Units will forfeit.   
4.DIVIDENDS
Dividend equivalents shall accrue in the same form, rate and time as dividends are accrued on shares of Common Stock. The dividend equivalent amounts credited shall be released based on the number of shares of Common Stock ultimately earned in the Performance Period hereunder at the same time as such shares of Common Stock (or cash) are distributed in respect of your Performance Share Units, subject in all cases to applicable withholding.  
		
	5.
	SECTION 409A

This Award shall be administered, operated and interpreted in accordance with Section 409A of the Code, to the extent applicable, and the Award is intended to be exempt from or comply with Section 409A of the Code, as applicable.  The Company and Affiliates make no guarantees to you regarding the tax treatment of the Award or payments made under the Plan and shall have no liability in respect of any adverse tax consequences under Section 409A of the Code in the event that the Award fails to be exempt from or comply with Section 409A of the Code.  If the Award is payable to you and you are determined by the Company to be a “specified employee,” then such payment, to the extent payable due to your Termination of Service and not otherwise exempt from Section 409A of the Code, shall not be paid before the date that is six (6) months after the date of such Termination of Service (or, if earlier, the date of your death) and shall be paid on the first business day following such six (6) month anniversary (or death, as applicable).
		
	6.
	DATA PRIVACY

Notwithstanding anything in the Plan to the contrary (including Section 15(bb) thereof), your Data will be collected, used and transferred by and among, as applicable, the Company and its Affiliates (and certain third parties) including international transfers, for the purposes of administration and management of this Award and the Plan, in accordance with applicable law.   
Agreed to by the Company as of the Date of Grant.

JONES LANG LASALLE INCORPORATED
                        

EXHIBIT A
TO
AWARD AGREEMENT
For an Award of Performance Share Units 
Under the Jones Lang LaSalle Incorporated
 2017 Stock Award and Incentive Plan
For the 2018-2020 Performance Period
PSU Goals for the Performance Period 

Except as provided for earlier in respect of a Change in Control, in the first calendar quarter that begins following the end of the Performance Period, the Committee shall determine and certify the extent to which Performance Share Units are deemed vested based on the Company’s 2018-2020 Performance on U.S. Generally Accepted Accounting Principles Diluted Earnings Per Share (“US GAAP Diluted EPS”), Relative Total Shareholder Return (“Relative TSR”) and the Beyond Goals determined based on the following grid: 
	
				
	Performance Measure
	Threshold
	Target
	Maximum

	US GAAP Diluted EPS
	$ per share (70%)
	$ per share (100%)
	$ per share (130%)

	Beyond Goals
	70% achievement
	100% achievement
	130% achievement

	Relative TSR
	30th percentile
	60th percentile
	90th percentile

The PSU Goals, the level of attainment, and/or the performance measures may be adjusted by the Committee to reflect non-recurring or extraordinary events as determined by the Committee in good faith. You shall vest in 50% of the target number of the tranche’s Performance Share Units for “Threshold Performance,” 100% of the tranche’s target number of Performance Share Units for “Target Performance,” and 150% of the tranche’s target number of Performance Share Units for “Maximum Performance.”  Straight line interpolation is used to determine the applicable payout percentage between threshold and target and between target and maximum performance levels. For the avoidance of doubt, in no event may the payout percentage exceed 150%.  Performance attainment below the threshold level for the applicable PSU Goal shall result in none of the applicable PSU Goal’s Performance Share Units vesting.  Each measurement or reference in this Agreement in respect of any currency shall be in United States dollars.

Calculating US GAAP Diluted EPS performance 

US GAAP Diluted EPS shall mean (i) the Company’s net income attributable to common shareholders divided by (ii) the weighted average number of shares of common stock outstanding, plus the effect of dilutive potential common shares, all calculated in accordance with US GAAP. US GAAP Diluted EPS for the Performance Period will be calculated as the sum of the diluted earnings per share for the calendar years ended December 31 of 2018, 2019 and 2020 reported within the Company’s 2020 Annual Report on Form 10-K to be filed with the U.S. Securities and Exchange Commission. 

Calculating Beyond Goal performance 

There are ten Beyond Goals originating from the Company’s Beyond strategy that fall within our Growth, Client and People pillars.  The goals will be equally weighted and scored individually based on 50% for “Threshold Performance,” 100% for “Target Performance,” and 150% of the target number of Performance Share Units for “Maximum Performance.” Straight line interpolation is used to determine the applicable payout percentage between threshold and target and between target and maximum performance levels.  The average payout of all ten goals will be used to determine the overall number of Performance Share Units for the Beyond goals.

Calculating the achievement based on Relative TSR performance 

Relative TSR shall mean the change in the value, expressed as a percentage over the Performance Period, taking into account both stock price appreciation (or depreciation) and the reinvestment of dividends. TSR will be calculated based on a beginning share price for Performance Period and a final share price of Performance Period.  Beginning share price for Performance Period means the average closing price of the Company’s common stock for the final 20 trading days of the prior calendar year just preceding the beginning of the Performance Period.  The final share price for Performance Period means the average closing price of the Company’s common stock for the final 20 trading days of the Performance Period. Achievement is calculated relative to the performance of the S&P 500 as a percentile ranking defined as the percentage of TSR values among the S&P 500 companies during the Performance Period that are lower than the Company’s TSR during the Performance Period.  Companies that were publicly traded and constituents of the S&P 500 as of the Date of Grant but are no longer publicly traded as of the end of the Performance Period shall be excluded. 

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