Document:

EX-4.6

 Exhibit 4.6 

FOURTH AMENDED AND RESTATED SECURITY AND PLEDGE AGREEMENT 

THIS FOURTH AMENDED AND RESTATED SECURITY AND PLEDGE AGREEMENT (this “Agreement”) is entered into as of November 5, 2019
among the parties identified as “Obligors” on the signature pages hereto and such other parties that may become Obligors hereunder after the date hereof (each individually an “Obligor” and collectively the
“Obligors”), and BANK OF AMERICA, N.A., in its capacity as administrative agent (in such capacity, the “Administrative Agent”) for the holders of the Obligations (defined below). 

RECITALS 
 WHEREAS,
pursuant to that certain Fourth Amended and Restated Credit Agreement (as amended, modified, supplemented, increased, extended, restated, renewed, refinanced and replaced from time to time, the “Credit Agreement”) dated as of the
date hereof among TREX COMPANY, INC., a Delaware corporation (the “Borrower”), the Guarantors identified therein, the Lenders identified therein and the Administrative Agent, the Lenders have agreed to make Loans and the L/C Issuer
has agreed to issue Letters of Credit upon the terms and subject to the conditions set forth therein; 
 WHEREAS, this Agreement is required
by the terms of the Credit Agreement. 
 NOW, THEREFORE, in consideration of these premises and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Definitions. 

(a) Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Credit
Agreement, and the following terms which are defined in the Uniform Commercial Code in effect from time to time in the Commonwealth of Virginia except as such terms may be used in connection with the perfection of the Collateral and then the
applicable jurisdiction with respect to such affected Collateral shall apply (the “UCC”): Accession, Account, Adverse Claim, As-Extracted Collateral, Chattel Paper, Commercial Tort Claim,
Deposit Account, Document, Electronic Chattel Paper, Equipment, Farm Products, Financial Asset, Fixtures, General Intangible, Goods, Instrument, Inventory, Investment Company Security, Investment Property, Letter-of-Credit Right, Manufactured Home, Money, Proceeds, Securities Account, Security Entitlement, Security, Software, Supporting Obligation and Tangible Chattel Paper. 

(b) In addition, the following terms shall have the meanings set forth below: 

“Collateral” has the meaning provided in Section 2 hereof. 

“Copyright License” means any written agreement, naming any Obligor as licensor, granting any right under any
Copyright. 
  

 “Copyrights” means (a) all registered United States
copyrights in all Works, now existing or hereafter created or acquired, all registrations and recordings thereof, and all applications in connection therewith, including, without limitation, registrations, recordings and applications in the United
States Copyright Office, and (b) all renewals thereof. 
 “Lowe’s” means Lowe’s Companies,
Inc., a North Carolina corporation. 
 “Lowe’s Consignment Agreements” means, collectively,
(i) the Master Standard Buying Agreement dated January 5, 2007, between Lowe’s and the Borrower, and (ii) the Consignee Agreement dated March 2008, among Lowe’s, BB&T and the Borrower. 

“Patent License” means any agreement, whether written or oral, providing for the grant by or to an Obligor of
any right to manufacture, use or sell any invention covered by a Patent. 
 “Patents” means (a) all
letters patent of the United States or any other country and all reissues and extensions thereof, and (b) all applications for letters patent of the United States or any other country and all divisions, continuations and continuations-in-part thereof. 
 “Pledged
Equity” means, with respect to each Obligor, (i) 100% of the issued and outstanding Capital Securities of each Domestic Subsidiary that is directly owned by such Obligor and (ii) 65% (or such greater percentage that, due to a
change in an applicable Law after the date hereof, (A) could not reasonably be expected to cause the undistributed earnings of such Foreign Subsidiary as determined for United States federal income tax purposes to be treated as a deemed
dividend to such Foreign Subsidiary’s United States parent and (B) could not reasonably be expected to cause any material adverse tax consequences) of the issued and outstanding Capital Securities entitled to vote (within the meaning of
Treas. Reg. Section 1.956-2(c)(2)) and 100% of the issued and outstanding Capital Securities not entitled to vote (within the meaning of Treas. Reg.
Section 1.956-2(c)(2)) in each Foreign Subsidiary other than the Excluded Subsidiary that is directly owned by such Obligor, including the Capital Securities of the Subsidiaries owned by such Obligor as
set forth on Schedule 1 hereto, in each case together with the certificates (or other agreements or instruments), if any, representing such Capital Securities, and all options and other rights, contractual or otherwise,
with respect thereto, including, but not limited to, the following: 
 (1) all Capital Securities representing a dividend
thereon, or representing a distribution or return of capital upon or in respect thereof, or resulting from a stock split, revision, reclassification or other exchange therefor, and any subscriptions, warrants, rights or options issued to the holder
thereof, or otherwise in respect thereof; and 
 (2) in the event of any consolidation or merger involving the issuer thereof
and in which such issuer is not the surviving Person, all shares of each class of the Capital Securities of the successor Person formed by or resulting from such consolidation or merger, to the extent that such successor Person is a direct
Subsidiary of an Obligor. 

  
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 “The Home Depot” means Home Depot U.S.A., Inc., a Delaware
corporation. 
 “The Home Depot Consignment Agreements” means, collectively, (i) the Product Handling
Agreement dated March 13, 2006, between The Home Depot and the Borrower, and (ii) the letter agreement dated March 16, 2007, among The Home Depot, BB&T and the Borrower. 

“Trademark License” means any agreement, written or oral, providing for the grant by or to an Obligor of any
right to use any Trademark. 
 “Trademarks” means (a) all trademarks, trade names, corporate names,
company names, business names, fictitious business names, trade styles, service marks, logos and other source or business identifiers, and the goodwill associated therewith, now existing or hereafter adopted or acquired, all registrations and
recordings thereof, and all applications in connection therewith, whether in the United States Patent and Trademark Office or in any similar office or agency of the United States, any state thereof or any other country or any political subdivision
thereof, or otherwise and (b) all renewals thereof. 
 “Work” means any work that is subject to
copyright protection pursuant to Title 17 of the United States Code. 
 2. Grant of Security Interest in the Collateral.
To secure the prompt payment and performance in full when due, whether by lapse of time, acceleration, mandatory prepayment or otherwise, of the Obligations, each Obligor hereby grants to the Administrative Agent, for the benefit of the holders of
the Obligations, a continuing security interest in, and a right to set off against, any and all right, title and interest of such Obligor in and to all of the following, whether now owned or existing or owned, acquired, or arising hereafter
(collectively, the “Collateral”): (a) all Accounts; (b) all Money; (c) all Chattel Paper; (d) those certain Commercial Tort Claims set forth on Schedule 2 hereto; (e) all Copyrights;
(f) all Copyright Licenses; (g) all Deposit Accounts; (h) all Documents; (i) all Equipment; (j) all Fixtures; (k) all General Intangibles; (l) all Instruments; (m) all Inventory; (n) all Investment
Property; (o) all Letter-of-Credit Rights; (p) all Patents; (q) all Patent Licenses; (r) all Pledged Equity; (s) all Software; (t) all
Supporting Obligations; (u) all Trademarks; (v) all Trademark Licenses; and (w) all Accessions and all Proceeds of any and all of the foregoing. 

Notwithstanding anything to the contrary contained herein, the security interests granted under this Agreement shall not extend to
(a) any lease, license, contract or other agreement of an Obligor if the grant of a security interest in such lease, license, contract or other agreement in the manner contemplated by this Agreement is prohibited under the terms of such lease,
license, contract or other agreement or under applicable Law or would result in default thereunder, the termination thereof or give the other parties thereto the right to terminate, accelerate or otherwise alter such Obligor’s rights, titles
and interests thereunder (including upon the giving of notice or the lapse of time or both); provided that (i) any such limitation described in the foregoing clause (a) on the security interests granted hereunder shall only apply to
the extent that any such 

  
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prohibition could not be rendered ineffective pursuant to the UCC or any other applicable Law (including Debtor Relief Laws) or principles of equity and (ii) in the event of the termination
or elimination of any such prohibition or the requirement for any consent contained in such lease, license, contract or other agreement or applicable Law to the extent sufficient to permit any such item to become Collateral hereunder, or upon the
granting of any such consent, or waiving or terminating any requirement for such consent, a security interest in such lease, license, contract or other agreement shall be automatically and simultaneously granted hereunder and shall be included as
Collateral hereunder, (b) the Olive Branch Property and (c) any Capital Securities of the Excluded Subsidiary. 
 The Obligors and
the Administrative Agent, on behalf of the holders of the Obligations, hereby acknowledge and agree that the security interest created hereby in the Collateral (i) constitutes continuing collateral security for all of the Obligations, whether
now existing or hereafter arising and (ii) is not to be construed as an assignment of any Copyrights, Copyright Licenses, Patents, Patent Licenses, Trademarks or Trademark Licenses. 

3. Representations and Warranties. Each Obligor hereby represents and warrants to the Administrative Agent, for the
benefit of the holders of the Obligations, that: 
 (a) Ownership. Each Obligor is the legal and beneficial owner of
its Collateral and has the right to pledge, sell, assign or transfer the same. There exists no Adverse Claim with respect to the Pledged Equity of such Obligor. 

(b) Security Interest/Priority. This Agreement creates a valid security interest in favor of the Administrative Agent,
for the benefit of the holders of the Obligations, in the Collateral of such Obligor and, when properly perfected by filing, shall constitute a valid and perfected, first priority security interest in such Collateral (including all uncertificated
Pledged Equity consisting of partnership or limited liability company interests that do not constitute Securities), to the extent such security interest can be perfected by filing under the UCC, free and clear of all Liens except for Permitted
Liens. The taking possession by the Administrative Agent of the certificated securities (if any) evidencing the Pledged Equity and all other Instruments constituting Collateral will perfect and establish the first priority of the Administrative
Agent’s security interest in all the Pledged Equity evidenced by such certificated securities and such Instruments. With respect to any Collateral consisting of a Deposit Account, Security Entitlement or held in a Securities Account, upon
execution and delivery by the applicable Obligor, the applicable depository bank or Securities Intermediary and the Administrative Agent of an agreement granting control to the Administrative Agent over such Collateral, the Administrative Agent
shall have a valid and perfected, first priority security interest in such Collateral. 
 (c) Types of Collateral.
None of the Collateral consists of, or is the Proceeds of, As-Extracted Collateral, Farm Products, Manufactured Homes or standing timber. 

(d) Equipment and Inventory. As of the Closing Date, set forth on Schedule 3(d) attached hereto and incorporated
by reference is a complete list of each lien waiver, subordination agreement or other letter of acknowledgement by a warehouseman, bailee or consignee in favor of the Administrative Agent as of the Closing Date (or its predecessor Branch, Banking
and Trust Company) (including the Lowe’s Consignment Agreements and The Home Depot Consignment Agreements) for certain locations at which Obligors maintain Inventory or Equipment. 

  
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 (e) Authorization of Pledged Equity. All Pledged Equity is duly
authorized and validly issued, is fully paid and, to the extent applicable, nonassessable and is not subject to the preemptive rights, warrants, options or other rights to purchase of any Person, or equityholder, voting trust or similar agreements
outstanding with respect to, or property that is convertible, into, or that requires the issuance and sale of, any of the Pledged Equity, except to the extent expressly permitted under the Loan Documents. 

(f) No Other Capital Securities, Instruments, Etc. As of the Closing Date, no Obligor owns any certificated Capital
Securities in any Subsidiary that are required to be pledged and delivered to the Administrative Agent hereunder other than as set forth on Schedule 1 hereto, and all such certificated Capital Securities have been delivered to the
Administrative Agent. 
 (g) Partnership and Limited Liability Company Interests. Except as previously disclosed to
the Administrative Agent in writing, none of the Collateral consisting of an interest in a partnership or a limited liability company (i) is dealt in or traded on a securities exchange or in a securities market, (ii) by its terms expressly
provides that it is a Security governed by Article 8 of the UCC, (iii) is an Investment Company Security, (iv) is held in a Securities Account or (v) constitutes a Security or a Financial Asset. 

(h) Consents; Etc. There are no restrictions in any Organization Document governing any Pledged Equity or any other
document related thereto which would limit or restrict (i) the grant of a Lien pursuant to this Agreement on such Pledged Equity, (ii) the perfection of such Lien or (iii) the exercise of remedies in respect of such perfected Lien in
the Pledged Equity as contemplated by this Agreement. Except for (i) the filing or recording of UCC financing statements, (ii) the filing of appropriate notices with the United States Patent and Trademark Office and the United States
Copyright Office, (iii) obtaining control to perfect the Liens created by this Agreement (to the extent required under Section 4(a) hereof), (iv) such actions as may be required by Laws affecting the offering and sale of securities,
(v) such actions as may be required by applicable foreign Laws affecting the pledge of the Pledged Equity of Foreign Subsidiaries and (vi) consents, authorizations, filings or other actions which have been obtained or made, no consent or
authorization of, filing with, or other act by or in respect of, any arbitrator or Governmental Authority and no consent of any other Person (including, without limitation, any stockholder, member or creditor of such Obligor), is required for
(A) the grant by such Obligor of the security interest in the Collateral granted hereby or for the execution, delivery or performance of this Agreement by such Obligor, (B) the perfection of such security interest (to the extent such
security interest can be perfected by filing under the UCC, the granting of control (to the extent required under Section 4(a) hereof) or by filing an appropriate notice with the United States Patent and Trademark Office or the United States
Copyright Office) or (C) the exercise by the Administrative Agent or the holders of the Obligations of the rights and remedies provided for in this Agreement. 

  
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 (i) Commercial Tort Claims. As of the Closing Date, no Obligor has
any Commercial Tort Claims seeking damages in excess of $1,000,000 other than as set forth on Schedule 2 hereto. 
 4.
Covenants. Each Obligor covenants that until the Facility Termination Date has occurred, such Obligor shall: 

(a) Instruments/Chattel Paper/Pledged Equity/Control. 

(i) If any amount in excess of $100,000 payable under or in connection with any of the Collateral shall be or become evidenced
by any Instrument or Tangible Chattel Paper, or if any property constituting Collateral shall be stored or shipped subject to a Document, ensure that such Instrument, Tangible Chattel Paper or Document is either in the possession of such Obligor at
all times or, if requested by the Administrative Agent to perfect its security interest in such Collateral, is delivered to the Administrative Agent duly endorsed in a manner satisfactory to the Administrative Agent. Such Obligor shall ensure that
any Collateral consisting of Tangible Chattel Paper is marked with a legend acceptable to the Administrative Agent indicating the Administrative Agent’s security interest in such Tangible Chattel Paper. 

(ii) Deliver to the Administrative Agent promptly upon the receipt thereof by or on behalf of an Obligor, all certificates and
instruments constituting Pledged Equity. Prior to delivery to the Administrative Agent, all such certificates constituting Pledged Equity shall be held in trust by such Obligor for the benefit of the Administrative Agent pursuant hereto. All such
certificates representing Pledged Equity shall be delivered in suitable form for transfer by delivery or shall be accompanied by duly executed instruments of transfer or assignment in blank, substantially in the form provided in
Exhibit 4(a) hereto. 
 (iii) Execute and deliver all agreements, assignments, instruments or other
documents as reasonably requested by the Administrative Agent for the purpose of obtaining and maintaining control with respect to any Collateral consisting of (i) Deposit Accounts, (ii) Investment Property,
(iii) Letter-of-Credit Rights and (iv) Electronic Chattel Paper. 

(b) Filing of Financing Statements, Notices, etc. Set forth on Schedule 4(b) is a list of (i) all IP Rights
registered or pending registration with the United States Copyright Office or the United States Patent and Trademark Office that, as of the date hereof, a Loan Party owns and (ii) all licenses of IP Rights registered with the United States
Copyright Office or the United States Patent and Trademark Office as of the date hereof. Each Obligor shall execute and deliver to the Administrative Agent such agreements, assignments or instruments (including affidavits, notices, reaffirmations
and amendments and restatements of existing documents, as the Administrative Agent may reasonably request) and do all such other things as the Administrative Agent may reasonably deem necessary or appropriate (i) to assure to the Administrative
Agent its security interests hereunder, including (A) such instruments as the Administrative Agent may from time to time 

  
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reasonably request in order to perfect and maintain the security interests granted hereunder in accordance with the UCC, (B) with regard to Copyrights, a Notice of Grant of Security Interest
in Copyrights in the form of Exhibit 4(c)(i), (C) with regard to Patents, a Notice of Grant of Security Interest in Patents for filing with the United States Patent and Trademark Office in the form of Exhibit 4(c)(ii) hereto and
(D) with regard to Trademarks, a Notice of Grant of Security Interest in Trademarks for filing with the United States Patent and Trademark Office in the form of Exhibit 4(c)(iii) hereto, (ii) to consummate the transactions
contemplated hereby and (iii) to otherwise protect and assure the Administrative Agent of its rights and interests hereunder. Furthermore, each Obligor also hereby irrevocably makes, constitutes and appoints the Administrative Agent, its
nominee or any other person whom the Administrative Agent may designate, as such Obligor’s attorney in fact with full power and for the limited purpose to sign in the name of such Obligor any financing statements, or amendments and supplements
to financing statements, renewal financing statements, notices or any similar documents which in the Administrative Agent’s reasonable discretion would be necessary or appropriate in order to perfect and maintain perfection of the security
interests granted hereunder, such power, being coupled with an interest, being and remaining irrevocable until the Facility Termination Date has occurred. Each Obligor hereby agrees that a carbon, photographic or other reproduction of this Agreement
or any such financing statement is sufficient for filing as a financing statement by the Administrative Agent without notice thereof to such Obligor wherever the Administrative Agent may in its sole discretion desire to file the same. 

(c) Collateral Held by Warehouseman, Bailee, etc. If any Collateral is at any time in the possession or control of a
warehouseman, bailee or any agent or processor of such Obligor and the value of such Collateral at any location exceeds $5,000,000, then the Administrative Agent may request that the Obligor (i) notify such Person in writing of the
Administrative Agent’s security interest therein, (ii) instruct such Person to hold all such Collateral for the Administrative Agent’s account and subject to the Administrative Agent’s instructions and (iii) use reasonable
best efforts to obtain a written acknowledgment from such Person that it is holding such Collateral for the benefit of the Administrative Agent. 

(d) Commercial Tort Claims. (i) Promptly forward to the Administrative Agent an updated Schedule 2 listing
any and all Commercial Tort Claims by or in favor of such Obligor seeking damages in excess of $1,000,000 and (ii) execute and deliver such statements, documents and notices and do and cause to be done all such things as may be required by the
Administrative Agent, or required by Law to create, preserve, perfect and maintain the Administrative Agent’s security interest in any Commercial Tort Claims initiated by or in favor of any Obligor. 

(e) Books and Records. Mark its books and records (and shall cause the issuer of the Pledged Equity of such Obligor to
mark its books and records) to reflect the security interest granted pursuant to this Agreement. 
 (f) Nature of
Collateral. At all times maintain the Collateral as personal property and not affix any of the Collateral to any real property in a manner which would change its nature from personal property to real property or a Fixture to real property,
unless the Administrative Agent shall have a perfected Lien on such Fixture or real property. 

  
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 (g) Issuance or Acquisition of Capital Securities in Partnership or
Limited Liability Company. Not without executing and delivering, or causing to be executed and delivered, to the Administrative Agent such agreements, documents and instruments as the Administrative Agent may reasonably require, issue or acquire
any Pledged Equity consisting of an interest in a partnership or a limited liability company that (i) is dealt in or traded on a securities exchange or in a securities market, (ii) by its terms expressly provides that it is a Security
governed by Article 8 of the UCC, (iii) is an Investment Company Security, (iv) is held in a Securities Account or (v) constitutes a Security or a Financial Asset. 

5. Authorization to File Financing Statements. Each Obligor hereby authorizes the Administrative Agent to prepare and file
such financing statements (including continuation statements) or amendments thereof or supplements thereto or other instruments as the Administrative Agent may from time to time deem necessary or appropriate in order to perfect and maintain the
security interests granted hereunder in accordance with the UCC (including authorization to describe the Collateral as “all personal property”, “all assets” or words of similar meaning). 

6. Advances. On failure of any Obligor to perform any of the covenants and agreements contained herein, or in any other
Loan Document, the Administrative Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including,
without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures which the
Administrative Agent may make for the protection of the security hereof or which may be compelled to make by operation of Law. All such sums and amounts so expended shall be repayable by the Obligors on a joint and several basis promptly upon timely
notice thereof and demand therefor, shall constitute additional Obligations and shall bear interest from the date said amounts are expended at the Default Rate. No such performance of any covenant or agreement by the Administrative Agent on behalf
of any Obligor, and no such advance or expenditure therefor, shall relieve the Obligors of any Default or Event of Default. The Administrative Agent may make any payment hereby authorized in accordance with any bill, statement or estimate procured
from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such bill, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the
extent such payment is being contested in good faith by an Obligor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP. 

  
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 7. Remedies. 

(a) General Remedies. Upon the occurrence of an Event of Default and during continuation thereof, the Administrative
Agent shall have, in addition to the rights and remedies provided herein, in the Loan Documents, in any other documents relating to the Obligations, or by Law (including, but not limited to, levy of attachment, garnishment and the rights and
remedies set forth in the UCC of the jurisdiction applicable to the affected Collateral), the rights and remedies of a secured party under the UCC (regardless of whether the UCC is the law of the jurisdiction where the rights and remedies are
asserted and regardless of whether the UCC applies to the affected Collateral), and further, the Administrative Agent may, with or without judicial process or the aid and assistance of others, (i) enter on any premises on which any of the
Collateral may be located and, without resistance or interference by the Obligors, take possession of the Collateral, (ii) dispose of any Collateral on any such premises, (iii) require the Obligors to assemble and make available to the
Administrative Agent at the expense of the Obligors any Collateral at any place and time designated by the Administrative Agent which is reasonably convenient to both parties, (iv) remove any Collateral from any such premises for the purpose of
effecting sale or other disposition thereof, and/or (v) without demand and without advertisement, notice, hearing or process of law, all of which each of the Obligors hereby waives to the fullest extent permitted by Law, at any place and time
or times, sell and deliver any or all Collateral held by or for it at public or private sale (which in the case of a private sale of Pledged Equity, shall be to a restricted group of purchasers who will be obligated to agree, among other things, to
acquire such securities for their own account, for investment and not with a view to the distribution or resale thereof), at any exchange or broker’s board or elsewhere, by one or more contracts, in one or more parcels, for Money, upon credit
or otherwise, at such prices and upon such terms as the Administrative Agent deems advisable, in its sole discretion (subject to any and all mandatory legal requirements). Each Obligor acknowledges that any such private sale may be at prices and on
terms less favorable to the seller than the prices and other terms which might have been obtained at a public sale and, notwithstanding the foregoing, agrees that such private sale shall be deemed to have been made in a commercially reasonable
manner and, in the case of a sale of Pledged Equity, that the Administrative Agent shall have no obligation to delay sale of any such securities for the period of time necessary to permit the issuer of such securities to register such securities for
public sale under the Securities Act of 1933. Neither the Administrative Agent’s compliance with applicable Law nor its disclaimer of warranties relating to the Collateral shall be considered to adversely affect the commercial reasonableness of
any sale. To the extent the rights of notice cannot be legally waived hereunder, each Obligor agrees that any requirement of reasonable notice shall be met if such notice, specifying the place of any public sale or the time after which any private
sale is to be made, is personally served on or mailed, postage prepaid, to the Obligors in accordance with the notice provisions of Section 11.02 of the Credit Agreement at least 10 days before the time of sale or other
event giving rise to the requirement of such notice. The Administrative Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the
time and place to which it was so adjourned. Each Obligor further acknowledges and agrees that any offer to sell any Pledged Equity which has been (i) publicly advertised on a bona fide basis in a newspaper or other publication of general
circulation in the financial community of New York, New York (to the extent that such offer may be advertised without prior registration under the Securities Act of 1933), or (ii) made privately in the manner described above shall be deemed to
involve a “public sale” under the UCC, notwithstanding that such sale may not constitute a “public offering” 

  
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under the Securities Act of 1933, and the Administrative Agent may, in such event, bid for the purchase of such securities. The Administrative Agent shall not be obligated to make any sale or
other disposition of the Collateral regardless of notice having been given. To the extent permitted by applicable Law, any holder of Obligations may be a purchaser at any such sale. To the extent permitted by applicable Law, each of the Obligors
hereby waives all of its rights of redemption with respect to any such sale. Subject to the provisions of applicable Law, the Administrative Agent may postpone or cause the postponement of the sale of all or any portion of the Collateral by
announcement at the time and place of such sale, and such sale may, without further notice, to the extent permitted by Law, be made at the time and place to which the sale was postponed, or the Administrative Agent may further postpone such sale by
announcement made at such time and place. 
 (b) Remedies relating to Accounts. During the continuation of an Event of
Default, whether or not the Administrative Agent has exercised any or all of its rights and remedies hereunder, (i) each Obligor will promptly upon request of the Administrative Agent instruct all account debtors to remit all payments in
respect of Accounts to a mailing location selected by the Administrative Agent and (ii) the Administrative Agent shall have the right to enforce any Obligor’s rights against its customers and account debtors, and the Administrative Agent
or its designee may notify any Obligor’s customers and account debtors that the Accounts of such Obligor have been assigned to the Administrative Agent or of the Administrative Agent’s security interest therein, and may (either in its own
name or in the name of an Obligor or both) demand, collect (including without limitation by way of a lockbox arrangement), receive, take receipt for, sell, sue for, compound, settle, compromise and give acquittance for any and all amounts due or to
become due on any Account, and, in the Administrative Agent’s discretion, file any claim or take any other action or proceeding to protect and realize upon the security interest of the holders of the Obligations in the Accounts. Each Obligor
acknowledges and agrees that the Proceeds of its Accounts remitted to or on behalf of the Administrative Agent in accordance with the provisions hereof shall be solely for the Administrative Agent’s own convenience and that such Obligor shall
not have any right, title or interest in such Accounts or in any such other amounts except as expressly provided herein. Neither the Administrative Agent nor the holders of the Obligations shall have any liability or responsibility to any Obligor
for acceptance of a check, draft or other order for payment of money bearing the legend “payment in full” or words of similar import or any other restrictive legend or endorsement or be responsible for determining the correctness of any
remittance. Furthermore, during the continuation of an Event of Default, (i) the Administrative Agent shall have the right, but not the obligation, to make test verifications of the Accounts in any manner and through any medium that it
reasonably considers advisable, and the Obligors shall furnish all such assistance and information as the Administrative Agent may require in connection with such test verifications, (ii) upon the Administrative Agent’s request and at the
expense of the Obligors, the Obligors shall cause independent public accountants or others satisfactory to the Administrative Agent to furnish to the Administrative Agent reports showing reconciliations, aging and test verifications of, and trial
balances for, the Accounts and (iii) the Administrative Agent in its own name or in the name of others may communicate with account debtors on the Accounts to verify with them to the Administrative Agent’s satisfaction the existence,
amount and terms of any Accounts. 

  
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 (c) Deposit Accounts. Upon the occurrence of an Event of Default and
during continuation thereof, the Administrative Agent may prevent withdrawals or other dispositions of funds in Deposit Accounts maintained with the Administrative Agent. 

(d) Access. In addition to the rights and remedies hereunder, upon the occurrence of an Event of Default and during the
continuance thereof, the Administrative Agent shall have the right to enter and remain upon the various premises of the Obligors without cost or charge to the Administrative Agent, and use the same, together with materials, supplies, books and
records of the Obligors for the purpose of collecting and liquidating the Collateral, or for preparing for sale and conducting the sale of the Collateral, whether by foreclosure, auction or otherwise. In addition, the Administrative Agent may remove
Collateral, or any part thereof, from such premises and/or any records with respect thereto, in order to effectively collect or liquidate such Collateral. 

(e) Nonexclusive Nature of Remedies. Failure by the Administrative Agent or the holders of the Obligations to exercise
any right, remedy or option under this Agreement, any other Loan Document, any other document relating to the Obligations, or as provided by Law, or any delay by the Administrative Agent or the holders of the Obligations in exercising the same,
shall not operate as a waiver of any such right, remedy or option. No waiver hereunder shall be effective unless it is in writing, signed by the party against whom such waiver is sought to be enforced and then only to the extent specifically stated,
which in the case of the Administrative Agent or the holders of the Obligations shall only be granted as provided herein. To the extent permitted by Law, neither the Administrative Agent, the holders of the Obligations, nor any party acting as
attorney for the Administrative Agent or the holders of the Obligations, shall be liable hereunder for any acts or omissions or for any error of judgment or mistake of fact or law other than their gross negligence or willful misconduct hereunder.
The rights and remedies of the Administrative Agent and the holders of the Obligations under this Agreement shall be cumulative and not exclusive of any other right or remedy which the Administrative Agent or the holders of the Obligations may have.

 (f) Retention of Collateral. In addition to the rights and remedies hereunder, the Administrative Agent may, in
compliance with Sections 9-620 and 9-621 of the UCC or otherwise complying with the requirements of applicable Law of the relevant jurisdiction, accept or retain
the Collateral in satisfaction of the Obligations. Unless and until the Administrative Agent shall have provided such notices, however, the Administrative Agent shall not be deemed to have retained any Collateral in satisfaction of any Obligations
for any reason. 
 (g) Deficiency. In the event that the proceeds of any sale, collection or realization are
insufficient to pay all amounts to which the Administrative Agent or the holders of the Obligations are legally entitled, the Obligors shall be jointly and severally liable for the deficiency, together with interest thereon at the Default Rate,
together with the costs of collection and the fees, charges and disbursements of counsel. Any surplus remaining after the full payment and satisfaction of the Obligations shall be returned to the Obligors or to whomsoever a court of competent
jurisdiction shall determine to be entitled thereto. Notwithstanding any provision to the contrary contained herein, in any other of the 

  
 11 

 
Loan Documents or in any other documents relating to the Obligations, the obligations of each Obligor under the Credit Agreement and the other Loan Documents shall be limited to an aggregate
amount equal to the largest amount that would not render such obligations subject to avoidance under Section 548 of the Bankruptcy Code of the United States or any other applicable Debtor Relief Law (including any comparable provisions of any
applicable state Law). 
 8. Rights of the Administrative Agent. 

(a) Power of Attorney. In addition to other powers of attorney contained herein, each Obligor hereby designates and
appoints the Administrative Agent, on behalf of the holders of the Obligations, and each of its designees or agents, as attorney-in-fact of such Obligor, irrevocably and
with power of substitution, with authority to take any or all of the following actions upon the occurrence and during the continuance of an Event of Default: 

(i) to demand, collect, settle, compromise, adjust, give discharges and releases, all as the Administrative Agent may
reasonably determine; 
 (ii) to commence and prosecute any actions at any court for the purposes of collecting any
Collateral and enforcing any other right in respect thereof; 
 (iii) to defend, settle or compromise any action brought and,
in connection therewith, give such discharge or release as the Administrative Agent may deem reasonably appropriate; 
 (iv)
receive, open and dispose of mail addressed to an Obligor and endorse checks, notes, drafts, acceptances, money orders, bills of lading, warehouse receipts or other instruments or documents evidencing payment, shipment or storage of the goods giving
rise to the Collateral of such Obligor on behalf of and in the name of such Obligor, or securing, or relating to such Collateral; 

(v) sell, assign, transfer, make any agreement in respect of, or otherwise deal with or exercise rights in respect of, any
Collateral or the goods or services which have given rise thereto, as fully and completely as though the Administrative Agent were the absolute owner thereof for all purposes; 

(vi) adjust and settle claims under any insurance policy relating thereto; 

(vii) execute and deliver all assignments, conveyances, statements, financing statements, renewal financing statements,
security agreements, affidavits, notices and other agreements, instruments and documents that the Administrative Agent may determine necessary in order to perfect and maintain the security interests and liens granted in this Agreement and in order
to fully consummate all of the transactions contemplated therein; 
 (viii) institute any foreclosure proceedings that the
Administrative Agent may deem appropriate; 

  
 12 

 (ix) to sign and endorse any drafts, assignments, proxies, stock powers,
verifications, notices and other documents relating to the Collateral; 
 (x) to exchange any of the Pledged Equity or other
property upon any merger, consolidation, reorganization, recapitalization or other readjustment of the issuer thereof and, in connection therewith, deposit any of the Pledged Equity with any committee, depository, transfer agent, registrar or other
designated agency upon such terms as the Administrative Agent may reasonably deem appropriate; 
 (xi) to vote for a
shareholder resolution, or to sign an instrument in writing, sanctioning the transfer of any or all of the Pledged Equity into the name of the Administrative Agent or one or more of the holders of the Obligations or into the name of any transferee
to whom the Pledged Equity or any part thereof may be sold pursuant to Section 7 hereof; 
 (xii) to pay or discharge
taxes, liens, security interests or other encumbrances levied or placed on or threatened against the Collateral; 
 (xiii) to
direct any parties liable for any payment in connection with any of the Collateral to make payment of any and all monies due and to become due thereunder directly to the Administrative Agent or as the Administrative Agent shall direct; 

(xiv) to receive payment of and receipt for any and all monies, claims, and other amounts due and to become due at any time in
respect of or arising out of any Collateral; and 
 (xv) do and perform all such other acts and things as the Administrative
Agent may reasonably deem to be necessary, proper or convenient in connection with the Collateral. 
 This power of attorney
is a power coupled with an interest and shall be irrevocable until the Facility Termination Date has occurred. The Administrative Agent shall be under no duty to exercise or withhold the exercise of any of the rights, powers, privileges and options
expressly or implicitly granted to the Administrative Agent in this Agreement, and shall not be liable for any failure to do so or any delay in doing so. The Administrative Agent shall not be liable for any act or omission or for any error of
judgment or any mistake of fact or law in its individual capacity or its capacity as attorney-in-fact except acts or omissions resulting from its gross negligence or
willful misconduct. This power of attorney is conferred on the Administrative Agent solely to protect, preserve and realize upon its security interest in the Collateral. 

(b) Assignment by the Administrative Agent. The Administrative Agent may from time to time assign the Obligations to a
successor Administrative Agent appointed in accordance with the Credit Agreement, and such successor shall be entitled to all of the rights and remedies of the Administrative Agent under this Agreement in relation thereto. 

  
 13 

 (c) The Administrative Agent’s Duty of Care. Other than the
exercise of reasonable care to assure the safe custody of the Collateral while being held by the Administrative Agent hereunder, the Administrative Agent shall have no duty or liability to preserve rights pertaining thereto, it being understood and
agreed that the Obligors shall be responsible for preservation of all rights in the Collateral, and the Administrative Agent shall be relieved of all responsibility for the Collateral upon surrendering it or tendering the surrender of it to the
Obligors. The Administrative Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Administrative
Agent accords its own property, which shall be no less than the treatment employed by a reasonable and prudent agent in the industry, it being understood that the Administrative Agent shall not have responsibility for taking any necessary steps to
preserve rights against any parties with respect to any of the Collateral. In the event of a public or private sale of Collateral pursuant to Section 7 hereof, the Administrative Agent shall have no responsibility for (i) ascertaining or
taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relating to any Collateral, whether or not the Administrative Agent has or is deemed to have knowledge of such matters, or (ii) taking any steps
to clean, repair or otherwise prepare the Collateral for sale. 
 (d) Liability with Respect to Accounts. Anything
herein to the contrary notwithstanding, each of the Obligors shall remain liable under each of the Accounts to observe and perform all the conditions and obligations to be observed and performed by it thereunder, all in accordance with the terms of
any agreement giving rise to each such Account. Neither the Administrative Agent nor any holder of Obligations shall have any obligation or liability under any Account (or any agreement giving rise thereto) by reason of or arising out of this
Agreement or the receipt by the Administrative Agent or any holder of Obligations of any payment relating to such Account pursuant hereto, nor shall the Administrative Agent or any holder of Obligations be obligated in any manner to perform any of
the obligations of an Obligor under or pursuant to any Account (or any agreement giving rise thereto), to make any payment, to make any inquiry as to the nature or the sufficiency of any payment received by it or as to the sufficiency of any
performance by any party under any Account (or any agreement giving rise thereto), to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts which may have been assigned to it or to which it
may be entitled at any time or times. 
 (e) Voting and Payment Rights in Respect of the Pledged Equity. 

(i) So long as no Event of Default shall exist, each Obligor may (A) exercise any and all voting and other consensual
rights pertaining to the Pledged Equity of such Obligor or any part thereof for any purpose not inconsistent with the terms of this Agreement or the Credit Agreement and (B) receive and retain any and all dividends (other than stock dividends
and other dividends constituting Collateral which are addressed hereinabove), principal or interest paid in respect of the Pledged Equity to the extent they are allowed under the Credit Agreement; and 

  
 14 

 (ii) During the continuance of an Event of Default, (A) all rights of
an Obligor to exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant to clause (i)(A) above shall cease and all such rights shall thereupon become vested in the Administrative Agent which shall then
have the sole right to exercise such voting and other consensual rights, (B) all rights of an Obligor to receive the dividends, principal and interest payments which it would otherwise be authorized to receive and retain pursuant to clause
(i)(B) above shall cease and all such rights shall thereupon be vested in the Administrative Agent which shall then have the sole right to receive and hold as Collateral such dividends, principal and interest payments, and (C) all dividends,
principal and interest payments which are received by an Obligor contrary to the provisions of clause (ii)(B) above shall be received in trust for the benefit of the Administrative Agent, shall be segregated from other property or funds of such
Obligor, and shall be forthwith paid over to the Administrative Agent as Collateral in the exact form received, to be held by the Administrative Agent as Collateral and as further collateral security for the Obligations. 

(f) Releases of Collateral. (i) If any Collateral shall be sold, transferred or otherwise disposed of by any
Obligor in a transaction permitted by the Credit Agreement, then the Administrative Agent, at the request and sole expense of such Obligor, shall promptly execute and deliver to such Obligor all releases and other documents, and take such other
action, reasonably necessary for the release of the Liens created hereby or by any other Collateral Document on such Collateral. (ii) The Administrative Agent may release any of the Pledged Equity from this Agreement or may substitute any of
the Pledged Equity for other Pledged Equity without altering, varying or diminishing in any way the force, effect, lien, pledge or security interest of this Agreement as to any Pledged Equity not expressly released or substituted, and this Agreement
shall continue as a first priority lien on all Pledged Equity not expressly released or substituted. 
 9. Application of
Proceeds. Upon the acceleration of the Obligations pursuant to Section 8.02 of the Credit Agreement, any payments in respect of the Obligations and any proceeds of the Collateral, when received by the Administrative
Agent or any holder of the Obligations in Money or its equivalent, will be applied in reduction of the Obligations in the order set forth in Section 8.03 of the Credit Agreement. 

10. Continuing Agreement. This Agreement shall continue to be effective or be automatically reinstated, as the case may
be, if at any time payment, in whole or in part, of any of the Obligations is rescinded or must otherwise be restored or returned by the Administrative Agent or any holder of the Obligations as a preference, fraudulent conveyance or otherwise under
any Debtor Relief Law, all as though such payment had not been made; provided that in the event payment of all or any part of the Obligations is rescinded or must be restored or returned, all reasonable costs and expenses (including without
limitation any reasonable legal fees and disbursements) incurred by the Administrative Agent or any holder of the Obligations in defending and enforcing such reinstatement shall be deemed to be included as a part of the Obligations. 

  
 15 

 11. Amendments; Waivers; Modifications, etc. This Agreement and the
provisions hereof may not be amended, waived, modified, changed, discharged or terminated except as set forth in Section 11.01 of the Credit Agreement; provided that any update or revision to Schedule 2 hereof
delivered by any Obligor shall not constitute an amendment for purposes of this Section 11 or Section 11.01 of the Credit Agreement. 

12. Successors in Interest. This Agreement shall be binding upon each Obligor, its successors and assigns and shall inure,
together with the rights and remedies of the Administrative Agent and the holders of the Obligations hereunder, to the benefit of the Administrative Agent and the holders of the Obligations and their successors and permitted assigns. 

13. Notices. All notices required or permitted to be given under this Agreement shall be in conformance with
Section 11.02 of the Credit Agreement. 
 14. Counterparts. This Agreement may be executed in
any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument. It shall not be necessary in making proof of this Agreement to produce or account for more
than one such counterpart. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Agreement. 

15. Headings. The headings of the sections hereof are provided for convenience only and shall not in any way affect the
meaning or construction of any provision of this Agreement. 
 16. Governing Law; Submission to Jurisdiction; Venue; WAIVER OF
JURY TRIAL; Acknowledgement Regarding any Supported QFCs. The terms of Sections 11.14, 11.15 and 11.21 of the Credit Agreement with respect to governing law, submission to jurisdiction, venue, waiver of jury trial and acknowledgement
regarding any Supported QFCs are incorporated herein by reference, mutatis mutandis, and the parties hereto agree to such terms. 

17. Severability. If any provision of this Agreement is determined to be illegal, invalid or unenforceable, such provision
shall be fully severable and the remaining provisions shall remain in full force and effect and shall be construed without giving effect to the illegal, invalid or unenforceable provisions. 

18. Entirety. This Agreement, the other Loan Documents and the other documents relating to the Obligations represent the
entire agreement of the parties hereto and thereto, and supersede all prior agreements and understandings, oral or written, if any, including any commitment letters or correspondence relating to the Loan Documents, any other documents relating to
the Obligations, or the transactions contemplated herein and therein. 
 19. Other Security. To the extent that any of
the Obligations are now or hereafter secured by property other than the Collateral (including, without limitation, real property and securities owned by an Obligor), or by a guarantee, endorsement or property of any other Person, then the
Administrative Agent shall have the right to proceed against such other property, guarantee or endorsement upon the occurrence of any Event of Default, and the Administrative Agent shall have the right, in its sole discretion, to determine which
rights, security, liens, security interests or remedies the Administrative Agent shall at any time pursue, relinquish, subordinate, modify or take with respect thereto, without in any way modifying or affecting any of them or the Obligations or any
of the rights of the Administrative Agent or the holders of the Obligations under this Agreement, under any other of the Loan Documents or under any other document relating to the Obligations. 

  
 16 

 20. Joinder. At any time after the date of this Agreement, one or more
additional Persons may become party hereto by executing and delivering to the Administrative Agent a Joinder Agreement. Immediately upon such execution and delivery of such Joinder Agreement (and without any further action), each such additional
Person will become a party to this Agreement as an “Obligor” and have all of the rights and obligations of an Obligor hereunder and this Agreement and the schedules hereto shall be deemed amended by such Joinder Agreement. 

21. Consent of Issuers of Pledged Equity. Each issuer of Pledged Equity party to this Agreement hereby acknowledges,
consents and agrees to the grant of the security interests in such Pledged Equity by the applicable Obligors pursuant to this Agreement, together with all rights accompanying such security interest as provided by this Agreement and applicable law,
notwithstanding any anti-assignment provisions in any operating agreement, limited partnership agreement or similar organizational or governance documents of such issuer. 

[SIGNATURE PAGES FOLLOW] 
  

  
 17 

 Each of the parties hereto has caused a counterpart of this Fourth Amended and Restated
Security and Pledge Agreement to be duly executed and delivered as of the date first above written. 
  

							
	OBLIGORS:	 		 	TREX COMPANY, INC.,
		 		 	a Delaware corporation
				
		 		 	By:	 	 /s/ Bryan H. Fairbanks

		 		 	Name:	 	Bryan H. Fairbanks
		 		 	Title:	 	Executive Vice President and Chief Financial Officer
			
		 		 	TREX COMMERCIAL PRODUCTS, INC.,
		 		 	a Delaware corporation
				
		 		 	By:	 	 /s/ Bryan H. Fairbanks

		 		 	Name:	 	Bryan H. Fairbanks
		 		 	Title:	 	Chief Financial Officer

 Accepted and agreed to as of the date first above written. 

BANK OF AMERICA, N.A., as Administrative Agent 
  

			
	By:	 	 /s/ Lee F. Booth

	Name:	 	Lee F. Booth
	Title:	 	Assistant Vice President

 TREX COMPANY, INC. 

FOURTH AMENDED AND RESTATED SECURITY AND PLEDGE AGREEMENT 

 SCHEDULE 1 

PLEDGED EQUITY 

OBLIGOR: Trex Company, Inc.  
  

																	
	 Name of Subsidiary
	  	Number of
Shares	 	  	Certificate
Number	 	  	Percentage
Ownership	 	 	Percentage
Pledged	 
	 Trex Commercial Products, Inc.
	  	 	5,000	 	  	 	1	 	  	 	100	% 	 	 	100	% 

  

 SCHEDULE 2 

COMMERCIAL TORT CLAIMS 
 None.  

  
 20 

 SCHEDULE 3(d) 

INVENTORY AND EQUIPMENT LOCATIONS 
  

	 	1.	 Lowe’s Consignment Agreement. 

 

	 	2.	 The Home Depot Consignment Agreement. 

 

	 	3.	 The Landlord’s Lien Waiver dated as of May 20, 2015, by and among Graystone Corporation of Virginia,
a West Virginia corporation, the Borrower and Branch, Banking and Trust Company. 

  

	 	4.	 The Landlord’s Lien Waiver dated as of October 6, 2015, by and among Graystone Corporation of
Virginia, a West Virginia corporation, the Borrower and Branch, Banking and Trust Company. 

  

	 	5.	 The Subordination of Lien dated as of January 20, 2010, by and among Hub Properties Trust, a Maryland real
estate investment trust, the Borrower and Branch, Banking and Trust Company. 

  

	 	6.	 The Subordination of Lien dated as of March 17, 2015, by and among SIR Fernley LLC, a Delaware limited
liability company, the Borrower and Branch, Banking and Trust Company. 

  

	 	7.	 The Vendor’s Lien Waiver dated as of January, 23, 2012, by and among Blue Ridge Industries, Inc., a
Virginia corporation, the Borrower and Branch, Banking and Trust Company. 

  

	 	8.	 The Vendor’s Lien Waiver dated as of October 1, 2014, by and among Bryan Die Cast Products, Inc., an
Indiana corporation, the Borrower and Branch, Banking and Trust Company. 

  

	 	9.	 The Vendor’s Lien Waiver dated as of January, 23, 2012, by and among Corrugated Container Corporation, a
Virginia corporation, the Borrower and Branch, Banking and Trust Company. 

  

	 	10.	 The Vendor’s Lien Waiver dated as of January, 18, 2012, by and among
De-Kor By Mile High Balusters, Inc., a Colorado corporation, the Borrower and Branch, Banking and Trust Company. 

  

	 	11.	 The Vendor’s Lien Waiver dated as of October 1, 2014, by and among LMT Mercer Group, Inc., the
Borrower and Branch, Banking and Trust Company. 

  

	 	12.	 The Vendor’s Lien Waiver dated as of October 1, 2014, by and among Patwin Plastics, Inc., a New
Jersey corporation, the Borrower and Branch, Banking and Trust Company. 

  
 21 

	 	13.	 The Vendor’s Lien Waiver dated as of October 1, 2014, by and among Reschor, Inc., the Borrower and
Branch, Banking and Trust Company. 

  

	 	14.	 The Vendor’s Lien Waiver dated as of January 25, 2012, by and among Tucker Industries, Inc., a
Pennsylvania corporation, the Borrower and Branch, Banking and Trust Company. 

  

	 	15.	 The Vendor’s Lien Waiver dated as of October 15, 2019 by and among Leech Industries, Inc.,
Pennsylvania corporation, the Borrower and Bank of America, N.A. 

  

	 	16.	 The Vendor’s Lien Waiver dated as of October 1, 2019 by and among Pennex Aluminum Company, LLC, a
Missouri limited liability company, the Borrower and Bank of America, N.A. 

  

	 	17.	 The Warehouseman’s Lien Waiver dated as of August 28, 2012, by and among Richard Doss, Inc., the
Borrower and Branch, Banking and Trust Company. 

  

	 	18.	 The Warehouseman’s Lien Waiver dated as of October 1, 2014, by and among Gary Cubbage, the Borrower
and Branch, Banking and Trust Company. 

  

	 	19.	 The Warehouseman’s Lien Waiver dated as of October 1, 2015, by and among Riverhill Poultry, Inc., a
Virginia corporation, the Borrower and Branch, Banking and Trust Company. 

  

	 	20.	 The Warehouseman’s Lien Waiver dated as of October 1, 2015, by and among T. Martin Litter Service,
Inc., a Virginia corporation, the Borrower and Branch, Banking and Trust Company. 

  

	 	21.	 The Warehouseman’s Lien Waiver dated as of October 1, 2014, by and among Fallon Funny Farm, LLC, the
Borrower and Branch, Banking and Trust Company. 

  

	 	22.	 The Landlord’s Lien Waiver dated as of September 23, 2019, by and among Pettibone Properties 5 LLC,
as Landlord, Trex Commercial Products, Inc. and Bank of America, N.A., as Administrative Agent. 

  

	 	23.	 The Landlord’s Lien Waiver dated as of September 23, 2019, by and among HRC 169 BC LLC and HRC 169 BC
REVERSE LLC, collectively as Landlord, Trex Commercial Products, Inc. and Bank of America, N.A., as Administrative Agent. 

  
 22 

 SCHEDULE 4(b) 

IP RIGHTS 
 Trex Company, Inc.

 (Delaware Corporation) 

U.S. Patents 
 Pending Applications

  

									
	 Title
	  	Appl. No.	 	  	Filing Date	 
	 SYSTEM AND METHOD FOR DESIGNING DECKS
	  	 
 
	15428872
 20180225395
	 
  
	  	 	02/09/17	 
	 LAMINATED WOOD POLYMER COMPOSITE ARTICLE AND METHOD OF MAKING A LAMINATED WOOD POLYMER COMPOSITE
ARTICLE
	  	 
 
	15839198
 20180162108
	 
  
	  	 	12/12/17	 

 Trex Company, Inc. 

(Delaware Corporation) 

U.S. Trademarks 
 Trademark
Registrations 
  

									
	 Mark
	  	Reg. No.	 	  	Reg. Date	 
	 EQUINOX
	  	 	5841260	 	  	 	08/20/19	 
	 ASCENT
	  	 	5841131	 	  	 	08/20/19	 
	 TREX SIGNATURE
	  	 	5648275	 	  	 	01/08/19	 
	 TREX CONTOUR
	  	 	5505968	 	  	 	07/03/18	 
	 CARDINAL
	  	 	5308245	 	  	 	10/10/17	 
	 TREX SIGNATURE
	  	 	5074868	 	  	 	11/01/16	 
	 ENGINEERING WHAT’S NEXT IN OUTDOOR LIVING
	  	 	5064938	 	  	 	10/18/16	 
	 TREX
	  	 	4757460	 	  	 	06/16/15	 
	 TREX
	  	 	4671390	 	  	 	01/13/15	 
	 LIGHTHUB
	  	 	4557709	 	  	 	06/24/14	 
	 REVEAL
	  	 	4389534	 	  	 	08/20/13	 
	 TREX SELECT
	  	 	4269524	 	  	 	01/01/13	 
	 TREX ELEVATIONS
	  	 	4187705	 	  	 	08/07/12	 
	 ENHANCE
	  	 	4172922	 	  	 	07/10/12	 
	 TREX TRANSCEND
	  	 	4107731	 	  	 	03/06/12	 
	 TREX
	  	 	4077639	 	  	 	12/27/11	 
	 CUSTOMCURVE
	  	 	4050305	 	  	 	11/01/11	 
	 TREX
	  	 	4004005	 	  	 	07/26/11	 
	 DECKWORKS
	  	 	3982773	 	  	 	06/21/11	 
	 TREX
	  	 	3862086	 	  	 	10/12/10	 
	 TRANSCEND
	  	 	3773349	 	  	 	04/06/10	 
	 SURROUNDINGS
	  	 	3648615	 	  	 	06/30/09	 
	 TREX HIDEAWAY
	  	 	3528844	 	  	 	11/04/08	 
	 TREX ESCAPES
	  	 	3442097	 	  	 	06/03/08	 
	 SECLUSIONS
	  	 	3191743	 	  	 	01/02/07	 
	 DECKSCAPES
	  	 	3063223	 	  	 	02/28/06	 
	 TREX EXPRESS INSTALLATION SYSTEM and Design
	  	 	3052208	 	  	 	01/31/06	 
	 TREX ACCENTS
	  	 	2945585	 	  	 	05/03/05	 
	 TREX
	  	 	2937507	 	  	 	04/05/05	 
	 TREXPRO
	  	 	2907741	 	  	 	12/07/04	 
	 EASY CARE DECKING
	  	 	2259151	 	  	 	07/06/99	 
	 TREX (Stylized)
	  	 	1938516	 	  	 	11/28/95	 
	 TREX
	  	 	1881449	 	  	 	02/28/95	 

  
 23 

 Pending Applications 

 

									
	 Mark
	  	Appl. No.	 	  	Filing Date	 
	 LIGHTHUB
	  	 	88603918	 	  	 	09/04/19	 
	 NEXTREX
	  	 	88350069	 	  	 	03/21/19	 
	 TREX SIGNATURE (Stylized)
	  	 	87935335	 	  	 	05/24/18	 

 Trex Company, Inc. 

(Delaware Corporation) 

U.S. Copyright 
 Copyright
Registration 
  

									
	 Title
	  	Reg. No.	 	  	Reg. Date	 
	 2003 Trex product & installation guide.
	  	 	TX0005873765	 	  	 	10/27/03	 

  
 24 

 Trex Commercial Products, Inc. 

(Delaware Corporation) 

U.S. Patents 
 Issued Patents

  

									
	 Title
	  	Patent No.	 	  	Issue Date	 
	 DRY GLAZE SYSTEM
	  	 	9920781	 	  	 	03/20/18	 
	 STAGING TRANSPORT ASSEMBLY AND METHOD
	  	 	9689171	 	  	 	06/27/17	 
	 ACOUSTIC SHELL FRAME AND SYSTEM
	  	 	9382707	 	  	 	07/06/16	 
	 STAGING ASSEMBLY
	  	 	9255593	 	  	 	02/09/16	 
	 STAGING SYSTEM AND METHOD
	  	 	8978310	 	  	 	03/17/15	 

 Trex Commercial Products, Inc. 

(Delaware Corporation) 

U.S. Trademarks 
 Trademark
Registrations 
  

									
	 Mark
	  	Reg. No.	 	  	Reg. Date	 
	 SC90
	  	 	5539319	 	  	 	08/14/18	 
	 MODA
	  	 	5470463	 	  	 	05/15/18	 
	 ARIA
	  	 	5188489	 	  	 	04/18/17	 
	 S STAGING CONCEPTS and Design
	  	 	5136929	 	  	 	02/07/17	 
	 COURIER
	  	 	5103953	 	  	 	12/20/16	 
	 UPLIFT
	  	 	5062537	 	  	 	10/18/16	 
	 WEATHERTEC
	  	 	5008114	 	  	 	07/26/16	 
	 BRAVADO
	  	 	4842123	 	  	 	10/27/15	 
	 ARCHITECTURAIL
	  	 	4682396	 	  	 	02/03/15	 
	 SC RAILING COMPANY
	  	 	4568799	 	  	 	07/15/14	 
	 STAGING CONCEPTS and Design
	  	 	2943491	 	  	 	04/26/05	 
	 STAGING CONCEPTS
	  	 	1639763	 	  	 	04/02/91	 

  
 25 

 EXHIBIT 4(a) 

IRREVOCABLE STOCK POWER 
 FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers to the following Capital Securities of
                                , a
                     corporation: 
  

			
	 No. of Shares
	  	Certificate No.
		  	

 and irrevocably appoints
                                        
its agent and attorney-in-fact to transfer all or any part of such Capital Securities and to take all necessary and appropriate action to effect any such transfer. The
agent and attorney-in-fact may substitute and appoint one or more persons to act for him. 

 

			
	  

    

	 By:
	 	  

	 Name:

	 Title:

  
 26 

 EXHIBIT 4(c)(i) 

NOTICE 
 OF 

GRANT OF SECURITY INTEREST 
 IN

 COPYRIGHTS 
 United States Copyright Office

 Ladies and Gentlemen: 
 Please be advised
that pursuant to the Fourth Amended and Restated Security and Pledge Agreement dated as of November 5, 2019 (as the same may be amended, modified, extended or restated from time to time, the “Agreement”) by and among the
Obligors party thereto (each an “Obligor” and collectively, the “Obligors”) and Bank of America, N.A., as administrative agent (the “Administrative Agent”) for the holders of the Obligations
referenced therein, the undersigned Obligor has granted a continuing security interest in, and a right to set off against, any and all right, title and interest of such Obligor in and to the copyrights and copyright applications set forth on
Schedule 1 hereto to the Administrative Agent for the ratable benefit of the holders of the Obligations. 
 The undersigned Obligor and the
Administrative Agent, on behalf of the holders of the Obligations, hereby acknowledge and agree that the security interest in the foregoing copyrights and copyright applications (i) may only be terminated in accordance with the terms of the
Agreement and (ii) is not to be construed as an assignment of any copyright or copyright application. 
  

			
	 Very truly yours,

	
	  

[Obligor]

		
	 By:
	 	  

	 Name:

	 Title:

  

			
	Acknowledged and Accepted:
	
	BANK OF AMERICA, N.A., as Administrative Agent

			
		
	By:	 	  

	Name:
	Title:

 EXHIBIT 4(c)(ii) 

NOTICE 
 OF 

GRANT OF SECURITY INTEREST 
 IN

 PATENTS 
 United States Patent and Trademark
Office 
 Ladies and Gentlemen: 
 Please be
advised that pursuant to the Fourth Amended and Restated Security and Pledge Agreement dated as of November 5, 2019 (as the same may be amended, modified, extended or restated from time to time, the “Agreement”) by and among
the Obligors party thereto (each an “Obligor” and collectively, the “Obligors”) and Bank of America, N.A., as administrative agent (the “Administrative Agent”) for the holders of the Obligations
referenced therein, the undersigned Obligor has granted a continuing security interest in, and a right to set off against, any and all right, title and interest of such Obligor in and to the patents and patent applications set forth on Schedule 1
hereto to the Administrative Agent for the ratable benefit of the holders of the Obligations. 
 The undersigned Obligor and the
Administrative Agent, on behalf of the holders of the Obligations, hereby acknowledge and agree that the security interest in the foregoing patents and patent applications (i) may only be terminated in accordance with the terms of the Agreement
and (ii) is not to be construed as an assignment of any patent or patent application. 
  

			
	Very truly yours,
	
	  
 [Obligor]

		
	By:	 	  

	Name:
	Title:

  

			
	Acknowledged and Accepted:
	
	BANK OF AMERICA, N.A., as Administrative Agent

			
		
	By:	 	  

	Name:
	Title:

 EXHIBIT 4(c)(iii) 

NOTICE 
 OF 

GRANT OF SECURITY INTEREST 
 IN

 TRADEMARKS 
 United States Patent and
Trademark Office 
 Ladies and Gentlemen: 

Please be advised that pursuant to the Fourth Amended and Restated Security and Pledge Agreement dated as of November 5, 2019 (as the same
may be amended, modified, extended or restated from time to time, the “Agreement”) by and among the Obligors party thereto (each an “Obligor” and collectively, the “Obligors”) and Bank of America,
N.A., as Administrative Agent (the “Administrative Agent”) for the holders of the Obligations referenced therein, the undersigned Obligor has granted a continuing security interest in, and a right to set off against, any and all
right, title and interest of such Obligor in and to the trademarks and trademark applications set forth on Schedule 1 hereto to the Administrative Agent for the ratable benefit of the holders of the Obligations. 

The undersigned Obligor and the Administrative Agent, on behalf of the holders of the Obligations, hereby acknowledge and agree that the
security interest in the foregoing trademarks and trademark applications (i) may only be terminated in accordance with the terms of the Agreement and (ii) is not to be construed as an assignment of any trademark or trademark application.

  

			
	Very truly yours,
	
	  
 [Obligor]

		
	By:	 	  

	Name:
	Title:

  

			
	Acknowledged and Accepted:
	
	BANK OF AMERICA, N.A., as Administrative Agent

			
		
	By:	 	  

	Name:
	Title:Exhibit

 

EXHIBIT 10.1
EXECUTIVE EMPLOYMENT AGREEMENT
BETWEEN:
GRAN TIERRA ENERGY CANADA ULC, an Alberta corporation (“GTE ULC”) and GRAN TIERRA ENERGY INC., a Delaware corporation (“Gran Tierra”)
 (GTE ULC and Gran Tierra are collectively referred to herein as, the “Company”)
- and -
REMI ANTHONY BERTHELET, an individual ordinarily resident in Canmore in the Province of Alberta
 (the “Executive”)
 (GTE ULC, Gran Tierra and the Executive are collectively referred to herein as the “Parties” 
and individually referred to herein as a “Party”)
RECITALS:
		
	A.
	The Executive will be employed by GTE ULC as of October 18, 2019 in the position of Chief Operating Officer (COO);

		
	B.
	The Executive will also be employed by Gran Tierra and serve as an officer of Gran Tierra as of October 18, 2019.

In consideration of the above and for other good and valuable consideration, including enhancements to the Executive’s entitlement to an annual bonus and increasing the amount payable to the Executive in the event the Executive’s employment is terminated without cause or terminated contemporaneously with a Change of Control (as defined below), the Parties agree as follows:
Article 1 
DUTIES AND RESPONSIBILITIES
		
	1.1
	Position

On the terms and subject to the conditions hereinafter contained, the Executive will be employed with GTE ULC as its Chief Operating Officer and as Chief Operating Officer of Gran Tierra. The Executive shall report to and be subject to the general direction of the President and Chief Executive Officer of Gran Tierra (the “President”) and shall undertake those duties customarily performed by a person holding the same or equivalent position in entities of a similar size, engaged in a similar business, as well as such other related duties that may be reasonably assigned by the President.
		
	1.2
	Exclusive Service & Other Engagements

The Executive will faithfully serve the Company and will devote his full time and attention to the business and affairs of the Company and the performance of the Executive's duties and responsibilities hereunder.

1

 

The Executive shall not engage in any other business, profession or occupation which would conflict with the performance of his duties and responsibilities under this Agreement, either directly or indirectly, including accepting any appointment to the board of directors of another company without the prior written consent of the board of directors of Gran Tierra (the “Board”).
		
	1.3
	Reassignment

The Executive agrees that the Company may change the place or country of the Executive’s primary place of work without additional compensation to the Executive, in accordance with the Company’s needs. The parties acknowledge and agree that any such change of geographical location of work will not amount to, or constitute a constructive dismissal at common law. In the event that a change in the geographical location of the Executive’s primary place of work results in a title change or a change to certain duties and responsibilities of the Executive, such change shall not constitute a constructive dismissal at common law, nor provide the Executive with Good Reason so long as the change in duties and responsibilities is not adverse, and is comparable and commensurate with the position held by the Executive prior to the geographical relocation. 
		
	1.4
	Travel

The Executive shall work at GTE ULC’s offices in Calgary, Alberta. The Executive shall be available for such business related travel as may be required for the purposes of carrying out the Executive’s duties and responsibilities hereunder. Such travel shall be in accordance with the Company’s travel policy as amended from time to time. 
Article 2     
BASE SALARY
The Company will pay the Executive an annual salary of $400,000 Canadian Dollars, subject to applicable statutory deductions (the “Base Salary”). The Executive’s Base Salary will be payable in accordance with the Company’s practices and procedures as they may exist from time to time. Base Salary will be reviewed and may be increased on an annual basis.
Article 3     
BONUS
		
	3.1
	Bonus Eligibility

The Executive shall be eligible to receive a target annual bonus of 80% of Base Salary in addition to the Executive’s Base Salary and other compensation for each year of the Executive’s employment (the “Bonus”).
		
	3.2
	Bonus Payment

The Bonus shall be payable by the Company shortly after the finalization of year end financials, and will be based upon factors determined by the Board, including but not limited to financial, operating, and strategic goals, and the Executive’s performance during the preceding year.
Article 4     
BENEFITS
The Executive will be entitled to participate in and to receive all rights and benefits under any life insurance, disability, medical, dental, health and accident plans maintained by the Company for its employees and for its executive officers specifically. The Company will continue to pay the Executive’s Base Salary in the 

2

 

event that the Executive becomes disabled until such time as the Executive begins to receive short-term or long-term disability insurance benefits or a final decision is made that there is no such entitlement.
Article 5     
VACATION
The Executive will be entitled to twenty-five (25) days’ paid vacation per year.  This vacation entitlement shall be earned over the course of each year that the Executive is employed and the Executive shall be entitled to a proportionate period of vacation for any period of less than a full year of employment. The Executive will arrange vacation time to suit the essential business needs of the Company. Unused vacation entitlement in any year will be carried over into the following calendar year to a maximum entitlement of thirty (30) days in any one year. Upon termination for any reason, the Executive will be paid out any accrued but unused vacation entitlement.
Article 6     
LONG TERM INCENTIVE PROGRAM (“LTIP”)
The Executive will be eligible to participate in the Company’s Long Term Incentive Plan.  The Executive’s Long Term Incentive target will be 315% of Base Salary, in accordance with the terms and conditions of Gran Tierra’s 2007 Equity Incentive Plan, to be amended from time to time (the “Plan”).  The Executive will be eligible to participate in the Plan and in all applicable future stock option plans and/or incentive award plans as approved by the Board.  In the event that the Executive’s employment is terminated for any reason, the Executive’s equity in the Company as well as any option grants (vested and non-vested options) in the Company, shall be governed by the terms and conditions of the Plan, without regard to any termination notice, payment in lieu of notice, or combination thereof that may be required pursuant to this Agreement or the common law.
Article 7     
PERQUISITES AND EXPENSES
The Executive shall be reimbursed for all reasonable out of pocket expenses incurred in the course of his employment, upon providing reasonable substantiation and appropriate receipts for such expenditures.
Article 8     
TERM AND TERMINATION OF EMPLOYMENT
		
	8.1
	Term

The Executive’s term of employment will commence on October 18, 2019 and will continue until terminated in accordance with this Article 8.
		
	8.2
	Termination Without Notice

This Agreement and the Executive’s employment hereunder may be terminated, without advance notice of termination or pay in lieu of such notice, whether under contract, statute, common law or otherwise, in the following circumstances:
		
	(a)
	Voluntary Resignation

In the event that the Executive voluntarily resigns, except where the Executive resigns for Good Reason, the Executive will give ninety (90) days’ advance written notice. The Executive will not be entitled to receive any further compensation or benefits whatsoever 

3

 

other than those which have accrued up to the Executive’s last day of active service. The Company may, at its discretion, waive in whole or in part such notice by providing the Executive with payment in lieu equal to all amounts that would have been paid to the Executive for the remainder of such notice period;
		
	(b)
	Cause

The Company may terminate the employment of the Executive at any time without notice for Cause.  The Executive will not be entitled to receive any further compensation or benefits whatsoever other than those which have accrued up to the Executive’s last day of active service.
"Cause" means any act or omission of the Executive which would, at common law, permit an employer to, without notice or payment in lieu of notice, terminate the employment of an employee. 
		
	(c)
	Death

In the event of the death of the Executive during the term of this Agreement, the Parties agree and acknowledge that this Agreement and the Executive’s employment hereunder will be deemed to be terminated and the Company will not be obligated to provide the Executive, or his estate, with any additional compensation excepting that which had already accrued to the Executive up to and including the date of termination, and any other death benefits that may be payable pursuant to the terms of applicable insurance coverage.
		
	8.3
	Termination by the Company without Cause

The Company may terminate the Executive’s employment without Cause at any time by providing the Executive with a separation package (the “Separation Package”) equal to one and a half (1 1/2) times the Base Salary and the Bonus that was paid or was payable to the Executive during the twelve (12) month period prior to the termination date. 
The Separation Package shall be payable in a lump sum within thirty (30) days of the termination date.  The Executive shall not be required to mitigate any portion of the Separation Package by seeking other employment nor shall it be reduced by any remuneration or compensation earned by the Executive after the termination date.
		
	8.4
	Termination by the Executive for Good Reason.  

Should the Executive terminate his employment for Good Reason, as hereinafter defined, he shall receive the Separation Package set out in section 8.3.  Failure of the Executive to terminate his employment on the occurrence of any event which would constitute Good Reason shall not constitute waiver of his rights under section 8.4 or section 8.3, provided that the Executive tenders his resignation within thirty (30) days after the occurrence of the event that forms the basis for the resignation for Good Reason and provided, however, except in the event of a Change of Control (as hereinafter defined), that the Executive has provided written notice to the Company describing the nature of the event that the Executive believes forms the basis for the resignation for Good Reason, and the Company shall thereafter have ten (10) days to cure such event. 
“Good Reason” is defined as the occurrence of any of the following without the Executive’s express written consent:

4

 

		
	(a)
	the Employer’s material diminution of the Executive’s position, authority or scope or scale of duties or responsibilities (including new, additional or changed formal or informal reporting responsibilities) or any failure to re-elect or re-appoint him to any such positions, titles, duties or offices, except in connection with the termination of his employment for Cause;

		
	(b)
	a reduction by the Company of the Executive’s Base Salary except to the extent that the annual base salaries of all other executive officers of the Company are similarly reduced or any change in the basis upon which the Executive’s annual compensation is determined or paid if the change is or will be adverse to the Executive except that an award of any annual performance bonuses (including the Bonus) by the Company’s Compensation Committee (and approved by the Board) are discretionary and in no instance shall be considered adverse to Executive if such performance bonus is reduced from a prior year or if an annual performance bonus is not paid;

		
	(c)
	both a Change in Control and a Triggering Event occur;

		
	(d)
	any breach by the Company of any material provision of this Agreement.

“Change in Control” is defined as:   
		
	(a)
	a dissolution, liquidation, sale, lease or other disposition of all or substantially all of the assets of Gran Tierra or GTE ULC; 

		
	(b)
	a majority of the voting securities of GTE ULC ceasing to be controlled, directly or indirectly, by Gran Tierra, where “voting securities” means any securities carrying a right to vote in respect of the election of directors under all circumstances or under circumstances that have occurred and are continuing; or

		
	(c)
	an amalgamation, arrangement, merger or other consolidation of Gran Tierra with or into any one or more other corporations pursuant to which any person or combination of persons thereafter hold a greater number of voting securities or other securities of the successor or continuing corporation having rights of purchase, conversion or exchange into voting securities of the successor or continuing corporation (assuming the purchase, conversion or exchange of such other securities whether then purchasable, convertible or exchangeable or not into the highest number of voting securities of the successor or continuing corporation such persons would be entitled to) than the number of voting securities of the successor or continuing corporation held directly and indirectly by former shareholders of Gran Tierra, where “voting securities” means any securities carrying a right to vote in respect of the election of directors under all circumstances or under circumstances that have occurred and are continuing.

“Triggering Event” means the occurrence of any of the following:
		
	(a)
	the Employer’s material diminution of the Employee’s position, authority or scope or scale of duties or responsibilities as in effect immediately prior to the Change of Control;

		
	(b)
	a material reduction by the Employer of the Employee’s annual base salary as in effect immediately prior to the Change of Control;

5

 

		
	(c)
	any failure to maintain reasonable and adequate insurance or indemnification in respect of the Employee’s services as an officer or director of the Employer immediately prior to the Change of Control; or

		
	(d)
	the failure of the Employer to require any successor (by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Employer, by agreement in form and substance reasonably satisfactory to the Employee, to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Employer would be required to perform it if no such succession had taken place immediately prior to the Change of Control.

		
	8.5
	Resignation of Offices Held

In the event that this Agreement or the Executive’s employment hereunder is terminated for any reason, the Executive agrees to resign effective the termination date from any office or directorship held with or on behalf of Gran Tierra or a subsidiary, affiliated or related corporate entity (”Member Company” or “Member Companies”).  The Executive agrees that he shall execute any and all documents appropriate to evidence such resignations and that he will not be entitled to any additional payments or compensation of any kind as consideration for doing so.
Article 9     
DIRECTORS/OFFICERS LIABILITY
		
	9.1
	Indemnity

Gran Tierra shall provide to the Executive indemnification in accordance with the Indemnification Agreement dated as of October 18, 2019 entered into between Gran Tierra and the Executive.
		
	9.2
	Insurance

		
	(a)
	Gran Tierra shall purchase and maintain, throughout the period during which the Executive acts as a director or officer of Gran Tierra or a Member Company and for a period of six years after the date that the Executive ceases to act as a director or officer of Gran Tierra or a Member Company, directors’ and officers’ liability insurance for the benefit of the Executive and the Executive’s heirs, executors, administrators and other legal representatives, such that the Executive’s insurance coverage is, at all times, at least equal to or better than any insurance coverage that Gran Tierra purchases and maintains for the benefit of its then current directors and officers, from time to time.

		
	(b)
	If for any reason whatsoever, any directors’ and officers’ liability insurer asserts that the Executive or the Executive’s heirs, executors, administrators or other legal representatives are subject to a deductible under any existing or future directors’ and officers’ liability insurance purchased and maintained by Gran Tierra for the benefit of the Executive and the Executive’s heirs, executors, administrators and other legal representatives, Gran Tierra shall pay the deductible for and on behalf of the Executive or the Executive’s heirs, executors, administrators or other legal representatives, as the case may be.

		
	9.3
	Survival

The provisions of sections 9.1 and 9.2 of this Agreement shall survive the termination of this Agreement or the employment of the Executive and such provisions shall continue in full force and effect in accordance with such Indemnification Agreement and the provisions of this Agreement for the benefit of the Executive.

6

 

Article 10     
NON-COMPETITION AND CONFIDENTIALITY
		
	10.1
	Fiduciary Duties & Non-Competition

The Executive recognizes and understands that in performing the duties and responsibilities as outlined in this Agreement, he will occupy a position of high fiduciary trust and confidence, pursuant to which he has developed and will develop and acquire wide experience and knowledge with respect to all aspects of the services and businesses carried on by Gran Tierra and its Member Companies and the manner in which such businesses are conducted.  The Executive agrees that such knowledge and experience shall be used solely and exclusively in the furtherance of the business interests of Gran Tierra and its Member Companies and not in any manner detrimental to them. The Executive further agrees that so long as the Executive is employed pursuant to this Agreement, the Executive shall not engage in any practice or business in competition with the business of Gran Tierra or any of its Member Companies. The Executive further agrees that the Executive’s fiduciary duties shall survive the termination of this Agreement in accordance with applicable law.  
		
	10.2
	Confidentiality

The Executive further recognizes and understands that he is a key employee and will become knowledgeable, aware and possessed of confidential and proprietary information, know-how, data, strategic studies, techniques, knowledge and other confidential information of every kind or character relating to or connected with the business or corporate affairs and operations of Gran Tierra and its Member Companies, which may include, without limitation, geophysical studies and data, market data, engineering information, shareholder data, compensation rates and methods and personnel information (collectively “Confidential Information”) concerning the business of Gran Tierra and its Member Companies. The Executive therefore agrees that, except with the consent of the President, he will not disclose such Confidential Information to any unauthorized persons; provided that the foregoing shall not apply to any Confidential Information which is or becomes known to the public or to the competitors of Gran Tierra or its Member Companies other than by a breach of this Agreement.
		
	10.3
	Following Termination of Agreement

Subject to this Article 10 and without otherwise restricting the fiduciary obligations imposed upon, or otherwise applicable to the Executive as a result of the Executive having been a senior officer and key employee, the Executive shall not be prohibited from obtaining employment with or otherwise forming or participating in a business competitive to the business of the Company after the termination of this Agreement and the Executive’s employment hereunder.
		
	10.4
	Business Records

The Executive agrees to promptly deliver to the Company, upon termination of his employment for any reason, or at any other time when the Company so requests, all documents relating to the business of Gran Tierra or its Member Companies, including, without limitation: all reports and related data, such as summaries, memoranda and opinions relating to the foregoing, contract files, notes, records, manuals, correspondence, financial and accounting information, client lists, statistical data and compilations, patents, copyrights, trademarks, trade names, methods, processes, agreements, contacts or any other documents relating to the business of Gran Tierra or its Member Companies, and all copies thereof and therefrom (collectively, the "Business Records").  The Executive confirms that all of the Business Records which are required to be delivered to the Company pursuant to this Agreement constitute the exclusive property of Gran Tierra or its Member Companies.  The obligations of confidentiality set forth in this Agreement shall continue notwithstanding the Executive’s delivery of any such documents to the Company.

7

 

Article 11     
CHANGES TO AGREEMENT
Any modifications or amendments to this Agreement must be in writing and signed by all Parties or else they shall have no force and effect.  
Article 12     
ENUREMENT
This Agreement shall enure to the benefit of and be binding upon the Parties and their respective successors and assigns, including without limitation, the Executive’s heirs, executors, administrators and personal representatives.
Article 13     
GOVERNING LAW AND JURISDICTION
This Agreement shall be construed in accordance with the laws of the Province of Alberta and the federal laws of Canada applicable therein. Any action arising from or relating any way to this Agreement, or otherwise arising from or relating to Executive’s employment hereunder, shall be tried in the Court of Queen's Bench situated in Calgary, Alberta.  The Parties consent to jurisdiction and venue in those courts to the greatest extent possible under law.
Article 14     
NOTICES
		
	14.1
	Notice to Executive

Any notice required or permitted to be given to the Executive shall be deemed to have been received if delivered personally to the Executive or sent by courier to the Executive’s home address last known to the Company.
		
	14.2
	Notice to Company

Any notice required or permitted to be given to the Company shall be deemed to have been received if delivered personally to, sent by courier, or sent by facsimile to:
Gran Tierra Energy Inc.
 
Suite 900, 520 3rd AVE S.W.
 
Calgary, Alberta, Canada, T2P 0R3
 
Fax: +1 403 265-3242
 
Attn:  President
Article 15     
WITHHOLDING

8

 

All payments made to the Executive hereunder or for the benefit of the Executive shall be less applicable statutory withholdings and deductions.
Article 16     
INDEPENDENT LEGAL ADVICE
The Executive acknowledges that the Executive has been advised to obtain independent legal advice with respect to entering into this Agreement, that he has obtained such independent legal advice or has expressly deemed not to seek such advice, and that the Executive is entering into this Agreement with full knowledge of the contents hereof, of the Executive’s own free will and with full capacity and authority to do so.
Article 17     
COMPANY POLICIES
The Executive will comply with all Company policies and procedures (certain of which may be found on the “Corporate Responsibility” page at www.grantierra.com), as may be amended by the Company from time to time (the "Company Policies"). The Executive agrees to review and provide written acknowledgement on an annual basis of his acceptance of the Company Polices, including policies with respect to business conduct and ethics, insider trading, complaints reporting, foreign corrupt practices, information security, computer use, and disclosure.
Article 18     
WAIVER
No failure or delay by any Party in exercising any right, power or privilege under this Agreement will operate as a waiver of those rights, powers or privileges, nor will any waiver in one instance be deemed to be a continuing waiver in any other instance.
Article 19     
SEVERABILITY AND ENFORCEABILITY
If any court of competent jurisdiction declares any provision of this Agreement invalid, void or unenforceable in whole or in part, for any reason, it shall be deemed not to affect or impair the validity of the remainder of this Agreement, which shall remain in full force and effect.  To the extent that any court of competent jurisdiction concludes that any provision of this Agreement is void or voidable, the court shall reform such provision(s) to render the provision(s) enforceable, but only to the extent absolutely necessary to render the provision(s) enforceable.
Article 20     
PRIVACY
The Executive acknowledges and agrees that he will take all necessary steps to protect and maintain the Personal Information (information about an identifiable individual) of the employees, consultants or customers of the Company obtained in the course of the Executive's employment with the Company.  The Executive shall at all times comply, and shall assist the Company to comply, with all applicable laws relating to privacy and the collection, use and disclosure of Personal Information in all applicable jurisdictions, including but not limited to the Personal Information Protection Act (Alberta) (“Applicable Privacy Laws”).
The Executive acknowledges and agrees that the disclosure of the Executive’s Personal Information may be required as part of the ongoing operations of the Company’s business, as required by law or regulatory agencies, as part of the Company’s audit process, as part of a potential business or commercial transaction or as part of the Company’s management of the employment relationship (the "Personal Information 

9

 

Disclosure"), and the Executive hereby grants consent as may be required by Applicable Privacy Laws to the Personal Information Disclosure.
Article 21     
ENTIRE AGREEMENT
This Agreement, together with the documents referenced herein, constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written.
[Remainder of page intentionally left blank.  Signature page follows.]

10

 

Article 22     
COUNTERPART EXECUTION
This Agreement may be executed in any number of counterparts and each such counterpart shall be deemed an original Agreement for all purposes; provided that no Party shall be bound to this Agreement unless and until all Parties have executed a counterpart.  Delivery of a copy of a counterpart by facsimile or email by one Party to the other Party shall be deemed to be delivery of an original by that Party.
IN WITNESS OF WHICH the Parties have duly executed this Agreement on the dates set forth below, with an effective date of October 18, 2019.
	
					
	GRAN TIERRA ENERGY CANADA ULC, an Alberta corporation
	 
	GRAN TIERRA ENERGY INC., a Delaware corporation

	By:
	/s/ Gary Guidry
	 
	By:
	/s/ Gary Guidry

	 
	Name: Gary Guidry
 
Title: President & CEO
	 
	 
	Name: Gary Guidry
 
Title: President & CEO

	Date:
	September 12, 2019
	 
	Date:
	September 12, 2019

	 
	 
	 
	 
	 

	
				
	 
	 
	EXECUTIVE

	 
	 
	By:
	/s/ Remi Anthony Berthelet

	 
	 
	 
	REMI ANTHONY BERTHELET

	 
	 
	Date:
	September 12, 2019

	SIGNED, SEALED & DELIVERED 
In the presence of: 
/s/ Warren Bell
	 
	 
	 

	Witness
	 
	 
	 

	Warren Bell
	 
	 
	 

	Print Name
	 
	 
	 

11

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