ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

On December 30, 2020, Columbia Sportswear Company (the "Company") entered into a Credit Agreement (the "Credit Agreement") with JPMorgan Chase Bank, National Association, as the administrative agent for the lenders and as a lender (the "Administrative Agent"), and the other lenders party thereto. The Credit Agreement provides for up to $500 million of borrowings in U.S. Dollars pursuant to an unsecured revolving credit facility (the "Credit Facility"), which is available for working capital and general corporate purposes, including the issuance of letters of credit. The Credit Facility matures on December 30, 2025.

Borrowings under the Credit Facility will bear interest, at the Company's option, at either (a) LIBOR plus an applicable margin or (b) a base rate defined as the highest of (i) the Administrative Agent's "prime rate", (ii) the higher of the federal funds rate or the overnight bank funding rate set by the Federal Reserve Bank of New York, plus 0.05%, or (iii) the one month LIBOR plus 1.00%, in each case plus an applicable margin. The applicable margin for LIBOR loans will range from 1.125% to 1.875% based on the Company's funded debt ratio. The applicable margin for base rate loans will range from 0.125% to 0.875% based on the Company's funded debt ratio.

The Credit Agreement includes two financial covenants: (1) a funded debt ratio not to exceed 3.25 to 1.00 and (2) an asset coverage ratio of not less than 1.00 to 1.00. For purposes of compliance with the funded debt ratio, $150 million in domestic cash is permitted to be netted from the Company's obligations. Additionally, $50 million in expenses related to COVID-19 are permitted to be added back to net income for purposes of calculating EBITDA for covenant calculations.

The Credit Agreement also contains customary covenants that, among other things, limit or restrict the ability of the Company and its subsidiaries to incur additional indebtedness and liens; engage in mergers, acquisitions and dispositions; and engage in transactions with affiliates. In addition the Credit Agreement restricts certain payments, including dividends and share buybacks, in an amount over $200 million annually, to the extent the Company's funded debt ratio is greater than or equal to 2.75 to 1:00.

All borrowings under the Credit Agreement are permitted to be voluntarily prepaid by the Company, provided that the Company for LIBOR loans (other than loans that bear interest at a rate other than daily reset LIBOR) must compensate the Lenders for, and hold the Lenders harmless from, any loss, cost or expense incurred by it as a result of such prepayment. The Lenders may accelerate any repayment of the obligations incurred by the Company under the Credit Agreement only in the event of default.

The description of the Credit Agreement is qualified in its entirety by the copy thereof which is attached as Exhibit 10.1 and incorporated herein by reference.

ITEM 1.02 TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT

On December 30, 2020, in connection with the Company's entry into the Credit Agreement described in Item 1.01 above, the Company terminated the Second Amended and Restated Credit Agreement dated April 15, 2020 with Wells Fargo Bank, National Association, as the administrative agent for the lenders and as a lender, and Bank of America, N.A., as a lender, as amended (the "Original Credit Agreement"). The Company repaid all outstanding obligations under the Original Credit Agreement. The Original Credit Agreement was secured by an Amended and Restated Collateral Agreement, which has also been terminated in connection with the Company's discharge of its indebtedness under the Original Credit Agreement and all security interests have been released.

ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT

The information disclosed under Item 1.01 is incorporated into this Item 2.03 by this reference.

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ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits

  10.1      Credit Agreement dated December 30, 2020, among Columbia Sportswear Company, JPMorgan
            Chase Bank, National Association, as the administrative agent for the lenders and as
            a lender, and the other lenders party thereto.

104         Cover Page Interactive Data File (embedded within the Inline XBRL document).

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