FORM OF STOCK OPTION AGREEMENT



 Exhibit 10.32 
 STOCK OPTION AGREEMENT 
 STOCK OPTION AGREEMENT made this (Grant Date),
between Supertel Hospitality, Inc., a Virginia corporation (“Company”), and (Holder Name), (an employee / a director) of the Company (“Holder”). 
 The Company desires, by affording the Holder an opportunity to purchase its common shares as hereinafter provided, to carry out the purpose of the Supertel 2006 Stock Plan (the “Plan”). This
option is expressly designated not to be an Incentive Stock Option as defined in I.R.C. §422A. 
 NOW, THEREFORE, in
consideration of the mutual covenants hereinafter set forth and for good and valuable consideration, the parties hereto agree as follows: 
 1. Grant of Option. The Company hereby irrevocably grants to the Holder, pursuant to and subject to the terms of the Plan, the right and option, hereinafter called the “Option,” to purchase all
or any part of an aggregate of (            ) shares of common stock (the “Common Shares”) of the Company (such number being subject to adjustment as provided in Paragraph 7
hereof) on the terms and conditions herein set forth. The holder of the Option shall not have any of the rights of a stockholder with respect to the shares covered by the Option until one or more certificates for such shares shall be delivered to
such holder upon the due exercise of the Option. 
 2. Purchase Price. The purchase price of the Common Shares covered by the
Option shall be ($             ) per share. The purchase price of the shares as to which the Option shall be exercised shall be paid in full in cash at the time of exercise or, with the
approval of the Company’s Compensation Committee of the Board of Directors (the “Compensation Committee”), the purchase price may be paid (1) in common stock of the Company already owned by the Holder valued at fair market value
on the date of exercise (if such common stock has been owned by the Holder for at least six months) or (2) by the Holder remitting such amount by an appropriate reduction of the number of shares to be delivered to the Holder upon exercise
(valued at fair market value on the date of exercise). 
 3. Term of Option. The term of the Option shall be for a period of
years from the date hereof, subject to earlier termination as provided in Paragraphs 5 & 6 hereof. 
 4.
Non-Transferability. The Option shall not be transferable otherwise than by will or the laws of descent and distribution, and the Option may be exercised, during the lifetime of the Holder, only by such Holder. More particularly (but without
limiting the generality of the foregoing), the Option may not be assigned, transferred (except as provided above), pledged or hypothecated in any way, shall not be assignable by operation of law, and shall not be subject to execution, attachment or
similar process. Any attempted assignment, transfer, pledge, hypothecation or other disposition of the Option contrary to the provisions hereof or the levy of any execution, attachment or similar process upon the Option shall be null and void and
without effect. 
 5. Exercisability. This Option shall be exercisable and ending on . If Holder is an employee of the Company,
in the event of any termination of the Holder’s employment (voluntary or involuntary) prior to (Date of Expiration), any portion of this Option not exercisable upon the date of such termination shall never become exercisable (except as provided
in Section 6). 







 The Option may be exercised, at any time or from time to time, as to any part or all the shares exercisable;
provided, however, that the Option may not be exercised as to less than one hundred (100) shares at any one time (or the remaining shares then purchasable under the Option, if less than one hundred (100) shares). The Option may not be
exercised unless at the date of exercise a Registration Statement under the Securities Act of 1933, as amended, relating to the shares covered by the Option shall be in effect or the Company shall have determined that an exemption from such
registration is available. Subject to the extension of the exercise periods set forth in Paragraph 6 hereof, the Option may not be exercised at any time unless the Holder shall have been in the continuous employ of the Company or a subsidiary from
the time hereof to the date of the exercise of the Option. 
 6. Termination of Employment. If holder is an employee, in the
event that the employment of the Holder shall be terminated (other than by reason of death), the Option may, subject to the provisions of Paragraph 5 hereof, be exercised by the Holder (to the extent that the Holder shall have been entitled to do so
at the termination of employment) at or prior to the time of such termination; provided, if the Holder is terminated by the Company without Cause, the Holder shall have ninety (90) days following such termination to exercise all options
exercisable on the date of termination and if the employment of the Holder terminates by reason of the retirement of the Holder at or reaching age 55 and having completed five years of service, the Holder shall have one (1) year following such
retirement to exercise all options exercisable on the date of such retirement. In the event of such Holder’s death or total disability (using the definition of total disability of the Company’s long-term disability plan), the Option may,
subject to the provisions of Paragraph 5 hereof, be exercised by the personal representative of the Holder’s estate (to the extent the Holder would have been entitled to do so as of the date of death) or the Holder in the case of disability at
any time within ninety (90) days following the date of the Holder’s death or termination of employment due to total disability (but not more than the term of this Option). So long as such Holder shall continue to be an employee of the
Company, or an affiliate, or a subsidiary the Option shall not be affected by any change of duties or position. Nothing in this Option Agreement shall confer upon a Holder any right to continue in the employ of the Company or interfere in any way
with the right of the Company to terminate his/her employment at any time. The transfer of employment between any combination of the Company and any affiliate or subsidiary shall not be deemed a termination of employment. For purposes of this
Agreement, “Cause” shall include the Holder’s negligence, neglect of duty, incompetence, dishonesty, violation of any of the terms of the Holder’s employment agreement (if any) and the Holder’s indictment, conviction or plea
of guilty or nolo contendere to a misdemeanor involving moral turpitude or a felony. 
 7. Adjustment in Capitalization. If any
adjustment in the Company’s capitalization as described in Section 5.3 of the Plan occurs, appropriate adjustments shall be made by the Compensation Committee to the number of shares and price per share of stock subject to this Option.

 8. Method of Exercising Option. Subject to the terms and conditions of the Option Agreement, the Option may be exercised by
written notice to the Company, care of its Chief Financial Officer, 309 North 5th Street, Norfolk, Nebraska 68701. Such notice shall state the election to execute the Option and the number of shares in respect of which it is being exercised, and
shall be signed by the person or persons so exercising the Option. Such notice shall either: (a) be accompanied by payment of the full purchase price of such shares, in which event the Company shall deliver a certificate or certificates
representing such shares as soon as 

  
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practicable after the notice shall be received; or (b) fix a date (not less than five (5) nor more than ten (10) business days from the date such notice shall be received by the
Chief Financial Officer) for the payment of the full purchase price of such shares at the Company’s Transfer Agent Offices, against delivery of a certificate or certificates representing such shares. Payment of such purchase price shall, in
either case, be made by check payable to the order of the Company or, if applicable pursuant to Paragraph 2 hereof with the consent of the Compensation Committee, the transfer of the appropriate shares of stock or reduction of the appropriate number
of shares to be delivered upon exercise of the Option. The certificate or certificates for the shares as to which the Option shall have been so exercised shall be registered in the name of the person or persons so exercising the Option (or, if the
Option shall be exercised by the Holder and if the Holder shall so request in the notice exercising the Option, shall be registered in the name of the Holder and another person jointly, with right of survivorship or in the name of the Holder’s
spouse) and shall be delivered as provided above to or upon the written order of the person or persons exercising the Option. All shares that shall be purchased upon the exercise of the Option as provided herein shall be fully paid and
non-assessable. 
 As a condition of the issuance of shares hereunder, the Holder agrees to remit to the Company at the time of any exercise of
this Option any taxes required to be withheld by the Company under federal, state or local law as a result of exercise. With the approval of the Committee, the Holder may remit such amount by an appropriate reduction of the number of shares to be
delivered to the Holder upon exercise, or by the Holder delivering sufficient shares of common stock of the Company valued at its fair market value (if such common stock has been owned by the Holder for at least six months). 

9. General. The Company shall at all times during the term of the Option reserve and keep available such number of Common Shares as will
be sufficient to satisfy the requirements of this Option Agreement, shall pay all original issue and transfer taxes with respect to the issue and transfer of shares pursuant hereto and all other fees and expenses necessarily incurred by the Company
in connection therewith, and will use its best efforts to comply with all laws and regulations which shall be applicable thereto. 
 IN WITNESS WHEREOF, the Company and the Holder have signed this Option Agreement effective as of the day and year first above written. 

  
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