Document:

MEMORANDUM OF AGREEMENT

 Exhibit 10.1 
  
 MEMORANDUM OF AGREEMENT 
  
 This Memorandum of Agreement (the “Agreement”) is made and entered into between State Street Corporation (hereinafter, “State Street;” collectively, State Street and its subsidiaries and
affiliates are hereinafter called the “Company”), and Maureen Scannell Bateman (hereinafter, the “Executive”). 
  

	 	1.	 	Intention to Retire.    Executive has elected to retire pursuant to the Company’s Executive Voluntary Separation Program (“EVSP”) and has
delivered to State Street her executed EVSP Election Form and Release Agreement. The allowed time for revocation of Executive’s election to retire under the EVSP and her release of claims under the Release Agreement has expired, and her
election and release have become irrevocable. 

  

	 	2.	 	Termination Date Extension.    Pursuant to the EVSP, State Street extends the Executive’s employment termination date to September 26, 2003 (the
“Retirement Date”). 

  

	 	3.	 	Continuing Compensation.    During the period from the effective date of this Agreement until the Retirement Date, and subject to all of the terms recited
herein, the Company shall continue to pay the Executive her base salary at the current rate, and shall continue her participation in the Company’s group welfare and retirement benefit plans applicable to Executive, as in effect from time to
time. 

  

	 	4.	 	Executive’s Duties.    During the period from the effective date of this Agreement until the Retirement Date, the Executive shall faithfully carry
out the duties of General Counsel and Corporate Secretary, and shall in addition make herself available to State Street’s Chief Executive Officer at his request for consultation and other transitional assistance as may be reasonably necessary
to transition her duties to her successor. 

  

	 	5.	 	Personal Security Measures.    Until December 31, 2003, the Company shall continue to provide Executive without cost to her with the personal security
measures currently made available to her. 

  

	 	6.	 	Executive Career Services; Transitional Office Space.    Until September 26, 2004, the Company shall provide Executive without cost to her, upon her
reasonable request within 30 days of the Retirement Date, with executive career services, which will include, as determined by State Street, suitable private office space, appropriate administrative support, and parking. 

  

	 	7.	 	Additional Payment.    In consideration of all of Executive’s commitments and obligations as set forth herein, the Company shall make two lump sum
payments to Executive in the aggregate amount of $405,000. The Company shall make the first of these lump sum payments, in the amount of $200,000, to Executive on December 31, 2003. The Company shall make the second of these lump sum payments, in
the amount of $205,000, to Executive on September 30, 2004. Payment of each such amount shall be conditioned on Executive’s faithful performance of her duties as an employee of the Company and of her commitments and obligations hereunder.

  

	 	8.	 	Non-competition/Non-solicitation.    Executive agrees that she will not, during the period between the effective date of this Agreement and September 30,
2004: (a) except as it constitutes the practice of law, accept employment with, work for or otherwise provide services to, whether with or without compensation, any of the following competitors of the Company: Bank of New York, Deutsche Bank A.G.,
J.P. Morgan Chase, Mellon Corporation, Northern Trust Company, and Investors Bank and Trust Company; (b) solicit or encourage any customer or prospective customer of, or investor in, the Company to conduct with anyone else any business or activity
which such customer, prospective customer or investor could conduct with the Company; (c) hire or solicit any employee of the Company to discontinue or curtail his/her employment with the Company; and/or (d) solicit or encourage any independent
contractor providing services to the Company to terminate or curtail his/her/its relationship with the Company. For purposes of this Agreement, an “employee” or “independent contractor” of the Company is any person who occupied
such status at any time within the 12 months preceding the asserted breach. State Street in its sole discretion may waive the provisions of this paragraph 8, at the request of the Executive, which waiver may be made only by a writing signed by State
Street’s Chief Executive Officer. 

  

 53 

	 	9.	 	Confidential Information.    Executive agrees that, except as required for the performance of her duties hereunder, as authorized in writing by State
Street’s Chief Executive Officer, or as required by applicable law, she will not, directly or indirectly, use or disclose any Confidential Information belonging to the Company. For purposes of this Agreement, “Confidential
Information” means any and all information of the Company that is not generally known by others with whom it competes or does business, or with whom it plans to compete or do business, including but not limited to (a) all proprietary
information of the Company, including but not limited to the products and services, technical data, methods, processes, trade secrets, know-how, developments, inventions, and formulae of the Company, (b) the development, research, testing,
marketing, financial activities and strategic plans of the Company, (c) the manner in which the Company operates, (d) the Company’s actual and projected financial performance, (e) the identity and special needs of the customers, prospective
customers and investors of the Company, and (f) the people and organizations with whom the Company has business relationships and the substance of those relationships. Confidential Information also includes any information that the Company may
receive or has received from customers, investors, business partners or others with any understanding, express or implied, that the information would not be publicly disclosed. Anything in this paragraph to the contrary notwithstanding, the
Executive shall be bound by her obligations to maintain attorney/client confidences, and the Company does not hereby waive any attorney/client privilege. 

  

	 	10.	 	Remedies.    State Street and Executive further agree that, in the event that any provision of paragraph 8 or 9 of this Agreement is determined by any
court of competent jurisdiction to be unenforceable by reason of its being extended over too great a time, too large a geographic area, or too great a range of activities, that provision shall be deemed to be modified to permit its enforcement to
the maximum extent permitted by law. 

  

	 	11.	 	Reciprocity of Obligations.    The performance by the Company of its commitments to pay moneys to Executive hereunder shall be expressly conditioned on
Executive’s fulfillment of all of her obligations in this Agreement, including without limitation those set forth in paragraphs 8 and 9 hereof. Similarly, Executive’s performance of her commitments hereunder shall be expressly conditioned
upon the Company’s fulfillment of all of its obligations set forth herein. Either party may suspend or terminate its performance hereunder in the event the other commits a material breech of this Agreement. 

  

	 	12.	 	Assurances.    In signing this Agreement, Executive gives the Company assurance that she has signed it voluntarily and with a full understanding of its
terms; that she has had sufficient opportunity to consider this Agreement and to consult with anyone of her choosing before signing it; and that, in signing this Agreement, she has not relied on any promises or representations, express or implied,
that are not set forth expressly in this Agreement. 

  

	 	13.	 	Modification of Agreement.    This Agreement may only be amended, modified, or waived by a writing signed by parties duly authorized to do so.

  

	 	14.	 	Successors and Assigns.    This Agreement shall inure to the benefit of and be binding upon the parties’ heirs, successors and permitted assigns, but
will not be assignable, by operation of law or otherwise, by either party without the prior written consent of the other party and any purported assignment or other transfer without such consent will be void and unenforceable.

  

 54 

	 	15.	 	Notices.    Except as otherwise specifically provided in this Agreement, all notices and other communications hereunder shall be in writing and shall be
deemed to have been given three days after having been mailed by first-class mail or registered or certified mail, or 12 hours after having been delivered or sent by facsimile, to the following addresses or to such other addresses as the parties
shall have furnished to each other in writing. 

  
 Maureen Scannell Batemen 
 4 Beebe Way 
 Wellesley, MA 02482 
  
 State
Street Corporation 
 Attn: Chief Executive Officer 
 225 Franklin Street 
 Boston, MA 02110 
  

	 	16.	 	Miscellaneous. 

  

	 	(a)	 	All cash payments to Executive under this Agreement shall be reduced by the amount of any applicable tax withholdings. 

  

	 	(b)	 	This Agreement shall be governed by the law of the Commonwealth of Massachusetts, without resort to choice of law or conflict of law principles. 

  

	 	(c)	 	The headings in this Agreement are for convenience of reference only and will not affect the construction of any provision hereof. 

  

	 	(d)	 	This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and which together shall be deemed to be one and the same instrument.

  

	 	(e)	 	This Agreement will be effective when each party has received a counterpart executed and delivered by the other party. 

  

	 ACCEPTED AND AGREED TO:
	 	 	 	 ACCEPTED AND AGREED TO:

				
	By:	 	 /s/ MAUREEN SCANNELL BATEMAN

	 	 	 	STATE STREET CORPORATION
	     Maureen Scannell Bateman
  
	 	 	 	 	 	 
	Dated: 6/11/03	 	 	 	By:	 	 /s/ LOUIS J. DE OCEJO

	 	 	 	 	 	 	 	 	Executive Vice President, HR&OP
				
	 	 	 	 	 	 	Dated: 6/10/03

  

 55Termination Agreement

 EXHIBIT 10.7 
  
 TERMINATION AGREEMENT 
  
 THIS TERMINATION AGREEMENT (this “Agreement”), dated as of this 24th day of July 2003 by and among Sandalwood Lodging Investment
Corporation and its subsidiaries (collectively, “Sandalwood”), Sandalwood Hospitality Advisors, LLC and its subsidiaries (collectively, the “Advisor”), and Barceló Crestline Corporation and its subsidiaries
(collectively, “Barceló Crestline”). 
  
 WHEREAS, Sandalwood, the Advisor and Barceló Crestline entered into that certain Right of First Refusal and Services Agreement dated as of December 6, 2002 together with all exhibits and schedules attached thereto (the “ROFR
Agreement”) pursuant to which, among other things, Sandalwood granted Barceló Crestline a right of first refusal to provide certain Management Services with respect to certain specified hotels that Sandalwood acquires, Barceló
Crestline agreed to provide certain Acquisition Services to Sandalwood and Barceló Crestline agreed to make the Barceló Crestline Investment in accordance with the terms and conditions of the Stock Purchase Agreement (as defined
below); 
  
 WHEREAS, Sandalwood and Barceló Crestline
entered into that certain Stock Purchase and Rights Agreement (the “Stock Purchase Agreement”) dated as of December 6, 2002 pursuant to which, among other things, Barceló Crestline agreed to purchase Three Million Dollars
($3,000,000) of registered common stock of Sandalwood subject to the terms and conditions set forth in the Stock Purchase Agreement; and 
  
 WHEREAS, Sandalwood, the Advisor and Barceló Crestline desire to terminate the ROFR Agreement and the Stock Purchase Agreement as set forth in this
Agreement. 
  
 NOW, THEREFORE, in consideration of the foregoing
and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
  

	1.	 	Definitions. 

  
 All capitalized terms not specifically defined in this Agreement shall have the definition given such term(s) in the ROFR Agreement. 
  

	2.	 	Termination of ROFR and Trademark License Agreements. 

  
 Sandalwood, the Advisor and Barceló Crestline each hereby agree that the ROFR Agreement and the Trademark License Agreement dated as of 

 December 6, 2002 among Sandalwood, the Advisor and Barceló Crestline (the “Trademark License Agreement”)
are each terminated effective as of the date hereof and superceded by this Agreement. As of the date hereof, the parties to the ROFR Agreement and the Trademark License Agreement shall have no further rights or obligations thereunder, except as
otherwise provided herein. Notwithstanding the foregoing, Sandalwood and Barceló Crestline hereby agree that the indemnification provisions set forth in Section IV.C and D of the ROFR Agreement shall survive termination of the ROFR
Agreement. 
  

	3.	 	Termination of Stock Purchase Agreement. 

  
 Sandalwood and Barceló Crestline each hereby agree that the Stock Purchase Agreement is terminated effective as of the date hereof, and superceded
by this Agreement. As of the date hereof, the parties shall have no further rights or obligations thereunder, except as otherwise provided herein. Notwithstanding the foregoing, Sandalwood and Barceló Crestline hereby agree that the
indemnification provisions set forth in Section 8 of the Stock Purchase Agreement as it relates to breaches of the representations and warranties contained in Sections 6 and 7 thereof shall survive termination of the Stock Purchase Agreement.

  

	4.	 	Conversion of Barceló Crestline Advances into Promissory Note. 

  

Simultaneously with the execution of this Agreement, (i) Barceló Crestline shall advance to the Advisor One Hundred Sixty-One Thousand Eight
Hundred Thirty-Three Dollars ($161,833), which shall be considered a Barceló Crestline Advance, (ii) the Advisor shall enter into a promissory note in the form attached as Exhibit A hereto whereby Sandalwood promises to repay
Barceló Crestline One Million Dollars ($1,000,000), which amount represents the aggregate Barceló Crestline Advances outstanding as of the date hereof, and (iii) Sandalwood shall grant to Barceló Crestline a guarantee in the
form attached as Exhibit B whereby Sandalwood guarantees to Barceló Crestline the performance by the Advisor of its obligations under the promissory note described in the subsection (ii) of this Section 4. 
  

	5.	 	Cessation of Use of Barceló Crestline Information in Materials. 

  

From and after the date hereof, Sandalwood and the Advisor agree that they shall not include the Barceló Crestline Information or any
information specifically provided by Barceló Crestline pursuant to Section IV.E of the ROFR Agreement in any Registration Statement, Prospectus or IPO Marketing Material nor shall such registration statement, prospectus or marketing material
make reference or describe the ROFR Agreement or the Stock Purchase Agreement. Notwithstanding the foregoing, Sandalwood will not accept a subscription for Sandalwood shares from any person who has been informed of the existence of 
  

 -2- 

 the ROFR Agreement and the Stock Purchase Agreement and who has not thereafter been informed that the ROFR Agreement and
Stock Purchase Agreement have been terminated. Barceló Crestline acknowledges that Sandalwood and the Advisor may attempt to do an offering of securities exempt from the registration requirements of the Securities Act and may state in its
offering materials that Sandalwood intends to use Crestline Hotels & Resorts, Inc. as one of its hotel managers. Sandalwood and the Advisor agree that they shall not include any other information with respect to Barceló Crestline in such
offering materials without the express written consent of Barceló Crestline. 
  

	6.	 	Governing Law. 

  
 This Agreement, the rights and obligations of the parties hereto, and any claims or disputes relating thereto, shall be governed by and construed in
accordance with the laws of Maryland (excluding the choice of law rules thereof). 
  

	7.	 	Invalid Provisions. 

  
 If any provision of this Agreement is held to be illegal, invalid, or unenforceable under present or future laws in effect from time to time, such
provision shall be fully severable; this Agreement shall be construed and enforced as if the illegal, invalid, or unenforceable provision had never comprised a part hereof, and the remaining provisions hereof shall remain in full force and effect
and shall not be affected by the illegal, invalid or unenforceable provision or by its severance herefrom. Furthermore, in lieu of such illegal, invalid or unenforceable provision there shall be added automatically as a part of this Agreement a
provision as similar in terms to the illegal, invalid, or unenforceable provision as may be possible so as to make it legal, valid and enforceable. 
  

	8.	 	Binding Effect. 

  
 This Agreement shall be binding upon and inure to the benefit of the parties hereto, and their respective successors and permitted assigns, except that no
party may transfer or assign its rights or obligations hereunder without prior written consent of the parties. No assignment or other transfer of the rights or obligations of the parties shall relieve the assignor or transferor of any obligations
under this Agreement. 
  

	9.	 	Execution in Counterparts. 

  
 This Agreement may be executed in multiple counterparts, which when taken together shall constitute a single, binding original. 
  

 -3- 

 IN WITNESS WHEREOF, the parties have executed this Termination Agreement as of the date first above
written. 
  

	SANDALWOOD LODGING INVESTMENT CORPORATION
		
	 By:
	 	 /s/    Douglas H.S.
Greene        

	 	 	 Douglas H.S. Greene
 Managing Director, Vice
 Chairman and Chief Investment
 Officer

	
	SANDALWOOD HOSPITALITY ADVISORS LLC
		
	 By:
	 	 /s/    Douglas H.S.
Greene        

	 	 	 Douglas H.S. Greene
 Managing Director, Vice
 Chairman and Chief Investment
 Officer

	
	 BARCELÓ CRESTLINE
 CORPORATION

		
	 By:
	 	 /s/    James L. Francis
        

	 	 	 James L. Francis
 Chief Operating Officer

  
  

 -4-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}]]