Document:

Form of J. William Blackham Employment Contract

 Exhibit 10.11 
  
 EAGLE HOSPITALITY PROPERTIES TRUST, INC. 
 EMPLOYMENT AGREEMENT 
  
 THIS AGREEMENT is made effective as of the              day of             , 2004 by and between EAGLE HOSPITALITY
PROPERTIES TRUST, INC., a real estate investment trust formed under the laws of the state of Maryland (referred to hereinafter as the “REIT’), and J. William Blackham (“Employee”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, the parties desire to provide for Employee’s employment by the
REIT and to provide him with compensation incident thereto. 
  
 NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants herein set forth, the parties hereby covenant and agree as follows: 
  

1. Employment. The REIT agrees to employ the Employee, and the Employee agrees to be employed by the REIT, upon the terms and conditions set
forth in this Agreement. 
  
 2. Term. The initial term of
Employee’s employment pursuant to this Agreement shall begin on the date first written above and shall continue for a period of five (5) years thereafter, unless terminated earlier pursuant to the provisions of Section 10, provided that
Sections 8, 9, 11(c), if applicable, 11(d), if applicable, 11(e), if applicable, and 12, if applicable, shall survive the termination of such employment and shall expire in accordance with the terms set forth therein. 
  
 3. Renewal Term. The term of Employee’s employment shall
automatically renew for additional consecutive renewal terms of one (1) year unless either party gives written notice of his/its intent not to renew the terms of the Agreement sixty (60) days prior to the expiration of the then expiring term.
Employee’s base salary for each renewal, term shall be negotiated and mutually agreed upon by and between the REIT and Employee. 
  
 4. Duties. Employee shall serve as the Chief Executive Officer of the REIT. Employee shall be responsible to and report directly to the Chairman of
the Board of the REIT. Employee shall devote his best efforts and his full business time to the diligent, faithful and loyal discharge of the duties of his employment and towards the proper, efficient and successful conduct of the REIT’s
business. Employee further agrees to refrain, during the term of this Agreement, from profiting from any transaction or initiative involving any other real estate investment trust or other transaction or initiative that could be considered
competitive in nature with the REIT without the express written consent of the Board of Directors. 
  
 5. Compensation. For all services rendered by the Employee under this Agreement, compensation shall be paid to Employee as follows: 
  
 (a) Base Salary. Employee’s base annual salary shall be
Three Hundred Thousand Dollars ($300,000.00). Employee’s base salary shall be paid to him on a semi-monthly basis in accordance with the REIT’s standard and customary payroll practices. 
  
 (b) Incentive Compensation/Bonus. To be determined by the
Governance and Compensation Committee of the Board of Directors in its sole and complete discretion. The objective of this Section 5(b) is and shall be to provide Employee with an opportunity to earn additional incentive compensation in the form of
cash and/or performance/restricted stock based upon the REIT’s attainment of certain stated financial results under the approved business plan for the REIT and the Employee’s performance in fulfilling his duties and obligations to the
REIT. Employee understands that the REIT’s payment of any cash bonus and/or any such award of performance stock will be contingent upon the REIT and Employee’s attainment of the goals/criteria/benchmarks which have yet to be established by
the REIT’s Board of Directors. Once the Governance and Compensation Committee of the Board of Directors has specified terms and conditions for the above described incentive compensation/bonus, same shall be reduced to writing, each year signed
by both the REIT and Employee and made a part of this Agreement. 
  

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 (c) IPO Restricted Stock. In addition to the annual base compensation and bonus
compensation provided in Sections 5(a) and 5(b) herein above, Employee shall also receive Eighty-Three Thousand Three Hundred Thirty-Three (83,333) shares of REIT common stock, which shall be restricted and subject to a five-year vesting schedule.
The aforesaid five (5) year vesting schedule shall be in equal amounts of 20% per year at the end of each 12-month period, provided Employee is then employed by the REIT. In addition, the vesting schedule shall include provisions that allow for the
acceleration of vesting of the IPO restricted stock not sooner than three years in the event the REIT and Employee exceed a certain 15% stock growth performance threshold to be established by the Governance and Compensation Committee and approved by
the Board of Directors. Employee understands and acknowledges that any future restricted stock awarded to him hereunder shall be made subject to any and all terms and conditions contained in the REIT’s 2004 Long-Term Performance Stock Incentive
Plan. 
  
 (d) Employee shall be responsible for
any and all taxes consequences incident to the restricted stock award, which is contemplated herein above, in accordance with the legal requirements and voluntary elections for recognizing the value conferred to Employee thereunder as ordinary
income to him. 
  
 6. Fringe Benefits. During the term of
this Agreement, Employee shall be entitled to the following benefits: 
  
 (a) Health Insurance - During the term of this Agreement, Employee shall be provided with the standard medical health and insurance coverage maintained by REIT on its employees and/or offered to REIT employees.

  
 (b) Vacation - Employee shall be entitled each
year to a vacation of three (3) weeks during which time his compensation will be paid in full; provided, however, such weeks may not be taken consecutively without the written consent of the Chairman of the Board. 
  
 (c) Life Insurance - During the term of this Agreement, the
REIT shall maintain on the life of Employee, provided he is insurable at standard rates a term life insurance policy in the amount of Two Million Dollars ($2,000,000.00) or such lesser amount designated by Employee. Employee shall have the right to
designate the beneficiary of such policy. Employee agrees to take any and all physicals that are necessarily incident to the issuance and/or renewal of said policy. In addition, Employee agrees to take any and all physicals that are necessarily
incident to the procurement of key person insurance upon his life by the REIT. In the event that Employee is not insurable at standard rates during the term of this Agreement, but Employee is able to procure rated coverage, Employee shall have the
right to procure coverage for a lower amount of insurance, the cost of which is equivalent to the standard term rate cost of $2,000,000.00 of coverage or such lesser amount designated by Employee. 
  
 (d) Employee shall be responsible for any and all taxes,
owed, if any, on the fringe benefits provided to him pursuant to this Section 6, and it is understood the company will not provide an automobile or allowance. 
  

7. Expenses. During the term of Employee’s employment hereunder, Employee shall be entitled to receive prompt reimbursement for all
reasonable, verified and customary business expenses incurred by Employee in fulfilling Employee’s duties and responsibilities hereunder, provided that such expenses are incurred and accounted for in accordance with the policies and procedures
established by the REIT. 
  
 8. Non-Competition &
Non-Solicitation. In connection with the diligent, faithful and loyal discharge of the duties of Employee’s employment under this Agreement, Employee agrees that so long as he is employed by the REIT (whether or not pursuant to the
provisions of this Agreement) he will not, directly or indirectly, be employed by, or otherwise give assistance to or be affiliated with (as an employee, consultant, independent contractor of any type, director or otherwise) any person, firm,
corporation, trust or entity which is directly or indirectly engaged in a competitive business with that 

  

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carried on by the REIT, any of its investment properties or affiliates, and/or Corporex Companies and any subsidiaries or affiliates of Corporex Companies or
the REIT. Employee agrees that so long as he is employed by the REIT, he will not own, engage in, conduct, manage, operate, participate in, be employed by or be connected in any manner whatsoever with any competitive business with that carried on by
the REIT, any of its investment properties, and/or Corporex Companies and any subsidiaries or affiliates of Corporex Companies or the REIT or become associated with, in any capacity, or employ or attempt to employ any current or future employee of
the REIT, any of its investment properties and/or Corporex Companies and any subsidiaries or affiliates of Corporex Companies or the REIT or induce any such employee to leave any such entity’s employ. 
  
 In addition, as an inducement for and as additional consideration for the
REIT entering into this Agreement, Employee agrees that for a period of one (1) year commencing on the termination of employment, he will not, with any other person, corporation or entity, directly or indirectly, by stock or other ownership,
investment, employment, or otherwise, or in any relation whatsoever: 
  
 (1) solicit, divert or take away or attempt to solicit, divert or take away any of the business or investors of the REIT, any of its investment properties and/or Corporex Companies and any subsidiaries or affiliates
of Corporex Companies or the REIT; 
  
 (2) attempt
to seek or cause any vendor or investor of the REIT, its investment properties and/or Corporex Companies and any subsidiaries or affiliates of Corporex Companies or the REIT to refrain from continuing their relationship with the REIT, any of its
investment properties and/or Corporex Companies and any subsidiaries or affiliates of Corporex Companies or the REIT; 
  
 (3) engage in any other business activity which is directly or indirectly competitive with the REIT, its investment properties and/or
Corporex Companies and any subsidiaries or affiliates of Corporex Companies or the REIT, within a fifty (50) mile radius of the REIT’s principal place of business, any of its investment properties and/or Corporex Companies and any subsidiaries
or affiliates of Corporex Companies. The parties agree that the application of this non-competition provision shall extend to any other city/state in which the REIT, its investment properties and/or Corporex Companies and any subsidiaries or
affiliates of Corporex Companies or the REIT actively conduct business and/or own real estate during the term of this Agreement; 
  
 (4) knowingly employ or attempt to employ in any capacity any employee or agent of REIT, any of its investment properties and/or Corporex
Companies and any subsidiaries or affiliates of Corporex Companies or the REIT. 
  
 (5) perform services, either as an employee or as a consultant, for any competitive real estate investment trust or business activity of
Corporex Companies and any subsidiaries or affiliates of Corporex Companies or the REIT. 
  
 For purposes of this Section 8, a competitive real estate investment trust or business shall mean any person, corporation, partnership or other legal entity engaged, directly or indirectly, through subsidiaries or
affiliates, in any other business activity which can reasonably be determined to be competitive with the principal business activity being engaged in by the REIT, its investment properties and/or Corporex Companies and any subsidiaries or affiliates
of Corporex Companies or the REIT; and any other business activity which the REIT and/or Corporex Companies and any subsidiaries or affiliates of Corporex Companies or the REIT subsequently become involved in after the date of this Agreement.

  
 Employee has carefully read and has given careful
consideration to all the terms and conditions of this Agreement and agrees that they are necessary for the reasonable and proper protection of the REIT’s business. The Employee acknowledges that the REIT has entered into this Agreement because
of Employee’s promise that he will abide by and be bound by each of the terms contained in this Section 8. The Employee agrees that REIT shall be entitled to injunctive relief to enforce these terms in addition to all other legal remedies.
Employee acknowledges that each and every one of the terms of this provision is reasonable in all respects including their subject matter, duration, scope and the geographical area 
  

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embraced herein and waives any and all right to compensation and/or benefits herein mentioned or referred to if Employee violates the provisions of this
Section 8. 
  
 9. Non-Disclosure and Assignment of Confidential
Information. The Employee acknowledges that the REIT’s trade secrets and confidential and proprietary information, including without limitation: 
  
 (a) unpublished information concerning the REIT’s: 
  
 (i) research activities and plans, 
  
 (ii) marketing or sales plans, 
  
 (iii) operational techniques, 
  
 (iv) supplier lists, and 
  
 (v) strategic plans; 
  
 (b) unpublished financial information, including unpublished information concerning revenues, profits and
profit margins; 
  
 (c) internal confidential
manuals; and 
  
 (d) any “material inside
information” as such phrase is used for purposes of the Securities Exchange Act of 1934, as amended; 
  
 all constitute valuable, special and unique proprietary and trade secret information of the REIT. In recognition of this fact, the Employee agrees that the Employee will not disclose any such trade secrets or
confidential or proprietary information (except (i) information which becomes publicly available without violation of this Employment Agreement, (ii) information of which the Employee did not know and should not have known was disclosed to the
Employee in violation of any other person’s confidentiality obligation, and (iii) disclosure required in connection with any legal process), nor shall the Employee make use of any such information for the benefit of any person, firm, operation
or other entity except the REIT and its subsidiaries or affiliates. The Employee’s obligation to keep all of such information confidential shall be in effect during and for a period of five (5) years after the termination of his employment;
provided, however, that the Employee will keep confidential and will not disclose any trade secret or similar information protected under law as intangible property (subject to the same exceptions set forth in the parenthetical clause above) for so
long as such protection under law is extended. 
  
 10.
Termination. 
  
 (a) Termination for Cause.
The REIT may terminate the Employee’s employment under this Agreement at any time for Cause, upon written notice by the REIT to the Employee. For purposes of this Agreement, the term “Cause” shall mean termination upon: (i) the
failure by employee to substantially perform his duties with the REIT, provided written notice has been given by the Board, it being expressly understood that this is a failure to carry out direct duties and responsibilities but is not intended to
apply to failure to achieve financial results; (ii) the engaging by Employee in conduct which is materially injurious to the REIT, monetarily or otherwise, including but not limited to any material or repetitious misrepresentation related to his
duties or the business, including, but not limited to reporting and/or communicating misinformation to the Chairman of the Board or the Board of Directors and/or failing to report and/or communicate material information to the Chairman of the Board
or the Board of Directors; (iii) the conviction of Employee of a felony or other crime involving theft or fraud, (iv) Employee’s neglect or misconduct in carrying out his duties hereunder resulting, in either case, in harm to the REIT; (v)
insubordination; (vi) demonstrably willful and deliberate act, or failure to act committed in 

  

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bad faith, without reasonable belief that such action or inaction is in the best interest of company, which causes material harm to the REIT, and (vii) any
material breach by Employee of this Agreement. 
  
 (b) Termination Without Cause or by the Employee Without Good Reason. Any party may terminate this Agreement at any time without Cause (in the case of the REIT) or without Good Reason (in the case of the Employee), upon giving the other
party ninety (90) days’ written notice. At the REIT’s sole discretion, it may substitute ninety (90) days’ salary in lieu of notice. Any salary paid to the Employee in lieu of notice shall not be offset against any entitlement the
Employee may have to the Severance Payment pursuant to Section 11(c). 
  
 (c) Termination by Employee for Good Reason. The Employee may terminate his employment under this Agreement at any time for Good Reason, upon written notice by the Employee to the REIT. For purposes of this Agreement,
“Good Reason” for termination shall mean, without the Employee’s consent: (i) the assignment to the Employee of substantial duties or responsibilities inconsistent with the Employee’s position at the REIT, or any other action by
the Board which results in a substantial diminution of the Employee’s duties or responsibilities other than any such reduction which is remedied by the REIT within 30 days of receipt of written notice thereof from the Employee; (ii) the
REIT’s failure to pay the Employee any Base Salary or other compensation to which he becomes entitled through no fault of employee, other than an inadvertent failure which is remedied by the REIT within thirty (30) days after receipt of written
notice thereof from the Employee (or ten (10) days for failure to pay Base Salary); or (iii) a substantial reduction in the Employee’s aggregate Base Salary and other compensation taken as a whole, excluding any reductions caused by the failure
to achieve performance targets. 
  
 (d)
Employee’s Death or Disability. The Employee’s employment shall terminate immediately upon his death or, upon written notice as set forth below, his disability. For purposes of this Agreement, Employee shall be deemed to be temporarily
disabled and/or totally and permanently disabled if attested to by two qualified physicians, (one to be selected by REIT and the other by Employee) competent to give opinions in the area of the disabled Employee’s physical and/or mental
condition. If the two physicians disagree, they shall select a third physician, whose opinion shall control. Employee shall be deemed to be temporarily disabled and/or totally and permanently disabled if he shall become disabled as a result of any
medically determinable impairment of mind or body which renders it impossible for such Employee to perform satisfactorily his duties hereunder, and the qualified physician(s) referred to above certify that such disability does, in fact, exist. The
opinion of the qualified physician(s) shall be given by such physician(s), in writing directed to the REIT and to Employee. The physician(s) decision shall include the date that disability began, if possible, and the 12th month of such disability,
if possible. The decision of such physician(s) shall be final and conclusive and the cost of such examination shall be paid by the REIT. 
  
 11. Compensation Upon Termination. 
  
 (a) General. Regardless of the reason for any termination of this Agreement, the Employee (or the Employee’s estate if the Employment
Period ends on account of the Employee’s death) shall be entitled to (i) payment of any unpaid portion of his Base Salary through the effective date of termination; (ii) reimbursement for any outstanding reasonable business expenses he has
incurred in performing his duties hereunder; (iii) continued insurance benefits to the extent required by law; (iv) payment of any vested but unpaid rights as required independent of this Agreement by the terms of any bonus or other incentive pay or
stock plan, or any other employee benefit plan or program of the REIT; and (v) except in the case of “Termination by the REIT for Cause,” pursuant to Section 10(a), any bonus or incentive compensation that was approved by the Board, and
has accrued, but not paid. 
  
 (b) Termination for
Cause or by Employee Without Good Reason. If the REIT terminates the Employee’s employment for Cause or the Employee terminates his employment without Good Reason, the Employee shall have no rights or claims against the REIT or any of its
affiliates except to receive the payments and benefits described in Section 11(a). 
  

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 (c) Termination Without Cause or by Employee for Good Reason. Except as provided in
Section 11(d), if the REIT terminates the Employee’s employment without Cause pursuant to Section 5(b), or the Employee terminates his employment for Good Reason pursuant to Section 10(c), the Employee shall be entitled to receive, in addition
to the items referenced in Section 11(a), the following: 
  
 (i) continued payment of his Base Salary, at the rate in effect on his last day of employment, for a period of 12 months (the “Severance Payment”). The Severance Payment shall be paid in approximately equal
installments on the REIT’s regularly scheduled payroll dates, subject to all legally required payroll deductions and withholdings for sums owed by the Employee to the REIT; 
  
 (ii) continued payment by the REIT for the Employee’s life, health and disability insurance coverage
during the 12 month severance period referenced in Section 11(c)(i) to the same extent that the REIT paid for such coverage immediately prior to the termination of the Employee’s employment and subject to the eligibility requirements and other
terms and conditions of such insurance coverage, provided that if any such insurance coverage shall become unavailable during the 12 month severance period, the REIT thereafter shall be obliged only to pay to the Employee an amount which, after
reduction for income and employment taxes, is equal to the employer premiums for such insurance for the remainder of such severance period; 
  
 (iii) vesting as of the last day of his employment in any unvested portion of any stock option and any restricted stock previously issued
to the Employee by the REIT; and 
  
 None of the benefits
described in this Section 11(c) will be payable unless the Employee has signed a general release which has become irrevocable, satisfactory to the REIT in the reasonable exercise of its discretion, releasing the REIT and its affiliates and their
respective officers, directors and employees, from any and all claims or potential claims arising from or related to the Employee’s employment or termination of employment. 
  
 (d) Termination Following Change in Control. If, (x) during the Employment Period and within 24 months
following a Change in Control, (to the extent employee is unaffiliated with and did not cause or cooperate to cause the event of change) the REIT (or its successor) terminates the Employee’s employment without Cause pursuant to Section 10(b) or
the Employee terminates his employment for Good Reason pursuant to Section 10(c), or the employee is expected to relocate his home to a location which is more than 50 miles from the then existing corporate headquarters location, the Employee shall
be entitled to receive, in addition to the items referenced in Section 11(a), the following: 
  
 (i) continued payment of his Base Salary, at the rate in effect on his last day of employment, for a period of 36 months (the
“Control Change Severance Payment”). The Control Change Severance Payment shall be paid in approximately equal installments on the REIT’s regularly scheduled payroll dates, subject to all legally required payroll deductions and
withholdings for sums owed by the Employee to the REIT; 
  
 (ii) continued payment by the REIT for the Employee’s life, health and disability insurance coverage during the 36 month severance period referenced in Section 6(d)(i) to the same extent that the REIT paid for such coverage immediately
prior to the termination of the Employee’s employment and subject to the eligibility requirements and other terms and conditions of such insurance coverage, provided that if any such insurance coverage shall become unavailable during the 24
month severance period, the REIT thereafter shall be obligated only to pay to the Employee an amount which, after reduction for income and employment taxes, is equal to the employer premiums for such insurance for the remainder of such severance
period; 
  
 (iii) vesting as of the last day of
his employment in any unvested portion of any stock option and any restricted stock previously issued to the Employee by the REIT; and 
  

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 (iv) a bonus equal to three times the greater of (x) the average of all bonuses paid to
the Employee (taking into account a payment of no bonus or a payment of a bonus of $0) over the preceding two years (or the period of the Employee’s employment if shorter), and (y) the most recent bonus paid to the Employee. Such bonus shall be
paid to the Employee within sixty (60) days following the end of the fiscal year in which such termination occurs. 
  
 (v) (A) In the event that any Control Change Severance Payment, insurance benefits, accelerated vesting, pro-rated bonus or other benefit
payable to the Employee (under this Agreement or otherwise), shall (1) constitute “parachute payments” within the meaning of Section 280G (as it may be amended or replaced) of the Internal Revenue Code (the “Code”)
(“Parachute Payments”) and (2) be subject to the excise tax imposed by Section 4999 (as it may be amended or replaced) of the Code (the “Excise Tax”), then the REIT shall pay to the Employee an additional amount (the
“Gross-Up Amount”) such that the net benefits retained by the Employee after the deduction of the Excise Tax (including interest and penalties) upon the Gross-Up Amount shall be equal to the benefits that would have been delivered
hereunder had the Excise Tax not been applicable and the Gross-Up Amount not been paid. The calculation of such gross up amount shall be provided by the accountant at the time of the event of change. 
  
 (vi) None of the benefits described in this Section 11(d)
will be payable unless the Employee has signed a general release which has become irrevocable, satisfactory to the REIT in the reasonable exercise of its discretion, releasing the REIT and its affiliates and their respective officers, directors and
employees, from any and all claims or potential claims arising from or related to the Employee’s employment or termination of employment. 
  
 (vii) For purposes of this Agreement, a “Change in Control” shall mean any of the following events: 
  
 (A) The ownership or acquisition (whether by a merger
contemplated by Section 11(d)(vii)(B) below, or otherwise) by any Person (other than a Qualified Affiliate (as defined below)), in a single transaction or a series of related or unrelated transactions, of Beneficial Ownership of more than fifty
percent (50%) of (1) the REIT’s outstanding common stock (the “Common Stock”) or (2) the combined voting power of the REIT’s outstanding securities entitled to vote generally in the election of directors (the “Outstanding
Voting Securities”); 
  
 (B) The merger or
consolidation of the REIT with or into any other Person other than a Qualified Affiliate, if, immediately following the effectiveness of such merger or consolidation, Persons who did not Beneficially Own Outstanding Voting Securities immediately
before the effectiveness of such merger or consolidation directly or indirectly Beneficially Own more than fifty percent (50%) of the outstanding shares of voting stock of the surviving entity of such merger or consolidation (including for such
purpose in both the numerator and denominator, shares of voting stock issuable upon the exercise of then outstanding rights (including then exercisable conversion rights), options or warrants) (“Resulting Voting Securities”), provided
that, for purposes of this Section 11(d)(vii)(B), if a Person who Beneficially Owned Outstanding Voting Securities immediately before the merger or consolidation Beneficially Owns a greater number of the Resulting Voting Securities immediately after
the merger or consolidation than the number the Person received solely as a result of the merger or consolidation, that greater number will be treated as held by a Person who did not Beneficially Own Outstanding Voting Securities before the merger
or consolidation, and provided further that such merger or consolidation would also constitute a Change in Control if it would satisfy the foregoing test if rights, options and warrants were not included in the calculation; 
  
 (C) Any one or a series of related sales or conveyances to
any Person or Persons (including a liquidation) other than any one or more Qualified Affiliates of all or substantially all of the assets of the REIT; 
  
 (D) Incumbent Directors cease to be a majority of the members of the Board of Directors, where an “Incumbent Director” is (1)
an individual who is a member of the Board 

  

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of Directors on the effective date of this Agreement or is otherwise named in the REIT’s registration statement on Form S-11 as consenting to serve on
the Board of Directors upon the closing of the initial public offering of the REIT’s common stock or (2) any new director whose appointment by the Board of Directors or whose nomination for election by the stockholders was approved by a
majority of the persons who were already Incumbent Directors at the time of such appointment, election or approval, other than any individual who assumes office initially as a result of an actual or threatened election contest with respect to the
election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board of Directors or as a result of an agreement to avoid or settle such a contest or solicitation; or

  
 (E) A Change in Control shall also be deemed
to have occurred immediately before the completion of a tender offer for the REIT’s securities representing more than fifty percent (50%) of the Outstanding Voting Securities, other than a tender offer by a Qualified Affiliate. 
  
 (F) For purposes of this Agreement, the following
definitions shall apply: 
  
 (a) “Beneficial
Ownership,” “Beneficially Owned” and “Beneficially Owns” shall have the meanings provided in Exchange Act Rule 13d-3; 
  
 (b) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended; 
  
 (c) “Person” shall mean any individual, entity, or
group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act), including any natural person, corporation, trust, association, partnership, joint venture, limited liability company, legal entity of any kind, government, or political
subdivision, agency or instrumentality of a government, as well as two or more Persons acting as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of the REIT’s securities; and

  
 (d) “Qualified Affiliate” shall
mean (i) any directly or indirectly wholly owned subsidiary of the REIT, (ii) any employee benefit plan (or related trust) sponsored or maintained by the REIT or by any entity controlled by the REIT; or (iii) any Person consisting or controlled in
whole or in part of or by the Employee or one or more individuals who are then the REIT’s Chief Executive Officer or any other named executive officer (as defined in Item 402 of Regulation S-K under the Securities Act of 1933) of the REIT as
indicated in its most recent securities filing made before the date of the transaction. 
  
 (e) Termination In the Event of Death or Disability. In the event that Employee becomes temporarily disabled and/or totally and
permanently disabled, physically or mentally, which renders him unable to perform his duties hereunder, Employee shall receive one hundred percent (100%) of his base annual salary (in effect at the time of such disability) for a period of one (1)
year following the initial date of such disability (offset by any payments to the Employee received pursuant to disability benefit plans, if any, maintained by the REIT). Such payments shall be payable in twelve consecutive equal monthly
installments and shall commence thirty (30) days after the determination by the physicians of such disability pursuant to Section 10(d). 
  
 12. Payments to Extend Covenant Not to Compete of Employee. In the event the REIT does not renew this Agreement upon the expiration of the initial
term of this Agreement or any renewal term, the REIT shall have the option to pay Employee an amount equal to his base annual salary that was in effect prior to such non-renewal of his Employment Agreement in twelve (12) consecutive equal monthly
installments commencing thirty (30) days after the date of termination of employment in consideration for Employee not competing with the REIT for a period of twelve (12) months from the date of the termination of his employment for any of the
reasons set forth above, as applicable. 
  

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 13. Severability. In case any one (1) or more of the provisions or part of a provision contained
in this Agreement shall be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision or part of a provision of this Agreement. In such a situation, this
Agreement shall be reformed and construed as if such invalid, illegal or unenforceable provision, or part of a provision, had never been contained herein, and such provision or part shall be reformed so that it will be valid, legal and enforceable
to the maximum extent possible. 
  
 14. Governing Law. This
Agreement shall be governed and construed under the laws of the State of Kentucky and shall not be modified or discharged, in whole or in part, except by an agreement in writing signed by the parties. 
  
 15. Notices. All notices, requests, demands and other communications
relating to this Agreement shall be in writing and shall be deemed to have been duly given if delivered personally or mailed by certified or registered mail, return receipt requested, postage prepaid: 
  
 If to the REIT, to: 
  
 Eagle Hospitality Properties Trust, Inc. 
 Attention: Chairman of the Board of Directors 
 100 E. RiverCenter Blvd. 
 Suite 480 
 Covington, KY 41011 
  
 If to the Employee, to: 
  

	 	

  

	 	

  

	 	

  
 16. Enforcement of Rights. The parties expressly recognize that any breach of this Agreement by either party is, likely to result in irrevocable injury to the other party and agree that such other party shall
be entitled, if it so elects, to institute and prosecute proceedings in any court of competent jurisdiction, either in law or in equity, to obtain damages for any breach of this Agreement, or to enforce the specific performance of this Agreement by
each party or to enjoin any party from activities in violation of this Agreement. Should either party engage in any activities prohibited by this Agreement, such party agrees to pay over to the other party all compensation, remuneration, monies or
property of any sort received in connection with such activities. Such payment shall not impair any rights or remedies of any non-breaching party or obligations or liabilities of any breaching party pursuant to this Agreement or any applicable law.

  
 17. Entire Agreement. This Agreement contains the
entire understanding of the parties with respect to the subject matter contained herein and may be altered, amended or superseded only by an agreement in writing, signed by the party against whom enforcement of any waiver, change, modification,
extension or discharge is sought. 
  
 18. Parties in
Interest. This Agreement shall inure to the benefit and shall be binding upon the REIT, the Employee, and their respective successors, assigns and heirs. The rights of Employee under this Agreement shall not be assignable. The REIT, however,
reserves the right to assign this Agreement, without Employee’s consent. Any assignee of the REIT shall be entitled to all rights and benefits of the REIT contained in this Agreement and shall also be required to perform any and all duties,
responsibilities and obligations to Employee as prescribed hereunder. 
  
 19. Representation of Employee. Employee represents and warrants that he is not party to or bound by any agreement or contract or subject to any restrictions including without limitation any restriction imposed in connection with
previous employment which prevents Employee from entering into and performing his obligations under this Agreement. 
  

 9 

 20. Prior Agreement. This Agreement shall supersede and cancel any previous agreement entered into
by and between the Employee and the REIT regarding the subject matter. 
  
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written. 
  

			
	 EAGLE HOSPITALITY PROPERTIES TRUST, INC.
  

		
	By:	 	 
		
	 Name:
	 	 
		
	 Title:
	 	 

  

			
	 
	
	 
	 J. William Blackham

  

 102004 Long-Term Incentive Plan

 Exhibit 10.12 
  
 EAGLE HOSPITALITY PROPERTIES TRUST, INC. 
 2004 LONG-TERM INCENTIVE PLAN 
  
 ARTICLE 1 
 PURPOSE 
  
 1.1 GENERAL. The purpose of this Eagle Hospitality Properties Trust, Inc. 2004 Long-Term Incentive Plan (the “Plan”) is to promote the
success, and enhance the value, of Eagle Hospitality Properties Trust, Inc. (the “Company”), by linking the personal interests of employees, officers, directors and consultants of the Company or any Affiliate (as defined below) to those of
Company stockholders and by providing such persons with an incentive for outstanding corporate performance. The Plan is further intended to provide flexibility to the Company in its ability to motivate, attract, and retain the services of employees,
officers, directors and consultants upon whose judgment, interest, and special effort the successful conduct of the Company’s operation is largely dependent. Accordingly, the Plan permits the grant of incentive awards from time to time to
selected employees, officers, directors and consultants of the Company and its Affiliates. 
  
 ARTICLE 2 
 DEFINITIONS 
  
 2.1 DEFINITIONS. When a word or phrase appears in this Plan with the initial letter capitalized, and the word or
phrase does not commence a sentence, the word or phrase shall generally be given the meaning ascribed to it in this Section or in Section 1.1 unless a clearly different meaning is required by the context. The following words and phrases shall have
the following meanings: 
  
 (a) “Affiliate” means (i)
any Subsidiary or Parent, or (ii) an entity that directly or through one or more intermediaries controls, is controlled by or is under common control with, the Company, as determined by the Board. 
  
 (b) “Award” means any Option, Stock Appreciation Right, Restricted
Stock, Restricted Stock Unit Award, Performance Award, or Other Stock-Based Award, or any other right or interest relating to Stock or cash, granted to a Participant under the Plan. 
  
 (c) “Award Certificate” means a written document, in such form as the Board prescribes from time to time, setting
forth the terms and conditions of an Award. 
  
 (d)
“Board” means the Board of Directors of the Company. 
  
 (e) “Cause” as a reason for a Participant’s termination of employment shall have the meaning assigned such term in the employment agreement, if any, between such Participant and the Company or an Affiliate, provided, however
that if there is no such employment agreement in which such term is defined, and unless otherwise defined in the applicable Award Certificate, “Cause” shall mean any of the following acts by the Participant, as determined by the Board:
gross neglect of duty, prolonged absence from duty without the consent of the Company, intentionally engaging in any activity that is in conflict with or adverse to the business or other interests of the Company, or willful misconduct, misfeasance
or malfeasance of duty which is reasonably determined to be detrimental to the Company. 

 (f) “Change of Control” means and includes the occurrence of any one of the following events
but shall specifically exclude a Public Offering: 
  
 (i) individuals who, on the Effective Date, constitute the Board of Directors of the Company (the “Incumbent Directors”) cease for any reason to constitute at least a majority of such Board, provided that any person becoming a
director after the Effective Date and whose election or nomination for election was approved by a vote of at least a majority of the Incumbent Directors then on the Board shall be an Incumbent Director; provided, however, that no
individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to the election or removal of directors (“Election Contest”) or other actual or threatened
solicitation of proxies or consents by or on behalf of any “Person” (such term for purposes of this definition being as defined in Section 3(a)(9) of the 1934 Act and as used in Section 13(d)(3) and 14(d)(2) of the 1934 Act) other than the
Board (“Proxy Contest”), including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest, shall be deemed an Incumbent Director; or 
  
 (ii) any Person is or becomes a “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act),
directly or indirectly, of either (A) 30% or more of the then-outstanding shares of common stock of the Company (“Company Common Stock”) or (B) securities of the Company representing 30% or more of the combined voting power of the
Company’s then outstanding securities eligible to vote for the election of directors (the “Company Voting Securities”); provided, however, that for purposes of this subsection (ii), the following acquisitions shall not
constitute a Change in Control: (v) an acquisition directly from the Company, (w) an acquisition by the Company or a Subsidiary of the Company, (x) an acquisition by a Person who is on the Effective Date the beneficial owner, directly or indirectly,
of 50% or more of the Company Common Stock or the Company Voting Securities, (y) an acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary of the Company, or (z) an acquisition pursuant
to a Non-Qualifying Transaction (as defined in subsection (iii) below); or 
  
 (iii) the consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company or a Subsidiary (a “Reorganization”), or the sale or
other disposition of all or substantially all of the Company’s assets (a “Sale”) or the acquisition of assets or stock of another corporation (an “Acquisition”), unless immediately following such Reorganization, Sale or
Acquisition: (A) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the outstanding Company Common Stock and outstanding Company Voting Securities immediately prior to such Reorganization, Sale
or Acquisition beneficially own, directly or indirectly, more than 60% of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election
of directors, as the case may be, of the corporation resulting from such Reorganization, Sale or Acquisition (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the
Company’s assets or stock either directly or through one or more subsidiaries, the “Surviving Corporation” ) in substantially the same proportions as their ownership, immediately prior to such Reorganization, Sale or Acquisition, of
the outstanding Company Common Stock and the outstanding Company Voting Securities, as the case may be, and (B) no Person (other than (x) the Company or any Subsidiary of the Company, (y) the Surviving Corporation or its ultimate parent 

 

 2 

 corporation, or (z) any employee benefit plan (or related trust) sponsored or maintained by any of the
foregoing is the beneficial owner, directly or indirectly, of 30% or more of the total common stock or 30% or more of the total voting power of the outstanding voting securities eligible to elect directors of the Surviving Corporation, and (C) at
least a majority of the members of the board of directors of the Surviving Corporation were Incumbent Directors at the time of the Board’s approval of the execution of the initial agreement providing for such Reorganization, Sale or Acquisition
(any Reorganization, Sale or Acquisition which satisfies all of the criteria specified in (A), (B) and (C) above shall be deemed to be a “Non-Qualifying Transaction”); or 
  
 (iv) approval by the stockholders of the Company of a complete liquidation or dissolution of the Company.

  
 (g) “Code” means the Internal Revenue Code of 1986,
as amended from time to time, or any successor statute. 
  
 (h)
“Committee” means the Governance and Compensation Committee of the Board . 
  
 (i) “Company” means Eagle Hospitality Properties Trust, Inc., a Maryland corporation. 
  
 (j) “Continuous Status as a Participant” means the absence of any interruption or termination of service as an employee, officer, consultant or
director of the Company or any Affiliate, as applicable; provided however, that for purposes of an Incentive Stock Option, or a SAR issued in tandem with an Incentive Stock Option, “Continuous Status as a Participant” means the absence of
any interruption or termination of service as an employee of the Company or any Parent or Subsidiary, as applicable. Continuous Status as a Participant shall not be considered interrupted in the case of any leave of absence authorized in writing by
the Company prior to its commencement. 
  
 (k)
“Disability” or “Disabled” has the same meaning as provided in the long-term disability plan or policy maintained by the Company or if applicable, most recently maintained, by the Company or if applicable, an Affiliate, for the
Participant, whether or not such Participant actually receives disability benefits under such plan or policy. If no long-term disability plan or policy was ever maintained on behalf of Participant or if the determination of Disability relates to an
Incentive Stock Option, Disability means Permanent and Total Disability as defined in Section 422(e)(3) of the Code. In the event of a dispute, the determination whether a Participant is Disabled will be made by the Board and may be supported by the
advice of a physician competent in the area to which such Disability relates. 
  
 (l) “Effective Date” has the meaning assigned such term in Section 3.1. 
  
 (m) “Eligible Participant” means an employee, officer, consultant or director of the Company or any Affiliate. 
  
 (n) “Exchange” means the New York Stock Exchange or any other
national securities exchange or, if applicable, the Nasdaq National Market on which the Stock may from time to time be listed or traded. 
  

 3 

 (o) “Fair Market Value”, on any date, means (i) if the Stock is listed on a securities exchange
or is traded over the Nasdaq National Market, the closing sales price on the immediately preceding date on which sales were reported, or (ii) if the Stock is not listed on a securities exchange or traded over the Nasdaq National Market, the mean
between the bid and offered prices as quoted by Nasdaq for such immediately preceding trading date, provided that if it is determined that the fair market value is not properly reflected by such Nasdaq quotations, Fair Market Value will be
determined by such other method as the Board determines in good faith to be reasonable. 
  
 (p) “Good Reason” has the meaning assigned such term in the employment agreement, if any, between a Participant and the Company or an Affiliate, provided, however that if there is no such employment
agreement in which such term is defined, and unless otherwise defined in the applicable Award Certificate, “Good Reason” shall mean any of the following acts by the Company or an Affiliate without the consent of the Participant (in each
case, other than an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company or an Affiliate promptly after receipt of notice thereof given by the Participant): (i) the assignment to the Participant
of duties materially inconsistent with, or a material diminution in, the Participant’s position, authority, duties or responsibilities as in effect immediately prior to a Change of Control, (ii) a reduction by the Company or an Affiliate in the
Participant’s base salary, (iii) the Company or an Affiliate requiring the Participant, without his or her consent, to be based at any office or location more than 50 miles from the location at which the Participant was stationed
immediately prior to a Change of Control, or (iv) the continuing material breach by the Company or an Affiliate of any employment agreement between the Participant and the Company or an Affiliate after the expiration of any applicable period for
cure. 
  
 (q) “Grant Date” means the date an Award is
made by the Board. 
  
 (r) “Incentive Stock Option”
means an Option that is intended to be an incentive stock option and meets the requirements of Section 422 of the Code or any successor provision thereto. 
  
 (s) “Non-Employee Director” means a director of the Company who is not a common law employee of the Company or any Affiliate. 
  
 (t) “Nonstatutory Stock Option” means an Option that is not an
Incentive Stock Option. 
  
 (u) “Option” means a right
granted to a Participant under Article 7 of the Plan to purchase Stock at a specified price during specified time periods. An Option may be either an Incentive Stock Option or a Nonstatutory Stock Option. 
  
 (v) “Other Stock-Based Award” means a right, granted to a
Participant under Article 11, that relates to or is valued by reference to Stock or other Awards relating to Stock. 
  
 (w) “Parent” means a corporation, limited liability company, partnership or other entity which owns or beneficially owns a majority of the
outstanding voting stock or voting power of the Company. Notwithstanding the above, with respect to an Incentive Stock Option, Parent shall have the meaning set forth in Section 424(e) of the Code, or any successor provision thereof. 
  

 4 

 (x) “Participant” means a person who, as an employee, officer, director or consultant of the
Company or any Affiliate, has been granted an Award under the Plan; provided that in the case of the death of a Participant, the term “Participant” refers to a beneficiary designated pursuant to Section 12.5 or the legal guardian or other
legal representative acting in a fiduciary capacity on behalf of the Participant under applicable state law and court supervision. 
  
 (y) “Performance Award” means Performance Shares or Performance Units granted pursuant to Article 9. 
  
 (z) “Performance Share” means any right granted to a Participant
under Article 9 to a unit to be valued by reference to a designated number of Shares to be paid upon achievement of such performance goals as the Board establishes with regard to such Performance Share. 
  
 (aa) “Performance Unit” means a right granted to a Participant
under Article 9 to a unit valued by reference to a designated amount of cash or property other than Shares to be paid to the Participant upon achievement of such performance goals as the Board establishes with regard to such Performance Unit.

  
 (bb) “Person” means any individual, entity or
group, within the meaning of Section 13(d)(3) or 14(d)(2) of the 1934 Act. 
  
 (cc) “Plan” means this 2004 Long-Term Incentive Plan, as amended from time to time. 
  
 (dd) “Public Offering” shall occur on the closing date of a public offering of any class or series of the Company’s equity securities
pursuant to a registration statement filed by the Company under the 1933 Act. 
  
 (ee) “Restricted Stock Award” means Stock granted to a Participant under Article 10 that is subject to certain restrictions and to risk of forfeiture. 
  
 (ff) “Restricted Stock Unit Award” means the right granted to a
Participant under Article 10 to receive shares of Stock (or the equivalent value in cash or other property) in the future, which right is subject to certain restrictions and to risk of forfeiture. 
  
 (gg) “Retirement” means a Participant’s termination of
employment with the Company or an Affiliate (i) after attaining age 62, or (ii) after attaining age 55 and having at least 10 years of service with the Company or an Affiliate. 
  
 (hh) “Shares” means shares of the Company’s Stock. If there has been an adjustment or substitution pursuant
to Section 13.1, the term “Shares” shall also include any shares of stock or other securities that are substituted for Shares or into which Shares are adjusted pursuant to Section 13.1. 
  
 (ii) “Stock” means the $.01 par value common stock of the Company
and such other securities of the Company as may be substituted for Stock pursuant to Article 13. 
  
 (jj) “Stock Appreciation Right” or “SAR” means a right granted to a Participant under Article 8 to receive a payment equal to the
difference between the Fair Market Value of a Share as of the date of exercise of the SAR over the grant price of the SAR, all as determined pursuant to Article 8. 
  

 5 

 (kk) “Subsidiary” means any corporation, limited liability company, partnership or other entity
of which a majority of the outstanding voting stock or voting power is beneficially owned directly or indirectly by the Company. Notwithstanding the above, with respect to an Incentive Stock Option, Subsidiary shall have the meaning set forth in
Section 424(f) of the Code. 
  
 (ll) “1933 Act” means
the Securities Act of 1933, as amended from time to time. 
  
 (mm) “1934 Act” means the Securities Exchange Act of 1934, as amended from time to time. 
  
 (nn) “Fully-Diluted Shares” means, if positive, the aggregate number of Shares and Units outstanding as of any such date less 20,723,710.

  
 (oo) “Units” has the meaning ascribed thereto in
the Agreement of Limited Partnership of EHP Operating Partnership, L.P. (or any successor thereto), as amended from time to time. 
  
 ARTICLE 3 
 TERM OF PLAN

  
 3.1 EFFECTIVE DATE. The Plan was adopted by the
Board on July 19, 2004. The Plan was approved by the stockholders of the Company on July 19, 2004. The Plan will become effective on the date it is approved by the Board and the stockholders of the Company. 
  
 3.2 TERMINATION OF PLAN. The Plan shall terminate on the tenth
anniversary of the Effective Date. The termination of the Plan on such date shall not affect the validity of any Award outstanding on the date of termination. 
  

ARTICLE 4 
 ADMINISTRATION

  
 4.1. BOARD. Except as otherwise may be required
pursuant to applicable law, regulation, or Exchange rules, the Plan shall be administered by the Board. At the discretion of the Board from time to time, the Board may consult with and seek the recommendation of the Committee with respect to the
administration of the Plan. Notwithstanding anything herein to the contrary, the Committee shall have the sole authority to administer the Plan with respect to Awards granted to the Chief Executive Officer of the Company, and to the extent that the
Committee is so acting as administrator of the Plan, it shall have all of the powers of the Board hereunder, and any reference to the Board (other than in this Section 4.1) shall include the Committee. 
  
 4.2 ACTION AND INTERPRETATIONS BY THE BOARD. For purposes of
administering the Plan, the Board may from time to time adopt rules, regulations, guidelines and procedures for carrying out the provisions and purposes of the Plan and make such other determinations, not inconsistent with the Plan, as the Board may
deem appropriate. The Board’s interpretation of the Plan, any Awards granted under the Plan, any Award Certificate and all decisions and determinations by the Board with respect to the Plan are final, binding, and conclusive on all parties.
Each member of the Board is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer or other employee of the 
  

 6 

 Company or any Affiliate, the Company’s or an Affiliate’s independent certified public accountants, Company
counsel or any executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan. 
  
 4.3 AUTHORITY OF BOARD. Except as provided below, the Board has the exclusive power, authority and discretion to: 
  
 (a) Designate Participants; 
  
 (b) Determine the type or types of Awards to be granted to each Participant;

  
 (c) Determine the number of Awards to be granted and the
number of Shares to which an Award will relate; 
  
 (d) Determine
the terms and conditions of any Award granted under the Plan, including but not limited to, the exercise price, grant price, or purchase price, any restrictions or limitations on the Award, any schedule for lapse of forfeiture restrictions or
restrictions on the exercisability of an Award, and accelerations or waivers thereof, based in each case on such considerations as the Board in its sole discretion determines; 
  
 (e) Accelerate the vesting, exercisability or lapse of restrictions of any outstanding Award, in accordance with Article 12,
based in each case on such considerations as the Board in its sole discretion determines; 
  
 (f) Establish, adopt or revise any rules, regulations, guidelines or procedures as it may deem necessary or advisable to administer the Plan; 
  
 (g) Make all other decisions and determinations that may be required under the Plan or as the Board deems necessary or
advisable to administer the Plan; 
  
 (h) Amend the Plan or any
Award Certificate as provided herein; and 
  
 (i) Adopt such
modifications, procedures, and subplans as may be necessary or desirable to comply with provisions of the laws of non-U.S. jurisdictions in which the Company or any Affiliate may operate, in order to assure the viability of the benefits of Awards
granted to participants located in such other jurisdictions and to meet the objectives of the Plan. 
  
 Notwithstanding the above, the Board may expressly delegate to the Committee some or all of the Board’s authority under subsections (a) through (i)
above. Similarly, the Board may expressly delegate to a special committee consisting of one or more directors who are also officers of the Company some or all of the Board’s authority under subsections (a) through (d) above, except that no
delegation of its duties and responsibilities may be made to officers of the Company with respect to Awards to Eligible Participants who are, or who are anticipated to become, subject to the short-swing profit rules of Section 16 of the 1934 Act.
The acts of such delegates shall be treated hereunder as acts of the Board and such delegates shall report to the Board regarding the delegated duties and responsibilities. 
  
 4.4. AWARD CERTIFICATES. Each Award shall be evidenced by an Award Certificate. Each Award Certificate shall include
such provisions, not inconsistent with the Plan, as may be specified by the Board. 
  

 7 

 ARTICLE 5 
 SHARES SUBJECT TO THE PLAN 
  
 5.1. NUMBER OF SHARES. Subject to adjustment as provided in Section 13.1 and 5.2, the aggregate number of Shares reserved and available for issuance pursuant to Awards granted under the Plan shall be 655,000. In addition, on
the last day of each fiscal year beginning in 2004, the aggregate number of Shares reserved and available for issuance pursuant to Awards granted under the Plan shall be increased automatically by (i) the number of Shares necessary to bring the
total number of Shares reserved and available for issuance pursuant to future grants under the Plan to 5% of the outstanding Fully-Diluted Shares on such date, or (ii) a lesser amount determined by the Board; provided, however, that the aggregate
number of Shares reserved and available for grant pursuant to awards of Incentive Stock Options shall not exceed 655,000 shares. 
  
 5.2. SHARE COUNTING. 
  
 (a) To the extent that an Award is canceled, terminates, expires, is forfeited or lapses for any reason, any unissued Shares subject to the Award will
again be available for issuance pursuant to Awards granted under the Plan. 
  
 (b) Shares subject to Awards settled in cash will again be available for issuance pursuant to Awards granted under the Plan. 
  
 (c) Only the number of Shares issued and delivered upon exercise of a Stock Appreciation Right shall be considered for purposes of determining the number
of Shares remaining available for issuance pursuant to Awards granted under the Plan. 
  
 (d) If the exercise price of an Option (but not the resulting tax obligation) is satisfied by delivering Shares to the Company (by either actual delivery or attestation), only the number of Shares issued in excess of
the delivery or attestation shall be considered for purposes of determining the number of Shares remaining available for issuance pursuant to Awards granted under the Plan. 
  
 (e) To the extent that the full number of Shares subject to an Option is not issued upon exercise of the Option for any
reason (other than Shares used to satisfy an applicable tax withholding obligation), only the number of Shares issued and delivered upon exercise of the Option shall be considered for purposes of determining the number of Shares remaining available
for issuance pursuant to Awards granted under the Plan. Nothing in this subsection shall imply that any particular type of cashless exercise of an Option is permitted under the Plan, that decision being reserved to the Board. 
  
 5.3. STOCK DISTRIBUTED. Any Stock distributed pursuant to an Award may
consist, in whole or in part, of authorized and unissued Stock, treasury Stock, or Stock purchased on the open market. 
  

 8 

 ARTICLE 6 
 ELIGIBILITY 
  
 6.1.
GENERAL. Awards may be granted only to Eligible Participants; except that Incentive Stock Options may not be granted to Eligible Participants who are not employees of the Company or a Parent or Subsidiary as defined in Section 424(e) and (f)
of the Code. 
  
 ARTICLE 7 
 STOCK OPTIONS 
  
 7.1. GENERAL. The Board is authorized to grant Options to Participants on the following terms and conditions: 
  
 (a) EXERCISE PRICE. The exercise price per Share under an Option shall
be determined by the Board, provided that the exercise price for any Option shall not be less than the Fair Market Value as of the Grant. 
  
 (b) TIME AND CONDITIONS OF EXERCISE. The Board shall determine the time or times at which an Option may be exercised in whole or in part, subject
to Section 7.1(d). The Board shall also determine the performance or other conditions, if any, that must be satisfied before all or part of an Option may be exercised or vested. The Board may waive any exercise or vesting provisions at any time in
whole or in part based upon factors as the Board may determine in its sole discretion so that the Option becomes exercisable or vested at an earlier date. The Board may permit an arrangement whereby receipt of Stock upon exercise of an Option is
delayed until a specified future date. 
  
 (c) PAYMENT. The
Board shall determine the methods by which the exercise price of an Option may be paid, the form of payment, including, without limitation, cash, Shares, or other property (including “cashless exercise” arrangements), and the methods by
which Shares shall be delivered or deemed to be delivered to Participants; provided, however, that if Shares are used to pay the exercise price of an Option, such Shares must have been held by the Participant for such period of time, if any, as
necessary to avoid variable accounting for the Option. 
  
 (d)
EXERCISE TERM. In no event may any Option be exercisable for more than ten years from the Grant Date. 
  
 7.2. INCENTIVE STOCK OPTIONS. The terms of any Incentive Stock Options granted under the Plan must comply with the following additional rules:

  
 (a) EXERCISE PRICE. Subject to Section 7.2(d), the
exercise price of an Incentive Stock Option shall not be less than the Fair Market Value as of the Grant Date. 
  
 (b) LAPSE OF OPTION. Subject to Section 12.12, an Incentive Stock Option shall lapse upon the earliest of the following circumstances; provided,
however, that the Board may, prior to the lapse of the Incentive Stock Option under the circumstances described in subsections (3), (4) and (5) below, provide in writing that the Option will extend until a later date, but if an Option is so extended
and is exercised after the dates specified in subsections (3) and (4) below or more than three months after termination of employment for any other reason, it will automatically become a Nonstatutory Stock Option: 
  
 (1) The expiration date set forth in the Award Certificate.

  

 9 

 (2) The tenth anniversary of the Grant Date. 
  
 (3) Three months after termination of the Participant’s
Continuous Status as a Participant for any reason other than the Participant’s Disability or death. 
  
 (4) One year after the termination of the Participant’s Continuous Status as a Participant by reason of the Participant’ s
Disability. 
  
 (5) One year after the
Participant’s death if the Participant dies while employed, or during the three-month period described in paragraph (3) or during the one-year period described in paragraph (4) and before the Option otherwise lapses. 
  
 Unless the exercisability of the Incentive Stock Option is accelerated as
provided in Article 12, if a Participant exercises an Option after termination of employment, the Option may be exercised only with respect to the Shares that were otherwise vested on the Participant’s termination of employment. Upon the
Participant’s death, any exercisable Incentive Stock Options may be exercised by the Participant’s beneficiary, determined in accordance with Section 12.5. 
  
 (c) INDIVIDUAL DOLLAR LIMITATION. The aggregate Fair Market Value (determined as of the Grant Date) of all Shares
with respect to which Incentive Stock Options are first exercisable by a Participant in any calendar year may not exceed $100,000.00. 
  
 (d) TEN PERCENT OWNERS. No Incentive Stock Option shall be granted to any individual who, at the Grant Date, owns stock possessing more than ten
percent of the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary unless the exercise price per Share of such Option is at least 110% of the Fair Market Value per Share at the Grant Date and the Option
expires no later than five years after the Grant Date. 
  
 (e)
EXPIRATION OF AUTHORITY TO GRANT INCENTIVE STOCK OPTIONS. No Incentive Stock Option may be granted pursuant to the Plan after the day immediately prior to the tenth anniversary of the date the Plan was adopted by the Board, or the termination
of the Plan, if earlier. 
  
 (f) RIGHT TO EXERCISE. During
a Participant’s lifetime, an Incentive Stock Option may be exercised only by the Participant or, in the case of the Participant’s Disability, by the Participant’s guardian or legal representative. 
  
 (g) ELIGIBLE GRANTEES. The Board may not grant an Incentive Stock
Option to a person who is not at the Grant Date an employee of the Company or a Parent or Subsidiary. 
  
 ARTICLE 8 
 STOCK APPRECIATION RIGHTS 
  
 8.1. GRANT OF STOCK APPRECIATION RIGHTS. The Board is
authorized to grant Stock Appreciation Rights to Participants on the following terms and conditions: 
  
 (a) RIGHT TO PAYMENT. Upon the exercise of a Stock Appreciation Right, the Participant to whom it is granted has the right to receive the excess,
if any, of: 
  

 10 

 (1) The Fair Market Value of one Share on the date of exercise; over 
  
 (2) The grant price of the Stock Appreciation Right as
determined by the Board, which shall not be less than the Fair Market Value of one Share on the Grant Date in the case of any Stock Appreciation Right related to an Incentive Stock Option. 
  
 (b) OTHER TERMS. All awards of Stock Appreciation Rights shall be
evidenced by an Award Certificate. The terms, methods of exercise, methods of settlement, form of consideration payable in settlement, and any other terms and conditions of any Stock Appreciation Right shall be determined by the Board at the time of
the grant of the Award and shall be reflected in the Award Certificate. 
  
 ARTICLE 9 
 PERFORMANCE AWARDS 
  

9.1. GRANT OF PERFORMANCE AWARDS. The Board is authorized to grant Performance Shares or Performance Units to Participants on such terms
and conditions as may be selected by the Board. The Board shall have the complete discretion to determine the number of Performance Shares or Performance Units granted to each Participant and to designate the provisions of such Performance Awards as
provided in Section 4.3. 
  
 9.2. PERFORMANCE GOALS. The
Board may establish performance goals for Performance Awards which may be based on any criteria selected by the Board, including, but not limited to, revenue, net income (before or after taxes, operating income or other income measures), stock price
or performance, return on equity, return on assets, funds from operation (or funds from operations per share), or any combination of the foregoing. Such performance goals may be described in terms of Company-wide objectives or in terms of objectives
that relate to the performance of an Affiliate or a division, region, department or function within the Company or an Affiliate, provided that such Affiliate is providing related services to the Company. If the Board determines that a change in the
business, operations, corporate structure or capital structure of the Company or the manner in which the Company or an Affiliate conducts its business, or other events or circumstances render performance goals to be unsuitable, the Board may modify
such performance goals in whole or in part, as the Board deems appropriate. If a Participant is promoted, demoted or transferred to a different business unit or function during a performance period, the Board may determine that the performance goals
or performance period are no longer appropriate and may (i) adjust, change or eliminate the performance goals or the applicable performance period as it deems appropriate to make such goals and period comparable to the initial goals and period, or
(ii) make a cash payment to the participant in amount determined by the Board. 
  
 9.3. RIGHT TO PAYMENT. The grant of a Performance Share to a Participant will entitle the Participant to receive at a specified later time a specified number of Shares, or the equivalent cash value, if the
performance goals established by the Board are achieved and the other terms and conditions thereof are satisfied. The grant of a Performance Unit to a Participant will entitle the Participant to receive at a specified later time a specified dollar
value in cash or other property, including Shares, variable under conditions specified in the Award, if the performance goals in the Award are achieved and the other terms and conditions thereof are satisfied. The Board shall set performance goals
and other terms or conditions to payment of the Performance Awards in its discretion which, depending on the extent to which they are met, will determine the number and value of the Performance Awards that will be paid to the Participant.

  

 11 

 9.4. OTHER TERMS. Performance Awards may be payable in cash, Stock, or other property, and have
such other terms and conditions as determined by the Board and reflected in the Award Certificate. For purposes of determining the number of Shares to be used in payment of a Performance Award denominated in cash but payable in whole or in part in
Shares or Restricted Stock, the number of Shares to be so paid will be determined by dividing the cash value of the Award to be so paid by the Fair Market Value of a Share on the date of determination by the Board of the amount of the payment under
the Award, or, if the Board so directs, the date immediately preceding the date the Award is paid. 
  
 ARTICLE 10 
 RESTRICTED STOCK AND RESTRICTED STOCK UNIT AWARDS 

 
 10.1. GRANT OF RESTRICTED STOCK AND RESTRICTED STOCK UNITS.
The Board is authorized to make Awards of Restricted Stock or Restricted Stock Units to Participants in such amounts and subject to such terms and conditions as may be selected by the Board. An Award of Restricted Stock or Restricted Stock Units
shall be evidenced by an Award Certificate setting forth the terms, conditions, and restrictions applicable to the Award. 
  
 10.2. ISSUANCE AND RESTRICTIONS. Restricted Stock or Restricted Stock Units shall be subject to such restrictions on transferability and other
restrictions as the Board may impose (including, without limitation, limitations on the right to vote Restricted Stock or the right to receive dividends on the Restricted Stock). These restrictions may lapse separately or in combination at such
times, under such circumstances, in such installments, upon the satisfaction of performance goals or otherwise, as the Board determines at the time of the grant of the Award or thereafter. Except as otherwise provided in an Award Certificate, the
Participant shall have all of the rights of a stockholder with respect to the Restricted Stock, and the Participant shall have none of the rights of a stockholder with respect to Restricted Stock Units until such time as Shares of Stock are paid in
settlement of the Restricted Stock Units. 
  
 10.3.
FORFEITURE. Except as otherwise determined by the Board at the time of the grant of the Award or thereafter, upon termination of Continuous Status as a Participant during the applicable restriction period or upon failure to satisfy a
performance goal during the applicable restriction period, Restricted Stock or Restricted Stock Units that are at that time subject to restrictions shall be forfeited; provided, however, that the Board may provide in any Award Certificate that
restrictions or forfeiture conditions relating to Restricted Stock or Restricted Stock Units will be waived in whole or in part in the event of terminations resulting from specified causes, and the Board may in other cases waive in whole or in part
restrictions or forfeiture conditions relating to Restricted Stock or Restricted Stock Units. 
  
 10.4. DELIVERY OF RESTRICTED STOCK. Shares of Restricted Stock shall be delivered to the Participant at the time of grant either by book-entry registration or by delivering to the Participant, or a custodian or
escrow agent (including, without limitation, the Company or one or more of its employees) designated by the Board, a stock certificate or certificates registered in the name of the Participant. If physical certificates representing shares of
Restricted Stock are registered in the name of the Participant, such certificates must bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock. 
  
 ARTICLE 11 
 STOCK OR OTHER STOCK-BASED AWARDS 
  

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 11.1. GRANT OF STOCK OR OTHER STOCK-BASED AWARDS. The Board is authorized, subject to
limitations under applicable law, to grant to Participants such other Awards that are payable in, valued in whole or in part by reference to, or otherwise based on or related to Shares, as deemed by the Board to be consistent with the purposes of
the Plan, including without limitation Shares awarded purely as a “bonus” and not subject to any restrictions or conditions, convertible or exchangeable debt securities, other rights convertible or exchangeable into Shares, and Awards
valued by reference to book value of Shares or the value of securities of or the performance of specified Parents or Subsidiaries. The Board shall determine the terms and conditions of such Awards. 
  
 ARTICLE 12 
 PROVISIONS APPLICABLE TO AWARDS 
  
 12.1. STAND-ALONE, TANDEM, AND SUBSTITUTE AWARDS. Awards granted under the Plan may, in the discretion of the Board, be granted either alone or in addition to, in tandem with, or (subject to Section
14.2(c)) in substitution for, any other Award granted under the Plan. If an Award is granted in substitution for another Award, the Board may require the surrender of such other Award in consideration of the grant of the new Award. Awards granted in
addition to or in tandem with other Awards may be granted either at the same time as or at a different time from the grant of such other Awards. 
  
 12.2. TERM OF AWARD. The term of each Award shall be for the period as determined by the Board, provided that in no event shall the term of any
Incentive Stock Option or a Stock Appreciation Right granted in tandem with the Incentive Stock Option exceed a period of ten years from its Grant Date (or, if Section 7.2(d) applies, five years from its Grant Date). 
  
 12.3. FORM OF PAYMENT FOR AWARDS. Subject to the terms of the Plan and
any applicable law or Award Certificate, payments or transfers to be made by the Company or an Affiliate on the grant or exercise of an Award may be made in such form as the Board determines at or after the Grant Date, including without limitation,
cash, Stock, other Awards, or other property, or any combination, and may be made in a single payment or transfer, in installments, or on a deferred basis, in each case determined in accordance with rules adopted by, and at the discretion of, the
Board. 
  
 12.4. LIMITS ON TRANSFER. No right or interest
of a Participant in any unexercised or restricted Award may be pledged, encumbered, or hypothecated to or in favor of any party other than the Company or an Affiliate, or shall be subject to any lien, obligation, or liability of such Participant to
any other party other than the Company or an Affiliate. No unexercised or restricted Award shall be assignable or transferable by a Participant other than by will or the laws of descent and distribution or, except in the case of an Incentive Stock
Option, pursuant to a domestic relations order that would satisfy Section 414(p)(1)(A) of the Code if such Section applied to an Award under the Plan; provided, however, that the Board may (but need not) permit other transfers where the Board
concludes that such transferability (i) does not result in accelerated taxation, (ii) does not cause any Option intended to be an Incentive Stock Option to fail to be described in Code Section 422(b), and (iii) is otherwise appropriate and
desirable, taking into account any factors deemed relevant, including without limitation, state or federal tax or securities laws applicable to transferable Awards. 
  
 12.5 BENEFICIARIES. Notwithstanding Section 12.4, a Participant may, in the manner determined by the Board, designate
a beneficiary to exercise the rights of the Participant 
  

 13 

 and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary, legal
guardian, legal representative, or other person claiming any rights under the Plan is subject to all terms and conditions of the Plan and any Award Certificate applicable to the Participant, except to the extent the Plan and Award Certificate
otherwise provide, and to any additional restrictions deemed necessary or appropriate by the Board. If no beneficiary has been designated or survives the Participant, payment shall be made to the Participant’s estate. Subject to the foregoing,
a beneficiary designation may be changed or revoked by a Participant at any time provided the change or revocation is filed with the Board. 
  
 12.6. COMPLIANCE WITH LAWS. All Stock issuable under the Plan is subject to any stop-transfer orders and other restrictions as the Board deems
necessary or advisable to comply with federal or state securities laws, rules and regulations and the rules of any national securities exchange or automated quotation system on which the Stock is listed, quoted, or traded. The Board may place
legends on any Stock certificate or issue instructions to the transfer agent to reference restrictions applicable to the Stock. 
  
 12.7 Intentionally omitted. 
  
 12.8. SPECIFIED ACCELERATION EVENTS. An Award Certificate, applicable plan document, or separate agreement with a Participant may provide that some
or all of a Participant’s outstanding Options, SARs and other Awards in the nature of rights that may be exercised shall become fully exercisable, or that some or and all of the restrictions on a Participant’s outstanding Awards shall
lapse, upon the occurrence of a specified future event, including but not limited to the occurrence of a Change of Control or the Participant’s employment being terminated in connection with a Change of Control. 
  
 12.9. ACCELERATION FOR OTHER REASONS. Regardless of whether an event
has occurred as described in Section 12.8 above, the Board may in its sole discretion at any time determine that all or a portion of a Participant’s Options, SARs and other Awards in the nature of rights that may be exercised shall become fully
or partially exercisable, and/or that all or a part of the restrictions on all or a portion of a Participant’s outstanding Awards shall lapse, in each case, as of such date as the Board may, in its sole discretion, declare. The Board may
discriminate among Participants and among Awards granted to a Participant in exercising its discretion pursuant to this Section 12.9. 
  
 12.10. EFFECT OF ACCELERATION. If an Award is accelerated under Section 12.8 or Section 12.9, the Board may, in its sole discretion, provide (i)
that the Award will expire after a designated period of time after such acceleration to the extent not then exercised, (ii) that the Award will be settled in cash rather than Stock, (iii) that the Award will be assumed by another party to a
transaction giving rise to the acceleration or otherwise be equitably converted or substituted in connection with such transaction, (iv) that the Award may be settled by payment in cash or cash equivalents equal to the excess of the Fair Market
Value of the underlying Stock, as of a specified date associated with the transaction, over the exercise price of the Award, or (v) any combination of the foregoing. The Board’s determination need not be uniform and may be different for
different Participants whether or not such Participants are similarly situated. To the extent that such acceleration causes Incentive Stock Options to exceed the dollar limitation set forth in Section 7.2(c), the excess Options shall be deemed to be
Nonstatutory Stock Options. 
  
 12.12. TERMINATION OF
EMPLOYMENT. Whether military, government or other service or other leave of absence shall constitute a termination of employment shall be determined in each case by the Board at its discretion, and any determination by the Board shall

  

 14 

 be final and conclusive. A Participant’s Continuous Status as a Participant shall not be deemed to terminate (i) in
a circumstance in which a Participant transfers from the Company to an Affiliate, transfers from an Affiliate to the Company, or transfers from one Affiliate to another Affiliate, or (ii) in the discretion of the Board as specified at or prior to
such occurrence, in the case of a spin-off, sale or disposition of the Participant’s employer from the Company or any Affiliate. To the extent that this provision causes Incentive Stock Options to extend beyond three months from the date a
Participant is deemed to be an employee of the Company, a Parent or Subsidiary for purposes of Sections 424(e) and 424(f) of the Code, the Options held by such Participant shall be deemed to be Nonstatutory Stock Options. Except as otherwise
provided in the Award Certificate, upon the termination of a Participant’s Continuous Status as a Participant by the Company or an Affiliate for Cause or by the Participant without Good Reason, any Options, SARs, or other Awards of a nature
requiring exercise, granted to the Participant under the Plan, to the extent not previously exercised, will lapse immediately and will be of no further effect, and any other Awards granted to the Participant under the Plan, to the extent not
previously vested (or for which performance goals have not previously been met), will lapse immediately, be of no further effect, and be forfeited to the Company. 
  
 ARTICLE 13 
 CHANGES IN CAPITAL STRUCTURE 
  
 13.1.
GENERAL. In the event of a corporate event or transaction involving the Company (including, without limitation, any stock dividend, stock split, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up,
spin-off, combination or exchange of shares), the authorization limits under Section 5.1 shall be adjusted proportionately, and the Board may adjust Awards to preserve the benefits or potential benefits of the Awards. Action by the Board may
include: (i) adjustment of the number and kind of shares which may be delivered under the Plan; (ii) adjustment of the number and kind of shares subject to outstanding Awards; (iii) adjustment of the exercise price of outstanding Awards or the
measure to be used to determine the amount of the benefit payable on an Award; and (iv) any other adjustments that the Board determines to be equitable. In addition, the Board may, in its sole discretion, provide (i) that Awards will be settled in
cash rather than Stock, (ii) that Awards will become immediately vested and exercisable and will expire after a designated period of time to the extent not then exercised, (iii) that Awards will be assumed by another party to a transaction or
otherwise be equitably converted or substituted in connection with such transaction, (iv) that outstanding Awards may be settled by payment in cash or cash equivalents equal to the excess of the Fair Market Value of the underlying Stock, as of a
specified date associated with the transaction, over the exercise price of the Award, or (v) any combination of the foregoing. The Board’s determination need not be uniform and may be different for different Participants whether or not such
Participants are similarly situated. Without limiting the foregoing, in the event of a subdivision of the outstanding Stock (stock-split), a declaration of a dividend payable in Shares, or a combination or consolidation of the outstanding Stock into
a lesser number of Shares, the authorization limits under Section 5.1 shall automatically be adjusted proportionately, and the Shares then subject to each Award shall automatically be adjusted proportionately without any change in the aggregate
purchase price therefor. 
  
 ARTICLE 14 
 AMENDMENT, MODIFICATION AND TERMINATION 
  
 14.1. AMENDMENT, MODIFICATION AND TERMINATION. The Board may, at any time and from time to time, amend, modify or terminate the Plan without
stockholder approval; provided, however, that if an amendment to the Plan would, in the reasonable opinion 
  

 15 

 of the Board, (i) materially increase the number of Shares available under the Plan, (ii) expand the types of awards
available under the Plan, (iii) materially expand the class of participants eligible to participate in the Plan, (iv) materially extend the term of the Plan, or (iv) otherwise constitute a material change requiring stockholder approval under
applicable laws, policies or regulations or the applicable listing or other requirements of an Exchange, then such amendment shall be subject to stockholder approval; and provided further, that the Board may condition any other amendment or
modification on the approval of stockholders of the Company for any reason, including by reason of such approval being necessary or deemed advisable to (i) permit Awards made hereunder to be exempt from liability under Section 16(b) of the 1934 Act,
(ii) to comply with the listing or other requirements of an Exchange, or (iii) to satisfy any other tax, securities or other applicable laws, policies or regulations. 
  
 14.2. AWARDS PREVIOUSLY GRANTED. At any time and from time to time, the Board may, without additional consideration,
amend, modify or terminate any outstanding Award without approval of the Participant; provided, however: 
  
 (a) Subject to the terms of the applicable Award Certificate, such amendment, modification or termination shall not, without the Participant’s
consent, reduce or diminish the value of such Award determined as if the Award had been exercised, vested, cashed in or otherwise settled on the date of such amendment or termination (with the per-share value of an Option or Stock Appreciation Right
for this purpose being calculated as the excess, if any, of the Fair Market Value as of the date of such amendment or termination over the exercise or base price of such Award); 
  
 (b) The original term of an Option may not be extended without the prior approval of the stockholders of the Company;

  
 (c) Except as otherwise provided in Article 13, the exercise
price of an Option may not be reduced, directly or indirectly, without the prior approval of the stockholders of the Company; and 
  
 (d) No termination, amendment, or modification of the Plan shall adversely affect any Award previously granted under the Plan, without the written consent
of the Participant affected thereby. An outstanding Award shall not be deemed to be “adversely affected” by a Plan amendment if such amendment would not reduce or diminish the value of such Award determined as if the Award had been
exercised, vested, cashed in or otherwise settled on the date of such amendment (with the per-share value of an Option or Stock Appreciation Right for this purpose being calculated as the excess, if any, of the Fair Market Value as of the date of
such amendment over the exercise or base price of such Award). 
  
 ARTICLE 15 
 GENERAL PROVISIONS 
  
 15.1. NO RIGHTS TO AWARDS; NON-UNIFORM DETERMINATIONS. No Participant or any Eligible Participant shall have
any claim to be granted any Award under the Plan. Neither the Company, its Affiliates nor the Board is obligated to treat Participants or Eligible Participants uniformly, and determinations made under the Plan may be made by the Board selectively
among Eligible Participants who receive, or are eligible to receive, Awards (whether or not such Eligible Participants are similarly situated). 
  

 16 

 15.2. NO STOCKHOLDER RIGHTS. No Award gives a Participant any of the rights of a stockholder of
the Company unless and until Shares are in fact issued to such person in connection with such Award. 
  
 15.3. WITHHOLDING. The Company or any Affiliate shall have the authority and the right to deduct or withhold, or require a Participant to remit to
the Company, an amount sufficient to satisfy federal, state, and local taxes (including the Participant’s FICA obligation) required by law to be withheld with respect to any exercise, lapse of restriction or other taxable event arising as a
result of the Plan. If Shares are surrendered to the Company to satisfy withholding obligations in excess of the minimum withholding obligation, such Shares must have been held by the Participant as fully vested shares for such period of time, if
any, as necessary to avoid variable accounting for the Award. With respect to withholding required upon any taxable event under the Plan, the Board may, at the time the Award is granted or thereafter, require or permit that any such withholding
requirement be satisfied, in whole or in part, by withholding from the Award Shares having a Fair Market Value on the date of withholding equal to the minimum amount (and not any greater amount) required to be withheld for tax purposes, all in
accordance with such procedures as the Board establishes. 
  
 15.4. NO RIGHT TO CONTINUED SERVICE. Nothing in the Plan, any Award Certificate or any other document or statement made with respect to the Plan, shall interfere with or limit in any way the right of the Company or any Affiliate to
terminate any Participant’s employment or status as an officer, director or consultant at any time, nor confer upon any Participant any right to continue as an employee, officer, director or consultant of the Company or any Affiliate, whether
for the duration of a Participant’s Award or otherwise. 
  
 15.5. UNFUNDED STATUS OF AWARDS. The Plan is intended to be an “unfunded” plan for incentive and deferred compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in
the Plan or any Award Certificate shall give the Participant any rights that are greater than those of a general creditor of the Company or any Affiliate. 
  
 15.6. INDEMNIFICATION. To the extent allowable under applicable law, each member of the Board shall be indemnified and held harmless by the Company
from any loss, cost, liability, or expense (including, but not limited to, attorneys fees) that may be imposed upon or reasonably incurred by such member in connection with or resulting from any claim, action, suit, or proceeding to which such
member may be a party or in which he may be involved by reason of any action or failure to act under the Plan and against and from any and all amounts paid by such member in satisfaction of judgment in such action, suit, or proceeding against him
provided he gives the Company an opportunity, at its own expense, to handle and defend the same before he undertakes to handle and defend it on his own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of
indemnification to which such persons may be entitled under the Company’s Articles of Incorporation or Bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 
  
 15.7. RELATIONSHIP TO OTHER BENEFITS. No payment under the Plan shall
be taken into account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare or benefit plan of the Company or any Affiliate unless provided otherwise in such other plan. 
  

 17 

 15.8. EXPENSES. The expenses of administering the Plan shall be borne by the Company or its
Affiliates. 
  
 15.9. TITLES AND HEADINGS. The titles and
headings of the Sections in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 
  
 15.10. GENDER AND NUMBER. Except where otherwise indicated by the context, any masculine term used herein also shall
include the feminine; the plural shall include the singular and the singular shall include the plural. 
  
 15.11. FRACTIONAL SHARES. No fractional Shares shall be issued and the Board shall determine, in its discretion, whether cash shall be given in
lieu of fractional Shares or whether such fractional Shares shall be eliminated by rounding up or down. 
  
 15.12. GOVERNMENT AND OTHER REGULATIONS. 
  
 (a) Notwithstanding any other provision of the Plan, no Participant who acquires Shares pursuant to the Plan may, during any period of time that such
Participant is an affiliate of the Company (within the meaning of the rules and regulations of the Securities and Exchange Commission under the 1933 Act), sell such Shares, unless such offer and sale is made (i) pursuant to an effective registration
statement under the 1933 Act, which is current and includes the Shares to be sold, or (ii) pursuant to an appropriate exemption from the registration requirements of the 1933 Act, such as that set forth in Rule 144 promulgated under the 1933 Act.

  
 (b) Notwithstanding any other provision of the Plan, if at any
time the Board shall determine that the registration, listing or qualification of the Shares covered by an Award upon any Exchange or under any foreign, federal, state or local law or practice, or the consent or approval of any governmental
regulatory body, is necessary or desirable as a condition of, or in connection with, the granting of such Award or the purchase or receipt of Shares thereunder, no Shares may be purchased, delivered or received pursuant to such Award unless and
until such registration, listing, qualification, consent or approval shall have been effected or obtained free of any condition not acceptable to the Board. Any Participant receiving or purchasing Shares pursuant to an Award shall make such
representations and agreements and furnish such information as the Board may request to assure compliance with the foregoing or any other applicable legal requirements. The Company shall not be required to issue or deliver any certificate or
certificates for Shares under the Plan prior to the Board’s determination that all related requirements have been fulfilled. The Company shall in no event be obligated to register any securities pursuant to the 1933 Act or applicable state or
foreign law or to take any other action in order to cause the issuance and delivery of such certificates to comply with any such law, regulation or requirement. 
  

15.13. GOVERNING LAW. To the extent not governed by federal law, the Plan and all Award Certificates shall be construed in accordance with and
governed by the laws of the State of Maryland. 
  
 15.14
ADDITIONAL PROVISIONS. Each Award Certificate may contain such other terms and conditions as the Board may determine; provided that such other terms and conditions are not inconsistent with the provisions of the Plan. 
  

 18 

 15.15. NO LIMITATIONS ON RIGHTS OF COMPANY. The grant of any Award shall not in any way affect the
right or power of the Company to make adjustments, reclassifications or changes in its capital or business structure or to merge, consolidate, dissolve, liquidate, sell or transfer all or any part of its business or assets. The Plan shall not
restrict the authority of the Company, for proper corporate purposes, to grant or assume awards, other than under the Plan, to or with respect to any person. If the Board so directs, the Company may issue or transfer Shares to an Affiliate, for such
lawful consideration as the Board may specify, upon the condition or understanding that the Affiliate will transfer such Shares to a Participant in accordance with the terms of an Award granted to such Participant and specified by the Board pursuant
to the provisions of the Plan. 
  
 15.16. MARKET STANDOFF.
In the event of an underwritten public offering by the Company of its equity securities pursuant to an effective registration statement filed under the Securities Act, no person may sell, make any short sale of, loan, hypothecate, pledge, grant any
option for the purchase of, or otherwise dispose of or transfer for value or otherwise agree to engage in any of the foregoing transactions with respect to any shares issued pursuant to an Award granted under the Plan to the extent requested by the
underwriters and consented to by the Company. Such limitations shall be in effect for such period of time as may be requested by such underwriters and consented to by the Company. In the event of any stock split, stock dividend, recapitalization,
combination of shares, exchange of shares or other change affecting the Company’s outstanding Common Stock effected as a class without the Company’s receipt of consideration, any new, substituted or additional securities distributed with
respect to the purchased shares shall be immediately subject to the provisions of this Section 15.16, to the same extent the purchased shares are at such time covered by such provisions. In order to enforce the limitations of this Section 15.16, the
Company may impose stop-transfer instructions with respect to the purchased shares until the end of the applicable standoff period. 
  

 19 

 The foregoing is hereby acknowledged as being the Eagle Hospitality Properties Trust, Inc. 2004 Long-Term
Incentive Plan as adopted by the Board on July 19, 2004 and approved by the stockholders on July 19, 2004. 
  

			
	EAGLE HOSPITALITY PROPERTIES TRUST, INC.
		
	By:	 	 /s/    J. William Blackham

	 	 	 J. William Blackham
 President and Chief Executive
Officer

  

 20

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