Document:

Exhibit 10.10

 Exhibit 10.10 
 EXECUTION VERSION 
 CHESAPEAKE LODGING TRUST 

 SHARE PURCHASE AGREEMENT 
 SHARE PURCHASE AGREEMENT (this “Agreement”) made as of this 28th day of September, 2009, by and among Chesapeake Lodging Trust, a
Maryland real estate investment trust (the “Trust”), and Hyatt Corporation, a Delaware corporation (“Purchaser”). 
 WHEREAS, the Trust intends to file a registration statement on Form S-11 (as heretofore amended, the “Registration Statement”) under the Securities Act of 1933, as amended (the
“Securities Act”), with the Securities and Exchange Commission in connection with a proposed initial public offering (the “IPO”) of common shares of beneficial interest of the Trust, par value $0.01 per share (the
“Common Shares”); and 
 WHEREAS, concurrent with the consummation of the IPO, the Trust desires to issue and
sell, and Purchaser desires to purchase and acquire, upon the terms and conditions set forth in this Agreement, Common Shares as provided in this Agreement; 
 NOW, THEREFORE, for and in consideration of the premises and the mutual covenants hereinafter set forth, the parties hereto do hereby agree as follows: 
 1. Sale and Purchase of Shares. Subject to and concurrent with the consummation of the IPO and subject to the terms and conditions of this Agreement,
the Trust agrees to issue and sell to Purchaser, and Purchaser hereby agrees to purchase and acquire from the Trust, such whole number of Common Shares (the “Shares”) equivalent to the quotient of (a) $20,000,000 (the
“Purchase Price”) divided by (b) the price per Common Share sold in the IPO, without the payment of any underwriting discount, commissions and/or related fees and expenses (the “Price Per Share”); provided,
that Purchaser shall not be obligated to acquire Shares in an amount exceeding 4.9% of the issued and outstanding Common Shares on a fully diluted basis determined at the Closing (assuming consummation of the IPO and the purchase of the Shares by
the Purchaser hereunder) and shall be entitled to reduce the Purchase Price accordingly. 
 2. Closing. The closing of the purchase and
sale of the Shares hereunder will take place at the offices of the Trust or the Trust’s legal counsel concurrently with, and shall be subject to, the completion of the IPO (the “Closing”). At the Closing, the Trust shall
deliver to Purchaser one or more certificates evidencing the Shares, registered in Purchaser’s or its designee’s name, upon the payment of the Purchase Price in immediately available funds by wire transfer to an account designated by the
Trust to Purchaser in writing at least 3 business days prior to the Closing. 
 3. Representations and Warranties of the Trust. In
connection with the issuance and sale of the Shares, the Trust hereby represents and warrants to Purchaser as of the Closing the following: 
 3.1 The Trust (a) has been duly organized and is validly existing as a real estate investment trust in good standing with the State Department of Assessments and Taxation of

  

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Maryland and (b) has the real estate investment trust power and authority to enter into this Agreement and the Registration Rights Agreement (as defined below) and to consummate the
transactions contemplated hereby and thereby and in the Registration Statement and to own or lease and operate its assets and carry on its business as described in the Registration Statement. The authorized capitalization of the Trust is as is set
forth in the Registration Statement. 
 3.2 All real estate investment trust action necessary to be taken by the Trust to
authorize the execution, delivery and performance of this Agreement and the Registration Rights Agreement has been duly and validly taken. This Agreement has been duly executed and delivered by the Trust. This Agreement constitutes, and the
Registration Rights Agreement, upon execution and delivery thereof, will constitute, the valid, binding and enforceable obligations of the Trust, enforceable in accordance with their respective terms, except as enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general principles of equity. The issuance and sale by the Trust of the Shares does not (a) conflict with, or result
in a default under, the declaration of trust or bylaws of the Trust any material contract by which the Trust or any of its subsidiaries’ respective property is bound, or any federal or state laws or regulations or decree, ruling or judgment of
any United States or state court applicable to the Trust or its property or (b) result in the imposition of any claim, lien, pledge, deed of trust, option, charge, encumbrance or other restriction or limitation (each, a “Lien”), or
any obligation to create any Lien, under any material contract by which the Trust or any of its subsidiaries’ respective property is bound or under the declaration of trust or bylaws of the Trust. 
 3.3 The Shares have been duly and validly authorized and upon issuance in accordance with, and payment pursuant to, the terms hereof,
(a) the Shares will be fully paid and non assessable, free from preemptive rights, rights of first refusal or similar rights and (b) Purchaser will have good title to the Shares, free and clear of all liens, claims and encumbrances of any
kind, other than transfer restrictions hereunder and under other agreements described herein or in the Registration Rights Agreement. 
 3.4 No consent, approval, authorization or order of, or registration, qualification or filing with, any governmental entity or any other third party is required to be obtained or made by the Trust for the execution, delivery or performance
by the Trust of this Agreement, the Registration Rights Agreement or the consummation by the Trust of the transactions contemplated hereby and thereby, except such as have been already obtained or made or as may be required under the Securities Act
or the rules promulgated under the Securities Act or state securities or blue sky laws or as may be required by the Financial Industry Regulatory Authority. 
 3.5 Subject to the accuracy of the representations and warranties of the Purchaser, it is not necessary in connection with the offer, sale and delivery of the Shares to the Purchaser in the manner
contemplated by this Agreement to register the Shares under the Securities Act of 1933, as amended (the “Securities Act”). 
 3.6 Neither the Trust nor any affiliate of the Trust (as defined under Rule 501(b) under the Securities Act) has, directly or indirectly, (a) sold, offered for sale, solicited offers to buy or
otherwise negotiated in respect of, any security (as defined in the Securities Act) which is

  

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or will be integrated with the sale of the Shares in a manner that would require the registration of the Shares under the Securities Act or (b) except for the Common Shares to be sold in the
IPO, offered, solicited offers to buy or sold the Shares by any form of general solicitation or general advertising (as those terms are used in Rule 502(c) under the Securities Act) or in any manner involving a public offering within the meaning of
Section 4(2) of the Securities Act. 
 3.7 Except as set forth in the Registration Statement, the Trust is not a party to
any, and there are no pending, or to the knowledge of the Trust, threatened, legal, administrative, arbitral or other proceedings, claims, actions or governmental investigations of any nature against the Trust or any of its subsidiaries or to which
any of their respective assets are subject relating to or which challenges the validity or propriety of the transactions contemplated hereby or by the Registration Rights Agreement. 
 3.8 The Trust’s proposed method of operation will enable it to meet the requirements for taxation as a real estate investment trust
under the Internal Revenue Code of 1986, as amended (the “Code”) for its for its taxable year ending December 31, 2009, and in the future. The Consolidated Subsidiaries that are partnerships have been and will continue to be
treated as partnerships or as “disregarded entities” for U.S. federal income tax purposes and not as corporations, associations taxable as corporations or as publicly traded partnerships that are taxable as corporations. 
 3.9 To the Trust’s knowledge, the Trust qualifies as a “domestically controlled qualified investment entity” within the
meaning of Section 897(h) of the Code. 
 3.10 The Trust covenants and agrees with the Purchaser that the Purchaser may
rely on the representations and warranties of the Trust and its subsidiaries that shall be set forth in the underwriting agreement to be entered into between the Trust and the representative(s) of the several underwriters of the IPO named therein
(the “Underwriting Agreement”) as if such representations and warranties were made to the Purchaser herein. 
 4.
Representations and Warranties of Purchaser. Purchaser hereby represents and warrants to the Trust that: 
 4.1 Purchaser
is an “accredited investor” as that term is defined in Rule 501 under the Securities Act. 
 4.2 The Shares are being
acquired for Purchaser’s own account, only for investment purposes and not with a view to, or for resale in connection with, any public distribution or public offering thereof within the meaning of the Securities Act. 
 4.3 Purchaser has been duly incorporated and is validly existing and in good standing under the laws of the State of Delaware and has all
necessary power and authority to enter into this Agreement and to consummate the transactions contemplated hereby. 
 4.4 All
corporate action necessary to be taken by Purchaser to authorize the execution, delivery and performance of this Agreement and all other agreements and instruments delivered by Purchaser in connection with the transactions contemplated hereby has

  

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been duly and validly taken. This Agreement has been duly executed and delivered by Purchaser, and constitutes the valid, binding and enforceable obligation of Purchaser, enforceable in
accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general principles of equity. The purchase by
Purchaser of the Shares does not conflict with the organizational documents of Purchaser or with any material contract under which Purchaser or its property is bound, or any laws or regulations or decree, ruling or judgment of any court applicable
to Purchaser or its property. 
 4.5 Purchaser understands and acknowledges that the offering of the Shares pursuant to this
Agreement will not be registered under the Securities Act on the grounds that the offering and sale of the Shares is exempt from registration under the Securities Act pursuant to Section 4(2) thereof and exempt from registration pursuant to
applicable state securities or blue sky laws, and that the Trust’s reliance upon such exemptions is predicated upon Purchaser’s representations and warranties set forth in this Agreement. Purchaser understands and acknowledges that the
Shares will be characterized as “restricted securities” under the Securities Act and such laws and may not be sold unless the Shares are subsequently registered under the Securities Act and qualified under state law or unless an exemption
from such registration and such qualification is available. 
 4.6 Purchaser (a) is sufficiently experienced in financial
and business matters to be capable of evaluating the merits and risks involved in purchasing the Shares and to make an informed decision relating thereto, (b) has the ability to bear the economic risk of Purchaser’s prospective investment
in the Shares and (c) has not been offered the Shares by any form of advertisement, article, notice or other communication published in any newspaper, magazine, or similar medium; or broadcast over television or radio; or any seminar or meeting
whose attendees have been invited by any such medium. Purchaser (a) has been furnished with the materials relating to the business, operations, financial condition, assets and liabilities of the Trust and other matters relevant to
Purchaser’s investment in the Shares, which have been requested by Purchaser and (b) Purchaser has had adequate opportunity to ask questions of, and receive answers from, the officers, employees, agents, accountants and representatives of
the Trust concerning the business, operations, financial condition, assets and liabilities of the Trust and all other matters relevant to its investment in the Shares. 
 4.7 Purchaser has a substantive, pre-existing relationship with the Trust and was directly contacted by the Trust or its agents not in connection with the IPO. Purchaser (a) was not identified or
contacted through the marketing of the IPO and (b) did not independently contact the Trust as a result of the general solicitation by means of the Registration Statement. 
 4.8 Purchaser has not incurred any liability for any finder’s fees or similar payments in connection with the transactions herein
contemplated. 
 4.9 Purchaser will have available at the closing sufficient funds to acquire the Shares to be purchased by
Purchaser pursuant to this Agreement. 
  

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 5. Covenants of the Trust. The Trust covenants and agrees with the Purchaser that it will, and will
cause its subsidiaries to, comply in all material respects with their respective covenants contained in the Underwriting Agreement and further covenants and agrees that it will, and will cause its subsidiaries to, use reasonable best efforts to:

 5.1 Timely file with the New York Stock Exchange or such other national securities exchange as on which the Shares are listed
or included for trading (the “Exchange”) all documents and notices required by the Exchange of listed issuers with securities that are traded on the Exchange. 
 5.2 Meet the requirements for qualification and taxation as a REIT under the Code for the taxable year ending December 31, 2009 and for
its future taxable years, unless the Trust’s Board of Trustees determines that it is no longer in the best interests of the Trust to be so qualified. 
 5.3 The Trust will promptly notify the Purchaser if the Trust has actual knowledge that it (i) no longer qualifies or (ii) is reasonably likely to cease to qualify for treatment as a
“domestically controlled qualified investment entity” within the meaning of Section 897(h) of the Code. 
 5.4
The Trust will cause Chesapeake Lodging, L.P. or such entity as the Trust may organize as its “operating partnership” as described in the Registration Statement, promptly following the organization of such partnership, to execute and
deliver to the Purchaser a joinder agreement in the form attached as Exhibit A hereto. 
 6. Public Announcements. Except as may
be required by applicable law, no party hereto shall make any public announcements or otherwise communicate with any news media with respect to this Agreement or any of the transactions contemplated hereby, without prior consultation with the other
parties as to the timing and contents of any such announcement or communications; provided, however, that nothing contained herein shall prevent any party from promptly making all filings with any governmental entity or disclosures with the
stock exchange, if any, on which such party’s capital stock is listed, as may, in its judgment, be required in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby. If any
party decides that it must make any such required filing it will advise the other parties prior to making such filing. Notwithstanding the foregoing, the parties hereto acknowledge that the transactions contemplated hereby have been disclosed in the
Registration Statement and that this Agreement has been or will be filed as an exhibit to the Registration Statement. 
 7. Conditions of
Closing of Purchaser. The respective obligations of Purchaser to acquire the Shares from the Trust at the Closing are subject to the fulfillment to Purchaser’s reasonable satisfaction on or prior to the Closing of each of the following
conditions: 
 7.1 Each representation and warranty made by the Trust in Section 3 above and in the Underwriting Agreement
shall be true and correct as of the Closing as though made as of the Closing. 
  

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 7.2 All covenants, agreements and conditions contained in this Agreement to be performed or
complied with by the Trust on or prior to the Closing shall have been performed or complied with by them in all respects. 
 7.3
The Trust shall have delivered at or prior to the date of the Closing to the Purchaser or its designee an executed copy of the Registration Rights Agreement among the Trust and Purchaser, substantially in the form of Exhibit A hereto (the
“Registration Rights Agreement”). 
 7.4 The Purchaser shall have received a written opinion of counsel to the
Trust, in a form reasonably satisfactory to the Purchaser, with respect to certain trust, partnership, tax and securities law matters. 
 7.5 The material terms of the business and the proposed methods of operation of the business of the Trust shall not have changed in any material respect from those described in the Registration Statement, other than changes consented to by
Purchaser (such consent not to be unreasonably withheld, conditioned or delayed). 
 8. Further Assurances. 
 8.1 Each party hereto shall execute and deliver such instruments and take such other actions prior to or after the Closing as any other party
may reasonably request in order to carry out the intent of this Agreement, including without limitation obtaining any required consents or approvals from third parties. 
 8.2 Notwithstanding anything in this Agreement to the contrary, to the extent that prior to the six month anniversary of the Closing, the Trust grants superior or more favorable rights and/or terms,
including, without limitation, granting warrants, to any other Person in connection with the issuance of Common Shares (or other securities that are convertible into, exchangeable or exercisable for, Common Shares), any such superior or more
favorable rights and/or terms shall be deemed to have been granted simultaneously to the Purchaser with respect to Purchaser’s Shares and the Trust shall promptly prepare and execute such documents to reflect and provide the Purchaser with the
benefit of such superior or more favorable rights and/or terms with respect to the Shares; provided, however, that this Section 8.2 shall not apply with respect to the issuance of any equity securities of the Trust (which for this purpose shall
include, without limitation, securities convertible into or exchangeable for equity securities of the Trust, any equity or profit participation rights, or any rights, options, or warrants to purchase any of the foregoing issued by the Trust
subsequent to the date hereof) that consist of issuances to employees of the Trust or any of its subsidiaries in connection with the performance of services in such capacity and made pursuant to any plan adopted by the Board and in effect at the
Closing. 
 9. Successors and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in this
Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties
may not assign this Agreement or their obligations hereunder. 
  

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 10. Amendments. This Agreement may not be amended, modified or waived, in whole or in part, except by
an agreement in writing signed by each of the parties hereto. 
 11. Counterparts; Facsimile. This Agreement may be executed in
any number of counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same instrument. This Agreement or any counterpart may be executed via facsimile transmission,
and any such executed facsimile copy shall be treated as an original. 
 12. Governing Law. This Agreement shall for all purposes be
deemed to be made under and shall be construed in accordance with the laws of the State of New York. The parties hereby agree that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought
and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submit to such jurisdiction, which jurisdiction shall be exclusive. The parties hereby waive any objection
to such exclusive jurisdiction and agree not to plead or claim that such courts represent an inconvenient forum. 
 13. Waiver of Jury
Trial. EACH PARTY HERETO HEREBY WAIVES, RELEASES AND RELINQUISHES AND ALL RIGHTS IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTIONS ARISING DIRECTLY OR INDIRECTLY AS A RESULT OR IN CONSEQUENCE OF THIS AGREEMENT, INCLUDING, WITHOUT
LIMITATIONS, ANY CLAIM OR ACTION TO REMEDY ANY BREACH OR ALLEGED BREACH HEREOF, TO ENFORCE ANY TERM HEREOF, OR IN CONNECTION WITH ANY RIGHT, BENEFIT OR OBLIGATION ACCORDED OR IMPOSED BY THIS AGREEMENT. 
 14. Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and
assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person; provided, that the Underwriters shall be third party beneficiaries of this Agreement. 
 15. Legends. Each certificate, if any, representing the Shares shall be endorsed with the following legends or a substantially similar legends:

 The shares represented by this certificate have not been registered under the Securities Act of 1933, as amended (the
“Act”), and may not be offered, sold, pledged or otherwise transferred except pursuant to an exemption from registration under the Act, or pursuant to an effective registration statement under the Act. 
 16. Severability. In case any provision of this Agreement shall be found by a court of law to be invalid, illegal, or unenforceable, the validity,
legality, and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby. 
 17.
Survival. The provisions of Section 3 hereof shall survive indefinitely. 
  

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 18. Indemnification. The Trust agrees to indemnify and hold harmless the Purchaser and each person,
if any, who (a) controls the Purchaser within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act or (b) is controlled by or is under common control with the Purchaser from and against any and all
losses, claims, liabilities, expenses and damages (including, but not limited to, any and all reasonable investigative, legal and other expenses incurred in connection with, and any and all amounts paid in settlement (in accordance with this
paragraph) that arise out of, or are based upon, (i) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or caused by any omission or alleged omission to state therein a material fact
required to be stated therein or necessary in order to make the statements therein, not misleading, (ii) or any untrue statement or alleged untrue statement of a material fact contained in the prospectus (or any amendment or supplement thereto)
forming part of the Registration Statement, any Issuer Free Writing Prospectus (as defined in the Underwriting Agreement), any “issuer information” filed or required to be filed pursuant to Rule 433(d) under the Securities Act or any
Pricing Disclosure Package (as defined in the Underwriting Agreement) (including any Pricing Disclosure Package that has subsequently been amended), or caused by any omission or alleged omission to state therein a material fact necessary in order to
make the statements therein, in light of the circumstances under which they were made, not misleading or (iii) any breach by any of the indemnifying parties of any of their respective representations, warranties and agreements made to the
Purchaser or referred to herein. This indemnity agreement will be in addition to any liability that the Trust might otherwise have. If for any reason the foregoing indemnification is unavailable to the Purchaser or insufficient to hold it harmless,
then the Trust shall contribute to the amount paid or payable by the Purchaser as a result of such loss, claim, liability, expense or damage in such proportion as is appropriate to reflect the relative economic interests of the Trust on the one hand
and the Purchaser on the other hand in the matters contemplated by this letter as well as the relative fault of the Trust and Purchaser with respect to such loss, claim, liability or damage and any other relevant equitable considerations. Any party
that proposes to assert the right to be indemnified under this Section 18 in connection with a claim by a third party will, promptly after receipt of notice of commencement of any action against such party in respect of which a claim is to be
made against an indemnifying party or parties under this Section 18, notify each such indemnifying party of the commencement of such action. An indemnifying party will not, in any event, be liable for any settlement of any action or claim
effected without its written consent. No indemnifying party shall, without the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding
relating to the matters contemplated by this Section 18 (whether or not any indemnified party is a party thereto), unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all liability
arising or that may arise out of such claim, action or proceeding. 
 19. Termination. This Agreement shall be terminated prior to the
consummation of the transactions contemplated hereby if (a) prior to the closing of the IPO, the Underwriting Agreement is terminated pursuant to its terms or (b) the Closing has not occurred within 180 days following the date hereof. The
Purchaser may also terminate this Agreement prior to the consummation of the transactions contemplated hereby upon a material breach of the representations and warranties or covenants of the Trust contained herein. In the event of any termination of
this Agreement, this Agreement shall become null and void and have no effect, without any liability to any person in respect hereof on the part of any party hereto, except for such liability resulting from such party’s breach of this Agreement
prior to such termination. 
  

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 20. Remedies and Waivers. No delay or omission on the part of any party to this Agreement in
exercising any right, power or remedy provided by law or under this Agreement shall (a) impair such right power or remedy or (b) operate as a waiver thereof. The single or partial exercise of any right, power or remedy provided by law or
under this Agreement shall not preclude any other or further exercise of any other right, power or remedy. The rights, powers and remedies provided in this Agreement are cumulative and not exclusive of any rights, power and remedies provided by law.

 21. Entire Agreement. This Agreement and the other documents delivered pursuant hereto constitute the full and entire understanding
and agreement among the parties with regard to the subject matter hereof and thereof and they supersede, merge, and render void every other prior written and/or oral understanding or agreement among or between the parties hereto. 
 22. Notices. Any notice or other communication required or permitted hereunder shall be in writing and shall be delivered personally (by courier or
otherwise), telegraphed, telexed, emailed, sent by facsimile transmission or sent by certified or registered mail, postage prepaid and return receipt requested, or by express mail. Any such notice shall be deemed given when so delivered personally,
telegraphed, telexed, emailed or sent by facsimile transmission or, if mailed, three (3) days after the date of deposit in the United States mails, as follows: 
 If to the Trust: 
 Chesapeake Lodging Trust 
 710 U.S Highway 46, Suite 206 
 Fairfield, NJ 07004 
 Facsimile: 
 Attention: Chief Financial Officer 
 If to Purchaser: 
 Global Head, Real Estate and Development 
 71 South Wacker Drive, 12th Floor 
 Chicago, Illinois 60606 
 Facsimile: (312) 780-5282 
 With a concurrent copy (which shall not constitute notice) to: 
 Michael Pucker 
 Latham & Watkins LLP 
 233 South Wacker Drive, Suite 5800 
 Chicago, Illinois 60606 
 facsimile: (312) 993-9767 
 Any party may, by notice given in accordance with this Section 22 to the other party, designate
another address or person for receipt of notices hereunder; provided, that notice of such a change shall be effective upon receipt. 
  

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 23. Expenses. Whether or not the transactions contemplated by this Agreement are consummated, the
Trust, on one hand, and the Purchaser, on the other hand, shall, except as otherwise expressly provided herein, pay the costs, fees and expenses incident to its negotiation, preparation, execution, delivery and performance hereof, including the fees
and expenses of its counsel, accountants, advisors and other representatives. 
  

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

			
	TRUST:
	
	CHESAPEAKE LODGING TRUST
		
	By:	 	 /s/ Douglas Vicani

	Name:	 	Douglas Vicani
	Title:	 	Chief Financial Officer
	
	PURCHASER:
	
	HYATT CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	

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

			
	TRUST:
	
	CHESAPEAKE LODGING TRUST
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	PURCHASER:
	
	HYATT CORPORATION
		
	By:	 	 /s/ H. Charles Floyd

	Name:	 	H. Charles Floyd
	Title:	 	Exec. Vice President, North America Operations

 EXHIBIT A 
 [Form of Joinder Agreement to Purchase Agreement] 
 [Date] 
 [Address of Purchaser] 
 Ladies and Gentlemen:

 Reference is made to the Share Purchase Agreement (the “Share Purchase Agreement”) dated September 28,
2009, initially by and among Chesapeake Lodging Trust, a Maryland real estate investment trust (the “Trust”), and Hyatt Corporation, a Delaware corporation (“Purchaser”), concerning the purchase of the Shares (as
defined in the Share Purchase Agreement) from the Trust by the Purchaser. Capitalized terms used herein but not defined herein shall have the meanings assigned to such terms in the Share Purchase Agreement. 
 The undersigned agrees that this letter agreement is being executed and delivered in connection with the issue and sale of the Shares
pursuant to the Share Purchase Agreement and to induce the Purchaser to purchase the Shares thereunder and is being executed concurrently with the organization of the undersigned. 
 1. Joinder. The undersigned hereby agrees to be bound by the terms, conditions and other provisions of Section 3.10, Section 6, Section 7.2, Section 7.4, Section 8 through
Section 14 and Section 16 through Section 23 of the Share Purchase Agreement with all attendant rights, duties and obligations stated therein, with the same force and effect as if originally named as the Trust and as if such party
executed the Share Purchase Agreement on the date thereof 
 2. Representations, Warranties and Agreements. The undersigned
represents and warrants to, and agrees with, the Purchaser on and as of the date hereof that: 
 2.1 The undersigned has the
corporate power to execute and deliver this letter agreement and all corporate action required to be taken by it for the due and proper authorization, execution, delivery and performance of this letter agreement and the consummation of the
transactions contemplated hereby has been duly and validly taken; this letter agreement has been duly authorized, executed and delivered by the undersigned. 
 2.2 The representations, warranties and agreements of the undersigned set forth or referred to in the Share Purchase Agreement are true and correct on and as of the date hereof 
 3. Governing Law. This Agreement shall for all purposes be deemed to be made under and shall be construed in accordance with the laws of the State of
New York. The parties hereby agree that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for
the Southern District of New York, and irrevocably submit to such jurisdiction, which jurisdiction shall be exclusive. The parties hereby waive any objection to such exclusive jurisdiction and agree not to plead or claim that such courts represent
an inconvenient forum. 

 4. Counterparts; Facsimile. This letter agreement may be executed in any number of
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same instrument. This letter agreement or any counterpart may be executed via facsimile transmission, and any
such executed facsimile copy shall be treated as an original. 
 5. Amendments. This Agreement may not be amended, modified or waived, in
whole or in part, except by an agreement in writing signed by each of the parties hereto. 

 If the foregoing is in accordance with your understanding of our agreement, please indicate
your acceptance of this letter agreement by signing in the space provided below, whereupon this letter agreement will become a binding agreement between the undersigned party hereto and the Purchaser in accordance with its terms. 
  

			
	[CHESAPEAKE LODGING, L.P.]
		
	By:	 	  

	Name:	 	
	Title:Exhibit 10.11

 Exhibit 10.11 
 EXECUTION VERSION 
 REGISTRATION RIGHTS AGREEMENT

 This REGISTRATION RIGHTS AGREEMENT is entered into as of this
             day of             , 2009, by and among Chesapeake Lodging Trust, a Maryland real estate investment trust (the
“Trust”) and Hyatt Corporation, a Delaware corporation (“Purchaser”). 
 WHEREAS, the Trust,
the Operating Partnership (as defined below) and Purchaser are parties to a Share Purchase Agreement, dated as of September 26, 2009 (the “Share Purchase Agreement”), pursuant to which concurrently with the Trust’s
proposed initial public offering (the “IPO”), the Trust agreed to issue in a private placement to Purchaser and Purchaser agreed to purchase a number of Common Shares set forth in the Share Purchase Agreement (the
“Shares”); and 
 WHEREAS, the Trust and Purchaser desire to enter into this Agreement to provide Purchaser and
certain of its permitted transferees with certain registration rights described herein. 
 NOW, THEREFORE, in consideration of
the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Definitions. The following capitalized terms used herein have the following meanings: 
 “Affiliate” means (a) any Person that directly, or indirectly through one or more intermediaries, controls, is
controlled by or is under common control with such other Person, (b) any executive officer or general partner of such other Person and (c) any legal entity for which such Person acts as executive officer or general partner, and
“control” for these purposes means the direct or indirect power to direct or cause the direction of the management and policies of another Person, whether by operation of law or regulation, through ownership of securities, as trustee or
executor or in any other manner. 
 “Agreement” means this Registration Rights Agreement, as amended, restated,
supplemented, or otherwise modified from time to time. 
 “Board” means the board of trustees of the Trust.

 “Business Day” means any day, other than a Saturday or Sunday or a day on which commercial banks in New
York, New York are authorized or required by law to close. 
 “Commission” means the Securities and Exchange
Commission, or any other federal agency then administering the Securities Act or the Exchange Act. 
 “Common
Shares” means the Trust’s common shares of beneficial interest, par value $0.01 per share, together with any class of shares of beneficial interest of the Trust or shares of capital stock of a successor to the entire business of the
Trust which may be issued in exchange for such Common Shares. 

 “Demand Registration” is defined in Section 2.2.1. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the
Commission promulgated thereunder, all as the same shall be in effect at the time. 
 “Holder” means
(a) Purchaser in its capacity as a holder of record of Registrable Securities, (b) any Affiliate of Purchaser that is a direct or indirect transferee of Registrable Securities from Purchaser or any subsequent Holder and (c) any direct
or indirect transferee of transfer of not less than 20% of the initial number of Registrable Securities issued to Purchaser at the closing under the Share Purchase Agreement from Purchaser or any subsequent Holder. For purposes of this
Agreement, the Trust may deem and treat the registered holder of Registrable Securities as the Holder and absolute owner thereof, unless notified to the contrary in writing by the registered Holder thereof. 
 “Indemnified Party” is defined in Section 6.3. 
 “Indemnifying Party” is defined in Section 6.3. 
 “Inspectors” is defined in Section 5.1.8. 
 “IPO” is defined in the recitals to this Agreement. 
 “Long-Form Demand Registration” is defined in Section 2.1.2. 
 “Losses” is defined in Section 6.1. 
 “Majority-in-Interest” means Holders of more than 50% of the Registrable Securities. 
 “Maximum Threshold” is defined in Section 2.4. 
 “Operating Partnership” means Chesapeake Lodging, L.P., a Delaware limited partnership. 
 “Person” means an individual or a real estate investment trust, corporation, limited liability company, partnership, joint
venture, trust, unincorporated organization, association (including any group, organization, co-tenancy, plan, board, council or committee), government (including a country, state, county, or any other governmental or political subdivision, agency
or instrumentality thereof) or other entity (or series thereof). 
 “Piggy-Back Registration” is defined in
Section 3.1. 
 “Pro Rata Adjusted” is defined in Section 2.4. 
 “Prospectus” means the prospectus or prospectuses included in any Registration Statement (including without limitation, any
“free writing prospectus” (as defined in Rule 405

  

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under the Securities Act) and any prospectus subject to completion and a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration
statement in reliance upon Rule 430A promulgated under the Securities Act and any term sheet filed pursuant to Rule 434 under the Securities Act), as amended or supplemented by any prospectus supplement with respect to the terms of the
offering of any portion of the Registrable Securities covered by such Registration Statement and by all other amendments and supplements to the prospectus, including post-effective amendments and all material incorporated by reference or deemed to
be incorporated by reference in such prospectus or prospectuses. 
 “Purchaser” is defined in the preamble to
this Agreement. 
 “Records” is defined in Section 5.1.8. 
 “Registration” means a registration effected by preparing and filing a registration statement or similar document in
compliance with the requirements of the Securities Act, and such registration statement becoming effective. 
 “Registrable Securities” means at any time the Shares, together with any class of shares of beneficial interest of the Trust or shares of capital stock of a successor to the entire business of the Trust which may be issued
in exchange for such Shares or as payment of any dividend on such Shares. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities on the earliest to occur of: (a) the date on which a
Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement;
(b) the date on which such securities shall have ceased to be outstanding; (c) the date on which the Registrable Securities have been sold and all transfer restrictions and restrictive legends with respect to such Registrable Securities
are removed upon the consummation of such sale; and (d) the date on which such securities shall have been assigned, sold, disposed of or otherwise transferred to any Person that is not and does not become a Holder upon receipt of such
securities. 
 “Registration Statement” means any registration statement filed by the Trust with the Commission
in compliance with the Securities Act for a public offering and sale of Common Shares or other securities of the Trust, including the Prospectus, amendments and supplements to such Registration Statement, including post-effective amendments, all
exhibits and all materials incorporated by reference or deemed to be incorporated by reference in such Registration Statement (other than a registration statement (a) on Form S-4 or Form S-8, or their successors, (b) covering
only securities proposed to be issued in exchange for securities or assets of another entity, (c) for an exchange offer or offering of securities solely to the Trust’s existing shareholders, (d) covering only an offering of debt that
is convertible into equity securities of the Trust or (e) covering only a dividend reinvestment plan, direct stock purchase plan or at-the-market offering). 
 “Resale Registration Statement” is defined in Section 2.3. 
  

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 “Securities Act” means the Securities Act of 1933, as amended, and the
rules and regulations of the Commission promulgated thereunder, all as the same shall be in effect at the time. 
 “Share Purchase Agreement” is defined in the recitals to this Agreement. 
 “Shares”
is defined in the recitals to this Agreement. 
 “Short-Form Demand Registration” is defined in
Section 2.2.1. 
 “Trust” is defined in the preamble to this Agreement. 
 “underwritten offering” means a Registration in which securities of the Trust are sold to one or more underwriters for
reoffering to the public. 
 2. Registration Rights. 
 2.1. Long-Form Registrations. 
 2.1.1 Subject to the terms of this
Agreement, at any time at least one hundred eighty (180) days following the closing of the IPO, each Holder may request registration under the Securities Act on Form S-11 or any similar long-form Registration Statement for the offering of all
or part of its Registrable Securities; provided, that with respect to any requests under this Section 2.1.1, the anticipated aggregate offering amount of the Registrable Securities covered by such Registration Statement shall exceed
$12,500,000 (net of underwriting discounts and commissions). 
 2.1.2 Within ten (10) days after receipt of any written
request pursuant to Section 2.1.1, the Trust will give written notice of such request to all other holders of Registrable Securities and will use reasonable best efforts to include in such registration all Registrable Securities with respect to
which the Trust has received written requests for inclusion within thirty (30) days after delivery of the Trust’s notice, and, thereupon the Trust will use its reasonable best efforts to effect, at the earliest possible date, the
registration under the Securities Act. All registrations requested pursuant to Section 2.1.1 are referred to herein as “Long-Form Demand Registrations.” 
 2.1.3 Notwithstanding the foregoing provisions of this Section 2.1, (a) the Trust shall not be obligated to effect a Long-Form
Demand Registration at any time when the Trust is eligible at the time of the request to file a Registration Statement on an appropriate form for an offering to be made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act
or any successor thereof, and (b) the Trust shall not be obligated to effect more than two (2) Long-Form Demand Registrations for all Holders in the aggregate pursuant to Section 2.1.1. 
  

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 2.2 Short-Form Registrations. 
 2.2.1 In addition to the Long-Form Demand Registrations provided pursuant to Section 2.1 above, commencing on the date on which the
Trust becomes eligible to register securities issued by it on an appropriate form for an offering to be made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act or any successor thereof (“Short-Form Demand
Registrations” and, together with the Long-Form Demand Registrations, “Demand Registrations”), each Holder will be entitled to request registrations under the Securities Act of all or part of its Registrable Securities;
provided, that with respect to any requests under this Section 2.2.1, the anticipated aggregate offering amount of the Registrable Securities covered by a Short-Form Demand Registration shall exceed $7,500,000 (net of underwriting
discounts and commissions). 
 2.2.2 Within ten (10) days after receipt of any request pursuant to Section 2.2.1, the
Trust will give written notice of such request to all other holders of Registrable Securities and will use reasonable best efforts to include in such registration all Registrable Securities with respect to which the Trust has received written
requests for inclusion within ten (10) days after delivery of the Trust’s notice. Upon closing of the IPO, the Trust will use its reasonable best efforts to make Short-Form Demand Registrations available for the sale of Registrable
Securities. Demand Registrations will be Short-Form Demand Registrations whenever the Trust is permitted to use any applicable short form. If for marketing or other reasons, any underwriters with respect to any Short-Form Demand Registration request
the inclusion in the Registration Statement of information that is not required under the Securities Act to be included in a Registration Statement on the applicable form for the Short-Form Demand Registration, the Trust will provide such
information as may be reasonably requested for inclusion by such underwriters in the applicable Registration Statement. Each Holder shall be limited to two (2) Short-Form Demand Registrations. 
 2.2.3 The Trust shall prepare and file such additional Registration Statements as necessary every three years (or such other period of time
as may be required to maintain continuously effective Resale Registration Statements (as defined below) in connection with Short-Form Demand Registrations) and use its reasonable best efforts to cause any such Registration Statement to be declared
effective by the Commission (if it is not an automatic shelf registration statement) so that a Resale Registration Statement remains continuously effective, subject to Section 2.6, with respect to resales of Registrable Securities registered
pursuant to a Short-Form Demand Registration as and for the periods required hereunder, each such subsequent Registration Statement to constitute a Resale Registration Statement hereunder. 
 2.3 Additional Securities. The Trust may include in the Registration Statement relating to any such Demand Registrations (the
“Resale Registration Statement”) additional securities of the class of Registrable Securities to be registered thereunder, including securities to be sold for the Trust’s own account or the account of Persons who are not
Holders of Registrable Securities. 
 2.4 Underwritten Offering; Reduction of Offering. Holders of Registrable
Securities shall have the right to request that a Demand Registration be effected as an underwritten offering

  

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at any time, subject to this Section 2. All Holders proposing to participate in such underwriting shall (a) enter into an underwriting agreement in customary form with the
underwriter(s) selected for such underwriting by a Majority-in-Interest of the Registrable Securities included in such offering, which underwriter(s) shall be reasonably acceptable to the Trust; provided that with respect to such underwriting
agreement or any other documents reasonably required under such agreement, (i) no Holder shall be required to make any representation or warranty with respect to or on behalf of the Company or any other stockholder of the Company and
(ii) the liability of any Holder shall be limited as provided in Section 6.2 hereof, and (b) complete and execute all questionnaires, powers-of-attorney, indemnities, opinions and other documents required under the terms of such
underwriting agreement. Notwithstanding the foregoing, in no event shall the Trust be obligated to effect more than one underwritten offering hereunder in any single six-month period. If the managing underwriter(s) for an underwritten
offering advise(s) the Trust and the Holders in writing that the dollar amount or number of Registrable Securities which the Holders desire to sell, taken together with all other Common Shares or other securities which the Trust desires to sell and
the Common Shares or other securities, if any, as to which registration has been requested pursuant to written contractual piggy-back registration rights held by other shareholders of the Trust who desire to sell or otherwise, exceeds the maximum
dollar amount or maximum number of securities that can be sold in such offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount
or maximum number of securities, as applicable, the “Maximum Threshold”), then the Trust shall include in such registration: (w) first, the Registrable Securities (pro rata in accordance with the number
of Registrable Securities which such Holders have requested be included in such underwritten offering, regardless of the number of Registrable Securities or other securities held by each such Person (such proportion is referred to herein as
“Pro Rata Adjusted”)) that can be sold without exceeding the Maximum Threshold; (x) second, to the extent that the Maximum Threshold has not been reached under the foregoing clause (w), the Common Shares or other
securities that the Trust desires to sell that can be sold without exceeding the Maximum Threshold; (y) third, to the extent that the Maximum Threshold has not been reached under the foregoing clauses (w) and (x), the Common Shares
or other securities for the account of other Persons that the Trust is obligated to register pursuant to written contractual arrangements with such Persons and that can be sold without exceeding the Maximum Threshold; and (z) fourth, to
the extent that the Maximum Threshold has not been reached under the foregoing clauses (w), (x) and (y), the Common Shares that other shareholders desire to sell that can be sold without exceeding the Maximum Threshold to the extent that the
Trust, in its sole discretion, wishes to permit such sales pursuant to this clause (z). 
 A request for an underwritten
offering may be withdrawn by a Majority-in-Interest included in such offering prior to the consummation thereof, and, in such event, such withdrawal shall not be treated as a request for an underwritten offering which shall have been effected
pursuant to the immediately preceding paragraph. In no event will a Demand Registration count as a Demand Registration unless at least fifty percent (50%) of all Registrable Securities requested to be registered in such Demand Registration by
the Holders initiating such Demand Registration are, in fact, registered in such registration. 
 2.5 Inclusion in Resale
Registration Statement. The Trust shall give written notice to all Holders at least 20 Business Days prior to the anticipated filing date of the Resale

  

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Registration Statement, which notice shall include a questionnaire seeking information from the Holders deemed necessary or advisable by the Trust or its counsel in order to file the Resale
Registration Statement. At the time the Resale Registration Statement is declared effective (or becomes effective, if the Resale Registration Statement is an automatic shelf registration statement), each Holder that has delivered to the Trust a duly
completed and executed questionnaire on or prior to the date which is ten Business Days prior to such time of effectiveness shall be named as a selling shareholder in the Resale Registration Statement and the related Prospectus in such a manner as
to permit such Holder to deliver such Prospectus to purchasers of Registrable Securities in accordance with applicable law. Subject to the terms and conditions hereof, after effectiveness of the Resale Registration Statement, the Trust shall file a
supplement to such Prospectus or amendment to the Resale Registration Statement upon request of any Holder as necessary to name as selling shareholders therein any Holders that provide to the Trust duly completed and executed questionnaires and
shall use reasonable best efforts to cause any post-effective amendment to such Resale Shelf Registration Statement filed for such purpose to be declared effective (if it is not an automatic shelf registration statement) by the Commission as
promptly as reasonably practicable after the filing thereof. 
 2.6 Suspension of Use of Registration Statement. Upon
prior written notice to the Holders, the Trust may suspend the use of a Resale Registration Statement pursuant to this Section 2 on up to two occasions during any period of twelve consecutive months for a reasonable time specified in the
notice but not exceeding 90 days in the aggregate during any such twelve month period (which period may not be extended or renewed), if (a) the Board determines in good faith that permitting sales under the Registration Statement would
materially and adversely affect an offering of securities of the Trust; (b) a Piggy-Back Registration (defined below) in which Holders were able to participate and include at least fifty percent (50%) of all Registrable Securities tendered
by such Holders for registration in such Piggy-Back Registration was completed within the prior 90 days; or (c) the Trust is in possession of material non-public information and the Board determines in good faith that the disclosure of such
information during the period specified in such notice would not be in the best interests of the Trust. 
 3. Piggy-Back Registration.

 3.1 Piggy-Back Rights. At any time at least one hundred eighty (180) days following the closing of the IPO,
if the Trust proposes to file a Registration Statement under the Securities Act with respect to an offering of equity securities by the Trust for its own account or for shareholders of the Trust for their account and the registration form to be used
may be used for any registration of Registrable Securities, then the Trust shall (a) give written notice of such proposed filing and offering to the Holders of Registrable Securities as soon as practicable but in no event less than ten
(10) Business Days before the anticipated filing date, which notice shall describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing
underwriter(s), if any, of the offering, and (b) offer to the Holders of Registrable Securities in such notice the opportunity to register the sale of such number of Registrable Securities as such Holders may request in writing within five
Business Days following receipt of such notice (a “Piggy-Back Registration”). If at any time after giving written notice of its intention to register any securities and prior to the effective date of the Registration Statement
filed in connection with such registration, the Trust

  

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shall determine for any reason not to register or to delay registration of such securities, the Trust may, at its election, give written notice of such determination to each Holder of Registrable
Securities and, (x) in the case of a determination not to register, shall be relieved of its obligation to register any Registrable Securities in connection with such registration, and (y) in the case of a determination to delay
registering, shall be permitted to delay registering any Registrable Securities for the same period as the delay in registering such other securities. The Trust shall cause such Registrable Securities to be included in such registration and
shall use its reasonable best efforts to cause the managing underwriter(s) of a proposed underwritten offering to permit the Registrable Securities requested to be included in a Piggy-Back Registration on the same terms and conditions as any
similar securities of the Trust and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. All Holders of Registrable Securities proposing to distribute
their securities through a Piggy-Back Registration that involves an underwriter(s) shall enter into an underwriting agreement in reasonable and customary form with the underwriter(s) selected for such Piggy-Back Registration;
provided that with respect to such underwriting agreement or any other documents reasonably required under such agreement, (i) no Holder shall be required to make any representation or warranty with respect to or on behalf of the Company
or any other stockholder of the Company and (ii) the liability of any Holder shall be limited as provided in Section 6.2 hereof and (ii) complete and execute all questionnaires, powers-of-attorney, indemnities, opinions and other
documents reasonably required under the terms of such underwriting agreement. No registration effected under this Section 3 shall relieve the Trust of its obligations to effect a Demand Registration required by
Section 2. 
 3.2 Reduction of Offering. If the managing underwriter(s) for a Piggy-Back
Registration that is to be an underwritten offering advises the Trust and the Holders of Registrable Securities that in their opinion the dollar amount or number of Common Shares or other securities which the Trust desires to sell, taken together
with Common Shares or other securities, if any, as to which registration has been demanded pursuant to written contractual arrangements with third parties, the Registrable Securities as to which registration has been requested under this
Section 3, and the Common Shares or other securities, if any, as to which registration has been requested pursuant to the written contractual piggy-back registration rights of other shareholders of the Trust, exceeds the Maximum
Threshold, then the Trust shall include in any such registration: 
 (a) If the registration is undertaken for the Trust’s
account: (i) first, the Common Shares or other securities that the Trust desires to sell that can be sold without exceeding the Maximum Threshold; and (ii) second, to the extent that the Maximum Threshold has not been
reached under the foregoing clause (i), the Registrable Securities and the Common Shares or other securities proposed to be sold for the account of other Persons that the Trust is obligated to register pursuant to written contractual piggy-back
registration rights with such Persons and that can be sold without exceeding the Maximum Threshold (pro rata in accordance with the number of Registrable Securities and Common Shares or other securities which such Holders and other
Persons have requested be included in such underwritten offering, regardless of the number of Registrable Securities and Common Shares or other securities held by each such Holder or other Person); and 
  

 8 

 (b) If the registration is a “demand” registration undertaken at the
demand of one or more Persons other than the Trust and any Holder, (i) first, the Common Shares or other securities for the account of such demanding Persons that can be sold without exceeding the Maximum Threshold;
(ii) second, to the extent that the Maximum Threshold has not been reached under the foregoing clause (i), the Common Shares or other securities that the Trust desires to sell that can be sold without exceeding the Maximum
Threshold; and (iii) third, to the extent that the Maximum Threshold has not been reached under the foregoing clauses (i) and (ii), the Registrable Securities and the Common Shares or other securities proposed to be sold for the
account of other Persons that the Trust is obligated to register pursuant to written contractual piggy-back registration rights with such Persons and that can be sold without exceeding the Maximum Threshold (pro rata in accordance with
the number of Registrable Securities and Common Shares or other securities which such Holders and other Persons have requested be included in such underwritten offering, regardless of the number of Registrable Securities and Common Shares or other
securities held by each such Holder or other Person). 
 3.3 Withdrawal. Any Holder of Registrable Securities may
elect to withdraw such Holder’s request for inclusion of Registrable Securities in any Piggy-Back Registration by giving written notice to the Trust of such request to withdraw prior to the effectiveness of the Registration Statement or filing
of a Prospectus naming such Holder as a selling shareholder, as applicable. The Trust (whether on its own determination or as the result of a withdrawal by Persons making a demand pursuant to written contractual obligations) may withdraw a
Registration Statement at any time prior to the effectiveness of the Registration Statement without thereby incurring any liability to the Holders of Registrable Securities. Notwithstanding any such withdrawal, the Trust shall pay all expenses
incurred by the Holders of Registrable Securities in connection with such Piggy-Back Registration as provided in Section 5.3. 
 4.
Restrictions on Public Sale by the Trust. 
 The Trust agrees not to effect any public sale or distribution (other than,
in the case of the Trust, in connection with (a) any merger, acquisition or similar transaction that involves the public offering of securities, (b) public sales or distributions solely by and for the account of the Trust of securities
issued pursuant to any employee benefit or similar plan, including equity incentive plans or upon exercise or conversion by the holders thereof of other derivative securities issued by the Trust that are then outstanding, or (c) any dividend
reinvestment plan, direct stock purchase plan or at-the-market offering program then existing), of any securities during the period commencing on the date the Trust receives a request for an underwritten offering from any Holder and continuing until
90 days after the commencement of an underwritten offering (or for such shorter period as the lead underwriter(s) shall request after consultation with a Majority-in-Interest) unless earlier terminated by the lead underwriter(s) in such
underwritten offering. 
  

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 5. Registration Procedures. 
 5.1. Filings. In connection with the filing of any Registration Statement as provided in this Agreement, the paragraphs below
shall be applicable: 
 5.1.1 Filing of Registration Statement. The Trust shall (a) prepare and file with the
Commission a Registration Statement on any form for which the Trust then qualifies or which counsel for the Trust shall deem appropriate and which form shall be available for the sale of all Registrable Securities to be registered thereunder in
accordance with the intended method(s) of distribution thereof, which shall comply as to form with the requirements of the applicable form and include all financial statements required by the SEC to be filed therewith, (b) use its
reasonable best efforts to cause such Registration Statement to be declared (if it is not an automatic shelf registration statement) and remain effective for the period required by Section 5.1.3, (c) not take any action that would
cause a Registration Statement to contain a material misstatement or omission or to be not effective and usable for resale of Registrable Securities during the period that such Registration Statement is required to be effective and usable,
(d) use its reasonable best efforts to cause each Registration Statement and the related Prospectus and any amendment or supplement thereto, as of the effective date of such Registration Statement, amendment or supplement to comply in all
material respects with any requirements of the Securities Act and the rules and regulations of the SEC and (e) cause such Registration Statement and the related Prospectus and any amendment or supplement thereto not to contain any untrue
statement of a material fact required to be stated therein or necessary to make the statements therein not misleading during the period that such Registration Statement is required to be effective and usable. 
 5.1.2 Copies. The Trust shall, upon request, prior to filing a Registration Statement or Prospectus in respect of Registrable
Securities, or any amendment or supplement thereto, furnish without charge to the Holders of Registrable Securities included in such registration, any underwriter and such Holders’ or underwriter’s legal counsel, copies of such
Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration
Statement (including each preliminary Prospectus) and such other documents as the Holders of Registrable Securities included in such Registration, underwriter or legal counsel for any such Holders or underwriter may reasonably
request. Following the filing of such Registration Statement, the Trust shall furnish to the Holders of Registrable Securities included in such registration (in each case in an electronic format, unless otherwise required by applicable law),
without charge, such number of copies of such Registration Statement, each amendment and supplement thereto (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration
Statement (including each preliminary Prospectus) and such other documents as the Holders of Registrable Securities included in such Registration, underwriter or legal counsel for any such Holders or underwriter may reasonably request in order to
facilitate the disposition of the Registrable Securities owned by such Holders. Each Holder of Registrable Securities included in the Registration Statement shall have the right to request in writing that the Trust modify any information
contained in such Registration Statement, amendment and supplement thereto pertaining solely to such Holder or which such counsel to Holder may reasonably request in order to ensure that the Registration Statement complies with the Securities Act
and the rules and regulations promulgated thereunder and the Trust shall use its reasonable best efforts to comply with such request; provided, however, that the Trust shall not have any obligation to so modify any information if the
Trust reasonably expects that so doing would cause the Prospectus to contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading.

  

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 5.1.3 Amendments and Supplements. The Trust shall prepare and file with the
Commission such amendments, including post-effective amendments, and supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement effective and in compliance with
the provisions of the Securities Act until all Registrable Securities and other securities covered by such Registration Statement have been disposed of in accordance with the intended method(s) of distribution set forth in such Registration
Statement or such securities have been withdrawn. 
 5.1.4 Notification. After the filing of a Registration
Statement, the Trust shall promptly, and in no event more than three Business Days after such filing, notify the Holders of Registrable Securities included in such Registration Statement of such filing, and shall further promptly notify such Holders
of the occurrence, and in no event more than three Business Days after such occurrence of any of the following and, if requested by any Holder, confirm such advice in writing: (a) when such Registration Statement becomes effective;
(b) when any post-effective amendment to such Registration Statement becomes effective; (c) the issuance by the Commission of any stop order; and (d) any request by the Commission for any amendment or supplement to such Registration
Statement or any Prospectus relating thereto or for additional information or of the occurrence of an event requiring the preparation of a supplement or amendment to such Prospectus so that, as thereafter delivered to the purchasers of the
securities covered by such Registration Statement, such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, and
promptly make available to the Holders of Registrable Securities included in such Registration Statement any such supplement or amendment; except that before filing with the Commission a Registration Statement or Prospectus or any amendment or
supplement thereto, including documents incorporated by reference, the Trust shall furnish to the Holders of Registrable Securities included in such Registration Statement and to the legal counsel for any such Holders, copies of all such documents
proposed to be filed sufficiently in advance of filing to provide such Holders and legal counsel with a reasonable opportunity to review such documents and comment thereon, and the Trust shall not file any Registration Statement or Prospectus or
amendment or supplement thereto, including documents incorporated by reference, to which such Holders or their legal counsel shall reasonably object. The Trust shall use its reasonable best efforts to obtain the withdrawal of any order
suspending the effectiveness or qualification of a Registration Statement or suspending or preventing the use of any related Prospectus at the earliest possible time. 
 5.1.5 State Securities Laws Compliance. The Trust shall use its best efforts to (a) register or qualify the Registrable Securities covered by the Registration Statement under such
securities or “blue sky” laws of such jurisdictions in the United States as the Holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may reasonably request and
(b) take such action as reasonably necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by such other governmental authorities as may be necessary by virtue of the business and
operations of the Trust and do any and all other acts and things that may be necessary or

  

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advisable to enable the Holders of Registrable Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided,
however, that the Trust shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this paragraph, consent to general service of process in any such jurisdiction or
subject itself to taxation in any such jurisdiction. 
 5.1.6 Agreements for Disposition. The Trust shall enter into
customary agreements (including, if applicable, an underwriting agreement in customary form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities. Such Holders
of Registrable Securities shall agree to such representations, warranties, covenants and indemnification and contribution obligations for selling shareholders as are customarily contained in agreements of that type used by the underwriters.

 5.1.7 Cooperation. (a) The management of the Trust shall cooperate fully in any offering of Registrable
Securities hereunder, which cooperation shall include, without limitation, the preparation of the Registration Statement with respect to such offering and all other offering materials and related documents, and participation in meetings with
underwriters, attorneys, accountants and potential purchasers, including without limitation, participation in any roadshow for an underwritten offering. 
 (b) The Trust shall, upon request, furnish to the lead underwriter of an underwritten offering of Registrable Securities, if any, without charge, at least one signed copy of each Registration Statement
and any post-effective amendment thereto, including financial statements and schedules, all documents incorporated therein by reference and all exhibits; and furnish to each Holder of Registrable Securities, without charge, at least one conformed
copy of each Registration Statement and any post-effective amendment thereto (without documents incorporated therein by reference or exhibits thereto, unless requested) and shall cooperate with the selling Holders of Registrable Securities and the
lead underwriter of an underwritten offering of Registrable Securities, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends; and enable such
Registrable Securities to be in such denominations (consistent with the provisions of the governing documents thereof) and registered in such names as the selling Holders or the lead underwriter of an underwritten offering of Registrable Securities,
if any, may reasonably request at least three business days prior to any sale of Registrable Securities. 
 5.1.8
Records. The Trust shall make available for inspection by the Holders of Registrable Securities included in such Registration Statement, any underwriter participating in any disposition pursuant to such Registration Statement and any
attorney, accountant or other professional retained by any Holder of Registrable Securities included in such Registration Statement or any underwriter (collectively, the “Inspectors”), all financial and other records, pertinent
corporate documents and properties of the Trust (collectively, the “Records”) as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and cause the Trust’s officers, trustees and
employees to supply all information reasonably requested by

  

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any of them in connection with such Registration Statement. Records which the Trust determines, in good faith, to be confidential and which it notifies the Inspectors are confidential shall
not be disclosed by the Inspectors unless (a) the disclosure of such Records is necessary to avoid or correct a misstatement or omission in such Registration Statement or (b) the release of such Records is ordered pursuant to a subpoena or
other order from a court of competent jurisdiction. Each Holder of Registrable Securities included in such Registration Statement agrees that information obtained by it as a result of such inspections shall be deemed confidential and shall not
be used by it as the basis for any market transactions in the securities of the Trust unless and until such is made generally available to the public. Each Holder of Registrable Securities included in such Registration Statement further agrees
that it will, upon learning that disclosure of such Records is sought in a court of competent jurisdiction, give notice to the Trust and allow the Trust, at its expense, to undertake appropriate action to prevent disclosure of the Records deemed
confidential. 
 5.1.9 Opinions and Comfort Letters. If a Registration Statement in respect of Registrable
Securities includes an underwritten offering, the Trust shall furnish (a) any opinion of counsel to the Trust delivered to any underwriter and (b) any comfort letter from the Trust’s independent public accountants delivered to any
underwriter, each in the form reasonably requested by counsel to such underwriter and shall furnish to each Holder of Registrable Securities included in such Registration Statement a signed counterpart, addressed to such Holder, of any such opinion
of counsel or comfort letter. 
 5.1.10 Earnings Statement. The Trust shall make available to its shareholders, as
soon as practicable but not more than 12 months after the effective date of the Registration Statement, an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder. 

5.1.11 Listing. To the extent any Registrable Securities are not then listed on an exchange, the Trust shall use its
reasonable best efforts to cause all Registrable Securities included in any Registration Statement to be listed on such exchanges or otherwise designated for trading in the same manner as similar securities issued by the Trust are then listed or
designated. 
 5.2. Obligation to Suspend Distribution. Upon receipt of any notice from the Trust of the happening
of any event of the kind described in Section 5.1.4(d), each Holder of Registrable Securities included in any registration shall immediately discontinue disposition of such Registrable Securities pursuant to the Registration Statement
covering such Registrable Securities until such Holder receives the supplemented or amended Prospectus contemplated by Section 5.1.4(d) and, if so directed by the Trust, each such Holder will destroy all copies, other than permanent file
copies then in such Holder’s possession, of the most recent Prospectus covering such Registrable Securities at the time of receipt of such notice. 
 5.3. Registration Expenses. The Trust shall pay the following costs and expenses incurred in connection with (a) any Demand Registration pursuant to Section 2 and (b) any
Piggy-Back Registration pursuant to Section 3, and all expenses incurred in performing or complying with its other obligations under this Agreement, whether or not the Registration

  

 13 

 
Statement becomes effective, including, without limitation: (i) all registration and filing fees; (ii) fees and expenses of compliance with securities or “blue sky” laws
(including fees and disbursements of counsel in connection with blue sky qualifications of the Registrable Securities); (iii) printing expenses; (iv) the fees and expenses incurred in connection with the listing of the Registrable
Securities as required by Section 5.1.11 ; (v) Financial Industry Regulatory Authority, Inc. fees; (vi) fees and disbursements of counsel for the Trust and fees and expenses for independent public accountants retained by the
Trust (including the expenses or costs associated with the delivery of any opinions or comfort letters requested pursuant to Section 5.1.9); and (vii) the fees and expenses of any special experts retained by the Trust in connection
with such Registration. The Trust shall have no obligation to pay any other costs or expenses in the course of any Registration contemplated hereby. The Trust shall have the right to exclude any Holder that does not agree to bear its expenses
(except as expressly provided in the second preceding sentence) from the applicable Registration. The obligation of the Trust to bear the expenses described in this Section 5.3 shall apply irrespective of whether a Registration becomes
effective, is withdrawn or suspended, is converted to another form of Registration and irrespective of when any of the foregoing shall occur. 
 5.4. Information. In connection with the filing of any Registration Statement covering Registrable Securities, the Holders of Registrable Securities shall provide such information as may
reasonably be requested by the Trust in connection with the preparation of any Registration Statement in order to effect the Registration of any Registrable Securities and in connection with the Trust’s obligation to comply with federal and
applicable state securities laws. If a Holder fails to provide such information after reasonably requested, the Trust may omit such Holder’s Registrable Securities from such Registration Statement. 
 6. Indemnification and Contribution. 
 6.1. Indemnification by the Trust. The Trust agrees to indemnify and hold harmless to the fullest extent permitted by law each Holder of Registrable Securities, and each of their respective
officers, employees, Affiliates, trustees, directors, partners, members, attorneys and agents, and each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act) such
Holder of Registrable Securities from and against any expenses, losses, judgments, claims, damages or liabilities (“Losses”) arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained
in any Registration Statement under which the sale of such Registrable Securities was registered under the Securities Act, Prospectus (including any preliminary Prospectus), or any amendment thereof or supplement thereto, or arising out of or based
upon any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein, in the case of the Prospectus in the light of the circumstances under which they were made, not misleading;
provided, however, that the Trust will not be liable in any such case to any Holder to the extent that any such Loss arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made
in such Registration Statement, Prospectus, or any such amendment thereof or supplement thereto, in reliance upon and in conformity with information furnished to the Trust, in writing, by such Holder expressly for use therein. 
  

 14 

 6.2. Indemnification by Holders of Registrable Securities. In connection with
any Registration Statement in which a Holder is participating and as a condition to such participation, each Holder of Registrable Securities agrees, severally and not jointly, to indemnify and hold harmless to the fullest extent permitted by law
the Trust, and each of its officers, employees, Affiliates, trustees and agents, and each Person who controls the Trust within the meaning of the Securities Act and each underwriter (if any), and each Person, if any, who controls such underwriter
within the meaning of the Securities Act, against any Losses, insofar as such Losses (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in any Registration
Statement under which the sale of such Registrable Securities was registered under the Securities Act, Prospectus (including any preliminary Prospectus), or any amendment thereof or supplement thereto, or arise out of or are based upon any omission
or alleged omission to state a material fact required to be stated therein or necessary to make the statement therein, in the case of the Prospectus in the light of the circumstances under which they were made, not misleading, if the statement or
omission was made in reliance upon and in conformity with information furnished in writing to the Trust by such Holder expressly for use therein. Each Holder’s indemnification obligations hereunder shall be several and not joint and shall
be limited to the amount of gross proceeds actually received by such Holder from sales of Registrable Securities giving rise to such obligations. 
 Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Trust or any Indemnified Party and shall survive the transfer of such securities by any
Holder. 
 6.3. Conduct of Indemnification Proceedings. Promptly after receipt by any Person of any notice of any
Loss or any action in respect of which indemnity may be sought pursuant to Section 6.1 or 6.2, such Person (the “Indemnified Party”) shall, if a claim in respect thereof is to be made against any other Person for
indemnification hereunder, notify such other Person (the “Indemnifying Party”) in writing of the Loss or action; provided, however, that the failure by the Indemnified Party to notify the Indemnifying Party shall not
relieve the Indemnifying Party from any liability which the Indemnifying Party may have to such Indemnified Party hereunder, except and solely to the extent the Indemnifying Party is actually and materially prejudiced by such failure. If the
Indemnified Party is seeking indemnification with respect to any claim or action brought against the Indemnified Party, then the Indemnifying Party shall be entitled to participate in such claim or action, and, to the extent that it wishes, jointly
with all other Indemnifying Parties, to assume control of the defense thereof with counsel reasonably satisfactory to the Indemnified Party. After notice from the Indemnifying Party to the Indemnified Party of its election to assume control of
the defense of such claim or action, the Indemnifying Party shall not be liable to the Indemnified Party for any legal or other expenses subsequently incurred by the Indemnified Party in connection with the defense thereof other than reasonable
costs of investigation; provided, however, that in any action in which both the Indemnified Party and the Indemnifying Party are named as defendants or if such Indemnified Party or parties determines in good faith that a conflict of
interest exists and that therefore it is advisable for such Indemnified Party or parties to be represented by separate counsel or that, upon advice of counsel, there may be legal defenses available to it or them which are different from or in
addition to those available to the Indemnifying Party, then the Indemnifying Party or parties shall not be entitled to assume such defense and the Indemnified Party or parties shall be

  

 15 

 
entitled to separate counsel at the Indemnifying Party’s or parties’ expense. If an Indemnifying Party or parties is not so entitled to assume the defense of such action or does
not assume such defense, after having received the notice referred to in the first sentence of this paragraph, the Indemnifying Party or parties will pay the reasonable fees and expenses of counsel for the Indemnified Party or parties (limited in
each jurisdiction to one counsel for all Indemnified Parties under this Agreement). The Indemnified Party shall have the right to employ separate counsel (but no more than one such separate counsel, which firm shall be designated in writing by
those Indemnified Parties who sold a majority of the Registrable Shares sold by all such Indemnified Parties) to represent the Indemnified Party or parties and their respective controlling Persons who may be subject to liability arising out of any
claim in respect of which indemnity may be sought by the Indemnified Party or parties against the Indemnifying Party or parties, with the fees and expenses of such counsel to be paid by such Indemnifying Party. No Indemnifying Party shall,
without the prior written consent of any Indemnified Party or parties, consent to entry of judgment or effect any settlement of any claim or pending or threatened proceeding in respect of which the Indemnified Party or parties are or could have been
a party and indemnity could have been sought hereunder by such Indemnified Party, unless such judgment or settlement includes an unconditional release of such Indemnified Party from all liability arising out of such claim or proceeding and does not
include any statement of admission of fault, culpability or failure to act by or on behalf of such Indemnified Party. 
 6.4.
Contribution. 
 6.4.1 If the indemnification provided for in this Section 6 is unavailable to any
Indemnified Party or insufficient to hold it harmless in respect of any Loss referred to herein, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party or parties, shall contribute to the amount paid or payable by such
Indemnified Party or parties as a result of such Loss in such proportion as is appropriate to reflect the relative fault of the Indemnified Parties and the Indemnifying Parties in connection with the actions or omissions which resulted in such Loss,
as well as any other relevant equitable considerations. The relative fault of any Indemnified Party and any Indemnifying Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to information supplied by such Indemnified Party or such Indemnifying Party and the parties’ relative intent, knowledge, access to information and opportunity to correct
or prevent such statement or omission. 
 6.4.2 The parties agree that it would not be just and equitable if contribution
pursuant to this Section 6.4 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding
Section 6.4.1. 
 6.4.3 The amount paid or payable by an Indemnifying Party as a result of any Loss shall be deemed
to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this
Section 6.4, no Holder of Registrable Securities shall be required to contribute any amount in excess of the dollar amount by which the gross proceeds actually received by such Holder from the sale of Registrable

  

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Securities exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No
Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
 6.4.4 The indemnity and contribution agreements contained in this Section 6 are in addition to any liability which the
Indemnifying Parties may otherwise have to the Indemnified Parties hereunder, under applicable law or at equity, and shall remain in full force and effect regardless of any investigation made by or on behalf of any Indemnified Party or any officer,
employee, Affiliate, trustee, director, partner, member, attorney, agent or controlling person of such Indemnified Party and shall survive the transfer of Registrable Securities. 
 7. Underwriting and Distribution. 
 7.1. Rule 144. At such
times as the Trust is obligated to file reports in compliance with either Section 13 or 15(d) of the Exchange Act, the Trust covenants that it shall file any reports required to be filed by it under the Securities Act or the Exchange Act
and shall take such further action as the Holders of Registrable Securities may reasonably request, all to the extent required from time to time to enable such Holders to sell Registrable Securities (subject to any contractual obligation of such
Holders to the contrary) without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 under the Securities Act, as such Rules may be amended from time to time, or any similar Rule or
regulation hereafter adopted by the Commission. Upon the request of any Holder, the Trust will deliver to such Holder a written statement as to whether it has complied with such requirements. 
 8. Miscellaneous. 
 8.1.
Assignment; No Third Party Beneficiaries. This Agreement and the rights, duties and obligations of the Trust hereunder may not be assigned or delegated by the Trust in whole or in part. This Agreement and the rights, duties and
obligations of the Holders of Registrable Securities hereunder may be freely assigned or delegated by such Holder of Registrable Securities in conjunction with and to the extent of (a) any transfer of Registrable Securities to any Affiliate of
Purchaser, or (b) any transfer of not less than 20% of the initial number of Registrable Securities issued to Purchaser at the closing under the Share Purchase Agreement to any Person (subject to any contractual obligation of such Holders to
the contrary). This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties hereto and their respective permitted successors and assigns; provided, however, that no such
transfer or assignment shall be binding upon or obligate the Trust to any such assignee, and no such assignee shall be deemed a Holder hereunder, unless and until the Trust shall have received written notice of such transfer or assignment as herein
provided and a written agreement of the assignee to be bound by the provisions of this Agreement. This Agreement is not intended to confer any rights or benefits on any Persons that are not party hereto other than as expressly set forth in
Article 6 and this Section 8.1. 
  

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 8.2. Notices. All notices, demands, requests, consents, approvals or other
communications required or permitted to be given hereunder or which are given with respect to this Agreement shall be in writing and shall be personally served, delivered by reputable overnight courier service with charges prepaid, or transmitted by
hand delivery, telex or facsimile, addressed as set forth below, or to such other address as such party shall have specified most recently by written notice. Notice shall be deemed given on the date of service or transmission if personally
served or transmitted by telex or facsimile; provided, however, that if such service or transmission is not on a Business Day or is after normal business hours, then such notice shall be deemed given on the next Business
Day. Notice otherwise sent as provided herein shall be deemed given on the next Business Day following timely delivery of such notice to a reputable overnight courier service with an order for next-day delivery. 
 To the Trust: 
 Chesapeake Lodging Trust 
 710 Route 46 East, Suite 206 
 Fairfield, NJ 07004 
 Facsimile: (201) 599-0527 
 Attention: Chief Financial Officer 
 To each Holder, at the address most recently provided by such Holder to the Trust with a copy to Latham & Watkins LLP, 233 South
Wacker Drive, Suite 5800, Chicago, Illinois 60606, Facsimile: (312) 993-9767, Attention: Michael A Pucker. 
 8.3.
Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision
hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as
may be possible that is valid and enforceable. 
 8.4. Counterparts. This Agreement may be executed by facsimile and
in multiple counterparts, and all of which taken together shall constitute one and the same instrument. 
 8.5. Entire
Agreement. This Agreement (including all agreements entered into pursuant hereto and all certificates and instruments delivered pursuant hereto and thereto) constitutes the entire agreement of the parties with respect to the subject matter
hereof and supersedes all prior and contemporaneous agreements, representations, understandings, negotiations and discussions among the parties, whether oral or written. 
 8.6. Modifications and Amendments. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to
departures from the provisions hereof may not be given unless the Trust has obtained the written consent of a Majority-In-Interest of Registrable Securities outstanding at such time. 
  

 18 

 8.7. Titles and Headings. Titles and headings of sections of this Agreement are
for convenience only and shall not affect the construction of any provision of this Agreement. 
 8.8. Waivers and
Extensions. Any party to this Agreement may waive any right, breach or default which such party has the right to waive, provided, that such waiver will not be effective against the waiving party unless it is in writing, is signed by
such party, and specifically refers to this Agreement. Waivers may be made in advance or after the right waived has arisen or the breach or default waived has occurred. Any waiver may be conditional. No waiver of any breach of any
agreement or provision herein contained shall be deemed a waiver of any preceding or succeeding breach thereof nor of any other agreement or provision herein contained. No waiver or extension of time for performance of any obligations or acts
shall be deemed a waiver or extension of the time for performance of any other obligations or acts. 
 8.9. Remedies
Cumulative. In the event that the Trust fails to observe or perform any covenant or agreement to be observed or performed under this Agreement, each Holder of Registrable Securities may proceed to protect and enforce its rights by suit in
equity or action at law, whether for specific performance of any term contained in this Agreement or for an injunction against the breach of any such term or in aid of the exercise of any power granted in this Agreement or to enforce any other legal
or equitable right, or to take any one or more of such actions, without being required to post a bond. None of the rights, powers or remedies conferred under this Agreement shall be mutually exclusive, and each such right, power or remedy shall
be cumulative and in addition to any other right, power or remedy, whether conferred by this Agreement or now or hereafter available at law, in equity, by statute or otherwise. 
 8.10. Governing Law; Jurisdiction. This Agreement shall for all purposes be deemed to be made under and shall be construed in
accordance with the internal laws of the State of New York without reference to its internal conflicts of laws principles. 
 8.11. Specific Performance. The parties hereto acknowledge that there would be no adequate remedy at law if any party fails to perform in any material respect any of its obligations hereunder, and accordingly agree that each
party, in addition to any other remedy to which it may be entitled at law or in equity, shall be entitled to compel specific performance of the obligations of any other party under this Agreement in accordance with the terms and conditions of this
Agreement in any court of the United States or any State thereof having jurisdiction, without the requirement of proving actual damages or posting a bond. 
 8.12. Holdback Agreement. In connection with an underwritten primary or secondary offering to the public conducted at any time following the IPO, each Holder of Registrable Securities agrees,
subject to any exceptions that may be agreed upon at the time of such offering, not to sell or otherwise transfer or dispose of any Registrable Securities (or other securities) of the Trust held by them (other than Registrable Securities included in
such offering in accordance with the terms hereof) for a period equal to the lesser of 60 days following the effective date of a Registration Statement of the Trust filed under the Securities Act or such shorter period as to which the managing
underwriter(s) shall agree; provided that each executive officer and member of the board of trustees of the Trust also agrees to such restrictions. Such agreement shall be in

  

 19 

 
writing in form reasonably satisfactory to the Trust and the managing underwriter. The Trust may impose stop-transfer instructions with respect to the Registrable Securities (or other
securities of the Trust) subject to the foregoing restriction until the end of said period. 
  

 20 

 IN WITNESS WHEREOF, the parties have caused this Registration Rights Agreement to be
executed and delivered as of the date first written above. 
  

			
	TRUST:
	
	CHESAPEAKE LODGING TRUST
		
	By:	 	  

		 	Name:
		 	Title:
	
	PURCHASER:
	
	HYATT CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

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