Document:

EXHIBIT 10.1

  
 Exhibit 10.1

  
 HOST MARRIOTT CORPORATION 
  
 Non-Employee Directors’ Deferred Stock Compensation Plan

  
 As Amended and Restated 
 Effective January 1, 2005 
  

 TABLE OF CONTENTS 
  

					
	 ARTICLE I
	  	 PURPOSE AND EFFECTIVE DATE
	  	1
			
	 1.1
	  	 Purpose
	  	1
	 1.2
	  	 Effective Date
	  	1
			
	 ARTICLE II
	  	 DEFINITIONS
	  	2
			
	 2.1
	  	 Board
	  	2
	 2.2
	  	 Code
	  	2
	 2.3
	  	 Committee
	  	2
	 2.4
	  	 Company
	  	2
	 2.5
	  	 Contribution Date
	  	2
	 2.6
	  	 Deferral Date
	  	2
	 2.7
	  	 Director
	  	2
	 2.8
	  	 Director Stock Awards
	  	2
	 2.9
	  	 Disability
	  	2
	 2.10
	  	 Exchange Act
	  	2
	 2.11
	  	 Fair Market Value
	  	2
	 2.12
	  	 Fees
	  	3
	 2.13
	  	 Participant
	  	3
	 2.14
	  	 Plan
	  	3
	 2.15
	  	 Secretary
	  	3
	 2.16
	  	 Separation from Service
	  	3
	 2.17
	  	 Shares
	  	3
	 2.18
	  	 Special One-Time Director Stock Awards
	  	3
	 2.19
	  	 Stock Units
	  	3
	 2.20
	  	 Stock Unit Account
	  	3
	 2.21
	  	 Year of Service
	  	3
			
	 ARTICLE III
	  	 SHARES AVAILABLE UNER THE PLAN
	  	4
			
	 ARTICLE IV
	  	 ADMINISTRATION
	  	5
			
	 ARTICLE V
	  	 ELIGIBILITY
	  	6
			
	 ARTICLE VI
	  	 DEFERRAL ELECTIONS IN LIEU OF CASH PAYMENTS
	  	7
			
	 6.1
	  	 General Rule
	  	7
	 6.2
	  	 Timing of Election
	  	7
	 6.3
	  	 Form of Election
	  	7
	 6.4
	  	 Establishment of Stock Unit Account
	  	7
	 6.5
	  	 Credit of Dividend Equivalents
	  	7

  

					
	 ARTICLE VII
	  	 DIRECTOR STOCK AWARDS
	  	8
			
	 7.1
	  	 Qualification and Amount
	  	8
	 7.2
	  	 Vesting
	  	8
			
	 ARTICLE VIII
	  	 SETTLEMENT OF STOCK UNITS
	  	9
			
	 8.1
	  	 Settlement of Account
	  	9
	 8.2
	  	 Payment Options
	  	9
	 8.3
	  	 Continuation of Dividend Equivalents
	  	9
	 8.4
	  	 In Kind Dividends
	  	9
	 8.5
	  	 Conversion and Payment of Director Stock Awards
	  	9
	 8.6
	  	 Voting and Dividend Rights
	  	9
			
	 ARTICLE IX
	  	 SPECIAL ONE-TIME DIRECTOR STOCK AWARDS
	  	10
			
	 ARTICLE X
	  	 UNFUNDED STATUS
	  	11
			
	 ARTICLE XI
	  	 DESIGNATION OF BENEFICIARY
	  	12
			
	 ARTICLE XII
	  	 ADJUSTMENT PROVISIONS
	  	13
			
	 ARTICLE XIII
	  	 PLAN CONSTRUCTION
	  	14
			
	 ARTICLE XIV
	  	 GENERAL PROVISIONS
	  	15
			
	 14.1
	  	 No Right to Continue as a Director
	  	15
	 14.2
	  	 No Shareholder Rights Conferred
	  	15
	 14.3
	  	 Change to the Plan
	  	15
	 14.4
	  	 Consideration
	  	15
	 14.5
	  	 Compliance with Laws and Obligations
	  	16
	 14.6
	  	 Limitations on Transferability
	  	16
	 14.7
	  	 Governing Law
	  	16
	 14.8
	  	 Plan Termination
	  	16

  

 HOST MARRIOTT CORPORATION 
 NON-EMPLOYEE DIRECTORS’ DEFERRED STOCK COMPENSATION PLAN 
  
 WHEREAS, Host Marriott Corporation sponsors the Host Marriott Corporation Non-Employee Directors’ Deferred Stock Compensation Plan (the Plan); and

  
 WHEREAS, HMC desires to amend and restate the Plan to comply
with the requirements of Section 409A of the Internal Revenue Code. 
  
 NOW, THEREFORE, Host Marriott Corporation hereby adopts this amendment and restatement of the Plan as provided herein, effective as of January 1, 2005. 
  

 ARTICLE I 
 PURPOSE AND EFFECTIVE DATE 
  
 1.1
Purpose. The Host Marriott Corporation Non-Employee Directors’ Deferred Stock Compensation Plan (the “Plan”) is intended to advance the interests of Host Marriott Corporation and its shareholders by providing
a means to attract and retain highly-qualified persons to serve as non-employee Directors and to promote ownership by non-employee Directors of a greater proprietary interest in Host Marriott Corporation, thereby aligning such Directors’
interests more closely with the interests of shareholders of Host Marriott Corporation. 
  
 1.2 Effective Date. This amendment and restatement of the Plan shall become effective as of January 1, 2005. 
  

 1 

 ARTICLE II 
 DEFINITIONS 
  
 The following terms shall
be defined as set forth below: 
  
 2.1 “Board” means the Board of
Directors of the Company. 
  
 2.2 “Code” means the Internal Revenue Code
of 1986, as amended and the regulations issued thereunder. 
  
 2.3
“Committee” has the meaning set forth in Section 4.1. 
  
 2.4
“Company” means Host Marriott Corporation, a Maryland corporation, or any successor thereto. 
  
 2.5 “Contribution Date” means the Contribution Date as defined in the Employee Benefits and Other Employment Matters Allocation Agreement between Host Marriott Corporation, Host Marriott, L.P. and Crestline
Capital Corporation. 
  
 2.6 “Deferral Date” has the meaning set forth
in Section 6.4. 
  
 2.7 “Director” means any individual who is a member
of the Board. 
  
 2.8 “Director Stock Awards” means the stock awards
described in Article VII of this Plan. 
  
 2.9 “Disability” means that a
Participant (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less
than twelve months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve months, receiving income
replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Participant’s employer. 
  
 2.10 “Exchange Act” means the Securities Exchange Act of 1934, as amended. References to any provision of the Exchange Act include rules thereunder and
successor provisions and rules thereto. 
  
 2.11 “Fair Market Value”
means the average of the highest and lowest quoted selling prices for the Shares on the relevant date, or (if there were no sales on such date) the average so computed on the nearest day before and the nearest day after the relevant date, as
reported in The Wall Street Journal or a similar publication selected by the Committee. 
  

 2 

 2.12 “Fees” means all or part of any retainer and/or fees payable to a non-employee Director in his or her
capacity as a Director. 
  
 2.13 “Participant” means a Director who is
not employed by the Company or its affiliates and who is approved by the Board to participate in this Plan. 
  
 2.14 “Plan” has the meaning set forth in Section 1.1. 
  
 2.15 “Secretary” means the Corporate Secretary or any Assistant Corporate Secretary of the Company. 
  
 2.16 “Separation from Service” shall have the meaning set forth in Section 409A of the Code. 
  
 2.17 “Shares” means shares of the common stock of Company, par value $1.00 per share, for the period before the Contribution Date,
and shares of the Company, par value $0.01 per share, for the period beginning on or after the Contribution Date. 
  
 2.18 “Special One-Time Director Stock Awards” means the stock awards described in Article IX of this Plan. 
  
 2.19 “Stock Units” means the credits to a Participant’s Stock Unit Account
under Article VI of this Plan, each of which represents the right to receive one Share upon settlement of the Stock Unit Account. 
  
 2.20 “Stock Unit Account” means the bookkeeping account established by the Company pursuant to Section 6.4. 
  
 2.21 “Year of Service” means service as a Director for a twelve (12) consecutive
month period commencing on the date on which the Director is first elected or appointed to the Board of Directors. 
  

 3 

 ARTICLE III 
 SHARES AVAILABLE UNDER THE PLAN 
  
 Subject to adjustment as provided in Article XII, the maximum number of Shares that may be distributed in settlement of Stock Unit Accounts under this Plan shall not exceed 500,000. Such Shares may include authorized but unissued Shares or
treasury Shares. 
  

 4 

 ARTICLE IV 
 ADMINISTRATION 
  
 4.1 This Plan shall be
administered by the Board’s Compensation Policy Committee (the “Committee”), or such other committee which shall be composed of “Non-Employee Directors” within the meaning of Rule 16b-3 under the Exchange Act as may be
designated by the Board. Notwithstanding the foregoing, no Director who is a Participant under this Plan shall participate in any determination relating solely or primarily to his or her own Shares, Stock Units or Stock Unit Account. 
  
 4.2 It shall be the duty of the Committee to administer this Plan in accordance with its
provisions and to make such recommendations of amendments or otherwise as it deems necessary or appropriate. 
  
 4.3 The Committee shall have the authority to make all determinations it deems necessary or advisable for administering this Plan, subject to the limitations in Section 4.1 and other explicit provisions of this Plan.

  

 5 

 ARTICLE V 
 ELIGIBILITY 
  
 5.1 Each Director who is
not an employee of the Company or its affiliates shall be eligible to defer Fees under Article VI of this Plan and to receive Director Stock Awards under Article VII of this Plan. 
  
 5.2 If such Director subsequently becomes an employee of the Company (or any of its subsidiaries), but does not incur a Separation from
Service, such Director shall (a) continue as a Participant with respect to Fees previously deferred and (b) cease eligibility with respect to all future Fees, if any, earned while an employee and with respect to any further Director Stock Awards.

  
 5.3 This Section 5.3 shall be effective as of the date the ownership limit of
Article VIII of Host Marriott Corporation’s Articles of Amendment and Restatement of Articles of Incorporation become effective. Notwithstanding any other provision to the contrary, a Director shall not be eligible to participate in the Plan
and shall cease to be a Participant, to the extent such Director was a Participant immediately before the application of this Section 5.3 to such Director, if the participation of such Director would violate the ownership limits set forth in Article
VIII of Host Marriott Corporation’s Articles of Amendment and Restatement of Articles of Incorporation. 
  

 6 

 ARTICLE VI 
 DEFERRAL ELECTIONS IN LIEU OF CASH PAYMENT 
  
 6.1 General Rule. Each Director may, in lieu of receipt of Fees, defer such Fees in accordance with this Article VI, provided that such Director is eligible under Article V of this Plan to defer such Fees at the date any such
Fees are otherwise payable. 
  
 6.2 Timing of Election. Each
eligible Director who wishes to defer Fees under this Plan must make an irrevocable written election prior to the start of the calendar year for which the Fees would otherwise be paid; provided, however, that with respect to any election made by a
newly-elected or appointed Director, the following special rule shall apply: The election must be made with respect to services to be performed subsequent to the election within 30 days after the date the Director becomes eligible to participate in
the Plan. An election by a Director shall be deemed to be continuing and therefore applicable to Fees to be paid in future years unless the Director revokes or changes such election by filing a new election form prior to the start of the calendar
year for which the Fees would otherwise be paid or ceases to be a Participant in accordance with Section 5.3. 
  
 6.3 Form of Election. An election shall be made by completing and filing the specified election form with the Secretary of the Company within the period described in Section 6.2. At minimum, the form
shall require the Director to specify the following: 
  
 (a) a
percentage of the Fees to be deferred into the Stock Unit Account; and 
  
 (b) the manner of settlement in accordance with Section 8.2. 
  
 In the
event Directors’ Fees are increased or decreased during any calendar year, a Participant’s election in effect for such year will apply to the specified percentage of Fees as increased or decreased. 
  
 6.4 Establishment of Stock Unit Account. The Company will establish a Stock
Unit Account for each Participant. All Fees deferred pursuant to this Article VI shall be credited to the Participant’s Stock Unit Account as of the date the Fees would otherwise have been paid to the Participant (the “Deferral Date”)
and converted to Stock Units as follows: The number of Stock Units shall equal the deferred Fees divided by the Fair Market Value of a Share on the Deferral Date, with fractional units calculated to at least three (3) decimal places. 
  
 6.5 Credit of Dividend Equivalents. As of each dividend payment date with
respect to Shares, each Participant shall have credited to his or her Stock Unit Account an additional number of Stock Units equal to (a) the per-share cash dividend payable with respect to a Share on such dividend payment date, (b) multiplied by
the number of Stock Units held in the Stock Unit Account as of the close of business on the record date for such dividend, (c) divided by the Fair Market Value of a Share on such dividend payment date. If dividends are paid on Shares in a form other
than cash, then such dividends shall be notionally converted to cash, if their value is readily determinable, and credited in a manner consistent with the foregoing formula and, if their value is not readily determinable, shall be credited “in
kind” to the Participant’s Stock Unit Account. 
  

 7 

 ARTICLE VII 
 DIRECTOR STOCK AWARDS 
  
 7.1
Qualification and Amount. Effective as of the annual meeting of Shareholders on May 14, 1997, Participants will be entitled to receive an annual Director Stock Award equal to seven hundred and fifty (750) Shares. Commencing with the
annual meeting on May 20, 1999, Participants will be entitled to receive, effective immediately following each annual meeting of Shareholders, an annual Director Stock Award equal to the number of Shares derived by dividing (a) the amount of the
annual retainer fee to be paid to Participants for the year in question by (b) the Fair Market Value of a Share on the date immediately preceding the date of the annual meeting. Notwithstanding any other provision, however, a Participant shall not
be entitled to receive an annual Director Stock Award if such award would violate the ownership limits set forth in Section 5.3. 
  
 7.2 Vesting. A Participant’s annual Director Stock Award will be fully vested and nonforfeitable when granted. 
  

 8 

 ARTICLE VIII 
 SETTLEMENT OF STOCK UNITS AND DIRECTOR STOCK AWARDS 
  
 8.1 Settlement of Account. The Company will settle a Participant’s Stock Unit Account in the manner described in Section 8.2 as soon as administratively feasible following notification of such
Participant’s Separation from Service. 
  
 8.2 Payment Options.
An election filed under Article VI shall specify whether the Participant’s Stock Unit Account is to be settled by delivering to the Participant (or his or her beneficiary) the number of Shares equal to the number of whole Stock Units then
credited to the Participant’s Stock Unit Account, in (a) a lump sum, or (b) substantially equal annual installments over a period not to exceed ten (10) years. If, upon lump sum distribution or final distribution of an installment, less than
one whole Stock Unit is credited to a Participant’s Stock Unit Account, cash will be paid in lieu of fractional shares on the date of such distribution 
  
 8.3 Continuation of Dividend Equivalents. If payment of Stock Units is deferred and paid in installments, the Participant’s Stock Unit Account shall
continue to be credited with dividend equivalents as provided in Section 6.5. 
  
 8.4 In Kind Dividends. If any “in kind” dividends were credited to the Participant’s Stock Unit Account under Section 6.5, such dividends shall be payable to the Participant in full on the date of the first
distribution of Shares under Section 8.2. 
  
 8.5 Conversion and Payment of
Director Stock Awards. The Company will convert Director Stock Awards into Shares upon a Participant’s Termination of Service. The Company will distribute Director Stock Awards, pursuant to the Participant’s written, irrevocable
election submitted in advance of the grant of each Director Stock Award, in either (a) one lump-sum distribution or (b) substantially equal annual installments over a ten (10) year period. 
  
 8.6 Voting and Dividend Rights. A Participant will have voting and dividend
rights with respect to the Shares attributable to the conversion of Director Stock Awards once converted in accordance with Section 8.5 whether or not some or all of the Shares have been distributed to the Participant. 
  

 9 

 ARTICLE IX 
 SPECIAL ONE-TIME DIRECTOR STOCK AWARDS 
  
 9.1 Special One-Time Director Stock Awards. Subject to Section 9.2, Participants who are Directors as of May 1, 1997, will receive a Special One-Time Director Stock Award as follows: 
  

			
	 Name of Director

	  	 Special One-Time
Director Stock Award

	 R. Theodore Ammon
	  	4,000 Shares
	 Robert M. Baylis
	  	7,000 Shares
	 Ann Dore McLaughlin
	  	7,000 Shares
	 Harry L. Vincent, Jr.
	  	7,000 Shares

  
 9.2 Vesting. An eligible
Participant’s Special One-Time Director Stock Award will become vested and nonforfeitable with respect to ten percent (10%) of the Special One-Time Director Stock Award for each Year of Service completed by such Participant, including Years of
Service prior to the date of grant of the Special One-Time Director Stock Award. A Participant’s Special One-Time Director Stock Award will become fully vested and nonforfeitable upon the Participant’s death or Disability. 
  
 9.3 Conversion and Payment of Special One-Time Director Stock Awards. The
Company will convert Special One-Time Director Stock Awards into Shares upon an eligible Participant’s Separation from Service. The Company will distribute Special One-Time Director Stock Awards, pursuant to the Participant’s written,
irrevocable election submitted to the Secretary of the Company by May 14, 1997, in either (a) one lump-sum distribution or (b) substantially equal annual installments over a ten (10) year period. 
  

 10 

 ARTICLE X 
 UNFUNDED STATUS 
  
 The
interest of each Participant in any Fees deferred under this Plan (and any Stock Units or Stock Unit Account relating thereto) or in any Director Stock Award or in any Special One-Time Director Stock Award shall be that of a general creditor of the
Company. Stock Unit Accounts, and Stock Units (and, if any, “in kind” dividends) credited thereto, Director Stock Awards and Special One-Time Director Stock Awards shall at all times be maintained by the Company as bookkeeping entries
evidencing unfunded and unsecured general obligations of the Company. 
  

 11 

 ARTICLE XI 
 DESIGNATION OF BENEFICIARY 
  
 Each Participant may designate, on a form provided by the Committee, one or more beneficiaries to receive the Shares described in Sections 8.2, 8.5 or 9.3 in the event of such Participant’s death. The Company may rely upon the
beneficiary designation last filed with the Committee, provided that such form was executed by the Participant or his or her legal representative and filed with the Committee prior to the Participant’s death. 
  

 12 

 ARTICLE XII 
 ADJUSTMENT PROVISIONS 
  
 In the event any recapitalization, reorganization, merger, consolidation, spin-off, combination, repurchase, exchange of shares or other securities of the Company, stock split or reverse split, or similar corporate transaction or event
affects Shares such that an adjustment is determined by the Board or Committee to be appropriate to prevent dilution or enlargement of Participants’ rights under this Plan, then the Board or Committee will make an adjustment, if any, determined
in its sole discretion to be appropriate or necessary, in the number or kind of Shares to be delivered upon settlement of Stock Unit Accounts, Director Stock Awards or Special One-Time Director Stock Awards under Articles VIII or IX. 
  

 13 

 ARTICLE XIII 
 PLAN CONSTRUCTION 
  
 It is
the intent of the Company that this Plan comply in all respects with applicable provisions of Rule l6b-3 under the Exchange Act in the connection with the deferral of Fees so that Participants will be entitled to the benefits of Rule 16b-3 or other
exemptive rules under Section 16 of the Exchange Act and will not be subjected to avoidable liability thereunder. Any contrary interpretation of the Plan shall be avoided. 
  

 14 

 ARTICLE XIV 
 GENERAL PROVISIONS 
  
 14.1 No Right
to Continue as a Director. Nothing contained in this Plan will confer upon any Participant any right to continue to serve as a Director. 
  
 14.2 No Shareholder Rights Conferred. Except for dividend equivalents under Section 6.5 and voting and dividend rights under Section 8.6, nothing contained
in this Plan will confer upon any Participant any rights of a shareholder of the Company unless and until Shares are in fact converted, issued or transferred to such Participant in accordance with Article VIII. 
  
 14.3 Change to the Plan. The Board may amend, alter, suspend, discontinue or
terminate the Plan without the consent of shareholders or Participants, except that any such action will be subject to the approval of the Company’s shareholders at the next annual meeting of shareholders having a record date after the date
such action was taken if such shareholder approval is required by any federal or state law or regulation or the rules of any stock exchange or automated quotation system on which the Shares may then be listed or quoted or if the Board determines in
its discretion to seek such shareholder approval. Notwithstanding anything to the contrary in the Plan, if and to the extent the Company shall determine that the terms of the Plan may result in the failure of the Plan, or amounts deferred by or for
any Participant under the Plan, to comply with the requirements of Section 409A of the Code, or any applicable regulations or guidance promulgated by the Secretary of the Treasury in connection therewith, the Company shall have authority to take
such action to amend, modify, cancel or terminate the Plan or distribute any or all of the amounts deferred by or for a Participant, as it deems necessary or advisable, including without limitation: 
  
 (i) Any amendment or modification of the Plan to conform the
Plan to the requirements of Section 409A of the Code or any regulations or other guidance thereunder (including, without limitation, any amendment or modification of the terms of any applicable to any Participant’s Accounts regarding the timing
or form of payment). 
  
 (ii) Immediate payment
to the Participant of the amount otherwise payable to such Participant. 
  
 Any
such amendment, modification, cancellation, or termination of the Plan may adversely affect the rights of a Participant without the Participant’s consent. 
  

14.4 Consideration. The consideration for Shares issued or delivered in lieu of payment of Fees will be the Director’s service during the period to
which the Fees paid in the form of Shares related. 
  

 15 

 14.5 Compliance with Laws and Obligations. The Company will not be obligated to issue or deliver Shares in
connection with this Plan in a transaction subject to the registration requirements of the Securities Act of 1933, as amended, or any other federal or state securities or tax law, any requirement under any listing agreement between the Company and
any national securities exchange or automated quotation system or any other laws, regulations, the Company’s Articles of Amendment and Restatement of Articles of Incorporation, or contractual obligations of the Company, until the Company is
satisfied that such laws, regulations and other obligations of the Company have been complied with in full. Certificates representing Shares delivered under the Plan will be subject to such stop-transfer orders and other restrictions as may be
applicable under such laws, regulations and other obligations of the Company, including any requirement that a legend or legends be placed thereon. 
  
 14.6 Limitations on Transferability. Stock Units, Director Stock Awards, Special One-Time Director Stock Awards and any other right under the Plan that may
constitute a “derivative security’ as generally defined in Rule 16a-l(c) under the Exchange Act will not be transferable by a Participant except by will or the laws of descent and distribution (or to a designated beneficiary in the event
of a Participant’s death); provided, however, that such rights may be transferred to one or more trusts or other beneficiaries during the lifetime of the Participant in connection with the Participant’s estate planning, but only if and to
the extent then permitted under Rule 16b-3 and consistent with the terms of this Plan (including, but not limited to, the requirements of Section 5.3), the registration of the offer and sale of Shares on Form S-8 or a successor registration form of
the Securities and Exchange Commission. Stock Units, Director Stock Awards, Special One-Time Director Stock Awards and other rights under the Plan may not be pledged, mortgaged, hypothecated or otherwise encumbered, and shall not be subject to the
claims of creditors. 
  
 14.7 Governing Law. The validity,
construction and effect of the Plan and any agreement hereunder will be determined in accordance with the Delaware General Corporation Law, to the extent applicable, other laws (including those governing contracts) of the State of Maryland, without
giving effect to principles of conflicts of laws, and applicable federal law. 
  
 14.8 Plan Termination. Unless earlier terminated by action of the Board or Executive Committee of the Board, the Plan will remain in effect until such time as no Shares remain available for delivery under the Plan and the
Company has no further rights or obligations under the Plan. 
  

 16 

 CERTIFICATE OF SECRETARY 
  
 I, the undersigned secretary of Host Marriott Corporation (the “Corporation”), do hereby certify that the attached
copy of the Host Marriott Corporation Non-Employee Directors’ Deferred Stock Compensation Plan as amended and restated (the “Plan”) is a true and correct copy of the Plan and that there have been no amendments or modifications to the
Plan that are not reflected in this copy. 
  
 IN WITNESS WHEREOF,
I have hereunto set my hand and seal of Host Marriott Corporation as of the      day of December, 2004. 
  

	
	
	 
	 Elizabeth A. Abdoo

	 Secretary

  

 17EXHIBIT 10.2

  
 Exhibit 10.2

  
 HOST MARRIOTT, L.P. 
  
 Executive Deferred Compensation Plan 
  
 (A Plan of Nonqualified Deferred Compensation) 
  
 As Amended and Restated 
 Effective January 1, 2005 

 TABLE OF CONTENTS 
  

					
	 I.
	  	 Introduction
	  	4
			
	 II.
	  	 Definitions
	  	5
			
	 III.
	  	 Eligibility & Participation
	  	10
			
	 IV.
	  	 Elections, Deferrals & Matching Contributions
	  	11
			
	 V.
	  	 Accounts & Account Crediting
	  	13
			
	 VI.
	  	 Vesting
	  	15
			
	 VII.
	  	 Distributions
	  	16
			
	 VIII.
	  	 Administration & Claims Procedure
	  	19
			
	 IX.
	  	 Amendment, Termination & Reorganization
	  	23
			
	 X.
	  	 General Provisions
	  	25

  

 2 

 HOST MARRIOTT, L.P. 
  
 PREAMBLE 
  
 WHEREAS, Host Marriott, L.P. sponsors the Host Marriott, L.P. Executive Deferred Compensation Plan, as amended and restated January 31, 2002 (the
“Plan”); and 
  
 WHEREAS, pursuant to Section 6.3 of the
Plan the Board of Directors reserves the right to amend the Plan at any time; and 
  
 WHEREAS, as a result of the enactment of Section 409A of the Internal Revenue Code (as part of the American Jobs Creation Act of 2004), it has become necessary to make certain changes to the Plan and desirable to make
others; and 
  
 WHEREAS, Host Marriott, L.P. intends to comply
fully with the requirements of Section 409A of the Code, and Treasury regulations to be issued from time to time interpreting the statute; and 
  
 NOW, THEREFORE, set forth herein are the terms of the Plan, as amended and restated effective January 1, 2005, for the benefit of certain key executives
of the Employer. The terms and conditions in effect prior to the effective date of this amended and restated Plan remain in effect with regard to Accounts of Participants that were established prior to the effective date, subject, however, to any
modifications that may be necessary or desirable to comply with Treasury regulations to be issued governing the transitioning of plans covered by Code Section 409A. 
  

 3 

 ARTICLE I—INTRODUCTION 
  

	1.1	Name. 

  
 The name of this Plan is the Host Marriott, L.P. Executive Deferred Compensation Plan (the Plan). 
  

	1.2	Purpose. 

  
 The purpose of the Plan is to offer Participants the opportunity to defer voluntarily current Compensation for retirement income and other significant future financial needs for themselves, their families and other
dependents, and to provide the Employer, if appropriate, a vehicle to address limitations on its contributions under any tax-qualified defined contribution plan. This Plan is intended to be a nonqualified “top-hat” plan; that is, an
unfunded plan of deferred compensation maintained for a select group of management or highly compensated employees pursuant to Sections 201(2), 301(a)(3), and 401(a)(1) of ERISA, and an unfunded plan of deferred compensation under the Code.

  

	1.3	Interpretation. 

  
 Throughout the Plan, certain words and phrases have meanings, which are specifically defined for purposes of the Plan. These words and phrases can be identified in that
the first letter of the word or words in the phrase is capitalized. The definitions of these words and phrases are set forth in Article II and elsewhere in the Plan document. Wherever appropriate, pronouns of any gender shall be deemed synonymous,
as shall singular and plural pronouns. Headings of Articles and Sections are for convenience or reference only, and are not to be considered in the construction or interpretation of the Plan. The Plan shall be interpreted and administered to give
effect to its purpose in Section 1.3 and to qualify as a nonqualified, unfunded plan of deferred compensation. In addition, the Plan is designed to provide a benefit that is not a “contingent”, as such term is defined and applied in
Treasury Regulation Section 401(k)-1(e)(6), upon a Participant’s making elective contributions to the Qualified Retirement Plan. Both the form and the operation of the Plan shall be interpreted to assure compliance with such Regulation, or its
successor, as amended from time to time. 
  

 4 

 ARTICLE II—DEFINITIONS 
  

	2.1	Generally. 

  
 Certain words and phrases are defined when first used in later paragraphs of this Agreement. Unless the context clearly indicates otherwise, the following words and phrases when used in this Agreement shall have the
following respective meanings: 
  

	2.2	Account. 

  
 “Account” shall mean the interest of a Participant in the Plan as represented by the hypothetical bookkeeping entries kept by the Employer for each Participant. Each Participant’s interest may be
divided into one or more separate accounts or sub-accounts, including the Participant Deferral Account and the Matching Contribution Account, which reflect not only the Contributions into the Plan, but also gains and losses, and income and expenses
allocated thereto, as well as distributions or any other withdrawals. The value of these accounts or sub-accounts shall be determined as of the Valuation Date. The existence of an account or bookkeeping entries for a Participant (or his Designated
Beneficiary) does not create, suggest or imply that a Participant, Designated Beneficiary, or other person claiming through them under this Plan, has a beneficial interest in any asset of the Employer. 
  

	2.3	Agreement. 

  
 “Agreement” shall mean this agreement, together with any and all amendments or restatements thereto. 
  

	2.4	Balance. 

  
 “Balance” shall mean the total of Contributions and Deemed Earnings credited to a Participant’s Account under Article V, as adjusted for distributions or other withdrawals in accordance with the terms
of this Plan and the standard bookkeeping rules established by the Employer. 
  

	2.5	Board Committee. 

  
 “Board Committee” shall mean the Compensation Committee of the Employer’s Board of Directors, or such other Committee of the Board as may be delegated with
the duty of determining Participant eligibility under the Plan. 
  

	2.6	Board of Directors. 

  
 “Board of Directors” or “Board” shall mean the Board of Directors of the Employer. 
  

	2.7	Change of Control. 

  
 “Change of Control” shall have the meaning set forth in Code Section 409A. 
  

 5 

	2.8	Code. 

  
 “Code” shall mean the Internal Revenue Code of 1986 and the regulations issued thereunder, as amended from time to time. 
  

	2.9	Committee. 

  
 “Committee” shall mean the person or persons described in Article VIII who are charged with the day-to-day administration and operation of the Plan. 
  

	2.10	Compensation. 

  
 “Compensation” shall mean the base or regular cash salary payable to an Employee by the Employer, as well as incentives or bonuses payable to an Employee by the Employer, commissions payable to an Employee
by the Employer, including any such amounts which are not includible in the Participant’s gross income under Sections 125, 401(k), 402(h) or 403(b) of the Internal Revenue Code of 1986, as amended. 
  

	2.11	Contributions. 

  
 “Contributions” shall mean the total of Participant Deferrals and Matching Contributions pursuant to Article IV, which represent each Participant’s credits
to his Account. 
  

	2.12	Deemed Earnings. 

  
 “Deemed Earnings” shall mean the gains and losses (realized and unrealized), and income and expenses credited or debited to Contributions based upon the Deemed
Crediting Options in a Participant’s Account as of any Valuation Date. 
  

	2.13	Deemed Crediting Options. 

  
 “Deemed Crediting Options” shall mean the hypothetical options made available to Plan Participants by the Employer for the purposes of determining the proper
crediting of gains and losses, and income and expenses to each Participant’s Account, subject to procedures and requirements established by the Committee. A Participant may reallocate his Account among such Deemed Crediting Options periodically
at such frequency and upon such terms as the Committee may determine from time to time. 
  

	2.14	Deferral Election Form. 

  
 “Deferral Election Form” or “Annual Deferral Election Form” shall mean that written agreement of a Participant. The Deferral Election Form shall be in
such form or forms as may be prescribed by the Committee, filed annually with the Employer, according to procedures and at such times as established by the Committee. Among other information the Committee may require of the Participant for proper
administration of the Plan, such agreement shall establish the Participant’s election to defer Compensation for a Plan Year under the Plan; the amount of the deferral into the 

  

 6 

 
Plan for the Plan Year; the Participant’s elections as to distribution of his Account, and the allocation of his Accounts among the Deemed Crediting
Options provided under the Plan; and the Designated Beneficiary. 
  

	2.15	Designated Beneficiary. 

  
 “Designated Beneficiary” or “Beneficiary” shall mean the person, persons or trust specifically named to be a direct or contingent recipient of all or
a portion of a Participant’s benefits under the Plan in the event of the Participant’s death prior to the distribution of his full Account Balance. Such designation of a recipient or recipients may be made and amended, at the
Participant’s discretion, on the Deferral Election Form and according to procedures established by the Committee. No beneficiary designation or change of Beneficiary shall become effective until received and acknowledged by the Employer. In the
event a Participant does not have a beneficiary properly designated, the beneficiary under this Plan shall be the Participant’s estate. 
  

	2.16	Disability. 

  
 “Disability” shall have the meaning set forth in Code Section 409A. 
  

	2.17	Effective Date. 

  
 “Effective Date” of the Plan, as amended and restated, shall mean January 1, 2005. 
  

	2.18	Eligible Employee. 

  
 “Eligible Employee” shall mean a person who (for any Plan Year or portion thereof) is: (1) an Employee of the Employer; (2) subject to US income tax laws; (3) a
member of a select group of management or a highly compensated employee of the Employer; and (4) an executive having a title of Executive or Senior Vice President or higher with Compensation in excess of $210,000 annually, which such amount may be
adjusted from time to time by the Committee to reflect cost of living increases. 
  

	2.19	Employee. 

  
 “Employee” shall mean a full time common law employee of the Employer. 
  

	2.20	Employer. 

  
 “Employer” shall mean Host Marriott, L.P. and any corporate successors and assigns, unless otherwise provided herein. 
  

	2.21	ERISA. 

  
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time. 
  

 7 

	2.22	Key Employee. 

  
 “Key Employee” shall mean any Participant who is (i) one of the top-fifty most highly compensated officers with annual compensation in excess of $130,000 (as adjusted from time to time by Treasury
regulations); (ii) a five percent owner of the Employer; or (iii) a one percent owner of the Employer with annual compensation in excess of $150,000 (as adjusted from time to time by Treasury regulations) of a publicly traded corporation.

  

	2.23	Leave of Absence. 

  
 “Leave of Absence” shall mean a period of time, not to exceed twelve (12) consecutive calendar months during which time a Participant shall not be an active
Employee of the Employer, but shall be treated for purposes of this Plan as in continuous service with the Employer. A Leave of Absence may be either paid or unpaid, but must be agreed to in writing by both the Employer and the Participant. Unless
otherwise required by Code Section 409A a Leave Of Absence that continues beyond the twelve (12) consecutive months shall be treated as a Separation from Service as of the first business day of the thirteenth month for purposes of the Plan.

  

	2.24	Matching Contribution. 

  
 “Matching Contribution” shall mean an amount credited to a Participant’s Account in accordance with Section 4.4. 
  

	2.25	Matching Contribution Account. 

  
 “Matching Contribution Account” shall mean that portion of a Participant’s Account established to record Matching Contributions on behalf of a Participant.

  

	2.26	Participant. 

  
 “Participant” shall mean an Eligible Employee who participates in the Plan under Article III; a former Eligible Employee who has participated in the Plan and continues to be entitled to a benefit (in the
form of an undistributed Account Balance) under the Plan, and any former Eligible Employee who has participated in the Plan under Article III and has not yet exceeded any Leave of Absence. 
  

	2.27	Participant Deferral. 

  
 “Participant Deferral” shall mean voluntary Participant deferral amounts, which could have been received currently but for the election to defer and are
credited to his Account for later distribution, subject to the terms of the Plan. 
  

 8 

	2.28	Participant Deferral Account. 

  
 “Participant Deferral Account” shall mean that portion of a Participant’s Account established to record Participant Deferrals on behalf of a Participant.

  

	2.29	Performance-Based Compensation. 

  
 “Performance-Based Compensation” shall mean compensation that is (i) variable and contingent on the satisfaction of pre-established organizational or individual
performance criteria; (ii) not readily ascertainable at the time; and (iii) based on services performed over a period of at least twelve months. 
  

	2.30	Plan Year. 

  
 “Plan Year” shall mean the twelve (12) consecutive month period constituting a calendar year, beginning on January 1 and ending on December 31. However, in any partial year of the Plan that does not begin on
January 1, “Plan Year” shall also mean the remaining partial year ending on December 31. 
  

	2.31	Qualified Retirement Plan. 

  
 “Qualified Retirement Plan” shall mean the Retirement and Savings Plan and Trust sponsored by the Employer. 
  

	2.32	Separation from Service. 

  
 “Separation from Service” shall mean a Participant’s separation from service as an Employee with the Employer as defined in Code Section 409A, other than
for death, or Disability, or Leave of Absence. A transfer of employment within and among the Employer and any member of a controlled group, as provided in Code Section 409A(d)(6), shall not be deemed a Separation from Service. 
  

	2.33	Unforeseeable Emergency. 

  
 “Unforeseeable Emergency” shall mean a severe financial hardship to the Participant, the Participant’s spouse, or a dependent (as defined in Section 152(a)
of the Code) of the participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant as defined by Code Section
409A. 
  

	2.34	Valuation Date. 

  
 “Valuation Date” shall mean the close of each business day, as established and amended from time to time by guidelines and procedures of the Committee in its
sole and exclusive discretion. 
  

 9 

 ARTICLE III—ELIGIBILITY & PARTICIPATION 
  

	3.1	Eligibility Requirements. 

  
 Only an Eligible Employee may become a Participant in this Plan. Moreover, a Participant shall not be permitted to make new Participant Deferrals to the Plan, if he
ceases to be an Eligible Employee because he is no longer a member a select group of management or highly compensated employees, or otherwise. The Board Committee shall notify an Eligible Employee of his eligibility for a Plan Year in such form as
it may determine most appropriate. Current Participants remain eligible until notified otherwise. 
  

	3.2	Participation. 

  
 An Eligible Employee shall become a Participant in the Plan by the completion and timely filing with and subsequent acceptance by, the Employer of the Deferral Election
Form, in such form and according to the terms and conditions established by the Committee. A Participant (or any Designated Beneficiary who becomes entitled) remains a Participant as to his Account until his Account Balance is fully distributed
under the terms of the Plan. 
  

 10 

 ARTICLE IV—ELECTIONS, DEFERRALS & MATCHING CONTRIBUTIONS 
  

	4.1	Participant Election to Defer Compensation. 

  

	A.	Prior to December 31 or an earlier date set by the Committee, a Participant may elect to defer Compensation for services to be performed in the next following Plan Year by the
execution and timely filing, and Employer’s acceptance of, a Deferral Election Form in such form and according to such procedures as the Committee may prescribe from time to time. Each such Deferral Election Form shall be effective for the Plan
Year to which the Deferral Election Form pertains. However, no Deferral Election Form shall be accepted unless a Participant has first elected to defer the maximum amount of Compensation permitted by Code Sections 401(k), 402(g), and 415 under the
Qualified Retirement Plan. 

  

	B.	Each Participant may elect annually to have his Compensation for the Plan Year reduced by a stated amount or a whole percentage that is not more than one hundred percent
(100%). The amount deferred under the Plan shall be only the amount of such elected deferral that is in excess of the amount first deferred into the Qualified Retirement Plan. The amount deferred shall be credited to the Participant’s Account
as provided in Article V. 

  

	C.	An election to defer Performance-Based Compensation may be made at such time and in such manner as the Committee may specify, but in any event not later than six months before the
end of the period for which it is earned. 

  

	D.	Under such Deferral Election Form, a Participant shall indicate the amount of such Participant Deferral; designate and allocate such Participant Deferral in or among the elective
distribution Account option(s); and, allocate such Accounts among the various Deemed Crediting Options. The Deferral Election Form shall also permit a Participant to elect to receive the amounts deferred in such Plan Year upon a Change of Control.
The Deferral Election Form may also request other information, such as a Participant’s Designated Beneficiary, as may be required or useful for the administration of the Plan. 

  

	4.2	New Participants and Partial Years. 

  
 The initial Deferral Election Form of a new Participant shall be filed with the Employer on a date established by the Committee, but in any event not later than 30 days
following the date the Participant becomes eligible to participate in the Plan and only with respect to services to be performed subsequent to the election. Such first Deferral Election Form shall be applicable to a Participant’s Compensation
beginning with the first payroll in the month after such Form is filed and accepted by the Employer. 
  

	4.3	Irrevocable Elections. 

  
 An election in a Deferral Election Form to defer Compensation for a Plan Year, once made by a Participant, shall be irrevocable. The Committee, however, shall reduce or
eliminate Participant Deferrals upon granting a Participant’s request for a distribution based upon an Unforeseeable Emergency. 
  

 11 

	4.4	Matching Contributions. 

  
 The Employer shall accrue as a Matching Contribution in a Participant’s Account an amount equal to $.50 for each $1.00 deferred under the Plan, up to a maximum of
six percent (6%) of Compensation, less the amount of Employer matching contributions credited to the Participant’s account in the Qualified Retirement Plan. The Committee, in its sole discretion, from time to time may limit the dollar amount of
deferred Compensation that shall be taken into account for purposes of a Matching Contribution. 
  

 12 

 ARTICLE V—ACCOUNTS & ACCOUNT CREDITING 
  

	5.1	Establishment of a Participant’s Account. 

  

	A.	Bookkeeping Account. The Committee shall cause a bookkeeping Account and appropriate sub-accounts, based upon the primary elective distribution option(s) to be established
and maintained in the name of each Participant, according to his annual Deferral Election Form for the Plan Year. This Account shall reflect the amount of Participant Deferrals, Matching Contributions and Deemed Earnings credited on behalf of each
Participant under this Plan. 

  

	B.	Bookkeeping Activity. Participant Deferrals shall be credited to a Participant’s Account on the business day they would otherwise have been made available as cash to the
Participant. Matching Contributions shall be credited to a Participant’s Account on the Valuation Date the Employer designates. Deemed Earnings shall be credited or debited to each Participant’s Account, as well as any distributions, any
other withdrawals under this Plan, as of a Valuation Date. Accounts shall continue on each Valuation Date until the Participant’s Account is fully distributed under the terms of the Plan. 

  

	5.2	Deemed Crediting Options. 

  
 The Committee shall establish a portfolio of two or more Deemed Crediting Options, among which a Participant may allocate amounts credited to his Account, which are
subject to Participant direction under this Plan. The Committee reserves the right, in its sole and exclusive discretion, to substitute, eliminate and otherwise change this portfolio of Deemed Crediting Options, as well as the right to establish
rules and procedures for the selection and offering of these Deemed Crediting Options. 
  

	5.3	Allocation Of Account Among Deemed Crediting Options. 

  

	A.	Each Participant shall elect the manner in which his Account is divided among the Deemed Crediting Options by giving allocation instructions in a Deferral Election Form
supplied by and filed with the Committee; or by such other procedure, including electronic communications, as the Committee may prescribe. A Participant’s election shall specify the percentage of his Account (in any whole percentage) to be
deemed to be invested in any Deemed Crediting Option. Such election shall remain in effect until a new election is made. 

  

	B.	Amounts credited to a Participant’s Account shall be deemed to be invested in accordance with the most recent effective Deemed Crediting Option election. As of the effective
date of any new Deemed Crediting Option election, all or a portion of the Participant’s Account shall be reallocated among the designated Deemed Crediting Options and according to the percentages specified in the new instructions, until and
unless subsequent instructions shall be filed and become effective. If the Committee receives a Deemed Crediting Option election, which is unclear, incomplete or improper, the Deemed Crediting Option election then in effect shall remain in effect
until the subsequent instruction is clarified, completed or otherwise made acceptable to the Committee. 

  

 13 

	5.4	Valuation and Risk of Decrease in Value. 

  
 The Participant’s Account will be valued on the Valuation Date at fair market value. On such date, Deemed Earnings will be allocated to each Participant’s
Account. Each Participant and Designated Beneficiary assumes the risk in connection with any decrease in the fair market value of his Account. 
  

	5.5	Limited Function of Committee. 

  
 By deferring compensation pursuant to the Plan, each Participant hereby agrees that the Employer and Committee are in no way responsible for or guarantor of the
investment results of the Participant’s Account. The Committee shall have no duty to review, or to advise the Participant on, the investment of the Participant’s Account; and in fact, shall not review or advise the Participant thereon.
Furthermore, the Committee shall have no power to direct the investment of the Participant’s Account other than promptly to carry out the Participant’s deemed investment instructions when properly completed and transmitted to the Committee
and accepted according to its rules and procedures. 
  

 14 

 ARTICLE VI—VESTING 
  

	6.1	Vesting of Participant Deferrals. 

  
 A Participant shall be fully vested at all times in Participant Deferrals, as well as Deemed Earnings upon Participant Deferrals, credited to his Participant Deferral
Account. 
  

	6.2	Vesting of Matching Contributions. 

  
 A Participant shall vest ratably in Matching Contributions, as well as Deemed Earnings upon Matching Contributions, credited to his Matching Contribution Account in
accordance with the vesting schedule of the Qualified Retirement Plan. Vesting credit for Years of Service shall be determined in accordance with the methods used by the Qualified Retirement Plan. 
  
 Notwithstanding the above schedule, a Participant shall become fully vested in his Matching
Contribution Account upon death, Disability or Change of Control. Upon Separation from Service, a Participant shall be entitled to the vested portion of his Matching Contribution Account, and any non-vested portion shall be forfeited. 
  

 15 

 ARTICLE VII—DISTRIBUTIONS 
  

	7.1	Distributions Generally. 

  
 A Participant’s Account shall be distributed only in accordance with the provisions of this Article VII. All distributions from Accounts under the Plan shall be made
in cash in American currency. 
  

	7.2	Automatic Distributions. 

  

	A.	Participant’s Death. If the Participant dies while employed by the Employer in the capacity, his Account shall be valued as of the Valuation Date next following his date
of death and shall be distributed in lump sum to his Designated Beneficiary as soon as administratively feasible. 

  

	B.	Participant’s Disability. If a Participant becomes disabled while employed by the Employer, his Account shall be valued as of the Valuation Date next following his date
of Disability and shall be distributed in lump sum to him as soon as administratively feasible. 

  

	C.	Separation from Service. If a Participant incurs a Separation from Service, his vested Account shall be valued as of the Valuation Date next following his official date of
separation and shall be distributed in lump sum or in installments to him as soon as administratively feasible; provided, however, that the Account of a Key Employee shall not be distributed until six months following Separation from Service.

  

	7.3	Elective Distributions. 

  
 A Participant shall become entitled to receive a distribution from his Account at such time or times and by such method of payment as elected and specified in the
Participant’s applicable annual Deferral Election Form, and/or as may be mandated by the provisions of this Article VII based upon the following distribution options: 
  

	A.	In-Service Distributions. If a Participant elects in his annual Deferral Election Form, he can receive a distribution from his Account, as soon as three (3) years after the
end of the deferral Plan Year, all of his annual deferral amount, plus Deemed Earnings thereon, but shall not include any Matching Contribution or Deemed Earnings thereon. The election is made on an annual basis, applies only to the
Participant’s current Plan Year contributions, is irrevocable and is payable according to the method of payment elected in the Participant’s applicable annual Deferral Election Form. If the Participant dies while receiving In-Service
installment payments, his Designated Beneficiary shall continue to receive the remaining installments. If subsequently, the Designated Beneficiary dies; any remaining installments will be paid to the Designated Beneficiary’s estate.

  

	B.	 Change of Control Distribution. If a Participant shall so elect in his annual Deferral Election Form, he can receive a distribution from his Account his
annual deferral amounts, plus Deemed Earnings thereon if a Change of Control shall occur and any election to the contrary shall be overridden. In such case, the portion of his Account which is subject to an election to have payment made upon a
Change of Control shall be distributed to him as set forth in Section 7.4 C. Such election shall apply only to the Participant’s contributions and Deemed 

  

 16 

	 	 
Earnings which are subject to such an election and shall not impact any other contributions or Deemed Earning with respect to a Deferral Election Form on
which the Participant did not elect to have distributions paid upon a Change in Control. 

  

	7.4	Timing and Method of Payment for Elective Distributions. 

  

	A.	Separation from Service. At the election of a Participant in the applicable Deferral Election Form, a Participant may receive a Separation from Service distribution in a lump
sum or in payments of up to ten annual installments with the first installment to begin within ten (10) days of the first business day on or after January 1 in the calendar year following the Participant’s date of Separation from Service until
the Account has been fully distributed; provided, however, that a Participant who is a Key Employee shall not begin to receive payment earlier than six months following his retirement. 

  

	B.	In-Service Distributions. At the election of a Participant in the applicable Deferral Election Form, an In-Service distribution may be selected for payment as soon as three
(3) years after the end of the deferral Plan Year. Distribution will be either in the form of a lump-sum, occurring no later than thirty (30) days following the distribution date elected on the Deferral Election Form, or in up to ten annual
installment payments beginning with the first business day on or after the commencement date as selected by the Participant in the annual Deferral Election Form and for a duration as selected by the Participant in the annual Deferral Election Form
and to be paid thereafter within ten (10) days of the first business day on or after the anniversary of the commencement date of each calendar year until the In-Service Distribution amount has been fully distributed. A Participant’s Account
shall be valued as of such distribution date elected on the Deferral Election Form. 

  

	C.	Change of Control Distribution. If so elected by the Participant in his Annual Distribution Election Form, a distribution of that portion of the Participant’s Account
subject to such election shall be made to him in a lump sum within thirty (30) days of the effective date of a Change of Control, overriding any election(s) for distribution to the contrary. Notwithstanding the foregoing provision, no distribution
shall be made to any Participant until the earliest date and upon such conditions as may be set forth under Treasury regulations issued pursuant to Code Section 409A (e). A Participant’s Account shall be valued as of such effective date of the
Change of Control. If no such election was made by the Participant in his Annual Distribution Election Form, his distribution election(s) will not be overridden. 

  

	D.	Installment Payments. In any distribution in which a Participant has elected or will receive distribution in periodic installments, the amount of each periodic installment
shall be determined by applying a formula to the Account in which the numerator is the number one and the denominator is the number of remaining installments to be paid. For example, if a Participant elects 10 annual installments for a Separation
from Service distribution, the first payment will be 1/10 of the Account, the second will be 1/9, the third will be 1/8; the fourth will be 1/7 and so on until the Account is entirely distributed. 

  

 17 

	E.	Failure to Designate a Method of Payment. In any situation in which the Committee is unable to determine the method of payment because of incomplete, unclear, or uncertain
instructions in a Participant’s Deferral Election Form, the Participant will be deemed to have elected a lump sum distribution. 

  

	F.	Subsequent Elections. A Participant who has made an In-Service distribution or a Separation from Service distribution election may make one or more Subsequent Elections to
postpone the distribution date or to change the form of payment to another form permitted by the Plan. Such Subsequent Election shall be made in writing is such form as is acceptable to the Committee and (i) is made at least twelve months prior to
the original distribution date; (ii) provides for an effective date at least twelve months following the Subsequent Election; and (iii) postpones the commencement of payment for a period of not less than five years from the previous distribution
date, including distribution on Change in Control. 

  

	7.5	Distributions Resulting from Unforeseeable Emergency. 

  
 A Participant may request that all or a portion of his Account be distributed at any time prior to Separation from Service from the Employer by submitting a written
request to the Committee, provided that the Participant has incurred an Unforeseeable Emergency, and the distribution is necessary to alleviate such Unforeseeable Emergency. 
  
 Such distribution shall be limited to an amount that does not exceed the amount necessary to 
 satisfy such emergency, plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into account the extent to which such
hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not itself cause severe financial hardship). Such
distribution shall be made as soon as administratively practicable. The Balance not distributed from the Participant’s Account shall remain in the Plan. Such distributions will be made in compliance with Code Section 409A. 
  

	7.6	Distributions of Small Accounts. 

  
 If at any time the value of the Participant’s Account is less than $5,000 (or such other greater or lesser amount as may be specified as “minimal” under
Treasury regulations), the Committee, in its sole and exclusive discretion, may make a distribution in lump sum of the value of the entire Account. If the value of a Participant’s Account is zero upon the Valuation Date of any distribution, the
Participant shall be deemed to have received a distribution of such Account and his participation in the Plan terminates. Provided, however, no distribution will be made to the extent such distribution would violate the requirements of Code Section
409A. 
  

 18 

 ARTICLE VIII—ADMINISTRATION & CLAIMS PROCEDURE 
  

	8.1	Duties of the Employer. 

  
 The Employer shall have overall responsibility for the establishment, amendment, termination, administration, and operation of the Plan. The Employer shall discharge this
responsibility by the appointment and removal (with or without cause) of the members of the Committee, to which is delegated overall responsibility for administering, managing and operating the Plan. 
  

	8.2	The Committee. 

  
 The Committee shall consist of one or more members who shall be appointed by, and may be removed by, the Employer, and one of whom (who must be an officer of the
Employer) shall be designated by the Employer as Chairman of the Committee. In the absence of such appointment, the Employer shall serve as the Committee. The Committee shall consist of officers or other Employees of the Employer, or any other
persons who shall serve at the request of the Employer. Any member of the Committee may resign by delivering a written resignation to the Employer and to the Committee, and this resignation shall become effective upon the date specified therein. The
members of the Committee shall serve at the will of the Employer, and the Employer may from time to time remove any Committee member with or without cause and appoint their successors. In the event of a vacancy in membership, the remaining members
shall constitute the Committee with full order to act. 
  

	8.3	Committee’s Powers and Duties to Enforce Plan. 

  
 The Committee shall be the “Administrator” and “Named Fiduciary” only to the extent required by ERISA for top-hat plans and shall have the complete
control and authority to enforce the Plan on behalf of any and all persons having or claiming any interest in the Plan in accordance with its terms. The Committee, in its sole and absolute discretion, shall interpret the Plan and shall determine all
questions arising in the administration and application of the Plan. Any such interpretation by the Committee shall be final, conclusive and binding on all persons. 
  

	8.4	Organization of the Committee. 

  
 The Committee shall act by a majority of its members at the time in office. Committee action may be taken either by a vote at a meeting or by written consent without a
meeting. The Committee may authorize any one or more of its members to execute any document or documents on behalf of the Committee. The Committee shall notify the Employer, in writing, of such authorization and the name or names of its member or
members so designated in such cases. The Employer thereafter shall accept and rely on any documents executed by said member of the Committee or members as representing action by the Committee until the Committee shall file with the Employer a
written revocation of such designation. The Committee may adopt such by-laws and regulations, as it deems desirable for the proper conduct of the Plan and to change or amend these by-laws and regulations from time to time. With the permission of the
Employer, the Committee may employ and appropriately compensate accountants, legal counsel, benefit specialists, actuaries, plan administrators and record keepers and any other persons as it deems necessary or 

  

 19 

 
desirable in connection with the administration and maintenance of the Plan. Such professionals and advisors shall not be considered members of the Committee
for any purpose. 
  

	8.5	Limitation of Liability. 

  

	A.	No member of the Board of Directors, the Company and no officer or Employee of the Company shall be liable to any Employee, Participant, Designated Beneficiary or any other
person for any action taken or act of omission in connection with the administration or operation of this Plan unless attributable to his own fraud or willful misconduct. Nor shall the Employer be liable to any Employee, Participant, Designated
Beneficiary or any other person for any such action taken or act of omission unless attributable to fraud, gross negligence or willful misconduct on the part of a Director, officer or Employee of the Employer. Moreover, each Participant, Designated
Beneficiary, and any other person claiming a right to payment under the Plan shall only be entitled to look to the Employer for payment, and shall not have the right, claim or demand against the Committee (or any member thereof), any Director,
Officer or Employee of the Employer. 

  

	B.	To the fullest extent permitted by the law and subject to the Employer’s Certificate of Incorporation and By-laws, the Employer shall indemnify the Committee, each of
its members, and the Employer’s officers and Directors (and any Employee involved in carrying out the functions of the Employer under the Plan) for part or all expenses, costs, or liabilities arising out of the performance of duties required by
the terms of the Plan agreement, except for those expenses, costs, or liabilities arising out of a member’s fraud, willful misconduct or gross negligence. 

  

	8.6	Committee Reliance on Records and Reports. 

  
 The Committee shall be entitled to rely upon certificates, reports, and opinions provided by an accountant, tax or pension advisor, actuary or legal counsel employed by
the Employer or Committee. The Committee shall keep a record of all its proceedings and acts, and shall keep all such books of account, records, and other data as may be necessary for the proper administration of the Plan. The regularly kept records
of the Committee and the Employer shall be conclusive evidence of the service of a Participant, Compensation, age, marital status, status as an Employee, and all other matters contained therein and relevant to this Plan. The Committee, in any of its
dealings with Participants hereunder, may conclusively rely on any Deferral Election Form, written statement, representation, or documents made or provided by such Participants. 
  

	8.7	Costs of the Plan. 

  
 All the costs and expenses for maintaining the administration and operation of the Plan shall be borne by the Employer unless the Employer shall give notice (that Plan
Participants bear this expense, in whole or in part) to: (a) Eligible Participants at the time they become a Participant by completion and filing of a Deferral Election Form; or (b) to existing Participants during annual re-enrollment. Such notice
shall detail the administrative expense to be assessed a Plan Participant, how that expense will be assessed and allocated to the Participant Accounts, and any other important information concerning the imposition of this administrative expense.
This 

  

 20 

 
administration charge, if any, shall operate as a reduction to the bookkeeping Account of a Participant or his designated Beneficiary, and in the absence of
specification otherwise shall reduce the Account, and be charged annually during the month of January. 
  

	8.8	Claims Procedure. 

  

	A.	Claim. Benefits shall be paid in accordance with the terms of this Plan. A Participant, Designated Beneficiary or any person who believes that he is being denied a benefit to
which he is entitled under the Plan (hereinafter referred to as a “Claimant”) may file a written request for such benefit with the Employer, setting forth his claim. The request must be addressed to the Committee care of Secretary of the
Employer at its then principal place of business. 

  

	B.	Claim Decision. Upon the receipt of a claim, the Committee shall advise the Claimant that a reply will be forthcoming within ninety (90) days and shall, in fact, deliver such
reply within such period. However, the Committee may extend the reply period for an additional ninety (90) days for reasonable cause; provided that the Committee notify the Claimant of such extension. If the claim is denied in whole or in part, the
Committee shall adopt a written opinion, using language calculated to be understood by the Claimant, setting forth: 

  

	 	(1)	The specific reason or reasons for such denial; 

  

	 	(2)	The specific reference to pertinent provisions of this Agreement on which such denial is based; 

  

	 	(3)	A description of any additional material or information necessary for the Claimant to perfect his claim and an explanation why such material or such information is necessary;

  

	 	(4)	Appropriate information as to the steps to be taken if the Claimant wishes to submit the claim for review; and 

  

	 	(5)	The time limits for requesting a review under Subsection C and for review under Subsection D hereof. 

  

	C.	Request for Review. Within sixty (60) days after the receipt by the Claimant of the written opinion described above, the Claimant may request in writing that the Secretary of
the Employer review the determination of the Committee. Such request must be addressed to the Secretary of the Employer, at its then principal place of business. The Claimant or his duly authorized representative may, but need not, review the
pertinent documents and submit issues and comments in writing for consideration by the Employer. If the Claimant does not request a review of the Committee’s determination by the Secretary of the Employer within such sixty (60) day period, he
shall be barred and estopped from challenging the Committee’s determination. 

  

	D.	 Review of Decision. Within sixty (60) days after the Secretary’s receipt of a request for review, he will review the Committee’s determination.
After considering all materials presented by the Claimant, the Secretary will render a written opinion, written in a manner 

  

 21 

	 	 
calculated to be understood by the Claimant, setting forth the specific reasons for the decision and containing specific references to the pertinent
provisions of this Agreement on which the decision is based. If special circumstances require that the sixty (60) day time period be extended, the Secretary will so notify the Claimant and will render the decision as soon as possible, but no later
than one hundred twenty (120) days after receipt of the request for review. Any claim not granted or denied within such time period shall be deemed to have been denied. 

  

	8.9	Litigation. 

  
 It shall only be necessary to join the Employer as a party in any action or judicial proceeding affecting the Plan. No Participant or Designated Beneficiary or any other person claiming under the Plan shall be
entitled to service of process or notice of such action or proceeding, except as may be expressly required by law. Any final judgment in such action or proceeding shall be binding on all Participants, Designated Beneficiaries or persons claiming
under the Plan. 
  

 22 

 ARTICLE IX—AMENDMENT, TERMINATION & REORGANIZATION 
  

	9.1	Amendment. 

  
 The Employer by action of its Board of Directors, or duly authorized Committee thereof, in accordance with its by-laws, reserves the right to amend the Plan, by resolution of the Employer, to the extent permitted
under the Code and ERISA. However, no amendment to the Plan shall be effective to the extent that it has the effect of decreasing a Participant’s (or Designated Beneficiary’s) accrued benefit prior to the date of the amendment. 

 

	9.2	Amendment Required By Law. 

  
 Notwithstanding Section 9.1, the Plan may be amended at any time, if in the opinion of the Employer, such amendment is necessary to ensure the Plan is treated as a
nonqualified plan of deferred compensation under the Code and ERISA, or to bring it into conformance with Treasury or SEC regulations or requirements for such plans. This includes the right to amend this Plan, so that any Trust, if applicable,
created in conjunction with this Plan, will be treated as a grantor Trust under Sections 671 through 679 of the Code, and to otherwise conform the Plan provisions and such Trust, if applicable, to the requirements of any applicable law.
Additionally, if and to the extent the Company shall determine that the terms of the Plan may result in the failure of the Plan, or amounts deferred by or for any Participant under the Plan, to comply with the requirements of Section 409A of the
Code, or any applicable regulations or guidance promulgated by the Secretary of the Treasury in connection therewith, the Company shall have authority to take such action to amend, modify, cancel or terminate the Plan or distribute any or all of the
amounts deferred by or for a Participant, as it deems necessary or advisable, including without limitation: 
  
 (i) Any amendment or modification of the Plan to conform the Plan to the requirements of Section 409A of the Code or any regulations or other guidance
thereunder (including, without limitation, any amendment or modification of the terms of any applicable to any Participant’s Accounts regarding the timing or form of payment). 
  
 (ii) Immediate payment to the Participant of the amount otherwise payable to such Participant. 
  
 Any such amendment, modification, cancellation, or termination of the Plan may adversely
affect the rights of a Participant without the Participant’s consent. 
  

	9.3	Termination. 

  
 The Employer intends to continue the Plan indefinitely. However, the Employer by action of its Board of Directors or a duly authorized committee thereof, in accordance with its by-laws, reserves the right to terminate
the Plan at any time. However, no such termination shall deprive any participant or Designated Beneficiary of a right accrued under the Plan prior to the date of termination. 
  

 23 

	9.4	Consolidation/Merger. 

  
 The Employer shall not enter into any consolidation or merger without the guarantee and assurance of the successor or surviving company or companies to the obligations
contained under the Plan. Should such consolidation or merger occur, the term “Employer” as defined and used in this Agreement shall refer to the successor or surviving company. 
  

 24 

 ARTICLE X—GENERAL PROVISIONS 
  

	10.1	Applicable Law. 

  
 Except insofar as the law has been superseded by Federal law, Maryland law shall govern the construction, validity and administration of this Plan as created by this
Agreement. The parties to this Agreement intend that this Plan shall be a nonqualified unfunded plan of deferred compensation without plan assets and any ambiguities in its construction shall be resolved in favor of an interpretation which will
effect this intention. 
  

	10.2	Benefits Not Transferable or Assignable. 

  

	A.	Benefits under the Plan shall not be subject to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge and any attempt to anticipate, alienate,
sell, transfer, assign, pledge, encumber or charge such benefits shall be void, nor shall any such benefits be in any way liable for or subject to the debts, contracts, liabilities, engagements or torts of any person entitled to them. However, a
Participant may name a recipient for any benefits payable or which would become payable to a Participant upon his death. This Section shall also apply to the creation, assignment or recognition of a right to any benefit payable with respect to a
Participant pursuant to a domestic relations order, including a qualified domestic relations order under Section 414(p) of the Code. In addition, the following actions shall not be treated or construed as an assignment or alienation: (a) Plan
Contribution or distribution tax withholding; (b) recovery of distribution overpayments to a Participant or Designated Beneficiary; (c) direct deposit of a distribution to a Participant’s or Designated Beneficiary’s banking institution
account; or (d) transfer of Participant rights from one Plan to another Plan, if applicable. 

  

	B.	The Employer may bring an action for a declaratory judgment if a Participant’s, Designated Beneficiary’s or any Beneficiary’s benefits hereunder are attached
by an order from any court. The Employer may seek such declaratory judgment in any court of competent jurisdiction to: 

  

	 	(1)	determine the proper recipient or recipients of the benefits to be paid under the Plan; 

  

	 	(2)	protect the operation and consequences of the Plan for the Employer and all Participants; and 

  

	 	(3)	request any other equitable relief the Employer in its sole and exclusive judgment may feel appropriate. 

  
 Benefits which may become payable during the pendency of such an action
shall, at the sole discretion of the Employer, either be: 
  

	 	(1)	paid into the court as they become payable or 

  

	 	(2)	held in the Participant’s or Designated Beneficiary’s Account subject to the court’s final distribution order. 

  

 25 

	10.3	Not an Employment Contract. 

  
 The Plan is not and shall not be deemed to constitute a contract between the Employer and any Employee, or to be a consideration for, or an inducement to, or a condition
of, the employment of any Employee. Nothing contained in the Plan shall give or be deemed to give an Employee the right to remain in the employment of the Employer or to interfere with the right to be retained in the employ of the Employer, any
legal or equitable right against the Employer, or to interfere with the right of the Employer to discharge any Employee at any time. It is expressly understood by the parties hereto that this Agreement relates to the payment of deferred compensation
for the Employee’s services, generally payable after separation from employment with the Employer, and is not intended to be an employment contract. 
  

	10.4	Notices. 

  
 Any communication, benefit payment, statement of notice addressed to a Participant or Designated Beneficiary at the last post office address as shown on the Employer’s records shall be binding on the Participant
or Designated Beneficiary for all purposes of the Plan. The Employer shall not be obligated to search for any Participant or Designated Beneficiary beyond sending a registered letter to such last known address. 
  

	10.5	Severability. 

  
 The Plan as contained in the provisions of this Agreement constitutes the entire Agreement between the parties. If any provision or provisions of the Plan shall for any reason be invalid or unenforceable, the
remaining provisions of the Plan shall be carried into effect, unless the effect thereof would be to materially alter or defeat the purposes of the Plan. All terms of the plan and all discretion granted hereunder shall be uniformly and consistently
applied to all the Employees, Participants and Designated Beneficiaries. 
  

	10.6	Participant is General Creditor with No Rights to Assets. 

  

	A.	The payments to the Participant or his Designated Beneficiary or any other beneficiary hereunder shall be made from assets which shall continue, for all purposes, to be a part of
the general, unrestricted assets of the Employer, no person shall have any interest in any such assets b y virtue of the provisions of this Agreement. The Employer’s obligation hereunder shall be an unfunded and unsecured promise to pay money
in the future. To the extent that any person acquires a right to receive payments from the Employer under the provisions hereof, such right shall be no greater than the right of any unsecured general creditor of the Employer; no such person shall
have nor require any legal or equitable right, or claim in or to any property or assets of the Employer. The Employer shall not be obligated under any circumstances to fund obligations under this Agreement. 

  

	B.	 The Employer at its sole discretion and exclusive option, may acquire and/or set-aside assets or funds, in a trust or otherwise, to support its financial
obligations under this Plan. No such trust established for this purpose shall be established in or transferred to a location that would cause it to be deemed to be an “offshore trust” for purposes of Code Section 409A (b)(1). No 

  

 26 

	 	 
such acquisition or set-aside shall impair or derogate from the Employer’s direct obligation to a Participant or Designated Beneficiary under this Plan.
However, no Participant or Designated Beneficiary shall be entitled to receive duplicate payments of any Accounts provided under the Plan because of the existence of such assets or funds. 

  

	C.	In the event that, in its discretion, the Employer purchases an asset(s) or insurance policy or policies insuring the life of the Participant to allow the Employer to recover
the cost of providing benefits, in whole or in part hereunder, neither the Participant, Designated Beneficiary nor any other beneficiary shall have any rights whatsoever therein in such assets or in the proceeds therefrom. The Employer shall be the
sole owner and beneficiary of any such assets or insurance policy and shall possess and may exercise all incidents of ownership therein. No such asset or policy, policies or other property shall be held in any trust for the Participant or any other
person nor as collateral security for any obligation of the Employer hereunder. Nor shall any Participant’s participation in the acquisition of such assets or policy or policies be a representation to the Participant, Designated Beneficiary or
any other beneficiary of any beneficial interest or ownership in such assets, policy or policies. A Participant may be required to submit to medical examinations, supply such information and to execute such documents as may be required by an
insurance carrier or carriers (to whom the Employer may apply from time to time) as a precondition to participate in the Plan. 

  

	10.7	No Trust Relationship Created. 

  
 Nothing contained in this Agreement shall be deemed to create a trust of any kind or create any fiduciary relationship between the Employer and the Participant,
Designated Beneficiary, other beneficiaries of the Participant, or any other person claiming through the Participant. Funds allocated hereunder shall continue for all purposes to be part of the general assets and funds of the Employer and no person
other than the Employer shall, by virtue of the provisions of this Plan, have any beneficial interest in such assets and funds. The creation of a grantor Trust (so called “Rabbi Trust”) under the Code (owned by and for the benefit of the
Employer) to hold such assets or funds for the administrative convenience of the Employer shall not give nor be a representation to a Participant, Designated Beneficiary, or any other person, of a property or beneficial ownership interest in such
Trust assets or funds even though the incidental advantages or benefits of the Trust to Plan Participants may be communicated to them. 
  

	10.8	Limitations on Liability of the Employer. 

  
 Neither the establishment of the Plan nor any modification hereof nor the creation of any Account under the Plan nor the payment of any benefits under the Plan shall be
construed as giving to any Participant or any other person any legal or equitable right against the Employer or any Director, officer or Employee thereof except as provided by law or by any Plan provision. 
  

	10.9	Agreement Between Employer and Participant Only. 

  
 This Agreement is solely between the Employer and Participant. The Participant, Designated Beneficiary, estate or any other person claiming through the Participant, shall
only have recourse against the Employer for enforcement of this Agreement. This Agreement shall be binding upon 

  

 27 

 
and inure to the benefit of the Employer and its successors and assigns, and the Participant, successors, heirs, executors, administrators and beneficiaries.

  

	10.10 	Independence of Benefits. 

  
 The benefits payable under this Agreement are for services already rendered and shall be independent of, and in addition to, any other benefits or compensation, whether
by salary, bonus, fees or otherwise, payable to the Participant under any compensation and/or benefit arrangements or plans, incentive cash compensations and stock plans and other retirement or welfare benefit plans, that now exist or may hereafter
exist from time to time. 
  

	10.11 	Unclaimed Property. 

  
 Except as may be required by law, the Employer may take any of the following actions if it gives notice to a Participant or Designated Beneficiary of an entitlement to
benefits under the Plan, and the Participant or Designated Beneficiary fails to claim such benefit or fails to provide their location to the Employer within three (3) calendar years of such notice: 
  

	(1)	Direct distribution of such benefits, in such proportions as the Employer may determine, to one or more or all, of a Participant’s next of kin, if their location is known to
the Employer; 

  

	(2)	Deem this benefit to be a forfeiture and paid to the Employer if the location of a Participant’s next of kin is not known. However, the Employer shall pay the benefit,
unadjusted for gains or losses from the date of such forfeiture, to a Participant or Designated Beneficiary who subsequently makes proper claim to the benefit. 

  
 The Employer shall not be liable to any person for payment pursuant to applicable state unclaimed property laws. 
  

	10.12 	Required Tax Withholding and Reporting. 

  
 The Employer shall withhold and report Federal, state and local income and payroll tax amounts on all Contributions to and distributions and withdrawals from a
Participant’s Account as may be required by law from time to time. 
  

 28

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