Document:

<PAGE>
                                                                  EXHIBIT 10.85

                  SYNDICATED FOOD SERVICE INTERNATIONAL, INC.
                                 P.O. BOX 2185
                               38 VIEWPOINT LANE
                             FRONT ROYAL, VIRGINIA
                                     22630

                                                      TELEPHONE: (540) 635-9994
-------------------------------------------------------------------------------

February 11, 2003

Mr. Barry Nogay
940 Lincoln Road, Suite 203
Miami Beach, FL 33139

Dear Barry:

Pursuant to resolution adopted by the Board of Directors of Syndicated Food
Service International, Inc. (the "Company"), this letter shall confirm your
nomination and election to the position as the Company's Vice President
Finance, Controller and Principal Accounting Officer.

Interim to your full time employment by the Company we have agreed that the
terms and conditions of the Engagement Letter outstanding between us shall
continue.

As soon as the Company is successful in its effort to further capitalize itself
through the placement of private equity or otherwise, it is our intent to enter
into an Employment Agreement between the Company and yourself, which terms will
include among others, the following:

         1.       A base compensation to be set and the rate of eighty five
                  thousand dollars ($85,000) per annum, to be paid consistent
                  with standard Company policy;

         2.       Full benefits afford other Company personnel at your level,
                  including health insurance, reimbursement of out-of-pocket
                  travel expenses incurred on the Company's behalf;

         3.       Participation in the Company's employee stock option plan and
                  other incentive plans as they are developed;

         4.       The agreement that you will continue to work out of your
                  office in Miami Beach, Florida and the establishment of a
                  reasonable rent for said facilities;

         5.       The agreement that you will be able to devote up to
                  approximately twenty percent (20%) of your time to personal
                  interests, at your election, and that the Base Salary will be
                  adjusted to eighty percent (80%) so long as you elect to
                  devote such time to personal activities;

A synopsis of your job description and responsibilities includes the following:

1)       Reoccurring:

         a)       Asheville bi-monthly visit to tie down financials;

         b)       Consolidation of all divisional operations with corporate;

                  i)       Monthly;

                  ii)      Quarterly; and

                  iii)     Annually.

         c)       Implementation of Company policies and procedures;

                                       1
<PAGE>
         d)       Coordination of annual audit;

         e)       Budget coordination;

         f)       Manage of the following:

                  i)       Tax reporting;

                  ii)      Insurance; and

                  iii)     Benefits.

         g)       Attend quarterly divisional board meetings;

         h)       Attend corporate board meetings; and

         i)       Coordinate board presentations/reports.

2)       Non-reoccurring:

         a)       Development of Company policies and procedures;

         b)       Development of budgeting and reporting programs; and

         c)       Acquisition analysis.

On behalf of the Company and its Board of Directors, we enthusiastically
welcome you to this position and appreciate the excellent work effort expanded
by you thus far.

Sincerely yours,

/s/ Thomas P. Tanis

Thomas P. Tanis, Jr.
Chief Executive Officer

Cc:      The Board of Directors, Syndicated Food Service International, Inc.

                                       2<PAGE>
                                                                  EXHIBIT 10.86

                                PROMISSORY NOTE

On the 31st day of August 1999, Floridino's, Inc. agrees to pay RCI General
Contracting Two hundred thirty seven thousand two hundred seven dollars and no
cents ($237,207.00) at the rate of 8.25 percent interest per annum. A balloon
payment will be due on the 1st day of September, 2000.

                                        /s/ Nick Pirgousis
                                        ---------------------------------------
                                        Nick Pirgousis, President
                                        Floridino's, Inc.<PAGE>
                                                                  EXHIBIT 10.87

November 15, 2000

RCI General Contracting, Inc.
95 Madison Ave Ste 410
Morristown, NJ 07960

                          EXTENSION OF PROMISSORY NOTE
                               DUE DATE AND TERMS

For $1.00 consideration, on 31 October 2000, RCI General Contracting, Inc.,
agrees to extend the due date and all terms until 01 January, 2002, of the tWO
HUNDRED THIRTY SEVEN THOUSAND TWO HUNDRED SEVEN DOLLARS AND NO CENTS
($237,207.00) promissory note signed and executed to its favor by RCI General
Contracting

Signed:
        ------------------------------------<PAGE>
                                                                  EXHIBIT 10.88

JOHN F. MCCARTHY
2546 NORTH VERMONT STREET
ARLINGTON, VA 22207
-------------------------------------------------------------------------------

Tom Tanis
Chief Executive Officer
Syndicated Food Service International, Inc.
11830 Windcreek Overlook
Alpharetta, Georgia 30005

                                                               January 23, 2003

Dear Tom:

         This letter agreement will confirm our telephone conversation
yesterday in which we agreed that I will perform approximately 40 hours per
month of consulting services for Syndicated Food Service, International, Inc.
to facilitate the completion of delinquent SEC filings, arrange for financing
for the company and generally be available to advise you with regard to
corporate "clean-up" issues. This will be on a month-to-month basis and my
monthly fee will be $2,500.00. The first payment to be returned with a copy of
this executed letter agreement and each subsequent payment to be made thirty
days thereafter until this agreement is terminated by either party.

         I am looking forward to working with you and your team.

                                                Sincerely,

                                                /s/ John F. McCarthy

                                                John F. McCarthy

Agreed & Acknowledged

/s/ Tomas P. Tanis
----------------------------------

Tom Tanis
Chief Executive Officer
Syndicated Food Service International, Inc.Ex-4.1 Amendments to Stock Incentive Plan

 

Exhibit 4.1

Amendments to Winston Hotels, Inc.

Stock Incentive Plan

Adopted by the Board of Directors on August 5, 2003

      1. Article I of the Winston Hotels, Inc. Stock Incentive Plan (the Plan)
is hereby amended by adding the following definition:

         Deferred Benefit means the benefit payable from the “Company
Stock Account” in the Winston Hotels, Inc. Executive Deferred
Compensation Plan by virtue of a Participant’s election to defer
all or part of a Stock Award, including the portion of such benefit
attributable to the deferral of “Dividend Equivalents” pursuant to
the Winston Hotels, Inc. Executive Deferred Compensation Plan.

      2. Article I of the Plan is further amended by revising the definition of
the term “Stock Award” to read as follows:

         Stock Award means Common Stock awarded to a Participant under
Article IX, including shares that are Restricted Stock, or in
accordance with an award of Performance Shares or in settlement of
a Deferred Benefit.

      3. Article V is hereby amended by adding the following sentence at the end
thereof:

         In connection with the Participant’s election of a Deferred
Benefit, the number of shares of the Stock Award covered by the
election shall be transferred to the Winston Hotels, Inc. Stock
Compensation Trust on the date such election is effective.EX-4.2 Amended and Restated Executive Deferred Com

 

Exhibit 4.2

WINSTON HOTELS, INC.

EXECUTIVE DEFERRED COMPENSATION PLAN

Effective as of October 16, 1998

And

Amended and Restated as of August 5, 2003

 

ARTICLE I

Purpose

	1.1.	 	General. The purpose of the Plan is to attract, motivate, and retain top
management employees of the Company by providing an opportunity and an
incentive for each individual to defer the receipt of compensation
otherwise payable currently and to accumulate earnings thereon on a
tax-deferred basis.
	 
	1.2.	 	Unfunded Plan. The Plan is intended to be an unfunded plan for purposes
of the Employee Retirement Income Security Act of 1974, as amended, and
maintained primarily for the purpose of providing deferred compensation
for a select group of management or highly compensated employees.

ARTICLE II

Definitions

     The following capitalized terms used in the Plan shall have the respective
meanings set forth in this Article:

	2.1.	 	Board. “Board” means the Board of Directors of the Company.
	 
	2.2.	 	Bonus Deferral Election. “Bonus Deferral Election” means an election to
defer payment of an annual bonus, if any, on the form(s) provided by the
Committee subject to the requirements and terms of Article IV hereof.
	 
	2.3. 	 	Committee. “Committee” means the individuals appointed by the Board to
administer the Plan and to perform the functions set forth herein.
	 
	2.4. 	 	Company. “Company” means Winston Hotels, Inc., a North Carolina
corporation, or any successor entity thereto, including without
limitation, the transferee of all or substantially all of the stock or
assets of the Company.
	 
	2.5. 	 	Company Stock Account. “Company Stock Account” means the portion of the
Deferred Account attributable to Stock Deferral Elections. Dividend
Equivalents also may be credited to the Company Stock Account pursuant to
a Participant’s election under Article VI. Amounts credited to the
Company Stock Account shall be expressed in notional shares of Company
common stock (including a fractional share) and shall be equitably
adjusted as determined by the Committee to reflect stock dividends, stock
splits, stock consolidations or other changes in the capitalization of the
Company. A Participant will not have any rights as a shareholder of the
Company with respect to amounts credited to the Company Stock Account.
	 
	2.6. 	 	Deferral Account. “Deferral Account” means the notional account
established and maintained for each Participant in accordance with Article
VI hereof, for bookkeeping purposes only, to measure the value of elective
deferrals made under the Plan and the

2

 

	 	 	earnings thereon. The Deferral Account consists of two
subaccounts, the Investment Account and the Company Stock Account.
	 
	2.7. 	 	Deferral Election. “Deferral Election” means a Salary Deferral Election
or a Bonus Deferral Election or a Stock Deferral Election as defined under
this Article II.
	 
	2.8. 	 	Disability. “Disability” means the suffering from a physical or mental
condition which, in the opinion of the Committee based upon appropriate
medical advice and examination and in accordance with rules applied
uniformly to all Participants, totally and permanently prevents the
Participant, as the case may be, from performing the customary duties of
his/her regular job with the Company.
	 
	2.9. 	 	Dividend Equivalent. “Dividend Equivalent” means the amount determined
by multiplying (x) the value of the dividend paid on one share of Company
common stock and (y) the number of notional shares (including any
fraction) of Company common stock credited to a Participant’s Company
Stock Account on the record date for the dividend payment.
Notwithstanding the preceding sentence, a Participant will not be entitled
to a Dividend Equivalent if a dividend payable on the Company common stock
is paid in the form of a Company security but in that event the
Participant’s Company Stock Account shall be equitably adjusted as
determined by the Committee to reflect the dividend.
	 
	2.10. 	 	Investment Account. “Investment Account” means the portion of the
Deferral Account other than the Company Stock Account. Amounts credited
to or charged against the Investment Account shall be expressed in dollars
and cents.
	 
	2.11. 	 	Participant. “Participant” means any individual who is eligible to
participate in the Plan as provided in Section 4.1 hereof.
	 
	2.12. 	 	Plan. “Plan” means the Winston Hotels, Inc. Executive Deferred
Compensation Plan, as from time to time amended.
	 
	2.13. 	 	Plan Year. “Plan Year” means the period beginning on the effective date
of the Plan and ending on December 31 and thereafter any calendar year.
	 
	2.14. 	 	Salary Deferral Election. “Salary Deferral Election” means an election
to defer payment of base salary on the form(s) provided by the Committee
subject to the requirements and terms of Article IV hereof.
	 
	2.15. 	 	Stock Award. “Stock Award” means a Stock Award granted under the
Company’s Stock Incentive Plan. The term “Stock Award” also includes any
similar award granted under a Company plan adopted after the Stock
Incentive Plan.
	 
	2.16. 	 	Stock Deferral Election. “Stock Deferral Election” means an election to
surrender a Stock Award, on the form(s) provided by the Committee subject
to the requirements and terms of Article IV hereof.

3

 

	2.17. 	 	Unforeseeable Emergency. “Unforeseeable Emergency” means an immediate
financial need of the Participant resulting from extraordinary and
unforeseeable circumstances arising as a result of events beyond the
control of the Participant as determined by the Committee.

ARTICLE III

Administration

	3.1. 	 	Committee. The Plan shall be administered by the Committee, which shall
hold meetings at such times as may be necessary for the proper
administration of the Plan. Except as otherwise provided in the Plan, the
Committee shall have full power to construe and interpret the Plan,
establish and amend rules and regulations for its administration, and
perform all other acts relating to the Plan, including the delegation of
administrative responsibilities that it believes reasonable and proper.
	 
	3.2. 	 	Duties. The Committee, or any person or entity designated by the
Committee, shall be responsible for the administration of the Plan
including but not limited to determination of eligibility, receiving
Deferral Elections, provision of investment choices, distribution of
benefits hereunder, maintenance of Deferral Account balances, calculation
of hypothetical investment returns and any other duties concerning the
day-to-day operation of the Plan.
	 
	3.3. 	 	Adjudication. Any decision made, or action taken, by the Committee or
the Board arising out of, or in connection with, the interpretation and
administration of the Plan, including but not limited to the adjudication
of claims and payment of benefits hereunder, shall be final and
conclusive.
	 
	3.4. 	 	Indemnification. No member of the Committee or its delegate shall be
liable for any action, failure to act, determination or interpretation
made in good faith with respect to this Plan or any transaction hereunder,
except for liability arising from his/her own willful misfeasance, gross
negligence or reckless disregard of his/her duties. The Company hereby
agrees to indemnify each member of the Committee for all costs and
expenses and, to the extent permitted by applicable law, any liability
incurred in connection with defending against, responding to, negotiation
for the settlement of or otherwise dealing with any claim, cause of action
or dispute of any kind arising in connection with any actions in
administering this Plan or in authorizing, denying authorization to, or
failing to authorize any transaction hereunder.

ARTICLE IV

Participation

	4.1. 	 	Eligibility. Participation in the Plan shall be limited to any employee
of the Company and its subsidiaries who is selected by the Board, in its
sole discretion, to participate in the Plan.

4

 

	4.2. 	 	Filing an Election.

	 	(a)	 	A Salary Deferral Election shall be effective for a Plan Year if the
Participant files an executed Salary Deferral Election with the Committee
by December 15th of the Plan Year immediately preceding such Plan Year.
	 
	 	(b)	 	A Bonus Deferral Election shall be effective for the Plan Year for which
the bonus, if any, is earned if the Participant files an executed Bonus
Deferral Election with the Committee by December 15 of such Plan Year.
	 
	 	(c)	 	A Stock Deferral Election shall be effective with respect to Stock Awards
that will become nonforeitable or transferable during the period beginning
on January 1 and ending on June 30 of any Plan Year if the Participant
files an executed Stock Deferral Election with the Committee by December
15 of the immediately preceding Plan Year. A Stock Deferral Election
shall be effective with respect to Stock Awards that will become
nonforfeitable or transferable during the period beginning on July 1 and
ending on December 31 of any Plan Year if the Participant files an
executed Stock Deferral Election with the Committee no later than the
immediately preceding June 15. Notwithstanding the two preceding
sentences, a Stock Deferral Election shall be effective with respect to
Stock Awards that will become nonforfeitable or transferable during 2003
if the Participant files an executed Stock Deferral Election with the
Committee either before the Stock Award is granted or before the date that
the Stock Award becomes nonforfeitable or transferable.
	 
	 	(d)	 	Notwithstanding the foregoing, if any employee becomes a Participant for
the first time during a Plan Year, then such employee shall be eligible to
participate in the Plan on the first day of the second month following
such employee’s designation as a Participant ( Eligibility Date”) and
he/she may file a Deferral Election for the Plan Year including his/her
Initial Eligibility Date subject to the following:

	 	 	 
	 	(1) 	Salary Deferral Election. The Participant may file a Salary Deferral
Election no later than 10 days prior to his Eligibility Date and the
Salary Deferral Election shall solely cover salary paid on or after
his/her Eligibility Date through the last day of such Plan Year
	 
	 	(2) 	Bonus Deferral Election. The Participant may file a Bonus Deferral
Election subject to the terms and conditions otherwise described in this
Section 4.2 and the Plan
	 
	 	(3)	Stock Deferral Election. The Participant may file a Stock Deferral
Election in accordance with Section 4.2(c) or, if the last date for making
an election under Section 4.2(c) has passed, no later than 10 days prior
to his/her Eligibility Date (in which case the Stock Deferral Election
shall solely cover a Stock Award that will become nonforfeitable or
transferable on or after his/her Eligibility Date

5

 

	4.3. 	 	Irrevocable. A Deferral Election shall be irrevocable once filed with
the Committee except as provided in Articles VII and X hereof; provided
however that a Participant may change his/her Salary Deferral Election
with respect to any payroll period provided that the Participant files a
new Salary Deferral Election with the Committee at least 30 days prior to
the beginning of such payroll period.

ARTICLE V

Compensation Subject to Deferral

	5.1. 	 	Base Salary. With respect to the base salary otherwise payable to a
Participant during the Plan Year for which a Salary Deferral Election is
in effect, the dollar amount or percentage of salary specified on such
Salary Deferral Election shall be deferred in accordance with the terms
prescribed therein; provided however that such Salary Deferral Election
shall be for no more than 80% of the Participants salary, unless otherwise
permitted by the Committee.
	 
	5.2. 	 	Annual Bonus. With respect to the annual bonus, if any, that is earned
by a Participant during the Plan Year for which a Bonus Deferral Election
is in effect, the dollar amount or percentage of annual bonus specified on
such Bonus Deferral Election shall be deferred in accordance with the
terms prescribed therein; provided however that such Bonus Deferral
Election shall be for no more than 80% of the Participant’s bonus, unless
otherwise permitted by the Committee.
	 
	5.3. 	 	Stock Award. With respect to a Stock Award for which a Stock Deferral
Election is in effect, the number of shares or percentage of the Stock
Award shares specified on such Stock Deferral Election shall be deferred
in accordance with the terms prescribed therein. A Stock Deferral
Election may be for up to 100% of the Stock Award.

ARTICLE VI

Elective Deferrals

	6.1. 	 	Elective Deferral. Amounts deferred under a Salary Deferral Election or
a Bonus Deferral Election with respect to each Plan Year of participation
in the Plan shall be credited to the Participant’s Investment Account if,
as, and when such amounts would otherwise have been paid to the
Participant. In accordance with the terms of a Stock Deferral Election
(x) the portion of the related Stock Award subject to the Stock Deferral
Election shall be cancelled as of the day preceding the day that the Stock
Award will become nonforfeitable or transferable and (y) such portion of
the Stock Award shall be credited to the Participant’s Company Stock
Account as of the day that the Stock Award will become nonforfeitable or
transferable.
	 
	6.2. 	 	Vesting. Except as provided in Section 7.6 hereof, each Participant
shall have a nonforfeitable and fully vested right to the amounts credited
in such Participant’s Deferral Account.

6

 

	6.3. 	 	Investment Choices. Each Participant shall be entitled to direct the
deemed investment of the amounts credited to such Participant’s Investment
Account in any of the investment choices or combination of investment
choices as may be offered by the Committee from time to time in accordance
with the rules, regulations and procedures established by the Committee.
The Committee may add or remove investment choices at its sole discretion;
provided, however no amount shall be subject to forfeiture solely by
reason of a removal of an investment choice in accordance with Section 6.3
hereof.
	 
	6.4. 	 	Investment Earnings. Each Participant’s Investment Account shall be
credited with earnings and losses in accordance with such Participants
investment choice(s). Earnings and losses shall begin to accrue with
respect to amounts credited to a Participant’s Investment Account under
Section 6.1 in accordance with the procedures established by the
Committee.
	 
	6.5. 	 	Company Stock Account. Amounts credited to a Participant’s Company Stock
Account shall be expressed in notional shares of Company common stock
(including a fractional share). In accordance with procedures established
by the Committee, a Participant may elect that Dividend Equivalents for a
Plan Year shall be (x) paid to the Participant in cash as of the
applicable dividend payment date, (y) credited to the Participant’s
Investment Account in accordance with Section 6.3 as of the applicable
dividend payment date or (z) credited to the Participant’s Company Stock
Account as additional notional shares of Company common stock (including a
fractional share) based on the closing price of the Company common stock
on the dividend payment date. Amounts credited to a Participant’s
Investment Account may not be transferred to the Participant’s Company
Stock Account. Amounts credited to a Participant’s Company Stock Account
may not be transferred to the Participant’s Investment Account.

ARTICLE VII

Distributions

	7.1. 	 	Timing of Payment. Except as provided in Section 7.4, Section 7.5, and
Section 7.6, a Participant shall receive a distribution of the balance in
his/her Deferral Account in the calendar month (the “Distribution Calendar
Month”) following the calendar month (the Pre-Distribution Calendar
Month”) in which occurs the earlier of (a) his/her termination of
employment or (b) the date on which the sum of his/her age and years of
service equals 55; provided however, that at any time prior to the
Pre-distribution Calendar Month, the Participant may irrevocably elect to
receive a single sum distribution in any calendar month subsequent to
his/her Distribution Calendar Month. Any distribution under this Section
7.1 shall be made as soon as administratively feasible after the
applicable valuation date determined under Section 7.7(b).
	 
	7.2. 	 	Form of Payment. Any payment from a Participant’s Investment Account
shall be made in cash in a single sum. Any payment from a Participant’s
Company Stock Account shall be made in whole shares of Company common
stock (which shall be issued pursuant to the Stock Incentive Plan or
another plan adopted after the Stock Incentive Plan that authorizes the
issuance of such shares). A cash payment will be made in settlement of

7

 

	 	 	any notional fractional share of Company common stock credited to
the Participant’s Company Stock Account.
	 
	7.3. 	 	Account Balance. Upon payment to a Participant under this Article VII,
such Participant’s Deferral Account shall be reduced by the amount
distributed (or forfeited under Section 7.6)
	 
	7.4. 	 	Death or Disability.

	 	(a)	 	In the event of the Participant’s death, the balance of such
Participant’s Deferral Account shall be paid to the Participant’s
designated beneficiary or, if no beneficiary has been designated, to the
Participant’s estate in the manner prescribed by the Committee at its sole
discretion.
	 
	 	(b)	 	In the event of the Participant’s Disability, the balance of such
Participant’s Deferral Account shall be paid to the Participant (or the
Participant’s legal representative) in the manner prescribed by the
Committee at its sole discretion.

	7.5. 	 	Distribution for Unforeseeable Emergency. Notwithstanding any provision
to the contrary, in the event of an Unforeseeable Emergency a Participant
shall be entitled to early payment of all or part of the balance of such
Participant Deferral Account to the extent reasonably needed to satisfy
the Unforeseeable Emergency need. An application for an early payment
under this Section 7.5 shall be made in accordance with the procedures and
requirements adopted by the Committee. An early payment under this
Section 7.5 first shall be charged against the Participant’s Investment
Account, and after exhausting the balance credited to the Investment
Account, then shall be charged against the Participant’s Company Stock
Account.
	 
	7.6. 	 	Early Distribution. Notwithstanding any provision to the contrary, a
Participant shall be entitled to payment of all or part of the balance of
such Participants Deferral Account prior to the date of distribution
determined under Section 7.1 in accordance with the procedures and
requirements adopted by the Committee; provided, however ten percent of
the early payment amount otherwise payable from the Deferral Account shall
be forfeited and the Participant shall have no right or entitlement
whatsoever with respect to such forfeited amount.
	 
	7.7. 	 	Valuation of Distributions. Any distribution to be made under this Plan
from a Participant’s Investment Account shall be based on the value of the
Participant’s Investment Account as of the valuation date (described
below).

	 	(a)	 	Valuation Date for Distributions for Unforeseeable Emergency, Early
Distribution Death and Disability. If the Participant (or his/her
beneficiary) is entitled to a distribution under Section 7.4, Section 7.5,
or Section 7.6, then the Committee shall choose for such Participant the
valuation date (or dates) for such distribution (or distributions) and
such distribution (or distributions) shall occur as soon as
administratively feasible after such valuation date (or dates).

8

 

	 	(b)	 	Valuation Date for All Other Distributions. The valuation date for all
other distributions shall be the last business day of the Pre-Distribution
Calendar Month.

	7.8.	 	162(m) Deduction Limitation. In the event the Company would be denied a
deduction for amounts otherwise payable in any Plan Year to a Participant
under this Article VII by reason of the application of section 162(m) of
the Internal Revenue Code of 1986, as amended, the Committee, in its sole
discretion, may reduce any payment otherwise due to such Participant (but
not below zero) to the extent necessary to avoid such application of
section 162(m) and such amount not paid and the net earnings thereon shall
be paid to the Participant in the earliest Plan Year(s) in which payment
may be made without application of section 162(m).

ARTICLE VIII

Statement of Accounts

Statements shall be sent no less frequently than annually to each Participant
(or such Participant’s estate beneficiary or legal representative).

ARTICLE IX

Beneficiary Designation

Each Participant shall have the right, at anytime, to designate any single
person or entity as such Participant’s designated beneficiary. A
beneficiary designation shall be made, and may only be amended or revoked
by the participant by filing a written designation with the Committee or
its designee in accordance with the procedures adopted by the Committee,
Any such beneficiary designation shall apply to all benefits under this
Plan.

ARTICLE X

Amendment or Termination

The Board or the Committee may (in its sole discretion) amend, modify or
terminate the Plan at any time for any or no reason; provided, however, no
amendment, modification or termination shall, without the consent of the
Participant, adversely affect such Participant’s right to payment from the
Participants vested balance under the Deferral Account as of the date of
such amendment, modification or termination.

ARTICLE XI

Miscellaneous

	11.1.	 	Unsecured Right. Any right to receive a payment under the Plan shall be
no greater than that of an unsecured general creditor of the Company. No
amount payable under the Plan may be assigned, transferred, encumbered or
subject to any legal process for the payment of any claim against a
Participant. The Committee may, but need not, establish a grantor

9

 

	 	 	trust (commonly referred to as a “rabbi trust”) to hold assets of
the Company that may, but need not, be used to pay benefits
hereunder.
	 
	11.2. 	 	No Right to Continued Employment. Participation in the Plan shall not
give any employee any right to remain in the employ of the Company or any
subsidiary or affiliate thereof.
	 
	11.3. 	 	Withholding. The Company shall withhold to the extent required by law
all applicable income and other taxes from amounts deferred or paid under
the Plan.
	 
	11.4. 	 	Governing Law. The Plan shall be construed, governed and enforced in
accordance with the laws of the State of North Carolina, without reference
to rules relating to conflicts of law, except to the extent preempted by
federal law.
	 
	11.5. 	 	Compliance with Other Laws. The Committee may, from time to time,
impose additional restrictions upon Participants as it deems necessary,
advisable or appropriate in order to comply with applicable federal and
state securities laws, or other federal laws.

10

 

Winston Hotels, Inc.

Executive Deferred Compensation Plan

Salary Deferral Election Form

For the Plan Year January 1, 2003 through December 31, 2003

1. Check one of the following two boxes

I understand that if do not return this election form by December 15, 2002, I
will be deemed to have elected not to defer my salary under the Winston Hotels,
Inc. Executive Deferred Compensation Plan.

	 	 	 
	_______	     	
I elect to defer my salary under the Winston Hotels, Inc.
Executive Deferred Compensation Plan. I understand that
I must file this election form by December 15, 2002.
Please complete section 2 of this form.
	 	 	 
	_______	     	
I elect NOT to defer my salary for this Plan Year. I
acknowledge that I will not have another opportunity to
defer my salary into the Winston Hotels, Inc. Executive
Deferred Compensation Plan until the next Plan Year
beginning January 1, 2003. If you checked the box not to
participate, please skip to the end of this form and
sign, date and return this form.

2. Salary Deferral Election

	 	 	 
	 	     	
I elect to defer the following percentage or dollar amount of my base
salary commencing with salary payable on or after January 1, 2003 and
continuing through December 31, 2003. (Do not specify a percentage or
total dollar amount that exceeds 80% of your base salary.)

	 
	_______________    % of my base salary (whole percentages up to 80%)
	 
	$_______________    Per pay period of my base salary (dollar amount)

	 	 	 
	Participant’s Signature	 	
Print Participant’s Name
	 	 	 
	Dated:	 	
Return form to Brent West

 

 

Winston Hotels, Inc.

Executive Deferred Compensation Plan

Annual Bonus Deferral Election Form

For any annual bonus earned in 2002

1. Check one of the following two boxes

	 	 	I understand that if I do not return this election form by December 15, 2002, I
will be deemed to have elected not to defer my annual bonus earned in 2002
under the Winston Hotels, Inc. Executive Deferred Compensation Plan.

	 	 	 
	_______	 	
I elect to defer my annual bonus earned in 2002 under the
Winston Hotels, Inc. Executive Deferred Compensation
Plan. I understand that I must file this election form
by December 15, 2002. Please complete section 2 of this
form.
	 	 	 
	_______	 	
I elect NOT to defer my annual bonus earned in 2002. I
acknowledge that I will not have another opportunity to
defer my annual bonus earned in 2002 into the Winston
Hotels, Inc. Executive Deferred Compensation Plan. If
you checked this box not to participate, please skip to
the end of this form and sign, date and return this form.

2. Bonus Deferral Election

	 	 	 
	 	 	I elect to defer the following percentage or dollar amount of my annual
bonus earned in 2002.
	 
	 	 	________    % of my 2002 annual bonus (whole percentages) — up to 80%
	 
	 	 	$________    of my 2002 annual bonus (or 80% of my 2002 annual bonus,
whichever is lower)
	 
	 	 	My 2002 annual bonus in excess
of $________ (or 20% of my 2002 annual
bonus whichever is greater)

	 	 	 
	Participant’s Signature	 	
Print Participant’s Name
	 	 	 
	Dated:_______	 	
Return form to Brent West

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