Document:

Form of Pooling and Cumulation Agreement

 Exhibit 10.3 
  
 POOLING AND CUMULATION AGREEMENT 
  
 THIS POOLING AND CUMULATION AGREEMENT (“Agreement”) is made as of
                    , 2003 (the “Closing Date”) by and among KPA LEASECO, INC., a Virginia corporation (“TRS I”), KPA
LEASECO II, INC., a Virginia corporation (“TRS II”), KPA LEASECO III, INC., a Virginia corporation (“TRS III”), KPA LEASECO IV, INC., a Virginia corporation (“TRS IV”), KPA LEASECO V, INC., a Virginia corporation
(“TRS V” and together with TRS I, TRS II, TRS III and TRS IV, collectively the “TRS Entities”) and INNKEEPERS HOSPITALITY MANAGEMENT, INC., a Florida corporation (“IH”). 
  
 I. Recitals 
  
 A. Innkeepers USA Trust, a Maryland real estate investment trust (the
“REIT”), indirectly through its subsidiaries, owns a fee or leasehold interest in each hotel property identified on Exhibit A attached hereto and incorporated herein by reference (individually, a “Subject Hotel” and
collectively, the “Subject Hotels”). 
  
 B. The TRS
Entities have entered into (or will enter into) separate management agreements with IH, identified on Exhibit B attached hereto and incorporated herein by reference, with respect to the Subject Hotels (individually a “Management
Agreement” and collectively, the “Pooled Agreements”) (the Subject Hotels which are subject to the Pooled Agreements are collectively referred to hereinafter as the “Pooled Hotels”). 
  
 C. IH and the TRS Entities have agreed that for the limited purposes of
calculating certain fees and exercising certain other rights under the Pooled Agreements, such fees and rights should be considered in the aggregate rather than on a Hotel-by-Hotel basis. 
  
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, IH and
the TRS Entities each agree as follows: 
  
 II.
Interpretation 
  
 A. Definitions. Any capitalized
term used in this Agreement which is not defined in this Agreement shall have the meaning given such term in the Management Agreement pertaining to the applicable Subject Hotel. 
  
 B. Miscellaneous Interpretive Provisions. This Agreement shall be governed by the Documentary Conventions which are
attached hereto as Exhibit C. 
  
 III. Pooling of
Subject Hotels 
  
 A. Determination of Fees. During the
Initial Term or any Extension Term of the Pooled Agreements, for purposes of determining the Incentive Management Fee (“Incentive Fees”) payable to IH for each interim and final period for which such Incentive Fees are calculated under the
Pooled Agreements, the following shall apply: 

 1. Available Cash Flow shall be aggregated for all Pooled Hotels, and the formulae for determining the
Incentive Fees shall be applied to the amounts so aggregated; 
  
 2. To the extent the Incentive Fees calculated pursuant to Section III.A.1. are less than the aggregate total of the Incentive Fees as calculated separately for each Pooled Hotel under the individual Management Agreement, then the Incentive
Fees payable separately by each Pooled Hotel under the applicable Pooled Agreements shall be reduced proportionately (according to the amount of the positive Incentive Fees payable without reference to this Section III.A.); and 
  
 3. Rent Shortfalls; Payment of Incentive Fees. 
  
 a. For purposes of this Agreement, a “Base Rent Shortfall” with
respect to a Fiscal Year shall (i) occur only in the event that aggregate Rent paid with respect to such Fiscal Year during the Term for all Pooled Hotels is less than aggregate Base Rent (as defined in the Percentage Leases) due for all Pooled
Hotels with respect to such Fiscal Year, (ii) in the event of such occurrence, be equal to the difference between (1) aggregate Base Rent due with respect to such Fiscal Year during the Term for all Pooled Hotels and (2) aggregate Rent actually paid
by the TRS Entities for all Pooled Hotels with respect to such Fiscal Year and (iii) be added to the aggregate Lessee’s Priority then in existence. 
  
 b. For purposes of this Agreement, a “Percentage Rent Shortfall” with respect to a Fiscal Year shall (i) occur only in the event that aggregate
Rent paid for all Pooled Hotels with respect to such Fiscal Year during the ten (10) year period commencing on the date hereof is greater than aggregate Base Rent due for all Pooled Hotels with respect to such Fiscal Year, but is less than the
aggregate total Rent due for all Pooled Hotels with respect to such Fiscal Year, (ii) in the event of such occurrence, be equal to the difference between (1) aggregate Rent due with respect to such Fiscal Year for all Pooled Hotels and (2) aggregate
Rent actually paid by the TRS Entities for all Pooled Hotels with respect to such Fiscal Year and (iii) be added to the aggregate Lessee’s Priority then in existence. 
  
 c. Any amounts borrowed, contributed or paid by the REIT or one of its Affiliates, and any interest thereon, to remedy, or
prevent the occurrence of, either a Base Rent Shortfall or a Percentage Rent Shortfall shall be added to the aggregate Lessee’s Priority then in existence. 
  

d. Notwithstanding anything contained herein to the contrary, in no event shall any Incentive Fees be paid to IH under the Pooled Agreements unless and
until aggregate Lessee’s Priority, including any Base Rent Shortfall and any Percentage Rent Shortfall, for all the Pooled Hotels is paid. 
  
 B. Additional Management Contracts. IH agrees and acknowledges that (i) the REIT or one of its Affiliates have or may from time to time acquire
ownership or leasehold interests in additional hotels other than the Pooled Hotels as of the date hereof (each, an “Additional Hotel”), (ii) the REIT or one of its Affiliates may offer (or has offered since August 4, 2003) to IH to enter
into a management contract for the Additional Hotel (an 

  

 2 

 
“Additional Management Contract”), on such terms as the REIT or one of its Affiliates shall determine in its sole discretion, by a written notice
setting forth the material terms of such Additional Management Contract (an “Offer Notice”), whereupon IH shall have thirty (30) days following the date of the Offer Notice to accept such offer, and (iii) the REIT and any of its Affiliates
is not, and shall not be, under any obligation to so acquire interests in Additional Hotels or to offer to enter into Additional Management Contracts with IH. For each Additional Management Contract entered into with IH, the “Additional
Contract Value” shall equal the Fair Market Value thereof as determined in accordance with Section 4.01.F of the Pooled Agreements. For each Additional Management Contract offered to IH by the REIT or one of its Affiliates and not accepted by
IH within thirty (30) days of the Offer Notice, the “Additional Contract Value” shall equal the Fair Market Value thereof as determined in accordance with Section 4.01.F of the Pooled Agreements; provided, however, an Additional Management
Contract not so accepted by IH within such thirty (30) day period but later entered into by IH and the REIT or one of its Affiliates on further negotiated terms and conditions shall be treated only as an Additional Management Contract entered into
with IH. Notwithstanding the foregoing, the hotels listed on Exhibit D attached hereto shall be included as Additional Hotels to the extent such hotels are offered for management, or become managed by, IH. 
  
 C. Credits. If as of any time there has been an outstanding Net IH
Credit (as defined herein) for a period of 365 consecutive days, the TRS Entities shall notify IH of such fact and indicate the TRS Entities’ computation of the extent to which the Net IH Credit has been so outstanding and the TRS Entity or
Entities to which the Net IH Credit relates shall pay to IH, in cash, the amount of such Net IH Credit outstanding for more than 365 days, such payment to be paid within thirty (30) days after IH’s delivery to the TRS Entities of a written
statement acknowledging the accuracy of the TRS Entities’ computation of the amount so payable. Notwithstanding anything to the contrary set forth in the Pooled Agreements, within thirty (30) days of the earlier of (a) the last day of any
Extension Term under any of the Pooled Agreements or (b) the date of a Change of Control Event of Innkeepers (the earlier of such dates, being the “Settlement Date”), the TRS Entities shall deliver a written statement to IH setting forth
the calculation of the TRS Credits (as defined herein), the IH Credits (as defined herein) and any Net IH Credit, in each case as of such Settlement Date. If there shall be a Net IH Credit as of such Settlement Date, the TRS Entity or Entities to
which the Net IH Credit relates shall pay the amount of such Net IH Credit to IH, in cash, within thirty (30) days after IH’s delivery to the TRS Entities of a statement acknowledging the accuracy of the TRS Entities’ computation of such
Net IH Credit. As a condition precedent to the payment and receipt of the Net IH Credit, IH and its Affiliates shall execute such documents and instruments, and shall take such further actions, as the TRS Entities, the Owners, their Affiliates or
the acquiror may reasonably request, including, without limitation, stockholder undertakings. For purposes of this Agreement, the “TRS Credits” shall equal as of a particular date of determination the sum of (i) the aggregate value of the
Additional Contract Values for all Additional Hotels as determined pursuant to Section III.B hereof and (ii) any aggregate unused credits provided by IH to any of the TRS Entities pursuant to Section 3.02 or 12.02 of the Pooled Agreements, in each
case as of such date of determination. For purposes of this Agreement, the “IH Credits” shall equal as of a particular date of determination the sum of (1) the aggregate amount of the Early Termination Fees for all hotels which have been
removed as a Pooled Hotel pursuant to Section 4.01.A of the Pooled Agreements and (2) any aggregate “compensation” payable to IH pursuant to Section 15.02.D of the Pooled Agreements less (3) any aggregate amounts previously paid by the TRS
Entities to IH pursuant to the first sentence of this Section III.C, in each case as of such date of determination. For purposes of this Agreement, “Net IH Credit” as of a particular date of determination shall 

  

 3 

 
equal the excess, if any, of (A) the IH Credits over (B) the TRS Credits, in each case as of such date of determination. 
  
 D. Working Capital. The TRS Entities shall maintain a balance in the
Operating Account in an aggregate amount equal to $100,000 for all of the Pooled Hotels which shall be used by IH as working capital for the benefit of all of the Pooled Hotels. 
  
 E. Reporting Requirements. 
  

a. Period Accounting. Within twenty (20) days after the close of each Accounting Period, IH shall submit paper and electronic copies of
an accounting to the TRS Entities, in form satisfactory to the TRS Entities, showing IH’s computation of Gross Revenues, Deductions, Operating Profit, Lessee’s Priority, Available Cash Flow and distributions for such Accounting Period and
for the Fiscal Year to date on an aggregate basis for all of the Pooled Hotels. 
  
 b. Annual Accounting. Within twenty (20) days after the close of each Fiscal Year, IH shall submit an aggregate accounting for all the Pooled Hotels, as more fully described below in Section III.E (c)
for such Fiscal Year to the TRS Entities, which accounting shall be controlling over the interim accountings. 
  
 c. Annual Operating Statement. Within twenty (20) days following the close of each Fiscal Year, IH shall furnish to the TRS Entities (a)
paper and electronic copies of an Annual Operating Statement, balance sheet, related statement of profit and loss and a statement of cash flows on an aggregate basis for all the Pooled Hotels, having annexed thereto a computation in reasonable
detail of each component of the aggregate Management Fees for such Fiscal Year for all of the Pooled Hotels, (b) a certificate signed by IH’s chairman, its chief executive officer and its chief accounting officer, certifying that the Annual
Operating Statement and such other financial statements are true and correct to the best of the knowledge and belief of each such officer, and certifying as to such other matters as reasonably requested by the TRS Entities to comply with its
Affiliates’ securities laws reporting requirements and, (c) if required by a Mortgagee, an opinion thereon (to be delivered within the time required by Mortgagee, rendered by a firm of independent certified public accountants of recognized
standing in the hotel industry as may be approved by the TRS Entities and IH). In the event there is a dispute with respect to any component of the Annual Operating Statement with respect to a particular Pooled Hotel, such dispute shall be resolved
in accordance with the provisions of the applicable Management Agreement. Upon resolution of such dispute, the Annual Operating Statement shall be revised accordingly.Within twenty (20) days following the close of each month and quarter of each
Fiscal Year, Manager shall furnish to Lessee statements on an aggregate basis similar to those statements required to be delivered on an annual basis pursuant to this Section III.E. 
  
 F. Dispute Resolution. Section 19.13 of the Pooled Agreements is hereby expressly adopted and incorporated into this
Agreement. 
  
 G. No Other Pooling. Except as set
forth in Sections III.A through III.F. hereof or as may otherwise be contemplated by the Management Agreements, each Management Agreement shall be separate and distinct, and the respective rights, obligations and liabilities of each of the TRS
Entities and IH thereunder shall not be affected by this Agreement. The TRS Entities and IH intend that this Agreement shall apply to the Pooled Agreements as between the 

  

 4 

 
TRS Entities and IH only, and shall not modify, amend, or in any manner affect the terms of the Pooled Agreements. The Pooled Agreements, and all rights,
powers, privileges, obligations and liabilities of the parties thereunder, shall continue in full force and effect notwithstanding this Agreement. 
  
 IV. Transfers of Ownership 
  
 A. If there occurs any Sale of any individual Pooled Hotel (other than a Sale to an Affiliate of the REIT), or if the Management Agreement for any Pooled
Hotel shall expire or otherwise terminate, then (i) this Agreement shall terminate as to such Pooled Hotel, effective as of the date of such Sale of the Pooled Hotel or expiration or termination, and (ii) the other Pooled Hotels shall thereafter
continue to be subject to this Agreement. For purposes of this Section IV.A., the Sale of a Pooled Hotel shall include the expiration of any ground lease affecting any Pooled Hotel except to the extent that the REIT or one of its Affiliates is the
purchaser of the fee interest underlying such ground lease. 
  
 B.
If IH shall assign its interest in any Management Agreement, then IH shall cause the assignee thereof to be bound by the obligations of IH under this Agreement to the extent such interest in the Management Agreement is assigned, and IH shall cause
such assignee to execute and deliver to the applicable TRS Entity an instrument in a form reasonably acceptable to the applicable TRS Entity confirming that it shall be so bound. 
  
 V. Miscellaneous 
  
 A. Jurisdiction. Any suit, action or proceeding under or in connection with this Agreement shall be brought in any federal or state court of
competent jurisdiction located in the State of Florida. By execution of this Agreement, each party consents to the exclusive jurisdiction of such courts, and waives any right to challenge the jurisdiction of such courts or the appropriateness of
venue in such courts. EACH PARTY TO THIS AGREEMENT HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY IN CONNECTION WITH ANY SUIT, ACTION OR PROCEEDING UNDER OR IN CONNECTION WITH THIS AGREEMENT. 
  
 B. Notices. Any notice required or permitted to be given under this Agreement shall be in writing and shall be
hand-delivered, delivered by a nationally recognized overnight courier, mailed by certified or registered mail, postage prepaid, return receipt requested, or facsimile with confirmation of receipt, to the addresses set forth below, or to such other
addresses of which either party shall notify the other party in accordance with this Section V.B. and shall be deemed given as of the time of such mailing or delivery, as applicable: 
  

	 If to the TRS Entities:
	  	 Innkeepers USA Trust
 306 Royal Poinciana
Way
 Palm Beach, Florida 33480
 Attention: Mark A.
Murphy
 Facsimile: (561) 832-2332

		
	 with a copy to:
	  	 Greenberg Traurig
 77 W. Wacker Drive,
Suite 2500

  

 5 

	 	  	 Chicago, Illinois 60601
 Attention: Peter
H. Lieberman and
 Todd A. Mazur
 Facsimile: (312)
456-8435

		
	 If to IH:
	  	 Innkeepers Hospitality Management, Inc.
 302 Royal Poinciana Way
 Palm Beach, Florida 33480
 Attention: Jeffrey H. Fisher
 Facsimile: (561) 835-1800

		
	 with a copy to:
	  	 

  
 All notices which are required to be
given under the Pooled Agreements shall be given in the manner provided therein. 
  
 [signature page follows] 
  

 6 

 IN WITNESS WHEREOF, each of the TRS Entities and IH has executed this Agreement under seal as of the
Closing Date. 
  

	 KPA LEASECO, INC., a Virginia corporation

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	 KPA LEASECO II, INC., a
Virginia
 corporation

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	 KPA LEASECO III, INC., a
Virginia
 corporation

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	 KPA LEASECO IV, INC., a
Virginia
 corporation

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	 KPA LEASECO V, INC., a
Virginia
 corporation

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

 7 

	 INNKEEPERS HOSPITALITY
 MANAGEMENT, INC., a Florida corporation

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

 8Non-Compete Agreement

 Exhibit 10.4 
  
 COVENANT NOT TO COMPETE 
 (Innkeepers) 
  
 THIS
COVENANT NOT TO COMPETE (this “Agreement”) is entered as of the 4th day of August, 2003 (the “Effective Date”) by and between INNKEEPERS USA LIMITED PARTNERSHIP, a Virginia limited partnership (the
“Partnership”), INNKEEPERS USA TRUST, a Maryland real estate investment trust and the general partner of the Partnership (the “REIT”; the REIT and the Partnership are collectively referred to as the
“Company”), INNKEEPERS HOSPITALITY, INC., a Virginia corporation f/k/a JF Hotel, Inc., and JEFFREY H. FISHER (“Mr. Fisher”). 
  

THE PARTIES ENTER INTO THIS AGREEMENT on the basis of the following facts, understandings and intentions: 
  
 A. WHEREAS, the REIT desires to take advantage of the provisions of the
so-called “REIT Modernization Act” (the “Act”) and create so-called “taxable REIT subsidiaries” to lease certain of its hotels to and simultaneously therewith engage Innkeepers Hospitality Management, Inc. (the
“IH Manager”), a Fisher Affiliate (as defined herein), to act as an “eligible independent contractor” (as defined in Section 856(d)(9) of the Internal Revenue Code of 1986, as amended) and manage such hotels pursuant to
management agreements, all as permitted by the Act; 
  
 B.
WHEREAS, in connection with the REIT’s desire to take advantage of the provisions of the Act, simultaneously herewith it is entering into that certain Master Lease Assignment Agreement (the “Assignment Agreement”) by and among
the REIT, the Partnership, certain Company Affiliates (as defined herein), Innkeepers Hospitality, Inc., certain Fisher Affiliates and the IH Manager; 
  
 C. WHEREAS, it is a condition to the consummation of the transaction contemplated by the Assignment Agreement that this Agreement be entered into by the
parties hereto; and 
  
 D. WHEREAS, the parties hereto so desire
to enter into this Agreement, which amends and restates in its entirety that certain Exclusive Hotel Development Agreement and Covenant Not to Compete dated as of September 30, 1994 by and among the parties hereto (the “Hotel Development
Agreement”). 
  
 NOW THEREFORE, IN CONSIDERATION of the
mutual covenants and promises of the parties provided for in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  
 1. Amendment and Restatement. The parties hereto agree that this
Agreement shall amend and restate the Hotel Development Agreement in its entirety. 
  
 2. Definitions. The following terms as used in this Agreement shall have the following meanings (applicable to both the singular and plural forms of the terms defined): 
  
 a. “Acquisition of Hotel Property” means engaging in the activity of
soliciting, seeking to acquire (or obtaining an option or first right of refusal to acquire) and/or acquiring, any interest in Hotel Property. 
  
 b. “Affiliate” means (i) any other person or entity directly or indirectly controlling, controlled by, or under common control with the person or entity
to which such term applies; or (ii) as to any natural person, such person’s spouse, child, grandchild, sibling, parent, aunt, uncle, or cousin, as well as the spouse of any of the foregoing. In addition, as to any corporation or partnership,
any person in control of 

 
such partnership as a general partner or otherwise or in control of such corporation shall be deemed to be an Affiliate of such partnership or corporation.
For purposes of this Agreement, “control” as applied to any person or entity means the possession, either directly or indirectly, of the power to direct or cause the direction of the management, policies and decision-making of such
person or entity, whether through the ownership of voting interests, by contract or otherwise. “Control” shall also include, without limitation, the possession of direct or indirect equity or beneficial interests in at least fifty
percent (50%) of the profits or voting control of any entity. 
  
 c. “Company Affiliate” means any Affiliate of the Company. 
  
 d. “Fisher Affiliates” means any Affiliate of Mr. Fisher or the IH Manager. The Fisher Affiliates existing as of the Effective Date are set forth on Schedule 1 attached hereto.

  
 e. “Fisher Employment Agreement” means the Employment
Agreement between the REIT and Mr. Fisher effective as of February 1, 1997 and amended on November 13, 2000. 
  
 f. “Hotel Construction” means engaging in the construction, renovation or repair of improvements on Hotel Property. 
  
 g. “Hotel Development Activity” means engaging in directly, through an Affiliate, or being employed by any entity
undertaking, or otherwise undertaking to do any of the following with respect to Hotel Property: (i) Acquisition of Hotel Property, (ii) Hotel Construction, (iii) Hotel Entitlements, (iv) Speculation, or (v) Hotel Management and Operation.

  
 h. “Hotel Entitlements” means engaging in the process by
which a person with an interest in Hotel Property obtains necessary or desirable governmental approvals, licenses, permits, entitlement or agreements for the commencement of Hotel Construction. 
  
 i. “Hotel Management and Operation” means engaging in directly or through an
Affiliate, or being employed by any entity undertaking, or otherwise undertaking the day-to-day management and operation of a hotel, whether pursuant to a master lease, management agreement or other arrangement. 
  
 j. “Hotel Property” means any Property, whether in fee or leasehold, that is
zoned for (or may be zoned for), or is suitable for (or may be suitable for), hotel purposes, including, without limitation, motels, motor inns, extended stay hotels and the like, whether in whole or in part. 
  
 k. “Independent Trustee” shall mean a member of the Board of Trustees of the
REIT who is defined as an “Independent Trustee” in the charter documents of the REIT. 
  
 l. “Property” means any real property or any interest therein located in the United States of America. 
  
 m. “Speculation” means engaging in the activity of soliciting, seeking to acquire (or obtaining an option or a first right of refusal to acquire) and/or
acquiring, any interest in Property with the intention at any time of acquiring (or obtaining an option or a first right of refusal to acquire) or holding Property for subsequent sale or other transfer to any person for purposes of Hotel Development
Activity. 
  
 3. Term. The rights granted to the Company
hereunder, and the restrictions imposed on Mr. Fisher and the Fisher Affiliates, shall commence as of the Effective Date and shall terminate one (1) year after the occurrence of both (i) Mr. Fisher ceasing to be a director, trustee, officer or
employee of the 

  

 2 

 
Company and (ii) Mr. Fisher no longer owning any material financial interest in any Fisher Affiliate (or any successor entity) undertaking Hotel Management
and Operation for any of the hotels leased to or owned by the Company or Company Affiliates; provided if Mr. Fisher’s employment with the Company is terminated without cause by the Company as provided in Section 10(b) of the Fisher Employment
Agreement (other than a Voluntary Termination as defined therein), such one (1) year period shall be reduced to six (6) months. 
  
 4. Negative Covenants. During the term of this Agreement: 
  
 a. Restrictions. Mr. Fisher, personally or through any Fisher Affiliate, shall not conduct any Hotel Development Activity without the
prior written consent of a majority of the Independent Trustees, which consent may be provided or withheld in their sole discretion. 
  
 b. Limited Hotel Management and Operations. Notwithstanding Section 4.a, Mr. Fisher, personally or through a Fisher Affiliate, shall be permitted to engage in
Hotel Management and Operation, provided that such Hotel Management and Operation shall not be conducted within five (5) miles of any Hotel Property which the Company either owns or has the written contractual right to acquire, whether in fee, by
ground lease or otherwise without the prior written consent of a majority of the Independent Trustees, which consent may be provided or withheld in their sole discretion, provided that in furtherance of, and ancillary to, any permitted Hotel
Management and Operation, Mr. Fisher, through a Fisher Affiliate, may repair, renovate or make improvements to a Hotel Property on behalf of the party for which Mr. Fisher or a Fisher Affiliate is engaged in such permitted Hotel Management and
Operation and may obtain any necessary licenses, permits or approvals in connection therewith. 
  
 c. No Beneficial Ownership. Mr. Fisher shall not hold directly or indirectly any beneficial interest in any entity engaged in any Hotel Development Activity, except for any interest in (i) a company traded on a
nationally recognized public securities exchange, provided such interest does not exceed five percent (5%) or (ii) an entity engaged in Hotel Management and Operation. 
  
 d. Loans. Mr. Fisher shall not directly or indirectly make any loan to, or hold any note evidencing a
loan from, any entity engaged in any Hotel Development Activity. 
  
 e.
Competitive Entity. Mr. Fisher shall not be a director or trustee, officer, or employee of, or consultant to (whether for compensation or not) any entity engaged in any Hotel Development Activity other than a Fisher Affiliate engaged in any
Hotel Development Activity permitted by this Section 4. 
  
 5.
Notification to Independent Trustees. If Mr. Fisher, personally or through a Fisher Affiliate, desires to engage in any Hotel Development Activity, Mr. Fisher shall be obligated to describe fully the proposed activity in a written notice (the
“Disclosure Notice”) to the Company and the Independent Trustees. A Disclosure Notice shall only pertain to a specific proposed project and the referenced proposed project shall be described therein with specificity as to timing,
location, scope and the extent of involvement by Mr. Fisher financially and in terms of his time commitment. A Disclosure Notice may not request approval for any conceptual or non-project specific activity or to any activity which is prohibited by
this Agreement. 
  
 6. Primary Responsibility to REIT. The
parties hereto expressly agree that Mr. Fisher shall devote substantially all of his time, attention and effort to the REIT’s affairs; provided that, subject to Section 4 hereof, the REIT acknowledges that Mr. Fisher may, from time to time,
hold an executive officer position with Fisher Affiliates engaging in Hotel Management and Operation, and that Mr. Fisher may devote business time to these companies so long as such activities do not interfere with the performance of Mr.
Fisher’s duties as Chairman of the Board, President and Chief Executive Officer of 

  

 3 

 
the REIT. Mr. Fisher shall have full authority and responsibility, subject to the general direction, approval and control of the REIT’s Board of
Trustees, for formulating policies and administering the REIT in all respects. 
  
 7. Termination of Right of First Refusal. The parties agree that certain Right of First Refusal and Option to Purchase by and among the parties hereto and dated as of September 30, 1994, and all terms and
provisions thereof, are hereby terminated simultaneously with the execution of this Agreement and shall be of no further force or effect. 
  
 8. Miscellaneous. 
  
 a. Complete Agreement; Construction. This Agreement, and the other agreements and documents referred to herein, shall constitute the entire agreement between the
parties with respect to the subject matter thereof and shall supersede all previous negotiations, commitments and writings with respect to such subject matter. 
  

b. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the jurisdiction of the State of Florida without regard to
the principals of conflicts of laws thereof. 
  
 c. Notices. All notices
and other communications required or permitted hereunder shall be in writing, shall be deemed duly given upon actual receipt, and shall be delivered (i) in person, (ii) by registered or certified mail (air mail if addressed to an address outside of
the country in which mailed), postage prepaid, return receipt requested, or (iii) by facsimile or other generally accepted means of electronic transmission (provided that a copy of any notice delivered pursuant to this clause (iii) shall also be
sent pursuant to clause (ii), addressed as follows (or to such other addresses as follows (or to such other addresses as may be specified by like notice to the other parties): 
  

	 To Mr. Fisher:
	 	 Jeffrey H. Fisher
 Innkeepers USA
Trust
 302 Royal Poinciana Plaza
 Palm Beach, Florida
33480

		
	 To the Company:
	 	 Jeffrey H. Fisher
 Innkeepers USA
Trust
 306 Royal Poinciana Plaza
 Palm Beach, Florida
33480
 cc: Independent Trustees

  
 d.
Amendments. No amendment, modification or supplement to this Agreement shall be binding on any of the parties hereto unless it is in writing and signed by the parties in interest at the time of the modification, and further provided any such
modification is approved by a majority of the Independent Trustees. 
  
 e.
Successors and Assigns. Neither this Agreement nor any rights or obligations hereunder shall be assignable by a party to this Agreement without the prior, express written consent of the other party. This Agreement and all of the provisions
hereof shall be binding upon and inure to the benefit of the parties to this Agreement and their respective successors and permitted assigns. 
  
 f. No Third-Party Beneficiaries. This Agreement is solely for the benefit of the parties to this Agreement and should not be deemed to confer upon third-parties
any remedy, claim, liability, 

  

 4 

 
reimbursement, claims or action or other right in excess of those existing without reference to this Agreement.  
  
 g. Titles and Headings. Titles and headings to sections in this Agreement are inserted
for the convenience of reference only and are not intended to be part of or affect the meaning or interpretation of this Agreement.  
  
 h. Maximum Legal Enforceability; Time of Essence. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof. Any such prohibition or unenforceable in any jurisdiction shall not invalidate or render unenforceable such
provision in any other jurisdiction. Without prejudice to any rights or remedies otherwise available to any party to this Agreement, each party hereto acknowledges that damages would not be an adequate remedy for any breach of the provisions of this
Agreement and agrees that the obligations of the parties hereunder shall be specifically enforceable. Time shall be of the essence as to each and every provision of this Agreement.  
  
 i. Further Assurance. The parties to this Agreement will execute and deliver or cause
the execution and delivery of such further instruments and documents and will take such other actions as any other party to the Agreement may reasonably request in order to effectuate the purpose of this Agreement and to carry out the terms hereof.
 
  
 [signature page follows] 
  

 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and
year first written above.  
  

	 “MR. FISHER”

		
	 By:
	 	 /s/    JEFFREY H.
FISHER        

	 	 	 Jeffrey H. Fisher

	
	 INNKEEPERS HOSPITALITY, INC.

		
	 By:
	 	 /s/    JEFFREY H.
FISHER        

	 Its:
	 	 President

	
	 “COMPANY”
  
 INNKEEPERS USA LIMITED
PARTNERSHIP

		
	 By:
	 	 Innkeepers USA Trust

	 Its:
	 	 General Partner

  

	 By:
	 	 /s/    MARK A.
MURPHY        

	 Its:
	 	 General Counsel and Secretary

	
	 “REIT”
  
 INNKEEPERS USA TRUST

		
	 By:
	 	 /s/    MARK A.
MURPHY        

	 Its:
	 	 General Counsel and Secretary

  

 6 

 SCHEDULE 1 
  
 FISHER AFFILIATES 
  
 Innkeepers Hospitality, Inc. 
  
 Innkeepers Hospitality II, Inc. 
  
 Innkeepers
Hospitality III, Inc. 
  
 Innkeepers Hospitality IV, Inc. 
  
 Innkeepers Hospitality V, Inc. 
  
 Innkeepers Hospitality VI, Inc. 
  
 Innkeepers Hospitality VII, Inc. 
  
 Innkeepers Hospitality Management, Inc. 
  
 Innkeepers Hospitality Florida, Inc. 
  
 Innkeepers Hospitality Florida Management, Inc. 
  

 7

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