Document:

Exhibit 4.1

 Exhibit 4.1 

TOTAL CAPITAL CANADA LTD. 
 Officer’s Certificate 
 Pursuant to Sections 102 and 301 of
the Indenture 
 I, Jérôme Schmitt, the President of Total Capital Canada Ltd., a corporation incorporated under the laws
of Alberta, Canada (the “Company”), hereby certify that: 
     1. On May 17, 2011, I, as duly appointed
President of the Company, acting pursuant to the resolution of the Board of Directors of the Company dated January 18, 2011, decided the issuance by the Company of US$1,000,000,000 principal amount of Floating Rate Guaranteed Notes Due 2013
(the “Notes”), the terms of which are in conformity with the provisions set forth in the Indenture dated January 28, 2011, among the Company, TOTAL S.A. and The Bank of New York Mellon, as trustee (the “Indenture”), and
consist of the following: 
 (a) the Company may issue Securities of the same series as either series of the Notes without the
consent of the holders of such series of the Notes; any Securities so issued will have the same terms as the Notes in all respects, except for the original interest accrual date and the first interest payment date, as the case may be, so that such
Securities will be consolidated and form a single series with the Notes; 
 (b) the Notes shall have such other terms and
provisions as are provided in the form thereof set forth in Annex A hereto, and shall be issued in substantially such form. 

    2. All conditions precedent provided for in the Indenture (including any covenants compliance with which constitutes a
condition precedent) relating to the authentication and delivery of the Notes, as requested in the accompanying Company Order of even date herewith, have been complied with. 
 The following statements are made pursuant to the provisions of Section 102 of the Indenture: 

	(a)	the undersigned has read the provisions of the Indenture setting forth the covenants and conditions relating to the authentication and delivery of the Notes and in
respect of compliance with which this certificate is being delivered, and the definitions in the Indenture relating thereto; 

  

	(b)	the undersigned has examined the resolutions of the Board of Directors of the Company, such other corporate records of the Company, and such other documents deemed
necessary as a basis for the opinion hereinafter expressed; 

  

	(c)	in the opinion of the undersigned, such examination is sufficient to enable me to express an informed opinion as to whether or not the covenants and conditions referred
to above have been complied with; and 

  

	(d)	the undersigned is of the opinion that such covenants and conditions have been complied with. 

 Capitalized terms used herein and not otherwise defined herein shall have the meanings given to them in the Indenture. 
 IN WITNESS WHEREOF, I have hereunto signed my name. 
 Dated: May 24, 2011

			
	 /s/ Jérôme Schmitt

	Name:	 	Jérôme Schmitt
	Title:	 	President

 Annex A 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS GLOBAL SECURITY IS
EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE
BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 TOTAL CAPITAL CANADA
LTD. 
 FLOATING RATE GUARANTEED NOTE
DUE 2013 
  

			
	No. [•]	 	 U.S.$ [•]
 CUSIP 89153U AC5
 ISIN US89153UAC53

TOTAL CAPITAL CANADA LTD., a corporation duly organized and existing under the
laws of Alberta, Canada, having its registered office at 2900, 240 – 4th Avenue S.W., Calgary, Alberta, T2P 4H4, Canada (herein called the “Company”, which term includes any successor or substitute corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of [•] (U.S.$ [•]) on May 13, 2013, and to pay interest
thereon from May 24, 2011 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly in arrears on May 13, August 13, November 13 and February 13 of each year (subject to adjustment in accordance
with the Day Count Convention)(each an “Interest Payment Date”), commencing August 15, 2011 up to and including May 13, 2013, at a floating rate equal to the 3-month U.S. dollar London Interbank Offered Rate (“LIBOR”), reset
quarterly, plus a margin of 0.09%, as described below (subject to adjustment as provided herein) until the principal hereof is paid or made available for payment. 

 The interest rate for the first Interest Period (as defined below) will be LIBOR, as
determined on May 20, 2011, plus a margin of 0.09%. Thereafter, the interest rate for any Interest Period will be LIBOR, as determined on the applicable Interest Determination Date (as defined below), plus a margin of 0.09%. The interest rate
will be reset quarterly on each Interest Reset Date (as defined below). For each Interest Period, interest will be calculated on the basis of the actual number of days elapsed and a 360-day year. “Interest Period” means the period
beginning on, and including, an Interest Payment Date and ending on, but not including, the following Interest Payment Date; provided that the first Interest Period will begin on May 24, 2011, and will end on, but not include, the first
Interest Payment Date. The Interest Reset Date for each Interest Period other than the first Interest Period will be the first day of such Interest Period, subject to adjustment in accordance with the Day Count Convention specified below. The
Interest Determination Date relating to a particular Interest Reset Date will be the second London Business Day preceding such Interest Reset Date. 
 With respect to any Interest Determination Date, LIBOR will be the rate for deposits in U.S. dollars having a maturity of three months commencing on the Interest Reset Date that appears on the Designated
LIBOR Page as of 11:00 a.m., London time, on that Interest Determination Date. If no rate appears, LIBOR, in respect of that Interest Determination Date, will be determined as follows: the Calculation Agent (as defined below) will request the
principal London offices of each of four major reference banks in the London interbank market (which may include the Calculation Agent, the paying Agents or their affiliates), as selected by the Calculation Agent (after consultation with the
Company), to provide the Calculation Agent with its offered quotation for deposits in U.S. dollars for the period of three months, commencing on the Interest Reset Date, to prime banks in the London interbank market at approximately 11:00 a.m.,
London time, on that Interest Determination Date and in a principal amount that is representative for a single transaction in U.S. dollars in that market at that time. If at least two quotations are provided, then LIBOR on that Interest
Determination Date will be the arithmetic mean of those quotations (rounded if necessary to the nearest one hundred-thousandth of a percentage point, with 0.000005 being rounded upwards). If fewer than two quotations are provided, then LIBOR on the
Interest Determination Date will be the arithmetic mean (rounded if necessary to the nearest one hundred-thousandth of a percentage point, with 0.000005 being rounded upwards) of the rates quoted at approximately 11:00 a.m., New York City time, on
the Interest Determination Date by three major banks in The City of New York (which may include the Calculation Agent, the Paying Agents or their affiliates) selected by the Calculation Agent (after consultation with the Company) for loans in U.S.
dollars to leading European banks, having a three-month maturity and in a principal amount that is representative for a single transaction in U.S. dollars in that market at that time; provided, however, that if the banks selected by the Calculation
Agent are not providing quotations in the manner described by this sentence, LIBOR determined as of that Interest Determination Date will be LIBOR in effect on that Interest Determination Date. The Designated LIBOR Page is the Reuters screen
“LIBOR01”, or any successor service for the purpose of displaying the London interbank rates of major banks for U.S. dollars. The Reuters screen “LIBOR01” is the display designated as the Reuters screen “LIBOR01”, or
such other page as may replace the Reuters screen “LIBOR01” on that service or such other service or services as may be denominated by the British Bankers’ Association for the purpose of displaying London interbank offered rates for
U.S. dollar deposits. 

 Day Count Convention. If any Interest Reset Date or Interest Payment Date (other than
the Stated Maturity date) would otherwise fall on a day that is not a Business Day (as defined below), the relevant date will be postponed to the next day that is a Business Day, provided, however, that, if that date would fall in the next
succeeding month, such date will be the immediately preceding Business Day. If any such Interest Payment Date (other than the Stated Maturity date) is postponed or brought forward as described above, the interest amount will be adjusted accordingly.
If the Stated Maturity date falls on a day that is not a Business Day, payment of principal and interest on the Securities will be made on the next day that is a Business Day, and no interest will accrue for the period from and after the Stated
Maturity date. “Business Day” means any day that is a New York Business Day and a London Business Day. “New York Business Day” means any weekday on which banking or trust institutions in the City of New York are not authorized
generally or obligated by law, regulation or executive order to close. “London Business Day” any weekday on which banking or trust institutions in London are not authorized generally or obligated by law, regulation or executive order to
close. 
 Calculation Agent. The Company has initially appointed The Bank of New York Mellon as Calculation Agent to act
as such agent with respect to this Security, but the Company may, in its sole discretion, appoint any other institution to serve as any such agent from time to time. The Company will give the Trustee prompt written notice of any change in any such
appointment. 
 All calculations made by the Calculation Agent for the purposes of calculating the interest rate on this
Security shall be conclusive and binding on the Holders of Securities, the Company, the Guarantor and the Trustee, absent manifest error. 
 The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the May 1, August 1, November 1 and February 1 (whether or not a Business Day), as the case may be, next preceding such
Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than
10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture. 

 If any deduction or withholding for any present or future taxes, assessments or other
governmental charges of the jurisdiction (or any political subdivision or taxing authority thereof or therein) in which the Company is incorporated, shall at any time be required by such jurisdiction (or any such political subdivision or taxing
authority thereof or therein) in respect of any amounts to be paid by the Company of principal of or interest on a Security of any series, then the Company will pay to the Holder of a Security of such series such additional amounts as may be
necessary in order that the net amounts paid to such Holder of such Security, after such deduction or withholding, shall be not less than the amounts specified in such Security to which such Holder is otherwise entitled; provided, however,
that the Company shall not be required to make any payment of additional amounts for or on account of: 
 (a) any tax,
assessment or other governmental charge which would not have been imposed but for (i) the existence of any present or former connection between such Holder (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of
a power over, such Holder, if such Holder is an estate, trust, partnership or corporation) and the taxing jurisdiction or any political subdivision or territory or possession thereof or area subject to its jurisdiction, including, without
limitation, such Holder (or such fiduciary, settlor, beneficiary, member, shareholder or possessor) being or having been a citizen or resident thereof or being or having been present or engaged in trade or business therein or having or having had a
permanent establishment therein, (ii) the presentation of a Security of such series (where presentation is required) for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which
payment thereof is duly provided for, whichever occurs later, or (iii) the fact that the Holder and the Company do not deal at arm’s length for the purposes of the applicable taxing legislation; 

(b) any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other governmental charge;

 (c) any tax, assessment or other governmental charge that is payable otherwise than by withholding from payments of (or
in respect of) principal of, or any interest on, the Securities of such series; 
 (d) any tax, assessment or other
governmental charge that is imposed or withheld by reason of the failure by the Holder or the beneficial owner of the Security of such series (i) to provide information concerning the nationality, residence or identity of the Holder or such
beneficial owner or (ii) to make any declaration or other similar claim or satisfy any information or reporting requirements, which, in the case of (i) or (ii), is required or imposed by a statute, treaty, regulation or administrative
practice of the taxing jurisdiction as a precondition to exemption from all or part of such tax, assessment or other governmental charge; 

 (e) any tax, assessment or other governmental charge which such Holder would have been
able to avoid by presenting such Security to another Paying Agent; 
 (f) any tax, assessment or other governmental charge
which is imposed on a payment pursuant to the European Union Directive 2003/48/EC regarding the taxation of savings income or any other directive amending, supplementing or replacing such directive, or any law implementing or complying with, or
introduced in order to conform to, such directive or directives; or 
 (g) any combination of items (a), (b), (c), (d),
(e) and (f) above; nor shall additional amounts be paid with respect to any payment of the principal of, or any interest on, any Security of such series to any Holder who is a fiduciary or partnership or other than the sole beneficial
owner of such payment to the extent such payment would be required by the laws of the jurisdiction (or any political subdivision or taxing authority thereof or therein) to be included in the income for tax purposes of a beneficiary or settlor with
respect to such fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to such additional amounts had it been the Holder of such Security. 

The foregoing provisions shall apply mutatis mutandis to any withholding or deduction in respect of any amount to be paid by the
Company of principal of or interest on a Security of any series (i) for or on account of any present or future taxes, assessments or governmental charges of whatever nature of any jurisdiction in which any successor or substitute Person to the
Company is organized, or any political subdivision or taxing authority thereof or therein; or (ii) if another Person merges into or transfers its assets to the Company pursuant to Section 801, for or on account of any taxes, assessments or
governmental charges levied by the jurisdiction in which such other Person is organized, or by any political subdivision or taxing authority thereof, as a result of (x) the Company’s being treated as engaged in a trade or business, or
having a permanent establishment, in such jurisdiction and (y) the payment of principal or interest being allocable or attributable to such trade or business or permanent establishment. 

Payment of the principal of (and premium, if any) and interest on this Security will be made at the Corporate Trust Office of the
Trustee, as Paying Agent, in The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the
Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual
signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed. 
 Dated: May 24, 2011 
  

 

			
	TOTAL CAPITAL CANADA LTD.
		
	By	 	  

		 	Name: Jérôme Schmitt
		 	Title: President

 Trustee’s Certificate of Authentication 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

Dated: May 24, 2011 
  

	
	 THE BANK OF NEW YORK MELLON,

as Trustee

	
	By                             
                                         
                           
	Authorized Signatory

 REVERSE OF SECURITY 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be
issued outside France in one or more series under an Indenture, dated as of January 28, 2011 (herein called the “Indenture”), among the Company, as issuer, TOTAL S.A., as Guarantor (herein called the “Guarantor”), and The
Bank of New York Mellon, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitation of rights, duties and immunities thereunder of the Company, the Guarantor, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This
Security is one of the series designated on the face hereof, initially limited in aggregate principal amount to U.S.$ 1,000,000,000. 
 If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the
effect provided in the Indenture. 
 In the event of redemption of this Security in part only, a new Security or Securities of
this series for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 

This Security is also redeemable prior to Stated Maturity as permitted under Section 1108 (“Optional Redemption Due to Changes
in Tax Treatment”); the date specified for the Securities of this series, for the purpose of said Section 1108, is May 24, 2011. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the Guarantor and the rights of the Holders
of the Securities of each series to be affected under the Indenture at any time by the Company, the Guarantor and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series
to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive
compliance by the Company or the Guarantor, or both, with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and
binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this
Security. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right
to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default
with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such
Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with
such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the
enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed or provided for herein. 

 No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.

 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is
registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of (and premium, if any) and interest on this Security are payable, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities
of this series, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Securities of this series are issuable only in registered form without coupons in denominations of U.S.$ 1,000 and any integral multiple thereof. As provided in the Indenture and subject to certain
limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series of a different authorized denomination, as requested by the Holder surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this
Security for registration of transfer, the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes (subject to
Section 307 of the Indenture), whether or not this Security be overdue, and neither the Company, the Guarantor, the Trustee nor any such agent shall be affected by notice to the contrary. 

The Indenture provides that the Company and the Guarantor, at the Guarantor’s option, (a) will be discharged from any and all
obligations in respect of the Securities (except for certain obligations to register the transfer or exchange of Securities, replace stolen, lost or mutilated Securities, maintain paying agencies and hold moneys for payment in trust) or
(b) need not comply with certain restrictive covenants of the Indenture, in each case if the Company or the Guarantor deposits, in trust, with the Trustee money or U.S. Government Obligations which, through the payment of interest thereon and
principal thereof in accordance with their terms, will provide money, in an amount sufficient to pay all the principal (including any mandatory sinking fund payments) of, and premium, if any, and interest on, the Securities on the dates such
payments are due in accordance with the terms of such Securities and Guarantee, and certain other conditions are satisfied. 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

 GUARANTEE OF TOTAL S.A. 

For value received, TOTAL S.A., a société anonyme duly organized and existing under the laws of the Republic of
France (herein called the “Guarantor”, which term includes any successor corporation under the Indenture referred to in the Security upon which this Guarantee is endorsed), hereby unconditionally guarantees to the Holder of the Security
upon which this Guarantee is endorsed and to the Trustee referred to in such Indenture due and prompt payment of the principal of (and premium, if any) and interest (including additional amounts) on such Security, when and as the same shall become
due and payable, whether at the Stated Maturity, by declaration of acceleration, call for redemption or otherwise, according to the terms thereof and of the Indenture referred to therein. In case of the failure of Total Capital Canada Ltd., a
corporation duly organized and existing under the laws of Alberta, Canada (herein called the “Company”, which term includes any successor corporation under such Indenture) punctually to make any such principal, premium or interest
(including additional amounts) payment, the Guarantor hereby agrees to cause any such payment to be made promptly when and as the same shall become due and payable, whether at the Stated Maturity, by declaration of acceleration, call for redemption
or otherwise, and as if such payment were made by the Company. 
 The Guarantor hereby further agrees, subject to the
limitations and exceptions set forth below, that if any deduction or withholding for any present or future taxes, assessments or other governmental charges of the jurisdiction (or any political subdivision or taxing authority thereof or therein) in
which the Guarantor is incorporated, shall at any time be required by such jurisdiction (or any such political subdivision or taxing authority thereof or therein) in respect of any amounts to be paid by the Guarantor under this Guarantee, the
Guarantor will pay to the Holder of a Security of such series such additional amounts as may be necessary in order that the net amounts paid to such Holder of such Security, after such deduction or withholding, shall be not less than the amounts
specified in such Security to which such Holder is otherwise entitled; provided, however, that the Guarantor shall not be required to make any payment of additional amounts for or on account of: 

(a) any tax, assessment or other governmental charge which would not have been imposed but for (i) the existence of any present
or former connection between such Holder (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder, if such Holder is an estate, trust, partnership or corporation) and the taxing jurisdiction
or any political subdivision or territory or possession thereof or area subject to its jurisdiction, including, without limitation, such Holder (or such fiduciary, settlor, beneficiary, member, shareholder or possessor) being or having been a
citizen or resident thereof or being or having been present or engaged in trade or business therein or having or having had a permanent establishment therein, (ii) the presentation of a Security of such series (where presentation is required)
for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later, or (iii) the fact that the Holder and the Company do not
deal at arm’s length for the purposes of the applicable taxing legislation; 

 (b) any estate, inheritance, gift, sale, transfer, personal property or similar tax,
assessment or other governmental charge; 
 (c) any tax, assessment or other governmental charge that is payable otherwise
than by withholding from payments of (or in respect of) principal of, or any interest on, the Securities of such series; 

(d) any tax, assessment or other governmental charge that is imposed or withheld by reason of the failure by the Holder or the
beneficial owner of the Security of such series (i) to provide information concerning the nationality, residence or identity of the Holder or such beneficial owner or (ii) to make any declaration or other similar claim or satisfy any
information or reporting requirements, which, in the case of (i) or (ii), is required or imposed by a statute, treaty, regulation or administrative practice of the taxing jurisdiction as a precondition to exemption from all or part of such tax,
assessment or other governmental charge; 
 (e) any tax, assessment or other governmental charge which such Holder would
have been able to avoid by presenting such Security to another Paying Agent; 
 (f) any tax, assessment or other
governmental charge which is imposed on a payment pursuant to the European Union Directive 2003/48/EC regarding the taxation of savings income or any other directive amending, supplementing or replacing such directive, or any law implementing or
complying with, or introduced in order to conform to, such directive or directives; 
 or (g) any combination of items (a),
(b), (c), (d), (e) and (f) above; nor shall additional amounts be paid with respect to any payment of the principal of, or any interest on, any Security of such series to any Holder who is a fiduciary or partnership or other than the sole
beneficial owner of such payment to the extent such payment would be required by the laws of the jurisdiction (or any political subdivision or taxing authority thereof or therein) to be included in the income for tax purposes of a beneficiary or
settlor with respect to such fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to such additional amounts had it been the Holder of such Security. 

The foregoing provisions shall apply mutatis mutandis to any withholding or deduction in respect of any amount to be paid by the
Guarantor of principal of or interest on a Security of any series (i) for or on account of any present or future taxes, assessments or governmental charges of whatever nature of any jurisdiction in which any successor to the Guarantor is
organized, or any political subdivision or taxing authority thereof or therein; or (ii) if another Person merges into or transfers its assets to the Guarantor pursuant to Section 801, for or on account of any taxes, assessments or
governmental charges levied by the jurisdiction in which such other Person is organized, or by any political subdivision or taxing authority thereof, as a result of (x) the Guarantor’s being treated as engaged in a trade or business, or
having a permanent establishment, in such jurisdiction and (y) the payment of principal or interest being allocable or attributable to such trade or business or permanent establishment. 

 The Guarantor hereby agrees that its obligations hereunder shall be as if it were principal
debtor and not merely surety, and shall be absolute and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity or unenforceability of such Security or such Indenture, any failure to enforce the provisions of such
Security or such Indenture, or any waiver, modification or indulgence granted to the Company with respect thereto, by the Holder of such Security or such Trustee, or any other circumstance which may otherwise constitute a legal or equitable
discharge of a surety or guarantor; provided, however, that, notwithstanding the foregoing, no such waiver, modification or indulgence shall, without the consent of the Guarantor, increase the principal amount of such Security or the
interest rate thereon or increase any premium payable upon redemption thereof. The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of the Company, any right to
require a proceeding first against the Company, protest or notice with respect to such Security or the indebtedness evidenced thereby and all demands whatsoever, and covenants that this Guarantee will not be discharged except by payment in full of
the principal of (and premium, if any) and interest on such Security. This Guarantee is a guarantee of payment and not of collection. 
 The Guarantor shall be subrogated to all rights of the Holder of such Security against the Company in respect of any amounts paid to such Holder by the Guarantor pursuant to the provisions of this
Guarantee; provided, however, that the Guarantor shall not be entitled to enforce, or to receive any payments arising out of or based upon, such right of subrogation until the principal of (and premium, if any) and interest on all
Securities of the same series issued under such Indenture shall have been paid in full. 
 No reference herein to such Indenture
and no provision of this Guarantee or of such indenture shall alter or impair the guarantee of the Guarantor, which is absolute and unconditional, of the due and punctual payment of the principal of (and premium, if any) and interest on the Security
upon which this Guarantee is endorsed at the times, place and rate, and in the cash or currency prescribed therein. 
 This
Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication of such Security shall have been manually executed by or on behalf of the Trustee under such Indenture. 

All terms used in this Guarantee which are defined in such Indenture shall have the meanings assigned to them in such Indenture.

 IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to be signed manually or in
facsimile by a person duly authorized in that behalf. 
 Dated: May 24, 2011 

 

			
	TOTAL S.A.
		
	By 	 	  

		 	Name: Jérôme Schmitt
		 	Title: Treasurer

 Attest: 

			
	  

	Name:	 	Charles Paris de Bollardière
	Title:	 	SecretaryStrategic Hotels & Resorts, Inc. Second Amended and Restated 2004 Incentive Plan

 Exhibit 10.1 
 STRATEGIC HOTELS & RESORTS, INC. 
 SECOND AMENDED AND RESTATED
2004 INCENTIVE PLAN 
 SECTION 1. PURPOSE 
 The purpose of this Strategic Hotels & Resorts, Inc. Second Amended and Restated 2004 Incentive Plan (the “Plan”) is to attract, retain and motivate employees, officers,
directors, consultants, agents, advisors and independent contractors of Strategic Hotels & Resorts, Inc. (the “Company”) and its Related Companies (individually or collectively, “Employer”) by providing
them the opportunity to acquire a proprietary interest in the Company or other incentives and to align their interests and efforts to the interests of the Company’s stockholders and to provide an added incentive to work towards the
Company’s growth and success. 
 SECTION 2. DEFINITIONS 
 Certain terms used in this Plan have the meanings set forth in Appendix I. 

SECTION 3. ELIGIBILITY 

An Award may be granted to any employee, officer, director, consultant, agent, advisor or independent contractor of the Company or a Related Company whom
the Committee from time to time selects. 
 SECTION 4. SHARES SUBJECT TO THE PLAN 

 

	4.1	Authorized Number of Shares 

 Subject to
adjustment from time to time as provided in Section 14.1, a maximum of nine million, seven hundred thousand (9,700,000) shares of Common Stock or OP Units shall be available for issuance under the Plan. Shares issued under the Plan shall
be drawn from authorized and unissued shares or shares now held or subsequently acquired by the Company. An issuance of either a share of Common Stock or an OP Unit shall count as a reduction of one against the maximum set forth in this Section.

  

	4.2	Share Usage 

 (a) Shares
of Common Stock or OP Units covered by an Award shall not be counted as used unless and until they are actually issued to a Participant. Subject to Sections 6.7 and 9.3, if any Award lapses, expires, terminates or is canceled prior to the issuance
of shares of Common Stock or OP Units hereunder or if shares of Common Stock or OP Units are issued under this Plan to a Participant and thereafter are forfeited to or otherwise reacquired by the Company, the shares of Common Stock or OP Units
subject to such Awards and the forfeited or reacquired shares of Common Stock or OP Units shall again be available for issuance under the Plan. Any shares of Common Stock or OP Units (i) tendered by a Participant or retained by the Company as
full or partial payment to the Company for the exercise of an Option, purchase price of an Award or to satisfy tax withholding obligations in connection with an Award or (ii) covered by an Award that is settled in cash or in a manner such that
some or all of the shares of Common Stock or OP Units covered by the Award are not issued to a Participant shall be available for Awards under the Plan. The number of shares of Common Stock or OP Units available for issuance under the Plan shall not
be reduced to reflect any dividends or dividend equivalents that are reinvested into additional shares or credited as additional shares of Common Stock or OP Units subject or paid with respect to an Award other than an Option or Stock Appreciation
Right. 
 (b) The Committee shall also, without limitation, have the authority to grant Awards as an alternative to or as the
form of payment for grants or rights earned or due under other compensation plans or arrangements of the Employer. 
 (c)
Notwithstanding anything in the Plan to the contrary, the Committee may grant Substitute Awards under the Plan. Substitute Awards shall not reduce the number of shares authorized for issuance under the Plan. In the event that an Acquired Entity has
shares available for awards or grants under one or more preexisting plans not adopted in contemplation of such acquisition or combination, then, to the extent determined by the Board or the Committee, the shares available for grant pursuant to the
terms of such preexisting plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to holders of common
stock of the entities that are parties to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the number of shares of Common Stock or OP Units authorized for issuance under the Plan; provided, however, that
Awards using such available shares shall not be made after the date awards or grants could have been made under the terms of such preexisting plans, absent the acquisition or combination, and shall only be made to individuals who were not employees
or nonemployee directors of the Company or a Related Company prior to such acquisition or combination. In the event that a written agreement 

  
 3 

 
between the Company and an Acquired Entity pursuant to which a merger, consolidation or statutory share exchange is completed is approved by the Board and said agreement sets forth the terms and
conditions of the substitution for or assumption of outstanding awards of the Acquired Entity, said terms and conditions shall be deemed to be the action of the Committee without any further action by the Committee, except as may be required for
compliance with Rule 16b-3 under the Exchange Act, and the persons holding such awards shall be deemed to be Participants. 
 (d)
The maximum number of shares that may be issued upon the exercise of Incentive Stock Options shall equal the aggregate share number stated in Section 4.1, subject to adjustment as provided in Section 14.1. 

SECTION 5. AWARDS 
  

	5.1	Form, Grant and Settlement of Awards 

 The
Committee shall have the authority, in its sole discretion, to determine the type or types of Awards to be granted under this Plan. Such Awards may be granted either alone, in addition to, or in tandem with, any other type of Award. Any Award
settlement may be subject to such conditions, restrictions and contingencies, as the Committee shall determine. 
  

	5.2	Evidence of Awards 

 Awards granted under
the Plan shall be evidenced by a written (including electronic) notice or agreement that shall contain such terms, conditions, limitations and restrictions as the Committee shall deem advisable and that are not inconsistent with this Plan.

  

	5.3	Vesting of Awards 

 The effect on the
vesting of an Award of a Company-approved leave of absence or a Participant’s working less than full-time shall be determined by the Company’s chief executive officer or, with respect to directors or executive officers, the Committee,
whose determination shall be conclusive and binding. 
  

	5.4	Deferrals 

 The Committee may permit or
require a Participant to defer receipt of the payment of any Award. If any such deferral election is permitted or required, the Committee, in its sole discretion, shall establish rules and procedures for such payment deferrals, which may include the
grant of additional Awards or provisions for the payment or crediting of interest or dividend equivalents or converting such credits to deferred share unit equivalents; provided, however, that the terms of any deferrals under this Section 5.4
are intended to comply with the requirements of Section 409A of the Code and Section 17.5 of this Plan. 
  

	5.5	Dividends and Distributions 

 Participants
may, if the Committee so determines, be credited with dividends or dividend equivalents paid with respect to shares underlying an Award other than an Option or Stock Appreciation Right in a manner determined by the Committee in its sole discretion.
The Committee may apply any restrictions to the dividends or dividend equivalents that the Committee deems appropriate. The Committee, in its sole discretion, may determine the form of payment of dividends or dividend equivalents, including cash,
shares of Common Stock, Restricted Stock, Stock Units or OP Units. 
 SECTION 6. OPTIONS 

 

	6.1	Grant of Options 

 The Committee may grant
Options designated as Incentive Stock Options or Nonqualified Stock Options. 
  

	6.2	Option Exercise Price 

 The exercise price
for shares purchased under an Option shall be as determined by the Committee, but shall not be less than 100% of the Fair Market Value on the Grant Date, except in the case of Substitute Awards. 

 

	6.3	Term of Options 

 Subject to earlier
termination in accordance with the terms of the Plan and the Award Agreement, the maximum term of a Nonqualified Stock Option shall be as established for that Option by the Committee but not to exceed ten years from the Grant Date or, if not so
established, shall be ten years from the Grant Date. 

  
 4 

	6.4	Exercise of Options 

 The Committee shall
establish and set forth in each instrument that evidences an Option the time at which, or the installments in which, the Option shall vest and become exercisable, any of which provisions may be waived or modified by the Committee at any time.

 To the extent an Option has vested and become exercisable, the Option may be exercised in whole or from time to time in part by delivery to
or as directed or approved by the Company of a properly executed stock option exercise agreement or notice, in a form and in accordance with procedures established by the Committee, setting forth the number of shares with respect to which the Option
is being exercised, the restrictions imposed on the shares purchased under such exercise agreement, if any, and such representations and agreements as may be required by the Committee, accompanied by payment in full as described in Sections 6.5 and
12. An Option may be exercised only for whole shares and may not be exercised for less than a reasonable number of shares at any one time, as determined by the Committee. 

 

	6.5	Payment of Exercise Price 

 The exercise
price for shares purchased under an Option shall be paid in full to the Company by delivery of consideration equal to the product of the Option exercise price and the number of shares purchased. Such consideration must be paid before the Company
will issue the shares being purchased and must be in a form or a combination of forms acceptable to the Committee for that purchase, which forms may include: 
 (a) cash, check or wire transfer; 
 (b) having the Company withhold shares of
Common Stock that would otherwise be issued on exercise of the Option that have an aggregate Fair Market Value equal to the aggregate exercise price of the shares being purchased under the Option; 

(c) tendering (either actually or, so long as the Common Stock is registered under Section 12(b) or 12(g) of the Exchange Act, by
attestation) shares of Common Stock owned by the Participant; 
 (d) so long as the Common Stock is registered under
Section 12(b) or 12(g) of the Exchange Act, and to the extent permitted by law, delivery of a properly executed exercise notice, together with irrevocable instructions to a brokerage firm designated or approved by the Company to deliver
promptly to the Company the aggregate amount of proceeds to pay the Option exercise price and any withholding tax obligations that may arise in connection with the exercise, all in accordance with the regulations of the Federal Reserve Board; or

 (e) such other consideration as the Committee may permit. 

 

	6.6	Effect of Termination of Service 

 The
Committee shall establish and set forth in each Award Agreement that evidences an Option whether the Option shall continue to be exercisable, and the terms and conditions of such exercise, after a Termination of Service, any of which provisions may
be waived or modified by the Committee at any time. If not so established in the Award Agreement, the Option shall be exercisable according to the following terms and conditions, which may be waived or modified by the Committee at any time:

 (a) Any portion of an Option that is not vested and exercisable on the date of a Participant’s Termination of Service
shall expire on such date. 
 (b) Any portion of an Option that is vested and exercisable on the date of a Participant’s
Termination of Service shall expire on the earliest to occur of: 
  

	 	(i)	if the Participant’s Termination of Service occurs for reasons other than Disability or death, the date that is ninety (90) days after such Termination of
Service; 

  

	 	(ii)	if the Participant’s Termination of Service occurs by reason of Disability or death, the date that is twelve months after such Termination of Service; and

  

	 	(iii)	the last day of the Option Term (“Option Expiration Date”). 

 Notwithstanding the foregoing, if a Participant dies after the Participant’s Termination of Service but while an Option is otherwise exercisable, the portion of the Option that is vested and
exercisable on the date of such Termination of Service shall 

  
 5 

 
expire upon the earlier to occur of (a) the Option Expiration Date and (b) twelve months after the date of death, unless the Committee determines otherwise. A Participant’s change
in status from an employee to a consultant, advisor or independent contractor shall not be considered a Termination of Service for purposes of this Section 6.6. 
  

	6.7	No Repricing 

 Other than in connection
with a change in the Company’s capitalization (as described in Section 14), an Option may not be repriced without stockholder approval (including canceling previously awarded Options and regranting them with a lower exercise price or
taking any other action with respect to an Option that would be treated as a repricing under the rules and regulations of the principal securities exchange on which the shares of Common Stock are traded). 

SECTION 7. INCENTIVE STOCK OPTION LIMITATIONS 
 Notwithstanding any other provisions of the Plan, the terms and conditions of any Incentive Stock Options shall in addition comply in all respects with Section 422 of the Code, or any successor
provision, and any applicable regulations thereunder, including, to the extent required thereunder, the following: 
  

	7.1	Dollar Limitation 

 To the extent the
aggregate Fair Market Value (determined as of the Grant Date) of Common Stock with respect to which a Participant’s Incentive Stock Options become exercisable for the first time during any calendar year (under the Plan and all other stock
option plans of the Company and its parent and subsidiary corporations) exceeds $100,000, such portion in excess of $100,000 shall be treated as a Nonqualified Stock Option. In the event the Participant holds two or more such Options that become
exercisable for the first time in the same calendar year, such limitation shall be applied on the basis of the order in which such Options are granted. 
  

	7.2	Eligible Employees 

 Individuals who are
not employees of the Company or one of its parent or subsidiary corporations may not be granted Incentive Stock Options. 
  

	7.3	Exercise Price 

 The exercise price of an
Incentive Stock Option shall be at least 100% of the Fair Market Value of the Common Stock on the Grant Date, and in the case of an Incentive Stock Option granted to a Participant who owns more than 10% of the total combined voting power of all
classes of the stock of the Company or of its parent or subsidiary corporations (a “Ten Percent Stockholder”), shall not be less than 110% of the Fair Market Value of the Common Stock on the Grant Date. The determination of more
than 10% ownership shall be made in accordance with Section 422 of the Code. 
  

	7.4	Option Term 

 Subject to earlier
termination in accordance with the terms of the Plan and the instrument evidencing the Option, the maximum term of an Incentive Stock Option shall not exceed ten years, and in the case of an Incentive Stock Option granted to a Ten Percent
Stockholder, shall not exceed five years. 
  

	7.5	Exercisability 

 An Option designated as
an Incentive Stock Option shall cease to qualify for favorable tax treatment as an Incentive Stock Option to the extent it is exercised (if permitted by the terms of the Option) (a) more than three months after the date of a Participant’s
Termination of Service if termination was for reasons other than death or disability, (b) more than one year after the date of a Participant’s Termination of Service if termination was by reason of disability, or (c) after the
Participant has been on leave of absence for more than 90 days, unless the Participant’s reemployment rights are guaranteed by statute or contract. 
  

	7.6	Taxation of Incentive Stock Options 

 In
order to obtain certain tax benefits afforded to Incentive Stock Options under Section 422 of the Code, the Participant must hold the shares acquired upon the exercise of an Incentive Stock Option for two years after the Grant Date and one year
after the date of exercise. 
 A Participant may be subject to the alternative minimum tax at the time of exercise of an Incentive Stock Option.
The Participant shall give the Company prompt notice of any disposition of shares acquired on the exercise of an Incentive Stock Option prior to the expiration of such holding periods. 

  
 6 

	7.7	Code Definitions 

 For the purposes of
this Section 7 “disability,” “parent corporation” and “subsidiary corporation” shall have the meanings attributed to those terms for purposes of Section 422 of the Code. 

SECTION 8. RESTRICTED STOCK, STOCK UNITS AND OP UNITS 

 

	8.1	Grant of Restricted Stock, Stock Units and OP Units 

 The Committee may grant Restricted Stock, Stock Units and OP Units on such terms and conditions and subject to such repurchase or forfeiture restrictions, if any (which may include, without limitation,
restrictions based on continuous service with the Employer or the achievement of performance criteria), as the Committee shall determine in its sole discretion, which terms, conditions and restrictions shall be set forth in the instrument evidencing
the Award provided that except as otherwise set forth in this Section, in no event shall the conditions or restrictions on the grant or vesting of an Award of Restricted Stock, RSUs or OP Units that are based on performance criteria be subject to a
performance period of less than one year and no condition or restriction that is based solely upon continued employment or the passage of time (or a performance period of less than one year) shall provide for vesting or settlement in full of an
Award of Restricted Stock, RSUs or OP Units over a period of less than three years from the date as of which the Award is effective (or if earlier, the performance period begins), in each case other than as a result of or upon the death, disability
or retirement of the Participant or a change in control of the Company. Notwithstanding anything herein to the contrary, the limitations contained in the preceding sentence shall not apply to Restricted Stock, RSUs and OP Units that are granted in
lieu of salary, earned cash bonus or other earned cash compensation or with respect to Substitute Awards or which are granted as ordinary compensation to Non-employee Directors; in each of these situations there need not be restrictions or a minimum
period for restrictions. Any Awards of Restricted Stock, RSUs or OP Units to Non-employee Directors other than as ordinary compensation to Non-employee Directors shall not be subject to management discretion. In addition, notwithstanding anything
herein to the contrary, the Committee may (a) grant Awards of Restricted Stock, RSUs and OP Units which fully vest prior to three years (including without limitation, prior to one year in the case of Awards of Restricted Stock, RSUs or OP Units
whether or not subject to performance criteria) from the date of grant and (b) waive vesting restrictions with respect to Awards of Restricted Stock, RSUs and of OP Units (such awards under (a) and (b), “Shorter Vesting Awards”)
as determined by the Committee and evidenced in an Award Agreement or amendment thereof provided that the aggregate number of shares of Common Stock or OP Units underlying all such Shorter Vesting Awards under the Plan shall not exceed 10% of the
number set forth in Section 4.1 (including adjustments pursuant to Section 14.1). Furthermore, nothing in this Section 8.1 prohibits the Committee from granting Awards during the first quarter of a calendar year which vest one-third
at the end of such calendar year or the first day of the succeeding calendar year and one-third on each anniversary of such initial vesting date. 
  

	8.2	Vesting of Restricted Stock and Stock Units 

 Upon the satisfaction of any terms, conditions and restrictions prescribed with respect to Restricted Stock or Stock Units, or upon a Participant’s release from any terms, conditions and restrictions
of Restricted Stock or Stock Units, as determined by the Committee, and subject to the provisions of Section 12, (a) the shares of Restricted Stock covered by each Award of Restricted Stock shall become freely transferable by the
Participant, and (b) Stock Units shall be paid in shares of Common Stock or, if set forth in the instrument evidencing the Awards, in cash or a combination of cash and shares of Common Stock. Any fractional shares subject to such Awards shall
be paid to the Participant in cash. 
  

	8.3	Waiver of Restrictions 

 Subject to
Section 17.5 and the limitations set forth in Section 8.1, the Committee, in its sole discretion, may waive the repurchase or forfeiture period and any other terms, conditions or restrictions on any Restricted Stock, Stock Unit or OP Unit
under such circumstances and subject to such terms and conditions as the Committee shall deem appropriate. 
 SECTION 9. STOCK
APPRECIATION RIGHTS 
  

	9.1	Grant of Stock Appreciation Rights 

 The
Committee may grant Stock Appreciation Rights to Participants at any time on such terms and conditions as the Committee shall determine in its sole discretion, which terms and conditions shall be set forth in the instrument evidencing the Award. The
Committee shall determine in its sole discretion the number of shares of Common Stock subject to Stock Appreciation Rights granted. A Stock Appreciation Right may be granted in tandem with an Option or other Award or alone
(“freestanding”). The grant price of a tandem Stock Appreciation Right shall be equal to the exercise price of the related Option, and the grant price of a freestanding Stock Appreciation Right shall not be less than 100% of the Fair
Market Value on the Grant Date, except in the case of Substitute Awards. A Stock Appreciation Right may be exercised upon such terms and conditions and for such term as the Committee determines in its sole discretion; provided, however, that,
subject to earlier termination in accordance with the terms of the Plan and the instrument evidencing the Stock Appreciation Right, the term of a freestanding Stock Appreciation Right shall be as established for that Stock Appreciation Right by the
Committee but not to exceed ten years or, if not so established, shall be ten years, and in the case of a tandem Stock Appreciation Right, (a) the term 

  
 7 

 
shall not exceed the term of the related Option and (b) the tandem Stock Appreciation Right may be exercised for all or part of the shares subject to the related Option upon the surrender of
the right to exercise the equivalent portion of the related Option, except that the tandem Stock Appreciation Right may be exercised only with respect to the shares for which its related Option is then exercisable. 

 

	9.2	Payment of Stock Appreciation Rights Amount 

 Upon the exercise of a Stock Appreciation Right, a Participant shall be entitled to receive payment in an amount determined by multiplying: (a) the difference between the Fair Market Value of a share
of the Common Stock for the date of exercise over the grant price of the Stock Appreciation Right by (b) the number of shares of Common Stock with respect to which the Stock Appreciation Right is exercised. At the discretion of the Committee as
set forth in the instrument evidencing the Award, the payment upon exercise of a Stock Appreciation Right may be in cash, in shares of Common Stock, in some combination thereof or in any other manner approved by the Committee in its sole discretion.

  

	9.3	No Repricing 

 Other than in connection
with a change in the Company’s capitalization (as described in Section 14), a Stock Appreciation Right may not be repriced without stockholder approval (including canceling previously awarded Stock Appreciation Rights and regranting them
with a lower grant price or taking any other action with respect to a Stock Appreciation Right that would be treated as a repricing under the rules and regulations of the principal securities exchange on which the shares of Common Stock are traded).

 SECTION 10. OTHER STOCK OR CASH-BASED AWARDS 
 Subject to the terms of the Plan and subject to such terms and conditions as it deems appropriate, the Committee may grant other incentives payable in cash or subject to the limitations set forth in
Section 8.1, in shares of Common Stock or OP Units under the Plan as it determines. 
 SECTION 11. ADMINISTRATION

 The Plan shall be administered by the Committee. Notwithstanding the foregoing, the Board may delegate responsibility for administering
the Plan with respect to designated classes of Eligible Persons to different committees consisting of two or more members of the Board, subject to such limitations as the Board deems appropriate. Members of any committee shall serve for such term as
the Board may determine, subject to removal by the Board at any time. To the extent consistent with applicable law, the Board or Committee may authorize one or more senior executive officers of the Company to grant Awards to designated classes of
Eligible Persons, within limits specifically prescribed by the Board; provided however, that no such officer shall have or obtain authority to grant Awards to himself or herself. All references in the Plan to the “Committee” shall be, as
applicable, to the Committee or any other committee or any officer to whom the Board or the Committee has delegated authority to administer the Plan. 
 Except for the terms and conditions explicitly set forth in the Plan, the Committee shall have full power and exclusive authority, to the extent permitted by applicable law, subject to such orders or
resolutions not inconsistent with the provisions of the Plan as may from time to time be adopted by the Board or a Committee comprised of members of the Board, to (a) select the Eligible Persons to whom Awards may from time to time be granted
under the Plan; (b) determine the type or types of Award to be granted to each Participant under the Plan; (c) determine the number of shares of Common Stock to be covered by each Award granted under the Plan; (d) determine the terms
and conditions of any Award granted under the Plan; (e) approve the forms of notices or agreements for use under the Plan; (f) determine whether, to what extent and under what circumstances Awards may be settled in cash, shares of Common
Stock or other property or canceled or suspended; (g) determine whether, to what extent and under what circumstances cash, shares of Common Stock, other property and other amounts payable with respect to an Award shall be deferred either
automatically or at the election of the Participant; (h) interpret and administer the Plan and any instrument evidencing an Award or agreement entered into under the Plan; (i) establish such rules and regulations as it shall deem
appropriate for the proper administration of the Plan; and (j) make any other determination and take any other action that the Committee deems necessary or desirable for administration of the Plan. 

A majority of the members of the Committee may determine its actions. To the extent consistent with applicable law, the Committee in its sole discretion
and on such terms and conditions as it may provide may delegate all or any part of its authority and power under the Plan to one or more directors or officers of the Company. All determinations, decisions, interpretations and other actions by the
Committee shall be final, conclusive and binding on all persons. 
 SECTION 12. WITHHOLDING 

The Employer may require the Participant to pay to the Employer the amount of (a) any taxes that the Employer is required by applicable federal,
state, local or foreign law to withhold with respect to the grant, vesting or exercise of an Award (“tax withholding obligations”) and (b) subject to the limitations of Section 17.5, any amounts due from the Participant to the
Employer (“other obligations”). The Company shall not be required to issue any shares of Common Stock or otherwise settle an Award under the Plan until such tax withholding obligations and other obligations are satisfied. 

  
 8 

 The Committee may permit or require a Participant to satisfy all or part of the Participant’s tax
withholding obligations and other obligations by (a) paying cash to the Employer, (b) having the Employer withhold an amount from any cash amounts otherwise due or to become due from the Employer to the Participant, (c) having the
Employer withhold a number of shares of Common Stock that would otherwise be issued to the Participant (or become vested in the case of Restricted Stock) having a Fair Market Value equal to the tax withholding obligations and other obligations, or
(d) surrendering a number of shares of Common Stock the Participant already owns having a value equal to the tax withholding obligations and other obligations. 
 SECTION 13. ASSIGNABILITY 
 No Award or interest in an Award may be sold, assigned, pledged
(as collateral for a loan or as security for the performance of an obligation or for any other purpose) or transferred by a Participant or made subject to attachment or similar proceedings otherwise than by will or by the applicable laws of descent
and distribution, except to the extent the Participant designates one or more beneficiaries on a Company-approved form who may exercise the Award or receive payment under the Award after the Participant’s death. During a Participant’s
lifetime, an Award may be exercised only by the Participant. Notwithstanding the foregoing, the Committee, in its sole discretion, may permit a Participant to assign or transfer an Award subject to such terms and conditions as the Committee shall
specify. 
 SECTION 14. ADJUSTMENTS 
  

	14.1	Adjustment of Shares 

 In the event, at
any time or from time to time, a stock dividend, stock split, spin-off, combination or exchange of shares, recapitalization, merger, consolidation, distribution to stockholders other than a normal cash dividend, or other change in the Company’s
corporate or capital structure or similar changes in the Operating Partnership results in (a) the outstanding shares of Common Stock, or any securities exchanged therefor or received in their place, being exchanged for a different number or
kind of securities of the Company or any other company or (b) new, different or additional securities of the Company or any other company being received by the holders of shares of Common Stock or OP Units, then the Committee shall make
proportional adjustments in (i) the maximum number and kind of securities available for issuance under the Plan; and (ii) the number and kind of securities that are subject to any outstanding Award and the per share price of such
securities, without any change in the aggregate price to be paid therefor. The determination by the Committee as to the terms of any of the foregoing adjustments shall be conclusive and binding. 

Notwithstanding the foregoing, the issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class,
for cash or property, or for labor or services rendered either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares or obligations of the Company convertible into such shares or other
securities, shall not affect, and no adjustment by reason thereof shall be made with respect to, outstanding Awards. 
  

	14.2	Effect of Change of Control 

 In the event
of any Change of Control, each Award that is at the time outstanding shall automatically accelerate so that each such Award shall, immediately prior to the consummation of the Change of Control, become 100% vested. 

Without limitation on the foregoing, the Committee may, but shall not be obligated to, make provision in connection with a Change of Control for a cash
payment to holders of Awards in consideration for the cancellation of such Awards which may equal the excess, if any, of the value of the consideration to be paid in the transaction to holders of the same number of shares of Common Stock subject to
such Awards (or if no consideration is paid in any such transaction, the fair market value of shares of Common Stock subject to such Awards) over the aggregate Option exercise price, if any, of such Awards. 

 

	14.3	Further Adjustment of Awards 

 Subject to
Sections 14.2 and 16.3, the Committee shall have the discretion, exercisable at any time before a sale, merger, consolidation, reorganization, liquidation, dissolution or change in control of the Company, as defined by the Committee, to take such
further action as it determines to be necessary or advisable with respect to Awards. Such authorized action may include (but shall not be limited to) establishing, amending or waiving the type, terms, conditions or duration of, or restrictions on,
Awards so as to provide for earlier, later, extended or additional time for exercise, lifting restrictions and other modifications, and the Committee may take such actions with respect to all Participants, to certain categories of Participants or
only to individual Participants. The Committee may take such action before or after granting Awards to which the action relates and before or after any public announcement with respect to such sale, merger, consolidation, reorganization,
liquidation, dissolution or change in control that is the reason for such action. 

  
 9 

	14.4	No Limitations 

 The grant of Awards shall
in no way affect the Company’s right to adjust, reclassify, reorganize or otherwise change its capital or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

  

	14.5	Fractional Shares 

 In the event of any
adjustment in the number of shares covered by any Award, each such Award shall cover only the number of full shares resulting from such adjustment. 
 SECTION 15. MARKET STANDOFF 
 In the event of an underwritten public offering by the
Company of its equity securities pursuant to an effective registration statement filed under the Securities Act, no person may sell, make any short sale of, loan, hypothecate, pledge, grant any option for the purchase of, or otherwise dispose of or
transfer for value or otherwise agree to engage in any of the foregoing transactions with respect to any shares issued pursuant to an Award granted under the Plan to the extent requested by the underwriters. Such limitations shall be in effect for
such period of time as may be requested by such underwriters. 
 In the event of any stock split, stock dividend, recapitalization, combination
of shares, exchange of shares or other change affecting the Company’s outstanding Common Stock effected as a class without the Company’s receipt of consideration, any new, substituted or additional securities distributed with respect to
the purchased shares shall be immediately subject to the provisions of this Section 15, to the same extent the purchased shares are at such time covered by such provisions. 
 In order to enforce the limitations of this Section 15, the Company may impose stop-transfer instructions with respect to the purchased shares until the end of the applicable standoff period.

 SECTION 16. AMENDMENT AND TERMINATION 
  

	16.1	Amendment, Suspension or Termination 

 The
Board or the Committee may amend, suspend or terminate the Plan or any portion of the Plan at any time and in such respects as it shall deem advisable; provided, however, that, to the extent required by applicable law, regulation or stock exchange
rule, stockholder approval shall be required for any amendment to the Plan. Notwithstanding the preceding sentence, the Board or Committee will not, without stockholder approval, amend the Plan to: 

(a) increase the total number of Shares or OP Units that may be awarded under the Plan; 

(b) reduce the exercise price of, or reprice, outstanding Options or Stock Appreciation Rights as set forth in Section 6.7 or
Section 9.3; 
 (c) extend the duration of the Plan; or 

(d) otherwise amend the Plan in any manner requiring stockholder approval by law or under the New York Stock Exchange listing
requirements. 
  

	16.2	Term of the Plan 

 Unless sooner
terminated as provided herein, the Plan shall terminate December 31, 2016. After the Plan is terminated, no future Awards may be granted, but Awards previously granted shall remain outstanding in accordance with their applicable terms and
conditions and the Plan’s terms and conditions. 
  

	16.3	Consent of Participant 

 Subject to this
Section 16.3 and Section 17.5, and the limitations within Section 8.1, the Committee may amend the terms of any outstanding Award, prospectively or retroactively. The amendment, suspension or termination of the Plan or a portion
thereof or the amendment of an outstanding Award shall not, without the Participant’s consent, materially adversely affect any rights under any Award theretofore granted to the Participant under the Plan. Notwithstanding the foregoing, any
adjustments made pursuant to Sections 14.1 or 14.2 shall not be subject to these restrictions. 

  
 10 

 SECTION 17. GENERAL 

 

	17.1	No Individual Rights 

 No individual or
Participant shall have any claim to be granted any Award under the Plan, and the Company has no obligation for uniformity of treatment of Participants under the Plan. 
 Furthermore, nothing in the Plan or any Award granted under the Plan shall be deemed to constitute an employment contract or confer or be deemed to confer on any Participant any right to continue in the
employ of, or to continue any other relationship with, the Employer or limit in any way the right of the Employer to terminate a Participant’s employment or other relationship at any time, with or without cause. 

 

	17.2	Issuance of Shares 

 Notwithstanding any
other provision of the Plan, the Company shall have no obligation to issue or deliver any shares of Common Stock under the Plan or make any other distribution of benefits under the Plan unless, in the opinion of the Company’s counsel, such
issuance, delivery or distribution would comply with all applicable laws (including, without limitation, the requirements of the Securities Act or the laws of any state or foreign jurisdiction) and the applicable requirements of any securities
exchange or similar entity. 
 The Company shall be under no obligation to any Participant to register for offering or resale or to qualify for
exemption under the Securities Act, or to register or qualify under the laws of any state or foreign jurisdiction, any shares of Common Stock, security or interest in a security paid or issued under, or created by, the Plan, or to continue in effect
any such registrations or qualifications if made. 
 As a condition to the exercise of an Option or any other receipt of Common Stock pursuant
to an Award under the Plan, the Company may require (a) the Participant to represent and warrant at the time of any such exercise or receipt that such shares are being purchased or received only for the Participant’s own account and
without any present intention to sell or distribute such shares and (b) such other action or agreement by the Participant as may from time to time be necessary to comply with the federal, state and foreign securities laws. At the option of the
Company, a stop-transfer order against any such shares may be placed on the official stock books and records of the Company, and a legend indicating that such shares may not be pledged, sold or otherwise transferred, unless an opinion of counsel is
provided (concurred in by counsel for the Company) stating that such transfer is not in violation of any applicable law or regulation, may be stamped on stock certificates to ensure exemption from registration. The Committee may also require the
Participant to execute and deliver to the Company a purchase agreement or such other agreement as may be in use by the Company at such time that describes certain terms and conditions applicable to the shares. 

To the extent the Plan or any instrument evidencing an Award provides for issuance of stock certificates to reflect the issuance of shares of Common
Stock, the issuance may be effected on a noncertificated basis, to the extent not prohibited by applicable law or the applicable rules of any stock exchange. 
  

	17.3	Indemnification 

 Each person who is or
shall have been a member of the Board, or a committee appointed by the Board or an officer of the Company to whom authority was delegated in accordance with Section 11 shall be indemnified and held harmless by the Company against and from any
loss, cost, liability or expense that may be imposed upon or reasonably incurred by such person in connection with or resulting from any claim, action, suit or proceeding to which such person may be a party or in which such person may be involved by
reason of any action taken or failure to act under the Plan and against and from any and all amounts paid by such person in settlement thereof, with the Company’s approval, or paid by such person in satisfaction of any judgment in any such
claim, action, suit or proceeding against such person; provided, however, that such person shall give the Company an opportunity, at its own expense, to handle and defend the same before such person undertakes to handle and defend it on such
person’s own behalf, unless such loss, cost, liability or expense is a result of such person’s own willful misconduct or except as expressly provided by statute. 
 The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such person may be entitled under the Company’s certificate of incorporation or bylaws,
as a matter of law, or otherwise, or of any power that the Company may have to indemnify such person or hold such person harmless. 
  

	17.4	No Rights as a Stockholder 

 Unless
otherwise provided by the Committee or in the instrument evidencing the Award or in a written employment, services or other agreement, no Award shall entitle the Participant to any cash dividend, voting or other right of a stockholder unless and
until the date of issuance under the Plan of the shares that are the subject of such Award. 
  

	17.5	Legal Requirements 

 The granting of
Awards and the issuance of shares of Common Stock or OP Units under the Plan is subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.

  
 11 

 Any Award granted pursuant to the Plan is intended to comply with the requirements of Section 409A of
the Code, including any applicable regulations and guidance issued thereunder, and including transition guidance, to the extent Section 409A of the Code is applicable thereto, and the terms of the Plan and any Award granted under the Plan shall
be interpreted, operated and administered in a manner consistent with this intention to the extent the Committee deems necessary or advisable to comply with Section 409A of the Code and any official guidance issued thereunder. Any payment or
distribution that is to be made under the Plan (or pursuant to an Award under the Plan) to a Participant who is a “specified employee” of the Company within the meaning of that term under Section 409A of the Code and as determined by
the Committee, on account of a “separation from service” within the meaning of that term under Section 409A of the Code, may not be made before the date which is six months after the date of such “separation from service,”
unless the payment or distribution is exempt from the application of Section 409A of the Code by reason of the short-term deferral exemption or otherwise. Notwithstanding any other provision in the Plan, the Committee, to the extent it deems
necessary or advisable in its sole discretion, reserves the right, but shall not be required, to unilaterally amend or modify the Plan and any Award granted under the Plan so that the Award qualifies for exemption from or complies with
Section 409A of the Code; provided, however, that neither the Company nor the Committee makes any representations that Awards granted under the Plan shall be exempt from or comply with Section 409A of the Code and makes no undertaking to
preclude Section 409A of the Code from applying to Awards granted under the Plan. 
  

	17.6	Participants in Other Countries 

 Without
amending the Plan, the Committee may grant Awards to Eligible Persons who are foreign nationals on such terms and conditions different from those specified in this Plan as may, in the judgement of the Committee, be necessary or desirable to foster
and promote achievement of the purposes of the Plan and shall have the authority to adopt such modifications, procedures, subplans and the like as may be necessary or desirable to comply with provisions of the laws or regulations or conform to the
requirements to operate the Plan in a tax advantageous manner in other countries or jurisdictions in which the Company or any Related Company may operate or have employees, to ensure the viability of the benefits from Awards granted to Participants
employed in such countries or jurisdictions, to meet the requirements that permit the Plan to operate in a qualified or tax-efficient manner and comply with applicable foreign laws or regulations and to meet the objectives of the Plan. 

 

	17.7	Effect on Other Employee Benefit Plans 

The value of Awards granted under the Plan shall not be included as compensation, earnings, salaries or other similar terms used when calculating the
Participant’s benefits under any employee benefit plan sponsored by or contributed to by the Employer except as such plan otherwise expressly provides. 
  

	17.8	No Trust or Fund 

 The Plan is intended to
constitute an “unfunded” plan. Nothing contained herein shall require the Company to segregate any monies or other property, or shares of Common Stock or OP Units, or to create any trusts, or to make any special deposits for any immediate
or deferred amounts payable to any Participant, and no Participant shall have any rights that are greater than those of a general unsecured creditor of the Company. 
  

	17.9	Successors 

 All obligations of the
Company under the Plan with respect to Awards shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all
the business and/or assets of the Company. 
  

	17.10	Severability 

 If any provision of the
Plan or any Award is determined to be invalid, illegal or unenforceable in any jurisdiction, or as to any person, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed
amended to conform to applicable laws, or, if it cannot be so construed or deemed amended without, in the Committee’s determination, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such
jurisdiction, person or Award, and the remainder of the Plan and any such Award shall remain in full force and effect. 
  

	17.11	Choice of Law and Venue 

 The Plan, all
Awards granted thereunder and all determinations made and actions taken pursuant hereto, to the extent not otherwise governed by the laws of the United States, shall be governed by the laws of the State of Illinois without giving effect to
principles of conflicts of law. 
 SECTION 18. EFFECTIVE DATE 
 The effective date of the Plan is June 21, 2004. 

  
 12 

 APPENDIX I 
 “Acquired Entity” means any entity acquired by the Company or a Related Company or with which the Company or a Related Company merges or combines. 

“Award” means any Option, Restricted Stock, Stock Unit, OP Unit, Stock Appreciation Right, or other incentive payable in cash or in
shares of Common Stock as may be designated by the Committee from time to time. 
 “Award Agreement” means an instrument
evidencing an Award as set forth in Section 5.2. 
 “Beneficial Ownership” means beneficial ownership within the meaning
of Rule 13d-3 promulgated under the Exchange Act. 
 “Board” means the Company’s board of directors. 

“Cause” shall have the meaning defined in the Award Agreement or otherwise shall have the meaning assigned to such term in the
Participant’s written employment, services or other arrangements with the Employer or in the absence of a definition in the Award Agreement or any such written employment arrangement shall mean dishonesty, fraud, serious or willful misconduct,
unauthorized use or disclosure of confidential information or trade secrets, or conduct prohibited by law (except minor violations), in each case as determined by the Company’s chief executive officer or, in the case of directors and executive
officers, the Committee, whose determination shall be conclusive and binding. 
 “Code” means the Internal Revenue Code of
1986, as it may be amended from time to time. 
 “Committee” means the Board or a committee or committees (which term includes
subcommittees) appointed by, and consisting of, two or more members of the Board. 
 “Common Stock” means the common stock of
the Company, or, in the event that the outstanding shares of Common Stock are after the date this Plan is approved by the stockholders of the Company, recapitalized, converted into or exchanged for different stock or securities of the Company, such
other stock or securities. 
 “Company” means Strategic Hotels & Resorts, Inc. 

“Change of Control” shall have the meaning defined in the Award Agreement and if not defined in the Award Agreement shall mean the
occurrence of any of the following: 
 (a) Any “Person” (having the meaning ascribed to such term in
Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a “group” within the meaning of Section 13(d)(3)) has or acquires Beneficial Ownership of twenty-five percent (25%) or more of the
combined voting power of the Company’s then outstanding voting securities entitled to vote generally in the election of directors (“Voting Securities”); provided, however, that in determining whether a Change in Control has occurred,
Voting Securities which are held or acquired by the following: (i) the Company or any of its Related Companies or (ii) an employee benefit plan (or a trust forming a part thereof) maintained by the Company or any of its Related Companies
(the persons or entities described in (i) and (ii) shall collectively be referred to as the “Excluded Group”), shall not constitute a Change in Control. 
 (b) The individuals who are members of the Incumbent Board cease for any reason to constitute more than fifty percent (50%) of the Board. 

(c) Immediately prior to a consummation of a merger, consolidation or reorganization or similar event involving the Company, whether in a
single transaction or in a series of transactions (“Business Combination”), unless, following such Business Combination: 
  

	 	(i)	the Persons with Beneficial Ownership of the Company, immediately before such Business Combination, have Beneficial Ownership of more than fifty percent (50%) of
the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the corporation (or in the election of a comparable governing body of any other type of entity) resulting from such
Business Combination (including, without limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) (the “Surviving
Company”) in substantially the same proportions as their Beneficial Ownership of the Voting Securities immediately before such Business Combination; 

  

	 	(ii)	the individuals who were members of the Incumbent Board immediately prior to the execution of the initial agreement providing for such Business Combination constitute
more than fifty percent (50%) of the members of the board of directors (or comparable governing body of a noncorporate entity) of the Surviving Company; and 

  
 13 

	 	(iii)	no Person (other than a member of the Excluded Group or any Person who immediately prior to such Business Combination had Beneficial Ownership of twenty-five percent
(25%) or more of the then Voting Securities) has Beneficial Ownership of twenty-five percent (25%) or more of the then combined voting power of the Surviving Company’s then outstanding voting securities. 

(d) Immediately prior to the assignment, sale, conveyance, transfer, lease or other disposition of all or substantially all of the assets
of the Company to any Person (other than the Company, any Related Company or an employee benefit plan (or related trust) sponsored or maintained by the Company or any Related Company) unless, immediately following such disposition, the conditions
set forth in paragraph (c)(i), (ii) and (iii) above will be satisfied with respect to the entity which acquires such assets. 
 (e) Immediately prior to the occurrence of a liquidation or dissolution of the Company. 

“Disability” shall have the meaning defined in the Award Agreement or determined by the Committee and if not so defined or determined
shall mean disability as defined in the Company’s long-term disability plan. 
 “Effective Date” has the meaning set forth
in Section 18. 
 “Eligible Person” means any person eligible to receive an Award as set forth in Section 3.

 “Employer” means individually or collectively the Company or its Related Companies. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. 

“Fair Market Value” means the per share fair market value of the Common Stock as determined by the Committee. 

“Good Reason” shall have the meaning defined in the Award Agreement or otherwise shall have the meaning assigned to such term in the
Participant’s written employment, services or other arrangements with the Employer or in the absence of a definition in the Award Agreement or any such written employment arrangement shall mean (a) a substantial diminution in the
Participant’s position, authority, duties or responsibilities, (b) a reduction of the Participant’s base salary or (c) any relocation of Participant’s principal office more than fifty (50) miles from its location on the
date of the Award. 
 “Grant Date” means the later of (a) the date on which the Committee takes corporate action
authorizing the grant of an Award or such later date specified by the Committee or (b) the date on which all conditions precedent to the Award have been satisfied, provided that conditions to the exercisability or vesting of Awards shall not
defer the Grant Date. 
 “Incumbent Board” means the individuals who, as of the beginning of the period commencing two years
prior to the determination date, constitute the Board; provided, however, that for purposes of this definition, any individual who becomes a member of the Board subsequent to the beginning of such two-year period, whose election, or nomination for
election by the Company’s stockholders, was approved by a vote of at least two-thirds of those individuals who are members of the Board and who were also members of the Incumbent Board (or deemed to be such pursuant to this proviso) shall be
considered as though such individual were a member of the Incumbent Board; and provided further, however, that any such individual whose initial assumption of office occurs as a result of or in connection with an actual or threatened solicitation of
proxies or consents by or on behalf of a Person other than the Board shall not be considered a member of the Incumbent Board. 

“Non-employee Director” means a member of the Board who is not an employee of an Employer. 

“Operating Partnership” means Strategic Hotel Funding, L.L.C., the Company’s operating partnership. 

“Option” means a right to purchase Common Stock granted under Section 6. 
 “Option Expiration Date” has the meaning set forth in Section 6.6. 

“Option Term” means the maximum term of an Option as set forth in Section 6.3. 

“OP Unit” means an Award of a unit of partnership interest in the Operating Partnership, granted under Section 8. 

“Participant” means any Eligible Person to whom an Award is granted. 
 “Person” means any individual, entity or group within the meaning of Section 13(d)(3) of the Exchange Act. 
 “Plan” means the Strategic Hotels & Resorts, Inc. Second Amended and Restated 2004 Incentive Plan. 
 “Related Company” means any entity that is directly or indirectly controlled by, in control of or under common control with the Company. 

  
 14 

 “Restricted Stock” means an Award of shares of Common Stock granted under Section 8,
the rights of ownership of which may be subject to restrictions prescribed by the Committee. 
 “Securities Act” means the
Securities Act of 1933, as amended from time to time. 
 “Stock Appreciation Right” means a right granted under
Section 9.1. 
 “Stock Unit” means an Award denominated in units of Common Stock granted under Section 8. 

“Substitute Awards” means Awards granted or shares of Common Stock issued by the Company in substitution or exchange for awards
previously granted by an Acquired Entity. 
 “Termination of Service” means a termination of employment or service relationship
with the Employer for any reason, whether voluntary or involuntary, including by reason of death or Disability. Any question as to whether and when there has been a Termination of Service for the purposes of an Award and the cause of such
Termination of Service shall be determined by the Company’s chief executive officer or, in the case of directors and executive officers, the Committee, whose determination shall be conclusive and binding. Transfer of a Participant’s
employment or service relationship between the Company and any Related Company shall not be considered a Termination of Service for purposes of an Award. Unless the Committee determines otherwise, a Termination of Service shall be deemed to occur if
the Participant’s employment or service relationship is with an entity that has ceased to be a Related Company. 
 “Voting
Securities” means the Company’s voting securities entitled to vote generally in the election of directors. 

  
 15

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