Document:

Exhibit 10.1

 

LISMORE CAPITAL

14185 Dallas Parkway, Suite 1100

Dallas, Texas 75254

 

As of April 6, 2020

 

Deric Eubanks

Chief Financial Officer

Ashford Hospitality Trust, Inc.

14185 Dallas Parkway, Suite 1100

Dallas, TX 75254

 

RE:                Amended and Restated Ashford
Trust Agreement

 

Dear Deric:

 

Lismore Capital II LLC (“Lismore”)
and Ashford Hospitality Trust, Inc. (“Trust”) entered into that certain loan modification/extension agreement
dated March 20, 2020 (the “Original Agreement”) and Lismore and Trust desire to and do hereby amend and
restate the Agreement (the “Amended Agreement”) as follows:

 

	1)	Trust hereby grants Lismore the right and authority during the Agreement Term (as defined herein)
to negotiate the: (i) maturity date extension of the existing mortgage debt on Trust’s hotels listed on Addendum A
hereto (an “Extension”); (ii) forbearance, refinancing or modification of the existing mortgage debt
on Trust’s hotels listed on Addendum A and Addendum B hereto (other than an Extension, Principal
Reduction or Debt to Equity Conversion) (a “Forbearance”); (iii) reduction in principal amount of the
existing mortgage debt on Trust’s hotels listed on Addendum A hereto (a “Principal Reduction”);
and (iv) conversion of all or a portion of any existing mortgage debt on Trust’s hotels listed on Addendum A
hereto into equity or equity-like securities or other instruments of Trust (a “Debt to Equity Conversion”
and, collectively with the Extension, Forbearance and/or Principal Reduction, the “Financing”).

 

	2)	This Amended Agreement shall commence on the date hereof and shall end on the date that is twenty-four
(24) months following the date hereof, or upon it being terminated by Trust on not less than thirty (30) days written notice (the
“Agreement Term”).

 

	3)	Lismore shall solicit proposals for the Financing (the "Financing Proposals"),
which Financing Proposals shall set forth, in writing, the terms and conditions for the potential Financing. Trust retains absolute
discretion to reject any Financing Proposal for any reason whatsoever, in which event it will not be liable for any fee described
herein, or other compensation to Lismore on account of any such rejected Financing Proposal. Lismore shall keep Trust periodically
informed as to the status of discussions concerning any Financing by regular report.

 

	4)	Trust shall promptly provide all necessary information and documentation reasonably requested by
Lismore for the purpose of securing the Financing.

 

	5)	Lismore is acting as an independent contractor pursuant to this Agreement, is not acting as an
agent of Trust or in a fiduciary capacity with respect to Trust, and is not assuming any duties or obligations other than those
expressly set forth in this Agreement.

 

	6)	Lismore shall be paid a fee of $2,571,712.86 in three equal installments of $857,237.62 per month beginning July 20, 2020, and ending on September 20, 2020. The parties acknowledge that Trust paid Lismore $2,571,712.86 pursuant to paragraph 6(ii) of the Original Agreement. Together, the payments referenced above are equal to, in the aggregate, 12.5 basis points (0.125%) of the aggregate loan obligations of Trust or its subsidiaries. In the event Trust does not complete, for any reason, Extensions or Forbearances during the term of this Agreement equal to or greater than $4,114,740,601, then Trust shall offset, against any fees owed by Trust or its affiliates pursuant to the Advisory Agreement (as defined below), a portion of the fee paid by Trust to Lismore pursuant to this paragraph equal to the product of (x) $4,114,740,601 minus the amount of Extensions or Forbearances completed during the term of this Agreement multiplied by (y) 0.125%.

                                                                   

                                                                  “Advisory Agreement” means that certain Amended and Restated Advisory Agreement, effective as of June 10, 2015, by and among Ashford Hospitality Trust, Inc., Ashford Hospitality Limited Partnership, Ashford TRS Corporation, Ashford Inc. and Ashford Hospitality Advisors LLC, as amended.

 

     

     

    

 

	7)	Lismore shall be paid a fee equal to 25 basis points (0.25%) of the amount of any loan, payable
upon the acceptance by the applicable lender of any Forbearance or Extension of any loan listed on Addendum A. Any
fee paid to Lismore related to any loan pursuant to this paragraph 7 shall in no event exceed 25 basis points (0.25%) of such loan.

 

	8)	Lismore shall be paid a fee equal to 25 basis points (0.25%) of the amount of any loan, payable
upon the acceptance by the applicable lender of any Forbearance of any loan listed on Addendum B; provided, however,
in the event one or more third-party agents or contractors engaged by Trust, its advisors or their affiliates, other than Lismore,
has secured an extension of the maturity date equal to or greater than twelve (12) months of any such loan, then the amount payable
to Lismore under this paragraph 8 shall, instead, be 10 basis points (0.10%). Any fee paid to Lismore related to any loan pursuant
to this paragraph 8 shall in no event exceed 25 basis points (0.25%) of such loan.

 

	9)	Lismore shall be paid a fee upon the acceptance by any lender of any Principal Reduction of the
loans listed on Addendum A equal to 75 basis points (0.75%) of the amount of any Principal Reduction (the “Principal
Reduction Fee”).

 

	10)	Lismore shall be paid a fee upon the acceptance by any lender of
any Debt to Equity Conversion of the loans listed on Addendum A equal to 150 basis points (1.50%) of the implied
conversion value (but in any case, no less than 50% percent of the face value of such loan or loans) (the
“Conversion Fee”). For the avoidance of doubt, Lismore may be entitled to both a Principal Reduction
Fee and a Conversion Fee in certain circumstances. For example, assuming a $100 million loan, Lismore obtains a Principal Reduction
in the amount of $20 million, simultaneously or thereafter under this Amended Agreement Lismore obtains a Debt to Equity Conversion
of $50 million with respect to the same loan and $30 million of the loan remains outstanding, Lismore shall be entitled to a Principal
Reduction Fee of $150,000 ($20m x 0.75%) and a Conversion Fee of $750,000 ($50m x 1.50%). Alternatively, Lismore may not be entitled
to both a Principal Reduction Fee and a Conversion Fee in certain circumstances. For example, assuming the same $100 million loan,
Trust pays down $20 million of the loan with cash on hand, simultaneously or thereafter under this Amended Agreement Lismore obtains
a Debt to Equity Conversion of $50 million with respect to the same loan and $30 million of the loan remains outstanding, Lismore
shall be entitled no Principal Reduction Fee and a Conversion Fee of $750,000 ($50m x 1.50%).

 

	11)	Trust, in its sole discretion, may: (i) add loans to Addendum A or Addendum
B; (ii) delete loans from Addendum A or Addendum B; (iii) or move one or more loans from Addendum
A to Addendum B or from Addendum B to Addendum A, by providing such revised addenda
to Lismore and this Amended Agreement shall be deemed amended thereby without any further action required by Lismore or Trust.

 

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	12)	Trust agrees to reimburse Lismore within 15 days of billing and providing copies of receipts and
invoices for all reasonable third-party out-of-pocket expenses incurred by Lismore in the performance of its duties under this
Amended Agreement including, without limitation, travel, meals, lodging, market research, graphic design, printing and mailing
costs. In no event shall reimbursable expenses exceed $10,000 without first receiving Trust’s written consent. 

 

	13)	Trust shall: (i) refer to Lismore all inquiries regarding a possible Financing from all parties;
(ii) furnish to Lismore the names of all parties with which Trust has had discussions or contacts concerning a possible Financing;
and (iii) not initiate or engage in any discussions concerning a possible Financing without the participation of Lismore. Trust
shall provide Lismore and any parties potentially interested in providing Financing with all appropriate available information
and material concerning the applicable hotel(s).

 

	14)	In the event that Trust accepts a Financing described in this Amended Agreement within eight (8)
months following the expiration of the Agreement Term (the “Tail Period”), the fees pursuant to paragraphs
7, 8, 9 and 10 above shall be due and payable to Lismore as if the Agreement Term had not expired.

 

	15)	Should Lismore deem it necessary or advisable or should local laws require, Lismore shall have
the right to procure the cooperation of a licensed real estate broker and/or mortgage broker to assist Lismore in representing
Trust. Trust shall not pay any costs related to such co-brokerage arrangement, if any.

 

	16)	This Agreement comprises the complete and exclusive statement of agreement between us, superseding
all proposals, oral or written, and all other communications between us. Any future amendments or modifications to the Agreement
shall only be made in writing and executed by both parties. If any provision of this Agreement is determined to be unenforceable,
all other provisions shall remain in force.

 

	17)	This Amended Agreement, and the validity, performance and/or enforcement hereof, whether in contract
or tort, shall be exclusively governed by the laws of the State of Texas.

 

	18)	Trust represents and warrants that it has the power and authority to bind all parties defined as
“Trust” hereunder and that such parties are so bound by the signature on behalf of Trust affixed hereto. There is no
other person or entity whose consent is required in connection with the performance of Trust’s obligations hereunder or to
the contemplated transaction.

 

	19)	All notices hereunder shall be in writing to the addresses of the parties set forth herein, and
shall be deemed given if delivered by fax or email with a copy regular or express mail.

 

[Remainder of Page Intentionally Left
Blank]

 

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If this is in accordance with your understanding, kindly confirm
your acceptance of this Amended Agreement by executing below.

 

Very truly yours,

 

	Lismore Capital II LLC
	 	 
	By:	/s/ Deric Eubanks	 
	Name:	Deric Eubanks
	Its:	Chief Financial Officer
	Date:	July 1, 2020	 
	 	 
	Ashford Hospitality Trust, Inc.
	 	 
	By:	/s/ Rob Hays	 
	Name:	Rob Hays
	Its:	Chief Executive Officer
	Date:	July 1, 2020	 

 

    4

     

    

 

Addendum A

 

BAML Pool 3

GACC – Crystal Gateway

MS – 17 Pack

JPM 8-Pack

GACC – RI Jax & RI Manchester

KEYS Pool B

Aareal – Hilton Alexandria

BAML – Atlanta Indigo

KEYS Pool A

Aareal – Le Pavillon

Southside Bank – Ashton

US Bank – Hilton Santa Cruz Scotts Valley

Key Bank – CY Manchester

BAML – Nashville/Princeton

BAML – Highland Portfolio

Prudential – Boston Back Bay

KEYS Pool E

 

    5

     

    

 

Addendum B

 

Starwood Capital - ESM

JPM – La Posada

MS-20 Pool C2

KEYS Pool D

BAML Pool 5

MS-20 Pool C1

MS-20 Pool C3

Deutsche Bank - W Minneapolis - Foshay

MS – Rockbridge Sheraton Ann Arbor

KEYS Pool F

MS - Rockbridge 8 Pack

KEYS Pool C

 

    6ex_193439.htm

Exhibit 10.1

 

	 	 	
	 	 	 
	 	 	
			Aegis Customer Support Services Pvt. Ltd.

			Equinox Business Park, Tower 1, 5th Floor,

			Off Bandra Kurla Complex, LBS Marg,

			Kurla (West), Mumbai- 400 070, India

			T +91 22 6880 0600

			www.startek.com

			

 

 

Employment Agreement

 

This Employment Agreement (“Agreement”) is made on July 1, 2020 by and between:

 

Aegis Customer Support Services Private Limited, a company incorporated under the provisions of Companies Act, 2013, having its registered office at Suit No.1, Ground Floor, Tower 3, Equinox Business Park, Kurla (W), Mumbai- 400070, ("hereinafter referred to as “the Company” or “Startek”) which expression shall unless it be repugnant to the context be deemed to include its successors and assigns of the one part; and

 

Mr. Aparup Sengupta, an individual aged 55, residing at 1001, Hampton, One Hiranandani Park, Ghodbunder Road, Thane (West) 400607 (hereinafter referred to as “Employee”) of the other part;

 

Company and Employee are hereafter collectively referred to as the “Parties” and individually as a “Party”.

 

WHEREAS:

 

	
			1.

				
			the Company is engaged in the business of providing Business Process Outsourcing (BPO) and its ancillary services.

			

	
			2.

				
			the Employee has been offered employment with the Company.

			

	
			3.

				
			to formalize an arrangement between Startek and Employee for the provision and receipt of Services the Parties hereby have agreed to enter into this Agreement.

			

 

In consideration of the mutual covenants, the terms and conditions herein contained, the Parties agree as follows:

 

	
			1.

				
			Position: The Employee is designated as Executive Chairman and Global CEO in Band 1.

			

 

	
			2.

				
			Compensation & Benefits: The compensation shall consist of:

			

 

	 	
			a)

				
			     annual base compensation of $600,000, payable in 2020 by an issuance of fully vested shares of the Company’s common stock with a fair market value of $600,000 on the date of such issuance, and in future years payable, at the election of the Board of Directors of the Company (the “Board”), in either cash or the Company’s common stock, or a mix of both;

			

 

	 	
			b)

				
			     a one-time inducement grant on July 1, 2020 consisting of (a) 350,000 options to purchase the Company’s common stock with an exercise price equal to the fair market value of a share of the Company’s common stock on the date of the grant, which shall vest in equal monthly installments over a three (3) year period, (b) a further grant of 200,000 options to purchase the Company’s common stock if or when the Company’s stock price shall reach a price of $6.00 per share (either closing price or intraday trading price), with an exercise price equal to the fair market value of a share of the Company’s common stock on the date of the grant and which shall vest retroactive to the date of the grant provided under subsection 2(a) herein; and

			

 

	 	
			c)

				
			     a target annual bonus opportunity of $600,000, subject to the terms and conditions set forth in the Company’s annual Executive Incentive Bonus Plan.

			

 

 

Aegis Customer Services Private Limited

Registered Office: Ground Floor, Tower 3, Equinox business Park, Kurla, Mumbai 400070, India,

T +91 022-67332250 www.startek.com

CIN No. U74999MH2017PTC291578

 

 

 

 

	 	 	
	 	 	 
	 	 	
			Aegis Customer Support Services Pvt. Ltd.

			Equinox Business Park, Tower 1, 5th Floor,

			Off Bandra Kurla Complex, LBS Marg,

			Kurla (West), Mumbai- 400 070, India

			T +91 22 6880 0600

			www.startek.com

			

 

Group Personal Accident Insurance, Hospitalization Expenses Reimbursement Scheme and other benefits such as Gratuity etc. are guided by Company rules and the laws of land.

 

Any stock award made hereunder shall be subject to the terms and conditions of the Startek 2008 Equity Incentive Plan (the “Plan”), as amended. Any unvested awards shall be forfeited upon Employee’s separation as an employee of the Company.

 

Notwithstanding any provision to the contrary in the Plan, any vested shares will remain exercisable after your separation as Global CEO during and for ninety (90) days following your tenure as a member of the Board of Directors of Startek. The Board of Directors shall undertake any action necessary to effectuate this provision.

 

	
			3.

				
			Taxes: The Employee agrees to be responsible for the payment of any taxes due on any and all compensation, stock grant, or other benefit provided by Company pursuant to this Agreement. For any cash taxes owed by the Employee pursuant to grants of stock hereunder, Company will deduct a number of shares from his grant that equates to the amount of such tax obligation or will recover in cash from the Employee, and pay such tax on his behalf, to the extent permitted by applicable law. Otherwise, the Employee agrees to indemnify Company and hold Company harmless from any and all claims or penalties asserted against Company for any failure by the Employee to pay taxes due on any compensation, stock option, or benefit provided by Company pursuant to this Agreement. The Employee expressly acknowledges that Company has not made, nor herein makes, any representation about the tax consequences of any consideration provided by Company to the Employee pursuant to this Agreement and that the Employee has been advised by Company to seek his own tax advice.

			

 

	
			4.

				
			Confidentiality, Non-Disclosure etc.: During the course of employment, the Employee shall maintain the highest order of discipline and secrecy as regards the work of the Company and/or its subsidiaries or associate companies, and in case of any breach of discipline/trust, the Employee’s services may be terminated by the Company with immediate effect. The Employee further agrees that, all inventions, improvements, discoveries made by the Employee either alone or with any other persons will become the sole property of the Company. The Employee shall ensure that patent protections are obtained for such inventions/improvements and discoveries in India or elsewhere and hand over the same to the Company. The Employee shall not, while in the employment of the company, be engaged in any other employment, business whatsoever or hold any office of profit or accept any other emoluments without prior consent of the Company in writing, excluding investments in family office and/or charitable entities.

			

 

The Employee hereby further agrees that, upon the termination of this Agreement for any reason whatsoever, and until the expiry of a period of two (2) years from the date of termination of this Agreement, the Employee shall not except with the prior written consent of the Company, directly or indirectly;

	 	
			a.

				
			campaign, solicit or endeavour to entice any client(s) or customer(s) of the Company, or any person(s) who at any time during the employment were or are clients or customers of the Company, or were in regular dealing with the Company.

			

	 	
			b.

				
			solicit/coerce or persuade any employee of the Company to quit or leave the employment of the Company in any manner.

			

	 	
			c.

				
			counsel or otherwise assist any person to do any of the acts referred to in paragraphs (a) and (b) of this clause or any other similar acts.

			

 

 

Aegis Customer Services Private Limited

Registered Office: Ground Floor, Tower 3, Equinox business Park, Kurla, Mumbai 400070, India,

T +91 022-67332250 www.startek.com

CIN No. U74999MH2017PTC291578

 

 

 

 

	 	 	
	 	 	 
	 	 	
			Aegis Customer Support Services Pvt. Ltd.

			Equinox Business Park, Tower 1, 5th Floor,

			Off Bandra Kurla Complex, LBS Marg,

			Kurla (West), Mumbai- 400 070, India

			T +91 22 6880 0600

			www.startek.com

			

 

	
			5.

				
			Termination of Services: The Parties hereby agree that either Party can terminate this Agreement upon mutual discussion and agreement. The Parties agree that, in the event of an “event of breach” and/or “misconduct”, which shall include but not limited to fraud, gross negligence, refusal to discharge duties attributed to the Employee by the Company, insubordination, any act involving moral turpitude, indiscipline, loss of confidence, violation of Company policy or breach of the above terms and conditions or any act or omission which may affect the Company adversely, the Company shall have the right to forthwith terminate the Employee’s employment without being liable to pay any amounts in respect thereof.

			

 

	
			7.

				
			General:

			

	 	
			a.

				
			Any terms of employment or revisions including change in benefits, position, perquisites, compensation and entitlements will only be valid and effective by way of a written communication from the Company. Verbal communication will not have any binding effect on the Company and the Employee is advised not to act on such verbal communication(s).

			

	 	
			b.

				
			Email communications with respect to employment, though in writing will have binding effect only if they are followed by a formal employment contract, appointment letter or increment letter or a change letter duly signed on behalf of the Company.

			

 

	 	
			c.

				
			This Agreement supersedes all prior agreements and understandings, oral or written, if any, between the Employee and the Company or any of its officials/representatives. No modification or amendment of any of the terms, conditions, or provisions herein shall be made otherwise than by written agreement signed by the Parties hereto.

			

	 	
			d.

				
			All other standard rules and policies of the Company existing as of now and as may be amended from time to time, will be applicable to the Employee.

			

 

The Employee confirms that he has read the terms of this Agreement carefully and understood the same before executing this Agreement here under.

 

	
			For Aegis Customer Support Services Private Limited

				
			Employee

			
	
			 /s/ Doug Tackett

				/s/ Aparup Sengupta
	
			Name: Doug Tackett

				
			Aparup Sengupta

			
	
			Title:Secretary

				
			Title: Global CEO

			
	
			Date: 7/1/2020

				
			Date: 7/1/2020

			

 

 

Aegis Customer Services Private Limited

Registered Office: Ground Floor, Tower 3, Equinox business Park, Kurla, Mumbai 400070, India,

T +91 022-67332250 www.startek.com

CIN No. U74999MH2017PTC291578

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