Document:

Exhibit 10.1

 

ALLEGIANCE BANCSHARES, INC.

RESTRICTED STOCK
AGREEMENT

(Non-Employee Director)

 

 

This Restricted Stock
Agreement ("Agreement") effective as of the ____ day of _____________, ________, is between Allegiance Bancshares, Inc.
(the "Company"), and _____________________, (the "Holder").

 

To carry out the purposes
of the Allegiance Bancshares, Inc. 2015 Amended and Restated Stock Awards and Incentive Plan (the "Plan") by providing
individuals upon whom the responsibilities of the successful administration and management of the Company rest additional incentive
and reward opportunities designed to advance the profitable growth of the Company, the Company and Holder hereby agree as follows:

 

1. Award of
Stock. The Company hereby grants (the "Grant") to Holder _________ shares (the "Shares") of common stock
of the Company, $1.00 par value (the "Stock") which shall be subject to the restrictions set forth in Section 2 hereof.

 

2.Forfeiture
Restrictions. The Shares granted hereunder may not be sold, assigned, transferred, exchanged, pledged, hypothecated or encumbered
by Holder, and no such sale, assignment, transfer, exchange, pledge, hypothecation or encumbrance, whether made or created by voluntary
act of Holder or any agent of Holder or by operation of law, shall be recognized by, or be binding upon, or shall in any manner
affect the rights of, the Company or any agent or any custodian holding certificates for the Shares. Holder shall be subject to
an obligation to forfeit and surrender, for no consideration from the Company, the Shares to the Company upon a termination of
service described in Section 3(d) of this Agreement. The prohibition against transfer and the obligation to forfeit and surrender
shares of Stock to the Company (the "Forfeiture Restrictions") shall remain in effect until such time as such Forfeiture
Restrictions shall expire under the terms of this Agreement. The Forfeiture Restrictions shall be binding upon and enforceable
against any transferee of Restricted Shares.

 

3. Restricted
Period.

 

(a) For
a period beginning on the date hereof and ending on ___________ (the "Restricted Period") the Shares shall be subject
to the Forfeiture Restrictions and any other restrictions as set forth herein; provided, however, the Forfeiture Restrictions shall
expire on a number of Shares as determined in accordance with the following schedule:

 

	 	Number of Shares	 
	 	on which	 
	Date	Forfeiture Restrictions
Expire	 

 

    

     

    

  The Shares that are subject to the Forfeiture Restrictions shall hereinafter be referred to as "Restricted Shares."

 

(b) The
Company shall effect the issuance of the Shares, and the issuance of a certificate or certificates for the Shares, in accordance
with the determinations made by the Committee (as defined in the Plan). Each certificate issued for Shares to Holder shall be registered
in Holder's name and shall be either deposited by the Secretary of the Company or its designee in an escrow account or held by
the Secretary of the Company, together with stock powers or other instruments of transfer appropriately endorsed in blank by Holder
(Holder hereby agreeing to execute such stock powers or other instruments of transfer as requested by the Company). Such certificate
or certificates shall remain in such escrow account or with the Secretary of the Company until (i) the Restricted Period has terminated
or (ii) the expiration of the Forfeiture Restrictions in accordance with the schedule set forth in paragraph (a) above. Certificates
representing the Restricted Shares shall bear the following legend:

 

THE SHARES
REPRESENTED BY THIS CERTIFICATE MAY BE TRANSFERRED ONLY IN COMPLIANCE WITH THE CONDITIONS SPECIFIED IN THE ALLEGIANCE BANCSHARES,
INC. RESTRICTED STOCK AGREEMENT, DATED AS OF ____________________ BETWEEN ALLEGIANCE BANCSHARES, INC. ("COMPANY") AND
EACH OF THE GRANTEES NAMED THEREIN. A COMPLETE AND CORRECT COPY OF THE FORM OF SUCH AGREEMENTS IS AVAILABLE FOR INSPECTION AT THE
PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED WITHOUT CHARGE TO THE HOLDER OF SUCH SHARES UPON WRITTEN REQUEST.

 

(c) Except
as otherwise provided in the Plan, Holder shall, during the Restricted Period, have all of the other rights of a stockholder with
respect to the Shares including, but not limited to, the right to receive dividends, if any, as may be declared on such Shares
from time to time, and the right to vote (in person or by proxy) such Shares at any meeting of stockholders of the Company.

 

(d) In
the event that Holder's service as a director of the Company or an Affiliate is terminated for any reason prior to the expiration
of the Forfeiture Restrictions as provided in Section 3(a) or 3(e), any Restricted Shares outstanding shall, upon such termination
of service, be forfeited by Holder to the Company, without the payment of any consideration or further consideration by the Company,
and neither Holder nor any successors, heirs, assigns, or legal representatives of Holder shall thereafter have any further rights
or interest in the Restricted Shares or certificates therefor, and Holder's name shall thereupon be deleted from the list of the
Company's stockholders with respect to the Restricted Shares.

 

(e)In
the event of a Change of Control (as defined in the Plan), any Forfeiture Restrictions on the Restricted Shares set forth in this
Agreement which have not previously been forfeited shall be deemed to have expired, and the Restricted Shares shall thereby be
free of all such Forfeiture Restrictions.

 

    -2- 

     

    

(f) If
the Holder's service as a director of the Company or an Affiliate shall terminate prior to the expiration of the Restricted Period,
and there exists a dispute between Holder and the Company or the Committee as to the satisfaction of the conditions to the release
of the Shares from the Forfeiture Restrictions hereunder and under the Plan or the terms and conditions of the Grant, the Shares
shall remain subject to the Forfeiture Restrictions until the resolution of such dispute, regardless of any intervening expiration
of the Restricted Period, except that any dividends that may be payable to the holders of record of Stock as of a date during the
period from termination of Holder's service to the resolution of such dispute (the "Suspension Period") shall:

 

(1) to
the extent to which such dividends would have been payable to Holder on the Shares, be held by the Company as part of its general
funds, and shall be paid to or for the account of Holder only upon, and in the event of, a resolution of such dispute in a manner
favorable to Holder, and then only with respect to such of the Shares as to which such resolution shall be so favorable, and

 

(2) be
canceled upon, and in the event of, a resolution of such dispute in a manner unfavorable to Holder, and then only with respect
to such of the Shares as to which such resolution shall be so unfavorable.

 

(g) Upon
expiration of the Forfeiture Restrictions, by lapse of time and upon compliance by the Holder, or the legal representative of Holder,
with all obligations of Holder under the Plan and this Agreement, the Restricted Shares shall be released from all further restrictions
and prohibitions hereunder and all of the forfeiture provisions of the Plan, and the Committee shall thereupon deliver or cause
to be delivered to Holder or Holder's legal representative the certificate or certificates for the Shares free of any legend provided
in subparagraph (b) of this paragraph.

 

4. Taxes.
Any federal, state or local taxes arising by virtue of this Grant and assessed against or based on the value of the Shares awarded
to Holder shall be the sole responsibility of Holder; provided that the Company shall have the right to withhold any amounts required
to be so withheld for federal, state or local income tax purposes. Any such taxes and withholding must be paid or provided for
according to law and in a manner satisfactory to the Company and as provided in the Plan before any Shares, or certificates therefor,
can be delivered to Holder. The Committee may permit payment of any such amount to be made through the tender of cash or Stock,
the withholding of Stock out of shares otherwise distributable or any other arrangement satisfactory to the Committee. The Company
shall, to the extent permitted by law, have the right to withhold delivery of a stock certificate or to deduct any required taxes
from any payment of any kind otherwise due to Holder. If Holder does not pay the entire amount of such taxes to the Company, if
any, within thirty (30) days after the date on which the Committee notifies Holder of the amount required to meet the withholding
obligation, the Committee shall withhold from the Stock to which Holder is entitled a number of shares having an aggregate fair
market value equal to the amount of such taxes remaining to be paid by Holder and shall deliver a certificate for the remaining
shares to the Holder. If Holder makes the election authorized by section 83(b) of the Internal Revenue Code, Holder shall submit
to the Company a copy of the statement filed by Holder to make such election. The failure of Holder to notify the Company of any
such election made by Holder may, in the discretion of the Committee, result in the forfeiture of the Shares.

 

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5. Changes in
Capital Structure. If the outstanding shares of Stock or other securities of the Company, or both, shall at any time be changed
or exchanged by declaration of a stock dividend, stock split, combination of shares, or recapitalization, the number and kind of
shares of Stock or other securities subject to the Restricted Shares shall be appropriately and equitably adjusted in accordance
with the terms of the Plan.

 

6. Compliance
With Securities Laws. Upon the acquisition of any shares pursuant to this Agreement, Holder (or Holder's legal representative
upon Holder's death or disability) will enter into such written representations, warranties and agreements as the Company may reasonably
request in order to comply with applicable securities laws or with this Agreement.

 

7. Service Relationship.
Holder shall be considered to be in service as a director as long as Holder remains as a director of the Company or an Affiliate.
Any questions as to whether and when there has been a termination of such service, and the cause of such termination, shall be
determined by the Committee, with the advice of the applicable corporation, and its determination shall be final.

 

8. Binding Effect.
The provisions of the Plan and the terms and conditions hereof shall, in accordance with their terms, be binding upon, and inure
to the benefit of, all successors of Holder, including, without limitation, Holder's estate and the executors, administrators,
or trustees thereof, heirs and legatees, and any receiver, trustee in bankruptcy, or representative of creditors of Holder. This
Agreement shall be binding upon and inure to the benefit of any successors to the Company.

 

9.Agreement
Subject to Plan. This Agreement is subject to the Plan. The terms and provisions of the Plan (including any subsequent amendments
thereto) are hereby incorporated herein by reference thereto. In the event of a conflict between any term or provision contained
herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. All definitions
of words and terms contained in the Plan shall be applicable to this Agreement.

 

10.Notices.
Every notice hereunder shall be in writing and shall be given by registered or certified mail. All notices by Holder shall be directed
to Allegiance Bancshares, Inc., 8727 W. Sam Houston Parkway N., Suite 210, Houston, Texas 77040, Attention: Secretary. Any notice
given by the Company to Holder directed to Holder at the address on file with the Company shall be effective to bind Holder and
any other person who shall acquire rights hereunder. The Company shall be under no obligation whatsoever to advise Holder of the
existence, maturity or termination of any of Holder's rights hereunder and Holder shall be deemed to have familiarized himself
or herself with all matters contained herein and in the Plan which may affect any of Holder's rights or privileges hereunder.

 

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11.Resolution
of Disputes. Any dispute or disagreement which may arise hereunder shall be determined by the Committee in its sole discretion
and judgment, and any such determination and any interpretation by the Committee of the terms of the Plan or this Restricted Stock
Agreement shall be final and shall be binding and conclusive, for all purposes, upon the Company, Holder, and Holder’s heirs,
personal representatives and successors.

 

12.Amendment.
Any modification of this Agreement will be effective only if it is in writing and signed by a duly authorized officer of the Company
and Holder, except to the extent such modification occurs pursuant to a proper amendment of the Plan.

 

13.Jurisdiction.
The provisions of the Plan and the terms and conditions hereof shall be construed in accordance with the laws of Texas except to
the extent pre-empted by Federal law.

 

IN WITNESS WHEREOF,
the Company has caused this Agreement to be duly executed by one of its officers thereunto duly authorized, and Holder has executed
this Agreement, all as of the day and year first above written.

 

	 	ALLEGIANCE BANCSHARES, INC.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	 	Holder	 

 

 

 

-5-Exhibit

Exhibit 10.1
FORM OF RESTRICTED STOCK AWARD AGREEMENT 
PURSUANT TO THE
EMPLOYEE AND DIRECTOR
INCENTIVE RESTRICTED SHARE PLAN OF 
AMERICAN REALTY CAPITAL HOSPITALITY TRUST, INC. 

THIS AGREEMENT (this “Agreement”) is made as of [   ] (the “Grant Date”), by and between American Realty Capital Hospitality Trust, Inc., a Maryland corporation with its principal office at 405 Park Avenue, New York, New York 10022 (the “Company”), and [   ] (the “Participant”).  

WHEREAS, the Board of Directors of the Company (the “Board”) adopted the Employee and Director Incentive Restricted Share Plan of American Realty Capital Hospitality Trust, Inc. (approved by the Board on December 6, 2013, as may be amended from time to time, the “Plan”);

WHEREAS, the Plan provides that the Company, through the Board, has the ability to grant awards of restricted shares to directors, officers, employees of entities that provide services to the Company, directors of entities that provide services to the Company and certain consultants or entities that provide services to the Company;
WHEREAS, the independent directors of the Board authorized, and the Company issued, shares of restricted stock to non-executive directors and independent directors of the Company in respect of [   ] director compensation, as previously approved by the Board on [   ];
WHEREAS, subject to the terms and conditions of this Agreement and the Plan, the Board has determined that Participant, in respect of his or her [   ] director compensation, shall be awarded Restricted Shares in the amount set forth below.
NOW, THEREFORE, the Company and the Participant agree as follows:
1.     Sale of Shares.  Subject to the terms, conditions and restrictions of the Plan and this Agreement, the Company hereby awards to the Participant [   ] restricted shares of common stock of the Company (the “Restricted Shares”) issued by the Company at a grant price of $[   ] per share and the Participant is receiving the Restricted Shares on the same terms as were approved by the independent directors of the Board on [   ]; and, accordingly, the Participant shall be entitled to all rights of a holder of shares of common stock of the Company set forth in Section 3 hereof as of the Grant Date.  To the extent required by Applicable Law, the Participant shall pay the Company the par value ($0.01) for each Restricted Share awarded to the Participant simultaneously with the execution of this Agreement in cash or cash equivalents payable to the 

order of the Company.  Pursuant to the Plan and Section 2 of this Agreement, the Restricted Shares are subject to certain restrictions, which restrictions shall expire in accordance with the provisions of the Plan and Section 2 hereof.
2.     Vesting.  Subject to the terms of the Plan and this Agreement, the Restricted Shares shall vest as follows:
(a)   the Restricted Shares shall vest (i) twenty percent (20%) on the first anniversary of [   ] (the “Vesting Date”), (ii) twenty percent (20%) on the second anniversary of the Vesting Date, (iii) twenty percent (20%) on the third anniversary of the Vesting Date, (iv) twenty percent (20%) on the fourth anniversary of the Vesting Date and (v) twenty percent (20%) on the fifth anniversary of the Vesting Date; provided, in each case, that the Participant has not incurred a termination of his or her position as a director prior to such date. 
(b)   One hundred percent (100%) of any unvested Restricted Shares shall automatically vest upon the occurrence of an Acceleration Event (as defined below).  For purposes of this Agreement, an “Acceleration Event” shall mean the first to occur of any of the following: (i) a Change in Control (as defined below); or (ii) the Participant incurs a termination of his or her position as a director of the Company that is a Without Cause Termination (as such term is defined below); provided, that, in the case of the Acceleration Events described in clause (i) above, the Participant has not occurred the termination described in clause (ii) above.
(c)   (i) As a result of the Participant’s voluntary resignation or (ii) if the Participant fails to be re-elected to the Board following his or her nomination by the Board for re-election, any unvested Restricted Shares that are due to vest in the year in which the Participant voluntarily resigns or fails to be re-elected to the Board, as applicable, shall automatically vest. Any unvested Restricted Shares due to vest in years subsequent to the year in which the Participant voluntarily resigns or fails to be re-elected to the Board, as applicable, shall be forfeited in accordance with Section 3 below.
(d)   For purposes of this Agreement, “Change in Control” means: (i) any “person” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (other than the Company, any trustee or other fiduciary holding securities under any employee benefit plan of the Company or any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportion as their ownership of stock of the Company), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50.1% or more of the combined voting power of the Company’s then outstanding voting securities; (ii) the stockholders of the Company approve a merger or consolidation of the Company with any other entity or approve the issuance of voting securities in connection with a merger or consolidation of the Company (or any direct or indirect subsidiary thereof) pursuant to applicable exchange requirements, other than (A) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving or parent entity) at least 50.1% of the combined voting power of the voting securities of the Company or such surviving or parent entity outstanding immediately after such merger or consolidation or (B) a merger or consolidation effected to 

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implement a recapitalization of the Company (or similar transaction) in which no “person” (as defined above) is or becomes the beneficial owner, directly or indirectly, of securities of the Company representing 50% or more of either of the then outstanding shares of Common Stock or the combined voting power of the Company’s then outstanding voting securities; or (iii) the consummation of the sale or disposition by the Company of all or substantially all of the Company’s assets (or any transaction or series of transactions within a period of twelve (12) months ending on the date of the last sale or disposition having a similar effect).
(e)   For purposes of this Agreement, (i) a “Without Cause Termination” shall mean a termination of the Participant’s directorship other than for Cause (as defined below) or as a result of the Participant’s death or disability; and (ii) “Cause” shall mean (x) the Participant’s willful misconduct or gross negligence in the performance of his or her duties as a director of the Company that is not cured by the Participant within thirty (30) days after his or her receipt of written notice from the Company or an affiliate thereof (as applicable) or (y) the Participant’s conviction of, or plea of guilty or nolo contendere to, a crime relating to the Company or any affiliate thereof or any felony.
(f)   There shall be no proportionate or partial vesting in the periods prior to the applicable vesting dates.
3.     Forfeiture.  If a Participant incurs a termination of his or her directorship for any reason other than a Without Cause Termination, the Participant shall automatically forfeit any unvested Restricted Shares and the Company shall acquire such unvested Restricted Shares for the amount paid by the Participant for such Restricted Shares (or, if no amount was paid by the Participant for such Restricted Shares, then the Company shall acquire such Restricted Shares for no consideration).
4.     Rights as a Holder of Restricted Shares.  From and after the Grant Date, the Participant shall have, with respect to the Restricted Shares, all of the rights of a holder of shares of common stock of the Company, including, without limitation, the right to vote the shares, to receive and retain all regular cash dividends payable to holders of shares of record on and after the Grant Date (although such dividends will be treated, to the extent required by applicable law, as additional compensation for tax purposes), and to exercise all other rights, powers and privileges of a holder of shares with respect to the Restricted Shares; provided, that, to the extent the Company issues a dividend in the form of shares or other property, such shares or other property shall be subject to the same restrictions that are then applicable to the Restricted Shares under the Plan and this Agreement and such restrictions shall expire at the same time as the restrictions on the Restricted Shares expire.  Participant shall not be required to repay any dividends received with respect to Restricted Shares that are subsequently forfeited prior to vesting.  
5.     Taxes; Section 83(b) Election.  The Participant acknowledges that (i) no later than the date on which any Restricted Shares shall have become vested, the Participant shall pay to the Service Provider, or make arrangements satisfactory to the Service Provider regarding payment of, any Federal, state or local or other taxes of any kind required by law to be withheld with respect to any Restricted Shares which shall have become so vested; (ii) the Service Provider shall, to the extent permitted by law, have the right to deduct from any payment of any kind otherwise due to 

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the Participant any Federal, state or local or other taxes of any kind required by law to be withheld with respect to any Restricted Shares which shall have become so vested, including that the Service Provider may, but shall not be required to, sell a number of Restricted Shares sufficient to cover applicable withholding taxes; and (iii) in the event that the Participant does not satisfy (i) above on a timely basis, the Service Provider may, but shall not be required to, pay such required withholding and, to the extent permitted by Applicable Law, treat such amount as a demand loan to the Participant at the maximum rate permitted by law, with such loan, at the Service Provider’s sole discretion and provided the Service Provider so notifies the Participant within thirty (30) days of the making of the loan, secured by the Restricted Shares and any failure by the Participant to pay the loan upon demand shall entitle the Service Provider to all of the rights at law of a creditor secured by the Restricted Shares.  The Service Provider may hold as security any certificates representing any Restricted Shares and, upon demand of the Service Provider, the Participant shall deliver to the Service Provider any certificates in his or her possession representing the Restricted Shares together with a stock power duly endorsed in blank.  The Participant also acknowledges that it is his or her sole responsibility, and not the Company’s or the Service Provider’s, to file timely and properly any election under Section 83(b) of the Code, and any corresponding provisions of state tax laws, if the Participant wishes to utilize such election.
6.     No Obligation to Continue Directorship.    Neither the execution of this Agreement nor the issuance of the Restricted Shares hereunder constitute an agreement by the Company to continue to engage the Participant as a director during the entire, or any portion of, the term of this Agreement, including but not limited to any period during which any Restricted Shares are outstanding.
7.     Legend.  In the event that a certificate evidencing the Restricted Shares is issued, the certificate representing the Restricted Shares shall have endorsed thereon the following legends:
(a)   “THE ANTICIPATION, ALIENATION, ATTACHMENT, SALE, TRANSFER, ASSIGNMENT, PLEDGE, ENCUMBRANCE OR CHARGE OF THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING FORFEITURE) OF EMPLOYEE AND DIRECTOR INCENTIVE RESTRICTED SHARE PLAN OF AMERICAN REALTY CAPITAL HOSPITALITY TRUST, INC. (THE “COMPANY”) (APPROVED BY THE BOARD ON DECEMBER 6, 2013) (AS SUCH PLAN MAY BE AMENDED FROM TIME TO TIME, THE “PLAN”) AND AN AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND THE COMPANY DATED AS OF [   ].  COPIES OF SUCH PLAN AND AGREEMENT ARE ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY.”
(b)  Any legend required to be placed thereon by applicable blue sky laws of any state. Notwithstanding the foregoing, in no event shall the Company be obligated to issue a certificate representing the Restricted Shares prior to vesting as set forth in Section 2 hereof.
8.     Power of Attorney.  The Company, its successors and assigns, is hereby appointed the attorney-in-fact, with full power of substitution, of the Participant for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instruments 

4

which such attorney-in-fact may deem necessary or advisable to accomplish the purposes hereof, which appointment as attorney-in-fact is irrevocable and coupled with an interest.  The Company, as attorney-in-fact for the Participant, may in the name and stead of the Participant, make and execute all conveyances, assignments and transfers of the Restricted Shares provided for herein, and the Participant hereby ratifies and confirms that which the Company, as said attorney-in-fact, shall do by virtue hereof.  Nevertheless, the Participant shall, if so requested by the Company, execute and deliver to the Company all such instruments as may, in the judgment of the Company, be advisable for this purpose.
9.     Miscellaneous.
(a)   This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, personal legal representatives, successors, trustees, administrators, distributees, devisees and legatees.  The Company may assign to, and require, any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree in writing to perform this Agreement.  Notwithstanding the foregoing, the Participant may not assign this Agreement or any of the Participant’s rights, interests or obligations hereunder. 
(b)   This award of Restricted Shares shall not affect in any way the right or power of the Board or stockholders of the Company to make or authorize an adjustment, recapitalization or other change in the capital structure or the business of the Company, any merger or consolidation of the Company or subsidiaries, any issue of bonds, debentures, preferred or prior preference stock ahead of or affecting the Restricted Shares, the dissolution or liquidation of the Company, any sale or transfer of all or part of its assets or business or any other corporate act or proceeding.
(c)   The Participant agrees that the award of the Restricted Shares hereunder is special incentive compensation and that it, any dividends paid thereon (even if treated as compensation for tax purposes) will not be taken into account as “salary” or “compensation” or “bonus” in determining the amount of any payment under any pension, retirement or profit-sharing plan of the Service Provider or any life insurance, disability or other benefit plan of the Service Provider.
(d)   No modification or waiver of any of the provisions of this Agreement shall be effective unless in writing and signed by the party against whom it is sought to be enforced.
(e)   This Agreement may be executed in one or more counterparts, all of which taken together shall constitute one contract.
(f)   The failure of any party hereto at any time to require performance by another pa

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rty of any provision of this Agreement shall not affect the right of such party to require performance of that provision, and any waiver by any party of any breach of any provision of this Agreement shall not be construed as a waiver of any continuing or succeeding breach of such provision, a waiver of the provision itself, or a waiver of any right under this Agreement.
(g)   The headings of the sections of this Agreement have been inserted for convenience of reference only and shall in no way restrict or modify any of the terms or provisions hereof.
(h)   All notices, consents, requests, approvals, instructions and other communications provided for herein shall be in writing and validly given or made when delivered, or on the second succeeding business day after being mailed by registered or certified mail, whichever is earlier, to the persons entitled or required to receive the same, at the addresses set forth at the heading of this Agreement or to such other address as either party may designate by like notice.  Notices to the Company shall be addressed to American Realty Capital Hospitality Trust, Inc. at 405 Park Avenue, New York, New York 10022, Attn: Chief Financial Officer.
(i)   This Agreement shall be construed, interpreted and governed and the legal relationships of the parties determined in accordance with the internal laws of the State of Maryland without reference to rules relating to conflicts of law.
10.     Provisions of Plan Control.  This Agreement is subject to all the terms, conditions and provisions of the Plan, including, without limitation, the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan as may be adopted thereunder and as may be in effect from time to time.  The Plan is incorporated herein by reference.  A copy of the Plan has been delivered to the Participant.  If and to the extent that this Agreement conflicts or is inconsistent with the terms, conditions and provisions of the Plan, the Plan shall control, and this Agreement shall be deemed to be modified accordingly.  Unless otherwise indicated, any capitalized term used but not defined herein shall have the meaning ascribed to such term in the Plan.  This Agreement contains the entire understanding of the parties with respect to the subject matter hereof (other than any other documents expressly contemplated herein or in the Plan) and supersedes any prior agreements between the Company and the Participant.
[signature page(s) follow]

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

AMERICAN REALTY CAPITAL
HOSPITALITY TRUST, INC.
            
By:         ______________________________
Name:         
    Title:        

       

Participant 

_______________________________
(Signature)

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