Document:

exv10w5w10

 

Exhibit 10.5.10

AMENDMENT TO EMPLOYMENT AGREEMENT

     THIS AMENDMENT TO EMPLOYMENT AGREEMENT, executed on March 29, 2006, effective as of January 1,
2006 (the “Effective Date”), between ASHFORD HOSPITALITY TRUST, INC., a corporation
organized under the laws of the State of Maryland and having its principal place of business at
Dallas, Texas (hereinafter, the “REIT”), ASHFORD HOSPITALITY LIMITED PARTNERSHIP, a limited
partnership organized under the laws of the State of Delaware and having its principal place of
business at Dallas, Texas (the Operating Partnership”), and MARK NUNNELEY, an individual
residing in Dallas, Texas (the “Executive”):

RECITALS :

	 	A.	 	The REIT and the Operating Partnership (collectively, the “Company”)
and the Executive are parties to a certain Employment Agreement (as amended, the
“Agreement”), dated as of August 29, 2003; and
	 
	 	B.	 	The Compensation Committee, with the approval granted by the Board of
Directors of the Company on March 28, 2006, desire to modify the Employment Agreement
as specifically set forth herein;
	 
	 	C.	 	The Executive has agreed to accept this Amendment pursuant to the terms and
conditions set forth herein; and
	 
	 	D.	 	All terms with their initial letter capitalized as set forth in the
Employment Agreement shall have the same meaning herein as given such terms in the
Employment Agreement

     NOW, THEREFORE, the Company and the Executive, in consideration of the respective covenants
set forth in the Employment Agreement, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, agree that the Employment Agreement is modified as
set forth below:

     1. SALARY. Section 3 of the Employment Agreement is hereby modified by providing that
the Base Salary, effective as of the Effective Date, shall be Two Hundred Twenty Thousand Dollars
($220,000.00) per year.

     2. INCENTIVE BONUS. The Company and Executive agree that the last sentence of Section
5(a) of the Employment Agreement is deleted in its entirety and the following is inserted in lieu
thereof:

The targeted range for the Incentive Bonus for the Initial Term ending on
the Initial Termination Date is 20% to 60% of Base Salary.

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     3. LIMITED MODIFICATION. Except as expressly modified above, the terms and conditions
of the Employment Agreement shall remain in full force and effect, and the Company and the
Executive ratify and confirm to each other the enforceability thereof.

     4. MISCELLANEOUS.

     4.1 Severability. If any provision of this Amendment is or becomes invalid,
illegal or unenforceable in any respect under any law, the validity, legality and
enforceability of the remaining provisions hereof shall not in any way be affected or
impaired.

     4.2 Counterparts. This Amendment may be executed in multiple counterparts,
each of which shall be deemed an original, but all of which together shall constitute one
and the same instrument. In making proof of this Amendment, it shall not be necessary to
produce or account for more than one such counterpart.

     4.3 Entire Agreement. This Amendment (together with the Employment Agreement,
as modified herein) contains the entire understanding of the parties, supercedes all prior
agreements and understandings, whether written or oral, relating to the subject matter
hereof and may not be amended except by a written instrument hereafter signed by the
Executive and a duly authorized representative of the Board.

     4.4 Governing Law. This Amendment and the performance hereof shall be
construed and governed in accordance with the laws of the State of Texas, without giving
effect to principles of conflicts of law. Jurisdiction and venue shall be solely in the
federal or state courts of Dallas County, Texas. This provision shall not be read as a
waiver of any right to removal to federal court in Dallas County, Texas.

     4.5 Construction. The language used in this Amendment will be deemed to be
the language chosen by the parties to express their mutual intent, and no rule of strict
construction will be applied against any party. The headings of sections of this Amendment
are for convenience of reference only and shall not affect its meaning or construction.

     4.6 Consultation with Counsel. The Executive acknowledges that he has had a
full and complete opportunity to consult with counsel or other advisers of his own choosing
concerning the terms, enforceability and implications of this Amendment, and that the
Company has not made any representations or warranties to the Executive concerning the
terms, enforceability and implications of this Amendment other than as are reflected in
this Amendment.

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     IN WITNESS WHEREOF, and intending to be legally bound hereby, the parties hereto have caused
this Agreement to be duly executed under seal as of the date first above written.

REIT:

ASHFORD HOSPITALITY TRUST, INC.

By: /S/ MONTY J. BENNETT

Name: Monty J. Bennett

Title: Chief Executive Officer

Dated: 3/29/06

OPERATING PARTNERSHIP:

ASHFORD HOSPITALITY LIMITED PARTNERSHIP

By: Ashford OP General Partner, LLC

By: /S/ MONTY J. BENNETT

Name: Monty J. Bennett

Title: Chief Executive Officer

Dated: 3/29/06

EXECUTIVE:

/s/ MARK NUNNELEY

Name: Mark Nunneley

Dated: 3/29/2006

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Exhibit 10.5.11

AMENDMENT TO EMPLOYMENT AGREEMENT

     THIS AMENDMENT TO EMPLOYMENT AGREEMENT, executed on March 29, 2006, effective as of January 1,
2006 (the “Effective Date”), between ASHFORD HOSPITALITY TRUST, INC., a corporation
organized under the laws of the State of Maryland and having its principal place of business at
Dallas, Texas (hereinafter, the “REIT”), ASHFORD HOSPITALITY LIMITED PARTNERSHIP, a limited
partnership organized under the laws of the State of Delaware and having its principal place of
business at Dallas, Texas (the Operating Partnership”), and MONTY BENNETT, an individual
residing in Dallas, Texas (the “Executive”):

RECITALS :

	 	A.	 	The REIT and the Operating Partnership (collectively, the “Company”)
and the Executive are parties to a certain Employment Agreement (as amended, the
“Agreement”), dated as of August 29, 2003; and
	 
	 	B.	 	The Compensation Committee, with the approval granted by the Board of
Directors of the Company on March 28, 2006, desire to modify the Employment Agreement
as specifically set forth herein;
	 
	 	C.	 	The Executive has agreed to accept this Amendment pursuant to the terms and
conditions set forth herein; and
	 
	 	D.	 	All terms with their initial letter capitalized as set forth in the
Employment Agreement shall have the same meaning herein as given such terms in the
Employment Agreement

     NOW, THEREFORE, the Company and the Executive, in consideration of the respective covenants
set forth in the Employment Agreement, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, agree that the Employment Agreement is modified as
set forth below:

     1. SALARY. Section 3 of the Employment Agreement is hereby modified by providing that
the Base Salary, effective as of the Effective Date, shall be Six Hundred Fifty Thousand Dollars
($650,000.00) per year.

     2. INCENTIVE BONUS. The Company and Executive agree that the last sentence of Section
5(a) of the Employment Agreement is deleted in its entirety and the following is inserted in lieu
thereof:

The targeted range for the Incentive Bonus for the Initial Term ending on
the Initial Termination Date is 75% to 125% of Base Salary.

-1-

 

     3. LIMITED MODIFICATION. Except as expressly modified above, the terms and conditions
of the Employment Agreement shall remain in full force and effect, and the Company and the
Executive ratify and confirm to each other the enforceability thereof.

     4. MISCELLANEOUS.

     4.1 Severability. If any provision of this Amendment is or becomes invalid,
illegal or unenforceable in any respect under any law, the validity, legality and
enforceability of the remaining provisions hereof shall not in any way be affected or
impaired.

     4.2 Counterparts. This Amendment may be executed in multiple counterparts,
each of which shall be deemed an original, but all of which together shall constitute one
and the same instrument. In making proof of this Amendment, it shall not be necessary to
produce or account for more than one such counterpart.

     4.3 Entire Agreement. This Amendment (together with the Employment Agreement,
as modified herein) contains the entire understanding of the parties, supercedes all prior
agreements and understandings, whether written or oral, relating to the subject matter
hereof and may not be amended except by a written instrument hereafter signed by the
Executive and a duly authorized representative of the Board.

     4.4 Governing Law. This Amendment and the performance hereof shall be
construed and governed in accordance with the laws of the State of Texas, without giving
effect to principles of conflicts of law. Jurisdiction and venue shall be solely in the
federal or state courts of Dallas County, Texas. This provision shall not be read as a
waiver of any right to removal to federal court in Dallas County, Texas.

     4.5 Construction. The language used in this Amendment will be deemed to be
the language chosen by the parties to express their mutual intent, and no rule of strict
construction will be applied against any party. The headings of sections of this Amendment
are for convenience of reference only and shall not affect its meaning or construction.

     4.6 Consultation with Counsel. The Executive acknowledges that he has had a
full and complete opportunity to consult with counsel or other advisers of his own choosing
concerning the terms, enforceability and implications of this Amendment, and that the
Company has not made any representations or warranties to the Executive concerning the
terms, enforceability and implications of this Amendment other than as are reflected in
this Amendment.

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     IN WITNESS WHEREOF, and intending to be legally bound hereby, the parties hereto have caused
this Agreement to be duly executed under seal as of the date first above written.

	 	 	 
	 

	 	REIT:
	 

	 	ASHFORD HOSPITALITY TRUST, INC.
	 

	 	By: /S/ DAVID A. BROOKS
	 

	 	Name:  David A. Brooks
	 

	 	Title:  Chief Legal Officer
	 

	 	Dated:  3/29/06
	 
	 	 
	 

	 	OPERATING PARTNERSHIP:
	 

	 	ASHFORD HOSPITALITY LIMITED PARTNERSHIP
	 

	 	By: Ashford OP General Partner, LLC
	 

	 	By: /S/ DAVID A. BROOKS
	 

	 	Name:  David A. Brooks
	 

	 	Title:  Chief Legal Officer
	 

	 	Dated:  3/29/06
	 
	 	 
	 

	 	EXECUTIVE:
	 

	 	/s/ MONTY BENNETT
	 

	 	Name: Monty Bennett
	 

	 	Dated:  3/29/06

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