Document:

EX-10.3

 Exhibit 10.3 

Joinder Agreement 

Reference is hereby made to that certain December 2020 Exchange Agreement and Amendment to Facility Agreement and Investors’ Rights
Agreement, dated as of December 20, 2020 (the “Exchange Agreement”), among KemPharm, Inc., Deerfield Private Design Fund III, L.P., Deerfield Special Situations Fund, L.P. and such other lenders that become a party thereto by
executing a joinder agreement. 
 The undersigned, being a Lender under the Facility Agreement (as defined in the Exchange Agreement), (A)
acknowledges that it (i) has been provided with a copy of the Exchange Agreement (including the exhibits and schedules thereto) and (ii) has been afforded the opportunity to review the Exchange Agreement with its financial, tax and legal
advisors; and (B) agrees (i) to become a Participating Lender under, and a party to, the Exchange Agreement and (ii) that the undersigned shall be fully bound by, and subject to, all of the covenants, terms, conditions, restrictions, and
provisions of the Exchange Agreement, as the same may be amended, modified or restated from time to time, applicable to a Participating Lender with respect to the Note set forth opposite the undersigned’s name on Schedule 1 to the Exchange
Agreement. The undersigned hereby acknowledges and agrees that the Prepayment Amount and Exchanged Principal Amount (each as defined in the Exchange Agreement) for the undersigned are as reflected on Schedule A hereto. Without limiting the
foregoing, the undersigned acknowledges and agrees that, by executing this Joinder Agreement, the undersigned shall be deemed to make the representations and warranties set forth in Section 4.01 of the Exchange Agreement. 

M. KINGDON OFFSHORE MASTER FUND, LP 
 By: KINGDON CAPITAL
MANAGEMENT, LLC, 
 As an agent and investment advisor 
  

			
	By:	 	 /s/ William Walsh

	Name:	 	William Walsh
	Title:	 	CFO
		
	Address:	 	 152 W. 57th Street, 50th Floor

New York, NY 10019

 Schedule A 
  

													
	 Participating Lender
	  	Prepayment
Amount	 	  	Exchange
Principal
Amount	 	  	Remaining
Principal	 
	 M. Kingdon Offshore Master Fund, L.P.
	  	$	1,415,436	 	  	$	1,469,492	 	  	$	355,038Exhibit 10.1

 

EXECUTION COPY

 

FOURTH AMENDMENT TO

EMPLOYMENT AGREEMENT

 

THIS FOURTH AMENDMENT
TO EMPLOYMENT AGREEMENT (this “Amendment”) is made and entered into as of December 23, 2020, by and between
Hospitality Investors Trust, Inc., a Maryland corporation (the “Company”), and Jonathan P. Mehlman (“Executive”).

 

WHEREAS, Executive
is currently employed by the Company pursuant to an employment agreement dated as of March 31, 2017 between the Company and
Executive, as amended August 10, 2017, August 7, 2019 and February 12, 2020 (the “Employment Agreement”);

 

WHEREAS, Section 6.2
of the Employment Agreement requires that any modification or amendment of the Employment Agreement be in writing and executed
by both the Company and Executive; and

 

WHEREAS, following
discussion and consultation with AETHOS Consulting Group, the Company’s compensation consultant, and in light of, among other
factors, the impact of the ongoing coronavirus pandemic on the Company’s business and results of operations, the Company
and Executive now desire to amend the Employment Agreement as more particularly set forth herein, in accordance with Section 6.2
of the Employment Agreement.

 

NOW THEREFORE, in consideration
of the agreements and obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Company and Executive hereby adopt this Amendment, which provides as follows:

 

1.            The
following sentence shall be added as a new last sentence of Section 3.2 of the Employment Agreement:

 

“Notwithstanding anything
to the contrary contained in this Section 3.2 or any other provision of this Agreement, the Annual Bonus for the 2020 fiscal
year (i) shall not be based on the achievement of individual and Company performance goals previously established by the Board
or the Committee after consultation with Executive and shall instead be determined by the Committee in its sole discretion no later
than December 31, 2020, and (ii) will be paid no later than January 15, 2021, subject to Executive’s continued
employment through the date of payment.”

 

2.            The
following sentence shall be added as a new last sentence of Section 3.3(b) of the Employment Agreement:

 

“Notwithstanding anything
to the contrary contained in this Section 3.3(b) or any other provision of this Agreement, there shall be no LTIP Annual
Award for the 2020 fiscal year such that Executive shall have no entitlement to receive any RSUs or any other equity award from
the Company pursuant to this Agreement with respect to the 2020 fiscal year and Executive hereby waives any right under this Agreement
thereto.”

 

     

     

    

 

3.            Effective
as of the date hereof, this Amendment amends and is hereby incorporated in and forms a part of the Employment Agreement, and except
as amended hereby, the Employment Agreement is confirmed in all respects and remains in full force and effect. The Employment Agreement
and this Amendment constitute the entire agreement between the parties with respect to the subject matter hereof and supersedes
all prior negotiations, representations or agreements relating thereto, whether written or oral. This Amendment and the Employment
Agreement shall be read and construed mutatis mutandis so as to give full effect to the intention of Sections 1 and 2 hereof. No
amendment or modification of this Amendment shall be valid or binding upon the parties unless in writing and signed by the parties
hereto.

 

4.            The
parties agree that if any provision of this Amendment is found to be invalid or unenforceable, it will not affect the validity
or enforceability of any other provision. The parties agree that this Amendment shall be governed by, interpreted and construed
in accordance with the internal laws of the State of New York without regard to its conflicts of law provisions.

 

5.            This
Amendment may be executed in one of more counterparts, each of which so executed and delivered shall be deemed an original, but
all of which taken together shall constitute but one and the same instrument. This Amendment shall be deemed fully executed and
delivered when signed by the signatories hereto and delivered via PDF.

 

[Signature pages follow]

 

    2

     

    

 

IN WITNESS WHEREOF,
the undersigned have executed this Amendment as of the date first above written.

 

	 	HOSPITALITY INVESTORS TRUST, INC.
	 	 
	 	 
	 	By:	/s/ Paul C. Hughes
	 	Name:	 Paul C. Hughes
	 	Its:	General Counsel and Secretary
	 	 
	 	 
	 	EXECUTIVE
	 	 
	 	 
	 	By:	/s/ Jonathan P. Mehlman
	 	Name:	 Jonathan P. MehlmanExhibit 10.2

 

EXECUTION COPY

 

FOURTH AMENDMENT TO

EMPLOYMENT AGREEMENT

 

THIS FOURTH AMENDMENT
TO EMPLOYMENT AGREEMENT (this “Amendment”) is made and entered into as of December 23, 2020, by and between
Hospitality Investors Trust, Inc., a Maryland corporation (the “Company”), and Paul C. Hughes (“Executive”).

 

WHEREAS, Executive
is currently employed by the Company pursuant to an employment agreement dated as of March 31, 2017 between the Company and
Executive, as amended August 10, 2017, August 7, 2019 and February 12, 2020 (the “Employment Agreement”);

 

WHEREAS, Section 6.2
of the Employment Agreement requires that any modification or amendment of the Employment Agreement be in writing and executed
by both the Company and Executive; and

 

WHEREAS, following
discussion and consultation with AETHOS Consulting Group, the Company’s compensation consultant, and in light of, among other
factors, the impact of the ongoing coronavirus pandemic on the Company’s business and results of operations, the Company
and Executive now desire to amend the Employment Agreement as more particularly set forth herein, in accordance with Section 6.2
of the Employment Agreement.

 

NOW THEREFORE, in consideration
of the agreements and obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Company and Executive hereby adopt this Amendment, which provides as follows:

 

1.            The
following sentence shall be added as a new last sentence of Section 3.2 of the Employment Agreement:

 

“Notwithstanding anything
to the contrary contained in this Section 3.2 or any other provision of this Agreement, the Annual Bonus for the 2020 fiscal
year (i) shall not be based on the achievement of individual and Company performance goals previously established by the Board
or the Committee after consultation with Executive and shall instead be determined by the Committee in its sole discretion no later
than December 31, 2020, and (ii) will be paid no later than January 15, 2021, subject to Executive’s continued
employment through the date of payment.”

 

2.            The
following sentence shall be added as a new last sentence of Section 3.3(b) of the Employment Agreement:

 

“Notwithstanding anything
to the contrary contained in this Section 3.3(b) or any other provision of this Agreement, there shall be no LTIP Annual
Award for the 2020 fiscal year such that Executive shall have no entitlement to receive any RSUs or any other equity award from
the Company pursuant to this Agreement with respect to the 2020 fiscal year and Executive hereby waives any right under this Agreement
thereto.”

 

    1

     

    

 

3.            Effective
as of the date hereof, this Amendment amends and is hereby incorporated in and forms a part of the Employment Agreement, and except
as amended hereby, the Employment Agreement is confirmed in all respects and remains in full force and effect. The Employment Agreement
and this Amendment constitute the entire agreement between the parties with respect to the subject matter hereof and supersedes
all prior negotiations, representations or agreements relating thereto, whether written or oral. This Amendment and the Employment
Agreement shall be read and construed mutatis mutandis so as to give full effect to the intention of Sections 1 and 2 hereof. No
amendment or modification of this Amendment shall be valid or binding upon the parties unless in writing and signed by the parties
hereto.

 

4.            The
parties agree that if any provision of this Amendment is found to be invalid or unenforceable, it will not affect the validity
or enforceability of any other provision. The parties agree that this Amendment shall be governed by, interpreted and construed
in accordance with the internal laws of the State of New York without regard to its conflicts of law provisions.

 

5.            This
Amendment may be executed in one of more counterparts, each of which so executed and delivered shall be deemed an original, but
all of which taken together shall constitute but one and the same instrument. This Amendment shall be deemed fully executed and
delivered when signed by the signatories hereto and delivered via PDF.

 

[Signature pages follow]

 

    2

     

    

 

IN WITNESS WHEREOF,
the undersigned have executed this Amendment as of the date first above written.

 

	 	HOSPITALITY INVESTORS TRUST, INC.
	 	 
	 	 
	 	By:	/s/ Jonathan P. Mehlman
	 	Name:	Jonathan P. Mehlman
	 	Its:	President and Chief Executive Officer
	 	 
	 	 
	 	EXECUTIVE
	 	 
	 	 
	 	By:	/s/ Paul C. Hughes                 
	 	Name:	Paul C. Hughes

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}]]