Document:

Profit Sharing Plan

 Exhibit 10.49 
 

 
 JOHNSONDIVERSEY, INC. 
 PROFIT SHARING PLAN 
 Effective January 1, 2007 

 JOHNSONDIVERSEY, INC. 
 PROFIT SHARING PLAN 
 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
		  	ARTICLE 1	  	
			
		  	ADOPTION OF PLAN AND PURPOSE	  	
			
	1.01	  	Adoption of Plan	  	1
	1.02	  	Purpose of Plan	  	1
			
		  	ARTICLE 2	  	
			
		  	DEFINITIONS	  	
			
	2.01	  	Definitions	  	1
			
		  	ARTICLE 3	  	
			
		  	ADMINISTRATION OF THE PLAN	  	
			
	3.01	  	Administration of the Plan	  	3
			
		  	ARTICLE 4	  	
			
		  	ELIGIBILITY AND PARTICIPATION	  	
			
	4.01	  	Eligible Employees	  	4
	4.02	  	Commencement of Participation	  	5
	4.03	  	Termination of Participation	  	5
	4.04	  	Reemployment	  	5
	4.05	  	No Guaranteed Award	  	5

  

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		  	ARTICLE 5	  	
			
		  	AWARDS	  	
			
	 5.01
	  	General	  	5
	 5.02
	  	Basis for Awards	  	5
	 5.03
	  	Allocable Profit Sharing Pool	  	5
	 5.04
	  	Allocation of Awards from Allocable Profit Sharing Pool	  	6
	 5.05
	  	Payment of Awards	  	6
			
		  	ARTICLE 6	  	
			
		  	MISCELLANEOUS	  	
			
	 6.01
	  	Amendment	  	7
	 6.02
	  	Termination	  	7
	 6.03
	  	Participants’ Consent	  	7
	 6.04
	  	Effect on Other Plans	  	7
	 6.05
	  	No Effect on Employment	  	7
	 6.06
	  	Withholding of Taxes	  	7
	 6.07
	  	Severability	  	8
	 6.08
	  	Successors	  	8
	 6.09
	  	Construction of Plan	  	8
	 6.10
	  	Gender and Headings	  	8
	 6.11
	  	Compliance with Code Section 409A	  	8
		
	     Exhibit A    Non-participating Subsidiaries
	  	
	     Exhibit B    Eligible Earnings
	  	

  

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 JohnsonDiversey, Inc. 
 Profit Sharing Plan 
 ARTICLE 1 
 Adoption of Plan and Purpose 
 1.01 Adoption of Plan. Effective as of January 1, 2007,
JohnsonDiversey, Inc., a Wisconsin corporation, adopted this Profit Sharing Plan. Under this Plan, the Participating Employers intend to make profit sharing awards to eligible employees subject to the terms, conditions and restrictions set forth in
the Plan. This Plan supersedes all previous profit sharing plans, programs and agreements of the Company for Eligible Employees. 
 1.02
Purpose of Plan. The purpose of the Plan is to enhance the ability of Participating Employers to attract and retain employees who are expected to make substantial contributions to the earnings and success of the Participating Employers. This
Plan provides a method whereby eligible employees may participate in the performance of the Participating Employers, thereby giving such persons an additional incentive to remain employed by the Participating Employers and to work for and contribute
to the growth and success of the Participating Employers. The Plan is intended to meet all applicable requirements of section 409A of the Internal Revenue Code of 1986, as amended, (the “Code”) and applicable regulations as in effect
from time to time. 
 ARTICLE 2 
 Definitions 
 2.01 Definitions. 
 (a) Actual Global EBITDA. The total of the Company’s and all Subsidiaries’ actual earnings before interest, taxes, depreciation and amortization, as determined and, if deemed appropriate, adjusted by
the Committee for a Plan Year. 
 (b) Allocable Profit Sharing Pool. The total allocable amount of the Profit Sharing Pool for a Plan
Year determined pursuant to section 5.03 of the Plan. 
 (c) Award. The portion of the Allocable Profit Sharing Pool allocated to
a Participant for any Plan Year as granted under the Plan. 

 (d) Board of Directors. The Board of Directors of the Company. 
 (e) Budgeted Global EBITDA. The total of the Company’s and all Subsidiaries’ budgeted earnings before interest, taxes, depreciation and
amortization, as determined and, if deemed appropriate, adjusted by the Committee for a Plan Year. 
 (f) Committee. The Compensation
and Management Succession Committee of the Board of Directors of the Company. 
 (g) Company. JohnsonDiversey, Inc., a Wisconsin
corporation, and any successor thereto. The Committee shall act on behalf of the Company for purposes of the Plan. 
 (h) Disability.
For purposes of this Plan, “Disability” means the inability to perform the responsibilities of a Participant’s Employment due to physical or mental incapacity in circumstances in which the Participant qualifies for benefits under a
Participating Employer’s long-term disability plan and has qualified for such benefits for a continuous period of at least 26 weeks. 
 (i) Eligible Earnings. The base salary of a Participant from all Participating Employers determined as of the last day of the Plan Year by the Committee using the exchange rates applicable to the Company’s year-end balance sheet
reporting. The Committee, in its sole discretion, may determine what constitutes base salary separately for Participants of any Participating Employer and shall identify any such base salary differences on Exhibit B of the Plan. In determining
Eligible Earnings in the initial Plan Year in which an Employee becomes an Award-Eligible Participant, the Committee shall include Eligible Earnings for the entire Plan Year. 
 (j) Effective Date. The effective date of this Plan shall be January 1, 2007. 
 (k) Employee. Any common law employee of a Participating Employer, excluding any individual who the Participating Employer classifies as an
independent contractor or temporary employee. 
 (l) Employment. Employment as an Employee with a Participating Employer. The
Committee may determine in specific instances whether or not a leave of absence results in a termination of Employment under the Plan. 
  

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 (m) Job Elimination. For reasons other than the Employee’s unsatisfactory performance, the
participating Employer’s total elimination of the Employee’s position, after which the Employee is not offered ongoing Employment in a comparable position, as determined by the Committee. 
 (m) Participant. An Employee who satisfies the participation requirements of Article 4 of the Plan. 
 (n) Participating Employer. The Company and each Subsidiary, unless designated by the Company on Exhibit A of the Plan as a non-participating
employer for purposes of the Plan. 
 (o) Plan. This Plan, the JohnsonDiversey, Inc. Profit Sharing Plan, as herein set forth and as
amended from time to time. 
 (p) Plan Year. The period beginning on the Effective Date and ending on December 28, 2007, and each
12-consecutive month fiscal period thereafter ending on the last Friday of December. 
 (q) Profit Sharing Pool. The total approved
pool of profit sharing funds determined for each Plan Year by the Committee. 
 (r) Retirement. Termination of Employment on or after
attaining age 55 and completing ten Years of Service. 
 (s) Subsidiary. Any entity, including, without limitation, a corporation
or partnership, wholly owned by the Company, including entities located outside the United States. 
 (t) Year of Service. A
12-consecutive month period, beginning on the date an Employee first performs an hour of service for a Participating Employer or Subsidiary, during which an Employee is employed by the Participating Employer or Subsidiary. 
 ARTICLE 3 
 Administration of the Plan

 3.01 Administration of the Plan. The Plan shall be administered by the Committee. In addition to the powers, rights and duties
specifically granted to the Committee elsewhere in this Plan, the Committee shall have the following powers, rights and duties in administering the Plan: 
 (a) To determine (i) which Employees shall become Participants and receive Awards; (ii) the time or times at which such Awards shall be granted; and (iii) any other terms or conditions of an Award which
are consistent with the express provisions of the Plan. 
  

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 (b) To adopt, amend or rescind any rules and regulations as necessary or advisable for the operation of
this Plan and to take such other actions as may be required for the proper administration of this Plan. 
 (c) To construe and interpret the
Plan and any agreements entered into pursuant to the Plan. 
 (d) The Committee may delegate any of its powers, duties and rights set forth
in paragraphs (a), (b) and (c) above, to the Chairperson of the Board of Directors. The Committee or the Chairperson of the Board of Directors may designate any other individual or individuals to carry out ministerial duties hereunder.

 (e) Each action taken and decision made by the Committee or its designees within its authority shall be final, binding and conclusive on
all Participants and their legal representatives. The members and designees of the Committee may rely upon any information, reports or opinions supplied to them by an officer of the Company or by the Company’s counsel, independent public
accountants or other advisors, and shall be fully protected in relying upon any such information and advice. If the Committee cannot act for any reason, the Board of Directors of the Company shall act in its place. 
 ARTICLE 4 
 Eligibility and Participation

 4.01 Eligible Employees. An Employee of a Participating Employer is eligible to participate in the Plan if the Employee:
(a) has been designated as eligible to participate in the Plan by the Committee, (b) is not designated by a Participating Employer as employed in Tiers 1 through 10, and (c) is not a member of a collective bargaining unit unless
participation in this Plan has been agreed to through good faith bargaining with a Participating Employer. Employees defined as “Tolling Employees” in the Asset and Equity Interest Purchase Agreement dated May 1, 2006 to which the
Company is a party, shall not be eligible to participate in the Plan. An Employee who satisfies the requirements of this section 4.01 shall be referred to as an “Eligible Employee.” 
  

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 4.02 Commencement of Participation. An Eligible Employee shall participate in the Plan as of the
later of the Effective Date, the date the Employee completes one Year of Service, or the date the Employee satisfies the requirements to become an Eligible Employee. 
 4.03 Termination of Participation. A Participant’s participation under the Plan shall cease as of the earlier of the termination of the Participant’s Employment, death, Disability, or the date the
Participant is no longer an Eligible Employee pursuant to section 4.01. 
 4.04 Reemployment. A Participant who terminates
Employment and is then rehired by a Participating Employer as an Eligible Employee pursuant to section 4.01 shall be immediately eligible to again participate in the Plan. If a former Employee who was not a Participant at the time of the
Employee’s termination of employment is rehired as an Eligible Employee pursuant to section 4.01, the rehired Employee’s service prior to the termination of Employment shall not be recognized for purposes of the Employee’s
completion of one Year of Service as required for participation in the Plan pursuant to section 4.02. 
 4.05 No Guaranteed
Award. Eligibility of a Participant in a given Plan Year is not a guarantee that an Award will be made to that Participant for that Plan Year. 
 ARTICLE 5 
 Awards 
 5.01 General. The Committee shall determine the Awards to be made to each Participant and shall approve the terms and conditions of each Award. 
 5.02 Basis for Awards. Awards for a specific Plan Year shall be based on that Plan Year’s Eligible Earnings of a Participant, Budgeted Global EBITDA, Actual Global EBITDA and the Profit Sharing Pool.

 5.03 Allocable Profit Sharing Pool. As of the last day of each Plan Year, and unless and until changed by the Committee, the
Allocable Profit Sharing Pool for a Plan Year shall be equal to an amount determined in accordance with the following chart: 
  

			
	 Percent of
 Actual Global EBITDA to
 Budgeted Global EBITDA
	  	 Percent of Profit Sharing Pool
 Paid in Awards

	100% or more	  	100%
	99%	  	95%
	98%	  	90%
	97%	  	85%
	96%	  	80%
	95%	  	75%
	94%	  	70%
	93%	  	65%
	92%	  	60%
	91%	  	55%
	90%	  	50%
	89%	  	45%
	88%	  	40%
	87%	  	35%
	86%	  	30%
	85%	  	25%
	84% or less	  	0%

  

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 5.04 Allocation of Awards from Allocable Profit Sharing Pool. A Participant shall be eligible for
an Award from the Allocable Profit Sharing Pool for a Plan Year in accordance with the following paragraphs (a) and (b): 
 (a) The
Participant must be in active Employment as of the last day of the Plan Year or terminate Employment after March 31 and prior to the last day of the Plan Year due to Retirement, death, Disability or Job Elimination. For purposes of this
section 5.04, a Participant who satisfies this requirement shall be referred to as an “Award-Eligible Participant.” 
 (b) An
Award-Eligible Participant shall be eligible for an Award equal to the amount determined by multiplying the Allocable Profit Sharing Pool by a fraction the numerator of which is an Award-Eligible Participant’s Eligible Earnings for the Plan
Year and the denominator of which is the total Eligible Earnings of all Award-Eligible Participants for the Plan Year. 
 5.05 Payment of
Awards. Awards shall be paid to Award-Eligible Participants who remain employed by a Participating Employer as of the actual payment date of the Award or who terminated Employment prior to the actual payment date due to Retirement, death,
Disability or Job Elimination. Awards shall be paid in a single cash lump sum as soon as administratively practicable following the Plan Year relating to the Award, but in no event later than the last day of the immediately following Plan Year.

  

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 ARTICLE 6 
 Miscellaneous 
 6.01 Amendment. The Board of Directors and the Committee shall each have the
right at any time, and from time to time, to amend in whole or in part any or all of the provisions of the Plan. No such amendment, however, shall materially and adversely affect the rights under the Plan of any Participant with respect to Awards
granted prior to such amendment without the approval of such Participant. Any amendment that results in an acceleration of the time or form of payment shall be invalid if such amendment violates Code section 409A. 
 6.02 Termination. The Plan shall continue in effect until terminated by resolution of the Board of Directors or the Committee. All rights and
obligations under this Plan with respect to Awards granted on or prior to termination of the Plan shall continue beyond such termination. 
 6.03 Participants’ Consent. Each Participant, by Participant’s acceptance of an Award hereunder, shall be deemed to have agreed to be bound by all the terms and conditions of this Plan as presently constituted and as may be
amended from time to time. 
 6.04 Effect on Other Plans. In no event shall any Award or any payments made under this Plan be included
in the compensation base for computing benefits under any other benefit plan now maintained or hereafter established by a Participating Employer, unless such Plan expressly provides otherwise. 
 6.05 No Effect on Employment. Neither the adoption of the Plan nor its operation shall in any way affect the right and power of a Participating
Employer to dismiss or otherwise terminate the Employment or change the terms of Employment or amount of compensation of any Employee at any time for any reason with or without cause. 
 6.06 Withholding of Taxes. A Participating Employer shall have the power to withhold, or require a Participant to remit to the Participating
Employer, an amount sufficient to satisfy any withholding or other tax due under the tax withholding provisions of the Code, any state or local tax act or other applicable law, including the laws of foreign jurisdictions, with respect to any Award
made under the Plan. 
  

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 6.07 Severability. If any provision of this Plan shall be held illegal or invalid for any reason,
such invalidity or illegality shall not affect the remaining provisions of the Plan, and the Plan shall be construed or enforced as if the invalid provisions had never been set forth therein. 
 6.08 Successors. This Plan shall be binding upon and inure to the benefit of and be enforceable by the respective successors and assigns of the
Participating Employer. The rights of a Participant under this Plan are personal to such Participant and the Participant may not assign such rights or sell, transfer, pledge or otherwise dispose of any rights of such Participant except in accordance
with the provisions of this Plan. All obligations of this Plan shall be binding upon the heirs, representatives and estate of the Participant. 
 6.09 Construction of Plan. This Plan shall be construed according to the laws of the State of Wisconsin and all provisions hereof shall be administered according to, and its validity shall be determined under, the laws of such state
without regard to its conflicts of laws. 
 6.10 Gender and Headings. Wherever any words are used herein in the masculine gender they
shall be construed as though they were also used in the feminine gender in all cases where they would so apply, and wherever any words are used herein in the singular form they shall be construed as though they were also used in the plural form in
all cases where they would so apply. Headings of numbered sections and numbered paragraphs of this Plan are inserted for convenience of reference and are not part of this Plan and are not to be considered in the construction hereof. 
 6.11 Compliance with Code Section 409A. This Plan is intended to comply with the provisions of Internal Revenue Code section 409A and
applicable guidance and its provisions shall be interpreted in accordance with that intent. No provision of this Plan shall be interpreted to permit the acceleration of the time of any payment scheduled to be paid under the Plan in any manner which
is impermissible pursuant to Internal Revenue Code section 409A. A Participating Employer shall not be liable nor responsible for any tax consequences which result from any Participant’s participation in the Plan, except for any applicable
obligations under the law as to income tax withholding or payroll taxes. 
  

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 EXHIBIT A 
 Non-participating Companies 
 JohnsonDiversey Mexico, S.A. de C.V. 
 JohnsonDiversey Brasil, Ltda. 
 JohnsonDiversey
Venezuela, S.A. 
 JohnsonDiversey Centroamerica S.A. 
  

 A-1 

 EXHIBIT B 
 Eligible Earnings 
  

 B-1Exhibit 10.24

 Exhibit 10.24 
 STRATEGIC ALLIANCE AGREEMENT 
 THIS
STRATEGIC ALLIANCE AGREEMENT (“Agreement”) is made and entered into as of the 8th day of September,
2006 (the “Effective Date”) by and among (i) MHI Hospitality, L.P., a Delaware limited partnership (the “Partnership”), (ii) MHI Hospitality Corporation, a Maryland corporation and the general partner of the Partnership
(the “REIT”) (the REIT and the Partnership are sometimes collectively referred to herein as the “Company”), and (iii) Coakley & Williams Hotel Management Company (“Coakley Williams”), a Maryland
corporation. 
 RECITALS 
 THE PARTIES ENTER THIS AGREEMENT on the basis of the following facts, understandings and intentions: 
 A. The REIT is a publicly
traded company on the American Stock Exchange. 
 B. The REIT serves as general partner of the Partnership and owns a majority interest in
the Partnership. 
 C. The Company desires to designate Coakley Williams as an approved hotel management company. 
 D. Coakley Williams desires to provide the Company, on a non-exclusive basis, with information regarding hotel investment opportunities that become known
to Coakley Williams as set forth herein. 
 E. In the event Coakley Williams is selected to manage a hotel owned directly or indirectly by
the Company, the Company will cause its indirect subsidiary, MHI Hospitality TRS, LLC, the lessee of such hotel (the “TRS Lessee”), to enter into a management agreement with Coakley Williams as specified below. 
 AGREEMENTS 
 NOW THEREFORE, IN
CONSIDERATION of the mutual covenants and promises of the parties provided for in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 ARTICLE I 
  

	 	1.	Acquisition Opportunities. 

 (a) The Company agrees
to consider for potential acquisition, investment or development properties that are submitted to the Company by Coakley Williams and are suitable for the development or operation of a hotel. In the event Coakley Williams elects to submit a hotel or
hotels to the Company, Coakley Williams agrees to promptly notify the Company, on a non-exclusive basis, of the opportunity to invest in, acquire or develop the property. Any such property shall (i) be currently managed by Coakley Williams or a
subsidiary or with which 

 
Coakley Williams currently has a substantial, ongoing business relationship (each a “Hotel Property”) and (ii) meet the Company’s
acquisition criteria, as the Company may communicate such acquisition criteria to Coakley Williams from time to time. For purposes of this Agreement, a Hotel Property includes, but is not limited to, full-service upper up-scale, up-scale and
mid-scale hotels (as such terms are used by Smith Travel Research or similar industry source), whether or not such hotels are underperforming in their respective marketplace, or are functionally obsolete. Coakley Williams shall promptly provide to
the Company all information, materials and documents reasonably available to Coakley Williams or its subsidiaries with respect to such Hotel Property or opportunity, subject to the requirements of any confidentiality agreements with third parties,
provided, however, that any confidentiality agreement must permit Coakley Williams to notify the Company of such hotel property investment, acquisition or development opportunity. Notwithstanding the foregoing, Coakley Williams shall refer any such
opportunity directly to the Company prior to execution of a confidentiality agreement, but otherwise will use its best efforts, at no additional out-of-pocket expense to Coakley Williams, to negotiate any confidentiality agreement so as to permit
disclosure of the opportunity, and all information, materials and documents with respect thereto, to the Company. For purposes of this Agreement, acquisition or development opportunities relating to a hotel or project that Coakley Williams or an
affiliate does not manage or with which Coakley Williams does not have an existing, ongoing and substantial business relationship, shall not be deemed Hotel Properties. 
 (b) The Company shall notify Coakley Williams, within twenty (20) business days following the Company’s receipt from Coakley Williams of the information with respect to a Hotel Property investment,
acquisition or development opportunity as described in Section 1(a), whether the Company intends to pursue such opportunity. During such twenty (20) day period, if the Company notifies Coakley Williams that the Company intends to pursue
such opportunity, Coakley Williams shall not provide any information regarding such opportunity to any third party until otherwise notified by the Company, provided that the Company is making commercially reasonable efforts to conduct due diligence
or is otherwise actively pursuing the investment, acquisition or development opportunity. If the Company (i) notifies Coakley Williams that the Company does not intend to pursue the opportunity, or (ii) fails to notify Coakley Williams by
the end of the twenty (20) business day period that the Company intends to pursue the opportunity, then, in either event, Coakley Williams may (A) pursue the opportunity on its own behalf or (B) notify other capital sources of the
opportunity. 
 ARTICLE II 
  

	 	2.	Management Agreements. 

 (a) Subject to the
provisions of this Article II, the Company agrees to cause TRS Lessee to offer to Coakley Williams the opportunity to manage any Hotel Property which was submitted to the Company by Coakley Williams and acquired by the Company or one of its
subsidiaries and owned by the Company or leased to TRS Lessee during the Term. In the event Coakley Williams notifies the Company that it wishes to manage such Hotel Property, Coakley Williams and TRS Lessee will enter into a Management Agreement on
terms and conditions mutually agreeable to the parties provided that the business terms of such agreement shall be no less favorable, with the exception of the termination rights, than any existing management agreement pertaining to the respective
Hotel Property submitted to the Company (the “Management Agreement”). In regards to termination rights, each Management Agreement 

  

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entered into by Coakley Williams and TRS Lessee will be terminable prior to the expiration of its term only upon the sale of the property or upon an event of
default or a performance default pursuant to the Management Agreement. If the property is sold prior to the expiration of the initial term of the Management Agreement, the Company shall have the right to substitute another hotel property for
management by Coakley Williams pursuant to such Management Agreement. If a substitute hotel is provided by the Company, no termination fee will be payable by the Company in connection with the sale of such property. If a substitute hotel is not
provided, a termination fee will be payable by TRS Lessee in an amount equal to the net present value of the management and incentive fees for the fiscal years remaining on the initial ten (10) year term of such Agreement. For purposes of such
calculation, the management and incentive fee for each fiscal year remaining in the term of the Agreement shall equal the fees budgeted for the year in which the Agreement is terminated and the applicable discount rate shall be six percent (6%). No
fee will be payable upon expiration of the term of the Management Agreement or in the event of a termination following an event of default or a performance default. The initial term of a Management Agreement relating to a Hotel Property will be ten
(10) years, with three (3), five (5) year extensions at Coakley Williams’ option, and the initial term for other hotels that are not submitted to MHI by Coakley Williams, but MHI requests Coakley Williams to manage, shall be three
(3) years. In addition, the Management Agreement for each Hotel Property submitted by Coakley Williams will have as a minimum three percent (3%) base management fee and an incentive fee, to be agreed upon by the parties, based on year on
year improvement in EBITDA. In certain circumstances, the Hotel Properties brought to the Company by Coakley Williams will have higher fees. To the extent the fees are higher, the higher fee will be used in the Management Agreement relating to such
property. 
 (b) Not less than thirty (30) days prior to the Company’s acquisition of a Hotel Property that meets the criteria
described in Section 2(a) above, the Company will notify Coakley Williams of the Company’s proposed acquisition of the Hotel Property and the proposed business terms of the Management Agreement for that property. Coakley Williams shall
have ten (10) business days from receipt of such notice from the Company to notify the Company in writing that Coakley Williams elects to manage the Hotel Property pursuant to the Management Agreement. If Coakley Williams (i) notifies the
Company that Coakley Williams does not intend to manage the Hotel Property or (ii) fails by the end of the ten (10) business day period to notify the Company of its election to manage the Hotel Property, then, in either event, the Company
may offer management of the Hotel Property to other hotel management companies on such terms as the Company shall determine, and Coakley Williams shall have no further rights with respect thereto. 
 ARTICLE III 
  

	 	3.	Termination 

 This Agreement may be terminated by
either party by providing a ninety (90) day advance written notice to the other party. The termination of this Agreement will not terminate the rights arising under this Agreement with respect to any Hotel Property presented to the Company by
Coakley Williams prior to the date of such notice. Notwithstanding anything in this Agreement to the contrary, the termination of this Agreement shall have no effect on any Management Agreement entered into by the parties or their affiliates prior
to the termination date of this Agreement. 
  

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 ARTICLE IV 
  

	 	4.	Miscellaneous. 

 (a) The term of this Agreement shall commence on the Effective Date hereof and shall continue until the fifth (5th) anniversary of the Effective Date (the “Term”). 
 (b) This Agreement, and
the other Agreements and documents referred to herein, shall constitute the entire Agreement among the parties with respect to the subject matter thereof and shall supersede all previous negotiations, commitments, and writings with respect to such
subject matter. 
 (c) This Agreement shall be governed by and construed in accordance with the laws of the jurisdiction of the State of
Maryland without regard to the principles of conflicts of laws thereof. 
 (d) All notices and other communications required or permitted
hereunder shall be in writing, shall be deemed duly given upon actual receipt, and shall be delivered (i) in person, (ii) by registered or certified mail (air mail if addressed to an address outside of the country in which mailed), postage
prepaid, return receipt requested, or (iii) by facsimile or other generally accepted means of electronic transmission (provided that a copy of any notice delivered pursuant to this clause (iii) shall also be sent pursuant to clause (ii),
addressed as follows (or to such other addresses as may be specified by like notice to the other parties): 
  

															
	To Coakley Williams:	 	Coakley Williams Hotel Management Company
		 	7501 Greenway Center Drive, Suite 400
		 	Greenbelt, Maryland 20770
		 	Attention:	 	Gary S. Williams	 	
		 		 	President	 	
		
	To the Company:	 	MHI Hospitality Corporation
		 	814 Capitol Landing Road
		 	Williamsburg, Virginia 23185	 	
		 	Attention:	 	Andrew M. Sims	 	
		 		 	President and Chief Executive Officer

 (e) No amendment, modification, or supplement to this Agreement shall be binding on any of the
parties hereto unless it is in writing and signed by the parties in interest at the time of the modification. No provision hereof may be waived except by a writing signed by the party against whom any such waiver is sought. The waiver by any party
of a breach of any provision of this Agreement shall not operate as or be construed as a waiver of any subsequent breach. 
 (f) Neither this
Agreement nor any rights or obligations hereunder shall be assignable by a party to this Agreement without the prior, express written consent of the other party. This Agreement and all of the provisions hereof shall be binding upon and inure to the
benefit of the parties to this Agreement and their respective successors and permitted assigns. 
  

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 (g) This Agreement is solely for the benefit of the parties to this Agreement and should not be deemed to
confer upon third-parties any remedy, claim, liability, reimbursement, claims or action or other right in excess of those existing without reference to this Agreement. 
 (h) Titles and headings to sections in this Agreement are inserted for the convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 

(i) Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such prohibition or unenforceability without invalidating the remaining provisions hereof. Any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
Without prejudice to any rights or remedies otherwise available to any party to this Agreement, each party hereto acknowledges that damages would not be an adequate remedy for any breach of the provisions of this Agreement and agrees that the
obligations of the parties hereunder shall be specifically enforceable. 
 (j) The parties to this Agreement will execute and deliver or
cause the execution and delivery of such further instruments and documents and will take such other actions as any other party to the Agreement may reasonably request in order to effectuate the purpose of this Agreement and to carry out the terms
hereof. 
 (k) This Agreement may be executed in counterparts, each of which shall be deemed an original but together shall be deemed one and
the same Agreement. 
 (l) If any provision of this Agreement is held unenforceable, this Agreement shall be construed without such
provision. 
 (m) The parties agree to waive jury trial in any disputes between them. 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized
officers, as of the Effective Date. 
  

					
	REIT:
	
	 MHI Hospitality Corporation
 a
Maryland corporation

		
	By:	 	 /s/    Andrew M. Sims

		 	Andrew M. Sims
		 	President and Chief Executive Officer
	
	MANAGER:
	
	Coakley & Williams Hotel Management Company
		
	By:	 	 /s/    Gary S. Williams

		 	Gary S. Williams
		 	President
	
	PARTNERSHIP:
	
	 MHI Hospitality, L.P.
 a Delaware limited
partnership

		
	By:	 	MHI Hospitality Corporation
		 	its General Partner
			
		 	By:	 	 /s/    Andrew M. Sims

		 		 	Andrew M. Sims
		 		 	President and Chief Executive Officer

  

 6

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