Document:

Exhibit 10.1

 

Execution

 

Certain
confidential information contained in this document, marked by [***], has been omitted pursuant to Item 601(b)(10)(iv) of
Regulation S-K because it is both (i) not material and (ii) is the type that the registrant customarily and actually
treats as private or confidential.

 

WATERMARK LODGING TRUST, INC.

 

AMENDED AND RESTATED EMPLOYEE RETENTION AND
SEVERANCE PLAN

 

This Amended and Restated
Employee Retention and Severance Plan (the "Amended Plan") is established by Watermark Lodging Trust, Inc., a
Maryland real estate investment trust (the "Company"), effective June 17, 2022 (the “Effective
Date”).

 

1.              Purpose
of the Amended Plan. The Company considers it essential to the operation of the Company that its executives and key employees be
retained for a period of time as determined by its Board and management during a critical phase in the Company. The purpose of the Amended
Plan is to establish a retention bonus and severance plan to provide an incentive for employees to continue in the service of the Company.
The Amended Plan is meant to supplement and work independent of and in conjunction with, and not to replace, the Company's other compensation
and benefit programs, such as its equity plans and other plans, in order to achieve the purposes discussed above. This Amended Plan amends
and restates the Employee Retention and Severance Plan of the Company, which became effective on November 10, 2021 (the "Prior
Plan"), which is hereby superseded in its entirety.

 

2.              Definitions.

 

2.1             
"Adverse Compensation Action" means a reduction in the Participant's annual base salary or wage rate, or
target annual bonus opportunity without the Participant's prior written consent, provided such event is not corrected within 15 days following
the Board's receipt of written or electronic notice of such event.

 

2.2             
"Affiliate" means as to any Person, any other Person which, directly or indirectly, is controlled by, controls,
or is under common control with, such first-mentioned Person.

 

2.3             
"Amended Participation Agreement" means an agreement between a Participant listed on Exhibit A hereto and
the Company providing for Retention Benefits and Severance Amounts, which agreement amends and restates the Participation Agreement previously
entered into between such Participant and the Company pursuant to the Prior Plan (the "Prior Participation Agreement"),
which Prior Participation Agreement is superseded in its entirety upon execution of an Amended Participation Agreement by the Company
and such Participant.

 

2.4             
“Average Bonus” means the average of the annual bonuses earned by a Participant for the two full fiscal
years prior to the fiscal year in which the Participant’s employment terminates; provided, that, if the Participant has been employed
by the Company for only one full fiscal year prior to the year in which his or her employment terminates, then “Average Bonus”
means the annual bonus earned by the Participant for such full fiscal year.

 

    

     

    

 

2.5             
 "Base Salary" means the Participant's annual base pay (excluding incentive pay, commissions, bonuses,
expenses or expense allowances and other forms of variable compensation), at the rate in effect during the last regularly scheduled payroll
period immediately preceding the date of termination, but which shall not be less than Participant’s annual base pay as of the Effective
Date. With respect to Participants who are paid on an hourly basis under applicable wage and hour laws, the Base Salary shall be based
on the weekly rate, or hourly base rate, for a forty (40) hour week. In no event shall Base Salary include any overtime, bonuses, extended
workweek, shift differential or other types of premium pay.

 

2.6             
"Board" means the Board of Directors of the Company, or the Compensation Committee thereof; provided that
if the Company or its successor no longer has a Board of Directors, then references herein and in any Amended Participation Agreement
to the “Board” shall be deemed to reference the then-applicable governing body (e.g., manager, board or manager, general partner)
of the Company or its successor.

 

2.7             
"Cause" for termination shall mean a determination by the Board that any of the following events has occurred:
(i) a Participant's indictment of, or the conviction or entry of a plea of guilty or nolo contendere to any felony, or any misdemeanor
involving moral turpitude; (ii) a Participant's engagement in conduct which constitutes a material breach of a fiduciary duty or duty
of loyalty, including without limitation, misappropriation of funds or property of the Company, other than an occasional and de minimis
use of Company property for personal purposes; (iii) a Participant's acts or omissions constituting gross negligence, recklessness or
willful misconduct in the performance of his or her assigned duties for the Company; (iv) any act or omission by a Participant that has
a demonstrated and material adverse impact on the Company's reputation for honesty and fair dealing or any other conduct that would reasonably
be expected to result in injury to the reputation of the Company; (v) a Participant's insubordination, nonperformance or willful neglect
of assigned duties; (vi) a Participant's willful failure to cooperate with a bona fide internal investigation or an investigation by regulatory
or law enforcement authorities, after being instructed by the Company to cooperate, or a Participant's willful destruction or failure
to preserve documents or other materials known to be relevant to such investigation or a Participant's willful inducement of others to
fail to cooperate, destroy or fail to produce documents or other materials; (vii) a Participant's failure to perform the essential functions
of his or her position, with or without reasonable accommodation if required by law; or (viii) a Participant's death.

 

2.8             
"Change in Control" means, in one or a series of related transactions, (i) the sale of all or substantially
all of the assets of the Company to a Person that is not an Affiliate of the Company, (ii) the sale or transfer of the outstanding shares
of capital stock of the Company, or (iii) the merger or consolidation of the Company with another Person or entity, in each case in clauses
(ii) and (iii) above under circumstances in which the holders (together with any Affiliates of such holders) of the voting power of outstanding
capital stock of the Company, immediately prior to such transaction, (A) own less than 50% in voting power of the outstanding capital
stock of the Company, (B) do not have the right to elect a majority of the members of the Board, or (C) do not otherwise have the power
to direct or cause the direction of the management or policies of the Company or the surviving or resulting entity immediately following
such transaction.

 

2.9             
"Closing Date" shall have the meaning set forth in the Merger Agreement.

 

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2.10         
 "Common Shares" means common shares of beneficial interests in the Company.

 

2.11         
"Disability" means the inability of a Participant to perform the Participant’s duties with the Company
on a full-time basis for one hundred twenty (120) consecutive days within any twelve (12) month period as a result of a physical, mental
or psychological incapacity or impairment.

 

2.12         
"Fair Market Value" means, on a given date, (i) if the Common Shares are listed on a national securities
exchange, the closing sales price of the Common Shares reported on the primary exchange on which the Common Shares is listed and traded
on such date, or, if there are no such sales on that date, then on the last preceding date on which such sales were reported; (ii) if
the Common Shares are not listed on any national securities exchange but are quoted in an inter-dealer quotation system on a last sale
basis, the average between the closing bid price and ask price reported on such date, or, if there is no such sale on that date, then
on the last preceding date on which a sale was reported; or (iii) if the Common Shares are not listed on a national securities exchange
or quoted in an inter-dealer quotation system on a last sale basis, the most recent estimated net asset value per Common Share publicly
announced by the Company or such other amount determined by the Board in good faith to be the fair market value of the Common Shares.

 

2.13         
"Merger Agreement" means that certain Agreement and Plan of Merger, dated as of May 6, 2022, by and among
the Company, Ruby I Holdings LLC, a Delaware limited liability company, Ruby II Holdings LLC, a Delaware limited liability company, Ruby
III Holdings LLC, a Delaware limited liability company, Ruby IV Holdings LLC, a Delaware limited liability company, Ruby Merger Sub I
LLC, a Maryland limited liability company, Ruby Merger Sub II LP, a Delaware limited partnership, and CWI 2 OP, LP, a Delaware limited
partnership.

 

2.14         
"Participant" shall mean any employee of the Company who is entitled to participate in the Amended Plan
in accordance with Section 4.

 

2.15         
"Person" means any natural person, corporation, limited liability company, partnership, firm, joint venture,
joint-stock company, trust, association, unincorporated entity or organization of any kind, governmental authority or other entity of
any kind.

 

2.16         
"Retention Benefits" means the amount of the retention bonus payable to a Participant pursuant to his or
her Amended Participation Agreement.

 

2.17         
"Severance Amounts" means the amount of severance payable to a Participant pursuant to the terms of his
or her Amended Participation Agreement or pursuant to the terms of this Amended Plan.

 

2.18         
"Target Annual Bonus" means an amount equal to one hundred percent (100%) of a Participant's target annual
bonus opportunity for the fiscal year in which his or her employment with the Company terminates, which shall not be less than the Participant’s
target annual bonus opportunity for 2022.

 

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3.              Interpretation
and Administration of the Amended Plan. The Amended Plan will be interpreted and administered by the Board, whose actions in
interpreting the terms of the Amended Plan and administration of the Amended Plan will be final and binding on all Participants;
provided that the Board may delegate all or any portion of its authority hereunder to the Compensation Committee of the Board. The
Board is authorized to interpret the Amended Plan, correct any defect, supply any omission or reconcile any inconsistency in the
manner and to the extent it deems necessary to carry out the purposes and intent of the Amended Plan. No director will be liable for
any good faith determination, act or omission in connection with the Amended Plan.

 

4.             Retention and Severance Benefits.

 

4.1             
The Participants listed on Exhibit A hereto shall be eligible to receive the Retention Benefits and Severance Amounts if the conditions
for earning such benefits or amounts as set forth in a Participant's Amended Participation Agreement are satisfied.

 

4.2             
The Participants listed on Exhibit B hereto shall be eligible to receive the following Retention Benefits and Severance Amounts:

 

		(i)	Retention Benefits: A Participant shall be eligible to receive in cash the Retention Benefit set
forth next to his or her name on Exhibit B hereto if he or she remains actively employed full-time with the Company during the eighteen
(18) month period immediately following the Effective Date (the “Retention Period”). If such condition is satisfied,
he or she will be paid the Retention Benefit on the next regular payroll date of the Company following the expiration of the Retention
Period. Notwithstanding the foregoing, the Retention Period shall expire on the earlier of (i) immediately prior to a Change in Control
of the Company, if (a) such date is earlier than the eighteen (18) month anniversary of the Effective Date and he or she remains actively
employed full-time with the Company through such Change in Control and (b) in connection with the Change in Control, the Company fails
to obtain an agreement, reasonably satisfactory to the Board, from any successor or assign of the Company, to assume and agree to adopt
this Amended Plan, and (ii) the three (3) month anniversary of a Change in Control of the Company if such anniversary is earlier than
the eighteen (18) month anniversary of the Effective Date and the Participant remains actively employed full-time with the Company during
such three (3) month period, and the Participant will be paid the Retention Benefit on the date of the Change in Control or such three
(3) month anniversary, whichever is applicable. The Retention Period shall also expire in the event the Participant is terminated without
Cause, in which event the Retention Benefit will be paid on the first regularly scheduled payroll date following termination. For purposes
of this Section 4.2(i), Change in Control shall not include any of the transactions contemplated by, including the acquisition of the
Company pursuant to, the Merger Agreement.

 

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		(ii)	Severance Amounts: If the Company terminates a Participant's employment without Cause or the Participant
terminates his employment following an Adverse Compensation Action, in either case within twelve (12) months following a Change in Control,
subject to his or her compliance with this clause (ii), the Participant will be eligible to receive a Severance Amount equal to (x) four (4) months
of the Participant’s Base Salary, (y) the Participant’s Target Annual Bonus for the year in which the termination date occurs,
prorated to reflect the period elapsed from the beginning of such year through the date of termination (together, the “Cash
Severance Amount”), and (z) continued participation in the Company’s health plan in which the Participant was participating
on the date of termination for four (4) months at the active employee contribution rate then in effect. As a condition to the payment
of the Severance Amounts the Participant will be required to execute within thirty (30) days following the date of his or her termination
a waiver and release of claims agreement in favor of the Company and related parties and in the form provided by the Company (the “Release”).
As specified in the applicable Release, the Participant will have a certain number of calendar days to consider whether to execute such
Release, and the right to revoke such Release within a certain number of days after execution. Except as set forth herein, the Participant
must execute the Release and not revoke the Release in order to be entitled to benefits under this clause (ii). The Cash Severance Amount
shall be paid in accordance with the Company's customary payroll practices in a lump sum in cash, subject to applicable tax withholding,
during the first payroll period following the date on which the Release becomes irrevocable and effective. In the event of any termination
of employment, the Participant will be entitled to his or her accrued and unpaid base salary, accrued and unused vacation benefits, and
vested benefits under any employee benefit plan of the Company without having to execute a Release.

  

5.              Withholding
of Compensation. The Company will withhold from any payments under the Amended Plan any amount required to satisfy the income and
employment tax withholding obligations arising under applicable federal and state laws in respect of the Retention Benefits and Severance
Amounts. Each Participant is encouraged to contact his or her personal legal or tax advisors with respect to the benefits provided by
the Amended Plan. Neither the Company nor any of its employees, directors, officers or agents are authorized to provide any tax advice
to Participants with respect to the benefits provided under the Amended Plan.

 

6.              No Guarantee of Employment. The Amended Plan is intended to provide a financial incentive to Participants and is not intended
to confer any rights to continued employment upon Participants, whose employment will remain at-will and subject to termination by either
the Company or Participant at any time, with or without cause or notice, subject to the terms of an applicable employment agreement, if
any.

 

7.              Status as Creditor. A Participant's sole right under the Amended Plan will be as a general unsecured creditor of the Company
and the acquiring or surviving corporation.

 

8.              No
Assignment or Transfer by Participant. None of the rights, benefits, obligations or duties under the Amended Plan may be assigned
or transferred by any Participant except by will or under the laws of descent and distribution. Any purported assignment or transfer
by any such Participant will be void.

 

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9.              Amendment and Termination of the Amended Plan. The Amended Plan may be amended or terminated by the Board, provided that
no amendment will adversely affect the rights of a Participant hereunder without the prior written consent of such Participant. Notwithstanding
the foregoing, any particular Participation Agreement or Amended Participation Agreement may be amended to the detriment of a Participant
solely with the written consent of such Participant. Each Participant shall be a third-party beneficiary of this Amended Plan solely
in respect of his or her Retention Benefit and Severance Amount and may enforce his or her rights to such entitlements.

 

10.            Governing
Law. The rights and obligations of a Participant under the Amended Plan will be governed by and interpreted, construed and enforced
in accordance with the laws of the State of Illinois without regard to its or any other jurisdiction's conflicts of laws principles.

 

11.           Severability.
If any provision of the Amended Plan is held invalid or unenforceable, its invalidity or unenforceability will not affect any other provision
of the Amended Plan, and the Amended Plan will be construed and enforced as if such provision had not been included.

 

12.            Entire Agreement. The Amended Plan and the executed Amended Participation Agreements set forth all of the agreements and
understandings between the Company and Participants with respect to the subject matter hereof, and supersedes and terminates all prior
agreements and understandings between the Company and Participants with respect to the subject matter hereof.

 

13.           Section
280G.

 

13.1         
Except as otherwise set forth in an Amended Participation Agreement, in the event a nationally recognized independent accounting
firm designated by the Company (the "Accounting Firm") shall determine that receipt of all payments or benefits
by the Company and any subsidiary and each of their respective affiliates in the nature of compensation to or for a Participant's benefit,
whether paid or payable pursuant to this Amended Plan or otherwise (a "Payment"), would subject such Participant
to the excise tax under Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code"), the Accounting
Firm shall determine whether to reduce any of the Payments paid or payable pursuant to this Amended Plan to the greatest amount that can
be paid that would not result in the imposition of the excise tax under Section 4999 of the Code (the "Reduced Amount").
To the extent applicable, and except as otherwise provided in an Amended Participation Agreement, (a) the Payments shall be reduced to
the Reduced Amount only if the Accounting Firm determines that a Participant would have a greater Net After-Tax Receipt (as defined in
paragraph 13.2) of aggregate Payments if the Participant's Agreement Payments were so reduced, and (b) if the Accounting Firm determines
that a Participant would not have a greater Net After-Tax Receipt of aggregate Payments if the Participant's Payments were so reduced,
then the Participant shall receive all Payments to which the Participant is entitled.

 

13.2         For
purposes of paragraph 13.1, "Net After-Tax Receipt" shall mean the present value (as determined in accordance
with Sections 280G(b)(2)(A)(ii) and 280G(d)(4) of the Code) of a Payment net of all taxes imposed on a Participant with respect
thereto under Sections 1 and 4999 of the Code and under applicable state and local laws, determined by applying the highest marginal
rate under Section 1 of the Code and under state and local laws which applied to the Participant's taxable income for the immediately
preceding taxable year, or such other rate(s) as the Accounting Firm determined to be likely to apply to the Participant in the relevant
taxable year(s).

 

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14.           Section
409A.

 

14.1         
This Amended Plan shall be interpreted to avoid any penalty sanctions under Section 409A of the Code ("Section 409A").
If any payment or benefit cannot be provided or made at the time specified herein without incurring sanctions under Section 409A,
then such benefit or payment shall be provided in full at the earliest time thereafter when such sanctions will not be imposed. For purposes
of Section 409A, (A) upon a termination of employment, a Participant shall have no ongoing obligations to the Company or its
subsidiaries that would prevent the Participant from having a "separation from service" upon such termination within the meaning
of such term under Section 409A; and (B) the right to a series of installment payments under this Plan is to be treated as a
right to a series of separate payments. In no event shall a Participant, directly or indirectly, designate the calendar year of payment.

 

14.2         
Notwithstanding any provision in this Amended Plan to the contrary, if, at the time of a Participant's separation from service
with the Company, the Company has securities which are publicly traded on an established securities market, the Participant is a "specified
employee" (as defined in Section 409A) and it is necessary to postpone the commencement of any severance payments and benefits
otherwise payable pursuant to this Amended Plan as a result of such separation from service to prevent any accelerated or additional tax
under Section 409A, then the Company will postpone the commencement of the payment or provision of any such payments or benefits
hereunder (without any reduction in such payments or benefits ultimately paid or provided to the Participant) that are not otherwise exempt
from Section 409A until the first payroll date that occurs after the date that is six (6) months following Participant's separation
from service with the Company. If the Participant dies during the postponement period prior to the payment of any postponed amount, such
amount shall be paid to the personal representative of the Participant's estate within sixty (60) days after the date of the Participant's
death.

 

15.            Execution. To record the adoption of the Amended Plan as set forth herein, effective as of June 17, 2022, Watermark Lodging
Trust, Inc. has caused its duly authorized officer to execute the same this 17th day of June, 2022.

 

Approved by the Board on May
5, 2022.

  

	 	WATERMARK LODGING TRUST, INC.
	 	  
	 	/s/ Michael G. Medzigian
	 	By:  Michael G. Medzigian
	 	Title:  Chairman & CEO

 

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EXHIBIT A

 

Original Participants

  

1. Paul J. Huff

 

2. Brendan Medzigian

 

3. Samuel Zinsmaster

 

    

     

    

  

EXHIBIT B

 

Additional Participants

 

[***]Exhibit 10.2

 

Execution

 

Certain
confidential information contained in this document, marked by [***], has been omitted pursuant to Item 601(b)(10)(iv) of
Regulation S-K because it is both (i) not material and (ii) is the type that the registrant customarily and actually treats
as private or confidential.

 

AMENDED
AND RESTATED EMPLOYMENT AGREEMENT

 

AMENDED AND RESTATED EMPLOYMENT
AGREEMENT (the “Amended and Restated Agreement”) by and among Watermark Lodging Trust, Inc., a Maryland real estate
investment trust f/k/a Carey Watermark Investors 2 Incorporated (the “Employer”), and Michael G. Medzigian (the
 “Executive”), executed on June 21, 2022 (the “Effective Date”).

 

WHEREAS, the Employer and
the Executive desire to amend and restate that certain Employment Agreement between the Employer and the Executive, dated October 22,
2019 (the “Prior Employment Agreement”); and

 

WHEREAS, the Employer is desirous
of employing the Executive on the terms and conditions, and for the consideration, hereinafter set forth, and the Executive is desirous
of being employed by the Employer on such terms and conditions and for such consideration, in each case commencing on the Effective Date;
and

 

WHEREAS, this Amended and
Restated Agreement supersedes in its entirety the Prior Employment Agreement.

 

NOW, THEREFORE, IT IS
HEREBY AGREED AS FOLLOWS:

 

1.              Term.
The Employer hereby agrees to employ the Executive, and the Executive hereby agrees to serve the Employer, subject to the terms and conditions
of this Amended and Restated Agreement, for the period commencing on the Effective Date and ending on April 13, 2024 (the “Initial
Term”), unless previously terminated in accordance with the provisions of Section 3 hereof; provided, however,
that the term of the Executive’s employment hereunder shall continue for one (1) year renewal periods thereafter (each,
an “Additional Term”), unless, at least six (6) months prior to the scheduled expiration date of the Initial Term
or any Additional Term, either the Executive notifies the Employer, or the Employer notifies the Executive, in writing of its decision
not to continue the term of the Executive’s employment hereunder (a “Non-Renewal Notice”). The Initial Term along
with any Additional Term shall be referred to herein as the “Employment Period.”

 

2.              Terms
of Employment.

 

(a)              Position
and Duties.

 

(i)              The
Executive shall serve as Chief Executive Officer of the Employer and shall perform customary and appropriate duties as may be reasonably
assigned to the Executive from time to time by the Board of Directors of the Employer (the “Board”). The Executive
shall have such responsibilities, power and authority as those normally associated with the position of Chief Executive Officer of public
companies of a similar stature to the Employer. The Executive shall report solely and directly to the Board. The Executive shall serve
on the Board on the Effective Date, and shall be nominated for reelection to the Board at each subsequent meeting of the Employer’s
shareholders occurring during the Employment Period at which the Executive’s Board seat is up for election. The Executive shall
serve as Chairman of the Board until he is replaced as Chairman by the affirmative vote of a majority of the Board (without the Executive
voting). The Executive’s service on the Board shall be without compensation other than that herein provided. Unless otherwise requested
by a majority of the Board (other than the Executive), upon the cessation of the Executive’s employment with the Employer for any
reason, the Executive shall resign from the Board.

 

     

     

    

 

(ii)              During
the Employment Period, and excluding any periods of vacation and sick leave to which the Executive is entitled, the Executive agrees to
devote his exclusive and full professional time and attention to the business and affairs of the Employer and, to the extent necessary
to discharge the responsibilities assigned to the Executive hereunder, to use the Executive’s reasonable best efforts to perform
faithfully and efficiently such responsibilities at reasonably appropriate locations. Notwithstanding the foregoing, during the Employment
Period, it shall not be a violation of this Amended and Restated Agreement for the Executive (A) to serve on civic, industry or charitable
boards or committees, or to deliver lectures, fulfill speaking engagements or teach at educational institutions and manage personal investments,
(B) to serve on up to one (1) non-conflicting outside boards, so long as such activities do not interfere with the performance
of the Executive’s responsibilities in accordance with this Amended and Restated Agreement or violate Section 7 of this Amended
and Restated Agreement, (C) to perform his obligations under the Commitment Agreement dated as of October 1, 2019, among Watermark
Capital Partners, LLC (“Watermark Capital”), Carey Watermark Investors Incorporated, the Employer and the Executive,
and (D) perform as asset manager under the Asset Manager Agreement, dated December 1, 2009, as amended, between Hotel Operator
(MN) TRS 16-87 Inc. and Watermark Capital and the Asset Management Agreement, dated October 3, 2017, between Shelbourne Operating
Associates LLC and Watermark.

 

(b)           Compensation.

 

(i)              Base
Salary. During the Employment Period, the Executive shall receive from the Employer an annual base salary (“Annual Base Salary”)
of $775,000. The Annual Base Salary shall be reviewed at least annually for increase (but not decrease) by the Compensation Committee
of the Board (the “Committee”) pursuant to its normal performance review policies for senior executives. The Committee
may, but shall not be required to, increase the Annual Base Salary at any time for any reason and the term “Annual Base Salary”
as utilized in this Amended and Restated Agreement shall refer to the Annual Base Salary as increased from time to time. The Annual Base
Salary shall be paid at such intervals as the Employer pays executives’ salaries generally.

 

(ii)              Annual
Bonus. The Executive shall be paid an annual cash performance bonus (an “Annual Bonus”) in respect of each calendar
year or portion thereof that ends during the Employment Term, to the extent earned based on achievement of corporate and individual performance.
The performance goals for any particular calendar year shall be determined by the Committee in consultation with the Executive no later
than ninety (90) days after the commencement of such calendar year. The Executive’s “target” Annual Bonus for a calendar
year shall equal 150% of his Annual Base Salary (the “Target Bonus”) if target levels of performance for that year
are achieved, with greater or lesser amounts (including zero) paid for performance above and below target. The Executive’s Annual
Bonus for a calendar year shall be determined by the Committee after the end of the calendar year and shall be paid to the Executive when
annual bonuses for that year are paid to other senior executives of the Employer generally, but in no event later than March 15 of
the following calendar year. The Annual Bonus for the first and last years of the Employment Period shall be pro rata.

 

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(iii)            Long-Term
Awards. On April 13, 2020 (the “Initial Effective Date”), the Employer granted to the Executive unvested
restricted stock units ("RSUs") of its common stock with a value based on the most recent NAV equal to $6 million (the
 “Initial Equity Grant”), pursuant to such terms as are set forth in an equity grant agreement attached hereto as Exhibit A.
The Initial Equity Grant is eligible to vest 25% per year on each anniversary of the date of grant. On each anniversary of the date of
grant, 75% of the 25% shall vest with regard to time only (“Time-Vesting RSUs”), and 25% of the 25% shall vest with
regard to time only unless the Board determines in its sole discretion based on the Employer’s and/or Executive’s performance
that such portion (or a portion thereof) of the award should not vest (and such portion which does not vest shall be forfeited for no
consideration) (“Discretionary RSUs”). The Executive shall be paid dividend equivalents with respect to unvested Time-Vesting
RSUs and unvested Discretionary RSUs upon vesting in connection with any dividends paid with respect to shares of the Employer’s
common stock during the vesting period. The Executive became eligible for and received other equity awards after the date of grant of
the Initial Equity Grant.

 

(iv)            Benefits.
During the Employment Period, the Executive shall be entitled to participate in all executive and employee benefit plans and programs
of the Employer, including, but not limited to term life insurance, long-term disability insurance, health, life and disability insurance,
and 401(k), on the same basis as provided generally to other senior executives of the Employer. Employer reserves the right to amend or
cancel any such plan or program in its sole discretion, subject to the terms of such plan or program and applicable law.

 

(v)            Vacation.
During the Employment Period, the Executive shall be entitled to receive annual paid vacation in accordance with the Employer’s
policies, but not less than five weeks per year. No more than five unused vacation days (including days carried over from the prior year)
may accrue and carry over from one year to the next.

 

(vi)            Indemnification;
Insurance. The indemnification agreement dated as of February 9, 2015 by and between the Employer and the Executive is in full
force and effect. The indemnification agreement dated as of February 9, 2015 by and between the Employer and CWA2, LLC is in full
force and effect. In addition, the Employer agrees to continue and maintain, at the Employer’s expense, a directors’ and officers’
liability insurance policy covering Executive both during and, while potential liability exists, after the Employment Period throughout
all applicable limitations periods that is no less favorable to the Executive than the policy covering active employees, directors and
senior officers of the Employer.

 

(vii)           Expenses.
During the Employment Period, the Executive shall be entitled to receive from the Employer prompt reimbursement for all reasonable business
expenses incurred by the Executive consistent with his roles and responsibilities and in accordance with the Employer’s policies.

 

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3.              Termination
of Employment.

 

(a)            Death
or Disability. The Executive’s employment and the Employment Period shall terminate automatically upon the Executive’s
death during the Employment Period. If the Employer determines in good faith that the Disability (as defined below) of the Executive has
occurred during the Employment Period, it may provide the Executive with written notice in accordance with Section 10(b) of
this Amended and Restated Agreement of its intention to terminate the Executive’s employment. In such event, the Executive’s
employment with the Employer and the Employment Period shall terminate effective on the thirtieth (30th) day after receipt of such notice
by the Executive (the “Disability Effective Date”). For purposes of this Amended and Restated Agreement, “Disability”
shall mean the inability of the Executive to perform the Executive’s duties with the Employer on a full-time basis for three (3) consecutive
months or one hundred twenty (120) days within any twelve (12) month period as a result of a physical, mental or psychological incapacity
or impairment.

 

(b)           Cause.
The Employer may terminate the Executive’s employment and the Employment Period either with or without Cause. For purposes of this
Amended and Restated Agreement, “Cause” shall mean:

 

(i)              The
Executive’s willful failure to perform the Executive’s duties with the Employer after receipt of a Notice (as defined below)
requesting such performance has been given in accordance with the procedures and time periods described below;

 

(ii)             Willful
misconduct by the Executive in connection with his performance of services for the Employer;

 

(iii)             A
material breach by the Executive of this Amended and Restated Agreement;

 

(iv)            Substance
abuse by the Executive that continues after receiving Notice given in accordance with the procedures and time periods described below;

 

(v)            Disqualification
of the Executive by a governmental agency from serving as an officer or director of the Employer or any of its affiliates; or

 

(vi)           The
Executive’s conviction of, or entry of a plea of guilty or nolo contendere with respect to, a felony crime or a crime or misdemeanor
involving fraud, embezzlement, or moral turpitude;

 

provided,
however, that no act, or failure to act, on the part of the Executive shall be considered “willful” unless it
is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission
was in the best interests of the Employer; provided, further, that the actions in (iii) above will not be considered
Cause unless the Executive has failed to cure such actions (if curable) within thirty (30) days of receiving written notice specifying
with particularity the events giving rise to Cause and such actions will not be considered Cause unless the Employer provides such written
notice within ninety (90) days of the full Board (excluding the Executive, if applicable at the time of such notice) having knowledge
of the relevant action (a “Notice”). The Executive will not be deemed to be discharged for Cause unless and until there
is delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than two thirds (2/3) of the entire
membership of the Board (excluding the Executive, if he is then a member of the Board), at a meeting called and duly held for such purpose
(after reasonable notice to the Executive and an opportunity for the Executive and the Executive’s counsel to be heard before the
Board), finding that the Executive is guilty of the conduct set forth above and specifying the particulars thereof in detail and authorizing
the issuance of a Notice of Termination as defined below.

 

    - 4 -

     

    

 

(c)             Good
Reason. The Executive’s employment and the Employment Period may be terminated by the Executive for Good Reason. “Good
Reason” means the occurrence of any one of the following events without the prior written consent of the Executive:

 

(i)              The
removal of the Executive from the position of Chief Executive Officer of the Employer;

 

(ii)             A
material diminution of, or material reduction or material adverse alteration in, the Executive’s duties or responsibilities (which
for the avoidance of doubt does not include replacing the Executive as Chairman pursuant to Section 2(a)(i)), or the Board’s
assignment to the Executive of duties, responsibilities or reporting requirements that are materially inconsistent with his positions
(which for the avoidance of doubt is not deemed to occur solely due to the Employer’s ceasing to be a publicly traded company upon
the Closing (as defined below));

 

(iii)            The
failure to nominate the Executive for election to the Board at any meeting of shareholders during the Employment Period at which the Executive’s
Board seat is up for election;

 

(iv)            A
material reduction of the Executive’s Annual Base Salary or Target Bonus;

 

(v)            [Intentionally
omitted];

 

(vi)           The
Employer changes the Employer’s headquarters to a location more than 30 miles from its headquarters location on the Effective Date
or requires Executive to relocate outside of Chicago, Illinois without his consent; or

 

(vii)          The
Employer materially breaches this Amended and Restated Agreement;

 

provided,
however, that the actions in (i) through (vii) above will not be considered Good Reason unless the Executive shall
describe the basis for the occurrence of the Good Reason event in reasonable detail in a Notice of Termination (as defined below) provided
to the Employer in writing within ninety (90) days of the Executive’s knowledge of the actions giving rise to the Good Reason, the
Employer has failed to cure such actions within thirty (30) days of receiving such Notice of Termination (and if the Employer does effect
a cure within that period, such Notice of Termination shall be ineffective) and the Executive terminates employment for Good Reason not
later than ninety (90) days following the last day of the applicable cure period.

 

    - 5 -

     

    

 

(d)             Retirement.
The Executive’s employment shall terminate if he retires from the Employer at or after his 65th birthday.

 

(e)             Expiration
of the Employment Period. The Executive’s employment shall terminate upon the expiration of the Employment Period pursuant to
Section 1.

 

(f)             Termination
During Window Period. The Executive’s employment and the Employment Period may be terminated by the Executive without Good Reason
within the thirty (30) days immediately following the ninety (90) day anniversary of the Closing Date pursuant to the Merger Agreement
(such thirty (30) day period (the “Window Period”). The terms “Change in Control,” “Closing
Date,” and “Merger Agreement” shall each have the definition set forth in the Watermark Lodging Trust, Inc.
Amended and Restated Employee Retention and Severance Plan, dated June 17, 2022.

 

(g)             Notice
of Termination. Any termination of employment by the Employer or the Executive during the Employment Period shall be communicated
by a Notice of Termination (as defined below) to the other party hereto given in accordance with Section 10(b) of this Amended
and Restated Agreement. For purposes of this Amended and Restated Agreement, a “Notice of Termination” shall mean a written
notice that (i) indicates the termination provision in this Amended and Restated Agreement relied upon and (ii) specifies the
Date of Termination (as defined below) if other than the date of receipt of such notice. The failure by the Employer or the Executive
to set forth in the Notice of Termination any fact or circumstance that contributes to a showing of Cause or Good Reason shall not waive
any right of the Employer or the Executive, respectively, hereunder or preclude the Employer or the Executive, respectively, from asserting
such fact or circumstance in enforcing the Employer’s or the Executive’s rights hereunder within the applicable time period
set forth in this Amended and Restated Agreement.

 

(h)             Date
of Termination. “Date of Termination” shall mean (i) if the Executive’s employment is terminated by the Employer
for Cause or other than for Cause, the date of receipt of the Notice of Termination or any later date specified therein (which date shall
not be more than thirty (30) days after the giving of such notice), (ii) if the Executive’s employment is terminated by reason
of death or by the Employer for Disability, the date of death of the Executive or the Disability Effective Date, as the case may be, (iii) if
the Executive resigns with or without Good Reason (including pursuant to Section 3(f)), thirty (30) days from the date of the Employer’s
receipt of the Notice of Termination, subject to the Employer’s right to cure in the case of a resignation for Good Reason, and
for the avoidance of doubt, in the case of a termination pursuant to Section 3(f), the Executive shall be entitled to provide the
Notice of Termination in advance of the start of the Window Period so that the applicable termination of employment can occur during the
Window Period), and (iv) if the Executive’s employment is terminated at the expiration of the Employment Period pursuant to
Section 1, the last day of the Employment Period.

 

    - 6 -

     

    

 

4.              Obligations
of the Employer upon Termination.

 

(a)            By
the Employer Other Than for Cause, Death or Disability; By the Executive for Good Reason or Pursuant to Section 3(f); or Upon Expiration
of the Term Following Employer Non-Renewal. Subject to Section 5, if, (i) during the Employment Period, (x) the Employer
shall terminate the Executive’s employment other than for Cause, death or Disability, or (y) the Executive shall terminate
employment for Good Reason or without Good Reason pursuant to Section 3(f), or (ii) the Term expires following the Employer’s
issuance of a Notice of Non-Renewal under Section 1, the Employer shall pay to the Executive the following amounts:

 

(i)            a
lump sum cash payment within thirty (30) days after the Date of Termination equal to the aggregate of the following amounts: (1) the
Executive’s accrued and unpaid Annual Base Salary and accrued vacation pay through the Date of Termination, (2) the Executive’s
accrued Annual Bonus for the fiscal year immediately preceding the fiscal year in which the Date of Termination occurs if such bonus has
not been paid as of the Date of Termination, and (3) the Executive’s business expenses that have not been reimbursed by the
Employer as of the Date of Termination that were incurred by the Executive prior to the Date of Termination in accordance with the applicable
Employer policy (the sum of the amounts described in clauses (1) through (3) shall be hereinafter referred to as the “Accrued
Obligations”); and

 

(ii)            subject
to the Executive’s compliance with Section 7 hereof and the Executive’s delivery (and non-revocation) of an executed
release of claims in favor of the Employer in substantially the form attached hereto as Exhibit B (the “Release”),
which Release must be delivered to the Employer not later than twenty-two (22) days after the Date of Termination, the Employer shall
pay or provide to the Executive the following:

 

(A)              an
amount equal to two (2) times the sum of (X) the Executive’s Annual Base Salary as of the Date of Termination and (Y) the
greater of (x) the Executive’s average Annual Bonus for the two fiscal years preceding the fiscal year in which the Date of
Termination occurs (or the Annual Bonus for the preceding fiscal year if the Date of Termination occurs prior to the second anniversary
of the Effective Date) (the “Average Annual Bonus”), or (y) the Executive’s Target Bonus for the fiscal
year in the which the Date of Termination occurs, paid in accordance with the Employer’s regular payroll schedule for twenty four
(24) months following the Date of Termination, with the first payment commencing in a single lump sum on the first payroll date occurring
on or after the thirtieth (30th) day after the Date of Termination; and

 

(B)              One
half of the RSUs, common stock or partnership interests subject to unvested LTIP Awards that vest solely on the basis of time without
regard to Board discretion shall fully vest immediately (the “LTIP Vesting”); and

 

(C)              For
eighteen (18) months following such termination, the Employer shall provide the Executive and Executive’s spouse and eligible dependents
with medical and dental insurance coverage no less favorable than those provided to active employees of the Employer (the “Health
Care Benefit”); provided, however, that the Executive shall pay the cost of such coverage in an amount
equal to the amount paid by active employees of the Employer for similar coverage; provided, further, however, that
if the Executive becomes re-employed with another employer and is entitled to receive health care benefits under another employer-provided
plan, the Health Care Benefits shall cease. The benefits provided pursuant to this Section 4(a)(ii) will run concurrent with
coverage required to be provided under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”).
The Executive shall be solely responsible for any taxes incurred in respect of such coverage; provided, further, that
the Employer may modify the continuation coverage contemplated by this Section 4(a)(ii) to the extent reasonably necessary to
avoid the imposition of any excise taxes on the Employer for failure to comply with the nondiscrimination requirements of the Patient
Protection and Affordable Care Act of 2010, as amended, and/or the Health Care and Education Reconciliation Act of 2010, as amended (to
the extent applicable); and

 

    - 7 -

     

    

 

(iii)          Provided
that the Executive is no longer a member of the Board, any transfer restrictions and lock-ups on the Executive’s securities of the
Employer or its affiliates shall expire immediately upon the Date of Termination without Cause or for Good Reason; and

 

(iv)          To
the extent not theretofore provided, the Employer shall timely provide to the Executive any other employee benefits required to be provided
under any employee benefit plan of the Employer (such other benefits shall be hereinafter referred to as the “Other Benefits”).

 

(v)           If
the termination described under this Section 4(a) occurs at or within twenty-four (24) months following a Change in Control
(including, for the avoidance of doubt, a termination pursuant to Section 3(f)), (A) the multiplier under Section 4(a)(ii)(A) shall
be 3, (B) the Annual Bonus component of severance shall be the greatest of (x) the highest Annual Bonus during the two fiscal
years prior to the occurrence of such Change in Control, (y) the Average Annual Bonus, or (z) the Target Annual Bonus and severance
shall be paid in a single lump sum within thirty (30) days after the Date of Termination and (C) all unvested LTIP Awards shall fully
vest, with performance vesting LTIP awards vesting at target performance.

 

Notwithstanding the foregoing
provisions of Section 4(a), in the event that the Executive is a “specified employee” (within the meaning of Section 409A
of the Internal Revenue Code of 1986, as amended (the “Code”) and with such classification to be determined in accordance
with the methodology established by the Employer) (a “Specified Employee”), amounts and benefits (other than the Accrued
Obligations) that are deferred compensation (within the meaning of Section 409A of the Code) that would otherwise be payable or provided
under Section 4(a) during the six (6) month period immediately following the Date of Termination shall instead be paid
on the first business day after the date that is six (6) months following the Date of Termination (the “409A Payment Date”).

 

(b)             Death.
If the Executive’s employment is terminated by reason of the Executive’s death during the Employment Period, this Amended
and Restated Agreement shall terminate on the date of death without further obligations to the Executive’s legal representatives
under this Amended and Restated Agreement, other than (i) payment of Accrued Obligations; (ii) a pro rata Annual Bonus for the
fiscal year in which the Date of Termination occurs based on the number of days elapsed during the fiscal year through the Date of Termination
and the Employer’s performance for the fiscal year in which the Date of Termination occurs (“Pro Rata Bonus”),
payable at the same time as annual bonuses are paid to officers generally; (iii) the LTIP Vesting; and (iv) the Other Benefits.
Any transfer restrictions and lock-ups on the Executive’s securities of the Employer or its affiliates shall expire immediately
upon the Date of Termination by reason of death or non-renewal by the Employer. The Accrued Obligations shall be paid to the Executive’s
estate or beneficiary, as applicable, in a lump sum in cash within thirty (30) days of the Date of Termination. The term “Other
Benefits” as utilized in this Section 4(b) shall include death benefits to which the Executive is entitled as in effect
on the date of the Executive’s death.

 

    - 8 -

     

    

 

(c)             Disability.
If the Executive’s employment is terminated by reason of the Executive’s Disability during the Employment Period, this Amended
and Restated Agreement shall terminate without further obligations to Executive other than that the Employer shall provide the Executive
with (i) the Accrued Obligations, (ii) the Pro Rata Bonus, payable in a lump sum at the same time as annual bonuses are paid
to officers generally, (iii) the LTIP Vesting, and (iv) the Other Benefits. Provided the Executive is no longer a member of
the Board, any transfer restrictions and lock-ups on the Executive’s securities of the Employer or its affiliates shall expire immediately
upon the Date of Termination by reason of Disability. The Accrued Obligations shall be paid to the Executive in a lump sum in cash within
thirty (30) days of the Date of Termination. The term “Other Benefits” as utilized in this Section 4(c) shall
include disability benefits to which the Executive is entitled as in effect on the Disability Effective Date.

 

(d)             Retirement.
If the Executive’s employment shall be terminated due to Retirement, this Amended and Restated Agreement shall terminate without
further obligations to the Executive other than the obligation to provide the Executive with (i) the Accrued Obligation, (ii) the
Pro Rata Bonus, payable in a lump sum at the same time as annual bonuses are paid to officers generally; and (iii) the Other Benefits.
Provided the Executive is no longer a member of the Board, any transfer restrictions and lock-ups on the Executive’s securities
of the Employer or its affiliates shall expire immediately upon the Date of Termination by reason of Retirement.

 

(e)             Cause;
By the Executive other than for Good Reason. If the Executive’s employment shall be terminated for Cause or the Executive’s
employment shall be terminated by the Executive other than for Good Reason (and other than pursuant to Section 3(f)) during the Employment
Period, this Amended and Restated Agreement shall terminate without further obligations to the Executive other than the obligation to
provide the Executive with (i) the Accrued Obligations and (ii) the Other Benefits; provided, however, that
if the Executive’s employment shall be terminated for Cause, the term “Accrued Obligations” shall not be deemed
to include the Executive’s Annual Bonus for the fiscal year immediately preceding the fiscal year in which the Date of Termination
occurs. The Accrued Obligations shall be paid to the Executive in a lump sum in cash within thirty (30) days of the Date of Termination.

 

5.              No
Mitigation; Mutual Cooperation.

 

(a)             The
Executive shall not be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the
Executive under any of the provisions of this Amended and Restated Agreement.

 

    - 9 -

     

    

 

(b)           The
Executive agrees that in the event his employment terminates for any reason, he shall, to the extent reasonably requested in writing thereafter
(and subject to the Executive’s professional schedule), cooperate with and serve in a capacity reasonably requested by the Employer
in any investigation and/or threatened or pending litigation (now or in the future) in which the Employer is a party, and regarding which
the Executive, by virtue of his employment with the Employer, has knowledge or information relevant to said investigation or litigation,
including but not limited to (i) meeting with representatives of the Employer to prepare for testimony and to provide truthful information
regarding his knowledge and (ii) providing, in any jurisdiction in which the Employer reasonably requests, truthful information or
testimony relevant to the investigation or litigation. The Employer agrees to pay the Executive reasonable compensation at a per diem
rate equal to the daily equivalent of the Executive’s Base Salary and reimburse the Executive for reasonable expenses incurred in
connection with such cooperation.

 

(c)            The
Employer agrees that notwithstanding any termination of this Amended and Restated Agreement, it (i) will continue to provide the
Executive with tax reporting forms to enable the Executive to timely file applicable tax returns relating to his employment, and (ii) for
a period of six years after the termination of Executive's employment hereunder, the Employer will provide the Executive with reasonable
access to files and other information that is needed by the Executive in connection with an action, claim, investigation, audit, or similar
proceeding conducted by a governmental authority or involving third party litigation against the Executive relating to the Executive’s
business activities on behalf of the Employer and its affiliates prior to the Initial Effective Date (a "Pre-Effective Date Action");
provided, however, that the Employer shall have no obligation to provide Executive with such access or information pursuant to clause
(ii) with regard to any matter as to which the Employer reasonably determines that its interests are adverse to those of Executive
and; provided further, however, that the Employer shall have no obligation to provide Executive with such access or information pursuant
to clause (ii) if the Employer determines, in its reasonable judgment that doing so would violate applicable law or a contract or
obligation of confidentiality owing to a third party or jeopardize the protection of the attorney client privilege. Executive agrees that,
as a condition to receiving such access or information, Executive will, if requested by Employer, enter into a customary confidentiality
agreement with Employer with respect to any information provided by Executive pursuant to clause (ii) and will only use such information
to defend Executive in the Pre-Effective Date Action and not for any other purpose unrelated to the defense of Executive in the Pre-Effective
Date Action.

 

6.             Mediation
and Arbitration. Except only as otherwise provided in Section 7(h), each and every dispute, controversy and contested factual
and legal determination arising under or in connection with this Amended and Restated Agreement or the Executive’s employment shall
be committed to and be resolved exclusively through the arbitration process, in an arbitration proceeding, conducted by a single arbitrator
sitting in Chicago, Illinois, in accordance with the Employment Rules of the American Arbitration Association (the “AAA”)
then in effect. Each party shall bear the costs of its own counsel, experts and other representatives. Judgment may be entered on the
arbitrator’s award in any court having jurisdiction, including, if applicable, entry of a permanent injunction under such Section 7(h) of
this Amended and Restated Agreement. Nothing contained in this Section 6 shall constrain any party’s right to petition a court
of competent jurisdiction for injunctive or interlocutory relief pending the outcome of arbitration of any dispute or controversy arising
under this Amended and Restated Agreement.

 

    - 10 -

     

    

 

7.              Restrictive
Covenants.

 

(a)            Confidential
Information. During the Employment Period and thereafter, the Executive shall not use for the Executive’s own purposes or for
the benefit of any person other than the Employer, and shall keep secret and retain in the strictest confidence, any secret or confidential
information, knowledge or data relating to the Employer or any affiliated Employer, and their respective businesses, including without
limitation, any data, information, ideas, knowledge and papers pertaining to the customers, prospective customers, prospective products
or business methods of the Employer, including without limitation the business methods, plans and procedures of the Employer, that shall
have been obtained by the Executive during the Executive’s employment by the Employer or any of its affiliated companies. After
termination of the Executive’s employment, the Executive shall not use, communicate or divulge any such information, knowledge or
data. In addition, anything herein to the contrary notwithstanding, the provisions of this Section 7 shall not apply to information
(i) which becomes publicly known other than by an unauthorized act of the Executive or other individual, entity or other person,
(ii) required to be disclosed by law or by any court, arbitrator, mediator or administrative or legislative body (including any committee
thereof) with jurisdiction to order the Executive to disclose or make accessible any such information, or (iii) disclosed to counsel
or a tribunal in the context of any litigation, arbitration or mediation involving this Amended and Restated Agreement, including, but
not limited to, the enforcement of this Amended and Restated Agreement. Notwithstanding the foregoing, it shall not be a violation of
this Section 7(a) or any other provision of this Amended and Restated Agreement for the Executive to disclose the Employer's
track record prior to the Closing Date in connection with his future business endeavors.

 

(b)            Non-Competition.
The Executive agrees that as an essential inducement for and in consideration of this Amended and Restated Agreement and the Employer’s
agreement to make the payment of the amounts described in Sections 2(b) hereof, for a period of one (1) year after the
Date of Termination (six (6) months following the Date of Termination if the Date of Termination is subsequent to the Closing Date)
(the “Restrictive Period”), he will not directly or indirectly in any manner compete with the business of the Employer
or any of its affiliated companies by directly or indirectly owning, managing, operating, controlling, financing, or by directly or indirectly
serving as an employee, officer or director of or consultant to (i) the companies listed on Exhibit C (a “Peer Group
Member”) or (ii) any other person, firm, partnership, corporation, trust or other entity (including, but not limited to,
Peer Group Members), public or private, which, is in the business of acquiring, holding, managing, leasing, disposing or financing lodging
properties and lodging-related real properties and debt investments related to lodging properties; provided, however, that
the restrictions set forth in this Section 7(b) shall not apply to the ownership of 2% or less of the stock of a publicly-traded
entity.

 

(c)            Investment
Opportunities. In addition, during the Restrictive Period, the Executive shall not act as a principal, investor or broker/intermediary,
or serve as an employee, officer, advisor or consultant, to any person or entity, public or private, in connection with or concerning
any investment opportunity of the Employer or its affiliated companies.

 

(d)            Non-solicitation
of Employees. In addition to the covenants set forth above, and notwithstanding anything to the contrary set forth in this Amended
and Restated Agreement, the Executive hereby agrees, except with the express prior written consent of the Employer (which may be given
or withheld in the Employer’s sole discretion), for a period of one (1) year following the Date of Termination (six (6) months
following the Date of Termination if the Date of Termination is subsequent to the Closing Date), not to directly or indirectly solicit
or induce any employee of the Employer (other than, subsequent to the Closing Date, Brendan Medzigian) to terminate his or her employment
with Employer; provided that the placement of general advertisements that are not specifically targeted toward employees of the Employer
will not be deemed a breach of this Section 7(d).

 

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(e)            Non-Disparagement.
Except as required by law or legal process, the Executive agrees not to make any disparaging or defamatory comments about the Employer
including the Employer’s business, its directors, officers, employees, parents, subsidiaries, partners, affiliates, operating divisions,
representatives or agents, or any of them, whether written, oral or electronic. In particular, the Executive agrees, except as required
by law or legal process, to make no public statements including, but not limited to, press releases, statements to journalists, employees,
prospective employers, interviews, editorials, commentaries or speeches, relating to the Employer’s business. In addition to the
confidentiality requirements set forth in this Amended and Restated Agreement and those imposed by law, the Executive further agrees,
except as required by law or legal process, not to provide any third party, directly or indirectly, with any documents, papers, recordings,
e-mail, internet postings, or other written or recorded communications referring or relating to the Employer’s business, with the
intention of supporting, directly or indirectly, any disparaging or defamatory statement, whether written or oral. Except as required
by law or legal process, the Employer agrees that it shall cause its directors and officers not to make any disparaging, negative or defamatory
comments, whether written or oral or electronic, about the Executive, including the Executive’s character, personality, or business
acumen or reputation. Nothing in this Section 7(e) shall prohibit the Executive or limit the Executive’s right to communicate
with a federal, state or local government agency as provided for, protected under or warranted by applicable law.

 

(f)            Return
of Employer Property/Passwords. The Executive hereby expressly covenants and agrees that following termination of the Executive’s
employment with the Employer for any reason or at any time upon the Employer’s request, the Executive will promptly return to the
Employer all property of the Employer in his possession or control (whether maintained at his office, home or elsewhere), including, without
limitation, all Employer passwords, credit cards, keys, beepers, laptop computers, cell phones and all copies of all management studies,
business or strategic plans, budgets, notebooks and other printed, typed or written materials, documents, diaries, calendars and data
of or relating to the Employer or its personnel or affairs. Anything to the contrary notwithstanding, nothing in this Section 7(f) shall
prevent the Executive from retaining papers and other materials of a personal nature, including personal diaries, copies of calendars
and Rolodexes and information relating to the Executive’s compensation or relating to reimbursement of expenses, and information
that the Executive reasonably believes may be needed for tax, regulatory, or legal purposes. The Employer acknowledges that from and after
the Executive's termination of employment he shall have access to the property set forth on Exhibit D as such exists on the date
hereof and the Executive's use of such property shall not constitute a breach of Section 7(a) hereof; it being understood however,
that any such use is subject in all respects to the restrictions set forth in Sections 7(b) and 7(c) hereof.

 

    - 12 -

     

    

 

(g)            Executive
Covenants Generally.

 

(i)            The
Executive’s covenants as set forth in this Section 7 are from time to time referred to herein as the “Executive Covenants.”
If any of the Executive Covenants is finally held to be invalid, illegal or unenforceable (whether in whole or in part), such Executive
Covenant shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the remaining
Executive Covenants shall not be affected thereby.

 

(ii)           The
Executive understands that the foregoing restrictions may limit his ability to earn a livelihood in a business similar to the business
of the Employer and its controlled affiliates, but the Executive nevertheless believes that he has received and will receive sufficient
consideration and other benefits as an employee of the Employer and as otherwise provided hereunder to clearly justify such restrictions
which, in any event (given his education, skills and ability), the Executive does not believe would prevent him from otherwise earning
a living. The Executive has carefully considered the nature and extent of the restrictions place upon him by this Section 7, and
hereby acknowledges and agrees that the same are reasonable in time and territory and do not confer a benefit upon the Employer disproportionate
to the detriment of the Executive.

 

(h)            Enforcement.
Because the Executive’s services are unique and because the Executive has access to confidential information, the parties hereto
agree that money damages would be an inadequate remedy for any breach of this Section 7. Therefore, in the event of a breach or threatened
breach of this Section 7, the Employer or its respective successors or assigns may, in addition to other rights and remedies existing
in their favor at law or in equity, apply to any court of competent jurisdiction for specific performance and/or injunctive relief in
order to enforce, or prevent any violations of, the provisions hereof (without posting a bond or other security).

 

(i)            Interpretation.
For purposes of this Section 7, references to “the Employer” shall mean the Employer as hereinbefore defined and any
of the controlled affiliated companies of the Employer.

 

8.              Section 280G.

 

(a)            Notwithstanding
any other provision of this Amended and Restated Agreement to the contrary, but subject to Section 8(b) below, if any payments
or benefits Executive would receive from the Employer pursuant to this Amended and Restated Agreement or otherwise (collectively, the
 “Payments”) would, either separately or in the aggregate, (i) constitute “parachute payments” within
the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999
of the Code (such excise tax, the “Excise Tax”), then the Payments will be adjusted to equal the Reduced Amount. The
 “Reduced Amount” will be either (1) the entire amount of the Payments, or (2) an amount equal to the largest
portion of the Payments that would result in no portion of any of the Payments (after reduction) being subject to the Excise Tax, whichever
amount after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed
at the highest applicable marginal rate, net of the maximum reduction in federal income taxes which could be obtained from a deduction
of such state and local taxes), results in the Executive’s receipt, on an after-tax basis, of the greatest amount of the Payments.
If a reduction in the Payments is to be made so that the amount of the Payments equals the Reduced Amount, the Payments will be paid only
to the extent permitted under the Reduced Amount alternative; provided, that in the event the Reduced Amount is paid, the Payments shall
be reduced in a manner that maximizes Executive’s economic position. In applying these principles, any reduction or elimination
of the Payments shall be made in a manner consistent with the requirements of Section 409A of the Code and where two economically
equivalent amounts are subject to reduction but payable at different times, such amounts shall be reduced on a pro rata basis but not
below zero.

 

    - 13 -

     

    

 

(b)            Notwithstanding
the foregoing, in the event there is a Change in Control pursuant to the Merger Agreement and it shall be determined that any Payment
would be subject to the Excise Tax, then the Executive shall be entitled to receive an additional payment (not to exceed $3,000,000 (the “Cap”))
(the "Gross-Up Payment") in an amount such that after payment by the Executive of all taxes (excluding any interest or
penalties imposed with respect to such taxes that do not arise solely due to the Company’s failure to properly report or withhold
with respect to such Payments in accordance with applicable law or to timely pay any Gross-Up in accordance with this Agreement, but including
interest and penalties imposed with respect to such taxes that arise solely due to the Company’s failure to properly and timely
report or withhold with respect to such Payments in accordance with applicable law or to timely pay any Gross-Up in accordance with this
Agreement (the “Covered Interest and Penalties”)), including, without limitation, any income taxes (including
any Covered Interest and Penalties) and Excise Tax imposed upon the Payment and the Gross-Up Payment, the net amount of the Payment and
Gross-Up Payment that is retained by the Executive is equal to the net after-tax amount that the Executive would have retained had the
Payment been made and no Excise Tax or Covered Interest and Penalties applied. Furthermore, the Cap shall not apply to reduce any Gross-Up
Payment in respect of Covered Interest and Penalties.

 

(i)            Subject
to the provisions of Section 8(b)(ii), all determinations required to be made under this Section 8(b), including whether and
when a Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination,
shall be made by Ernst & Young, which shall provide detailed supporting calculations both to the Employer and the Executive within
five (5) business days of the receipt of any notices from the Executive or the Employer that there will be or has been a Payment
or such earlier time as is requested by the Executive or the Employer. All fees and expenses of Ernst & Young shall be borne
solely by the Employer. Any Gross-Up Payment, as determined pursuant to this Section 8(b), shall be paid by the Employer to the Executive
within five (5) days of the receipt of Ernst & Young's determination. Except to the extent alleged otherwise by the Internal
Revenue Service or other taxing authority, any determination by Ernst & Young shall be binding upon the Employer and the Executive.
As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by Ernst &
Young hereunder, it is possible that Gross-Up Payments that will not have been made by the Employer should have been made (the "Underpayment"),
consistent with the calculations required to be made hereunder. In the event the Employer exhausts its remedies pursuant to Section 8(b)(ii) and
the Executive is thereafter required to make a payment of any Excise Tax, Ernst & Young shall determine the amount of the Underpayment
that has occurred and any such Underpayment shall be promptly paid by the Employer to or for the benefit the Executive, such that, after
payment of such Underpayment the Executive will be left in the net after-tax position described in the first paragraph of this Section 8(b).
Further, it is possible that Gross-Up Payments that will have been made by the Employer should not have been made (the "Overpayment"),
consistent with the calculations required to be made hereunder. In the event of an Overpayment, Ernst & Young shall determine
the amount of the Overpayment that has occurred and any such Overpayment shall be promptly paid by the Executive to the Employer, such
that, after payment of such Overpayment the Executive will be left in the net after-tax position described in the first paragraph of this
Section 8(b), but not in a better net after-tax position than if such Overpayment had not been made.

 

    - 14 -

     

    

 

(ii)            The
Executive shall notify the Employer in writing of any claim by the Internal Revenue Service or any other taxing authority that, if successful,
would require the payment by the Employer of the Gross-Up Payment or an additional amount of a Gross-up Payment in order to leave the
Executive in the net after-tax position described in the first paragraph of this Section 8(b), or any notice or determination that
an Overpayment has been made. Such notification shall be given as soon as practicable but no later than thirty (30) days after the Executive
is informed in writing of such claim or notice and shall apprise the Employer of the nature of such claim or notice and the date on which
such claim is requested to be paid or on which such Overpayment is to be refunded to the Executive. The Executive shall not pay such claim
prior to the expiration of the 30-day period following the date on which the Executive gives such notice to the Employer (or such shorter
period ending on the date that any payment of taxes with respect to such claim is due). If the Employer notifies the Executive in writing
prior to the expiration of such period that the Employer desires in good faith to contest such claim, the Executive shall:

 

(A)             give
the Employer any information reasonably requested by the Employer relating to such claim,

 

(B)              take
such action in connection with contesting such claim as the Employer shall reasonably request in writing from time to time, including,
without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Employer,

 

(C)              cooperate
with the Employer in good faith in order effectively to contest such claim, and

 

(D)              permit
the Employer to participate in any proceedings relating to such claim;

 

provided,
however, that the Employer shall bear and pay directly all costs and expenses (including additional Covered Interest and
Penalties) incurred in connection with such contest, and shall indemnify the Executive and hold the Executive harmless, on an after-tax
basis, for any Excise Tax or income tax (including Covered Interest and Penalties with respect thereto) imposed as a result of such claim,
representation and payment of costs and expenses (subject to the Cap). Without limitation on the foregoing provisions of this Section 8(b)(ii),
and except as provided below, the Employer may, at its sole cost, control all proceedings taken in connection with such contest, and,
at its sole option, may pursue or forgo any and all administrative appeals, proceedings, hearings and conferences with the applicable
taxing authority in respect of such claim and may, at its sole option, either direct the Executive to pay the tax claimed and sue for
a refund or contest the claim in any permissible manner, and the Executive agrees to prosecute such contest to a determination before
any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Employer shall determine;
provided, however, that, if the Employer directs the Executive to pay such claim and sue for a refund, the Employer
shall advance the amount of such payment to the Executive, on an interest-free basis, and shall indemnify and hold the Executive harmless,
on an after-tax basis, from any Excise Tax or income tax (including Covered Interest or Penalties with respect thereto) imposed with respect
to such advance or with respect to any imputed income with respect to such advance (subject to the Cap); and provided, further,
that any extension of the statute of limitations relating to payment of taxes for the Executive's taxable year with respect to which such
contested amount is claimed to be due is limited solely to such contested amount. Furthermore, (i) the Employer will keep the Executive
regularly apprised of the status of any contest or proceeding that it controls pursuant to this Section 8(b)(ii) and will discuss
with the Executive any disagreement that he may have regarding the course or strategy of any such contest or proceeding, and (ii) if
applicable, the Employer's control of the contest shall be limited to issues with respect to which the Gross-Up Payment would be payable
hereunder (including, without limitation, a claim, representation or proceeding where the Cap may be reached or exceeded), and the Executive
shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing
authority (and the Employer and the Executive agree to work together in good faith to jointly control any such claim, representation,
or proceeding).

 

    - 15 -

     

    

 

(iii)          If,
after the receipt by the Executive of an amount advanced by the Employer pursuant to Section 8(b)(ii), the Executive becomes entitled
to receive any refund with respect to such claim, the Executive shall (subject to the Employer's complying with the requirements of Section 8(b)(ii))
promptly pay to the Employer the amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto).
If, after the receipt by the Executive of an amount advanced by the Employer pursuant to Section 8(b)(ii), a determination is made
that the Executive shall not be entitled to any refund with respect to such claim and the Employer does not notify the Executive in writing
of its intent to contest such denial of refund prior to the expiration of 30 days after such determination, then (subject to the Employer's
complying with the requirements of Section 8(b)(ii)) such advance shall be forgiven and shall not be required to be repaid and the
amount of such advance shall offset, to the extent thereof, the amount of Gross-Up Payment required to be paid.

 

(iv)          Notwithstanding
the foregoing, in the event the Employer shall determine that any information (including any "base amount" information) provided
by the Executive or on behalf of the Executive which is set forth in the "Watermark 280G Calculations Excel" (the "Section 280G
Analysis") attached hereto as Exhibit E was misrepresented, and the Executive knew or should have known, after reasonable
inquiry, of such misrepresentation, then (x) the Employer shall not be obligated to make a Gross-Up Payment in excess of an amount
necessary to gross up the Section 4999 excise tax determined in the Section 280G Analysis as the "Worst Case" and
(y) no Gross-Up Payment (or portion thereof) shall be made if the Gross-Up Payment (or such portion thereof) would leave the Executive
in a worse net after-tax position (taking into account income, employment and Excise Taxes on the Payments and the Gross-Up Payment) than
the Executive would have been if the Gross-Up Payment (or portion thereof) had not been paid.

 

    - 16 -

     

    

 

(v)            Any
payment due to the Executive (or paid on the Executive’s behalf) pursuant to this Section 8(b) shall be paid on or prior
to the date the applicable Excise Tax is due to the Internal Revenue Service or other taxing authority. Without limiting the foregoing,
in order to ensure compliance with Section 409A of the Code, any payment due to the Executive (or paid on the Executive’s behalf)
pursuant to this Section 8(b) shall, shall be paid within the timeframe described in Treas. Reg. Section 1.409A-3(i)(1)(v).

 

9.              Successors.

 

(a)            This
Amended and Restated Agreement is personal to the Executive and without the prior written consent of the Employer shall not be assignable
by the Executive otherwise than by will or the laws of descent and distribution. This Amended and Restated Agreement shall inure to the
benefit of and be enforceable by the Executive’s legal representatives.

 

(b)            This
Amended and Restated Agreement shall inure to the benefit of and be binding upon the Employer and its successors and assigns. This Amended
and Restated Agreement supersedes in its entirety the Prior Employment Agreement.

 

(c)            The
Employer will 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 Employer to assume expressly and agree to perform this Amended and Restated Agreement in the
same manner and to the same extent that the Employer would be required to perform it if no such succession had taken place. As used in
this Amended and Restated Agreement, “Employer” shall mean the Employer as hereinbefore defined and any successor to its business
and/or assets as aforesaid that assumes and agrees to perform this Amended and Restated Agreement by operation of law or otherwise. As
used in this Amended and Restated Agreement, the term “affiliated companies” shall include any company controlled by, controlling
or under common control with the Employer. To the extent the Employer’s successor is an entity that is not governed by a board of
directors, from and after the date of such succession, any reference in this Amended and Restated Agreement to the “Board,”
shall be deemed to be a reference to the governing body of such successor.

 

10.            Miscellaneous.

 

(a)            This
Amended and Restated Agreement shall be governed by and construed in accordance with the laws of the State of Illinois without reference
to principles of conflict of laws. The captions of this Amended and Restated Agreement are not part of the provisions hereof and shall
have no force or effect. This Amended and Restated Agreement may not be amended or modified otherwise than by a written agreement executed
by the parties hereto or their respective successors and legal representatives. From and after the Effective Date, this Amended and Restated
Agreement shall supersede and replace any other agreement between the parties with respect to the subject matter hereof in effect immediately
prior to the execution of this Amended and Restated Agreement.

 

    - 17 -

     

    

 

(b)            All
notices and other communications hereunder shall be in writing and shall be given to the other party by hand delivery or overnight courier
or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

 

	 	If to the Executive:	At the most recent
    address on file at the Employer.
	 	 	 
	 	With copies
    to:	Vedder Price P.C.

    222 North LaSalle Street, Suite 2400
 Chicago, Illinois 60601
	 	 	 
	 		Attention:      Michael A. Nemeroff

                                       Daniel B. Lange

 

	 	If
to the Employer:	Watermark Lodging Trust, Inc.
	 	 	150
North Riverside Plaza, Suite 4200
	 	 	

Chicago, IL 60606
	 	 	 
	 	 	Attention:     Chairman of the Board of Directors and General Counsel

 

	 	With copies to:	Clifford Chance US
LLP
	 	 	31 West 52nd Street
	 	 	New York, NY 10019
	 	 	Attention:      Howard B. Adler

        Kathleen Werner

 

or to such other address as either party shall
have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually received by
the addressee.

 

(c)              The
invalidity or unenforceability of any provision of this Amended and Restated Agreement shall not affect the validity or enforceability
of any other provision of this Amended and Restated Agreement.

 

(d)              The
Employer may withhold from any amounts payable under this Amended and Restated Agreement such federal, state, local or foreign taxes as
shall be required to be withheld pursuant to any applicable law or regulation.

 

(e)              The
Executive’s or the Employer’s failure to insist upon strict compliance with any provision of this Amended and Restated Agreement
or the failure to assert any right the Executive or the Employer may have hereunder shall not be deemed to be a waiver of such provision
or right or any other provision or right of this Amended and Restated Agreement.

 

(f)              Any
provision of this Amended and Restated Agreement that by its terms continues after the expiration of the Employment Period or the termination
of the Executive’s employment shall survive in accordance with its terms.

 

(g)              The
Amended and Restated Agreement is intended to comply with the requirements of Section 409A of the Code or an exemption or exclusion
therefrom and shall in all respects be administered in accordance with Section 409A of the Code. Each payment under this Amended
and Restated Agreement shall be treated as a separate payment for purposes of Section 409A of the Code. In no event may the Executive,
directly or indirectly, designate the calendar year of any payment to be made under this Amended and Restated Agreement. If the Executive
dies following the Date of Termination and prior to the payment of the any amounts delayed on account of Section 409A of the Code,
such amounts shall be paid to the personal representative of the Executive’s estate within thirty (30) days after the date of the
Executive’s death. All reimbursements and in-kind benefits provided under this Amended and Restated Agreement that constitute deferred
compensation within the meaning of Section 409A shall be made or provided in accordance with the requirements of Section 409A
of the Code, including, without limitation, that (i) in no event shall reimbursements by the Employer under this Amended and Restated
Agreement be made later than the end of the calendar year next following the calendar year in which the applicable fees and expenses were
incurred; provided that the Executive shall have submitted an invoice for such fees and expenses at least ten (10) days before
the end of the calendar year next following the calendar year in which such fees and expenses were incurred; (ii) the amount of in-kind
benefits and the Employer is obligated to pay or provide in any given calendar year shall not affect the in-kind benefits that the Employer
is obligated to pay or provide in any other calendar year; and (iii) the Executive’s right to have the Employer pay or provide
such reimbursements and in-kind benefits may not be liquidated or exchanged for any other benefit.

 

    - 18 -

     

    

 

(h)              The
Executive represents that as of the date hereof, no existing covenant or other obligation restricts the Executive’s obligation to
enter into this Amended and Restated Agreement with the Employer and to perform his duties hereunder.

 

11.           True-Up;
Recoupment.

 

(a)              In
the event of a material inaccuracy in the Employer’s statements of earnings, gains or other criteria that increases previously reported
net income or decreases previously reported net loss, the Employer shall pay to the Executive additional incentive compensation to put
him in the same position as if no such inaccuracy had occurred.

 

(b)              In
the event of a material inaccuracy in the Employer’s statements of earnings, gains or other criteria that reduces previously reported
net income or increases previously reported net loss, the Employer shall have the right to take appropriate action to recoup from the
Executive any portion of any incentive compensation received by the Executive the grant of which was tied to the achievement of one or
more specific earnings targets (e.g., revenue, gain on sale, equity in earnings in unconsolidated communities, G&A expense, operating
income, net income, etc.), with respect to the period for which such financial statements are materially inaccurate, regardless of
whether the Executive engaged in any misconduct or was at fault or responsible in any way for causing the material inaccuracy, if, as
a result of such material inaccuracy, the Executive otherwise would not have received such incentive compensation (or portion thereof).
In the event the Employer is entitled to, and seeks, recoupment under this Section 11, the Executive shall promptly reimburse the
after-tax portion (taking into account all federal, state, and local taxes, and all available deductions in respect of such reimbursement)
of such incentive compensation which the Employer is entitled to recoup hereunder. In the event the Executive fails to make prompt reimbursement
of any such incentive compensation which the Employer is entitled to recoup and as to which the Employer seeks recoupment hereunder, the
Executive acknowledges and agrees that the Employer shall have the right to (i) deduct the amount to be reimbursed hereunder from
the compensation or other payments due to the Executive from the Employer or (ii) to take any other appropriate action to recoup
such payments.

 

    - 19 -

     

    

 

(c)              The
Employer must seek recoupment of any such payments from the Executive within six (6) months of the Board’s actual knowledge
of the material financial statement inaccuracy which forms the basis for such recoupment pursuant to Section 11(b).

 

(d)              The
rights contained in this Section 11 shall be in addition to, and shall not limit, any other rights or remedies that the Employer,
as applicable, may have under law or in equity, including, without limitation, any rights the Employer may have under any other Employer
recoupment policy or other agreement or arrangement with the Executive.

 

[Signature Page Follows]

 

    - 20 -

     

    

 

IN WITNESS WHEREOF, the Executive
has hereunto set the Executive’s hand and, pursuant to the authorization from its Board, the Employer, respectively, have caused
these presents to be executed in their name on their behalf, all as of the day and year first above written.

 

	 	MICHAEL G. MEDZIGIAN
	 	 
	 	 
	 	/s/ Michael G. Medzigian
	 	 
	 	WATERMARK LODGING TRUST, INC. 
	 	 
	 	 
	 	By:	/s/ Paul J. Huff
	 	 	Name: Paul J. Huff
	 	 	Title: SVP & Chief Legal Officer

 

[Employment Agreement]

 

    - 21 -

     

    

 

EXHIBIT A

 

Initial
Long Term Incentive Agreement

 

 

     Exhibit A – Page 1

     

    

 

EXHIBIT B

 

This General Release of all
Claims (this “Agreement”) is entered into on ___, ____20__ by Michael G. Medzigian (the “Executive”)
in consideration of the promises set forth in the Amended and Restated Employment Agreement between the Executive and Watermark Lodging
Trust, Inc. (the “Employer”), executed on June ___, 2022 (the “Employment Agreement”).
The Executive agrees as follows:

 

1.              General
Release and Waiver of Claims.

 

(a)              Release.
In consideration of the payments and benefits provided to the Executive under the Employment Agreement and after consultation with counsel,
the Executive and each of the Executive’s respective heirs, executors, administrators, representatives, agents, successors and assigns
(collectively, the “Releasors”) hereby irrevocably and unconditionally release and forever discharge the Employer and
its subsidiaries and affiliates and each of their respective officers, employees, directors, shareholders and agents (“Releasees”)
from any and all claims, actions, causes of action, rights, judgments, obligations, damages, demands, accountings or liabilities of whatever
kind or character arising prior to the date hereof (collectively, “Claims”), including, without limitation, any Claims
under any federal, state, local or foreign law, that the Releasors may have, or in the future may possess, arising out of the Executive’s
employment relationship with and service as an employee, officer or director of Employer, and the termination of such relationship or
service; provided, however, that notwithstanding anything else herein to the contrary, this Agreement shall not affect:
the obligations of the Employer, and/or the Executive set forth in the Employment Agreement; and any indemnification or similar rights
the Executive has as a current or former officer or director of the Employer, including, without limitation, any and all rights thereto
referenced in the Employment Agreement, and/or the Employer’s bylaws and other governance documents.

 

(b)              Specific
Release of ADEA Claims. In further consideration of the payments and benefits provided to the Executive under the Employment Agreement,
the Releasors hereby unconditionally release and forever discharge the Releasees from any and all Claims that the Releasors may have as
of the date the Executive signs this Agreement arising under the Federal Age Discrimination in Employment Act of 1967, as amended, and
the applicable rules and regulations promulgated thereunder (“ADEA”). By signing this Agreement, the Executive
hereby acknowledges and confirms the following: (i) the Executive was advised by the Employer in connection with his termination
to consult with an attorney of his choice prior to signing this Agreement and to have such attorney explain to the Executive the terms
of this Agreement, including, without limitation, the terms relating to the Executive’s release of claims arising under ADEA, and
the Executive has in fact consulted with an attorney; (ii) the Executive was given a period of not fewer than 21 days to consider
the terms of this Agreement and to consult with an attorney of his choosing with respect thereto; and (iii) the Executive knowingly
and voluntarily accepts the terms of this Agreement. The Executive also understands that he has seven (7) days following the date
on which he signs this Agreement within which to revoke the release contained in this paragraph, by providing the Employer a written notice
of his revocation of the release and waiver contained in this paragraph.

 

     Exhibit B – Page 1

     

    

 

(c)              No
Assignment. The Executive represents and warrants that he has not assigned any of the Claims being released under this Agreement.

 

2.              Proceedings.
Nothing in this Agreement is intended to prevent Executive from filing a charge with, providing information or testimony to, or participating
in an investigation, hearing or proceeding with any governmental agency against the Releasees (each, individually, a “Proceeding”);
provided, however, that Executive waives the right to receive any damages or other personal relief in any Proceeding
relating to or arising from his employment relationship with the Employer, other than with respect to the matters as which the release
granted pursuant to Section 1(a) does not apply, brought by Executive or on the Executive’s behalf, or by any third party,
including as a member of any class collective action, or as a relator under the False Claims Act (excepting only for claims against Releasees
for breaches of this General Release or under the Dodd-Frank Wall Street Reform and Consumer Protection Act) and other than with respect
to an amount that may be awarded under a government-administered whistleblower award program.

 

3.              Remedies.
In the event the Executive initiates or voluntarily participates in any Proceeding following his receipt of written notice from the Employer
and a failure to cease such participation within 30 days following receipt of such notice, or if he revokes the ADEA release contained
in Paragraph 1(b) of this Agreement within the seven day period provided under Paragraph 1(b), the Employer may, in addition
to any other remedies it may have, reclaim any amounts paid to him under the termination provisions of the Employment Agreement (including
for this purpose stock or proceeds from the sale of stock delivered upon the vesting of any equity-based compensation award, to the extent
the vesting of such award accelerated on account of the Executive’s termination of employment) or terminate any benefits or payments
that are subsequently due under the Employment Agreement, without waiving the release granted herein.

 

The Executive understands
that by entering into this Agreement he will be limiting the availability of certain remedies that he may have against the Employer and
limiting also his ability to pursue certain claims against the Employer.

 

4.              Severability
Clause. In the event any provision or part of this Agreement is found to be invalid or unenforceable, only that particular provision
or part so found, and not the entire Agreement, will be inoperative.

 

5.              Nonadmission.
Nothing contained in this Agreement will be deemed or construed as an admission of wrongdoing or liability on the part of the Employer.

 

6.              Governing
Law. All matters affecting this Agreement, including the validity thereof, are to be governed by, and interpreted and construed in
accordance with, the laws of the State of Illinois applicable to contracts executed in and to be performed in that State.

 

7.              Notices.
All notices or communications hereunder shall be in writing, addressed as provided in Section 10(b) of the Employment Agreement.

 

     Exhibit B – Page 2

     

    

 

THE EXECUTIVE ACKNOWLEDGES
THAT HE HAS READ THIS AGREEMENT AND THAT HE FULLY KNOWS, UNDERSTANDS AND APPRECIATES ITS CONTENTS, AND THAT HE HEREBY EXECUTES THE SAME
AND MAKES THIS AGREEMENT AND THE RELEASE AND AGREEMENTS PROVIDED FOR HEREIN VOLUNTARILY AND OF HIS OWN FREE WILL.

 

IN WITNESS WHEREOF, the Executive
has executed this Agreement on the date first set forth below.

 

	 	
    MICHAEL G. MEDZIGIAN

    

    

	 	 
	 	 
	 	 
	 	Date of Execution:	 

 

     Exhibit B – Page 3

     

    

 

EXHIBIT C

 

Peer
Group Companies

 

[***]

 

     Exhibit C – Page 1

     

    

 

EXHIBIT D

 

WATERMARK
capital INTELLECTUAL PROPERTY

(aS OF THE INITIAL Effective dATE)

 

[***]

 

     Exhibit D – Page 1

     

    

 

EXHIBIT E

 

Watermark
280G Calculations Excel

 

[***]

 

     Exhibit E – Page 1

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