Document:

Exhibit

Exhibit 10.14

EXECUTION VERSION

	
				
	 
	 
	 

	 
	 
	 

	 
	 

	 

	

	 
	

AMENDED AND RESTATED 
ADVISORY AGREEMENT

OF

CAREY WATERMARK INVESTORS INCORPORATED 

	 

	
			
	AMR-260573-v7
	 
	80-40343427

	
	
	 

	
		
	CONTENTS

	 
	Page

1.Definitions    1
2.Appointment    7
3.Duties of the Advisor    7
4.Authority of Advisor    10
5.Bank Accounts    11
6.Records; Access    11
7.Limitations on Activities    11
8.Relationship with Directors    13
9.Fees    13
10.Expenses.    15
11.Other Services    17
12.Fidelity Bond    17
13.Limitation on Expenses    17
14.Other Activities of the Advisor.    18
15.Relationship of Advisor and CWI 1    19
16.Term; Termination of Agreement    19
17.Termination by CWI 1    19
18.Termination by Either Party    19
19.Assignment Prohibition    19
20.Payments to and Duties of Advisor Upon Termination    20
21.Non-Solicitation and Non-Hire Following Termination    21
22.Indemnification by CWI 1 and the Operating Partnership    21

	
			
	 
	i
	 

23.Indemnification by Advisor    21
24.Joint and Several Obligations    21
25.Notices    21
26.Modification    22
27.Severability    22
28.Construction    22
29.Entire Agreement    22
30.Indulgences, Not Waivers    22
31.Gender    23
32.Titles Not to Affect Interpretation    23
33.Execution in Counterparts    23
34.Initial Investment    23

	
			
	 
	ii
	 

	
	
	 

AMENDED AND RESTATED 
ADVISORY AGREEMENT

THIS AMENDED AND RESTATED ADVISORY AGREEMENT, dated as of January 1, 2016, is among CAREY WATERMARK INVESTORS INCORPORATED, a Maryland corporation ("CWI 1"), CWI OP, LP, a Delaware limited partnership, of which CWI 1 is the general partner (the "Operating Partnership"), and CAREY LODGING ADVISORS, LLC, a Delaware limited liability company (the "Advisor").
W I T N E S S E T H:
WHEREAS, CWI 1, through its interest in the Operating Partnership, intends to acquire, own, dispose of, and, through its Advisor, manage a portfolio consisting primarily of lodging and other lodging related investments; and
WHEREAS, CWI 1 intends to qualify as a REIT (as defined below), and the Operating Partnership intends to qualify as a partnership, in each case for U.S. federal income tax purposes; and
WHEREAS, CWI 1 and its subsidiaries, including the Operating Partnership, desire to avail themselves of the experience, sources of information, advice and assistance of, and certain facilities available to, the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of the Board of Directors of CWI 1, all as provided herein; and
WHEREAS, the Advisor is willing to render such services, subject to the supervision of the Board of Directors of CWI 1, on the terms and conditions hereinafter set forth;
NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree as follows:

	
			
	 
	1
	 

	
		
	 
	 

1.Definitions.  As used in this Agreement, the following terms have the definitions hereinafter indicated:
"2%/25% Guidelines."  The requirement, as provided for in Section 13 hereof, that, in the 12‐month period ending on the last day of any fiscal quarter, Operating Expenses not exceed the greater of two percent of Average Invested Assets during such 12‐month period or 25% of CWI 1’s Adjusted Net Income over the same 12‐month period.
"Acquisition Expenses."  To the extent not paid or to be paid by the seller, lessee, borrower or any other party involved in the transaction, those expenses, including, but not limited to, travel and communications expenses, the cost of appraisals, title insurance, nonrefundable option payments on Investments not acquired, legal fees and expenses, accounting fees and expenses, and miscellaneous expenses related to selection, acquisition and origination of Investments, whether or not a particular Investment is ultimately made.  Acquisition Expenses shall not include Acquisition Fees.
"Acquisition Fees."  Any fee or commission paid by CWI 1 or its subsidiaries to the Advisor, or, with respect to Clause 9(b)(ii), by CWI 1 or its subsidiaries to any party, in connection with the making of Investments, including, without limitation, the purchase, development or construction of Properties.  A Development Fee or Construction Fee paid to a Person not affiliated with the Sponsor in connection with the actual development or construction of a project after acquisition of the Property by CWI 1 shall not be deemed an Acquisition Fee.  Included in the computation of such fees or commissions shall be any real estate commission, selection fee, Development Fee or Construction Fee (other than as described above), non‐recurring management fees, loan fees, points or any fee of a similar nature, however designated.  Acquisition Fees shall not include Acquisition Expenses.
"Adjusted Net Income."  For any period, the total consolidated revenues recognized in such period by CWI 1, less the total consolidated expenses of CWI 1 recognized in such period, excluding additions to reserves for depreciation and amortization, bad debts or other similar non-cash reserves; provided, however, that Adjusted Net Income for purposes of calculating total allowable Operating Expenses under the 2%/25% Guidelines shall exclude any gains, losses or writedowns from the sale of CWI 1’s assets.
"Affiliate."  An Affiliate of another Person shall include any of the following:  (i) any Person directly or indirectly owning, controlling, or holding, with power to vote ten percent or more of the outstanding voting securities of such other Person; (ii) any Person ten percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held, with power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by, or under common control with such other Person; (iv) any executive officer, director, trustee or general partner of such other Person; or (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner.
"Agreement."  This Amended and Restated Advisory Agreement.
"Appraised Value."  Value according to an appraisal made by an Independent Appraiser, which may take into consideration any factor deemed appropriate by such Independent Appraiser, including, but not limited to, current market and property conditions, any unique attributes of the property or its operations, current and anticipated income and expense trends, forecasts of stabilized operations, repositioning opportunities and conditions in the credit and investment markets.  The Appraised Value of a Property may be greater than the construction cost or the replacement cost of the Property.  
"Asset Management Fee."  The Asset Management Fee as defined in Section 9(a) hereof.

	
			
	 
	2
	 

	
		
	 
	 

"Average Invested Assets."  The average during any period of the aggregate book value of CWI 1’s Investments, before deducting reserves for depreciation, bad debts, impairments, amortization and all other non-cash reserves, computed by taking the average of such values at the end of each month during such period.
"Average Market Value."  The Total Investment Cost paid by CWI 1 for an Investment, less Acquisition Fees, provided that, if a later Appraised Value is obtained for the Investment, that later Appraised Value, adjusted for other net assets and liabilities that have economic value and are associated with that Investment, shall become the Average Market Value for the Investment.
"Board or Board of Directors."  The Board of Directors of CWI 1.
"Bylaws."  The bylaws of CWI 1, as amended from time to time.
"Cause."  With respect to the termination of this Agreement, means the occurrence of any of the following: (a) the transfer of W. P. Carey Inc.’s interests in the Advisor to one or more entities other than to one or more controlled subsidiaries of W. P. Carey Inc., (b) fraud, criminal conduct, willful misconduct or willful or negligent breach of fiduciary duty by the Advisor that, in each case, is determined by a majority of the Independent Directors to be materially adverse to CWI 1, or (c) a breach of a material term or condition of this Agreement by the Advisor and the Advisor has not cured such breach within 30 days of written notice thereof or, in the case of any breach that cannot be cured within 30 days by reasonable effort, has not taken all necessary action within a reasonable time period to cure such breach.
"Charter."  The Charter of CWI 1 under the Maryland General Corporation Law, as amended from time to time, pursuant to which CWI 1 is organized.
"Code."  Internal Revenue Code of 1986, as amended.
"Competitive Real Estate Commission."  The real estate or brokerage commission paid for the purchase or sale of an Investment that is reasonable, customary and competitive in light of the size, type and location or other relevant characteristics of the Investment.
"Construction Fee."  A fee or other remuneration for acting as general contractor and/or construction manager to construct improvements, supervise and coordinate projects or to provide major repairs or rehabilitations on a Property.
"Contract Purchase Price."  The amount actually paid for, or allocated (as of the date of purchase) to, the purchase, development, construction or improvement of an Investment or, in the case of an originated Loan, the principal amount of such Loan, in each case exclusive of Acquisition Fees and Acquisition Expenses.
"Contract Sales Price."  The total consideration received by CWI 1 for the sale of an Investment.
"Control." The possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise.  "Controlling" and "Controlled" have meanings correlative thereto.
"CWI 1." Carey Watermark Investors Incorporated, together with its consolidated subsidiaries, including the Operating Partnership, unless in the context of a particular reference, it is clear that such reference refers to Carey Watermark Investors Incorporated excluding its consolidated subsidiaries.  Unless 

	
			
	 
	3
	 

	
		
	 
	 

the context otherwise requires, any reference to financial measures of CWI 1 shall be calculated by reference to the consolidated financial statements of CWI 1 and its subsidiaries, including, without limitation, the Operating Partnership, prepared in accordance with GAAP.
"CWI 2." Carey Watermark Investors 2 Incorporated, a Maryland corporation.
"Dealer Manager."  Carey Financial, LLC.
"Development Fee."  A fee for the packaging of a Property including negotiating and approving plans, and undertaking to assist in obtaining zoning and necessary variances and necessary financing for the specific Property, either initially or at a later date.
"Directors."  The persons holding such office, as of any particular time, under the Charter, whether they be the directors named therein or additional or successor directors.
"Disposition Fee."  The Disposition Fee as defined in Section 9(d) hereof.
"Distributions."  Distributions declared by the Board.
"GAAP."  Generally accepted accounting principles, as applied in the United States.
"Good Reason."  With respect to the termination of this Agreement, (i) any failure to obtain a satisfactory agreement from any successor to CWI 1 or the Operating Partnership to assume and agree to perform CWI 1’s or the Operating Partnership’s, as applicable, obligations under this Agreement; or (ii) any material breach of this Agreement of any nature whatsoever by CWI 1 or the Operating Partnership; provided that (a) such breach is of a material term or condition of this Agreement and (b) CWI 1 or the Operating Partnership, as applicable, has not cured such breach within 30 days of written notice thereof or, in the case of any breach that cannot be cured within 30 days by reasonable effort, has not taken all necessary action within a reasonable time period to cure such breach.
"Gross Offering Proceeds."  The aggregate purchase price of Shares sold in any Offering.
"Guidelines."  The Investment Allocation Guidelines set forth in Schedule A.
"Incentive Plans."  CWI 1's 2010 Equity Incentive Plan and CWI 1's Directors' Incentive Plan.
"Independent Appraiser."  A qualified appraiser of real estate as determined by the Board, who has no material current or prior business or personal relationship with the Advisor or the Directors and who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by CWI 1.  Membership in a nationally recognized appraisal society such as the American Institute of Real Estate Appraisers or the Society of Real Estate Appraisers shall be conclusive evidence of such qualification (but not of independence).
"Independent Director."  A Director of CWI 1 who meets the criteria for an Independent Director specified in the Charter.
"Individual."  Any natural person and those organizations treated as individuals in Section 542(a) of the Code.

	
			
	 
	4
	 

	
		
	 
	 

"Investment."  An investment made by CWI 1, directly or indirectly, in a Property, Loan or Other Permitted Investment Asset.
"Investment Committee."  The committee of individuals responsible for reviewing Investments on behalf of CWI 1.
"Investment Opportunity."  With respect to the limitations set forth in Section 14 hereof, the opportunity to lease, sublease, purchase or to offer to purchase any asset or investment originated by, presented to or otherwise identified by the Subadvisor, the Advisor, or any of their respective Affiliates, as applicable, relating to (i) Lodging Facilities or (ii) Lodging Loans.  "Investment Opportunity" shall not include any opportunity to purchase or to offer to purchase any asset or investment if the purchase price of such asset or investment does not exceed $4,000,000.00.
"Loans."  The notes and other evidences of indebtedness or obligations acquired, originated or entered into, directly or indirectly, by CWI 1 as lender, noteholder, participant, note purchaser or other capacity, including but not limited to first or subordinate mortgage loans, construction loans, development loans, loan participations, B notes, loans secured by capital stock or any other assets or form of equity interest and any other type of loan or financial arrangement, such as providing or arranging for letters of credit, providing guarantees of obligations to third parties, or providing commitments for loans.  The term "Loans" shall not include leases which are not recognized as leases for federal income tax reporting purposes.
"Loan Refinancing Fee."  A fee payable to the Advisor in respect of the refinancing of a loan secured by an Investment.
"Lodging Facility or Lodging Facilities."  With respect to an Investment Opportunity (1) a hotel, motel or other mixed-use establishment of which more than one-half (1/2) of its dwelling units are used on a transient basis or (2) equity interests in an entity that derives at least 30% of its earnings before interest, taxes, depreciation and amortization (or "EBITDA") from owning, operating or managing facilities of the type described in clause (1) of this definition.
"Lodging Loans." With respect to an Investment Opportunity (1) Loans fully or partially secured by Lodging Facilities or equity interests in entities that own, directly or indirectly, Lodging Facilities; (2) unsecured Loans to entities that derive at least 30% of their EBITDA from interests in Lodging Facilities, or (3) participations in any of the Loans described in clauses (1) or (2) of this definition.
"Offering."  The offering of Shares pursuant to a Prospectus.
"Operating Expenses."  All consolidated operating, general and administrative expenses paid or incurred by CWI 1, as determined under GAAP, except the following (insofar as they would otherwise be considered operating, general and administrative expenses under GAAP):  (i) interest and discounts and other cost of borrowed money; (ii) taxes (including state, Federal and foreign income tax, property taxes and assessments, franchise taxes and taxes of any other nature); (iii) expenses of raising capital, including Organization and Offering Expenses, printing, engraving, and other expenses, and taxes incurred in connection with the issuance and distribution of CWI 1’s Shares and Securities; (iv) Acquisition Expenses, real estate commissions on resale of property and other expenses connected with the acquisition, disposition, origination, ownership and operation of Investments, including the costs of foreclosure, insurance premiums, legal services, brokerage and sales commissions, and the maintenance, repair and improvement of property; (v) Acquisition Fees or Disposition Fees payable to the Advisor or any other party; (vi) distributions paid by the Operating Partnership to the Special General Partner under the agreement of limited partnership of the Operating Partnership in respect of gains realized on dispositions of Investments and other capital 

	
			
	 
	5
	 

	
		
	 
	 

transactions; (vii) amounts paid to effect a redemption or repurchase of the special general partner interest held by the Special General Partner pursuant to the agreement of limited partnership of the Operating Partnership; and (viii) non-cash items, such as depreciation, amortization, depletion, and additions to reserves for depreciation, amortization, depletion, losses and bad debts.  Notwithstanding anything herein to the contrary, Operating Expenses shall include the Asset Management Fee and any Loan Refinancing Fee and, solely for the purposes of determining compliance with the 2%/25% Guidelines, (1) distributions of available cash generated by operations and investments made by the Operating Partnership to the Special General Partner pursuant to the agreement of limited partnership of the Operating Partnership, which, for the avoidance of doubt, does not include distributions described in clauses (vi) and (vii) of this definition and (2) Disposition Fees paid in respect of non-real property Investments.
"Operating Partnership."  CWI OP, LP, a Delaware limited partnership, through which CWI 1 owns Investments.
"Organization and Offering Expenses."  Those expenses payable by CWI 1 and the Operating Partnership in connection with the formation, qualification and registration of CWI 1 and in marketing and distributing Shares, including, but not limited to:  (i) the preparation, printing, filing and delivery of any registration statement or Prospectus (including any amendments thereof or supplements thereto) and the preparing and printing of contractual agreements among CWI 1, the Operating Partnership, the Dealer Manager and the Selected Dealers (including copies thereof); (ii) the preparing and printing of the Charter and Bylaws, other solicitation material and related documents and the filing and/or recording of such documents necessary to comply with the laws of the State of Maryland for the formation of a corporation and thereafter for the continued good standing of a corporation; (iii) the qualification or registration of the Shares under state securities or "Blue Sky" laws; (iv) any escrow arrangements, including any compensation to an escrow agent; (v) the filing fees payable to the SEC and to the Financial Industry Regulatory Authority; (vi) reimbursement for the reasonable and identifiable out-of-pocket expenses of the Dealer Manager and the Selected Dealers, including the cost of their counsel; (vii) the fees of CWI 1’s counsel and accountants; (viii) all advertising expenses incurred in connection with an Offering, including the cost of all sales literature and the costs related to investor and broker-dealer sales and information meetings and marketing incentive programs; and (ix) selling commissions, dealer manager fees, selected dealer fees, marketing fees, incentive fees and due diligence fees incurred in connection with the sale of the Shares.
"Other Permitted Investment Asset."  An asset, other than cash, cash equivalents, short term bonds, auction rate securities and similar short term investments, acquired by CWI 1 for investment purposes that is not a Loan or a Property and is consistent with the investment objectives and policies of CWI 1.
"Person."  An Individual, corporation, partnership, joint venture, association, company, trust, bank, or other entity, or government or any agency or political subdivision of a government.
"Property or Properties."  CWI 1’s partial or entire interest in real property (including leasehold interests) and personal or mixed property connected therewith.  An Investment that obligates CWI 1 to acquire a Property will be treated as a Property for purposes of this Agreement.
"Property Management Fee."  Subject to CWI 1’s intention to qualify as a REIT for U.S. federal income tax purposes, a fee for property management services rendered by the Advisor or its Affiliates in connection with Properties acquired directly or through foreclosure.
"Prospectus."  Any prospectus or offering document pursuant to which CWI 1 offers Shares in a public or private offering, as the same may at any time and from time to time be amended or supplemented, after the effective date of the registration statement in which it is included.

	
			
	 
	6
	 

	
		
	 
	 

"REIT."  A real estate investment trust, as defined in Sections 856-860 of the Code.
"Securities."  Any stock, shares (other than currently outstanding Shares and subsequently issued Shares), or other evidence of equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise or in general any instruments commonly known as "securities" or any certificate of interest, shares or participation in temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to, purchase or acquire any of the foregoing.
"Selected Dealers."  Broker-dealers who are members of the Financial Industry Regulatory Authority and who have executed an agreement with the Dealer Manager in which the Selected Dealers agree to participate with the Dealer Manager in the Offering.
"Shareholders."  Those Persons who, at the time any calculation hereunder is to be made, are shown as holders of record of Shares on the books and records of CWI 1 or its transfer agent.
"Shares."  The shares of CWI 1’s common stock, par value $0.001.
"Special General Partner."  Carey Watermark Holdings, LLC and any permitted transferee of the special general partnership interest under the agreement of limited partnership of the Operating Partnership.
"Sponsor."  W. P. Carey Inc. and any other Person directly or indirectly instrumental in organizing, wholly or in part, CWI 1, or any person who will control, manage or participate in the management of CWI 1, and any Affiliate of any such person.  Sponsor does not include a person whose only relationship to CWI 1 is that of an independent property manager and whose only compensation is as such.  Sponsor also does not include wholly independent third parties such as attorneys, accountants and underwriters whose only compensation is for professional services.
"Subadvisor."  CWA, LLC, an Illinois limited liability company.
"Subadvisory Agreement."  The Subadvisory Agreement, dated as of September 15, 2010 (as amended from time to time), between the Advisor and the Subadvisor.
"Termination Date."  The effective date of any termination of this Agreement.
"Total Investment Cost."  With regard to any Investment, an amount equal to the sum of the Contract Purchase Price of such Investment plus the Acquisition Fees and Acquisition Expenses paid in connection with such Investment and other fees and costs approved by the Independent Directors relating to the initial capitalization of the Investment.
2.    Appointment.  CWI 1 hereby appoints the Advisor to serve as its advisor on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment.
3.    Duties of the Advisor.  Subject to Section 14, the Advisor undertakes to use its best efforts to present to CWI 1 potential investment opportunities and to provide a continuing and suitable investment program consistent with the investment objectives and policies of CWI 1 as determined and adopted from time to time by the Board.  The Advisor will follow the Guidelines when allocating Investment opportunities among CWI 1, other entities managed by the Advisor and its Affiliates, and the Advisor and its Affiliates for their own account.  The Guidelines shall not be amended without the prior approval of at least a majority of the Independent Directors.  In performance of the foregoing undertakings, subject to the supervision of 

	
			
	 
	7
	 

	
		
	 
	 

the Board and consistent with the provisions of the Charter and Bylaws of CWI 1 and any Prospectus pursuant to which Shares are offered, the Advisor shall, either directly or by engaging an Affiliate or the Subadvisor:
(a)    serve as CWI 1’s investment and financial advisor and provide research and economic and statistical data in connection with CWI 1’s assets and investment policies;
(b)    provide the daily management of CWI 1 and perform and supervise the various administrative functions reasonably necessary for the management of CWI 1, the Operating Partnership and the Investments;
(c)    investigate, select, and, on behalf of CWI 1, engage, oversee and conduct business with such Persons as the Advisor deems necessary to the proper performance of its obligations hereunder, including but not limited to consultants, accountants, correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners, mortgagors, franchisors, independent property operators and any and all agents for any of the foregoing, including Affiliates of the Advisor, and Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services, including but not limited to entering into contracts in the name of CWI 1 with any of the foregoing;
(d)    consult with Directors and assist the Board in the formulation and implementation of CWI 1’s policies; and furnish the Board with such information, advice and recommendations as they may request or as otherwise may be necessary to enable them to discharge their fiduciary duties with respect to matters coming before the Board;
(e)    subject to the provisions of Sections 3(h) and 4 hereof:  (i) locate, analyze and select potential Investments and deliver to the Investment Committee, as applicable, such information as it may request or as otherwise may be necessary to enable the Investment Committee to evaluate potential Investments; (ii) structure and negotiate the terms and conditions of transactions pursuant to which Investments will be made, purchased or acquired by CWI 1; (iii) make Investments on behalf of CWI 1; (iv) arrange for financing and refinancing of, make other changes in the asset or capital structure of, dispose of, reinvest the proceeds from the sale of, or otherwise deal with the Investments; (v) enter into service contracts for Properties and, to the extent necessary, perform all other operational functions for the maintenance and administration of such; (vi) oversee such non-affiliated property managers and other non-affiliated Persons who perform services for CWI 1; and (vii) undertake accounting and other record-keeping functions at the Investment level;
(f)    provide the Board with periodic reports regarding prospective Investments and with periodic reports, no less than quarterly, of new Investments made during the prior fiscal quarter;
(g)    assist the Board in its evaluation of potential liquidity transactions for CWI 1 and take such actions as may be requested by the Board or as may otherwise be necessary or desirable to execute any liquidity transaction approved by the Board;
(h)    obtain the prior approval of the Board (including a majority of the Independent Directors) for any and all investments in Properties which do not meet all of the requirements set forth in Section 4(b) hereof;
(i)    negotiate on behalf of CWI 1 with banks or lenders for loans to be made to CWI 1, and negotiate on behalf of CWI 1 with investment banking firms and broker-dealers or negotiate private 

	
			
	 
	8
	 

	
		
	 
	 

sales of Shares and Securities or obtain loans for CWI 1, but in no event in such a way so that the Advisor shall be acting as broker-dealer or underwriter; and provided, further, that any fees and costs payable to third parties incurred by the Advisor in connection with the foregoing shall be the responsibility of CWI 1;
(j)    obtain reports (which may be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of Investments or contemplated Investments;
(k)    obtain for, or provide to, CWI 1 such services as may be required in acquiring, managing and disposing of Investments, including, but not limited to:  (i) the negotiation, making and servicing of Investments; (ii) the disbursement and collection of Company monies; (iii) the payment of debts of and fulfillment of the obligations of CWI 1; and (iv) the handling, prosecuting and settling of any claims of or against CWI 1, including, but not limited to, foreclosing and otherwise enforcing mortgages and other liens securing Loans;
(l)    from time to time, or at any time reasonably requested by the Board, make reports to the Board of its performance of services to CWI 1 under this Agreement;
(m)    communicate on behalf of CWI 1 with Shareholders as required to satisfy the reporting and other requirements of any governmental bodies or agencies to Shareholders and third parties and otherwise as requested by CWI 1;
(n)     provide or arrange for administrative services and items, legal and other services, office space, office furnishings, personnel and other overhead items necessary and incidental to CWI 1’s business and operations;
(o)    provide CWI 1 with such accounting data and any other information requested by CWI 1 concerning the investment activities of CWI 1 as shall be required to prepare and to file all periodic financial reports and returns required to be filed with the Securities and Exchange Commission and any other regulatory agency, including annual financial statements;
(p)    maintain the books and records of CWI 1;
(q)    supervise the performance of such ministerial and administrative functions as may be necessary in connection with the daily operations of the Investments;
(r)    provide CWI 1 with all necessary cash management services;
(s)    provide asset management services including, without limitation, oversight and strategic guidance to independent property operators that handle day-to-day operations of CWI 1’s Properties;
(t)    do all things necessary to assure its ability to render the services described in this Agreement;
(u)    perform such other services as may be required from time to time for management and other activities relating to the assets of CWI 1 as the Advisor shall deem advisable under the particular circumstances;
(v)    arrange to obtain on behalf of CWI 1 as requested by the Board, and deliver to or maintain on behalf of CWI 1 copies of, all appraisals obtained in connection with Investments; 

	
			
	 
	9
	 

	
		
	 
	 

(w)    if a transaction, proposed transaction or other matter requires approval by the Board or by the Independent Directors, deliver to the Board or the Independent Directors, as the case may be, all documentation reasonably requested by them to properly evaluate such transaction, proposed transaction or other matter; and 
(x)    on an annual basis, no later than 90 days prior to the end of each term of this Agreement, provide the Independent Directors with a report on (1) the Advisor's performance during the past year, (2) the compensation paid to the Advisor during such year and (3) any proposed changes to the compensation to be paid to the Advisor during the upcoming year if the Agreement is renewed. The Advisor's report shall address, among other things, (a) those matters identified in CWI 1's organizational documents as matters which the Independent Directors must review each year with respect to the Advisor’s performance and compensation; (b) whether any Triggering Event occurred with respect to an Investment made during the past year; and (c) the "dead deal" costs incurred by CWI 1 during the past year. In addition, the Independent Directors may request that the Advisor refund certain of the "dead deal" costs incurred by CWI 1 if, in light of the circumstances under which such costs were incurred, the Independent Directors determine that CWI 1 should not bear such costs.
4.    Authority of Advisor.
(a)    Pursuant to the terms of this Agreement (and subject to the restrictions included in Paragraphs (b), (c) and (d) of this Section 4 and in Section 7 hereof), and subject to the continuing and exclusive authority of the Board over the management of CWI 1, the Board hereby delegates to the Advisor the authority to:  (1) locate, analyze and select Investment opportunities; (2) structure and negotiate the terms and conditions of transactions pursuant to which Investments will be made, purchased or acquired for CWI 1; (3) make Investments on behalf of CWI 1 in compliance with the investment objectives and policies of CWI 1; (4) arrange for financing or refinancing, or make changes in the asset or capital structure of, and dispose of, reinvest the proceeds from the sale of, or otherwise deal with, Investments; (5) enter into the Subadvisory Agreement; (6) enter into service contracts, contracts with independent property operators and franchisors and perform other property level operations; (7) oversee such non-affiliated property managers and other non-affiliated Persons who perform services for CWI 1; and (8) undertake accounting and other record-keeping functions at the Investment level.
(b)    The consideration paid for an Investment acquired by CWI 1 shall ordinarily be based on the fair market value thereof.  Consistent with the foregoing provision, the Advisor may, without further approval by the Board (except with respect to transactions subject to paragraphs (c) and (d) of this Section 4) invest on behalf of CWI 1 in an Investment so long as, in the Advisor’s good faith judgment, (i) the Total Investment Cost of such Investment does not exceed the fair market value thereof, and in the case of an Investment that is a Property, shall in no event exceed the Appraised Value of such Property and (ii) the Investment, in conjunction with CWI 1’s other Investments and proposed Investments, at the time CWI 1 is committed to purchase or originate the Investment, is reasonably expected to fulfill CWI 1’s investment objectives and policies as established by the Board and then in effect.  For purposes of the foregoing, the Total Investment Cost shall be measured at the date the Investment is made and shall exclude future commitments to fund improvements.  Investments not meeting the foregoing criteria must be approved in advance by the Board.

	
			
	 
	10
	 

	
		
	 
	 

(c)    Notwithstanding anything to the contrary contained in this Agreement, the Advisor shall not cause CWI 1 to make Investments that do not comply with Article IX (Investment Objectives and Limitations) of the Charter and related sections of the Bylaws.
(d)    The prior approval of the Board, including a majority of the Independent Directors and a majority of the Directors not interested in the transaction, will be required for:  (i) Investments made through co-investment or joint venture arrangements with the Sponsor, the Advisor, one or more Directors or any of their Affiliates; (ii) Investments which are not contemplated by the terms of a Prospectus; (iii) transactions that present issues which involve conflicts of interest for the Advisor, its members or Affiliates (other than conflicts involving the payment of fees or the reimbursement of expenses); (iv) the purchase or lease of assets from or to any Director, any Sponsor, the Advisor, the member of the Advisor or any of their Affiliates; (v) any purchase or sale of an Investment from or to the Advisor, its members, one or more Directors or their Affiliates; and (vi) the retention of any Affiliate of the Advisor to provide services to CWI 1 not expressly contemplated by this Agreement and the terms of such services by such Affiliate.  In addition, the Advisor shall comply with any further approval requirements set forth in the Bylaws.
(e)    The Board may, at any time upon the giving of notice to the Advisor, modify or revoke the authority set forth in this Section 4.  If and to the extent the Board so modifies or revokes the authority contained herein, the Advisor shall henceforth comply with such modification or revocation, provided however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to which the Advisor has committed CWI 1 prior to the date of receipt by the Advisor of such notification.
5.    Bank Accounts.  The Advisor may establish and maintain one or more bank accounts in its own name for the account of CWI 1 or in the name of CWI 1 and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of CWI 1, provided that no funds shall be commingled with the funds of the Advisor; and the Advisor shall from time to time render appropriate accountings of such collections and payments to the Board and to the auditors of CWI 1.
6.    Records; Access.  The Advisor shall maintain appropriate records of all its activities hereunder and make such records available for inspection by the Board and by counsel, auditors and authorized agents of CWI 1, at any time or from time to time during normal business hours.  The Advisor shall at all reasonable times have access to the books and records of CWI 1.
7.    Limitations on Activities.  Anything else in this Agreement to the contrary notwithstanding, the Advisor shall refrain from taking any action which, in its sole judgment made in good faith, would (i) adversely affect the status of CWI 1 as a REIT or of the Operating Partnership as a partnership for Federal income tax purposes, (ii) subject CWI 1 or the Operating Partnership to regulation under the Investment Company Act of 1940, as amended, or (iii) would violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over CWI 1, its Shares or its Securities, or otherwise not be permitted by the Charter or Bylaws or agreement of limited partnership of the Operating Partnership, except if such action shall be ordered by the Board, in which case the Advisor shall notify promptly the Board of the Advisor's judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions from the Board.  In such event the Advisor shall have no liability for acting in accordance with the specific instructions of the Board so given.  

	
			
	 
	11
	 

	
		
	 
	 

(a)    Notwithstanding the foregoing, the Company shall indemnify and hold harmless the the Advisor, its shareholders, members, directors, officers and employees, and partners, shareholders, directors and officers of the Advisor's shareholders and Affiliates of any of them for any loss or liability suffered by them, and the Advisor, its shareholders, members, directors, officers and employees, and partners, shareholders, directors and officers of the Advisor's shareholders and Affiliates of any of them, shall not be liable to CWI 1, the Operating Partnership, the Directors or the Shareholders for any act or omission by the Advisor, its shareholders, members, directors, officers and employees, or partners, shareholders, directors or officers of the Advisor's shareholders and Affiliates of any of them, if in each case the following conditions are met:
(i)    the Advisor, its shareholders, members, directors, officers and employees, and partners, shareholders, directors and officers of the Advisor's shareholders and Affiliates of any of them have determined, in good faith, that the course of conduct which caused the loss or liability was in the best interests of CWI 1;
(ii)    the Advisor, its shareholders, members, directors, officers and employees, and partners, shareholders, directors and officers of the Advisor's shareholders and Affiliates of any of them were acting on behalf of or performing services for CWI 1; and
(iii)    such liability or loss was not the result of negligence or misconduct by the Advisor, its shareholders, members, directors, officers and employees, and partners, shareholders, directors and officers of the Advisor's shareholders or Affiliates of any of them.
(b)    Notwithstanding the foregoing, the Advisor and its Affiliates shall not be indemnified by CWI 1 or the Operating Partnership for any losses, liabilities or expenses arising from or out of the alleged violation of federal or state securities laws unless one or more of the following conditions are met:
(i)    there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee;
(ii)    such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee; or
(iii)    a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the Securities and Exchange Commission and of the published position of any state securities regulatory authority in which securities of CWI 1 were offered or sold as to indemnification for violation of securities laws.
(c)    CWI 1 and the Operating Partnership shall advance funds to the Advisor or its Affiliates for legal expenses and other costs incurred as a result of any legal action for which indemnification is being sought only if all of the following conditions are satisfied:
(i)    The legal action relates to acts or omissions with respect to the performance of duties or services on behalf of CWI 1;

	
			
	 
	12
	 

	
		
	 
	 

(ii)    The Advisor or the Affiliate has provided CWI 1 or the Operating Partnership with a written affirmation of his, her or its good faith belief that the standard of conduct necessary for indemnification has been met;
(iii)    The legal action is initiated by a third party who is not a Shareholder or the legal action is initiated by a Shareholder acting in his or her capacity as such and a court of competent jurisdiction specifically approves such advancement; and
(iv)    The Advisor or the Affiliate undertakes to repay the advanced funds to CWI 1, together with the applicable legal rate of interest thereon, in cases in which such Advisor or Affiliate is found not to be entitled to indemnification.
(d)    Notwithstanding the foregoing, the Advisor shall not be entitled to indemnification or be held harmless pursuant to this Section 7 for any activity which the Advisor shall be required to indemnify or hold harmless CWI 1 pursuant to Section 23 hereof.
(e)    Any amounts paid pursuant to this Section 7 shall only be recoverable or paid out of the net assets of CWI 1 and not from the Shareholders.
8.    Relationship with Directors.  There shall be no limitation on any shareholder, member, director, officer, or employee of the Advisor or its Affiliates serving as a Director or an officer of CWI 1, except that no employee of the Advisor or its Affiliates who is also a Director or officer of CWI 1 shall receive any compensation from CWI 1 for serving as a Director or officer other than for (a) reasonable reimbursement for travel and related expenses incurred in attending meetings of the Board and (b) awards made pursuant to the Incentive Plans; for the avoidance of doubt, the limitations of this Section 8 shall not apply to any compensation paid by the Advisor or any Affiliate for which CWI 1 reimbursed the Advisor or Affiliate in accordance with Section 10 hereof.  However, an employee of the Advisor who is also an officer of CWI 1 is eligible to receive restricted stock units as provided under the Incentive Plans.
9.    Fees.
(a)    Asset Management Fee.  The Operating Partnership shall pay to the Advisor as compensation for the advisory services rendered hereunder an asset management fee (the "Asset Management Fee") in an amount equal to 0.50% of the aggregate Average Market Value of Investments.  The Asset Management Fee with respect to an Investment will be calculated monthly, beginning with the month in which CWI 1 first makes the Investment, and shall be pro rated for the number of days during a month that CWI 1 owns the Investment.  The aggregate Asset Management Fees calculated with respect to each month shall be payable on the first business day following such month.
(b)    Acquisition Fee.  
(i)    The Advisor may receive as compensation for services rendered in connection with the investigation, selection, acquisition or origination (by purchase, investment or exchange) of any Investment, an acquisition fee (an "Acquisition Fee") payable by the Operating Partnership.  The Acquisition Fee payable to the Advisor in respect of an Investment shall be payable at the time such Investment is acquired in an amount equal to 2.50% of the Total Investment Cost.

	
			
	 
	13
	 

	
		
	 
	 

(ii)    The total amount of all Acquisition Fees, whether payable to the Advisor or a third party, and Acquisition Expenses payable by the Operating Partnership may not exceed 6% of the aggregate Contract Purchase Price of all Investments, measured for the period beginning with the initial acquisition of an Investment and ending on (A) December 31 of the year in which CWI 1 has invested 90% of the net proceeds of its initial Offering (excluding the net proceeds from the sale of Shares pursuant to CWI 1’s dividend reinvestment program) and (B) each December 31 thereafter, unless a majority of the Directors (including a majority of the Independent Directors) not otherwise interested in any transaction approves the excess as being commercially competitive, fair and reasonable to CWI 1.
(c)    Property Management Fee; Loan Refinancing Fee.  
(i)    No Property Management Fee shall be paid unless approved by a majority of the Independent Directors.  
(ii)    The Advisor shall receive as compensation for services rendered in connection with a qualifying refinancing of a Loan secured by a Property (the "Refinanced Loan"), a loan refinancing fee (a "Loan Refinancing Fee") payable by the Operating Partnership.  A refinancing will qualify for a Loan Refinancing Fee only if (A) the maturity date of the Refinanced Loan is less than one year from the date of the refinancing and the new loan has a term of at least five years, (B) in the judgment of the Independent Directors, the terms of the new loan represent an improvement over the Refinanced Loan, or (C) the new loan is approved by the Independent Directors as being in the best interest of CWI 1.  The Loan Refinancing Fee payable to the Advisor in respect of a Refinanced Loan shall be payable at upon the funding of the related mortgage loan or as soon thereafter as is reasonably practicable in an amount up to 1.00% of the principal amount of the Refinanced Loan. 
(d)    Disposition Fee.  
(i)    If the Advisor or an Affiliate provides a substantial amount of services in the sale of an Investment, the Advisor or such Affiliate shall be entitled to receive a disposition fee (the "Disposition Fee") at the time of such disposition, in an amount equal to the lesser of (1) 50% of the Competitive Real Estate Commission (if applicable) and (2) 1.5% of the Contract Sales Price of the Investment. 
(ii)    The total real estate commissions and Disposition Fees CWI 1 pays to all Persons shall not exceed an amount equal to the lesser of:  (1) 6% of the Contract Sales Price of the Investment and (2) the Competitive Real Estate Commission.  The Advisor shall present to the Independent Directors such information as they may reasonably request to review the level of services provided by the Advisor in connection with a disposition and the basis for the calculation of the amount of the Disposition Fees on a quarterly basis.  No payment of Disposition Fees shall be made prior to review and approval of such information by the Independent Directors.
(e)    Loans From Affiliates.  CWI 1 shall not borrow funds from the Advisor or its Affiliates unless (A) the transaction is approved by a majority of the Independent Directors and a majority of the Directors who are not interested in the transaction as being fair, competitive and commercially reasonable, (B) the interest and other financing charges or fees received by the Advisor or its Affiliates do not exceed the amount which would be charged by non-affiliated lending institutions and (C) the 

	
			
	 
	14
	 

	
		
	 
	 

terms are not less favorable than those prevailing for comparable arm's-length loans for the same purpose.  CWI 1 will not borrow on a long-term basis from the Advisor or its Affiliates unless it is to provide the debt portion of a particular investment and CWI 1 is unable to obtain a permanent loan at that time or in the judgment of the Board, it is not in CWI 1’s best interest to obtain a permanent loan at the interest rates then prevailing and the Board has reason to believe that CWI 1 will be able to obtain a permanent loan on or prior to the end of the loan term provided by the Advisor or its Affiliates.
(f)    Changes To Fee Structure.  In the event the Shares are listed on a national securities exchange, CWI 1 and the Advisor shall negotiate in good faith to establish a fee structure appropriate for an entity with a perpetual life.  A majority of the Independent Directors must approve the new fee structure negotiated with the Advisor.  In negotiating a new fee structure, the Independent Directors may consider any of the factors they deem relevant, including but not limited to:  (a) the size of the advisory fee in relation to the size, composition and profitability of CWI 1’s portfolio; (b) the success of the Advisor in generating opportunities that meet the investment objectives of CWI 1; (c) the rates charged to other REITs and to investors other than REITs by advisors performing similar services; (d) additional revenues realized by the Advisor and its Affiliates through their relationship with CWI 1, including loan administration, underwriting or broker commissions, servicing, engineering, inspection and other fees, whether paid by CWI 1 or by others with whom CWI 1 does business; (e) the quality and extent of service and advice furnished by the Advisor; (f) the performance of the investment portfolio of CWI 1, including income, conservation or appreciation of capital, frequency of problem investments and competence in dealing with distress situations; and (g) the quality of the portfolio of CWI 1 in relationship to the investments generated by the Advisor for the account of other clients.  The Independent Directors shall not approve any new fee structure that is in their judgment more favorable (taken as a whole) to the Advisor than the current fee structure.
(g)    Payment.  Compensation payable to the Advisor pursuant to this Section 9 shall be paid in cash; provided, however, that any fee payable pursuant to this Section 9 may be paid, at the option of the Advisor, in the form of:  (i) cash, (ii) restricted stock of CWI 1, or (iii) a combination of cash and restricted stock.  The Advisor shall notify CWI 1 in writing annually of the form in which the fee shall be paid.  Such notice shall be provided no later than January 15 of each year.  If no such notice is provided, the fee shall be paid in cash.  For purposes of the payment of compensation to the Advisor in the form of stock, the value of each share of restricted stock shall be:  (i) the Net Asset Value per Share as determined based on the most recent appraisal of CWI 1’s assets performed by an Independent Appraiser, or (ii) if a public offering of CWI 1 common stock is then ongoing, the price to the public per share, including selling commissions and fees.  If shares are being offered to the public at the time a fee is paid with stock, the value shall be the price of the stock without commissions.  The Net Asset Value determined on the basis of such appraisal may be adjusted on a quarterly or other basis by the Board to account for significant capital transactions.  Stock issued by CWI 1 to the Advisor in payment of fees hereunder shall be governed by the terms set forth in Schedule B hereto, or such other terms as the Advisor and CWI 1 may from time to time agree.
10.    Expenses.  
(a)    Subject to the limitations set forth in Section 9(b), to the extent applicable, in addition to the compensation paid to the Advisor pursuant to Section 9 hereof, the Operating Partnership shall pay directly or reimburse the Advisor for the following expenses:

	
			
	 
	15
	 

	
		
	 
	 

(iii)    Organization and Offering Expenses; provided however, that within 60 days after the end of the quarter in which any Offering terminates, the Advisor shall reimburse the Operating Partnership for any Organization and Offering Expense reimbursements received by the Advisor pursuant to this Section 10 to the extent that such reimbursements, when added to the balance of the Organization and Offering Expenses (excluding selling commissions and dealer manager fees) paid directly by the Operating Partnership, exceed four percent of the Gross Offering Proceeds; provided further, that the Advisor shall be responsible for the payment of all Organization and Offering Expenses (excluding such commissions and such fees and expense reimbursements) in excess of four percent of the Gross Offering Proceeds;
(iv)    all Acquisition Expenses; 
(v)    to the extent not included in Acquisition Expenses, all expenses of whatever nature reasonably incurred and directly connected with the proposed acquisition of any Investment that does not result in the actual acquisition of the Investment, including, without limitation, personnel costs; 
(vi)    expenses other than Acquisition Expenses incurred in connection with the investment of the funds of CWI 1, including, without limitation, business development expenses, costs of retaining industry or economic consultants and finder's fees and similar payments, to the extent not paid by the seller of the Investment or another third party, regardless of whether such expenses were incurred in transactions where a fee is not payable to the Advisor;
(vii)    interest and other costs for borrowed money, including discounts, points and other similar fees;
(viii)    taxes and assessments on income of CWI 1, to the extent paid or advanced by the Advisor, or on Investments and taxes as an expense of doing business;
(ix)    costs associated with insurance required in connection with the business of CWI 1 or by the Directors;
(x)    expenses of managing and operating Investments owned by CWI 1, whether payable to an Affiliate of the Advisor or a non-affiliated Person;
(xi)    fees and expenses of legal counsel for CWI 1;
(xii)    fees and expenses of auditors and accountants for CWI 1;
(xiii)    all expenses in connection with payments to the Directors and meetings of the Directors and Shareholders; 
(xiv)    all expenses in connection with payments to the non-director members of the Investment Committee for CWI 1’s Investments and meetings of the Investment Committee;
(xv)    expenses associated with listing the Shares and Securities on a securities exchange, if requested by the Board;

	
			
	 
	16
	 

	
		
	 
	 

(xvi)    expenses connected with payments of Distributions in cash or otherwise made or caused to be made by the Board to the Shareholders;
(xvii)    expenses of organizing, revising, amending, converting, modifying or terminating CWI 1, the Operating Partnership or their respective governing instruments;
(xviii)    expenses of maintaining communications with Shareholders, including the cost of preparation, printing and mailing annual reports and other Shareholder reports, proxy statements and other reports required by governmental entities; and
(xix)    all other Operating Expenses and other expenses the Advisor incurs in connection with providing services to CWI 1, including reimbursement to the Advisor or its Affiliates for the costs of rent, goods, materials and personnel incurred by them based upon the compensation of the Persons involved and an appropriate share of overhead allocable to those Persons as reasonably determined by the Advisor on a basis approved annually by the Board (including a majority of the Independent Directors).  
(b)    Expenses described in clause (xvii) of Section 10(a) and any other expenses described in Section 10(a) that are shared expenses of CWI 1 and CWI 2, shall be allocated between them based upon the percentage that CWI 1's or CWI 2's, as applicable, total pro rata hotel revenues for the most recently completed quarter represent of the combined total pro rata hotel revenues for such period of CWI 1 and CWI 2, or such other methodology as may be approved by the Board (including a majority of the Independent Directors).  No reimbursement shall be made for the cost of personnel to the extent that such personnel are used in transactions for which the Advisor receives a separate transaction fee.
(c)    Expenses incurred by the Advisor on behalf of CWI 1 and payable pursuant to this Section 10 shall be reimbursed quarterly to the Advisor within 60 days after the end of each quarter, subject to the provisions of Section 13 hereof.  The Advisor shall prepare a statement documenting the Operating Expenses of CWI 1 within 45 days after the end of each quarter.
11.    Other Services.  Should the Board request that the Advisor or any Affiliate, shareholder or employee thereof render services for CWI 1 other than as set forth in Section 3 hereof, such services shall be separately compensated and shall not be deemed to be services pursuant to the terms of this Agreement.
12.    Fidelity Bond.  The Advisor shall maintain a fidelity bond for the benefit of CWI 1, which bond shall insure CWI 1 from losses of up to $5,000,000 and shall be of the type customarily purchased by entities performing services similar to those provided to CWI 1 by the Advisor.
13.    Limitation on Expenses.
(a)    If Operating Expenses during the 12-month period ending on the last day of any fiscal quarter of CWI 1 exceed the greater of (i) two percent of the Average Invested Assets during the same 12-month period or (ii) 25% of the Adjusted Net Income of CWI 1 over the same 12-month period (the "2%/25% Guidelines"), then subject to paragraph (b) of this Section 13, such excess amount shall be the sole responsibility of the Advisor and neither the Operating Partnership nor CWI 1 shall be liable for payment therefor.  CWI 1 may defer the payment or distribution to the Advisor and the Special General Partner of fees, expenses and distributions that would, if paid or distributed, cause Operating Expenses during such 12-month period to exceed the foregoing limitations; provided, however, that in determining which items shall be paid and which may be deferred, priority 

	
			
	 
	17
	 

	
		
	 
	 

will be given to the payment of distributions to the Special General Partner over the payment to the Advisor of amounts due under this Agreement.
(b)    Notwithstanding the foregoing, to the extent that the Advisor becomes responsible for any excess amount as provided in paragraph (a), if a majority of the Independent Directors finds such excess amount or a portion thereof justified based on such unusual and non-recurring factors as they deem sufficient, the Operating Partnership shall reimburse the Advisor in future quarters for the full amount of such excess, or any portion thereof, but only to the extent such reimbursement would not cause the Operating Expenses to exceed the 2%/25% Guidelines in the 12-month period ending on the last day of such quarter.  In no event shall the Operating Expenses payable by the Operating Partnership in any 12-month period ending at the end of a fiscal quarter exceed the 2%/25% Guidelines.
(c)    Within 60 days after the end of any 12‐month period referred to in paragraph (a), the Advisor shall reimburse CWI 1 for any amounts expended by CWI 1 in such 12‐month period that exceeds the limitations provided in paragraph (a) unless the Independent Directors determine that such excess expenses are justified, as provided in paragraph (b), and provided the Operating Expenses for such later quarter would not thereby exceed the 2%/25% Guidelines.
(d)    All computations made under paragraphs (a) and (b) of this Section 13 shall be determined in accordance with GAAP applied on a consistent basis.
(e)    If the Special General Partner receives distributions pursuant to the agreement of limited partnership of the Operating Partnership in respect of realized gains on the disposition of an Investment, Adjusted Net Income, for purposes of calculating the Operating Expenses, shall exclude the gain from the disposition of such Investment.
14.    Other Activities of the Advisor.  
(a)    Subject to the Guidelines, nothing herein contained shall prevent the Advisor from engaging in other activities, including without limitation, direct investment by the Advisor and its Affiliates in assets that would be suitable for CWI 1, the rendering of advice to other investors (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates; nor shall this Agreement limit or restrict the right of the Advisor or any of its Affiliates or of any director, member, officer, employee or shareholder of the Advisor or its Affiliates to engage in any other business or to render services of any kind to any other partnership, corporation, firm, individual, trust or association.  The Advisor may, with respect to any investment in which CWI 1 is a participant, also render advice and service to each other participant therein.  Without limiting the generality of the foregoing, CWI 1 acknowledges that (i) affiliates of the Advisor provide or will provide services to the CPA® REIT funds, (ii) W. P. Carey Inc. owns investments in lodging properties that were not contributed to CWI 1, which it will continue to own and manage, (iii) the Advisor and its Affiliates may provide services to other programs sponsored or managed by W. P. Carey Inc. whether now in existence or formed hereafter, and (iv) W. P. Carey Inc. and its Affiliates may make future investments for their own account.  The Advisor shall be responsible for promptly reporting to the Board the existence of any actual or potential conflict of interest that arises that may affect its performance of its duties under this Agreement.  If the Sponsor, Advisor, Director or Affiliates thereof has or have sponsored other investment programs with similar investment objectives which have investment funds available at the same time as CWI 1, it shall be the duty of 

	
			
	 
	18
	 

	
		
	 
	 

the Advisor to allocate investments in a fair and equitable manner and in accordance with the Guidelines. 
(b)    The Advisor shall be required to use its best efforts to present a continuing and suitable investment program to CWI 1 that is consistent with the investment objectives and policies of CWI 1, but subject to the last sentence of the preceding paragraph, neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular Investment Opportunity to CWI 1 even if the opportunity is of character which, if presented to CWI 1, could be taken by CWI 1.  If an Investment Opportunity is presented to, and rejected by, CWI 1’s Investment Committee, the Advisor shall be free to allocate such Investment Opportunity to itself or to another entity managed by it or its Affiliates.
(c)    Once each quarter, senior representatives of the Advisor will meet with at least a majority of the Independent Directors for the purpose of reviewing the Advisor's compliance with the Guidelines with respect to all Investments allocated among W. P. Carey Inc., CWI 1 and each other REIT and investment program managed by an Affiliate of W. P. Carey Inc. (each, together with its Affiliates, an "Investment Entity," and collectively, the "Investment Entities") during the most recently completed fiscal quarter.  The quarterly review will take place at the regularly scheduled quarterly meeting of the Board of Directors, or at another time and place that are mutually determined by the Advisor and the Independent Directors, and may include representatives of other Investment Entities.  The Advisor will use its best efforts to distribute a report reasonably in advance of each quarterly review meeting containing a list of all Investments allocated to the Investment Entities, the particular Investment Entity to which each Investment was allocated, a brief description of the Investment, the purchase price of each Investment and acquisition fees (if any) paid to the Advisor and its Affiliates in connection with each Investment.  Representatives of the Advisor shall be prepared to discuss each Investment and the reasons for its allocation to particular Investment Entities at the quarterly review meeting.
(d)    The Advisor shall not consent to any material amendment of Section 4(a) of the Subadvisory Agreement without the prior approval of a majority of the Independent Directors.
15.    Relationship of Advisor and CWI 1.  CWI 1 and the Advisor agree that they have not created and do not intend to create by this Agreement a joint venture or partnership relationship between them and nothing in this Agreement shall be construed to make them partners or joint venturers or impose any liability as partners or joint venturers on either of them.
16.    Term; Termination of Agreement.  This Agreement, as amended and restated, shall continue in force until December 31, 2016 or until 60 days after the date on which the Independent Directors shall have notified the Advisor of their determination either to renew this Agreement for an additional one-year period or terminate this Agreement, as required by the Charter.
17.    Termination by CWI 1.  At the sole option of the Board (including a majority of the Independent Directors), this Agreement may be terminated immediately by written notice of termination from CWI 1 to the Advisor upon the occurrence of events which would constitute Cause or if any of the following events occur:
(a)    If the Advisor shall be adjudged bankrupt or insolvent by a court of competent jurisdiction, or an order shall be made by a court of competent jurisdiction for the appointment of a receiver, liquidator, or trustee of the Advisor, for all or substantially all of its property by reason of the foregoing, or if a court of competent jurisdiction approves any petition filed against the Advisor 

	
			
	 
	19
	 

	
		
	 
	 

for reorganization, and such adjudication or order shall remain in force or unstayed for a period of 30 days; or
(b)    If the Advisor shall institute proceedings for voluntary bankruptcy or shall file a petition seeking reorganization under the federal bankruptcy laws, or for relief under any law for relief of debtors, or shall consent to the appointment of a receiver for itself or for all or substantially all of its property, or shall make a general assignment for the benefit of its creditors, or shall admit in writing its inability to pay its debts, generally, as they become due.
Any notice of termination under Section 16 or 17 hereof shall be effective on the date specified in such notice, which may be the day on which such notice is given or any date thereafter.  The Advisor agrees that if any of the events specified in this Section 17(a) or (b) shall occur, it shall give written notice thereof to the Board within 15 days after the occurrence of such event.
18.    Termination by Either Party.  This Agreement may be terminated immediately without penalty (but subject to the requirements of Section 20 hereof) by the Advisor by written notice of termination to CWI 1 upon the occurrence of events which would constitute Good Reason or by CWI 1 without cause or penalty (but subject to the requirements of Section 20 hereof) by action of the Directors, a majority of the Independent Directors or by action of a majority of the Shareholders, in each case upon 60 days' written notice. 
19.    Assignment Prohibition.  This Agreement may not be assigned by the Advisor without the prior written approval of the Board (including a majority of the Independent Directors); provided, however, that such approval shall not be required in the case of an assignment to a corporation, partnership, association, trust or organization which takes over the assets and carries on the affairs of the Advisor, provided: (i) that at the time of such assignment, such successor organization shall be owned substantially by an entity directly or indirectly controlled by the Advisor and only if such entity has a net worth of at least $5,000,000, and (ii) that the board of directors of the Advisor shall deliver to the Board a statement in writing indicating the ownership structure and net worth of the successor organization and a certification from the new Advisor as to its net worth.  Such an assignment shall bind the assignees hereunder in the same manner as the Advisor is bound by this Agreement.  The Advisor may assign any rights to receive fees or other payments under this Agreement without obtaining the approval of the Board.  This Agreement may not be assigned by CWI 1 or the Operating Partnership without the prior written consent of the Advisor except in case of an assignment to a corporation or other organization which is a successor to CWI 1 or the Operating Partnership, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as CWI 1 or the Operating Partnership is bound by this Agreement.  
20.    Payments to and Duties of Advisor Upon Termination.
(a)    After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder, but shall be entitled to receive from CWI 1 the following:
(i)    all unpaid reimbursements of Organization and Offering Expenses and of Operating Expenses payable to the Advisor;
(ii)    all earned but unpaid Asset Management Fees payable to the Advisor prior to the Termination Date;
(iii)    all earned but unpaid Acquisition Fees payable to the Advisor relating to the acquisition of any Property prior to the Termination Date;

	
			
	 
	20
	 

	
		
	 
	 

(iv)    all earned but unpaid Disposition Fees payable to the Advisor relating to the sale of any Investment prior to the Termination Date; and
(v)    all earned but unpaid Property Management Fees and Loan Refinancing Fees, if any, payable to the Advisor or its Affiliates relating to the management of any property prior to the termination of this Agreement.
(b)    Notwithstanding the foregoing, if this Agreement is terminated by CWI 1 for Cause, or by the Advisor for other than Good Reason, the Advisor will not be entitled to receive the sums in Clauses 20(a)(ii) through (v) above.
(c)    Any and all amounts payable to the Advisor pursuant to Section 20(a) hereof that, irrespective of the termination, were payable on a current basis prior to the Termination Date either because they were not subordinated or all conditions to their payment had been satisfied, shall be paid within 90 days after the Termination Date.  All other amounts shall be paid in a manner determined by the Board, but in no event on terms less favorable to the Advisor than those represented by a note (i) maturing upon the liquidation of CWI 1 or the Operating Partnership or three years from the Termination Date, whichever is earlier, (ii) with no less than twelve equal quarterly installments and (iii) bearing a fair, competitive and commercially reasonable interest rate (the "Note").  The Note, if any, may be prepaid by the Operating Partnership at any time prior to maturity with accrued interest to the date of payment but without premium or penalty.  Notwithstanding the foregoing, any amounts that relate to Investments (A) shall be an amount which provides compensation to the Advisor only for that portion of the holding period for the respective Investments during which the Advisor provided services to CWI 1, (B) shall not be due and payable until the Property, Loan or Other Permitted Investment Asset to which such amount relates is sold or refinanced, and (C) shall not bear interest until the Property, Loan or Other Permitted Investment Asset to which such amount relates is sold or refinanced.  A portion of the amount shall be paid as each Investment owned by CWI 1 on the Termination Date is sold.  The portion of such amount payable upon each such sale shall be equal to (X) such amount multiplied by (Y) the percentage calculated by dividing the fair value (at the Termination Date) of the Investment sold by CWI 1 divided by the total fair value (at the Termination Date) of all Investments owned by CWI 1 on the Termination Date.
(d)    The Advisor shall promptly upon termination:
(i)    pay over to the Operating Partnership all money collected and held for the account of CWI 1 pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled;
(ii)    deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board;
(iii)    deliver to the Board all assets, including the Properties, Loans, and Other Permitted Investment Assets, and documents of CWI 1 then in the custody of the Advisor; and
(iv)    cooperate with CWI 1 to provide an orderly management transition.

	
			
	 
	21
	 

	
		
	 
	 

21.    Non-Solicitation and Non-Hire Following Termination.  None of CWI 1 or any of its Affiliates will, for a period of 24 months after the termination of this Agreement for any reason, solicit for employment or employ, solicit for engagement or engage, including as an advisor, subadvisor, consultant or independent contractor, (i) any officer, director or management employee, or any other employee with whom CWI 1 or its Affiliates came into contact in connection with the services to be provided under this Agreement and the Subadvisory Agreement, in each case of the Advisor or the Subadvisor or any of their respective Affiliates (each a "Restricted Person") or (ii) any Affiliate of a Restricted Person.
22.    Indemnification by CWI 1 and the Operating Partnership.  Neither CWI 1 nor the Operating Partnership shall indemnify the Advisor or any of its Affiliates for any loss or liability suffered by the Advisor or the Affiliate, or hold the Advisor or the Affiliate harmless for any loss or liability suffered by CWI 1, except as permitted under Section 7 hereof. 
23.    Indemnification by Advisor.  The Advisor shall indemnify and hold harmless CWI 1 and the Operating Partnership from liability, claims, damages, taxes or losses and related expenses including attorneys' fees, to the extent that such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance and are incurred by reason of the Advisor's bad faith, fraud, willful misfeasance, misconduct, negligence or reckless disregard of its duties.
24.    Joint and Several Obligations.  Any obligations of CWI 1 shall be construed as the joint and several obligations of CWI 1 and the Operating Partnership, unless otherwise specifically provided in this Agreement.
25.    Notices.  Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication is accepted by the party to whom it is given, and shall be given by being delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth herein:

	
			
	 
	22
	 

	
		
	 
	 

	
		
	To the Board 
and to CWI 1:
	Carey Watermark Investors Incorporated
50 Rockefeller Plaza 
New York, NY 10020

	 
	 

	To the Operating Partnership:
	c/o Carey Watermark Investors Incorporated
50 Rockefeller Plaza 
New York, NY 10020

	 
	 

	To the Advisor:
	Carey Lodging Advisors, LLC
50 Rockefeller Plaza 
New York, NY 10020

With a copy to:
Carey Asset Management Corp.  
50 Rockefeller Plaza 
New York, NY 10020 and

During the term of the Subadvisory Agreement, with a copy to:

CWA, LLC
c/o Watermark Capital Partners, LLC
272 East Deerpath Road, Suite 320
Lake Forest, IL 60045

	 
	 

Either party may at any time give notice in writing to the other party of a change in its address for the purposes of this Section 25.
26.    Modification.  This Agreement shall not be changed, modified, terminated or discharged, in whole or in part, except by an instrument in writing signed by both parties hereto, or their respective successors or assignees.
27.    Severability.  The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part.
28.    Construction.  This Agreement shall be governed by, construed and enforced in accordance with the laws of the State of New York.
29.    Entire Agreement.  This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof.  The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof.  This Agreement may not be modified or amended other than by an agreement in writing.
30.    Indulgences, Not Waivers.  Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege 

	
			
	 
	23
	 

	
		
	 
	 

with respect to any other occurrence.  No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.
31.    Gender.  Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires.
32.    Titles Not to Affect Interpretation.  The titles of Sections and subsections contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof.
33.    Execution in Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument.  This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.
34.    Initial Investment.  The Advisor has contributed to CWI 1 $200,000 in exchange for 22,222 Shares (the "Initial Investment").  The Advisor or its Affiliates may not sell any of the Shares purchased with the Initial Investment during the term of this Agreement.  The restrictions included above shall not continue to apply to any Shares other than the Shares acquired through the Initial Investment acquired by the Advisor or its Affiliates.  The Advisor shall not vote any Shares it now owns or hereafter acquires in any vote for the election of Directors or any vote regarding the approval or termination of any contract with the Advisor or any of its Affiliates.

	
			
	 
	24
	 

	
		
	 
	 

IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Advisory Agreement as of the day and year first above written.
	
		
	CAREY WATERMARK INVESTORS INCORPORATED

	By:
	/s/ Susan C. Hyde

	 
	Name:   Susan C. Hyde

	 
	Title:   Managing Director and Secretary

	
		
	CWI OP, LP
By:  CAREY WATERMARK INVESTORS INCORPORATED, its general partner

	By:
	/s/ Hisham A. Kader

	 
	Name:    Hisham A. Kader

	 
	Title:   Chief Financial Officer and Chief Accounting Officer

	
		
	CAREY LODGING ADVISORS, LLC
By: CAREY ASSET MANAGEMENT CORP., its sole member

	By:
	/s/ Thomas E. Zacharias

	 
	Name:   Thomas E. Zacharias

	 
	Title:   Managing Director and Chief Operating Officer

	
			
	 
	25
	 

	
		
	 
	 

SCHEDULE A
Investment Allocation Guidelines

CWI 1 invests primarily in lodging and lodging related assets. CWI 1's investment objectives and investment strategy are set forth in its public filings with the Securities and Exchange Commission and are subject to change from time to time with the approval of the Board.
The Advisor shall consider the following factors, together with such other factors as it deems relevant in the exercise of its reasonable judgment, when deciding how to allocate Investment Opportunities between CWI 1, on the one hand, and the Advisor and its Affiliates and other entities managed by the Advisor and its Affiliates in a fair and equitable manner
		
	•
	whether an entity is still in its fundraising and acquisition stage, or has substantially invested the proceeds from its fundraising stage;

		
	•
	the amount of funds available for investment by an entity and the length of time that such funds have been available for investment;

		
	•
	the effect of the Investment on the diversification of an entity's portfolio;

		
	•
	the effect of the Investment on the profile of an entity's mortgage maturity profile;

		
	•
	the ability of an entity to service any debt associated with the Investment;

		
	•
	the effect of the Investment on the ability of the entity to comply with any restrictions on investments and indebtedness contained in the Investment Entity's governing documents and public SEC filings, in any contract or in any law or regulation applicable to the Investment Entity;

		
	•
	whether an entity was formed for the purpose of making a particular type of investment;

		
	•
	the financial attributes of the Investment;

		
	•
	the future capital expenditures and other investments planned for the Investment;

		
	•
	the effect of the Investment on the Investment Entity's intention to qualify as a REIT, partnership or other type of entity for tax purposes; and

		
	•
	the effect of the Investment on an Investment Entity's intention not to be subject to regulation under the Investment Company Act of 1940, as amended.

The Advisor and the Subadvisor shall make investment allocation decisions without regard to the relative fees or other compensation that would be paid to the Advisor or the Subadivisor and their respective Affiliates in connection with the applicable Investments.

	
			
	 
	26
	 

	
		
	 
	 

SCHEDULE B
This Schedule B sets forth the terms governing any Shares issued by CWI 1 to the Advisor in payment of advisory fees set forth in the Agreement.  Capitalized terms used herein and not defined herein shall have the meanings ascribed to them in the Agreement.
1.  Restrictions.  The Shares are subject to vesting over a five-year period.  The Shares shall vest ratably over a five-year period with 20% of the Shares paid in each payment vesting on each of the first through fifth anniversary of the date hereof.  Prior to the vesting of the ownership of the Shares in the Advisor, the Shares may not be transferred by the Advisor.
2.  Immediate Vesting.  Upon the expiration or termination of the Agreement for any reason other than a termination for Cause under Section 17 of the Agreement or upon a "Change of Control" of CWI 1 (as defined below), all Shares granted to the Advisor pursuant to Section 9(g) of the Agreement shall vest immediately and all restrictions shall lapse.  For purposes of this Schedule B, a "Change of Control" of CWI 1 shall be deemed to have occurred if there has been a change in the ownership of CWI 1 of a nature that would be required to be reported in response to the disclosure requirements of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), as enacted and in force on the date hereof, whether or not CWI 1 is then subject to such reporting requirements; provided, however, that, without limitation, a "Change of Control" shall be deemed to have occurred if:
(i)    any "person," as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than CWI 1, any of its subsidiaries, any trustee, fiduciary or other person or entity holding securities under any employee benefit plan of CWI 1 or any of its subsidiaries), together with all "affiliates" and "associates" (as such terms are defined in Rule 14b-2 under the Exchange Act) of such person, shall become the "beneficial owner" (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of CWI 1 representing 25 % or more of either (A) the combined voting power of CWI 1’s then outstanding securities having the right to vote in an election of the Board ("Voting Securities") or (B) the Shares then outstanding (in either such case other than as a result of acquisition of securities directly from CWI 1);
(ii)    persons who, as of the date hereof, constitute the Board (the "Incumbent Directors") cease for any reason, including without limitation, as a result of a tender offer, proxy contest, merger or similar transaction, to constitute at least a majority of the Board, provided that any person becoming a director of CWI 1 subsequent to the date hereof whose election or nomination for election was approved by a vote of at least a majority of the Incumbent Directors shall be considered an Incumbent Director; or
(iii)    the stockholders of CWI 1 shall approve (A) any consolidation or merger of CWI 1 or any subsidiary where the stockholders of CWI 1, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, shares representing in the aggregate 50 % or more of the voting equity of the entity issuing cash or securities in the consolidation or merger (or of its ultimate parent entity, if any), (B) any sale, lease, exchange or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of CWI 1 or (C) any plan or proposal for the liquidation or dissolution of CWI 1.

	
			
	 
	27
	 

	
		
	 
	 

Notwithstanding the foregoing, a Change of Control shall not be deemed to have occurred for purposes of the foregoing clause (i) solely as the result of an acquisition of securities by CWI 1 which, by reducing the number of Shares outstanding, increases (A) the proportionate number of Shares beneficially owned by any person to 25% or more of the Shares then outstanding, or (B) the proportionate voting power represented by the Shares beneficially owned by any person to 25% or more of the combined voting power of all then outstanding Voting Securities; provided, however, that if any person referred to in clause (A) or (B) of this sentence shall thereafter become the beneficial owner of any additional Shares or other Voting Securities (other than pursuant to a Share split, Share dividend, or similar transaction), then a Change of Control shall be deemed to have occurred for purposes of the foregoing clause (i). 
3.  Exception.  Notwithstanding anything else in the Agreement to the contrary, the Shares shall continue to vest according to the vesting schedule in this Schedule B regardless of:  (a) the expiration of the Agreement for any reason other than a termination by CWI 1 for Cause or a resignation by the Advisor for other than Good Reason, (b) the merger of CWI 1 and an Affiliate of CWI 1, or (c) any Change of Control of CWI 1 in connection with a merger of CWI 1 with an Affiliate of CWI 1.

	
			
	 
	28EX-4.3

 Exhibit 4.3 

VOYA FINANCIAL, INC. 

EMPLOYEE STOCK PURCHASE PLAN 
 I.
Purpose 
 The purpose of the Voya Financial, Inc. Employee Stock Purchase Plan is to provide eligible employees of the Company and its
designated subsidiaries who wish to become shareholders in the Company with a convenient method of purchasing Shares through payroll deductions. The Plan is intended to qualify as an “employee stock purchase plan” under Section 423 of the
Code and the Plan shall be interpreted in a manner consistent with that intent. 
 II. Definitions 

(a) “Account” means an account for the benefit of a Participant comprised of two subaccounts. The first subaccount shall be
maintained by the Company for the purpose of recording and crediting deductions from the Participant’s paycheck to purchase Shares. The funds allocated to the first subaccount shall remain the property of the Participant at all times but may be
commingled with the funds of other Participants or the Company. The second subaccount shall be maintained by the Custodian for the purpose of recording and crediting the Shares purchased for such Participant. 

(b) “Board” means the Board of Directors of the Company, as constituted from time to time. 

(c) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and all regulations, interpretations and
administrative guidance issued thereunder. 
 (d) “Committee” means the Compensation and Benefits Committee of the Board, unless
otherwise determined by the Board. 
 (e) “Common Stock” means the common stock of the Company, par value $0.01 per share. 

(f) “Company” means Voya Financial, Inc., a Delaware corporation, including any successor thereto. 

(g) “Compensation” means a Participant’s base salary, wages, annual bonuses, commissions, overtime pay, cash payments for
incentive compensation and other special cash payments, except to the extent that any such item is specifically excluded by the Committee. “Compensation” does not include sign-on bonuses, severance payments, car allowances, income received
in connection with stock options or other equity-based awards, relocation expenses, moving expenses, travel or business expenses, housing allowances or any other payment which could be considered as reimbursement for expenses, payment for vacation
or paid-time off balances at termination, imputed income from life insurance, or non-cash compensation. 

 (h) “Contribution” means amounts withheld by the Company, or a Subsidiary of the
Company, from the Compensation of a Participant through payroll deductions under and in accordance with Section 7 of the Plan. 
 (i)
“Custodian” means the party or parties appointed by the Committee pursuant to Section 4 of the Plan. 
 (j) “Designated
Subsidiary” means (1) each Subsidiary listed on Annex A hereto; and (2) any additional Subsidiary that has been designated by the Committee from time to time in its sole discretion as eligible to have its employees participate in the Plan
with respect to one or more Offering Periods. 
 (k) “Eligible Employee” in respect of any Offering, means any individual (1) who
is a salaried or hourly employee of the Company or any of its Designated Subsidiaries, whether such employee is so employed at the time the Plan is adopted or becomes so employed subsequent to the adoption of the Plan, prior to the Offering
Commencement Date, (2) who customarily works more than twenty (20) hours per week (or such lesser period of time as may be determined by the Committee in its discretion), and (3) who customarily works more than five (5) months per calendar year (or
such lesser period of time as may be determined by the Committee in its discretion); provided, that (x) “highly compensated employees” of the Company or a Designated Subsidiary (within the meaning of Section 414(q) of the Code) or a subset
thereof in accordance with U.S. Treasury Regulation Section 1.423-2(e)(2)(ii) may be excluded from participation in an Offering in the Committee’s discretion and (y) employees who are citizens or residents of a non-U.S. jurisdiction (without
regard to whether they also are citizens or residents of the United States or resident aliens (within the meaning of Section 7701(b)(1)(A) of the Code)) may be excluded from participation in the Plan or an Offering if the participation of such
employees is prohibited under the laws of the applicable jurisdiction or if complying with the laws of the applicable jurisdiction would cause the Plan or an Offering to violate Section 423 of the Code. For purposes of the Plan, the employment
relationship shall be treated as continuing intact while the individual is on an approved leave of absence; provided, that where the period of leave exceeds 89 days and the individual’s right to reemployment is not guaranteed either by statute
or by contract, the employment relationship shall be deemed to have terminated on the 90th day of such leave. 
 (l) “Fair Market
Value” means, as of any given date, the closing price of the Company’s Common Stock on the principal exchange on which the Common Stock is then listed or admitted to trading on the Trading Day immediately preceding such date. In the event
that such price is not available, then the Fair Market Value of the Common Stock will be determined by the Committee in good faith, taking into account the most recent trading price of the Common Stock on the principal exchange on which the Common
Stock is then listed or admitted to trading, and such determination will be conclusive. 
 (m) “Hardship” means the occurrence of
one or more of the following events as determined by the Committee in its discretion (a) a death within the Participant’s immediate family; (b) extraordinary medical expenses for one or more members of the Participant’s immediate family
which are not covered by insurance programs sponsored by the Company; (c) the education costs of one or more of the Participant’s immediate family; (d) the purchase or 

  
 2 

 
renovation of a principal place of residence of the Participant; or (e) such other financing emergency needs as may be approved by the Company on a uniform and nondiscriminatory basis. 

(n) “Offering” means an offer under the Plan of a Purchase Right that may be exercised during an Offering Period as further
described in Section 8. For purposes of the Plan, the Committee may designate separate Offerings under the Plan in which Eligible Employees of the Company and/or one or more Designated Subsidiaries will participate even if the dates of the
applicable Offering Periods of each such Offering are identical, and the provisions of the Plan will separately apply to each Offering. To the extent permitted by U.S. Treasury Regulation Section 1.423-2(a)(1), the terms of each Offering need not be
identical provided that the terms of the Plan and an Offering together satisfy U.S. Treasury Regulation Section 1.423-2(a)(2) and (a)(3). 

(o) “Offering Commencement Date” means February 15 and August 15 of each year following effectiveness of the Plan. Different dates
may be set by resolution of the Committee. On each such date, the Company shall commence an Offering by granting each Participant a Purchase Right. Each Purchase Right so granted shall be exercisable for the number of Shares described in Section
8(a) herein, and shall be exercisable only on the Purchase Date. 
 (p) “Offering Period” means a six-month period commencing with
an Offering Commencement Date, during which Participants accrue funds in their Accounts. The Committee shall have the power to change the duration and/or the frequency of the Offering Periods under the Plan with respect to future Offerings and shall
use its best efforts to notify Eligible Employees of any change at least fifteen (15) days prior to the scheduled beginning of the first Offering Period to be affected. In no event shall any Purchase Right granted hereunder be exercisable more than
twenty-seven (27) months after its date of grant. 
 (q) “Participant” means an Eligible Employee who has enrolled as a
participant in accordance with Section 7 of the Plan and whose participation has not terminated under Section 9 hereof. 
 (r)
“Plan” means this Voya Financial, Inc. Employee Stock Purchase Plan, as it may be amended from time to time. 
 (s) “Purchase
Date” means the last day of each Offering Period, provided that if such day is not a Trading Day, the Purchase Date shall instead be the first Trading Day immediately following the last day of such Offering Period. On this date, the
funds in the Participant’s Account shall be used to purchase Shares pursuant to the Plan. 
 (t) “Purchase Right” means an
option granted to a Participant pursuant to the Plan to purchase Shares as provided in Section 8. 
 (u) “Share” means a
share of Common Stock. 
 (v) “Subsidiary” means a “subsidiary corporation” of the Company, whether now or hereafter
existing, as defined in Section 424(f) of the Code. 

  
 3 

 (w) “Trading Day” means any day on which the principal exchange on which the Common
Stock is then listed or admitted to trading is open for trading. 
 III. Shares Subject to the Plan 

(a) Number Available. The maximum number of Shares that will be offered under the Plan is 7,000,000 (subject to adjustment pursuant
to Section 3(d) hereof). 
 (b) Character of Shares to be Issued. Shares sold under the Plan may be authorized and unissued Shares,
treasury Shares or Shares acquired on the open market. 
 (c) Insufficient Number of Shares Available. If the Committee
determines that, on a given Purchase Date, the number of Shares with respect to which Purchase Rights are to be exercised may exceed the number of Shares available for sale under the Plan on such Purchase Date, the Committee may in its sole
discretion provide that the Company shall make a pro rata allocation of the Shares available for purchase on such Purchase Date in as uniform a manner as shall be practicable and as it shall determine in its sole discretion to be equitable among all
Participants exercising Purchase Rights to purchase Shares on such Purchase Date. 
 (d) Adjustments Upon Changes in
Capitalization. Subject to any required action by the shareholders of the Company, the maximum number of Shares which shall be made available for sale under the Plan, the maximum number of Shares each Participant may purchase during each
Offering Period (subject to the limitations set forth in Sections 5(b) and 8(a)), as well as the price per Share and the number of Shares covered by each Purchase Right under the Plan which has not yet been exercised shall be proportionately
adjusted for any increase or decrease in the number of issued Shares resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of the Shares, or any other change in the number of Shares effected without
receipt of consideration by the Company, provided, however, that conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.” Such adjustment shall be made by
the Committee, whose determination in that respect shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class,
shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of Shares subject to a Purchase Right. 

(e) Adjustments Upon Merger, Asset Sale, Dissolution or Liquidation. In the event of a proposed sale of all or substantially all of the
assets of the Company, the proposed merger of the Company with or into another corporation, or any other corporate event described in Section 424 of the Code, arrangements shall be made for each outstanding Purchase Right to be assumed or an
equivalent Purchase Right substituted by the successor corporation or an affiliate of the successor corporation. In the event that such a successor corporation refuses to assume or substitute for the Purchase Rights, or in the event of the proposed
dissolution or liquidation of the Company, in each case unless provided otherwise by the Committee, the Offering Period then in progress shall be shortened by setting a new Purchase Date (the “New Purchase Date”), which shall be before the
date of consummation of the proposed merger, asset sale, dissolution or liquidation. The Committee shall notify each Participant in writing, at least ten (10) days, or 

  
 4 

 
such longer or shorter period as the Committee may determine, prior to the New Purchase Date that the Purchase Date for the Participant’s Purchase Right has been changed to the New Purchase
Date and that the Participant’s Purchase Right shall be exercised automatically on the New Purchase Date unless prior to such date the Participant has withdrawn from the Offering Period pursuant to Section 9 hereof. 

IV. Administration 
 (a) Powers of the
Committee. The Committee acting in its absolute discretion shall have the power to interpret the Plan and to take, or authorize one or more of its members or one or more of the Company’s officers or employees to take, such actions in the
administration and operation of this Plan as are expressly called for in the Plan or as the Committee deems equitable under the circumstances, including, without limitation, correcting any defect or supplying any omission or reconciling any
inconsistency or ambiguity in the Plan, or adopting sub-plans applicable to particular Designated Subsidiaries or locations, which sub-plans may be designed to be outside the scope of Section 423 of the Code. All such actions by the Committee or its
authorized designee shall to the fullest extent permitted by law be final and binding upon all interested persons and their respective heirs, successors, and legal representatives. 

(b) Custodians. The Committee may from time to time appoint one or more Custodians for the Plan to (i) hold all Shares purchased
under the Plan, (ii) maintain a separate account in the name of each Participant, to which payroll deductions made for such Participant pursuant to Section 7 hereof and Shares purchased on such Participant’s behalf pursuant to Section 8 hereof
shall be credited, (iii) provide Participants, at least annually, with statements of their respective Accounts and (iv) perform such other functions as the Committee shall specify. 

(c) No Liability. No member of the Committee shall be liable for any action, omission or determination relating to the Plan, and the
Company shall indemnify and hold harmless each member of the Committee, and each other director or employee of the Company to whom any duty or power relating to the administration or interpretation of the Plan has been delegated, against any cost,
expense (including reasonable attorneys’ fees) or liability arising out of any action, omission or determination relating to the Plan, unless, in either case, such action, omission or determination was taken or made by such Committee member,
director or employee in bad faith and without reasonable belief that it was in the best interests of the Company. 
 V. Eligibility 

(a) Employees. Subject to Section 2(n), any Eligible Employee on a given Offering Commencement Date shall be eligible to
participate in an Offering. 
 (b) Restrictions on Amount of Stock Which May be Purchased. Notwithstanding any provision of the
Plan to the contrary, no Eligible Employee shall be granted a Purchase Right under the Plan (i) if, immediately after the grant, such Eligible Employee would own stock and/or hold outstanding options to purchase stock representing five percent (5%)
or more of the total combined voting power or value of all classes of stock of the Company or any Subsidiary of the Company (including stock attributed to such Eligible Employee pursuant to Section 424(d) of the Code); or (ii) which permits such
Eligible Employee’s right to purchase stock under the Plan 

  
 5 

 
and any other “employee stock purchase plan” (within the meaning of Section 423 of the Code) of the Company and any Subsidiary to accrue at a rate which exceeds $25,000 of Fair Market
Value of such stock (determined at the time such Purchase Right is granted, which is the Offering Commencement Date of the Offering to which it relates) for any calendar year in which such Purchase Right would be outstanding at any time. Any amounts
received from an Eligible Employee which cannot be used to purchase stock as a result of any of the foregoing limitations will be returned to the Eligible Employee as soon as practicable, without interest. 

VI. Offerings and Plan Expiration 
 (a)
Subject to the Company’s right to change the duration, frequency, and start and end dates of the Offering Periods as described in the Plan, (i) there will be two semi-annual consecutive Offerings each year under the Plan; (ii) Offerings
shall commence on the first Offering Commencement Date to occur in 2016 and then on each subsequent Offering Commencement Date until the Plan terminates; and (iii) the final Offering under the Plan shall commence on the final Offering Commencement
Date to occur in 2026 and terminate on the Purchase Date with respect to final Offering, which date shall be the expiration date of the Plan unless earlier terminated pursuant to the terms hereof. 

(b) Participation in one Offering under the Plan shall neither limit, nor require, participation in any other Offering. Unless the Participant
withdraws from the Plan, or his or her participation in the Plan otherwise terminates as provided in Section 9, participation shall carry over from one Offering Period to the next, until the end of the final Offering. 

VII. Election to Participate, Enrollment and Payroll Deductions 

(a) An Eligible Employee may become a Participant by completing an enrollment agreement provided by the Company and filing it with the Company
pursuant to such process as determined by the Company at least fifteen (15) days prior to the Offering Commencement Date of the Offering to which it relates. At that time, the Eligible Employee shall elect to have deductions made from his or her
Compensation on each payday during the time the Eligible Employee is a Participant in an Offering, at the rate of between one percent (1%) and 20 percent (20%) (in increments of one percent only) of the Eligible Employee’s Compensation, as
specified by the Eligible Employee in his or her enrollment agreement. Each enrollment agreement completed and submitted by a Participant shall remain in effect for successive Offering Periods to the extent the Participant’s participation has
not been terminated as provided in Section 9 hereof, and payroll deductions authorized thereby shall continue to be made, until either the Participant duly completes and submits a new enrollment agreement or the Participant’s participation is
terminated as provided in Section 9 hereof. 
 (b) Payroll deductions for a Participant shall commence as of the Offering Commencement Date
and shall end on the last day of such Offering Period, unless earlier terminated by the Participant as provided in Section 9 hereof. 
 (c)
All payroll deductions made for a Participant shall be credited to the Participant’s Account under the Plan. No interest will be earned on such payroll deductions. A Participant may neither make any separate cash payment into his or her Account
nor may payment for Shares be made other than by payroll deduction. 

  
 6 

 (d) A Participant may discontinue participation in the Plan as provided in Section 9, but no
other change can be made during an Offering Period and, specifically, a Participant may not alter the rate of the Participant’s payroll deductions for that Offering Period. 

(e) To the extent a Participant remains an Eligible Employee of the Company, such Participant may modify the information set forth in his/her
enrollment agreement (including the rate of the Participant’s payroll deductions for Contributions) at any time and from time to time by submitting a new enrollment agreement to the Company, which will become effective with the first Offering
Commencement Date after receipt thereof by the Company or, if such new agreement is received less than fifteen (15) days before the Offering Commencement Date, then effective with the next following Offering Commencement Date. 

VIII. Purchase of Shares 
 (a) Number
of Purchase Rights. Subject to Section 5(b), on each Offering Commencement Date for an Offering, the Company shall be deemed to have granted to each Eligible Employee who was a Participant on such day a Purchase Right to buy as many Shares as
the Participant would be able to buy with the Contributions credited to the Participant’s Account during the Offering Period for such Offering, up to a maximum whole number of Shares of 1,500. The Committee may, for future Offerings, increase
or decrease, in its absolute discretion, the maximum number of shares of the Company’s Common Stock an Eligible Employee may purchase during each Offering. 

(b) Exercise Of Purchase Right. On the Purchase Date, each Participant shall be deemed to have exercised the Purchase Right
granted by Section 8(a), and shall be deemed to have purchased, at the purchase price determined in accordance with Section 8(c) hereof, the maximum number of whole Shares reserved for the purpose of the Plan as the Contributions credited to the
Participant’s Account during the Offering Period in which the Purchase Date occurs will pay for. No fractional Shares shall be purchased. Any payroll deductions accumulated in a Participant’s Account which are not sufficient to purchase a
full share shall be retained in the Participant’s Account for the subsequent Offering Period, subject to earlier withdrawal by the Participant as provided in Section 9 hereof. Any other funds left over in a Participant’s Account after the
Purchase Date will be returned to the Participant, without interest. 
 (c) Purchase Price. The purchase price per share on any
Purchase Date shall be ninety-five percent (95%) of the Fair Market Value on the Purchase Date; provided that, prior to the beginning of any Offering Period, the Committee may alternatively provide that the purchase price shall be any
percentage in the range between eighty-five percent (85%) to one hundred percent (100%) of the Fair Market Value, and may further determine that such purchase price shall relate to the lower of the Fair Market Value on the Offering Commencement Date
or the Purchase Date. 
 (d) Evidence of Stock Ownership. Promptly following the end of each Offering Period, subject to Section 8(e)
below, the number of Shares purchased by each Participant on the Purchase Date shall be deposited into an Account established in the Participant’s name with the Custodian. The Custodian shall provide a quarterly statement to each Participant
showing all the transactions in the Participant’s Account, and the number of Shares in such Account. 

  
 7 

 (e) Sale of Shares. A Participant shall be permitted to sell any Shares purchased
pursuant to an Offering at any time; provided that, prior to the commencement of an Offering, the Committee may alternatively provide that no Participant shall be permitted to sell any Shares purchased pursuant to such Offering until the
earliest of (i) the later of the first anniversary of the Purchase Date on which the Shares were purchased and the second anniversary of the date of grant of the Purchase Right pursuant to which such Shares were purchased; (ii) the
Participant’s death; and (iii) the date on which the Participant presents proof satisfactory to the Company that he or she has either become disabled within the meaning of Section 22(e)(3) of the Code or needs such Shares on account of
Hardship, and the Company, in its discretion, shall, or shall cause the Custodian to, either issue (either in certificated form or in book entry) Shares purchased pursuant to such Offering with a legend indicating that they are non-transferable
except as indicated in this Section 8(e) (and then shall reissue such shares without the restrictive legend once any of the events listed at (i), (ii) or (iii) has occurred) or hold such Shares in escrow pending their release to the Participant (or,
if the participating employee has died, to his or her estate). Each Participant agrees to promptly give the Company notice of any disposition of Shares purchased hereunder where such disposition occurs within two years after the date of grant
of the Purchase Right pursuant to which such shares were purchased or within one year after the Purchase Date on which such shares were purchased. Subject to this Section 8(e), following receipt of a request to sell Shares, the Custodian shall,
subject to the Company’s policies then in effect (including without limitation its policies regarding insider trading and trading windows then in effect) and applicable law and unless otherwise agreed to between the Custodian and the
Participant, make such sale for the Participant on the next Trading Day or as soon thereafter as practicable. 
 IX. Termination of Participation

 (a) Termination of Participation. A Participant’s participation in the Plan shall continue until the earliest of: (i) such
time as the Participant notifies the Company in writing that the Participant wishes to withdraw from the Plan and such withdrawal becomes effective, in accordance with Section 9(b) hereof; (ii) the date of the Participant’s separation of
employment from the Company or any of its Subsidiaries, provided that such separation occurs at least 89 days before the Purchase Date immediately following the date of such separation; (iii) such time as the Participant no longer meets the
requirements of an Eligible Employee; and (iv) the termination of the Plan. Following the termination of a Participant’s participation in the Plan, the Participant’s payroll deductions shall cease, and all amounts then credited to the
Participant’s Account with respect to each then-current Offering shall be distributed to the Participant, without interest. 
 (b)
Withdrawal by Participant. A Participant may withdraw from an Offering, in whole but not in part, at any time prior to the last Trading Day of such Offering, by delivering a new enrollment agreement to the Company. A withdrawal will
be effective only if it is received by the Company at least fifteen (15) calendar days before the proposed date of withdrawal, provided that the Committee, in its discretion, may specify (on a uniform and nondiscriminatory basis) an earlier or later
deadline for the submission of enrollment forms. When a withdrawal 

  
 8 

 
becomes effective, the Participant’s payroll deductions shall cease, and all amounts then credited to the Participant’s Account with respect to such Offering shall be distributed to the
Participant, without interest. A Participant’s withdrawal from an Offering Period shall not have any effect upon his or her eligibility to participate in any similar plan which may hereafter be adopted by the Company or in succeeding Offering
Periods which commence after the termination of the Offering Period from which the Participant withdraws. 
 (c) Change in Designated
Subsidiary Status. If before the last Trading Day of the Offering Period, the Designated Subsidiary by which a Participant is employed ceases to be a Subsidiary of the Company, or if the Participant is transferred to a Subsidiary of the Company
that is not a Designated Subsidiary, that Participant shall be deemed to have ceased to be an Eligible Employee, and the Participant’s payroll deductions shall cease, and all amounts then credited to the Participant’s Account with respect
to each then-current Offering shall be distributed to the Participant, without interest. 
 (d) Re-entry. To re-enter the Plan
as a Participant, an Eligible Employee must complete and deliver to the Company a new enrollment agreement, in accordance with Section 7 hereof, which will apply to the next Offering that has not yet commenced. 

(e) Rights Not Transferable. No Eligible Employee shall be permitted to sell, assign, transfer, pledge, or otherwise dispose of or
encumber either the payroll deductions credited to such Eligible Employee’s Account or any rights with regard to the exercise of a Purchase Right to purchase Shares under the Plan. If any such action is taken by the Eligible Employee, or any
claim is asserted by any other person in respect of such right and interest, whether by garnishment, levy, attachment or otherwise, such action or claim will be treated as an election to withdraw from the Plan. 

(f) Death. In the event of the death of the Participant, the amount of payroll deductions not theretofore invested shall be refunded to
the Participant’s estate, without interest, such payment to be made as soon as practicable. 
 X. Rights as a Shareholder 

(a) Rights Prior to Purchase. No Participant shall have any rights as a shareholder with respect to any Shares until the Shares
have been purchased in accordance with Section 8 of the Plan. 
 (b) Rights After Purchase. Subject to Section 8(e), from and after
the Purchase Date on which Shares are purchased on behalf of a Participant under the Plan, such Participant shall have all of the rights and privileges of a shareholder of the Company with respect to such Shares, provided such Shares must remain in
the Participant’s Account until such time as the Participant directs the sale of such Shares. 
 (c) Limitations. No action
of the Company or of the Board in establishing the Plan, nor any action taken by the Company, any Designated Subsidiary, the Board or the Committee or its delegates under the Plan, nor any provision of the Plan, shall be construed as conferring upon
any Eligible Employee any right to continued employment for any period by the Company or any of its Subsidiaries, or shall interfere in any way with the right of the Company or any Subsidiary to terminate such employment. 

  
 9 

 XI. Amendment or Termination of the Plan 

The Board at any time and from time to time may modify, amend, suspend or terminate the Plan or any part hereof, without notice, provided that
no amendment that requires stockholder approval in order to comply with Section 423 of the Code shall be effective unless the same shall be approved by the requisite vote of stockholders of the Company. Amendments will not adversely affect
Purchase Rights that have already been granted. 
 XII. Notices 

All notices or other communications by a Participant to the Company under or in connection with the Plan shall be deemed to have been duly
given when received in the form and manner specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 

XIII. Conditions Upon Issuance of Shares 

Shares shall not be issued with respect to a Purchase Right unless the exercise of such Purchase Right and the issuance and delivery of such
Shares pursuant thereto shall comply with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the rules and regulations
promulgated thereunder, and the requirements of any stock exchange upon which the Shares may then be listed, and, if required by the Company, shall be further subject to the approval of counsel for the Company with respect to such
compliance. As a condition to the exercise of a Purchase Right, the Company may require the person exercising such Purchase Right to represent and warrant at the time of any such exercise that (i) the Shares are being purchased only for
investment and without any present intention to sell or distribute such Shares and/or (ii) any disposition of such Shares will be made in accordance with the Plan and the Company’s policies then in effect (including without limitation its
policies regarding insider trading and trading windows then in effect) and applicable law if, in the opinion of counsel for the Company, such representations are required by any of the aforementioned applicable provisions of law. 

XIV. Compliance with Section 423 
 The
Plan is designed and intended to comply with Section 423 of the Code, and all provisions hereof shall be construed in a manner to so comply. 
 XV. Tax
Effects 
 Each Participant, by completing an enrollment agreement, acknowledges that the Participant is not relying on advice by any
person associated with the Company that favorable tax effects will result from participation in the Plan and that the Participant has been given sufficient opportunity to consult with the Participant’s own tax advisors concerning participation
in the Plan. 

  
 10 

 XVI. Expenses of the Plan 

The Company will pay all expenses, except brokerage fees on sales of Shares and any fees specific to a Participant’s Account with the
Custodian, incident to operation of the Plan, including costs of recordkeeping fees, accounting fees, legal fees, commissions and issue or transfer taxes on purchases of Shares pursuant to the Plan. 

XVII. Equal Rights and Privileges 

Notwithstanding any provision of the Plan to the contrary and in accordance with Section 423 of the Code, the Company shall comply with the
requirements of U.S. Treasury Regulation Section 1.423-2(f) regarding equal rights and privileges. Any provision of this Plan which is inconsistent with Section 423 of the Code or any successor provision of the Code shall, without further act or
amendment by the Company or the Committee, be reformed to comply with the requirements of Section 423 of the Code. This Section 17 shall take precedence over all other provisions in this Plan. 

XVIII. Successors and Assigns 
 The Plan
shall be binding on the Company and its successors and assigns. 
 XIX. Entire Plan 

This Plan constitutes the entire plan with respect to the subject matter hereof and supersedes all prior plans with respect to the subject
matter hereof. 
 XX. Shareholder Approval 

The Plan shall be subject to approval by the shareholders of the Company within twelve (12) months before or after the date the Plan is adopted
by the Board. 
 XXI. Withholding 
 To
the extent required by applicable federal, state or local law, a Participant must make arrangements satisfactory to the Company for the payment of any withholding or similar tax obligations that arise in connection with the Plan. At any time, the
Company may, but shall not be obligated to, withhold from the Participant’s Compensation the amount necessary for the Company to meet applicable withholding obligations, including any withholding required to make available to the Company any
tax deductions or benefits attributable to sale or early disposition of Shares by the Eligible Employee, if permitted. 
 XXII. Severability 

If any provision of the Plan shall for any reason be held to be invalid or unenforceable, such invalidity or unenforceability shall not affect
any other provision hereof, and the Plan shall be construed as if such invalid or unenforceable provision were omitted. 

  
 11 

 XXIII. Headings 

The headings of sections herein are included solely for convenience and shall not affect the meaning of any of the provisions of the Plan. 

XXIV. Governing Law 
 To the extent not
governed by federal law, the Plan shall be construed in accordance with and governed by the laws of the State of Delaware without giving effect to the choice of law principles thereof. 

  
 12 

 ANNEX A 

Designated Subsidiaries are as follows: 
  

	 	•	 	Voya Services Company 

  

	 	•	 	Voya Retirement Insurance and Annuity Company 

  

	 	•	 	Voya Institutional Plan Services, LLC 

  

	 	•	 	Voya Insurance and Annuity Company 

  

	 	•	 	ReliaStar Life Insurance Company 

  

	 	•	 	Voya Investment Management LLC 

  

	 	•	 	Voya Financial Advisors, Inc. 

  

	 	•	 	Security Life of Denver Insurance Company 

  

	 	•	 	Voya Institutional Trust Company 

  
 13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00255-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00255-of-00352.parquet"}]]