Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 Cole Credit
Property Trust V, Inc. 
 2398 E. Camelback Road, 4th Floor 

Phoenix, Arizona 85016 
 August 30, 2020 

Cole REIT Management V, LLC 
 2398 E. Camelback Road, 4th Floor 
 Phoenix, Arizona 85016 

Re: Cole Credit Property Trust V, Inc. – Advisory Agreement 

Ladies and Gentlemen: 
 This letter agreement sets forth certain
agreements and understandings that each of Cole REIT Management V, LLC, a Delaware limited liability company (the “Advisor”), and Cole Credit Property Trust V, Inc., a Maryland corporation (the “Company”), has
agreed to undertake in connection with the Company’s proposed business combination (the “Merger”) with CIM Real Estate Finance Trust, Inc., a Maryland corporation (“CMFT”), and Thor Merger V Sub, LLC, a
Maryland limited liability company (“Merger Sub”), pursuant to the Agreement and Plan of Merger, dated as of the date hereof (and as hereafter amended, the “Merger Agreement”), among CMFT, Merger Sub and the
Company. Capitalized terms used but not defined herein shall have the respective meanings given to such terms in the Advisory Agreement, dated as of March 17, 2014 (the “Advisory Agreement”), by and between the Company and the
Advisor, as amended. 
 1.    Termination. Subject to the terms set forth herein, effective upon consummation of the Merger in
accordance with the Merger Agreement, the Advisor and the Company hereby irrevocably terminate the Advisory Agreement (the “Termination”), without any further liability or obligation on the part of any party thereto, except as set
forth herein. 
 2.    Release. Subject to the terms set forth herein, effective upon consummation of the Merger in accordance
with the Merger Agreement, the Advisor hereby releases and waives any and all claims, suits, controversies, actions, debts, damages, obligations or liabilities of any nature whatsoever in law and in equity against the Company which arise out of or
are connected with the Advisory Agreement or termination thereof; except as set forth in Section 3 and Section 5 hereof, including, for the avoidance of doubt, with respect to the obligation of the
Company under Section 4.03(a) of the Advisory Agreement to pay to the Advisor (i) any unpaid reimbursements of expenses and (ii) accrued but unpaid fees payable to the Advisor prior to Termination other than those waived in
Section 3 hereof. 
 3.    Waiver of Certain Fees. Subject to the terms set forth herein, effective
upon consummation of the Merger in accordance with the Merger Agreement, the Advisor hereby waives any claim or right it has to any Subordinated Performance Fee or Disposition Fee that would otherwise be payable by the Company to the Advisor in
accordance with the Advisory Agreement as a result of the Merger. For the avoidance of doubt, such waiver does not pertain to, and the Company agrees to pay amounts payable in respect of, the reimbursement for expenses incurred by the Advisor and
its Affiliates in connection with its services to the Company in connection with the Merger pursuant to Section 3.02 of the Advisory Agreement. After the payments described in the foregoing sentence and Section 4.03(a) of the Advisory
Agreement (as amended by Section 5 below) have been paid , the Advisor hereby acknowledges and agrees that all fees, payments and other amounts owed to the Advisor under the Advisory Agreement have been satisfied in full. 

4.    Further Duties of the Advisor. The Advisor shall, promptly upon the Termination: 

 

	 	(a)	 deliver to CIM Real Estate Finance Management, LLC, an Affiliate of the Advisor and the external manager of
CMFT, to be held and managed for the benefit of CMFT in accordance with its management agreement with such Person, (i) all money collected and held for the account of the Company pursuant to the Advisory Agreement, after deducting any accrued
compensation and reimbursement for its expenses to which it is then entitled and (ii) all assets, including the Assets, and documents of the Company then in the custody of the Advisor; and 

	 	(b)	 deliver to CMFT 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. 

5.    Survival; Amendment. Notwithstanding the Termination, the provisions of Sections 2.05 and 2.06 and Sections 4.03 through
6.11, as amended by this letter agreement, shall survive the termination of the Advisory Agreement. In addition, the Company and the Advisor agree that the reference to “30 days” in Section 4.03(a) of the Advisory Agreement is hereby
amended to read “90 days”. 
 6.    Successors and Assigns. No party shall assign (voluntarily, by operation of law or
otherwise) this letter agreement or any right, interest or benefit under this letter agreement without the prior written consent of each other party; provided, however, the Company may assign this letter agreement to CMFT or the Surviving Entity (as
defined in the Merger Agreement). Subject to the foregoing, this letter agreement shall be fully binding upon, inure to the benefit of, and be enforceable by, the parties hereto and their respective successors and assigns. 

7.    Severability. The provisions of this letter 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. 

8.    Choice of Law; Venue. The provisions of this letter agreement shall be construed and interpreted in accordance with the laws
of the State of Arizona (without giving effect to its conflicts of laws principles), and venue for any action brought with respect to any claims arising out of this letter agreement shall be brought exclusively in Maricopa County, Arizona. 

9.    Termination of Merger Agreement. In the event that the Merger Agreement is terminated in accordance with its terms, then this
letter agreement will be automatically terminated effective upon the termination of the Merger Agreement and will be null and void. 

10.    Waiver. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under
this letter 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 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. 
 11.    Entire Agreement. The Advisory Agreement, as amended
by this letter agreement, contains the entire agreement and understanding between 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. This letter agreement may not be amended or supplemented other than by an agreement in writing signed by the parties hereto. 

12.    Counterparts. This letter agreement may be executed (including by e-mail
transmission) with counterpart signature pages or in counterpart copies, each of which shall be deemed an original but all of which together shall constitute one and the same instrument comprising this letter agreement. 

[Signatures Follow] 

 If the foregoing accurately sets forth your understanding of our agreement, please sign and return the
enclosed copy of this letter agreement. 
  

			
	Very truly yours,
	
	COLE CREDIT PROPERTY TRUST V, INC.
		
	By:	 	 /s/ Avraham Shemesh

	Name:	 	Avraham Shemesh
	Title:	 	President and Chief Executive Officer

  

			
	 Acknowledged and Agreed to
 as of
the date first written above:

	
	COLE REIT MANAGEMENT V, LLC
		
	By:	 	 /s/ Nathan D. DeBacker

	Name:	 	Nathan D. DeBacker
	Title:	 	Vice President

 [Signature Page to Termination Agreement]Exhibit 10.1

 

AMENDMENT NO. 1 TO THE

 

AMENDED AND RESTATED AGREEMENT OF LIMITED
PARTNERSHIP

OF

DIAMONDROCK HOSPITALITY
LIMITED PARTNERSHIP

 

DESIGNATION OF 8.250% SERIES A CUMULATIVE
REDEEMABLE PREFERRED UNITS

 

August 28, 2020

 

This Amendment
NO. 1 to the Amended and Restated Agreement of Limited Partnership of DiamondRock Hospitality Limited Partnership (this
“First Amendment”) is made as of August 28, 2020 by DiamondRock Hospitality Company, a Maryland corporation,
as the General Partner of DiamondRock Hospitality Limited Partnership, a Delaware limited partnership (the “Partnership”),
pursuant to the Amended and Restated Agreement of Limited Partnership of DiamondRock Hospitality Limited Partnership, dated as
of August 28, 2018 (the “Partnership Agreement”). Capitalized terms used and not defined herein shall have
the meanings set forth in the Partnership Agreement.

 

WHEREAS, Section 4.2.E of the
Partnership Agreement generally prohibits the General Partner from issuing shares of capital stock unless (i) the General
Partner shall cause the Partnership to issue to the General Partner additional Partnership Interests or certain other securities
of the Partnership having designations, preferences and other rights such that the economic interests thereof are substantially
similar to those of such capital stock, and (ii) the General Partner contributes the proceeds therefrom to the Partnership;

 

WHEREAS, Section 4.2.A of the
Partnership Agreement authorizes the General Partner, in connection with the issuance of shares of capital stock by the General
Partner and the contribution of the proceeds therefrom to the Partnership, to cause the Partnership to issue to the General Partner
additional Partnership Interests having designations, preferences and other rights such that the economic interests attributable
to such Partnership Interests are substantially similar to those of such REIT Shares;

 

WHEREAS, Sections 14.2.B(2) and
14.2B(3) of the Partnership Agreement permit the General Partner, without the consent of the Limited Partners, to amend
the Partnership Agreement for the purpose of reflecting the issuance of additional Partnership Interests pursuant to Section 4.2
and setting forth the designations, rights, powers, duties and preferences of the Holders of any additional Partnership Interests
issued pursuant to the Partnership Agreement;

 

WHEREAS, pursuant to and in accordance with
Section 4.2.A of the Partnership Agreement, the General Partner is causing the Partnership to issue additional Partnership
Interests to the General Partner in connection with the issuance by the General Partner of shares of its 8.250% Series A Cumulative
Redeemable Preferred Stock, par value $0.01 per share, with a stated liquidation preference of $25.00 per share (the “Series A
Preferred Stock”), and the contribution of the proceeds therefrom to the Partnership; and

 

    1

     

    

 

NOW, THEREFORE, in consideration of the
premises and for other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the Partnership
Agreement hereby is amended as follows:

 

1.            In
accordance with Section 4.2 of the Partnership Agreement, set forth in Exhibit A hereto are the terms and
conditions of units designated as “8.250% Series A Cumulative Redeemable Preferred Units” (the “Series A
Preferred Units”), which hereby are established and which are to be issued to the General Partner inconsideration of
its contribution to the Partnership of the net proceeds from the issuance and sale of shares of Series A Preferred Stock.
The Partnership Agreement hereby is amended to incorporate Exhibit A to this First Amendment as Exhibit D
to the Partnership Agreement.

 

2.            Section 6.1
of the Partnership Agreement is hereby amended and restated as follows:

 

Section 6.1 Capital Account
Allocations of Profit and Loss

 

		A.	Profit.

 

		(1)	After giving effect to the special allocations, if any, required under this Article 6 for the applicable
period, and subject to the other provisions of this Section 6.1 and to the allocations to be made with respect
to any Preferred Units or additional class or series of Partnership Units established pursuant to Section 4.2,
Profits in each taxable year or other allocation period shall be allocated to the Partners’ Capital Accounts in the following
order of priority:

 

		i.	First, to the Partners in the same ratio and reverse order as Loss was allocated to such Partners pursuant to Section 6.1.B
for all fiscal years until the aggregate amount allocated to such Partners pursuant to such provisions of Section 6.1B
equals the aggregate amount allocated pursuant to this Section 6.1.A(1)(i); and

 

		ii.	Thereafter, to the holders of Common Units and LTIP Units in accordance with their respective Percentage Interests.

 

		(2)	Notwithstanding the provisions of Section 6.1.A(1) above, items of gross income shall first be allocated to
the holders of each class of Preferred Units, (a) on a class by class basis (1) in the order of priority in which each
such class is entitled to receive distributions pursuant to the provisions of Section 5.1 and/or the Certificate of
Designations attached hereto and (2) in an amount equal to the aggregate distributions made to each such class of Preferred
Units pursuant to the provisions of Section 5.1 or the Certificates of Designations attached hereto (other than distributions
properly treated as return of capital), and (b) within each such class of Preferred Units in proportion to the distributions
with respect to such class referred to in clause (2) above received by each holder of Preferred Units (other than distributions
properly treated as return of capital). If in any taxable year or other allocation period the General Partner determines, in consultation
with its tax advisors, that the Partnership is required to treat all or any portion of a distribution to a Preferred Unit as a
guaranteed payment for capital under Code Section 707(c) (e.g. if the Partnership has insufficient items of gross income
in such allocation period), then for purposes of applying this Section 6.1A(2) in future allocation periods the
Partnership shall be deemed to have allocated to the applicable holders of Preferred Units, pursuant to this Section 6.1A(2),
items of gross income in an amount equal to the amount of such guaranteed payment received by each holder of Preferred Units with
respect to such Preferred Units.

 

    	 	2	 

     

    

 

		B.	Losses. After giving effect to the special allocations, if any, required under this Article 6 for
the applicable period, and subject to the allocations to be made with respect to any Preferred Units or additional class or series
of Partnership Units established pursuant to Section 4.2, and further subject to the other provisions of this Section 6.1,
Loss in each taxable year or other period shall be allocated in the following order of priority:

 

		(1)	First, to the holders of Common Units and LTIP Units with positive balances in their Economic Capital Account Balances in accordance
with their respective Percentage Interests until their Economic Capital Accounts Balances (excluding, for this purpose, the portion
of any such Economic Capital Account attributable to Capital Contributions made with respect to Preferred Units) are reduced to
zero;

 

		(2)	Second, to the holders of each class of Preferred Units, on a class by class basis, in the reverse priority in which each such
class is entitled to distributions pursuant to the provisions of Section 5.1.A(1) and/or the Certificate
of Designations attached hereto, and within such class to each holder of such class of Preferred Units, pro rata, in proportion
to the portion of their Economic Capital Account balance attributable to Capital Contributions made with respect to such class
of Preferred Units until such portion of their Economic Capital Account balance has been reduced to zero; and

 

		(3)	Thereafter, to the General Partner.

 

For purposes of determining allocations of Losses pursuant
to Section 6.1B(1), an LTIP Unit Limited Partner shall be treated as having a separate Economic Capital Account
Balance, and for this purpose a separate Capital Account with an appropriate share of Partnership Minimum Gain and Partner Minimum
Gain shall be maintained, for each tranche of LTIP Units with a different issuance date that it holds and a separate Capital Account
for its Common Units, if applicable, and the Economic Capital Account Balance of each holder of Common Units shall not include
any Economic Capital Account Balance attributable to other series or classes of Partnership Units.

 

    	 	3	 

     

    

 

		C.	Nonrecourse Deductions and Minimum Gain Chargeback. Notwithstanding any provision to the contrary, (i) any expense
of the Partnership that is a “nonrecourse deduction” within the meaning of Regulations Section 1.704-2(b)(1) shall
be allocated in accordance with the Partners’ respective Percentage Interests, (ii) any expense of the Partnership that
is a “partner nonrecourse deduction” within the meaning of Regulations Section 1.704-2(i)(2) shall be allocated
to the Partner that bears the “economic risk of loss” of such deduction in accordance with Regulations Section 1.704-2(i)(1),
(iii) if there is a net decrease in Partnership Minimum Gain within the meaning of Regulations Section 1.704-2(f)(1) for
any Partnership taxable year, then, subject to the exceptions set forth in Regulations Section 1.704-2(f)(2),(3), (4) and
(5), items of gain and income shall be allocated among the Partners in accordance with Regulations Section 1.704-2(f) and
the ordering rules contained in Regulations Section 1.704-2(j), and (iv) if there is a net decrease in “partner
nonrecourse debt minimum gain” within the meaning of Regulations Section 1.704-2(i)(4) for any Partnership taxable
year, then items of gain and income shall be allocated among the Partners in accordance with Regulations Section 1.704-2(i)(4) and
the ordering rules contained in Regulations Section 1.704-2(j).

 

		D.	Qualified Income Offset.  If a Partner receives in any taxable year an adjustment, allocation or distribution described
in subparagraphs (4), (5) or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases
a deficit balance in such Partner’s Capital Account that exceeds the sum of such Partner’s shares of Partnership Minimum
Gain and Partner Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner
shall be specially allocated for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount
and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d).

 

		E.	Capital Account Deficits.  Loss or items thereof shall not be allocated to a Limited Partner to the extent that
such allocation would cause or increase a deficit in such Partner’s Adjusted Capital Account.

 

		F.	Definition of Profit and Loss.  “Profit” and “Loss” and any items of income,
gain, expense or loss referred to in this Agreement means the net income, net loss or items thereof for the applicable period as
determined for maintaining Capital Accounts, and shall be determined in accordance with U.S. federal income tax accounting principles,
as modified by Regulations Section 1.704-1(b)(2)(iv), except that Profit and Loss shall not include items of income, gain,
loss and expense that are specially allocated pursuant to this Article 6 (other than Section 6.1A(1) or Section 6.1B).

 

    	 	4	 

     

    

 

		G.	Curative Allocations.  The allocations set forth in Section 6.1C, Section 6.1D and
Section 6.1E hereof (the “Regulatory Allocations”) are intended to comply with certain regulatory
requirements, including the requirements of Regulations Sections 1.704-1(b) and 1.704-2. Notwithstanding the provisions of
this Section 6.1 and Section 6.2 hereof, the Regulatory Allocations shall be taken into account in allocating
other items of income, gain, loss and expense among the Holders so that to the extent possible without violating the requirements
giving rise to the Regulatory Allocations, the net amount of such allocations of other items and the Regulatory Allocations to
each Holder shall be equal to the net amount that would have been allocated to each such Holder if the Regulatory Allocations had
not occurred.

 

		H.	Forfeitures.  Subject to Section 6.1J with respect to a forfeiture of certain LTIP Units, 
upon a forfeiture of any unvested Partnership Interest by any Partner, gross items of income, gain, loss or deduction shall be
allocated to such Partner if and to the extent required by final Regulations to ensure that allocations made with respect to all
unvested Partnership Interests are recognized under Code Section 704(b).

 

		I.	LTIP Allocations.  After giving effect to the special allocations set forth in Section 6.1A(2),
Section 6.1C and Section 6.1D hereof, and the allocations of Profit under Section 6.1A(1)(i) (including,
for the avoidance of doubt Liquidating Gains that are a component of Profit), and subject to the other provisions of this Section 6.1,
but before allocations of Profit or Losses are made under Section 6.1A(1)(ii) or Section 6.1B(1):

 

		(1)	any remaining Liquidating Gains or Liquidating Losses shall first be allocated among the Partners so as to cause, as nearly
as possible, the Economic Capital Account Balances of the LTIP Unit Limited Partners, to the extent attributable to their ownership
of LTIP Units to be equal to (i) the Common Unit Economic Balance, multiplied by (ii) the number of their LTIP Units
(with respect to each LTIP Unit Limited Partner, the “Target Balance”); provided that no such Liquidating Gains
will be allocated with respect to any particular LTIP Unit unless and to the extent that such Liquidating Gains, when aggregated
with other Liquidating Gains realized since the issuance of such LTIP Unit, exceed Liquidating Losses realized since the issuance
of such LTIP Unit.  Any such allocations shall be made among the Partners in proportion to the aggregate amounts required
to be allocated to each Partner under this Section 6.1I.

 

    	 	5	 

     

    

 

		(2)	Liquidating Gain or Liquidating Loss allocated to an LTIP Unit Limited Partner under this Section 6.1I will
be attributed to specific LTIP Units of such LTIP Unit Limited Partner for purposes of determining (i) allocations under this Section 6.1I,
(ii) the effect of the forfeiture or conversion of specific LTIP Units on such LTIP Unit Limited Partner’s Capital Account
and (iii) the ability of such LTIP Unit Limited Partner to convert specific LTIP Units into Common Units.  Such Liquidating
Gain or Liquidating Loss allocated to such LTIP Unit Limited Partner will generally be attributed LTIP Units so as to equalize
the Economic Capital Account Balance associated each LTIP Unit and the Common Unit Economic Balance in the following order: 
(i) first, to Vested LTIP Units held for more than three years, (ii) second, to Vested LTIP Units held for more than
two years, (iii) third, to Vested LTIP Units held for two years or less, (iv) fourth, to Unvested LTIP Units that have
remaining vesting conditions that only require continued employment or service to the Company, the Partnership or an Affiliate
of either for a certain period of time (with such Liquidating Gains being attributed in order of vesting from soonest vesting to
latest vesting), and (v) fifth, to other Unvested LTIP Units (with such Liquidating Gains being attributed in order of issuance
from earliest issued to latest issued).  Within each category, Liquidating Gain will be allocated seriatim (i.e., entirely
to the first unit in a set, then entirely to the next unit in the set, and so on, until a full allocation is made to the last unit
in the set) in the order of smallest Book-Up Target to largest Book-Up Target.

 

		(3)	After giving effect to the special allocations set forth above, if, due to distributions with respect to Common Units in which
the LTIP Units do not participate, forfeitures or otherwise, the Economic Capital Account Balance of any present or former LTIP
Unit Limited Partner attributable to such LTIP Unit Limited Partner’s LTIP Units, exceeds the Target Balance, then Liquidating
Losses shall be allocated to such LTIP Unit Limited Partner, or Liquidating Gains shall be allocated to the other Partners, to
reduce or eliminate the disparity; provided, however, that if Liquidating Losses or Liquidating Gains are
insufficient to completely eliminate all such disparities, such losses or gains shall be allocated among Partners in a manner reasonably
determined by the General Partner.

 

    	 	6	 

     

    

 

		(4)	The parties agree that the intent of this Section 6.1I is (i) to the extent possible to make the
Economic Capital Account Balance associated with each LTIP Unit economically equivalent to the Common Unit Economic Balance and
(ii) to allow conversion of an LTIP Unit (assuming prior vesting) into a Common Unit when sufficient Liquidating Gains have
been allocated to such LTIP Unit pursuant to Section 6.1I(1) so that either its initial Book-Up Target has
been reduced to zero or the parity described in the definition of Target Balance has been achieved.  The General Partner shall
be permitted to interpret this Section 6.1I or to amend this Agreement to the extent necessary and consistent
with this intention.

 

		(5)	In the event that Liquidating Gains or Liquidating Losses are allocated under this Section 6.1I, Profits allocable
under clause 6.1A(1)(ii) and any Losses shall be recomputed without regard to the Liquidating Gains or Liquidating Losses
so allocated.

 

		J.	LTIP Forfeitures.  If an LTIP Unit Limited Partner forfeits any LTIP Units to which Liquidating Gain has previously
been allocated under Section 6.1I, (i) the portion of such LTIP Unit Limited Partner’s Capital Account
attributable to such Liquidating Gain allocated to such forfeited LTIP Units will be re-allocated to that LTIP Unit Limited Partner’s
remaining LTIP Units that were outstanding on the date of the initial allocation of such Liquidating Gain, using a methodology
similar to that described in Section 6.1I(2) above as reasonably determined by the General Partner, to the
extent necessary to cause such LTIP Unit Limited Partner’s Economic Capital Account Balance attributable to each such LTIP
Unit to equal the Common Unit Economic Balance and (ii) such LTIP Unit Limited Partner’s Capital Account will be reduced
by the amount of any such Liquidating Gain not re-allocated pursuant to clause (i) above.

 

		K.	Reimbursements Treated as Guaranteed Payments.  Subject to Section 6.1L, if and to the extent
any payment or reimbursement to the General Partner or the Company made pursuant to Section 7.7 or otherwise
is determined for U.S. federal income tax purposes not to constitute a payment of expenses of the Partnership, the amount so determined
shall constitute a guaranteed payment with respect to capital within the meaning of Section 707(c) of the Code, shall
be treated consistently therewith by the Partnership and all Partners and shall not be treated as a distribution for purposes of
computing the Partners’ Capital Accounts.

 

    	 	7	 

     

    

 

		L.	Adjustments to Preserve REIT Status and Avoid Gain.  Notwithstanding any provision in this Agreement to the
                                                                contrary, if the Partnership pays or reimburses (directly or indirectly, including by reason of giving the General Partner or
                                                                the Company or any direct or indirect Subsidiary of the Company Capital Account credit in excess of actual Capital
                                                                Contributions made by the General Partner or the Company or any direct or indirect Subsidiary of the Company) fees, expenses
                                                                or other costs pursuant to Section 4.2, Section 7.4 and/or Section 7.7, or
                                                                otherwise, and if failure to treat all or part of such payment or reimbursement as a distribution to the General Partner, the
                                                                Company or any Subsidiary of the Company (as appropriate), or the receipt of Capital Account credit in excess of actual
                                                                Capital Contributions, would cause the Company to recognize income that would cause the Company to fail to qualify as a REIT,
                                                                then such payment or reimbursement (or portion thereof) shall be treated as a distribution to the General Partner, the
                                                                Company or direct or indirect Subsidiary of the Company (as appropriate) for purposes of this Agreement, or the Capital
                                                                Account credit in excess of actual Capital Contributions shall be reduced, in each case to the extent necessary to preserve
                                                                the Company’s status as a REIT.  The Capital Account of the General Partner, the Company or any direct or indirect
                                                                Subsidiary of the Company (as appropriate) shall be reduced by such direct or indirect payment or reimbursement (or a portion
                                                                thereof) in the same manner as an actual distribution to the General Partner, the Company, or any direct or indirect
                                                                Subsidiary of the Company (as appropriate).  To the extent treated as distributions, such fees, expenses or other costs
                                                                shall not be taken into account as Partnership fees, expenses or costs for the purposes of this Agreement.  In the event
                                                                that amounts are recharacterized as distributions or Capital Accounts are reduced pursuant to
                                                                this Section 6.1L, allocations under Section 6.1A(1), Section 6.1B and Section 6.1I for
                                                                the current and subsequent periods shall be adjusted as reasonably determined by the General Partner so that to the extent
                                                                possible the Partners have the same Capital Account balances they would have if this Section 6.1L had
                                                                not applied.  This Section 6.1L is intended to prevent direct or indirect reimbursements or
                                                                payments under this Agreement from giving rise to a violation of the Company’s REIT requirements while at the same time
                                                                preserving to the extent possible the parties’ intended economic arrangement and shall be interpreted and applied
                                                                consistent with such intent.

 

		M.	Modifications to Reflect New Series or Classes.  The General Partner is authorized to modify the allocations
in this Section 6.1 and amend such provisions (including the defined terms used therein) in such manner as
the General Partner determines is necessary or appropriate to reflect the issues of additional series or classes of Partnership
Interests.  Any such modification may be made pursuant to the Certificate of Designations or similar instrument establishing
such new class or series.

 

		N.	Agreement to Bear Disproportionate Losses.  At the request and with the consent of the applicable Limited Partner,
the General Partner may modify these allocations to provide for disproportionate allocations of Loss (or items of loss or deduction)
and chargebacks thereof to a Limited Partner that agrees to restore all or part of any deficit in its Capital Account in accordance
with Section 13.3 (in all cases subject to Section 6.1E).

 

    	 	8	 

     

    

 

3.            Except
as modified herein, all terms and conditions of the Partnership Agreement shall remain in full force and effect, which terms and
conditions the General Partner hereby ratifies and confirms.

 

4.            This
First Amendment shall be construed and enforced in accordance with and governed by the laws of the State of Delaware, without regard
to the principles of conflicts of law thereof.

 

5.            If
any provision of this First Amendment is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained herein shall not be affected thereby.

 

[Signature Page Follows]

 

    	 	9	 

     

    

 

IN WITNESS WHEREOF, the undersigned has
executed and agrees to be bound by this First Amendment as of the date first written above.

 

 

	 	GENERAL PARTNER:
	 	 
	 	DiamondRock Hospitality Company
	 	 
	 	By:	/s/ Jeffrey J. Donnelly
	 	Name:	Jeffrey J. Donnelly
	 	Title:	Executive Vice President & Chief
	 	 	Financial Officer

 

[Signature Page to Amendment No. 1
to Amended and Restated Agreement of Limited 

Partnership of DiamondRock Hospitality Limited Partnership]

 

     

     

    

 

EXHIBIT A

 

DIAMONDROCK HOSPITALITY LIMITED PARTNERSHIP

 

CERTIFICATE OF DESIGNATIONS

 

ESTABLISHING AND FIXING THE RIGHTS, LIMITATIONS
AND

 

PREFERENCES OF A SERIES OF PREFERRED
UNITS

 

August 28, 2020

 

		1.	Designation and Number. A series of Preferred Partnership Units, designated as the “8.250% Series A Cumulative
Redeemable Preferred Units,” is hereby established. The number of Series A Preferred Units shall be 5,000,000.

 

		2.	Ranking. The Series A Preferred Units shall, with respect to distribution rights and rights upon voluntary or involuntary
liquidation, dissolution or winding up of the Partnership, rank:

 

		a.	senior to any class or series of Partnership Units, if such class or series shall be Common Units or if the holders of Series A
Preferred Units shall be entitled to receipt of distributions or of amounts distributable upon liquidation, dissolution or winding
up, as the case may be, in preference or in priority to the holders of the Partnership Units of such class or series;

 

		b.	on parity with any class or series of Partnership Units, if the holders of such other class or series of Partnership Units
and the Series A Preferred Units shall be entitled to the receipt of distributions and of amounts distributable upon liquidation,
dissolution or winding up in proportion to their respective amounts of accrued and unpaid distributions per Partnership Unit or
liquidation preference, without preference or priority one over the other; and

 

		c.	junior to any class or series of Partnership Units, if the holders of such class or series of Partnership Units shall be entitled
to the receipt of distributions and of amounts distributable upon liquidation, dissolution or winding up, as the case may be, in
preference or in priority to the holders of the Series A Preferred Units.

 

The Series A Preferred Units will also rank junior
in right of payment to the Partnership’s other existing and future debt obligations.

 

    	 	A-1	 

     

    

 

		3.	Distributions and Allocations.

 

		a.	Subject to the preferential rights of the holders of any class or series of Partnership Units ranking senior to the Series A
Preferred Units as to distributions, the holders of the Series A Preferred Units shall be entitled to receive, when, as and
if declared by the Partnership acting through the General Partner, out of funds legally available for the payment of distributions,
cumulative preferential cash distributions at the rate of 8.250% per annum on the stated value of $25.00 per unit (equivalent to
a fixed annual amount of $2.0625 per unit). Such distributions shall accrue on each Series A Preferred Unit and be cumulative
from and including the first date on which any Series A Preferred Unit is issued (the “Series A Preferred Unit
Original Issue Date”) and shall be payable quarterly in arrears on each Distribution Payment Date (as defined below),
commencing on September 30, 2020; provided, however, that if any Distribution Payment Date is not a Business
Day (as defined below), then the distribution which would otherwise have been payable on such Distribution Payment Date may be
paid, at the option of the General Partner, on either the immediately preceding Business Day or the next succeeding Business Day,
except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding
Business Day, in each case with the same force and effect as if paid on such Distribution Payment Date, and no interest or additional
distributions or other sums shall accrue on the amount so payable from such Distribution Payment Date to such next succeeding Business
Day. The amount of any distribution payable on the Series A Preferred Units for any period greater or less than a full Distribution
Period (as defined below) shall be prorated and computed on the basis of a 360-day year consisting of twelve 30-day months. Distributions
will be payable to the holders of record as they appear in the records of the Partnership at the close of business on the applicable
Distribution Record Date (as defined below). Notwithstanding any provision to the contrary contained herein, each Series A
Preferred Unit outstanding on any Distribution Record Date shall be entitled to receive a distribution with respect to any Distribution
Record Date equal to the distribution paid with respect to each other Series A Preferred Unit that is outstanding on such
date Distribution Record Date, and no holder of any Series A Preferred Unit shall be entitled to receive any distributions
paid or payable on the Series A Preferred Unit with a Distribution Record Date before the date such Series A Preferred
Unit is issued. “Distribution Record Date” shall mean the date designated by the General Partner as the record
date for the payment of distributions that is not more than 35 and not fewer than 10 days prior to the applicable Distribution
Payment Date, which, unless specifically designated otherwise, shall be the same as the record date for the payment of dividends
with respect to the Series A Preferred Stock. “Distribution Payment Date” shall mean March 31, June 30,
September 30 and December 31 of each year, commencing on September 30, 2020. “Distribution Period”
shall mean the respective periods commencing on and including the first day of January, April, July and October of each
year and ending on and including the day preceding the first day of the next succeeding Distribution Period (other than the initial
Distribution Period, which shall commence on the Series A Preferred Unit Original Issue Date and end on and include September 30,
2020, and other than the Distribution Period during which any Series A Preferred Units are redeemed pursuant to Section 5
of this Certificate, which shall end on and include the day preceding the redemption date with respect to the Series A Preferred
Units being redeemed).

 

    	 	A-2	 

     

    

 

The term “Business Day” shall mean
each day, other than a Saturday or a Sunday, which is not a day on which banking institutions in New York, New York are required
by law, regulation or executive order to close.

 

		b.	Notwithstanding anything contained herein to the contrary, distributions on the Series A Preferred Units shall accrue
whether or not the Partnership has earnings, whether or not there are funds legally available for the payment of such distributions,
and whether or not such distributions are authorized or declared.

 

		c.	Except as provided in Section 3(d) below, no distributions shall be declared and paid or declared and set apart for
payment, and no other distribution of cash or other property may be declared and made, directly or indirectly, on or with respect
to, any Common Units or any other class or series of Partnership Units ranking, as to distributions, on parity with or junior to
the Series A Preferred Units (other than a distribution paid in Common Units or in any other class or series of Partnership
Units ranking junior to the Series A Preferred Units as to distributions and upon liquidation) for any period, nor shall any
Common Units or any other class or series of Partnership Units ranking, as to distributions or upon liquidation, on parity with
or junior to the Series A Preferred Units be redeemed, purchased or otherwise acquired for any consideration, nor shall any
funds be paid or made available for a sinking fund for the redemption of such units, and no other distribution of cash or other
property may be made, directly or indirectly, on or with respect thereto by the Partnership (except by conversion into or in exchange
for other units of any class or series of Partnership Units ranking junior to the Series A Preferred Units as to distributions
and upon liquidation, by redemption, purchase or acquisition of any class or series of Partnership Units made for the purposes
of and in compliance with requirements of an employee incentive, benefit or share purchase plan of the Partnership or the General
Partner or any of their subsidiaries, and except for the redemption of Partnership Units corresponding to any shares of Series A
Preferred Stock or any other REIT Shares to be purchased by the General Partner pursuant to the provisions of Article VII
of its Articles of Amendment and Restatement, as amended (the “Charter”), or Section 9(b) of the Articles
Supplementary to the Charter, dated as of August 28, 2020 (the “Series A Preferred Stock Articles”),
to the extent necessary to preserve the General Partner’s status as a real estate investment trust for United States federal
income tax purposes, provided such redemption shall be upon the same terms as the corresponding stock purchase pursuant to the
Charter or the Series A Preferred Stock Articles, and except for the redemption of Partnership Units corresponding to the
purchase or acquisition of any shares of Series A Preferred Stock or any other class or series of capital stock of the General
Partner ranking on parity with the Series A Preferred Stock as to payment of dividends and upon liquidation pursuant to a
purchase or exchange offer made on the same terms to holders of all outstanding shares of Series A Preferred Stock), unless
full cumulative distributions on the Series A Preferred Units for all past Distribution Periods that have ended shall have
been or contemporaneously are (i) declared and paid in cash or (ii) declared and a sum sufficient for the payment thereof
in cash is set apart for such payment.

 

    	 	A-3	 

     

    

 

		d.	When distributions are not paid in full (or a sum sufficient for such full payment is not so set apart) on the Series A
Preferred Units and on any other class or series of Partnership Units ranking, as to distributions, on parity with the Series A
Preferred Units, all distributions declared upon the Series A Preferred Units and each such other class or series of Partnership
Units ranking, as to distributions, on parity with the Series A Preferred Units shall be declared pro rata so that the amount
of distributions declared per Series A Preferred Unit and such other class or series of Partnership Unit shall in all cases
bear to each other the same ratio that accrued distributions per Series A Preferred Unit and such other class or series of
Partnership Unit (which shall not include any accrual in respect of unpaid distributions on such other class or series of Partnership
Units for prior Distribution Periods if such other class or series of Partnership Units does not have a cumulative distribution)
bear to each other. No interest, or sum of money in lieu of interest, shall be payable in respect of any distribution payment or
payments on the Series A Preferred Units which may be in arrears.

 

		e.	Holders of the Series A Preferred Units shall not be entitled to any distribution, whether payable in cash, property or
shares of stock, in excess of full cumulative distributions on the Series A Preferred Units as provided herein. Any distribution
payment made on the Series A Preferred Units shall first be credited against the earliest accrued but unpaid distributions
due with respect to such units which remain payable. Accrued but unpaid distributions on the Series A Preferred Units will
accumulate as of the Distribution Payment Date on which they first become payable.

 

		f.	After allocations have been made pursuant to Section 6.1.A(2) of the Partnership Agreement and prior to all other
allocations under the Partnership Agreement, remaining Profit shall be allocated to the Series A Preferred Units (and any
other class of Preferred Units ranking on parity with the Series A Preferred Units with respect to distribution rights and
rights upon voluntary or involuntary liquidation, dissolution or winding up of the Partnership that are entitled to similar allocations
as specifically set forth in the provisions of the Partnership Agreement relating to such class of Preferred Units) pro rata in
proportion to the aggregate amount of cumulative preferential cash distributions that have accrued, but not been paid, in respect
of the Series A Preferred Units (and such other class of Preferred Units) until the aggregate amount of the Profit allocated
to the Series A Preferred Units (and such other class of Preferred Units) pursuant to this provision is equal to the aggregate
amount of cumulative preferential cash distributions that have been accrued, but not been paid, in respect of the Series A
Preferred Units (and such other class of Preferred Units). In the event allocations are made to the Series A Preferred Units
pursuant to this provision for a taxable year, then the amount allocated to the Series A Preferred Units pursuant to Section 6.1.A(2) in
each future taxable year shall be reduced until the aggregate amount of the reduction is equal to the aggregate amount previously
allocated pursuant to this provision. Allocations pursuant to this provision will be subject to any prior allocations to be made
to any class of Preferred Units entitled to the receipt of distributions and of amounts distributable upon liquidation, dissolution
or winding up, as the case may be, in preference or in priority to the holders of the Series A Preferred Units to the extent
set forth in the allocation provisions relating to such class of Preferred Units.

 

    	 	A-4	 

     

    

 

		4.	Liquidation Preference.

 

		a.	Upon any voluntary or involuntary liquidation, dissolution or winding up of the Partnership, before any distribution or payment
shall be made to holders of Common Units or any other class or series of Partnership Units ranking, as to rights upon any voluntary
or involuntary liquidation, dissolution or winding up of the Partnership, junior to the Series A Preferred Units, the holders
of Series A Preferred Units shall be entitled to be paid out of the assets of the Partnership legally available for distribution
to its unitholders, after payment of or provision for the debts and other liabilities of the Partnership, a liquidation preference
of $25.00 per unit, plus an amount equal to any accrued and unpaid distributions (whether or not declared) up to but excluding
the date of payment. In the event that, upon such voluntary or involuntary liquidation, dissolution or winding up, the available
assets of the Partnership are insufficient to pay the full amount of the liquidating distributions on all outstanding Series A
Preferred Units and the corresponding amounts payable on all other classes or series of Partnership Units ranking, as to liquidation
rights, on parity with the Series A Preferred Units in the distribution of assets, then the holders of the Series A Preferred
Units and the holders of each such other class or series of Partnership Units ranking, as to rights upon any voluntary or involuntary
liquidation, dissolution or winding up, on parity with the Series A Preferred Units shall share ratably in any such distribution
of assets in proportion to the full liquidating distributions to which they would otherwise be respectively entitled. After payment
of the full amount of the liquidating distributions to which the holders of the Series A Preferred Units are entitled, the
holders of the Series A Preferred Units will have no right or claim to any of the remaining assets of the Partnership. The
consolidation or merger of the Partnership with or into any other corporation, trust or entity, or the voluntary sale, lease, transfer
or conveyance of all or substantially all of the property or business of the Partnership, shall not be deemed to constitute a liquidation,
dissolution or winding up of the Partnership within the meaning of this Section 4.

 

		5.	Redemption.

 

		a.	If, on or after August 31, 2025, the General Partner properly exercises the Redemption Right (as defined in Section 5(b) of
the Series A Preferred Stock Articles) or the Special Optional Redemption Right (as defined in Section 6(a) of the
Series A Preferred Stock Articles) to redeem any of the Series A Preferred Stock in accordance with the Series A
Preferred Stock Articles, the Partnership shall redeem an equal number of Series A Preferred Units from the General Partner.
In addition, in the event of the liquidation, dissolution or winding up of the General Partner prior to the occurrence of a Liquidating
Event pursuant to Sections 13.1 or 13.2 of the Partnership Agreement, the General Partner shall have the right to redeem, on any
payment date established by the General Partner for liquidating distributions to the Series A Preferred Stock, Series A
Preferred Units. Upon any such redemption, the Partnership shall pay a redemption price, in cash, to the General Partner for each
Series A Preferred Unit redeemed of $25.00 per unit, plus all accrued and unpaid distributions (whether or not declared) thereon
up to, but excluding the date fixed for redemption, without interest to the extent the Partnership has funds legally available
therefor. So long as full cumulative distributions on the Series A Preferred Units for all past Distribution Periods that
have ended shall have been or contemporaneously are (i) declared and paid in cash, or (ii) declared and a sum sufficient
for the payment thereof in cash is set apart for payment, nothing herein shall prevent or restrict the Partnership’s right
or ability to purchase, from time to time, all or any part of the Series A Preferred Units at such price or prices as the
Partnership may determine, subject to the provisions of applicable law, including the repurchase of Series A Preferred Units
from the General Partner in connection with the General Partner’s repurchase of shares of Series A Preferred Stock.

 

    	 	A-5	 

     

    

 

		b.	In the event of any redemption of the Series A Preferred Stock by the General Partner in order to preserve the status
of the General Partner as a REIT for United States federal income tax purposes pursuant to Section 9(b) of the Series A
Preferred Stock Articles, the Partnership shall redeem an equal number of Series A Preferred Units from the General Partner
at a redemption price equal to the redemption price paid by the General Partner for such shares of Series A Preferred Stock
pursuant to Section 9(b) of the Series A Preferred Stock Articles.

 

		c.	If a redemption date falls after a Distribution Record Date and on or prior to the corresponding Distribution Payment Date,
each holder of Series A Preferred Units at the close of business of such Distribution Record Date shall be entitled to the
distribution payable on such Series A Preferred Units on the corresponding Distribution Payment Date notwithstanding the redemption
of such Series A Preferred Units on or prior to such Distribution Payment Date or the Partnership’s default in the payment
of such distribution due.

 

		d.	From and after the date of any such redemption of Series A Preferred Units, the Series A Preferred Units so redeemed
shall no longer be outstanding, and all rights of the holders of such Series A Preferred Units shall terminate.

 

		6.	Voting Rights. The Series A Preferred Units do not have any voting rights with respect to the Partnership.

 

    	 	A-6

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