Document:

EX-10.47

 Exhibit 10.47 

TIME SHARING AGREEMENT 

THIS TIME SHARING AGREEMENT (this “Agreement”) is entered into effective as of the __ day of ______, 20__, by and between MSG
Sports & Entertainment, LLC (to be renamed MSG Entertainment, LLC) (“Lessor”), and MSG Sports, LLC, a limited liability company with a place of business at Two Pennsylvania Plaza, New York, New York 10121
(“Lessee”). 

W I T N E S S E T H: 

WHEREAS, Lessor is the lessee and the operator of a Gulfstream Aerospace GV-SP (0550) aircraft, manufacturer’s serial number 5264,
United States registration N551CS (the “Aircraft”); and 
 WHEREAS, Lessor has employed or engaged a fully-qualified and
credentialed flight crew to operate the Aircraft; and 
 WHEREAS, Lessor has agreed to lease the Aircraft, with flight crew, to Lessee on a
“time sharing” basis as defined in Section 91.501(c)(1) of the Federal Aviation Regulations (“FAR”) upon the terms and subject to the conditions set forth herein; 

NOW, THEREFORE, in consideration of the foregoing premises, and the covenants and agreements set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which are acknowledged, Lessor and Lessee, intending to be legally bound, hereby agree as follows: 

1.    Lease of Aircraft. Lessor agrees to lease the Aircraft to Lessee pursuant to the provisions of FAR
Section 91.501(b)(6) and Section 91.501(c)(1) and this Agreement, and to provide a fully-qualified and credentialed flight crew for all flights to be conducted hereunder during the Term (as defined in Section 13) hereof. The parties
acknowledge and agree that this Agreement did not result in any way from any direct or indirect advertising, holding out or soliciting on the part of Lessor or any person purportedly acting on behalf of Lessor. Lessor and Lessee intend that the
lease of the Aircraft effected by this Agreement shall be treated as a “wet lease” pursuant to which Lessor provides transportation services to Lessee in accordance with FAR Section 91.501(b)(6) and Section 91.501(c)(1). 

2.    Payment for Use of Aircraft. Lessee shall pay Lessor the following actual expenses of each flight conducted
under this Agreement, not to exceed the maximum amount legally payable for such flight under FAR Section 91.501(d)(1)-(10): 

(a)    fuel, oil, lubricants and other additives; 

(b)    travel expenses of crew, including food, lodging and ground transportation; 

(c)    hangar and tie-down costs away from the Aircraft’s base of operation;

 (d)    additional insurance obtained for the specific flight at the request of Lessee; 

(e)    landing fees, airport taxes and similar assessments; 

(f)    customs, foreign permit and similar fees directly related to the flight; 

(g)    in-flight food and beverages; 

(h)    passenger ground transportation; 

(i)    flight planning and weather contract services; and 

(j)    An additional charge equal to 100 percent of the expenses listed in paragraph (2)(a) of this section. 

 Lessee shall be obligated to reimburse Lessor for the actual expenses set forth in
Section 2(a)-(i) for occupied legs and for deadhead flights. Nothing herein shall prevent Lessor from utilizing empty space on any flight leg in which case Lessor and Lessee agree to adjust in good faith the expenses of any such flight segment.

 3.    Operational Control of Aircraft. Lessor and Lessee intend and agree that on all flights conducted under
this Agreement, Lessor shall have complete and exclusive operational control over the Aircraft, its flight crews and maintenance, and complete and exclusive possession, command and control of the Aircraft. Lessor shall have complete and exclusive
responsibility for scheduling, dispatching and flight following of the Aircraft on all flights conducted under this Agreement, which responsibility includes the sole and exclusive right over initiating, conducting and terminating such flights.
Lessee shall have no responsibility for scheduling, dispatching or flight following on any flight conducted under this Agreement, nor any right over initiating, conducting or terminating any such flight. Nothing in this Agreement is intended or
shall be construed so as to convey to Lessee any operational control over, or possession, command and control of, the Aircraft, all of which are expressly retained by Lessor. 

4.    Scheduling. 

(a)    Lessee will provide Lessor with requests for flight time and proposed flight schedules as far in advance of any
given flight as possible. Lessee or the designated authorized representative(s) of Lessee shall submit scheduling requests under this Agreement to the designated authorized representative(s) of Lessor. Requests for flight time shall be in such form
(whether oral or written) mutually convenient to, and agreed upon by, the parties. In addition to proposed schedules and flight times, Lessee shall upon request provide Lessor with the following information for each proposed flight prior to
scheduled departure: (i) proposed departure point; (ii) destination; (iii) date and time of flight; (iv) the number of anticipated passengers; (v) the nature and extent of luggage to be carried; (vi) the date and time of a
return flight, if any; and (vii) any other pertinent information concerning the proposed flight that Lessor or the flight crew may request. 

(b)    Subject to Aircraft and crew availability and to any usage limitations established by Lessor, Lessor shall use its
good faith efforts, consistent with Lessor’s approved policies, in order to accommodate the needs of Lessee, to avoid conflicts in scheduling, and to enable Lessee to enjoy the benefits of this Agreement; however, Lessee acknowledges and agrees
that notwithstanding anything in this Agreement to the contrary, (i) Lessor shall have sole and exclusive final authority over the scheduling of the Aircraft; and (ii) the needs of Lessor for the Aircraft shall take precedence over
Lessee’s rights and Lessor’s obligations under this Agreement. 
 (c)    Although every good faith effort
shall be made to avoid its occurrence, any flight scheduled under this Agreement is subject to cancellation by either party without incurring liability to the other party. In the event that cancellation is necessary, the canceling party shall
provide the maximum notice practicable. 
 5.    Billing. Lessor shall pay all expenses relating to the operation
of the Aircraft under this Agreement on a monthly basis. As soon as possible after the end of each monthly period during the Term, Lessor shall provide to Lessee an invoice showing all use of the Aircraft by Lessee under this Agreement during that
month and a complete accounting detailing all amounts payable by Lessee pursuant to Section 2 for that month, including such detail supporting all expenses paid or incurred by Lessor for which reimbursement is sought as Lessee may reasonably
request. Lessee shall pay all amounts due to Lessor under this Section 5 not later than thirty (30) days after receipt of the invoice therefor. 

6.    Maintenance of Aircraft. Lessor shall be solely responsible for securing maintenance, preventive maintenance
and inspections of the Aircraft (utilizing an inspection program listed in FAR Section 91.409(f)), and shall take such requirements into account in scheduling the Aircraft hereunder. 

  
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 7.    Flight Crew. 

(a)    Lessor shall employ or engage and pay all salaries, benefits and/or compensation for a fully-qualified flight crew
with appropriate credentials to conduct each flight undertaken under this Agreement. Lessor may use temporary flight crewmembers for a flight under this Agreement only if any such temporary crewmember is FlightSafety (or SimuFlite) trained, is
current on the Aircraft and satisfies all of the requirements and conditions under the insurance coverage for the Aircraft. All flight crewmembers shall be included on any insurance policies that Lessor is required to maintain hereunder. 

(b)    The qualified flight crew provided by Lessor shall exercise all of its duties and responsibilities with regard to
the safety of each flight conducted hereunder in accordance with applicable FARs. The Aircraft shall be operated under the standards and policies established by Lessor. Final authority to initiate or terminate each flight, and otherwise to decide
all matters relating to the safety of any given flight or requested flight, shall rest with the pilot-in-command of that flight. The
pilot-in-command may, in its sole discretion, terminate any flight, refuse to commence any flight, or take any other action that, in the judgment of the pilot-in-command, is necessitated by considerations of safety. No such termination or refusal to commence by the pilot-in-command shall
create or support any liability for loss, injury, damage or delay in favor of Lessee or any other person. Lessor shall not be liable to Lessee or any other person for loss, injury or damage occasioned by the delay or failure to furnish the Aircraft
and flight crew pursuant to this Agreement for any reason. 
 8.    Insurance. 

(a)    At all times during the Term of this Agreement, Lessor shall maintain at its sole cost and expense (i) all
risk, both ground and in-flight hull insurance in an amount not less than forty million ($40,000,000) United States dollars; (ii) liability coverage covering passengers,
non-passengers, third party liability (including war risk AV 52) and property damage of not less than three hundred million ($300,000,000) United States dollars for each occurrence but sublimited to
twenty five million ($25,000,000) United States dollars for each occurrence and aggregate with respect to Personal Injury Liability; and (iii) products liability insurance including completed operations in an amount not less than three hundred
million ($300,000,000) United States dollars per occurrence and aggregate. 
 (b)    Any policies of aircraft and
liability insurance carried in accordance with this Section 8 and any policies taken out in substitution or replacement of any such policies (i) shall name Lessee and its affiliates and each of their respective members, managers,
shareholders, officers, directors, partners, employees, agents, licensees and guests as additional insureds (without responsibility for premiums) with respect to the liability coverage; (ii) shall waive any right of set-off and any right of subrogation against any of the additional insureds; (iii) shall provide for thirty (30) days written notice to Lessee by such insurer of cancellation, change, non-renewal or reduction (seven (7) days in the case of war risk and allied perils coverage or such shorter period as is customarily available in the industry); (iv) shall be primary, not subject to any co-insurance clause, not contributory or subject to offset with respect to any other policies in force; and (v) shall include a severability of interest clause providing that the policies will operate in the
same manner to give each insured the same protection as if there were a separate policy issued to each insured except for the limit of liability. 

(c)    Lessor shall use reasonable commercial efforts to provide such additional insurance coverage for specific flights
under this Agreement, if any, as Lessee may request in writing. Lessee also acknowledges that any trips scheduled to the European Union may require Lessor to purchase additional insurance to comply with local regulations. The cost of all additional
flight-specific insurance shall be borne by Lessee as set forth in Section 2(d) hereof. 

  
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 (d)    Each party agrees that it will not do any act or voluntarily
suffer or permit any act to be done whereby any insurance required hereunder shall or may be suspended, impaired or defeated. In no event shall Lessor suffer or permit the Aircraft to be used or operated under this Agreement without such insurance
being fully in effect. 
 (e)    Lessor shall ensure that worker’s compensation insurance with all-states coverage is provided for the Aircraft’s crew and maintenance personnel. 

(f)    Lessor shall deliver certificates of insurance to Lessee with respect to the insurance required or permitted to be
provided by it hereunder not later than the first flight of the Aircraft under this Agreement and upon the renewal date of each policy. 

9.    Taxes. Lessee shall be responsible for paying, and Lessor shall be responsible for collecting from Lessee and
paying over to the appropriate authorities, all applicable Federal transportation taxes and sales, use or other excise taxes imposed by any governmental authority in connection with any use of the Aircraft by Lessee hereunder. Each party shall
indemnify the other party against any and all claims, liabilities, costs and expenses (including attorney’s fees as and when incurred) arising out of its breach of this undertaking. 

10.    Lessee’s Representations and Warranties. Lessee represents and warrants that: 

(a)    It will not use the Aircraft for the purposes of providing transportation of passengers or cargo in air commerce
for compensation or hire or for common carriage. 
 (b)    It shall refrain from incurring any mechanic’s or other
liens in connection with inspection, preventive maintenance, maintenance or storage of the Aircraft, and shall not attempt to convey, mortgage, assign, lease or in any way alienate the Aircraft or create any kind of lien or security interest
involving the Aircraft or do anything or take any action that might mature into such a lien. 
 (c)    It shall not lien
or otherwise encumber or create or place any lien or other encumbrance of any kind whatsoever, on or against the Aircraft for any reason. It also will ensure that no liens or encumbrances of any kind whatsoever are created or placed against the
Aircraft for claims against Lessee or by Lessee. 
 (d)    It will abide by and conform to all laws, governmental and
airport orders, rules and regulations, as shall be imposed upon the lessee of an aircraft under a time sharing agreement, and applicable company policies of Lessor. 

11.    Lessor’s Representations and Warranties. Lessor represents and warrants that it will abide by and
conform to all such laws, governmental and airport orders, rules and regulations, as shall from time to time be in effect relating in any way to the operation and use of the Aircraft pursuant to this Agreement. 

12.    Disclaimer of Warranties. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, LESSOR HAS MADE NO
REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE AIRCRAFT, INCLUDING ANY WITH RESPECT TO ITS CONDITION, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE. IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY OR TO
ANY OTHER PERSON FOR ANY INCIDENTIAL, CONSEQUENTIAL OR SPECIAL DAMAGES, HOWEVER ARISING. 

  
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 13.    Term. The term of this Agreement (the “Term”)
shall commence on the effective date hereof and expire on June 30, 2020, and thereafter shall automatically renew for successive one-year terms. Notwithstanding the foregoing, either party shall have the
right to terminate this Agreement after the initial term upon 30 days prior written notice. In addition, this Agreement shall terminate (i) effective on the date specified in a written notice from Lessor to Lessee to the effect that Lessor no
longer operates the Aircraft, which notice shall be given by Lessor to Lessee as soon as reasonably practicable after Lessor becomes aware that such is or will be the case or (ii) immediately upon a Change of Control of Lessee. “Change of
Control” shall mean the acquisition, in a transaction or a series of related transactions, by any person or group, other than Charles F. Dolan or members of the immediate family of Charles F. Dolan or trusts for the benefit of Charles F. Dolan
or his immediate family (or an entity or entities controlled by any of them), of the power to direct the management of MSG Sports Inc. or substantially all its assets (as constituted immediately prior to such transaction or transactions). 

14.    Limitation of Liability. The parties, for themselves and on behalf of their representatives, guests,
invitees, licensees, servants and employees, covenant and agree that the insurance described in Section 8 hereof shall be the sole recourse for any and all liabilities, claims, demands, suits, causes of action, losses, penalties, fines,
expenses or damages, including attorneys fees, court costs and witness fees, attributable to the use, operation or maintenance of the Aircraft pursuant to this Agreement or performance of or failure to perform any obligation under this Agreement[,
except in the event that Lessor fails to obtain and maintain the insurance required hereunder or in the event of the gross negligence of the party at fault]. 

15.    Relationship of Parties. Lessor is strictly an independent contractor lessor/provider of transportation
services with respect to Lessee. Nothing in this Agreement is intended, nor shall it be construed so as, to constitute the parties as partners or joint venturers or principal and agent. All persons furnished by Lessor for the performance of the
operations and activities contemplated by this Agreement shall at all times and for all purposes be considered Lessor’s employees or agents. 

16.    Governing Law; Severability. This Agreement shall be governed by and interpreted in accordance with the laws
of the State of New York, determined without regard to its conflicts of laws principles. If any provision of this Agreement conflicts with any statute or rule of law of the State of New York, or is otherwise unenforceable, such provision shall be
deemed null and void only the extent of such conflict or unenforceability, and shall be deemed separate from, and shall not invalidate, any other provision of this Agreement. 

17.    Amendment. This Agreement may not be amended, supplemented, modified or terminated, or any of its terms
varied, except by an agreement in writing signed by each of the parties hereto. 
 18.    Counterparts. This Time
Sharing Agreement may for all purposes be executed in several counterparts, each of which shall be deemed an original, and all such counterparts, taken together, shall constitute the same instrument, even though all parties may not have executed the
same counterpart of this Agreement. Each party may transmit its signature by confirmed facsimile or PDF transmission, and such signatures shall have the same force and effect as an original signature. 

19.    Successors and Assigns. This Time Sharing Agreement shall be binding upon the parties hereto, and their
respective heirs, executors, administrators, other legal representatives, successors and assigns, and shall inure to the benefit of the parties hereto, and, except as otherwise provided herein, to their respective heirs, executors, administrators,
other legal representatives, successors and permitted assigns. Lessee agrees that it shall not directly or indirectly sublease, assign, transfer, pledge or hypothecate this Agreement or any part hereof (including any assignment or transfer pursuant
to the laws of intestacy) without the prior written consent of Lessor, which may be given or withheld by Lessor in its sole and absolute discretion. 

  
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 20.    Notices. All notices or other communications delivered or
given under this Agreement shall be in writing and shall be deemed to have been duly given if hand-delivered, sent by certified or registered mail, return receipt requested, or nationally-utilized overnight delivery service, PDF or confirmed
facsimile transmission, as the case may be. Such notices shall be addressed to the parties at the addresses set forth above, or to such other address as may be designated by any party in a writing delivered to the other in the manner set forth in
this Section 19. In the case of notices to Lessee, a copy of each such notice shall be sent to 11 Penn Plaza, New York, NY 10001. Notices sent by certified or registered mail shall be deemed received three (3) business days after
being mailed. All other notices shall be deemed received on the date delivered. Routine communications may be made by e-mail to Lessor at joe.yospe@msg.com and to Lessee at dawn.gorski@msg.comor fax to Lessor
at 212-465-6148 and to Lessee at 212 465 6048. 

21.    Truth-in-Leasing Compliance.
Lessor, on behalf of Lessee, shall (i) mail a copy of this Agreement to the Aircraft Registration Branch, Technical Section, of the FAA in Oklahoma City within twenty four (24) hours of its execution; (ii) notify the nearest Flight
Standards District Office at least forty eight (48) hours prior to the first flight by Lessor under this Agreement of the registration number of the Aircraft, and the location of the airport of departure and departure time of the first flight;
and (iii) carry a copy of this Agreement onboard the Aircraft at all times when the Aircraft is being operated under this Agreement. 

22.    TRUTH IN LEASING STATEMENT UNDER FAR SECTION 91.23: 

(a)    LESSOR HEREBY CERTIFIES THAT THE AIRCRAFT HAS BEEN MAINTAINED AND INSPECTED UNDER FAR PART 91 DURING THE 12-MONTH PERIOD PRECEDING THE DATE OF EXECUTION OF THIS AGREEMENT [OR SINCE ITS MANUFACTURE]. THE AIRCRAFT WILL BE MAINTAINED AND INSPECTED IN COMPLIANCE WITH THE MAINTENANCE AND INSPECTION REQUIREMENTS OF FAR
PART 91 FOR ALL OPERATIONS TO BE CONDUCTED UNDER THIS AGREEMENT. 
 (b)    LESSOR HEREBY CERTIFIES THAT IT IS
RESPONSIBLE FOR OPERATIONAL CONTROL OF THE AIRCRAFT FOR ALL OPERATIONS UNDER THIS AGREEMENT. 
 (c)    EACH PARTY HEREBY
CERTIFIES THAT IT UNDERSTANDS ITS RESPONSIBILITIES FOR COMPLIANCE WITH APPLICABLE FEDERAL AVIATION REGULATIONS. 

(d)    THE PARTIES UNDERSTAND THAT AN EXPLANATION OF THE FACTORS BEARING ON OPERATIONAL CONTROL AND THE PERTINENT FEDERAL
AVIATION REGULATIONS CAN BE OBTAINED FROM THE NEAREST FAA FLIGHT STANDARDS DISTRICT OFFICE. 
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blank) 

  
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 IN WITNESS WHEREOF, Lessor and Lessee have executed this Time Sharing Agreement effective as of the date
first above written. 
  

			
	LESSOR:
	
	MSG Sports & Entertainment, LLC
(to be renamed MSG Entertainment, LLC)

 
			
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	LESSEE:
	
	MSG Sports, LLC

 
			
		
	By:	 	 
	Name:	 	
	Title:	 	

  
 7Exhibit

	
					
	 
	 
	 
	 
	Exhibit 10.1

SEPARATION AGREEMENT
AND GENERAL RELEASE
THIS SEPARATION AGREEMENT AND GENERAL RELEASE (“Agreement”) is made and entered into on this 5th day of March, 2020 by and between Peter Willis (the “Executive”) and Chatham Lodging Trust (the “Company”) with respect to the end of Executive’s employment with the Company, and all issues, disputes, controversies, and other matters related thereto:
WITNESSETH:
WHEREAS, Company employs Executive in the position of Chief Investment Officer and Executive Vice President; 
WHEREAS, Executive and the Company are parties to that certain Employment Agreement dated as of April __, 2010 as amended by that certain First Amendment thereto dated as of January 30, 2015 (the “Employment Agreement”); and
WHEREAS, Executive and the Company have mutually agreed that Executive will step down from his position with the Company:
THEREFORE, in consideration of the premises and mutual promises herein contained, it is agreed as follows:
1.      Executive and the Company agree that they shall cease and end the existing employment relationship by Executive’s termination on and as of March 6, 2020 (the “Termination Date”). From and after the Termination Date, Executive shall have no right to return to that employment, and shall have no further duties in respect thereto except as set out herein. On the Company’s next regular payroll date following the Termination Date, the Company will pay Executive his earned but unpaid salary and direct compensation accrued through such date, and, on March 19, 2020, the Company will pay Executive $29,583 for his full annual earned and accrued vacation allotment (in each case, less any tax or other deductions required under applicable law).
2.      The Company and Executive agree that, from and after the Effective Date (as defined in Section 9(c) of this Agreement):
(a)      The Company shall pay to Executive the amount of $2,460,529 which represents three (3) times (i) the Executive’s current base salary of $355,000, (ii) the Executive’s highest cash bonus for the previous three (3) years or $420,000, and (c) the amount of annual premiums paid by the Company for the Executive’s health, dental, and vision coverage plus the annual premium for the Executive’s disability and life insurance coverage, or $17,676, less applicable withholdings, taxes and deductions, with said amount to be paid on March 19, 2020.
(b)      The Company shall pay to Executive the amount of $59,671 which represents the current year prorated bonus and is calculated as the 2019 bonus amount of $330,000 prorated through the Termination Date, less applicable withholdings, taxes and deductions, with said amount to be paid on March 19, 2020.
(c)    The Company shall pay to Executive the amount of $38,668 representing the amount of accrued dividends on unvested performance awards on March 19, 2020.
3.       The Employee acknowledges that the Employee is not entitled to any additional payment or consideration not specifically referenced in this Agreement notwithstanding shares or LTIP units earned but not converted or transferred.

4.      As of the date of this Agreement, Executive has vested Company common shares and long term incentive plan (“LTIP”) units pursuant to the Company’s equity incentive plan and such vested shares and LTIP units, including without limitation the securities listed on Exhibit A, will remain the property of Executive and continue to be eligible for dividends that are payable pursuant to the terms of the equity incentive plan and the original grant agreements. Executive has 6,770 unvested time-based LTIP units and 21,004 unvested performance-based LTIP units. Such LTIP units are hereby immediately vested as of the Termination Date and eligible for dividends pursuant to the terms of the Company’s equity incentive program.  In addition, the Parties acknowledge that prior to the Termination Date, Employee made certain qualifying contributions of his compensation pursuant to the Chatham Lodging Trust Deferred Compensation Program (the “Deferred Compensation Program”) as adopted by Employer effective January 1, 2013 and as detailed on Exhibit A.  The Parties agree that all deferred contributions will be paid as common shares or LTIP units, as applicable, to Employee, pursuant to the terms of the Deferred Compensation Program, no earlier than six (6) months after and no later than seven (7) months after the Termination Date.
5.      If the Employee timely and properly elects COBRA continuation coverage under the current Aetna health insurance plan, the Employee may be permitted to continue participation in the Plan under COBRA by continuing to pay premiums to the Employer at the contribution level in effect for active employees until the earliest of: (i) the expiration of eighteen (18) months following the Separation Date; (ii) the date the Employee becomes covered under another employer’s health plan; or (iii) the expiration of the maximum COBRA continuation coverage period for which the Employee is eligible under federal law. At the end of this period, the Employee may be eligible to continue coverage, pursuant to COBRA, and, if eligible, shall be responsible for the entire COBRA premium for the remainder of the applicable COBRA continuation period.
6.      Executive represents that he has not filed any complaints against the Company with any local, state or federal agency or court related to Executive’s employment with or separation from the Company and, so long as the Company makes the payments and provides Executive the benefits provided for in this Agreement, Executive will not do so at any time hereafter; and if any such agency or court assumes jurisdiction of any such complaint or charge against the Company on behalf of Executive, Executive will use commercially reasonable efforts to withdraw from the matter.
7.      (a)      In consideration for the Company entering into this Separation Agreement and General Release, Executive hereby irrevocably and unconditionally releases the Company and each of the Company’s subsidiaries and affiliates, and their past and present officers, directors, employees, agents, administrators, successors and assigns (collectively “Releasees”), or any of them, from any and all claims, liabilities, causes of action and expenses (including attorney’s fees and costs actually incurred), of any nature whatsoever pertaining to his employment with or separation from the Company, known or unknown (hereafter referred to as “Claim” or “Claims”), which Executive now has, owns or holds, or claims to have, own or hold, or which Executive at any time hereafter may have, own or hold, or claim to have, own or hold, against each or any of the Releasees; provided that nothing herein shall (i) prevent or limit Executive’s right to enforce the terms of this Agreement nor to claim damages for its breach, (ii) waive any rights to indemnification, advancement or legal fees or directors and officers liability insurance coverage under the Company’s insurance policies, charter or by-laws (as they may be amended from time to time), or other agreements or plans, (iii) waive any rights under the Company’s equity incentive plan for Executive’s vested Company common shares and long term incentive plan LTIP units which had vested prior to the date of this Agreement or as provided pursuant to Section 4 of this Agreement, or (iv) waive any rights to any vested benefits including any vested rights in the Employer’s Section 401(k) plan.
(b)      This waiver also includes a release of any rights of claims Executive may have under the including, but not limited to, any alleged violation of the statutes, common law, and other laws listed below:
		
	▪
	Title VII of the Civil Rights Act of 1964;

		
	▪
	The Civil Rights Act of 1991;

		
	▪
	Sections 1981 through 1988 of Title 42 of the United States Code;

		
	▪
	The Employee Retirement Income Security Act of 1974 (“ERISA”) (except for any vested benefits under any tax qualified benefit plan);

		
	▪
	The Immigration Reform and Control Act;

		
	▪
	The Americans with Disabilities Act of 1990;

		
	▪
	The Age Discrimination in Employment Act of 1967 (“ADEA”);

		
	▪
	The Worker Adjustment and Retraining Notification Act;

		
	▪
	The Occupational Safety and Health Act, as amended;

		
	▪
	The Sarbanes-Oxley Act of 2002;

		
	▪
	The Fair Credit Reporting Act;

		
	▪
	The Family and Medical Leave Act;

		
	▪
	The Equal Pay Act;

		
	▪
	The Genetic Information Nondiscrimination Act of 2008;

		
	▪
	The National Labor Relations Act, to the extent permitted by law;

		
	▪
	The Consolidated Omnibus Budget Reconciliation Act (“COBRA”), to the extent permitted by law;

		
	▪
	The Florida Civil Rights Act - Fla. Stat. § 760.01, et seq.;

		
	▪
	Florida’s Private-Sector Whistle-blower’s Act - Fla. Stat. § 448.101, et seq.;

		
	▪
	Florida’s Public-Sector Whistle-blower’s Act - Fla. Stat. § 112.3187, et seq.;

		
	▪
	Florida’s Statutory Provision Regarding Retaliation/Discrimination for Filing a Workers Compensation Claim - Fla. Stat. § 440.205;

		
	▪
	Florida’s Statutory Provision Regarding Wage Rate Discrimination Based on Sex - Fla. Stat. § 448.07;

		
	▪
	The Florida Equal Pay Act - Fla. Stat. § 725.07;

		
	▪
	The Florida Omnibus AIDS Act - Fla. Stat. § 760.50;

		
	▪
	Florida’s Statutory Provisions Regarding Employment Discrimination on the Basis of and Mandatory Screening or Testing for Sickle-Cell Trait - Fla. Stat. §§ 448.075, 448.076;

		
	▪
	Florida’s Wage Payment Laws, Fla. Stat. §§ 448.01, 448.08; 

		
	▪
	Florida’s Domestic Violence Leave Act - Fla. Stat. §741.313;

		
	▪
	Florida’s Preservation & Protection of Right to Keep & Bear Arms in Motor Vehicles Act - Fla. Stat. §790.251;

		
	▪
	Florida’s Statutory Provision Regarding Termination of Employees who Testify in Judicial Proceedings - Fla. Stat. § 92.57;

		
	▪
	Florida’s General Labor Regulations, Fla. Stat. Ch. 448;

		
	▪
	any claims for vacation, sick or personal leave pay, short term or long-term disability benefits, or payment pursuant to any practice, policy, handbook or manual; 

		
	▪
	any other federal, state or local law, rule, regulation, or ordinance; 

		
	▪
	any public policy, contract, tort, or common law; or

		
	▪
	any basis for recovering costs, fees, or other expenses including attorneys’ fees incurred in these matters.

This also includes a release by Executive of any claims for wrongful discharge or any claims by the Company for wrongfully resigning employment. Because of this release, Executive understands that, subject to the exception in the last sentence of this Section and subject to the right of either party to initiate proceedings to enforce or recover damages for breach of this Agreement, Executive is giving up any right he may have to sue the Company for matters related to Executive’s employment with or separation of employment from the Company. This waiver and release does not include, however, the release of any rights or claims that Executive may have under the Age Discrimination in Employment Act which arise after the date Executive signs this Agreement.
8.      This Separation Agreement and General Release shall be binding upon the parties, their heirs, administrators, representatives, executors, successors and assigns, and shall inure to the benefit of the parties, and to their heirs and assigns.
9.      Executive acknowledges and understands that:
(a)      He has been advised by the Company to consult with legal counsel of his choice prior to executing this Agreement and the general release provided for, and has had an opportunity to consult with and be advised by legal counsel of his choice, fully understands the terms of this Agreement, and enters into this Agreement freely and voluntarily and intending to be bound;

(b)      He has been given until March 26, 2020, a period of twenty-one (21) days, to review and consider the terms of this Agreement prior to executing it and that he may use as much of that period as he desires, and that any changes to this Agreement, whether material or not, made after it was originally presented to him will not restart the running of the consideration period; and
(c)      Upon execution, Executive will have seven (7) days to revoke this Agreement by sending written notice to Jeff Fisher, Chairman, President and CEO, Chatham Lodging Trust, 222 Lakeview Avenue, Ste 200, West Palm Beach, FL  33401. For this revocation to be effective, written notice must be received no later than the close of business on the seventh day after Executive signs this Agreement. This Agreement shall become effective and enforceable against the Company on the later of the Termination Date and the day following the expiration of this seven (7) day revocation period, provided that the Executive does not revoke it (the “Effective Date”). If Executive revokes this Separation Agreement and General Release, it shall not be effective or enforceable and neither the Company nor the Executive will receive the benefits described herein nor be obligated hereby.
10.      Both parties represent and agree that until such time as the Company files this Agreement with the Securities and Exchange Commission, they will keep the terms (but not the existence) of this Separation Agreement and General Release completely confidential, and that neither party will hereafter, disclose any information concerning the terms of this Separation Agreement and General Release to anyone, including, but by no means limited to, the public, press and media representatives, investors, and any past, present or prospective employee or applicant for employment of the Company; provided that:
    (a)      Executive may disclose information regarding this Separation Agreement and General Release to his immediate family, financial and tax advisors, and legal counsel, but Executive shall be responsible for any disclosure made by such persons in violation hereof, and, further, Executive may disclose the requirements set forth in Section 13 hereof to any prospective employer or other person with whom Executive proposes to conduct business;
(b)      Company may disclose information as is necessary for the administration of the Agreement; and
(c)      Either party may take any action authorized hereby or by law to enforce this Agreement or to recover damages for its breach, and no disclosure incidental thereto or made as a result of legal process (such as, for example, responses to interrogatories, subpoenas or other legal process) or to governmental agencies (such as the SEC or the IRS) shall be deemed a violation hereof.  
10.      Executive will return his office desktop telephone and Company credit card(s) by March 31, 2020.  The Parties agree that cell phone service and Company email will continue to work until March 31, 2020.
11.      In addition, effective as of the Termination Date, Executive hereby irrevocably resigns from all offices, trusteeships, committee memberships and fiduciary capacities held with, or on behalf of the Company or any benefit plans of the Company provided that this Section 11 is inapplicable to Executive’s eligibility for COBRA.
12.      The Company and Executive acknowledge that the Employment Agreement is terminated, but both parties acknowledge that paragraphs 13, 14, 15 and 16 of the Employment Agreement, and only such paragraphs, shall survive the termination of the Employment Agreement.
13.      This Separation Agreement and General Release shall, in all respects, be interpreted, enforced and governed under the laws of the State of Florida. The language of all parts of this Separation Agreement and General Release shall, in all cases, be construed as a whole, according to its fair meaning, and not strictly for or against any of the parties. If the parties are involved in a dispute concerning this Agreement, that dispute will be resolved by applying the laws of the State of Florida.
14.      Should any provision of this Separation Agreement and General Release be declared or be determined by any Court to be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby and said illegal or invalid part, term or provision shall be deemed not to be a part of this Separation Agreement and General Release.

15.      This Separation Agreement and General Release sets forth the entire agreement between the parties hereto, and fully supersedes any and all prior agreements or understandings between the parties hereto pertaining to the subject matter hereof.
16.      This Separation Agreement and General Release shall not in any way be construed as an admission by either party of any wrongful conduct whatsoever against any person or party, and both parties specifically disclaim any liability to or wrongful conduct against any other person or party. Executive and the Company each understand and agree that this Agreement does not mean that the Executive or the Company, or any related business or related individual, has violated any federal or state law or regulation, or violated any other obligation they may have to each other.
17.      No provision of this Agreement may be amended or modified unless the amendment or modification is agreed to in writing and signed by the Executive and by the General Counsel of the Company. No waiver by either Party of any breach by the other party of any condition or provision of this Agreement to be performed by the other Party shall be deemed a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent time, nor shall the failure of or delay by either Party in exercising any right, power, or privilege under this Agreement operate as a waiver thereof to preclude any other or further exercise thereof or the exercise of any other such right, power, or privilege.
18.      The Parties may execute this Agreement in counterparts, each of which shall be deemed an original, and all of which taken together shall constitute one and the same instrument.
19.      This Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (Section 409A), including the exceptions thereto, and shall be construed and administered in accordance with such intent. Notwithstanding any other provision of this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service, as a short-term deferral, or as a settlement payment pursuant to a bona fide legal dispute shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, any installment payments provided under this Agreement shall each be treated as a separate payment. To the extent required under Section 409A, any payments to be made under this Agreement in connection with a termination of employment shall only be made if such termination constitutes a “separation from service” under Section 409A. Notwithstanding the foregoing, Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A and in no event shall Company be liable for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by Employee on account of non-compliance with Section 409A.  
(signature page follows)

PLEASE READ CAREFULLY. THIS SEPARATION AGREEMENT AND GENERAL RELEASE INCLUDES A RELEASE OF KNOWN AND UNKNOWN CLAIMS.
Executed this 5th day of March, 2020.
 

	
					
	 
	 
	 
	 
	 

	EMPLOYER:
CHATHAM LODGING TRUST

	By       /s/ Jeffrey H. Fisher

	Name  Jeffrey H. Fisher

	Title    Chairman of the Board, President and Chief Executive Officer

	EMPLOYEE:
PETER WILLIS

	Signature:  /s/ Peter Willis

	

Print Name: Peter Willis

EXHIBIT A
Vested Shares and Units

	
			
	 Shares vested and held in deferred stock trust
	 

	 
	 

	 January 29, 2013 time based shares
	7,852
	

	 January 29, 2013 performance based shares
	7,852
	

	 January 31, 2014 time based shares
	7,056
	

	 January 31, 2014 performance based shares
	2,352
	

	 January 30, 2015 time based shares
	4,821
	

	 January 30, 2015 performance based shares
	1,607
	

	 
	 

	 Shares vested and held with transfer agent
	 

	 
	 

	May 10, 2010 time based shares
	9,535
	

	January 1, 2012 time based shares
	10,229
	

	February 23, 2012 time based shares
	10,229
	

	 
	 

	 Vested unit awards
	 

	 
	 

	 Founders LTIP
	32,585
	

	 1/28/16 time-based LTIP
	9,009
	

	 1/28/16 performance-based LTIP
	4,848
	

	 3/1/17 time-based LTIP
	6,990
	

	 3/1/17 performance-based LTIP
	10,484
	

	 3/1/18 time-based LTIP
	5,132
	

	 3/1/19 time-based LTIP
	2,102

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