Document:

exv10w8

Exhibit 10.8

INDEMNIFICATION AGREEMENT

     THIS INDEMNIFICATION AGREEMENT (“Agreement”) is made and entered into as of the ___day of
                    , 2010, by and between Reunion Hospitality Trust, Inc., a Maryland corporation (the
“Company”), and                                          (“Indemnitee”).

     WHEREAS, at the request of the Company, Indemnitee currently serves as a [director] [and]
[officer] of the Company and may, therefore, be subjected to claims, suits or proceedings arising
as a result of his service; and

     WHEREAS, as an inducement to Indemnitee to continue to serve as such [director] [and]
[officer], the Company has agreed to indemnify and to advance expenses and costs incurred by
Indemnitee in connection with any such claims, suits or proceedings, to the maximum extent
permitted by law; and

     WHEREAS, the parties by this Agreement desire to set forth their agreement regarding
indemnification and advance of expenses;

     NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the
Company and Indemnitee do hereby covenant and agree as follows:

     Section 1. Definitions. For purposes of this Agreement:

     (a) “Change in Control” means a change in control of the Company occurring after the
Effective Date of a nature that would be required to be reported in response to Item 6(e) of
Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule
or form) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), whether or not the Company is then subject to such reporting requirement; provided,
however, that, without limitation, such a Change in Control shall be deemed to have occurred
if, after the Effective Date (i) any “person” (as such term is used in Sections 13(d) and
14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of securities of the Company representing
50% or more of the combined voting power of all of the Company’s then-outstanding securities
entitled to vote generally in the election of directors without the prior approval of at
least two-thirds of the members of the Board of Directors in office immediately prior to
such person’s attaining such percentage interest; (ii) the Company is a party to a merger,
consolidation, sale of assets, plan of liquidation or other reorganization not approved by
at least two-thirds of the members of the Board of Directors then in office, as a
consequence of which members of the Board of Directors in office immediately prior to such
transaction or event constitute less than a majority of the Board of Directors thereafter;
or (iii) at any time, a majority of the members of the Board of Directors are not
individuals (A) who were directors as of the Effective Date or (B) whose election by the
Board of Directors or nomination for election by the Company’s stockholders was approved by
the affirmative vote of at least two-thirds of the directors then in office who were
directors as of the Effective Date or whose election for nomination for election was
previously so approved.

 

 

     (b) “Corporate Status” means the status of a person as a present or former director,
officer, employee or agent of the Company or as a director, trustee, officer, partner,
manager, managing member, fiduciary, employee or agent of any other foreign or domestic
corporation, partnership, limited liability company, joint venture, trust, employee benefit
plan or other enterprise that such person is or was serving in such capacity at the request
of the Company. As a clarification and without limiting the circumstances in which
Indemnitee may be serving at the request of the Company, service by Indemnitee shall be
deemed to be at the request of the Company if Indemnitee serves or served as a director,
trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any
corporation, partnership, limited liability company, joint venture, trust, employee benefit
plan or other enterprise (i) of which a majority of the voting power or equity interest is
owned directly or indirectly by the Company or (ii) the management of which is controlled
directly or indirectly by the Company.

     (c) “Disinterested Director” means a director of the Company who is not and was not a
party to the Proceeding in respect of which indemnification and/or advance of Expenses is
sought by Indemnitee.

     (d) “Effective Date” means the date set forth in the first paragraph of this Agreement.

     (e) “Expenses” means any and all reasonable and out-of-pocket attorneys’ fees and
costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel
expenses, duplicating costs, printing and binding costs, telephone charges, postage,
delivery service fees, federal, state, local or foreign taxes imposed on Indemnitee as a
result of the actual or deemed receipt of any payments under this Agreement, ERISA excise
taxes and penalties and any other disbursements or expenses incurred in connection with
prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing
to be a witness in or otherwise participating in a Proceeding. Expenses shall also include
Expenses incurred in connection with any appeal resulting from any Proceeding including,
without limitation, the premium, security for and other costs relating to any cost bond
supersedeas bond or other appeal bond or its equivalent.

     (f) “Independent Counsel” means a law firm, or a member of a law firm, that is
experienced in matters of corporation law and neither is, nor in the past five years has
been, retained to represent: (i) the Company or Indemnitee in any matter material to either
such party (other than with respect to matters concerning Indemnitee under this Agreement or
of other indemnitees under similar indemnification agreements), or (ii) any other party to
or participant or witness in the Proceeding giving rise to a claim for indemnification or
advance of Expenses hereunder. Notwithstanding the foregoing, the term “Independent
Counsel” shall not include any person who, under the applicable standards of professional
conduct then prevailing, would have a conflict of interest in representing either the
Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

     (g) “Proceeding” means any threatened, pending or completed action, suit, arbitration,
alternate dispute resolution mechanism, investigation, inquiry, administrative

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hearing or any other proceeding, whether brought by or in the right of the Company or
otherwise and whether of a civil (including intentional or unintentional tort claims),
criminal, administrative or investigative (formal or informal) nature, including any appeal
therefrom, except one pending or completed on or before the Effective Date, unless otherwise
specifically agreed in writing by the Company and Indemnitee. If Indemnitee reasonably
believes that a given situation may lead to or culminate in the institution of a Proceeding,
such situation shall also be considered a Proceeding.

     Section 2. Services by Indemnitee. Indemnitee will serve as a [director] [and]
[officer] of the Company. However, this Agreement shall not impose any independent obligation on
Indemnitee or the Company to continue Indemnitee’s service to the Company. This Agreement shall
not be deemed an employment contract between the Company (or any other entity) and Indemnitee.

     Section 3. General. The Company shall indemnify, and advance Expenses to, Indemnitee
(a) as provided in this Agreement and (b) otherwise to the maximum extent permitted by Maryland law
in effect on the Effective Date and as amended from time to time; provided, however, that no change
in Maryland law shall have the effect of reducing the benefits available to Indemnitee hereunder
based on Maryland law as in effect on the Effective Date. The rights of Indemnitee provided in
this Section 3 shall include, without limitation, the rights set forth in the other sections of
this Agreement, including any additional indemnification permitted by Section 2-418(g) of the
Maryland General Corporation Law (the “MGCL”).

     Section 4. Standard for Indemnification. If, by reason of Indemnitee’s Corporate
Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, Indemnitee shall be
indemnified against all judgments, penalties, fines and amounts paid in settlement and all Expenses
actually and reasonably incurred by him or on his behalf in connection with any such Proceeding
unless it is established that (a) the act or omission of Indemnitee was material to the matter
giving rise to the Proceeding and (i) was committed in bad faith or (ii) was the result of active
and deliberate dishonesty, (b) Indemnitee actually received an improper personal benefit in money,
property or services or (c) in the case of any criminal Proceeding, Indemnitee had reasonable cause
to believe that his conduct was unlawful.

     Section 5. Certain Limits on Indemnification. Notwithstanding any other
provision of this Agreement (other than Section 6), Indemnitee shall not be entitled to:

     (a) indemnification hereunder if the Proceeding was one by or in the right of the
Company and Indemnitee is adjudged to be liable to the Company;

     (b) indemnification hereunder if Indemnitee is adjudged to be liable on the basis that
personal benefit was improperly received in any Proceeding charging improper personal
benefit to Indemnitee, whether or not involving action in the Indemnitee’s Corporate Status;
or

     (c) indemnification or advance of Expenses hereunder if the Proceeding was brought by
Indemnitee unless: (i) the Proceeding was brought to enforce indemnification under this
Agreement, and then only to the extent in accordance with and as authorized

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by Section 12 of this Agreement, or (ii) the Company’s charter or Bylaws, a resolution
of the stockholders entitled to vote generally in the election of directors or of the Board
of Directors or an agreement approved by the Board of Directors to which the Company is a
party expressly provide otherwise.

     Section 6. Court-Ordered Indemnification. Notwithstanding any other provision of this
Agreement, a court of appropriate jurisdiction, upon application of Indemnitee and such notice as
the court shall require, may order indemnification in the following circumstances:

     (a) if it determines Indemnitee is entitled to reimbursement under Section 2-418(d)(1)
of the MGCL, the court shall order indemnification, in which case Indemnitee shall be
entitled to recover the Expenses of securing such reimbursement; or

     (b) if it determines that Indemnitee is fairly and reasonably entitled to
indemnification in view of all the relevant circumstances, whether or not Indemnitee (i) has
met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been
adjudged liable for receipt of an improper personal benefit under Section 2-418(c) of the
MGCL, the court may order such indemnification as the court shall deem proper. However,
indemnification with respect to any Proceeding by or in the right of the Company or in which
liability shall have been adjudged in the circumstances described in Section 2-418(c) of the
MGCL shall be limited to Expenses.

     Section 7. Indemnification for Expenses of a Party Who is Wholly or Partly Successful.
Notwithstanding any other provision of this Agreement, and without limiting any such provision, to
the extent that Indemnitee was or is, by reason of his Corporate Status, made a party to (or
otherwise becomes a participant in) any Proceeding and is successful, on the merits or otherwise,
in the defense of such Proceeding, Indemnitee shall be indemnified for all Expenses actually and
reasonably incurred by him or on his behalf in connection therewith. If Indemnitee is not wholly
successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but
less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee
under this Section 7 for all Expenses actually and reasonably incurred by him or on his behalf in
connection with each such claim, issue or matter, allocated on a reasonable and proportionate
basis. For purposes of this Section 7 and, without limitation, the termination of any claim, issue
or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a
successful result as to such claim, issue or matter.

     Section 8. Advance of Expenses for a Party. If, by reason of Indemnitee’s Corporate
Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the Company shall,
without requiring a preliminary determination of Indemnitee’s ultimate entitlement to
indemnification hereunder, advance all reasonable Expenses incurred by or on behalf of Indemnitee
in connection with such Proceeding within ten days after the receipt by the Company of a statement
or statements requesting such advance or advances from time to time, whether prior to or after
final disposition of such Proceeding. Such statement or statements shall reasonably evidence the
Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written
affirmation by Indemnitee of Indemnitee’s good faith belief that the standard of conduct necessary
for indemnification by the Company as authorized by law and by this Agreement has been met and a
written undertaking by or on behalf of Indemnitee, in

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substantially the form attached hereto as Exhibit A or in such form as may be required
under applicable law as in effect at the time of the execution thereof, to reimburse the portion of
any Expenses advanced to Indemnitee relating to claims, issues or matters in the Proceeding as to
which it shall ultimately be established that the standard of conduct has not been met by
Indemnitee and which have not been successfully resolved as described in Section 7 of this
Agreement. To the extent that Expenses advanced to Indemnitee do not relate to a specific claim,
issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and
proportionate basis. The undertaking required by this Section 8 shall be an unlimited general
obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee’s
financial ability to repay such advanced Expenses and without any requirement to post security
therefor.

     Section 9. Indemnification and Advance of Expenses of a Witness. Notwithstanding any
other provision of this Agreement, to the extent that Indemnitee is or may be, by reason of his
Corporate Status, made a witness or otherwise asked to participate in any Proceeding, whether
instituted by the Company or any other party, and to which Indemnitee is not a party, he shall be
advanced all reasonable Expenses and indemnified against all Expenses actually and reasonably
incurred by him or on his behalf in connection therewith within ten days after the receipt by the
Company of a statement or statements requesting such advance or advances from time to time, whether
prior to or after final disposition of such Proceeding. Such statement or statements shall
reasonably evidence the Expenses incurred by Indemnitee.

     Section 10. Procedure for Determination of Entitlement to Indemnification.

     (a) To obtain indemnification under this Agreement, Indemnitee shall submit to the
Company a written request, including therein or therewith such documentation and information
as is reasonably available to Indemnitee and is reasonably necessary to determine whether
and to what extent Indemnitee is entitled to indemnification. Indemnitee may submit one or
more such requests from time to time and at such time(s) as Indemnitee deems appropriate in
his sole discretion. The officer of the Company receiving any such request from Indemnitee
shall, promptly upon receipt of such a request for indemnification, advise the Board of
Directors in writing that Indemnitee has requested indemnification.

     (b) Upon written request by Indemnitee for indemnification pursuant to Section 10(a)
above, a determination, if required by applicable law, with respect to Indemnitee’s
entitlement thereto shall promptly be made in the specific case: (i) if a Change in Control
shall have occurred, by Independent Counsel, in a written opinion to the Board of Directors,
a copy of which shall be delivered to Indemnitee, which Independent Counsel shall be
selected by the Indemnitee and approved by the Board of Directors in accordance with Section
2-418(e)(2)(ii) of the MGCL, which approval will not be unreasonably withheld; or (ii) if a
Change in Control shall not have occurred, (A) by the Board of Directors by a majority vote
of a quorum consisting of Disinterested Directors or, if such a quorum cannot be obtained,
then by a majority vote of a duly authorized committee of the Board of Directors consisting
solely of one or more Disinterested Directors, (B) if Independent Counsel has been selected
by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of the MGCL and
approved by the Indemnitee, which approval

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shall not be unreasonably withheld, by Independent Counsel, in a written opinion to the
Board of Directors, a copy of which shall be delivered to Indemnitee or (C) if so directed
by a majority of the members of the Board of Directors, by the stockholders of the Company.
If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee
shall be made within ten days after such determination. Indemnitee shall cooperate with the
person, persons or entity making such determination with respect to Indemnitee’s entitlement
to indemnification, including providing to such person, persons or entity upon reasonable
advance request any documentation or information which is not privileged or otherwise
protected from disclosure and which is reasonably available to Indemnitee and reasonably
necessary to such determination in the discretion of the Board of Directors or Independent
Counsel if retained pursuant to clause (ii)(B) of this Section 10(b). Any Expenses incurred
by Indemnitee in so cooperating with the person, persons or entity making such determination
shall be borne by the Company (irrespective of the determination as to Indemnitee’s
entitlement to indemnification) and the Company shall indemnify and hold Indemnitee harmless
therefrom.

     (c) The Company shall pay the reasonable fees and expenses of Independent Counsel, if
one is appointed.

     Section 11. Presumptions and Effect of Certain Proceedings.

     (a) In making any determination with respect to entitlement to indemnification
hereunder, the person or persons or entity making such determination shall presume that
Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a
request for indemnification in accordance with Section 10(a) of this Agreement, and the
Company shall have the burden of proof to overcome that presumption in connection with the
making of any determination contrary to that presumption.

     (b) The termination of any Proceeding or of any claim, issue or matter therein, by
judgment, order, settlement or conviction, upon a plea of nolo contendere or its equivalent,
or entry of an order of probation prior to judgment, does not create a presumption that
Indemnitee did not meet the requisite standard of conduct described herein for
indemnification.

     (c) The knowledge and/or actions, or failure to act, of any other director, officer,
employee or agent of the Company or any other director, trustee, officer, partner, manager,
managing member, fiduciary, employee or agent of any other foreign or domestic corporation,
partnership, limited liability company, joint venture, trust, employee benefit plan or other
enterprise shall not be imputed to Indemnitee for purposes of determining any other right to
indemnification under this Agreement.

     Section 12. Remedies of Indemnitee.

     (a) If (i) a determination is made pursuant to Section 10(b) of this Agreement that
Indemnitee is not entitled to indemnification under this Agreement, (ii) advance of Expenses
is not timely made pursuant to Section 8 of this Agreement, (iii) no

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determination of entitlement to indemnification shall have been made pursuant to
Section 10(b) of this Agreement within 60 days after receipt by the Company of the request
for indemnification, (iv) payment of indemnification is not made pursuant to Section 7 of
this Agreement within ten days after receipt by the Company of a written request therefor,
or (v) payment of indemnification pursuant to any other section of this Agreement or the
charter or Bylaws of the Company is not made within ten days after a determination has been
made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an
adjudication in an appropriate court located in the State of Maryland, or in any other court
of competent jurisdiction, of his entitlement to such indemnification or advance of
Expenses. Alternatively, Indemnitee, at his option, may seek an award in arbitration to be
conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the
American Arbitration Association. Indemnitee shall commence a proceeding seeking an
adjudication or an award in arbitration within 180 days following the date on which
Indemnitee first has the right to commence such proceeding pursuant to this Section 12(a);
provided, however, that the foregoing clause shall not apply to a proceeding brought by
Indemnitee to enforce his rights under Section 7 of this Agreement. Except as set forth
herein, the provisions of Maryland law (without regard to its conflicts of laws rules) shall
apply to any such arbitration. The Company shall not oppose Indemnitee’s right to seek any
such adjudication or award in arbitration.

     (b) In any judicial proceeding or arbitration commenced pursuant to this Section 12,
Indemnitee shall be presumed to be entitled to indemnification or advance of Expenses, as
the case may be, under this Agreement and the Company shall have the burden of proving that
Indemnitee is not entitled to indemnification or advance of Expenses, as the case may be.
If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 12,
Indemnitee shall not be required to reimburse the Company for any advances pursuant to
Section 8 of this Agreement until a final determination is made with respect to Indemnitee’s
entitlement to indemnification (as to which all rights of appeal have been exhausted or
lapsed). The Company shall, to the fullest extent not prohibited by law, be precluded from
asserting in any judicial proceeding or arbitration commenced pursuant to this Section 12
that the procedures and presumptions of this Agreement are not valid, binding and
enforceable and shall stipulate in any such court or before any such arbitrator that the
Company is bound by all of the provisions of this Agreement.

     (c) If a determination shall have been made pursuant to Section 10(b) of this Agreement
that Indemnitee is entitled to indemnification, the Company shall be bound by such
determination in any judicial proceeding or arbitration commenced pursuant to this Section
12, absent a misstatement by Indemnitee of a material fact, or an omission of a material
fact necessary to make Indemnitee’s statement not materially misleading, in connection with
the request for indemnification.

     (d) In the event that Indemnitee, pursuant to this Section 12, seeks a judicial
adjudication of or an award in arbitration to enforce his rights under, or to recover
damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the
Company, and shall be indemnified by the Company for, any and all Expenses actually and
reasonably incurred by him in such judicial adjudication or arbitration. If it shall be

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determined in such judicial adjudication or arbitration that Indemnitee is entitled to
receive part but not all of the indemnification or advance of Expenses sought, the Expenses
incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be
appropriately prorated.

     (e) Interest shall be paid by the Company to Indemnitee at the maximum rate allowed to
be charged for judgments under the Courts and Judicial Proceedings Article of the Annotated
Code of Maryland for amounts which the Company pays or is obligated to pay for the period
commencing with the date on which the Company was requested to advance expenses in
accordance with Section 8 of this Agreement or to make the determination of entitlement to
indemnification under Section 12(a) above and ending on the date such payment is made to
Indemnitee by the Company.

     Section 13. Defense of the Underlying Proceeding.

     (a) Indemnitee shall notify the Company promptly in writing upon being served with any
summons, citation, subpoena, complaint, indictment, request or other document relating to
any Proceeding which may result in the right to indemnification or the advance of Expenses
hereunder and shall include with such notice a description of the nature of the Proceeding
and a summary of the facts underlying the Proceeding. The failure to give any such notice
shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right
of Indemnitee, to indemnification or the advance of Expenses under this Agreement unless the
Company’s ability to defend in such Proceeding or to obtain proceeds under any insurance
policy is materially and adversely prejudiced thereby, and then only to the extent the
Company is thereby actually so prejudiced.

     (b) Subject to the provisions of the last sentence of this Section 13(b) and of
Section 13(c) below, the Company shall have the right to defend Indemnitee in any Proceeding
which may give rise to indemnification hereunder; provided, however, that the Company shall
notify Indemnitee of any such decision to defend within 15 calendar days following receipt
of notice of any such Proceeding under Section 13(a) above. The Company shall not, without
the prior written consent of Indemnitee, which shall not be unreasonably withheld,
conditioned or delayed, consent to the entry of any judgment against Indemnitee or enter
into any settlement or compromise which (i) includes an admission of fault of Indemnitee,
(ii) does not include, as an unconditional term thereof, the full release of Indemnitee from
all liability in respect of such Proceeding, which release shall be in form and substance
reasonably satisfactory to Indemnitee or (iii) would impose any Expense, judgment, fine,
penalty or limitation on Indemnitee. This Section 13(b) shall not apply to a Proceeding
brought by Indemnitee under Section 12 of this Agreement.

     (c) Notwithstanding the provisions of Section 13(b) above, if in a Proceeding to which
Indemnitee is a party by reason of Indemnitee’s Corporate Status, (i) Indemnitee reasonably
concludes, based upon an opinion of counsel approved by the Company, which approval shall
not be unreasonably withheld, conditioned or delayed, that he may have separate defenses or
counterclaims to assert with respect to any issue which may not be consistent with other
defendants in such Proceeding, (ii) Indemnitee reasonably

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concludes, based upon an opinion of counsel approved by the Company, which approval
shall not be unreasonably withheld, conditioned or delayed, that an actual or apparent
conflict of interest or potential conflict of interest exists between Indemnitee and the
Company, or (iii) if the Company fails to assume the defense of such Proceeding in a timely
manner, Indemnitee shall be entitled to be represented by separate legal counsel of
Indemnitee’s choice, subject to the prior approval of the Company, which shall not be
unreasonably withheld, conditioned or delayed, at the expense of the Company. In addition,
if the Company fails to comply with any of its obligations under this Agreement or in the
event that the Company or any other person takes any action to declare this Agreement void
or unenforceable, or institutes any Proceeding to deny or to recover from Indemnitee the
benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to
retain counsel of Indemnitee’s choice, subject to the prior approval of the Company, which
shall not be unreasonably withheld, conditioned or delayed, at the expense of the Company
(subject to Section 12(d) of this Agreement), to represent Indemnitee in connection with any
such matter.

     Section 14. Non-Exclusivity; Survival of Rights; Subrogation.

     (a) The rights of indemnification and advance of Expenses as provided by this Agreement
shall not be deemed exclusive of any other rights to which Indemnitee may at any time be
entitled under applicable law, the charter or Bylaws of the Company, any agreement or a
resolution of the stockholders entitled to vote generally in the election of directors or of
the Board of Directors, or otherwise. Unless consented to in writing by Indemnitee, no
amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or
restrict any right of Indemnitee under this Agreement in respect of any action taken or
omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or
repeal, regardless of whether a claim with respect to such action or inaction is raised
prior or subsequent to such amendment, alteration or repeal. No right or remedy herein
conferred is intended to be exclusive of any other right or remedy, and every other right or
remedy shall be cumulative and in addition to every other right or remedy given hereunder or
now or hereafter existing at law or in equity or otherwise. The assertion of any right or
remedy hereunder, or otherwise, shall not prohibit the concurrent assertion or employment of
any other right or remedy.

     (b) In the event of any payment under this Agreement, the Company shall be subrogated
to the extent of such payment to all of the rights of recovery of Indemnitee, who shall
execute all papers required and take all action necessary to secure such rights, including
execution of such documents as are necessary to enable the Company to bring suit to enforce
such rights.

     Section 15. Insurance. The Company will use its reasonable best efforts to acquire
directors and officers liability insurance, on terms and conditions deemed appropriate by the Board
of Directors, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee
by reason of his Corporate Status and covering the Company for any indemnification or advance of
Expenses made by the Company to Indemnitee for any claims made against Indemnitee by reason of his
Corporate Status. Without in any way limiting any other obligation under this Agreement, the
Company shall indemnify Indemnitee for any payment by Indemnitee

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arising out of the amount of any deductible or retention and the amount of any excess of the
aggregate of all judgments, penalties, fines, settlements and Expenses incurred by Indemnitee in
connection with a Proceeding over the coverage of any insurance referred to in the previous
sentence. The purchase, establishment and maintenance of any such insurance shall not in any way
limit or affect the rights or obligations of the Company or Indemnitee under this Agreement except
as expressly provided herein, and the execution and delivery of this Agreement by the Company and
the Indemnitee shall not in any way limit or affect the rights or obligations of the Company under
any such insurance policies. If, at the time the Company receives notice from any source of a
Proceeding to which Indemnitee is a party or a participant (as a witness or otherwise) the Company
has director and officer liability insurance in effect, the Company shall give prompt notice of
such Proceeding to the insurers in accordance with the procedures set forth in the respective
policies.

     Section 16. Coordination of Payments. The Company shall not be liable under this
Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable as
Expenses hereunder if and to the extent that Indemnitee has otherwise actually received such
payment under any insurance policy, contract, agreement or otherwise.

     Section 17. Reports to Stockholders. To the extent required by the MGCL, the Company
shall report in writing to its stockholders the payment of any amounts for indemnification of, or
advance of Expenses to, Indemnitee under this Agreement arising out of a Proceeding by or in the
right of the Company with the notice of the meeting of stockholders of the Company next following
the date of the payment of any such indemnification or advance of Expenses or prior to such
meeting.

     Section 18. Duration of Agreement; Binding Effect.

     (a) This Agreement shall continue until and terminate on the later of (i) the date that
Indemnitee shall have ceased to serve as a director, officer, employee or agent of the
Company or as a director, trustee, officer, partner, manager, managing member, fiduciary,
employee or agent of any other foreign or domestic corporation, real estate investment
trust, partnership, limited liability company, joint venture, trust, employee benefit plan
or other enterprise that such person is or was serving in such capacity at the request of
the Company and (ii) the date that Indemnitee is no longer subject to any actual or possible
Proceeding (including any rights of appeal thereto and any Proceeding commenced by
Indemnitee pursuant to Section 12 of this Agreement).

     (b) The indemnification and advance of Expenses provided by, or granted pursuant to,
this Agreement shall be binding upon and be enforceable by the parties hereto and their
respective successors and assigns (including any direct or indirect successor by purchase,
merger, consolidation or otherwise to all or substantially all of the business or assets of
the Company), shall continue as to an Indemnitee who has ceased to be a director, officer,
employee or agent of the Company or a director, trustee, officer, partner, manager, managing
member, fiduciary, employee or agent of any other foreign or domestic corporation,
partnership, limited liability company, joint venture, trust, employee benefit plan or other
enterprise that such person is or was serving in such capacity at the request of the
Company, and shall inure to the benefit of Indemnitee and

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his spouse, assigns, heirs, devisees, executors and administrators and other legal
representatives.

     (c) The Company shall require and cause any successor (whether direct or indirect by
purchase, merger, consolidation or otherwise) to all, substantially all or a substantial
part, of the business and/or assets of the Company, by written agreement in form and
substance satisfactory to Indemnitee, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be required to
perform if no such succession had taken place.

     (d) The Company and Indemnitee agree herein that a monetary remedy for breach of this
Agreement, at some later date, may be inadequate, impracticable and difficult of proof, and
further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the
parties hereto agree that Indemnitee may enforce this Agreement by seeking injunctive relief
and/or specific performance hereof, without any necessity of showing actual damage or
irreparable harm and that by seeking injunctive relief and/or specific performance,
Indemnitee shall not be precluded from seeking or obtaining any other relief to which he may
be entitled. Indemnitee shall further be entitled to such specific performance and
injunctive relief, including temporary restraining orders, preliminary injunctions and
permanent injunctions, without the necessity of posting bonds or other undertakings in
connection therewith. The Company acknowledges that, in the absence of a waiver, a bond or
undertaking may be required of Indemnitee by a court, and the Company hereby waives any such
requirement of such a bond or undertaking.

     Section 19. Severability. If any provision or provisions of this Agreement shall be
held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality
and enforceability of the remaining provisions of this Agreement (including, without limitation,
each portion of any Section, paragraph or sentence of this Agreement containing any such provision
held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable)
shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest
extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent
necessary to conform to applicable law and to give the maximum effect to the intent of the parties
hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including,
without limitation, each portion of any Section, paragraph or sentence of this Agreement containing
any such provision held to be invalid, illegal or unenforceable, that is not itself invalid,
illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

     Section 20. Identical Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall for all purposes be deemed to be an original but all of which
together shall constitute one and the same Agreement. One such counterpart signed by the party
against whom enforceability is sought shall be sufficient to evidence the existence of this
Agreement.

-11-

 

     Section 21. Headings. The headings of the paragraphs of this Agreement are inserted
for convenience only and shall not be deemed to constitute part of this Agreement or to affect the
construction thereof.

     Section 22. Modification and Waiver. No supplement, modification or amendment of this
Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of
any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other
provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

     Section 23. Notices. All notices, requests, demands and other communications
hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand
and receipted for by the party to whom said notice or other communication shall have been directed
or (ii) mailed by certified or registered mail with postage prepaid, on the third business day
after the date on which it is so mailed:

	 	(a)	 	If to Indemnitee, to the address set forth on the signature page hereto.
	 
	 	(b)	 	If to the Company, to:

Gregory J. Moundas, General Counsel

60 East 42nd Street, Suite 1901

New York, New York 10165

and to

Andrew P. Nelson, Chief Financial Officer

1370 Avenue of the Americas, 28th Floor

New York, New York 10019

or to such other address as may have been furnished in writing to Indemnitee by the Company or to
the Company by Indemnitee, as the case may be.

     Section 24. Governing Law. The parties agree that this Agreement shall be governed
by, and construed and enforced in accordance with, the laws of the State of Maryland, without
regard to its conflicts of laws rules.

     Section 25. Waiver of Escrow. The Indemnitee acknowledges the Company will establish
an escrow account with the net proceeds of the initial public offering and the concurrent private
placement of the Company’s securities for the benefit of the stockholders of the Company that
participate in such initial public offering and concurrent private placement, and hereby agrees
that the Indemnitee or any of its valid assigns will not have any right, title, interest or claim
of any kind in or to any monies in any such escrow account (each a “Claim”), and hereby
waives any Claim it may have in the future prior to the closing of the escrow account as a result
of, or arising out of, any negotiations, contracts or agreements with the Company, including this
Agreement, and will not seek recourse against any such escrow account for any reason whatsoever.

     Section 26. Miscellaneous. Use of the masculine pronoun shall be deemed to include
usage of the feminine pronoun where appropriate.

[SIGNATURE PAGE FOLLOWS]

-12-

 

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written.

	 	 	 	 	 	 	 

	 	 	COMPANY:	 	 
	 
	 	 	 	 	 	 
	 	 	REUNION HOSPITALITY TRUST, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 

	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	INDEMNITEE	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Address:	 	 	 

-13-

 

EXHIBIT A

FORM OF UNDERTAKING TO REPAY EXPENSES ADVANCED

The Board of Directors of Reunion Hospitality Trust, Inc.

Re: Undertaking to Repay Expenses Advanced

Ladies and Gentlemen:

     This undertaking is being provided pursuant to that certain Indemnification Agreement dated
the ___day of ___, 2010, by and between Reunion Hospitality Trust, Inc., a Maryland
corporation (the “Company”), and the undersigned Indemnitee (the “Indemnification Agreement”),
pursuant to which I am entitled to advance of Expenses in connection with [Description of
Proceeding] (the “Proceeding”).

     Terms used herein and not otherwise defined shall have the meanings specified in the
Indemnification Agreement.

     I am subject to the Proceeding by reason of my Corporate Status or by reason of alleged
actions or omissions by me in such capacity. I hereby affirm my good faith belief that at all
times, insofar as I was involved as [a director] [an officer] of the Company, in any of the facts
or events giving rise to the Proceeding, I (1) did not act with bad faith or active or deliberate
dishonesty, (2) did not receive any improper personal benefit in money, property or services and
(3) in the case of any criminal proceeding, had no reasonable cause to believe that any act or
omission by me was unlawful.

     In consideration of the advance of Expenses by the Company for reasonable attorneys’ fees and
related Expenses incurred by me in connection with the Proceeding (the “Advanced Expenses”), I
hereby agree that if, in connection with the Proceeding, it is established that (1) an act or
omission by me was material to the matter giving rise to the Proceeding and (a) was committed in
bad faith or (b) was the result of active and deliberate dishonesty or (2) I actually received an
improper personal benefit in money, property or services or (3) in the case of any criminal
proceeding, I had reasonable cause to believe that the act or omission was unlawful, then I shall
promptly reimburse the portion of the Advanced Expenses relating to the claims, issues or matters
in the Proceeding as to which the foregoing findings have been established.

     IN WITNESS WHEREOF, I have executed this Affirmation and Undertaking on this ___day of
                                        , 2010.exv10w11

Exhibit 10.11

STOCK ESCROW AGREEMENT

     STOCK ESCROW AGREEMENT, dated as of                     , 2010 (the “Agreement”), by and among
REUNION HOSPITALITY TRUST, INC., a Maryland corporation (“Company”), each of the stockholders of
the Company set forth on Exhibit A, annexed hereto (collectively “Initial Stockholders”)
and THE BANK OF NEW YORK MELLON, a New York banking corporation (“Escrow Agent”).

     WHEREAS, the Company has entered into an Underwriting Agreement, dated                     ,
2010 (the “Underwriting Agreement”), with FBR Capital Markets (“FBR”) and JMP Securities LLC (“JMP)
acting as representatives of the underwriters (collectively, the “Underwriters”), pursuant to
which, among other matters, the Underwriters have agreed to purchase                     shares of
common stock of the Company, par value $0.001 per share, of the Company (the “Common Stock”), as
more fully described in the Underwriting Agreement and the Company’s final Prospectus, dated
                    , 2010 comprising part of the Company’s Registration Statement on Form S-11 (File
No. 333-165622) under the Securities Act of 1933, as amended, declared effective on
                    , 2010 in connection with the Company’s initial public offering (the “IPO”).

     WHEREAS, the Initial Stockholders have agreed, as a material inducement to the underwriters
executing and delivering an underwriting agreement in connection with the IPO, to deposit their
shares of initial stock of the Company, par value $0.001 per share, as set forth opposite their
respective names on Exhibit A attached hereto (collectively, and only for so long as any
such shares remain in the escrow account established by this agreement, the “Escrow Shares”), in
escrow as hereinafter provided.

     WHEREAS, the Company and the Initial Stockholders desire that the Escrow Agent accept the
Escrow Shares, in escrow, to be held and disbursed as hereinafter provided.

     IT IS AGREED:

1. Appointment of Escrow Agent. The Company and the Initial Stockholders hereby appoint
the Escrow Agent to act in accordance with and subject to the terms of this Agreement and the
Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject to
such terms.

2. Deposit of Escrow Shares. On or before the date on which the IPO is consummated (the
“Closing Date”), as evidenced by a written notice from the Company to the Escrow Agent, each of the
Initial Stockholders shall deliver to the Escrow Agent certificates (with a medallion guaranteed
stock power) representing his, her or its respective Escrow Shares, to be held and disbursed
subject to the terms and conditions of this Agreement. Each Initial Stockholder acknowledges that
the certificate representing his Escrow Shares is legended to reflect the deposit of such Escrow
Shares under this Agreement.

 

 

3. Disbursement of the Escrow Shares.

     3.1 Upon receipt of written instructions from the Company and subject to Section 3.3 below,
the Escrow Agent shall release the Escrow Shares to the Initial Stockholders ratably and in equal
installments on or after each of the first, second and third anniversary of the Closing Date, in
the amounts and on the dates set forth in written instructions provided to the Escrow Agent by the
Company; provided, however, that no Escrow Shares may be released until the earlier
of, as solely determined by a majority of the independent directors of the Company, (i) such time
as the total return on the investment made by the stockholders participating in the IPO, which
shall be equal to the sum of (a) any increase or decrease in the trading price of the Company’s
common stock on The NASDAQ Global Market or another nationally-recognized exchange compared to the
purchase price paid by investors in the IPO (the “IPO Price”) as adjusted for any stock splits or
reverse stock splits, plus (b) the cumulative cash value of any dividends or other distributions
paid by the Company on its common stock sold in the IPO, is equal to or exceeds at the time of such
calculation (x) 20% of the IPO Price on a date after the first anniversary of the Closing Date, at
which time one-third (1/3) of each Initial Stockholder’s Escrow Shares shall be released to each
Initial Stockholder, (y) 25% of the IPO Price on a date after the second anniversary of the Closing
Date, at which time one-third (1/3) of each Initial Stockholder’s Escrow Shares shall be released
to each Initial Stockholder, and (z) 30% of the IPO Price on a date after the third anniversary of
the Closing Date, at which time the final one-third (1/3) of each Initial Stockholder’s Escrow
Shares shall be released to each Initial Stockholder, or (ii) the tenth anniversary of the Closing
Date, at which time any remaining Escrow Shares shall be forfeited by the Initial Stockholders and
returned to the Company by the Escrow Agent. For the avoidance of any doubt, upon receipt of
written instructions from the Company, any unreleased Initial Stock shall be released ratably to
the holders of Initial Stock by the Escrow Agent upon satisfaction of the foregoing requirements
during or after any year in which such Initial Stock may be released in accordance with the
foregoing requirements until the tenth anniversary of the Closing Date. In no event shall the
Escrow Agent have any responsibility for determining either the amounts or the timing of the
release of the Escrow Shares, beyond acting in accordance with the instructions it receives from
the Company. For the avoidance of any doubt, the Escrow Agent shall incur no liability for acting
in accordance with instructions it receives with respect to the release of Escrow Shares in
connection with any written instructions received in accordance with this Section 3,
notwithstanding that the above-described conditions or any other conditions discussed throughout
this Section 3 have not been satisfied, as such determination is not the responsibility of the
Escrow Agent. The period the Escrow Shares are to be held in escrow by the Escrow Agent pursuant to
this Section 3.1 is hereinafter referred to as the “Escrow Period. The Escrow Agent shall have no
further duties hereunder after the disbursement or destruction of the Escrow Shares in accordance
with this Section 3.

     3.2 The Company’s Executive Chairman, Jason. N. Ader, Chief Executive Officer, E. Jonathan
Falik, and President, Daniel B. Silvers (collectively, the “Identified Executive Officers”), each
an Initial Stockholder and signatory hereto, are only entitled to their respective Escrow Shares
for so long as they remain employees of the Company and/or its subsidiaries (except as otherwise
set forth in Section 3.3), and the Initial Stockholders who are not Identified Executive Officers
are only entitled to their respective Escrow Shares for so long as they remain employees of the
Company, its subsidiaries and/or its affiliates (except as otherwise set forth in Section 3.3).
Upon such time as any such Initial Stockholder ceases to be an employee in accordance with the
immediately preceding sentence, any portion of such Initial Stockholder’s

2

 

Escrow Shares that remain in the escrow account established pursuant to this Agreement shall be
forfeited to the Company for disbursement to such party as the Company specifies; provided
however, that any Escrow Shares forfeited by an Identified Executive Officer to the Company
may not be returned by the Company to such Identified Executive Officer. Any written instruction
from the Company instructing the Escrow Agent to release any portion or all of the Escrow Shares
shall include a statement that each of the Initial Stockholders is an employee of the Company, its
subsidiaries and/or its affiliates, as the case may be, and, if any Initial Stockholder is no
longer an employee of the Company, its subsidiaries and/or its affiliates, as the case may be, a
statement to that effect accompanied by a direction to deliver such Initial Stockholder’s remaining
Escrow Shares (i) in the case of the Identified Executive Officers, to the Company for disbursement
to such person or entity as determined by the Company, and (ii) in the case of the remaining
Initial Stockholders who are not also Identified Executive Officers, either to such Initial
Stockholder or to the Company for disbursement to such person or entity as determined by the
Company in accordance with those certain Stock Powers, each dated as of March 10, 2010, between
each of the Initial Stockholders and either HCCP Manager LLC or JF RHC LLC, as the case may be
(each a “Stock Power”), or, in such circumstances as the relevant provisions of any such Stock
Power have been modified, superseded, invalidated or terminated in any manner whatsoever by any
subsequent agreement or court order with respect to the Escrow Shares governed by such Stock Power,
as evidenced by notice to such effect from the Company to the Escrow Agent, in accordance with such
subsequent agreement or court order, as the case may be. In no event shall the Escrow Agent have
any responsibility for determining whether any Initial Stockholder is an employee of the Company or
its affiliates, beyond confirming that the written instructions received from the Company include a
statement to such effect.

     3.3 Notwithstanding Section 3.2 or any provision of a Stock Power, if at any time the Company
experiences a Change in Control (as such term is defined in the Employment Agreements, each dated
                    , 2010, between each of the Identified Executive Officers and the Company (the “Employment
Agreements”)), then the Company shall provide the Escrow Agent with written instructions to release
all of the Escrow Shares to the Company for ratable disbursement to each Initial Stockholder and
the Escrow Period shall be immediately terminated upon such release. Furthermore, if an Initial
Stockholder (whether or not such Initial Stockholder is party to an Employment Agreement) (A) is
terminated by written notice from the Company, its subsidiaries and/or its affiliates (as
applicable in accordance with Section 3.2) to such Initial Stockholder without Cause (as such term
is defined in the Employment Agreements), (B) provides written notice to the Company, its
subsidiaries or its affiliates (as applicable in accordance with Section 3.2) that such Initial
Stockholder is terminating his or her employment for Good Reason (as such term is defined in the
Employment Agreements) or (C) is terminated due to Death (as such term is defined in the Employment
Agreements) or Disability (as such term is defined in the Employment Agreements), then the Company
shall provide the Escrow Agent with written instructions as soon as practicable thereafter to
release all of such Initial Stockholder’s Escrow Shares to the Company for disbursement to such
Initial Stockholder.

4. Rights of Initial Stockholders in Escrow Shares.

     4.1 Dividends and Other Distributions in Respect of the Escrow Shares. During the
Escrow Period, all dividends or other distributions (“Cash Dividends”) payable in cash and all

3

 

dividends payable in stock or other non-cash property (“Non-Cash Dividends”) on the Escrow
Shares shall be delivered ratably and directly by the Company to each Initial Stockholder, and the
Escrow Agent shall not accept receipt of any such Cash Dividends or Non-Cash Dividends.

     4.2 Restrictions on Transfer. During the Escrow Period, no sale, transfer or other
disposition may be made of any or all of the Escrow Shares, except (i) by gift to a member of
Initial Stockholder’s immediate family or to a trust, the beneficiary of which is an Initial
Stockholder or a member of an Initial Stockholder’s immediate family, (ii) by virtue of the laws of
descent and distribution upon death of any Initial Stockholder, (iii) pursuant to a qualified
domestic relations order, or (iv) in accordance with Section 3.2 and Section 3.3 above, all as
evidenced by written notice and instruction from the Company to the Escrow Agent,;
provided, however, that such permissive transfers may be implemented only upon the
respective transferee’s written agreement to be bound by the terms and conditions of this
Agreement. During the Escrow Period, the Initial Stockholders shall not pledge or grant a security
interest in the Escrow Shares or grant a security interest in their rights under this Agreement.

5. Concerning the Escrow Agent – Terms and Conditions.

     5.1 Good Faith Reliance. The
Escrow Agent shall not be liable for any action taken or
omitted by it in good faith, and may rely conclusively
and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of
counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other
paper or document (not only as to its due execution and the validity and effectiveness of its
provisions, but also as to the truth and acceptability of any information therein contained) which
is believed by the Escrow Agent to be genuine and to be signed or presented by the proper person or
persons.

     5.2 Indemnification. The Escrow Agent shall be indemnified and held harmless by the
Company from and against any expenses, including counsel fees and disbursements, or loss suffered
by the Escrow Agent in connection with any action, suit or other proceeding involving any claim
which in any way, directly or indirectly, arises out of or relates to this Agreement, the services
of the Escrow Agent hereunder, or the Escrow Shares held by it hereunder, other than expenses or
losses arising from the gross negligence or willful misconduct of the Escrow Agent. Promptly after
the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any action,
suit or proceeding, the Escrow Agent shall notify the other parties hereto in writing. In the
event of the receipt of such notice, the Escrow Agent, in its sole discretion, may commence an
action in the nature of interpleader in an appropriate court to determine ownership or disposition
of the Escrow Shares or it may deposit the Escrow Shares with the clerk of any appropriate court or
it may retain the Escrow Shares pending receipt of a final, non-appealable order of a court having
jurisdiction over all of the parties hereto directing to whom and under what circumstances the
Escrow Shares are to be disbursed and delivered. The provisions of this Section 5.2 shall survive
in the event the Escrow Agent resigns or is discharged pursuant to Sections 5.5 or 5.6 below.

     5.3 Compensation. The Escrow Agent shall be entitled to an annual fee of $7,500,
which the Escrow Agent and the Company have determined constitutes reasonable compensation from the
Company for all services rendered by it hereunder. The Escrow Agent shall also be

4

 

entitled to reimbursement from the Company for all expenses paid or incurred by it in the
administration of its duties hereunder including, but not limited to, all counsel, advisors’ and
agents’ fees and disbursements and all taxes or other governmental charges. The Escrow Agent’s fee
schedule is attached hereto as Exhibit B.

     5.4 Duties and Responsibilities of Escrow Agent. The duties, responsibilities and
obligations of Escrow Agent shall be limited to those expressly set forth herein and no duties,
responsibilities or obligations shall be inferred or implied. Escrow Agent shall not be subject
to, nor required to comply with, any other agreement between or among any or all of the Initial
Stockholders and/or the Company or to which any Initial Stockholder and/or the Company is a party,
even though reference thereto may be made herein. Escrow Agent shall not be required to, and shall
not, expend or risk any of its own funds or otherwise incur any financial liability in the
performance of any of its duties hereunder.

     5.5 Exclusivity. This Agreement is for the exclusive benefit of the parties hereto
and their respective successors hereunder, and shall not be deemed to give, either express or
implied, any legal or equitable right, remedy, or claim to any other entity or person whatsoever.

     5.6 Compliance with Judicial and Administrative Processes. If at any time Escrow
Agent is served with any judicial or administrative order, judgment, decree, writ or other form of
judicial or administrative process which in any way affects the Escrow Shares (including but not
limited to orders of attachment or garnishment or other forms of levies or injunctions or stays
relating to the transfer of the Escrow Shares), Escrow Agent is authorized to comply therewith in
any manner as it or its legal counsel of its own choosing deems appropriate; and if Escrow Agent
complies with any such judicial or administrative order, judgment, decree, writ or other form of
judicial or administrative process, Escrow Agent shall not be liable to any of the parties hereto
or to any other person or entity even though such order, judgment, decree, writ or process may be
subsequently modified or vacated or otherwise determined to have been without legal force or
effect. Unless prohibited by applicable law, Escrow Agent shall promptly notify the Company and any
applicable Initial Stockholder after being served with any such judicial or administrative order,
judgment, decree, writ or other form of judicial or administrative process, and such notice shall
indicate Escrow Agent’s intent to comply with such judicial or administrative order, judgment,
decree, writ or other form of judicial or administrative process.

     5.7 Liability

          (a) Escrow Agent shall not be liable for any action taken or omitted or for any loss or injury
resulting from its actions or its performance or lack of performance of its duties hereunder in the
absence of gross negligence or willful misconduct on its part. In no event shall Escrow Agent be
liable (i) for acting in accordance with or relying upon any instruction, notice, demand,
certificate or document from the Company, (ii) for any consequential, punitive or special damages,
(iii) for the acts or omissions of its nominees, correspondents, designees, subagents or
subcustodians, or (iv) for an amount in excess of the value of the Escrow Shares, valued as of the
date of deposit.

          (b) Escrow Agent may consult with legal counsel as to any matter relating to this Agreement,
and Escrow Agent shall not incur any liability in acting in good faith in

5

 

accordance with any advice from such counsel. The Company shall pay any reasonable expenses
incurred by Escrow Agent during such consultations with its legal counsel.

          (c) Escrow Agent shall not incur any liability for not performing any act or fulfilling any
duty, obligation or responsibility hereunder by reason of any occurrence beyond the control of
Escrow Agent (including but not limited to any act or provision of any present or future law or
regulation or governmental authority, any act of God or war or terrorism, or the unavailability of
the Federal Reserve Bank wire or telex or other wire or communication facility).

     5.8 Collections. Unless otherwise specifically set forth herein, Escrow Agent shall
proceed as soon as practicable to collect any checks or other collection items at any time
deposited hereunder. All such collections shall be subject to Escrow Agent’s usual collection
practices or terms regarding items received by Escrow Agent for deposit or collection. Escrow
Agent shall not be required, or have any duty, to notify anyone of any payment or maturity under
the terms of any instrument deposited hereunder, nor to take any legal action to enforce payment of
any check, note or security deposited hereunder or to exercise any right or privilege which may be
afforded to the holder of any such security.

     5.9 Monthly Statements. Escrow Agent shall provide to the Company monthly statements
identifying transactions, transfers or holdings of the Escrow Shares and each such statement shall
be deemed to be correct and final upon receipt thereof by the Company unless Escrow Agent is
notified in writing to the contrary within thirty (30) business days of the date of such statement.

     5.10 Validity. Escrow Agent shall not be responsible in any respect for the form,
execution, validity, value or genuineness of documents or securities deposited hereunder, or for
any description therein, or for the identity, authority or rights of persons executing or
delivering or purporting to execute or deliver any such document, security or endorsement.

     5.11 Removal and Resignation.

          (a) The Company may remove Escrow Agent at any time by giving to Escrow Agent thirty (30)
calendar days’ prior notice in writing signed by the Company. Escrow Agent may resign at any time
by giving to the Company fifteen (15) calendar days’ prior written notice thereof.

          (b) Within ten (10) calendar days after giving the foregoing notice of removal to Escrow Agent
or receiving the foregoing notice of resignation from the Company, the Company shall appoint a
successor escrow agent. If a successor escrow agent has not accepted such appointment by the end
of such 10-day period, Escrow Agent may, in its sole discretion, deliver the Escrow Shares to the
Company at the address provided herein or may apply to a court of competent jurisdiction for the
appointment of a successor escrow agent or for other appropriate relief. The costs and expenses
(including reasonable attorneys’ fees and expenses) incurred by Escrow Agent in connection with
such proceeding shall be paid by, and be deemed an obligation of the Company.

6

 

          (c) Upon receipt of the identity of the successor escrow agent, Escrow Agent shall either
deliver the Escrow Shares then held hereunder to the successor escrow agent, less Escrow Agent’s
fees, costs and expenses or other obligations owed to Escrow Agent, or hold such Escrow Shares (or
any portion thereof), pending distribution, until all such fees, costs and expenses or other
obligations are paid.

          (d) Upon delivery of the Escrow Shares to successor escrow agent, Escrow Agent shall have no
further duties, responsibilities or obligations hereunder.

     5.12 Disputes

          (a) In the event of any ambiguity or uncertainty hereunder or in any notice, instruction or
other communication received by Escrow Agent hereunder, Escrow Agent may, in its sole discretion,
refrain from taking any action other than retain possession of the Escrow Shares, unless Escrow
Agent receives written instructions, signed by an authorized representative of the Company, which
eliminates such ambiguity or uncertainty.

          (b) In the event of any dispute between or conflicting claims by or among the Company and/or
the Initial Stockholders and/or any other person or entity with respect to any Escrow Shares,
Escrow Agent shall be entitled, in its sole discretion, to refuse to comply with any and all
claims, demands or instructions with respect to such Escrow Shares, and only such Escrow Shares, so
long as such dispute or conflict shall continue, and Escrow Agent shall not be or become liable in
any way to the Company or the Initial Stockholders for failure or refusal to comply with such
conflicting claims, demands or instructions. Escrow Agent shall be entitled to refuse to act
until, in its sole discretion, either (i) such conflicting or adverse claims or demands shall have
been determined by a final order, judgment or decree of a court of competent jurisdiction, which
order, judgment or decree is not subject to appeal, or settled by agreement between the conflicting
parties as evidenced in a writing satisfactory to Escrow Agent or (ii) Escrow Agent shall have
received security or an indemnity satisfactory to it sufficient to hold it harmless from and
against any and all losses which it may incur by reason of so acting. Escrow Agent may, in
addition, elect, upon approval by the Company, to commence an interpleader action or seek other
judicial relief or orders as it may deem, in its sole discretion, necessary. The costs and
expenses (including reasonable attorneys’ fees and expenses) incurred in connection with such
proceeding shall be paid by the Company.

     5.13 Waiver of Jury Trial. Each of the Company and the Initial Stockholders hereby
waives the right to trial by jury and to assert counterclaims in any such proceedings. Each of the
Initial Stockholders and the Company waives personal service of process and consents to service of
process by certified or registered mail, return receipt requested, directed to it at the address
last specified for notices hereunder, and such service shall be deemed completed ten (10) calendar
days after the same is so mailed.

     5.14 Amendment and Modification. Except as otherwise permitted herein, this Agreement
may be modified only by a written amendment signed by all the parties hereto, provided that such
amendment shall not adversely affect the interests of the holders of the Company’s publicly-traded
common stock, in which case such amendment shall be subject to the approval of a majority of the
holders of such publicly-traded common stock and no waiver of any

7

 

provision hereof shall be effective unless expressed in a writing signed by the party to be
charged.

     5.15 Representations. Each of the Initial Stockholders and the Company hereby
represents and warrants (a) that this Agreement has been duly authorized, executed and delivered on
its behalf and constitutes its legal, valid and binding obligation and (b) that the execution,
delivery and performance of this Agreement does not and will not violate any applicable law or
regulation.

     5.16 Illegality and Unenforceability. The invalidity, illegality or unenforceability
of any provision of this Agreement shall in no way affect the validity, legality or enforceability
of any other provision; and if any provision is held to be enforceable as a matter of law, the
other provisions shall not be affected thereby and shall remain in full force and effect.

     5.17 Termination. Except in accordance with Section 5.11 above, this Agreement shall
terminate upon the distribution of all Escrow Shares from the Account. The provisions of these
Terms and Conditions as set forth in this Section 5 shall survive termination of this Agreement
and/or the resignation or removal of the Escrow Agent.

     5.18 Reimbursement of Tax Expense. The Escrow Agent does not have any interest in the
Escrow Shares. The Company shall pay or reimburse the Escrow Agent upon request for any
transfer taxes or other taxes relating to the Escrow Shares incurred in connection herewith and
shall indemnify and hold harmless the Escrow Agent any amounts that it is obligated to pay in the
way of such taxes. Any payments of income from this Escrow Account shall be subject to withholding
regulations then in force with respect to United States taxes. The parties hereto will provide the
Escrow Agent with appropriate W-9 forms for tax I.D., number certifications, or W-8 forms for
non-resident alien certifications. It is understood that the Escrow Agent shall be responsible for
income reporting only with respect to income earned on investment of funds which are a part of the
Escrow Shares and is not responsible for any other reporting. For all income tax purposes,
including tax reporting purposes, the Initial Stockholders will be treated as the owners of the
income on the Escrow Shares, and all interest earned from the investment of the Escrow Shares (or
any portion thereof) will be allocable to such persons, in accordance with how such Escrow Shares
is registered (or in whose name such Escrow Shares is held) based on the transfers described in
Section 2 of this Agreement, and such Initial Stockholders shall be responsible for any transfer
taxes relating to the Escrow Shares incurred in connection herewith.

     5.19 Instructions. The Escrow Agent agrees to accept and act upon instructions or
directions pursuant to this Agreement sent by unsecured e-mail, facsimile transmission or other
similar unsecured electronic methods, provided, however, that if the party elects
to give the Escrow Agent e-mail or facsimile instructions (or instructions by a similar electronic
method) and the Escrow Agent in its discretion elects to act upon such instructions, the Escrow
Agent’s understanding of such instructions shall be deemed controlling. The Escrow Agent shall not
be liable for any losses, costs or expenses arising directly or indirectly from the its reliance
upon and compliance with such instructions. The party providing electronic instructions agrees to
assume all risks arising out of the use of such electronic methods to submit instructions and

8

 

directions to the Escrow Agent, including without limitation the risk of the Escrow Agent
acting on unauthorized instructions, and the risk or interception and misuse by third parties.

6. Miscellaneous.

     6.1 Governing Law. This Agreement shall for all purposes be deemed to be made under
and shall be construed in accordance with the laws of the State of New York, without giving effect
to conflicts of law principles that would result in the application of the substantive laws of
another jurisdiction.

     6.2 Entire Agreement. This Agreement contains the entire agreement of the parties
hereto with respect to the subject matter hereof and, except as expressly provided herein, may not
be changed or modified except by an instrument in writing signed by the party to the charged;
provided, however, that Exhibit A to this Agreement may be modified by
either the Company or the Escrow Agent in its sole discretion upon a permitted transfer of Escrow
Shares as set forth in Section 4.2. This Agreement may be executed in several original or
facsimile counterparts, each one of which shall constitute an original, and together shall
constitute but one instrument.

     6.3 Headings. The headings contained in this Agreement are for reference purposes
only and shall not affect in any way the meaning or interpretation thereof.

     6.4 Binding Effect. This Agreement shall be binding upon and inure to the benefit of
the respective parties hereto and their legal representatives, successors and assigns.

     6.5 Notices. Any notice or other communication required or which may be given
hereunder shall be in writing and either be delivered personally or be mailed, certified or
registered mail, or by private national courier service, return receipt requested, postage prepaid,
and shall be deemed given when so delivered personally or, if mailed, two days after the date of
mailing, as follows:

          If to the Company or to an Initial Stockholder, to:

Reunion Hospitality Trust, Inc.

60 East 42nd Street, Suite 1901

New York, NY 10165

Attn: Gregory J. Moundas, General Counsel and Secretary

Fax No.: (212) 656-1777

Email: greg@jfcap.com

and to

Reunion Hospitality Trust, Inc.

Andrew P. Nelson, Chief Financial Officer

1370 Avenue of the Americas, 28th Floor

New York, NY 10019

Fax No.: (212) 656-1777

Email: andrew@hcove.com

          and if to the Escrow Agent, to:

The Bank of New York Mellon

Corporate Trust Administration

101 Barclay Street-Floor 8W

New York, New York 10286

Attn.: Insurance Trust and Escrow Group, Matthew Louis

Fax No.: (212) 815 5877

Email: matthew.louis@bnymellon.com

9

 

          A copy of any notice sent hereunder shall be sent to:

Proskauer Rose, LLP

1585 Broadway

New York NY 10036

Attn: Frank J. Lopez, Esq.

Fax No.: (212) 969-2900

Email: flopez@proskauer.com

     The parties may change the persons and addresses to which the notices or other communications
are to be sent by giving written notice to any such change in the manner provided herein for giving
notice. Notices to the Company shall first be delivered by email to the email address listed above
unless otherwise specified by the Company.

     6.6 Liquidation of the Company. The Company shall give the Escrow Agent written
notification of the liquidation and dissolution of the Company in the event that the Board of
Directors of the Company determines that such liquidation is in the best interests of the Company
and the stockholders of the Company.

     6.7 Waiver of Escrow Account. The Escrow Agent and Initial Stockholders acknowledge
the Company will establish an escrow account (the “Escrow Account”) for the benefit of the
stockholders of the Company that participate in the IPO, and hereby agree that the each of the
Escrow Agent and the Initial Stockholders or any of their valid assigns will not have any right,
title, interest or claim of any kind in or to any monies in the Escrow Account (each a “Claim”)
with respect to the Escrow Shares, and hereby waive any Claim they may have in the future prior to
the closing of the Escrow Account as a result of, or arising out of, any negotiations, contracts or
agreements with the Company, including this Agreement and the transactions contemplated hereby, and
will not seek recourse against the Escrow Account for any reason whatsoever.

10

 

     IN WITNESS WHEREOF, the parties have duly executed this Stock Agreement as of the date first
written above.

	 	 	 	 	 
	 	REUNION HOSPITALITY TRUST, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	E. Jonathan Falik 	 
	 	 	Title:  	Chief Executive Officer 	 
	 

	 	 	 	 	 

	 

	 	INITIAL STOCKHOLDERS:	 	 
	 
	 	 	 	 
	 

	 	 

Jason N. Ader
	 	 
	 
	 	 	 	 
	 

	 	 

E. Jonathan Falik
	 	 
	 
	 	 	 	 
	 

	 	 

Daniel B. Silvers
	 	 
	 
	 	 	 	 
	 

	 	 

Andrew P. Nelson
	 	 
	 
	 	 	 	 
	 

	 	 

Joseph Weinberger
	 	 
	 
	 	 	 	 
	 

	 	 

Gregory J. Moundas
	 	 
	 
	 	 	 	 
	 

	 	 

Adam C. McMaster
	 	 
	 
	 	 	 	 
	 

	 	 

Laura Conover
	 	 
	 
	 	 	 	 
	 

	 	 

Julie Flemming
	 	 
	 
	 	 	 	 
	 

	 	 

Neel R. Tanna
	 	 
	 
	 	 	 	 
	 

	 	 

Benjamin E. Liss
	 	 

11

 

	 	 	 	 	 
	 	JF RHC LLC

 	 
	 	By:  	 	 
	 	 	Name:  	E. Jonathan Falik 	 
	 	 	Title:  	Authorized Signatory 	 
	 
	 	ESCROW AGENT:

THE BANK OF NEW YORK MELLON

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

12

 

EXHIBIT A

	 	 	 	 	 	 	 	 	 
	Name and Address of	 	Number	 	 	Stock	 
	Initial Stockholder	 	of Shares of Initial Stock	 	 	Certificate Numbers	 
	Jason N. Ader
	 	 	1,768,658	 	 	 	 	 
	E. Jonathan Falik
	 	 	1,297,743	 	 	 	 	 
	Daniel B. Silvers
	 	 	1,179,105	 	 	 	 	 
	Andrew P. Nelson
	 	 	175,694	 	 	 	 	 
	Joseph Weinberger
	 	 	698,785	 	 	 	 	 
	Gergory J. Moundas
	 	 	175,694	 	 	 	 	 
	Adam C. McMaster
	 	 	175,694	 	 	 	 	 
	Laura Conver
	 	 	56,790	 	 	 	 	 
	Julie Flemming
	 	 	14,198	 	 	 	 	 
	Neel R. Tanna
	 	 	159,722	 	 	 	 	 
	Benjamin E. Liss
	 	 	47,917	 	 	 	 	 
	JF RHC LLC
	 	 	638,889

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