Document:

Employment Agreement

 Exhibit 10.3 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (the
“Agreement”) is made this 27th day of January, 2010, by Chesapeake Lodging, L.P., a Delaware limited partnership (the “Company”), and Chesapeake Lodging Trust, a Maryland real estate investment trust (the “REIT”), each
with its principal place of business at 710 Route 46 East, Suite 206, Fairfield, NJ 07004, and D. Rick Adams, residing at the address on file with the REIT (the “Executive”). 
 WHEREAS, the REIT is the general partner of the Company; and 
 WHEREAS, the parties desire to enter into this agreement to reflect the Executive’s executive capacities in the REITs business and to provide for the Company’s and the REIT’s employment of
the Executive; and 
 WHEREAS, the parties wish to set forth the terms and conditions of that employment; 
 NOW THEREFORE, in consideration of the mutual covenants and promises contained herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties agree as follows: 
  

	1.	Term of Employment 

 The
Company and the REIT hereby employ the Executive, and the Executive hereby accepts employment with the Company and the REIT, upon the terms and conditions set forth in this Agreement. Unless terminated earlier pursuant to Section 5, the
Executive’s employment pursuant to this Agreement shall be for the two (2) year period commencing on the date of closing of the initial public offering of the REIT’s common shares of beneficial interest pursuant to the REIT’s
registration statement on Form S-11 filed with the Securities and Exchange Commission (the “Commencement Date”) and ending on the second anniversary of the Commencement Date (the “Initial Term”). The Initial Term shall be
extended for an additional twelve (12) months on each anniversary of the Commencement Date unless the Company or the Executive provides written notice to the contrary at least ninety (90) days before the applicable anniversary of the
Commencement Date. The Initial Term, together with any such extensions, shall be referred to herein as the “Employment Period.” In the event that the Board of Trustees of the REIT (the “Board of Trustees”) determines that active
efforts to complete the closing of the initial public offering have been abandoned, this Agreement shall become null and void. 
  

	2.	Title; Duties 

 The
Executive shall be employed as Senior Vice President and Chief Investment Officer of the REIT. The Executive shall report to the Board of Trustees, who shall have the authority to direct, control and supervise the activities of the Executive. The
Executive shall perform such services consistent with his position as may be assigned to him from time to time by the Board of Trustees and are consistent with the bylaws of the REIT and the Agreement of Limited Partnership of the Company as it may
be amended from time to time, including, but not limited to, managing the affairs of the REIT and the Company. 

	3.	Extent of Services 

  

	 	(a)	General. The Executive agrees not to engage in any business activities during the Employment Period except those which are for the sole benefit of the Company or
the REIT and their subsidiaries (the Company and the REIT are hereinafter referred to as the “Company Group”), and to devote his entire business time, attention, skill and effort to the performance of his duties under this Agreement.
Notwithstanding the foregoing, the Executive may, without impairing or otherwise adversely affecting the Executive’s performance of his duties to the Company Group, (i) engage in personal investments and charitable, professional and civic
activities, and (ii) with the prior approval of the Board of Trustees, serve on the boards of directors of corporations other than the REIT, provided, however, that no such approval shall be necessary for the Executive’s continued service
on any board of directors on which he was serving on the date of this Agreement, all of which have been previously disclosed to the Board of Trustees in writing and provided further, that in no event shall the Executive be permitted to serve on the
board of directors of any other entity that owns, operates, acquires, sells, develops and/or manages any hotel or similar asset in the lodging industry. The Executive shall perform his duties to the best of his ability, shall adhere to the Company
Group’s published policies and procedures, and shall use his best efforts to promote the Company Group’s interests, reputation, business and welfare. 

  

	 	(b)	Corporate Opportunities. The Executive agrees that he will not take personal advantage of any business opportunities which arise during his employment with the
Company Group and which may be of benefit to the Company Group. All material facts regarding such opportunities must be promptly reported by the Executive to the Board of Trustees for consideration by the Company Group. 

  

	4.	Compensation and Benefits 

  

	 	(a)	Salary. The Company shall pay the Executive a gross base annual salary (“Base Salary”) of $275,000. The salary shall be payable in arrears in
approximately equal semi-monthly installments (except that the first and last such semi-monthly installments may be prorated if necessary) on the Company’s regularly scheduled payroll dates, minus such deductions as may be required by law or
reasonably requested by the Executive. The REIT’s Compensation Committee (the “Compensation Committee”) shall review his Base Salary annually in conjunction with its regular review of employee salaries and may increase (but not
decrease) his Base Salary as in effect from time to time as the Compensation Committee shall deem appropriate. 

  

	 	(b)	 Annual Bonus. Executive shall be entitled to earn bonuses with respect to each fiscal year (or partial fiscal year), based upon Executive’s
and the Company Group’s achievement of performance objectives set by the Company, with a threshold bonus of twenty- five percent (25%) of Executive’s annual salary for such fiscal year (or partial fiscal year), a targeted bonus of
fifty percent (50%) of Executive’s annual salary for such fiscal year (or partial fiscal year), and a

	 	 
maximum bonus of seventy-five percent (75%) of Executive’s annual salary for such fiscal year (or partial fiscal year). Any such bonus earned by the Executive shall be paid annually by
March 15 of the year following the end of the year for which the bonus was earned. 

  

	 	(c)	Restricted Share Grants. The Company shall grant to the Executive 22,500 of the REIT’s common shares of beneficial interest subject to certain time vesting
requirements and other conditions set forth in the applicable award agreement. The number of time-based restricted common shares of beneficial interest granted to the Executive will be adjusted ratably based on the aggregate number of the
REIT’s common shares of beneficial interest outstanding following the offering, including for this calculation common shares of beneficial interest sold upon exercise of the underwriters’ overallotment option, plus the total number of
shares sold in the concurrent private placements. 

  

	 	(d)	Other Benefits. The Executive shall be entitled to paid time off and holiday pay in accordance with the Company Group’s policies in effect from time to time
and shall be eligible to participate in such life, health, and disability insurance, pension, deferred compensation and incentive plans, options and awards, performance bonuses and other benefits as the Company Group extends, as a matter of policy,
to its executive employees. The Company Group shall maintain a disability insurance policy or plan covering the Executive during the Employment Period. 

  

	 	(e)	Reimbursement of Business Expenses. The Company shall reimburse the Executive for all reasonable travel, entertainment and other expenses incurred or paid by the
Executive in connection with, or related to, the performance of his duties, responsibilities or services under this Agreement, upon presentation by the Executive of documentation, expense statements, vouchers, and/or such other supporting
information as the Company may reasonably request. 

  

	 	(f)	Timing of Reimbursements. Any reimbursement under this Agreement that is taxable to the Executive shall be made by December 31 of the calendar year
following the calendar year in which the Executive incurred the expense. 

  

	5.	Termination 

  

	 	(a)	Termination by the Company for Cause. The Company may terminate the Executive’s employment under this Agreement at any time for Cause, upon written notice
by the Company to the Executive. For purposes of this Agreement, “Cause” for termination shall mean any of the following: (i) the conviction of the Executive of, or the entry of a plea of guilty or nolo contendere by the Executive to,
any felony; (ii) fraud, misappropriation or embezzlement by the Executive; (iii) the Executive’s willful failure or gross negligence in the performance of his assigned duties for the Company Group, which failure or negligence
continues for more than fifteen (15) calendar days following the Executive’s receipt of written notice of such willful failure or gross negligence; (iv) the Executive’s breach of any of his fiduciary duties to the Company Group;
(v) any act or omission of the Executive that has a demonstrated and material adverse impact on the Company Group’s reputation for honesty and fair dealing; or (vi) the breach by the Executive of any material term of this Agreement.

	 	(b)	Termination by the Company Without Cause or by the Executive Without Good Reason. Either party may terminate this Agreement at any time without Cause (in the
case of the Company) or without Good Reason (in the case of the Executive), upon giving the other party sixty (60) days’ written notice. At the Company’s sole discretion, it may substitute sixty (60) days’ salary (or any
lesser portion for any shortened period provided) in lieu of notice. Any salary paid to the Executive in lieu of notice shall not be offset against any entitlement the Executive may have to the Severance Payment pursuant to Section 6(c).

  

	 	(c)	Termination by Executive for Good Reason. The Executive may terminate his employment under this Agreement at any time for Good Reason, upon written notice by the
Executive to the Company. For purposes of this Agreement, Good Reason for termination shall mean, without the Executive’s consent, (i) the assignment to the Executive of substantial duties or responsibilities inconsistent with the
Executive’s position at the Company Group, or any other action by the Company Group which results in a substantial diminution of the Executive’s duties or responsibilities other than any such reduction which is remedied by the Company
Group within 30 days of receipt of written notice thereof from the Executive; (ii) a requirement that the Executive work principally from a location outside the fifty (50) mile radius from the Company’s address first written above or
the headquarters to be established upon the closing of the Company’s initial public offering; (iii) a substantial reduction in the Executive’s aggregate Base Salary and other compensation taken as a whole, excluding any reductions
caused by the failure to achieve performance targets. Good Reason shall not exist pursuant to any subsection of this Section 5(c) unless (A) the Executive shall have delivered notice to the Board within 90 days of the initial occurrence of
such event constituting Good Reason, and (B) the Board fails to remedy the circumstances giving rise to the Executive’s notice within 30 days of receipt of notice. The Executive must terminate his employment under this Section 5(c) at
a time agreed reasonably with the Company, but in any event within two years from the initial occurrence of an event constituting Good Reason. 

  

	 	(d)	Executive’s Death or Disability. The Executive’s employment shall terminate immediately upon his death or, upon written notice as set forth below, his
Disability. As used in this Agreement, Disability shall mean such physical or mental impairment as would render the Executive eligible to receive benefits under the long-term disability insurance policy or plan then made available by the Company
Group to the Executive. If the Employment Period is terminated by reason of the Executive’s Disability, either party shall give thirty (30) days’ advance written notice to that effect to the other. 

  

	6.	Effect of Termination 

  

	 	(a)	 General. Regardless of the reason for any termination of this Agreement, the Executive (or the Executive’s estate if the Employment Period
ends on account of the Executive’s death) shall be entitled to (i) payment of any unpaid portion of his Base Salary through the effective date of termination; (ii) reimbursement for any

	 	 
outstanding reasonable business expense he has incurred in performing his duties hereunder; (iii) continued insurance benefits to the extent required by law; (iv) payment of any vested
but unpaid rights as required independent of this Agreement by the terms of any bonus or other incentive pay or equity plan, or any other employee benefit plan or program of the Company Group; and (v) except in the case of Termination by the
Company for Cause, any bonus or incentive compensation that was approved but not paid. 

  

	 	(b)	Termination by the Company for Cause or by Executive Without Good Reason. If the Company terminates the Executive’s employment for Cause or the Executive
terminates his employment without Good Reason, the Executive shall have no rights or claims against the Company Group except to receive the payments and benefits described in Section 6(a). 

  

	 	(c)	Termination by the Company Without Cause. Except as provided in Section 6(d), if the Company terminates the Executive’s employment without Cause
pursuant to Section 5(b), the Executive shall be entitled to receive, in addition to the items referenced in Section 6(a), the following: 

  

	 	(i)	continued payment of his Base Salary, at the rate in effect on his last day of employment, for a period of twelve (12) months (the “Severance Payment”).
The Severance Payment shall be paid in approximately equal installments on the Company’s regularly scheduled payroll dates, subject to all legally required payroll deductions and withholdings for sums owed by the Executive to the Company Group;

  

	 	(ii)	continued payment by the Company for the Executive’s life and health insurance coverage during the twelve (12) month severance period referenced in
Section 6(c)(i) to the same extent that the Company paid for such coverage immediately prior to the termination of the Executive’s employment and subject to the eligibility requirements and other terms and conditions of such insurance
coverage, provided that if any such insurance coverage shall become unavailable during the twelve (12) month severance period, the Company thereafter shall be obliged only to pay to the Executive an amount which, after reduction for income and
employment taxes, is equal to the employer premiums for such insurance for the remainder of such severance period; 

  

	 	(iii)	vesting as of the last day of his employment in any unvested portion of any option and any restricted shares previously issued to the Executive by the Company Group;
and 

  

	 	(iv)	a bonus equal to the greater of (x) the average of all bonuses paid to the Executive (taking into account a payment of no bonus or a payment of a bonus of $0) over
the preceding thirty-six (36) months (or the period of the Executive’s employment if shorter), and (y) the most recent bonus paid to the Executive. Such bonus shall be paid to the Executive within sixty (60) days following the
end of the fiscal year in which such termination occurs. 

 None of the benefits described in this Section 6(c) will be payable unless the
Executive has signed a general release (attached hereto as Exhibit A) within 45 days of date of termination, which has (and not until it has) become irrevocable, satisfactory to the Company in the reasonable exercise of its discretion,
releasing the Company, its affiliates, including the REIT, and their officers, trustees and employees, from any and all claims or potential claims arising from or related to the Executive’s employment or termination of employment. 

 

	 	(d)	Termination Following Change in Control. If, during the Employment Period and within twelve (12) months following a Change in Control, the Company (or its
successor) terminates the Executive’s employment without Cause pursuant to Section 5(b) or the Executive terminates his employment for Good Reason pursuant to Section 5(c), the Executive shall be entitled to receive, in addition to
the items referenced in Section 6(a), the following: 

  

	 	(i)	continued payment of his Base Salary, at the rate in effect on his last day of employment, for a period of twenty-four (24) months (the “Control Change
Severance Payment”). The Control Change Severance Payment shall be paid in approximately equal installments on the Company’s regularly scheduled payroll dates, subject to all legally required payroll deductions and withholdings for sums
owed by the Executive to the Company Group; 

  

	 	(ii)	continued payment by the Company for the Executive’s life and health insurance coverage during the twenty-four (24) month severance period referenced in
Section 6(d)(i) to the same extent that the Company paid for such coverage immediately prior to the termination of the Executive’s employment and subject to the eligibility requirements and other terms and conditions of such insurance
coverage, provided that if any such insurance coverage shall become unavailable during the twenty-four (24) month severance period, the Company thereafter shall be obliged only to pay to the Executive an amount which, after reduction for income
and employment taxes, is equal to the employer premiums for such insurance for the remainder of such severance period; 

  

	 	(iii)	vesting as of the last day of his employment in any unvested portion of any option and any restricted shares previously issued to the Executive by the Company Group;
and 

  

	 	(iv)	a bonus equal to two (2) times the greater of (x) the average of all bonuses paid to the Executive (taking into account a payment of no bonus or a payment of
a bonus of $0) over the preceding thirty-six (36) months (or the period of the Executive’s employment if shorter), and (y) the most recent bonus paid to the Executive. Such bonus shall be paid to the Executive within sixty
(60) days following the end of the fiscal year in which such termination occurs. 

	 	(v)	            (A) In the event that any Control Change Severance Payment, insurance benefits, accelerated
vesting, pro-rated bonus or other benefit payable to the Executive (under this Agreement or otherwise), shall (1) constitute “parachute payments” within the meaning of Section 280G (as it may be amended or replaced) of the
Internal Revenue Code (the “Code”) (“Parachute Payments”) and (2) be subject to the excise tax imposed by Section 4999 (as it may be amended or replaced) of the Code (the “Excise Tax”), then the Company shall
pay to the Executive an additional amount (the “Gross-Up Amount”) such that the net benefits retained by the Executive after the deduction of the Excise Tax (including interest and penalties) and any federal, state or local income and
employment taxes (including interest and penalties) upon the Gross-Up Amount shall be equal to the benefits that would have been delivered hereunder had the Excise Tax not been applicable and the Gross-Up Amount not been paid. Any such Gross-Up
Amount shall be paid by the end of the taxable year following the taxable year in which the Excise Tax was paid. 

 (B) For purposes of determining the Gross-Up Amount: (1) Parachute Payments provided under arrangements with the Executive other than under any bonus or other incentive pay or equity plan or program
of the Company (collectively, the “Plan”) and this Agreement, if any, shall be taken into account in determining the total amount of Parachute Payments received by the Executive so that the amount of excess Parachute Payments that are
attributable to provisions of the Plan and Agreement is maximized; and (2) the Executive shall be deemed to pay federal, state and local income taxes at the highest marginal rate of taxation for the Executive’s taxable year in which the
Parachute Payments are includable in the Executive’s income for purposes of federal, state and local income taxation. 
 (C) The determination of whether the Excise Tax is payable, the amount thereof, and the amount of any Gross-Up Amount shall be made in writing in good faith by a nationally recognized independent
certified public accounting firm selected by the Company and approved by the Executive, such approval not to be unreasonably withheld (the “Accounting Firm”). If such determination is not finally accepted by the Internal Revenue Service
(or state or local revenue authorities) on audit, then appropriate adjustments shall be computed (including Executive’s return of excess payments) based upon the amount of Excise Tax and any interest or penalties so determined; provided,
however, that the Executive in no event shall owe the Company any interest on any portion of the Gross-Up Amount that is returned to the Company. For purposes of making the calculations required by this Section 6(d)(v), to the extent not
otherwise specified herein, reasonable assumptions and approximations

 
may be made with respect to applicable taxes and reasonable, good faith interpretations of the Code may be relied upon. The Company and the Executive shall furnish such information and documents
as may be reasonably requested in connection with the performance of the calculations under this Section 6(d)(v). The Company shall bear all costs incurred in connection with the performance of the calculations contemplated by this
Section 6(d)(v). The Company shall pay the Gross-Up Amount to the Executive no later than sixty (60) days following receipt of the Accounting Firm’s determination of the Gross-Up Amount. 
  

	 	(vi)	None of the benefits described in this Section 6(d) will be payable unless the Executive has signed a general release (attached hereto as Exhibit A) within
45 days of date of termination, which has (and not until it has) become irrevocable, satisfactory to the Company in the reasonable exercise of its discretion, releasing the Company, its affiliates, including the REIT, and their officers, trustees
and employees, from any and all claims or potential claims arising from or related to the Executive’s employment or termination of employment. 

  

	 	(vii)	For purposes of this Agreement, a “Change in Control” shall mean any of the following events: 

 (A) the dissolution or liquidation of the Company or a merger, consolidation, or reorganization of the Company with one or
more other entities in which the Company is not the surviving entity; 
 (B) a sale of substantially all of the
assets of the Company to another person or entity; or 
 (C) any transaction (including without limitation a
merger or reorganization in which the Company is the surviving entity) which results in any person or entity (other than persons who are shareholders or affiliates of the Company or affiliates of such shareholders immediately prior to the
transaction) owning 50% or more of the combined voting power of all classes of shares of beneficial interest of the Company. 
  

	 	(e)	Termination In the Event of Death or Disability. 

  

	 	(i)	If the Executive’s employment terminates because of his death, any unvested portion of any option and any restricted shares previously issued to the Executive by
the Company Group shall become fully vested as of the date of his death. In addition, the Executive’s estate shall be entitled to receive a pro-rata share of any performance bonus to which he otherwise would have been entitled for the fiscal
year in which his death occurs. 

	 	(ii)	In the event the Executive’s employment terminates due to his Disability, he shall be entitled to receive his Base Salary until such date as he shall commence
receiving disability benefits pursuant to any long-term disability insurance policy or plan provided to him by the Company Group. In addition, as of the effective date of the termination notice specified in Section 5(d), the Executive shall
vest in any unvested portion of any option and any restricted shares previously granted to him by the Company Group. The Executive also shall be entitled to receive a pro-rata share of any performance bonus to which he otherwise would have been
entitled for the fiscal year in which his employment terminates due to his Disability. 

  

	7.	Confidentiality 

  

	 	(a)	Definition of Proprietary Information. The Executive acknowledges that he may be furnished or may otherwise receive or have access to confidential information
which relates to the Company Group’s past, present or future business activities, strategies, services or products, research and development; financial analysis and data; improvements, inventions, processes, techniques, designs or other
technical data; profit margins and other financial information; fee arrangements; terms and contents of leases, asset management agreements and other contracts; tenant and vendor lists or other compilations for marketing or development; confidential
personnel and payroll information; or other information regarding administrative, management, financial, marketing, leasing or sales activities of the Company Group, or of a third party which provided proprietary information to the Company Group on
a confidential basis. All such information, including any materials or documents containing such information, shall be considered by the Company Group and the Executive as proprietary and confidential (the “Proprietary Information”).

  

	 	(b)	Exclusions. Notwithstanding the foregoing, Proprietary Information shall not include information in the public domain not as a result of a breach of any duty by
the Executive or any other person. 

  

	 	(c)	Obligations. Both during and after the Employment Period, the Executive agrees to preserve and protect the confidentiality of the Proprietary Information and all
physical forms thereof, whether disclosed to him before this Agreement is signed or afterward. In addition, the Executive shall not (i) disclose or disseminate the Proprietary Information to any third party, including employees of the Company
Group (or their affiliates) without a legitimate business need to know during the Employment Period; (ii) remove the Proprietary Information from the Company Group’s premises without a valid business purpose; or (iii) use the
Proprietary Information for his own benefit or for the benefit of any third party. 

  

	 	(d)	 Return of Proprietary Information. The Executive acknowledges and agrees that all the Proprietary Information used or generated during the
course of working for the Company Group is the property of the Company Group. The Executive

	 	 
agrees to deliver to the Company Group all documents and other tangibles (including diskettes and other storage media) containing the Proprietary Information at any time upon request by the Board
of Trustees during his employment and immediately upon termination of his employment. 

  

	8.	Noncompetition 

  

	 	(a)	Restriction on Competition. For the period of the Executive’s employment with the Company Group and for twelve (12) months following the expiration or
termination of the Executive’s employment by the Company Group (the “Restricted Period”), the Executive agrees not to engage, directly or indirectly, as an owner, director, trustee, manager, member, employee, consultant, partner,
principal, agent, representative, stockholder, or in any other individual, corporate or representative capacity, in any of the following: (i) any public or private lodging company, or (ii) any other business that the Company Group conducts
as of the date of the Executive’s termination of employment. Notwithstanding the foregoing, the Executive shall not be deemed to have violated this Section 8(a) solely by reason of his passive ownership of 1% or less of the outstanding
stock of any publicly traded corporation or other entity. 

  

	 	(b)	Non-Solicitation of Clients. During the Restricted Period, the Executive agrees not to solicit, directly or indirectly, on his own behalf or on behalf of any
other person(s), any client of the Company Group to whom the Company Group had provided services at any time during the Executive’s employment with the Company Group in any line of business that the Company Group conducts as of the date of the
Executive’s termination of employment or that the Company Group is actively soliciting, for the purpose of marketing or providing any service competitive with any service then offered by the Company Group. 

  

	 	(c)	Non-Solicitation of Employees. During the Restricted Period, the Executive agrees that he will not, directly or indirectly, hire or attempt to hire or cause any
business, other than an affiliate of the Company Group, to hire any person who is then or was at any time during the preceding six (6) months an employee of the Company Group and who is at the time of such hire or attempted hire, or was at the
date of such employee’s separation from the Company Group a vice president, senior vice president or executive vice president or other senior executive employee of the Company Group. 

  

	 	(d)	Acknowledgement. The Executive acknowledges that he will acquire much Proprietary Information concerning the past, present and future business of the Company
Group as the result of his employment, as well as access to the relationships between the Company and the REIT and their clients and employees. The Executive further acknowledges that the business of the Company Group is very competitive and that
competition by him in that business during his employment, or after his employment terminates, would severely injure the Company Group. The Executive understands and agrees that the restrictions contained in this Section 8 are reasonable and
are required for the Company Group’s legitimate protection, and do not unduly limit his ability to earn a livelihood. 

	 	(e)	Rights and Remedies upon Breach. The Executive acknowledges and agrees that any breach by him of any of the provisions of Sections 7 and 8 (the “Restrictive
Covenants”) would result in irreparable injury and damage for which money damages would not provide an adequate remedy. Therefore, if the Executive breaches, or threatens to commit a breach of, any of the provisions of the Restrictive
Covenants, the Company and its affiliates, including the REIT, shall have the following rights and remedies, each of which rights and remedies shall be independent of the other and severally enforceable, and all of which rights and remedies shall be
in addition to, and not in lieu of, any other rights and remedies available to the Company and its affiliates, including the REIT, under law or in equity (including, without limitation, the recovery of damages): 

  

	 	(i)	The right and remedy to have the Restrictive Covenants specifically enforced (without posting bond and without the need to prove damages) by any court of competent
jurisdiction, including, without limitation, the right to an entry against the Executive of restraining orders and injunctions (preliminary, mandatory, temporary and permanent) against violations, threatened or actual, and whether or not then
continuing, of such covenants; and 

  

	 	(ii)	The right and remedy to require the Executive to account for and pay over to the Company and its affiliates all compensation, profits, monies, accruals, increments or
other benefits (collectively, “Benefits”) derived or received by him as the result of any transactions constituting a breach of the Restrictive Covenants, and the Executive shall account for and pay over such Benefits to the Company and,
if applicable, its affected affiliates. 

  

	 	(f)	Without limiting Section 12(i), if any court or other decision-maker of competent jurisdiction determines that any of the Restrictive Covenants, or any part
thereof, is unenforceable because of the duration or geographical scope of such provision, then, after such determination has become final and unappealable, the duration or scope of such provision, as the case may be, shall be reduced so that such
provision becomes enforceable and, in its reduced form, such provision shall then be enforceable and shall be enforced. 

  

	9.	Executive Representation 

 The Executive represents and warrants to the Company Group that he is not now under any obligation of a contractual or other nature to any person, business or other entity which is inconsistent or in conflict with this Agreement or which
would prevent him from performing his obligations under this Agreement. 

	10.	Arbitration 

  

	 	(a)	Except as provided in Section 10(b), any disputes between the Company Group and the Executive in any way concerning the Executive’s employment, the
termination of his employment, this Agreement or its enforcement shall be submitted at the initiative of either party to mandatory arbitration in Maryland before a single arbitrator pursuant to the Commercial Arbitration Rules of the American
Arbitration Association, or its successor, then in effect. The decision of the arbitrator shall be rendered in writing, shall be final, and may be entered as a judgment in any court in the State of Maryland. The parties irrevocably consent to the
jurisdiction of the federal and state courts located in Maryland for this purpose. Each party shall be responsible for its or his own costs incurred in such arbitration and in enforcing any arbitration award, including attorneys’ fees and
expenses. 

  

	 	(b)	Notwithstanding the foregoing, the Company or the REIT, in its sole discretion, may bring an action in any court of competent jurisdiction to seek injunctive relief and
such other relief as the Company or the REIT shall elect to enforce the Restrictive Covenants. If the courts of any one or more of such jurisdictions hold the Restrictive Covenants wholly unenforceable by reason of breadth of scope or otherwise it
is the intention of the Company Group and the Executive that such determination not bar or in any way affect the Company Group’s right, or the right of any of its affiliates, to the relief provided in Section 8(e) above in the courts of
any other jurisdiction within the geographical scope of such Restrictive Covenants, as to breaches of such Restrictive Covenants in such other respective jurisdictions, such Restrictive Covenants as they relate to each jurisdiction being, for this
purpose, severable, diverse and independent covenants, subject, where appropriate, to the doctrine of res judicata. The parties hereby agree to waive any right to a trial by jury for any and all disputes hereunder (whether or not relating to the
Restrictive Covenants). 

  

	11.	Required Delay For Certain Deferred Compensation and Section 409A. 

 In the event that any compensation with respect to the Executive’s termination is “deferred compensation” within the meaning
of Section 409A of the Code (“Section 409A”), the common shares of beneficial interest of the Company or any affiliate is publicly traded on an established securities market or otherwise, and the Executive is determined to be a
“specified employee,” as defined in Section 409A(a)(2)(B)(i) of the Code, payment of such compensation shall be delayed as required by Section 409A. Such delay shall last six (6) months from the date of the Executive’s
“separation from service” (within the meaning of Treas. Reg. Section 1.409A-1(h)) with the Company, except in the event of the Executive’s death. On the first day of the seventh month following the date of separation from service
with the Company, or, if earlier, the Executive’s death, the Company will make a catch-up payment to the Executive equal to the total amount of such payments that would have been made during the six (6)-month period but for this
Section 11. Such catch-up payment shall bear simple interest at the prime rate of interest as published by The Wall Street Journal’s bank survey as of the first day of the six (6)-month period, which such interest shall be paid with
the catch-up payment. Wherever payments under

 
this Agreement are to be made in installments, each such installment shall be deemed to be a separate payment for purposes of Section 409A. Whenever a payment under this Agreement specifies
a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company. 
  

	12.	Miscellaneous 

  

	 	(a)	Notices. All notices required or permitted under this Agreement shall be in writing and shall be deemed effective (i) upon personal delivery, (ii) upon
deposit with the United States Postal Service, by registered or certified mail, postage prepaid, or (iii) in the case of facsimile transmission or delivery by nationally recognized overnight delivery service, when received, addressed as
follows: 

  

	 	(i)	If to the Company or the REIT, to: 

 Chesapeake Lodging Trust 
 710 Route 46 East 
 Suite 206 
 Fairfield, NJ 07004 
 Attention: Chief Financial Officer

 Fax No. (201) 599-0527 
  

	 	(ii)	If to the Executive, to: 

 D. Rick Adams 
 Address on file with the REIT 
 or to such other address or addresses as either party shall designate to the other in writing from time to time by like notice. 

 

	 	(b)	Pronouns. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the
singular forms of nouns and pronouns shall include the plural, and vice versa. 

  

	 	(c)	Entire Agreement. This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements and understandings, whether written or
oral, relating to the subject matter of this Agreement. 

  

	 	(d)	Amendment. This Agreement may be amended or modified only by a written instrument executed by both the Company and the Executive, which amendment or modification
is consented to by the REIT. 

  

	 	(e)	Governing Law. This Agreement shall be construed, interpreted and enforced in accordance with the laws of the State of Maryland, without regard to its conflicts
of laws principles. 

	 	(f)	Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of both parties and their respective successors and assigns, including any
entity with which or into which the Company or the REIT may be merged or which may succeed to its assets or business or any entity to which the Company or the REIT may assign its rights and obligations under this Agreement; provided, however, that
the obligations of the Executive are personal and shall not be assigned or delegated by him. 

  

	 	(g)	Waiver. No delays or omission by the Company, the REIT or the Executive in exercising any right under this Agreement shall operate as a waiver of that or any
other right. A waiver or consent by the Company shall not be effective unless consented to by the REIT. A waiver or consent given by the Company or the Executive on any one occasion shall be effective only in that instance and shall not be construed
as a bar or waiver of any right on any other occasion. 

  

	 	(h)	Captions. The captions appearing in this Agreement are for convenience of reference only and in no way define, limit or affect the scope or substance of any
section of this Agreement. 

  

	 	(i)	Severability. In case any provision of this Agreement shall be held by a court or arbitrator with jurisdiction over the parties to this Agreement to be invalid,
illegal or otherwise unenforceable, such provision shall be restated to reflect as nearly as possible the original intentions of the parties in accordance with applicable law, and the validity, legality and enforceability of the remaining provisions
shall in no way be affected or impaired thereby. 

  

	 	(j)	Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute
one and the same instrument. 

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

			
	CHESAPEAKE LODGING TRUST
		
	By:	 	 /s/ James L. Francis

		 	James L. Francis
		 	President and Chief Executive Officer
	
	CHESAPEAKE LODGING, L.P.
		
	By:	 	Chesapeake Lodging Trust, itsgeneral partner
		
	By:	 	 /s/ James L. Francis

		 	James L. Francis
		 	President and Chief Executive Officer
	
	D. RICK ADAMS
		
		 	 /s/ D. Rick Adams

 Exhibit A 
 WAIVER AND RELEASE AGREEMENT 
 THIS WAIVER AND RELEASE
AGREEMENT (this “Release”) is entered into as of [            ] (the “Effective Date”), by D. Rick Adams (“Executive”) in consideration of
severance pay (the “Severance Payment”) provided to Executive by Chesapeake Lodging Trust, a Maryland real estate investment trust (the “Company”), pursuant to the Employment Agreement by and between the Company,
Chesapeake Lodging, L.P. and Executive (the “Employment Agreement”). 
 1. Waiver and Release.
Subject to the last sentence of the first paragraph of this Section 1, Executive, on his own behalf and on behalf of his heirs, executors, administrators, attorneys and assigns, hereby unconditionally and irrevocably releases, waives and
forever discharges the Company and each of its affiliates, parents, successors, predecessors, and the subsidiaries, directors, trustees, owners, members, shareholders, officers, agents, and employees of the Company and its affiliates, parents,
successors, predecessors, and subsidiaries (collectively, all of the foregoing are referred to as the “Employer”), from any and all causes of action, claims and damages, including attorneys’ fees, whether known or unknown,
foreseen or unforeseen, presently asserted or otherwise arising through the date of his signing of this Release, concerning his employment or separation from employment. Subject to the last sentence of the first paragraph of this Section 1,
this Release includes, but is not limited to, any payments, benefits or damages arising under any federal law (including, but not limited to, Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Employee
Retirement Income Security Act of 1974, the Americans with Disabilities Act, Executive Order 11246, the Family and Medical Leave Act, and the Worker Adjustment and Retraining Notification Act, each as amended); any claim arising under any state or
local laws, ordinances or regulations (including, but not limited to, any state or local laws, ordinances or regulations requiring that advance notice be given of certain workforce reductions); and any claim arising under any common law principle or
public policy, including, but not limited to, all suits in tort or contract, such as wrongful termination, defamation, emotional distress, invasion of privacy or loss of consortium. Notwithstanding any other provision of this Release to the
contrary, this Release does not encompass, and Executive does not release, waive or discharge, the obligations of the Company (a) to make the payments and provide the other benefits contemplated by the Employment Agreement, or (b) under
any restricted shares agreement, option agreement or other agreement pertaining to Executive’s equity ownership, or (c) under any indemnification or similar agreement with Executive. 
 Executive understands that by signing this Release, he is not waiving any claims or administrative charges which cannot be waived by law.
He is waiving, however, any right to monetary recovery or individual relief should any federal, state or local agency (including the Equal Employment Opportunity Commission) pursue any claim on his behalf arising out of or related to his employment
with and/or separation from employment with the Company. 

 Executive further agrees without any reservation whatsoever, never to sue the Employer or
become a party to a lawsuit on the basis of any and all claims of any type lawfully and validly released in this Release. 
 2.
Acknowledgments. Executive is signing this Release knowingly and voluntarily. He acknowledges that: 
  

	 	(a)	He is hereby advised in writing to consult an attorney before signing this Release; 

  

	 	(b)	He has relied solely on his own judgment and/or that of his attorney regarding the consideration for and the terms of this Release and is signing this Release knowingly
and voluntarily of his own free will; 

  

	 	(c)	He is not entitled to the Severance Payment unless he agrees to and honors the terms of this Release; 

  

	 	(d)	He has been given at least twenty-one (21) calendar days to consider this Release, or he or she expressly waives his right to have at least twenty-one
(21) days to consider this Release; 

  

	 	(e)	He may revoke this Release within seven (7) calendar days after signing it by submitting a written notice of revocation to the Employer. He further understands
that this Release is not effective or enforceable until after the seven (7) day period of revocation has expired without revocation, and that if he or she revokes this Release within the seven (7) day revocation period, he will not receive
the Severance Payment; 

  

	 	(f)	He has read and understands the Release and further understands that, subject to the limitations contained herein, it includes a general release of any and all known
and unknown, foreseen or unforeseen claims presently asserted or otherwise arising through the date of his signing of this Release that he may have against the Employer; and 

  

	 	(g)	No statements made or conduct by the Employer has in any way coerced or unduly influenced him or her to execute this Release. 

 3. No Admission of Liability. This Release does not constitute an admission of liability or wrongdoing on the part of the
Employer, the Employer does not admit there has been any wrongdoing whatsoever against the Executive, and the Employer expressly denies that any wrongdoing has occurred. 
 4. Entire Agreement. There are no other agreements of any nature between the Employer and Executive with respect to the matters discussed in this Release, except as expressly stated herein,
and in signing this Release, Executive is not relying on any agreements or representations, except those expressly contained in this Release. 

 5. Execution. It is not necessary that the Employer sign this Release
following Executive’s full and complete execution of it for it to become fully effective and enforceable. 
 6.
Severability. If any provision of this Release is found, held or deemed by a court of competent jurisdiction to be void, unlawful or unenforceable under any applicable statute or controlling law, the remainder of this Release shall
continue in full force and effect. 
 7. Governing Law. This Release shall be governed by the laws of the State of
Maryland, excluding the choice of law rules thereof. 
 8. Headings. Section and subsection headings contained in
this Release are inserted for the convenience of reference only. Section and subsection headings shall not be deemed to be a part of this Release for any purpose, and they shall not in any way define or affect the meaning, construction or scope of
any of the provisions hereof. 
 IN WITNESS WHEREOF, the undersigned has duly executed this Agreement as of the day and year
first herein above written. 
  

	
	EXECUTIVE:
	
	  

	D. Rick AdamsRegistration Rights Agreement

 Exhibit 10.4 
 EXECUTION VERSION 
 REGISTRATION RIGHTS AGREEMENT

 This REGISTRATION RIGHTS AGREEMENT is entered into as of this 27th day of January, 2010 by and among
Chesapeake Lodging Trust, a Maryland real estate investment trust (the “Trust”) and Hyatt Corporation, a Delaware corporation (“Purchaser”). 
 WHEREAS, the Trust, the Operating Partnership (as defined below) and Purchaser are parties to a Share Purchase Agreement, dated as of
September 26, 2009 (the “Share Purchase Agreement”), pursuant to which concurrently with the Trust’s proposed initial public offering (the “IPO”), the Trust agreed to issue in a private placement to
Purchaser and Purchaser agreed to purchase a number of Common Shares set forth in the Share Purchase Agreement (the “Shares”); and 
 WHEREAS, the Trust and Purchaser desire to enter into this Agreement to provide Purchaser and certain of its permitted transferees with certain registration rights described herein. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  

	1.	Definitions. The following capitalized terms used herein have the following meanings: 

 “Affiliate” means (a) any Person that directly, or indirectly through one or more intermediaries, controls, is
controlled by or is under common control with such other Person, (b) any executive officer or general partner of such other Person and (c) any legal entity for which such Person acts as executive officer or general partner, and
“control” for these purposes means the direct or indirect power to direct or cause the direction of the management and policies of another Person, whether by operation of law or regulation, through ownership of securities, as trustee or
executor or in any other manner. 
 “Agreement” means this Registration Rights Agreement, as amended, restated,
supplemented, or otherwise modified from time to time. 
 “Board” means the board of trustees of the Trust.

 “Business Day” means any day, other than a Saturday or Sunday or a day on which commercial banks in New
York, New York are authorized or required by law to close. 
 “Commission” means the Securities and Exchange
Commission, or any other federal agency then administering the Securities Act or the Exchange Act. 
 “Common
Shares” means the Trust’s common shares of beneficial interest, par value $0.01 per share, together with any class of shares of beneficial interest of the Trust or shares of capital stock of a successor to the entire business of the
Trust which may be issued in exchange for such Common Shares. 

 “Demand Registration” is defined in Section 2.2.1. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the
Commission promulgated thereunder, all as the same shall be in effect at the time. 
 “Holder” means
(a) Purchaser in its capacity as a holder of record of Registrable Securities, (b) any Affiliate of Purchaser that is a direct or indirect transferee of Registrable Securities from Purchaser or any subsequent Holder and (c) any direct
or indirect transferee of transfer of not less than 20% of the initial number of Registrable Securities issued to Purchaser at the closing under the Share Purchase Agreement from Purchaser or any subsequent Holder. For purposes of this
Agreement, the Trust may deem and treat the registered holder of Registrable Securities as the Holder and absolute owner thereof, unless notified to the contrary in writing by the registered Holder thereof. 
 “Indemnified Party” is defined in Section 6.3. 
 “Indemnifying Party” is defined in Section 6.3. 
 “Inspectors” is defined in Section 5.1.8. 
 “IPO” is defined in the recitals to this Agreement. 
 “Long-Form Demand Registration” is defined in Section 2.1.2. 
 “Losses” is defined in Section 6.1. 
 “Majority-in-Interest” means Holders of more than 50% of the Registrable Securities. 
 “Maximum Threshold” is defined in Section 2.4. 
 “Operating Partnership” means Chesapeake Lodging, L.P., a Delaware limited partnership. 
 “Person” means an individual or a real estate investment trust, corporation, limited liability company, partnership, joint
venture, trust, unincorporated organization, association (including any group, organization, co-tenancy, plan, board, council or committee), government (including a country, state, county, or any other governmental or political subdivision, agency
or instrumentality thereof) or other entity (or series thereof). 
 “Piggy-Back Registration” is defined in
Section 3.1. 
 “Pro Rata Adjusted” is defined in Section 2.4. 
 “Prospectus” means the prospectus or prospectuses included in any Registration Statement (including without limitation, any
“free writing prospectus” (as defined in Rule 405

  

 2 

 
under the Securities Act) and any prospectus subject to completion and a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration
statement in reliance upon Rule 430A promulgated under the Securities Act and any term sheet filed pursuant to Rule 434 under the Securities Act), as amended or supplemented by any prospectus supplement with respect to the terms of the
offering of any portion of the Registrable Securities covered by such Registration Statement and by all other amendments and supplements to the prospectus, including post-effective amendments and all material incorporated by reference or deemed to
be incorporated by reference in such prospectus or prospectuses. 
 “Purchaser” is defined in the preamble to
this Agreement. 
 “Records” is defined in Section 5.1.8. 
 “Registration” means a registration effected by preparing and filing a registration statement or similar document in
compliance with the requirements of the Securities Act, and such registration statement becoming effective. 
 “Registrable Securities” means at any time the Shares, together with any class of shares of beneficial interest of the Trust or shares of capital stock of a successor to the entire business of the Trust which may be issued
in exchange for such Shares or as payment of any dividend on such Shares. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities on the earliest to occur of: (a) the date on which a
Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement;
(b) the date on which such securities shall have ceased to be outstanding; (c) the date on which the Registrable Securities have been sold and all transfer restrictions and restrictive legends with respect to such Registrable Securities
are removed upon the consummation of such sale; and (d) the date on which such securities shall have been assigned, sold, disposed of or otherwise transferred to any Person that is not and does not become a Holder upon receipt of such
securities. 
 “Registration Statement” means any registration statement filed by the Trust with the Commission
in compliance with the Securities Act for a public offering and sale of Common Shares or other securities of the Trust, including the Prospectus, amendments and supplements to such Registration Statement, including post-effective amendments, all
exhibits and all materials incorporated by reference or deemed to be incorporated by reference in such Registration Statement (other than a registration statement (a) on Form S-4 or Form S-8, or their successors, (b) covering
only securities proposed to be issued in exchange for securities or assets of another entity, (c) for an exchange offer or offering of securities solely to the Trust’s existing shareholders, (d) covering only an offering of debt that
is convertible into equity securities of the Trust or (e) covering only a dividend reinvestment plan, direct stock purchase plan or at-the-market offering). 
 “Resale Registration Statement” is defined in Section 2.3. 
  

 3 

 “Securities Act” means the Securities Act of 1933, as amended, and the
rules and regulations of the Commission promulgated thereunder, all as the same shall be in effect at the time. 
 “Share Purchase Agreement” is defined in the recitals to this Agreement. 
 “Shares”
is defined in the recitals to this Agreement. 
 “Short-Form Demand Registration” is defined in
Section 2.2.1. 
 “Trust” is defined in the preamble to this Agreement. 
 “underwritten offering” means a Registration in which securities of the Trust are sold to one or more underwriters for
reoffering to the public. 
  

	2.	Registration Rights. 

 2.1. Long-Form Registrations. 
 2.1.1 Subject to the terms of this Agreement, at any time at least one hundred
eighty (180) days following the closing of the IPO, each Holder may request registration under the Securities Act on Form S-11 or any similar long-form Registration Statement for the offering of all or part of its Registrable Securities;
provided, that with respect to any requests under this Section 2.1.1, the anticipated aggregate offering amount of the Registrable Securities covered by such Registration Statement shall exceed $12,500,000 (net of underwriting discounts
and commissions). 
 2.1.2 Within ten (10) days after receipt of any written request pursuant to Section 2.1.1, the
Trust will give written notice of such request to all other holders of Registrable Securities and will use reasonable best efforts to include in such registration all Registrable Securities with respect to which the Trust has received written
requests for inclusion within thirty (30) days after delivery of the Trust’s notice, and, thereupon the Trust will use its reasonable best efforts to effect, at the earliest possible date, the registration under the Securities Act. All
registrations requested pursuant to Section 2.1.1 are referred to herein as “Long-Form Demand Registrations.” 
 2.1.3 Notwithstanding the foregoing provisions of this Section 2.1, (a) the Trust shall not be obligated to effect a Long-Form Demand Registration at any time when the Trust is eligible at the time of the request to file a
Registration Statement on an appropriate form for an offering to be made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act or any successor thereof, and (b) the Trust shall not be obligated to effect more than two
(2) Long-Form Demand Registrations for all Holders in the aggregate pursuant to Section 2.1.1. 
  

 4 

 2.2 Short-Form Registrations. 
 2.2.1 In addition to the Long-Form Demand Registrations provided pursuant to Section 2.1 above, commencing on the date on which the
Trust becomes eligible to register securities issued by it on an appropriate form for an offering to be made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act or any successor thereof (“Short-Form Demand
Registrations” and, together with the Long-Form Demand Registrations, “Demand Registrations”), each Holder will be entitled to request registrations under the Securities Act of all or part of its Registrable Securities;
provided, that with respect to any requests under this Section 2.2.1, the anticipated aggregate offering amount of the Registrable Securities covered by a Short-Form Demand Registration shall exceed $7,500,000 (net of underwriting
discounts and commissions). 
 2.2.2 Within ten (10) days after receipt of any request pursuant to Section 2.2.1, the
Trust will give written notice of such request to all other holders of Registrable Securities and will use reasonable best efforts to include in such registration all Registrable Securities with respect to which the Trust has received written
requests for inclusion within ten (10) days after delivery of the Trust’s notice. Upon closing of the IPO, the Trust will use its reasonable best efforts to make Short-Form Demand Registrations available for the sale of Registrable
Securities. Demand Registrations will be Short-Form Demand Registrations whenever the Trust is permitted to use any applicable short form. If for marketing or other reasons, any underwriters with respect to any Short-Form Demand Registration request
the inclusion in the Registration Statement of information that is not required under the Securities Act to be included in a Registration Statement on the applicable form for the Short-Form Demand Registration, the Trust will provide such
information as may be reasonably requested for inclusion by such underwriters in the applicable Registration Statement. Each Holder shall be limited to two (2) Short-Form Demand Registrations. 
 2.2.3 The Trust shall prepare and file such additional Registration Statements as necessary every three years (or such other period of time
as may be required to maintain continuously effective Resale Registration Statements (as defined below) in connection with Short-Form Demand Registrations) and use its reasonable best efforts to cause any such Registration Statement to be declared
effective by the Commission (if it is not an automatic shelf registration statement) so that a Resale Registration Statement remains continuously effective, subject to Section 2.6, with respect to resales of Registrable Securities registered
pursuant to a Short-Form Demand Registration as and for the periods required hereunder, each such subsequent Registration Statement to constitute a Resale Registration Statement hereunder. 
 2.3 Additional Securities. The Trust may include in the Registration Statement relating to any such Demand Registrations (the
“Resale Registration Statement”) additional securities of the class of Registrable Securities to be registered thereunder, including securities to be sold for the Trust’s own account or the account of Persons who are not
Holders of Registrable Securities. 
 2.4 Underwritten Offering; Reduction of Offering. Holders of Registrable
Securities shall have the right to request that a Demand Registration be effected as an underwritten offering

  

 5 

 
at any time, subject to this Section 2. All Holders proposing to participate in such underwriting shall (a) enter into an underwriting agreement in customary form with the
underwriter(s) selected for such underwriting by a Majority-in-Interest of the Registrable Securities included in such offering, which underwriter(s) shall be reasonably acceptable to the Trust; provided that with respect to such underwriting
agreement or any other documents reasonably required under such agreement, (i) no Holder shall be required to make any representation or warranty with respect to or on behalf of the Company or any other stockholder of the Company and
(ii) the liability of any Holder shall be limited as provided in Section 6.2 hereof, and (b) complete and execute all questionnaires, powers-of-attorney, indemnities, opinions and other documents required under the terms of such
underwriting agreement. Notwithstanding the foregoing, in no event shall the Trust be obligated to effect more than one underwritten offering hereunder in any single six-month period. If the managing underwriter(s) for an underwritten
offering advise(s) the Trust and the Holders in writing that the dollar amount or number of Registrable Securities which the Holders desire to sell, taken together with all other Common Shares or other securities which the Trust desires to sell and
the Common Shares or other securities, if any, as to which registration has been requested pursuant to written contractual piggy-back registration rights held by other shareholders of the Trust who desire to sell or otherwise, exceeds the maximum
dollar amount or maximum number of securities that can be sold in such offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount
or maximum number of securities, as applicable, the “Maximum Threshold”), then the Trust shall include in such registration: (w) first, the Registrable Securities (pro rata in accordance with the number
of Registrable Securities which such Holders have requested be included in such underwritten offering, regardless of the number of Registrable Securities or other securities held by each such Person (such proportion is referred to herein as
“Pro Rata Adjusted”)) that can be sold without exceeding the Maximum Threshold; (x) second, to the extent that the Maximum Threshold has not been reached under the foregoing clause (w), the Common Shares or other
securities that the Trust desires to sell that can be sold without exceeding the Maximum Threshold; (y) third, to the extent that the Maximum Threshold has not been reached under the foregoing clauses (w) and (x), the Common Shares
or other securities for the account of other Persons that the Trust is obligated to register pursuant to written contractual arrangements with such Persons and that can be sold without exceeding the Maximum Threshold; and (z) fourth, to
the extent that the Maximum Threshold has not been reached under the foregoing clauses (w), (x) and (y), the Common Shares that other shareholders desire to sell that can be sold without exceeding the Maximum Threshold to the extent that the
Trust, in its sole discretion, wishes to permit such sales pursuant to this clause (z). 
 A request for an underwritten
offering may be withdrawn by a Majority-in-Interest included in such offering prior to the consummation thereof, and, in such event, such withdrawal shall not be treated as a request for an underwritten offering which shall have been effected
pursuant to the immediately preceding paragraph. In no event will a Demand Registration count as a Demand Registration unless at least fifty percent (50%) of all Registrable Securities requested to be registered in such Demand Registration by
the Holders initiating such Demand Registration are, in fact, registered in such registration. 
 2.5 Inclusion in Resale
Registration Statement. The Trust shall give written notice to all Holders at least 20 Business Days prior to the anticipated filing date of the Resale

  

 6 

 
Registration Statement, which notice shall include a questionnaire seeking information from the Holders deemed necessary or advisable by the Trust or its counsel in order to file the Resale
Registration Statement. At the time the Resale Registration Statement is declared effective (or becomes effective, if the Resale Registration Statement is an automatic shelf registration statement), each Holder that has delivered to the Trust a duly
completed and executed questionnaire on or prior to the date which is ten Business Days prior to such time of effectiveness shall be named as a selling shareholder in the Resale Registration Statement and the related Prospectus in such a manner as
to permit such Holder to deliver such Prospectus to purchasers of Registrable Securities in accordance with applicable law. Subject to the terms and conditions hereof, after effectiveness of the Resale Registration Statement, the Trust shall file a
supplement to such Prospectus or amendment to the Resale Registration Statement upon request of any Holder as necessary to name as selling shareholders therein any Holders that provide to the Trust duly completed and executed questionnaires and
shall use reasonable best efforts to cause any post-effective amendment to such Resale Shelf Registration Statement filed for such purpose to be declared effective (if it is not an automatic shelf registration statement) by the Commission as
promptly as reasonably practicable after the filing thereof. 
 2.6 Suspension of Use of Registration Statement. Upon
prior written notice to the Holders, the Trust may suspend the use of a Resale Registration Statement pursuant to this Section 2 on up to two occasions during any period of twelve consecutive months for a reasonable time specified in the
notice but not exceeding 90 days in the aggregate during any such twelve month period (which period may not be extended or renewed), if (a) the Board determines in good faith that permitting sales under the Registration Statement would
materially and adversely affect an offering of securities of the Trust; (b) a Piggy-Back Registration (defined below) in which Holders were able to participate and include at least fifty percent (50%) of all Registrable Securities tendered
by such Holders for registration in such Piggy-Back Registration was completed within the prior 90 days; or (c) the Trust is in possession of material non-public information and the Board determines in good faith that the disclosure of such
information during the period specified in such notice would not be in the best interests of the Trust. 
  

	3.	Piggy-Back Registration. 

 3.1 Piggy-Back Rights. At any time at least one hundred eighty (180) days following the closing of the IPO, if the Trust proposes to file a Registration Statement under the Securities Act with respect to an offering of
equity securities by the Trust for its own account or for shareholders of the Trust for their account and the registration form to be used may be used for any registration of Registrable Securities, then the Trust shall (a) give written notice
of such proposed filing and offering to the Holders of Registrable Securities as soon as practicable but in no event less than ten (10) Business Days before the anticipated filing date, which notice shall describe the amount and type of
securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing underwriter(s), if any, of the offering, and (b) offer to the Holders of Registrable Securities in such notice the
opportunity to register the sale of such number of Registrable Securities as such Holders may request in writing within five Business Days following receipt of such notice (a “Piggy-Back Registration”). If at any time after
giving written notice of its intention to register any securities and prior to the effective date of the Registration Statement filed in connection with such registration, the Trust

  

 7 

 
shall determine for any reason not to register or to delay registration of such securities, the Trust may, at its election, give written notice of such determination to each Holder of Registrable
Securities and, (x) in the case of a determination not to register, shall be relieved of its obligation to register any Registrable Securities in connection with such registration, and (y) in the case of a determination to delay
registering, shall be permitted to delay registering any Registrable Securities for the same period as the delay in registering such other securities. The Trust shall cause such Registrable Securities to be included in such registration and
shall use its reasonable best efforts to cause the managing underwriter(s) of a proposed underwritten offering to permit the Registrable Securities requested to be included in a Piggy-Back Registration on the same terms and conditions as any
similar securities of the Trust and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. All Holders of Registrable Securities proposing to distribute
their securities through a Piggy-Back Registration that involves an underwriter(s) shall enter into an underwriting agreement in reasonable and customary form with the underwriter(s) selected for such Piggy-Back Registration;
provided that with respect to such underwriting agreement or any other documents reasonably required under such agreement, (i) no Holder shall be required to make any representation or warranty with respect to or on behalf of the Company
or any other stockholder of the Company and (ii) the liability of any Holder shall be limited as provided in Section 6.2 hereof and (ii) complete and execute all questionnaires, powers-of-attorney, indemnities, opinions and other
documents reasonably required under the terms of such underwriting agreement. No registration effected under this Section 3 shall relieve the Trust of its obligations to effect a Demand Registration required by
Section 2. 
 3.2 Reduction of Offering. If the managing underwriter(s) for a Piggy-Back
Registration that is to be an underwritten offering advises the Trust and the Holders of Registrable Securities that in their opinion the dollar amount or number of Common Shares or other securities which the Trust desires to sell, taken together
with Common Shares or other securities, if any, as to which registration has been demanded pursuant to written contractual arrangements with third parties, the Registrable Securities as to which registration has been requested under this
Section 3, and the Common Shares or other securities, if any, as to which registration has been requested pursuant to the written contractual piggy-back registration rights of other shareholders of the Trust, exceeds the Maximum
Threshold, then the Trust shall include in any such registration: 
 (a) If the registration is undertaken for the Trust’s
account: (i) first, the Common Shares or other securities that the Trust desires to sell that can be sold without exceeding the Maximum Threshold; and (ii) second, to the extent that the Maximum Threshold has not been
reached under the foregoing clause (i), the Registrable Securities and the Common Shares or other securities proposed to be sold for the account of other Persons that the Trust is obligated to register pursuant to written contractual piggy-back
registration rights with such Persons and that can be sold without exceeding the Maximum Threshold (pro rata in accordance with the number of Registrable Securities and Common Shares or other securities which such Holders and other
Persons have requested be included in such underwritten offering, regardless of the number of Registrable Securities and Common Shares or other securities held by each such Holder or other Person); and 
  

 8 

 (b) If the registration is a “demand” registration undertaken at the
demand of one or more Persons other than the Trust and any Holder, (i) first, the Common Shares or other securities for the account of such demanding Persons that can be sold without exceeding the Maximum Threshold;
(ii) second, to the extent that the Maximum Threshold has not been reached under the foregoing clause (i), the Common Shares or other securities that the Trust desires to sell that can be sold without exceeding the Maximum
Threshold; and (iii) third, to the extent that the Maximum Threshold has not been reached under the foregoing clauses (i) and (ii), the Registrable Securities and the Common Shares or other securities proposed to be sold for the
account of other Persons that the Trust is obligated to register pursuant to written contractual piggy-back registration rights with such Persons and that can be sold without exceeding the Maximum Threshold (pro rata in accordance with
the number of Registrable Securities and Common Shares or other securities which such Holders and other Persons have requested be included in such underwritten offering, regardless of the number of Registrable Securities and Common Shares or other
securities held by each such Holder or other Person). 
 3.3 Withdrawal. Any Holder of Registrable Securities may
elect to withdraw such Holder’s request for inclusion of Registrable Securities in any Piggy-Back Registration by giving written notice to the Trust of such request to withdraw prior to the effectiveness of the Registration Statement or filing
of a Prospectus naming such Holder as a selling shareholder, as applicable. The Trust (whether on its own determination or as the result of a withdrawal by Persons making a demand pursuant to written contractual obligations) may withdraw a
Registration Statement at any time prior to the effectiveness of the Registration Statement without thereby incurring any liability to the Holders of Registrable Securities. Notwithstanding any such withdrawal, the Trust shall pay all expenses
incurred by the Holders of Registrable Securities in connection with such Piggy-Back Registration as provided in Section 5.3. 
  

	4.	Restrictions on Public Sale by the Trust. 

 The Trust agrees not to effect any public sale or distribution (other than, in the case of the Trust, in connection with (a) any merger, acquisition or similar transaction that involves the public
offering of securities, (b) public sales or distributions solely by and for the account of the Trust of securities issued pursuant to any employee benefit or similar plan, including equity incentive plans or upon exercise or conversion by the
holders thereof of other derivative securities issued by the Trust that are then outstanding, or (c) any dividend reinvestment plan, direct stock purchase plan or at-the-market offering program then existing), of any securities during the
period commencing on the date the Trust receives a request for an underwritten offering from any Holder and continuing until 90 days after the commencement of an underwritten offering (or for such shorter period as the lead underwriter(s) shall
request after consultation with a Majority-in-Interest) unless earlier terminated by the lead underwriter(s) in such underwritten offering. 
  

 9 

	5.	Registration Procedures. 

 5.1. Filings. In connection with the filing of any Registration Statement as provided in this Agreement, the paragraphs below shall be applicable: 
 5.1.1 Filing of Registration Statement. The Trust shall (a) prepare and file with the Commission a Registration Statement on any form for which the Trust then qualifies or which counsel
for the Trust shall deem appropriate and which form shall be available for the sale of all Registrable Securities to be registered thereunder in accordance with the intended method(s) of distribution thereof, which shall comply as to form with
the requirements of the applicable form and include all financial statements required by the SEC to be filed therewith, (b) use its reasonable best efforts to cause such Registration Statement to be declared (if it is not an automatic shelf
registration statement) and remain effective for the period required by Section 5.1.3, (c) not take any action that would cause a Registration Statement to contain a material misstatement or omission or to be not effective and
usable for resale of Registrable Securities during the period that such Registration Statement is required to be effective and usable, (d) use its reasonable best efforts to cause each Registration Statement and the related Prospectus and any
amendment or supplement thereto, as of the effective date of such Registration Statement, amendment or supplement to comply in all material respects with any requirements of the Securities Act and the rules and regulations of the SEC and
(e) cause such Registration Statement and the related Prospectus and any amendment or supplement thereto not to contain any untrue statement of a material fact required to be stated therein or necessary to make the statements therein not
misleading during the period that such Registration Statement is required to be effective and usable. 
 5.1.2
Copies. The Trust shall, upon request, prior to filing a Registration Statement or Prospectus in respect of Registrable Securities, or any amendment or supplement thereto, furnish without charge to the Holders of Registrable Securities
included in such registration, any underwriter and such Holders’ or underwriter’s legal counsel, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case
including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each preliminary Prospectus) and such other documents as the Holders of Registrable Securities
included in such Registration, underwriter or legal counsel for any such Holders or underwriter may reasonably request. Following the filing of such Registration Statement, the Trust shall furnish to the Holders of Registrable Securities
included in such registration (in each case in an electronic format, unless otherwise required by applicable law), without charge, such number of copies of such Registration Statement, each amendment and supplement thereto (in each case including
all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each preliminary Prospectus) and such other documents as the Holders of Registrable Securities included in such
Registration, underwriter or legal counsel for any such Holders or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Holders. Each Holder of Registrable Securities included in
the Registration Statement shall have the right to request in writing that the Trust modify any information contained in such Registration Statement, amendment and supplement thereto pertaining solely to such Holder or which such counsel to Holder
may reasonably request in order to ensure that the Registration Statement complies with the Securities Act and the rules and regulations promulgated thereunder and the Trust shall use its reasonable best efforts to comply with such request;
provided, however, that the Trust shall not have any obligation to so modify any information if the Trust reasonably expects that so doing would cause the Prospectus to contain an untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements therein not misleading. 
  

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 5.1.3 Amendments and Supplements. The Trust shall prepare and file with the
Commission such amendments, including post-effective amendments, and supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement effective and in compliance with
the provisions of the Securities Act until all Registrable Securities and other securities covered by such Registration Statement have been disposed of in accordance with the intended method(s) of distribution set forth in such Registration
Statement or such securities have been withdrawn. 
 5.1.4 Notification. After the filing of a Registration
Statement, the Trust shall promptly, and in no event more than three Business Days after such filing, notify the Holders of Registrable Securities included in such Registration Statement of such filing, and shall further promptly notify such Holders
of the occurrence, and in no event more than three Business Days after such occurrence of any of the following and, if requested by any Holder, confirm such advice in writing: (a) when such Registration Statement becomes effective;
(b) when any post-effective amendment to such Registration Statement becomes effective; (c) the issuance by the Commission of any stop order; and (d) any request by the Commission for any amendment or supplement to such Registration
Statement or any Prospectus relating thereto or for additional information or of the occurrence of an event requiring the preparation of a supplement or amendment to such Prospectus so that, as thereafter delivered to the purchasers of the
securities covered by such Registration Statement, such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, and
promptly make available to the Holders of Registrable Securities included in such Registration Statement any such supplement or amendment; except that before filing with the Commission a Registration Statement or Prospectus or any amendment or
supplement thereto, including documents incorporated by reference, the Trust shall furnish to the Holders of Registrable Securities included in such Registration Statement and to the legal counsel for any such Holders, copies of all such documents
proposed to be filed sufficiently in advance of filing to provide such Holders and legal counsel with a reasonable opportunity to review such documents and comment thereon, and the Trust shall not file any Registration Statement or Prospectus or
amendment or supplement thereto, including documents incorporated by reference, to which such Holders or their legal counsel shall reasonably object. The Trust shall use its reasonable best efforts to obtain the withdrawal of any order
suspending the effectiveness or qualification of a Registration Statement or suspending or preventing the use of any related Prospectus at the earliest possible time. 
 5.1.5 State Securities Laws Compliance. The Trust shall use its best efforts to (a) register or qualify the Registrable Securities covered by the Registration Statement under such
securities or “blue sky” laws of such jurisdictions in the United States as the Holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may reasonably request and
(b) take such action as reasonably necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by such other governmental authorities as may be necessary by virtue of the business and
operations of the Trust and do any and all other acts and things that may be necessary or

  

 11 

 
advisable to enable the Holders of Registrable Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided,
however, that the Trust shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this paragraph, consent to general service of process in any such jurisdiction or
subject itself to taxation in any such jurisdiction. 
 5.1.6 Agreements for Disposition. The Trust shall enter into
customary agreements (including, if applicable, an underwriting agreement in customary form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities. Such Holders
of Registrable Securities shall agree to such representations, warranties, covenants and indemnification and contribution obligations for selling shareholders as are customarily contained in agreements of that type used by the underwriters.

 5.1.7 Cooperation. (a) The management of the Trust shall cooperate fully in any offering of Registrable
Securities hereunder, which cooperation shall include, without limitation, the preparation of the Registration Statement with respect to such offering and all other offering materials and related documents, and participation in meetings with
underwriters, attorneys, accountants and potential purchasers, including without limitation, participation in any roadshow for an underwritten offering. 
 (b) The Trust shall, upon request, furnish to the lead underwriter of an underwritten offering of Registrable Securities, if any, without charge, at least one signed copy of each Registration Statement
and any post-effective amendment thereto, including financial statements and schedules, all documents incorporated therein by reference and all exhibits; and furnish to each Holder of Registrable Securities, without charge, at least one conformed
copy of each Registration Statement and any post-effective amendment thereto (without documents incorporated therein by reference or exhibits thereto, unless requested) and shall cooperate with the selling Holders of Registrable Securities and the
lead underwriter of an underwritten offering of Registrable Securities, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends; and enable such
Registrable Securities to be in such denominations (consistent with the provisions of the governing documents thereof) and registered in such names as the selling Holders or the lead underwriter of an underwritten offering of Registrable Securities,
if any, may reasonably request at least three business days prior to any sale of Registrable Securities. 
 5.1.8
Records. The Trust shall make available for inspection by the Holders of Registrable Securities included in such Registration Statement, any underwriter participating in any disposition pursuant to such Registration Statement and any
attorney, accountant or other professional retained by any Holder of Registrable Securities included in such Registration Statement or any underwriter (collectively, the “Inspectors”), all financial and other records, pertinent
corporate documents and properties of the Trust (collectively, the “Records”) as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and cause the Trust’s officers, trustees and
employees to supply all information reasonably requested by

  

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any of them in connection with such Registration Statement. Records which the Trust determines, in good faith, to be confidential and which it notifies the Inspectors are confidential shall
not be disclosed by the Inspectors unless (a) the disclosure of such Records is necessary to avoid or correct a misstatement or omission in such Registration Statement or (b) the release of such Records is ordered pursuant to a subpoena or
other order from a court of competent jurisdiction. Each Holder of Registrable Securities included in such Registration Statement agrees that information obtained by it as a result of such inspections shall be deemed confidential and shall not
be used by it as the basis for any market transactions in the securities of the Trust unless and until such is made generally available to the public. Each Holder of Registrable Securities included in such Registration Statement further agrees
that it will, upon learning that disclosure of such Records is sought in a court of competent jurisdiction, give notice to the Trust and allow the Trust, at its expense, to undertake appropriate action to prevent disclosure of the Records deemed
confidential. 
 5.1.9 Opinions and Comfort Letters. If a Registration Statement in respect of Registrable
Securities includes an underwritten offering, the Trust shall furnish (a) any opinion of counsel to the Trust delivered to any underwriter and (b) any comfort letter from the Trust’s independent public accountants delivered to any
underwriter, each in the form reasonably requested by counsel to such underwriter and shall furnish to each Holder of Registrable Securities included in such Registration Statement a signed counterpart, addressed to such Holder, of any such opinion
of counsel or comfort letter. 
 5.1.10 Earnings Statement. The Trust shall make available to its shareholders, as
soon as practicable but not more than 12 months after the effective date of the Registration Statement, an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder. 

5.1.11 Listing. To the extent any Registrable Securities are not then listed on an exchange, the Trust shall use its
reasonable best efforts to cause all Registrable Securities included in any Registration Statement to be listed on such exchanges or otherwise designated for trading in the same manner as similar securities issued by the Trust are then listed or
designated. 
 5.2. Obligation to Suspend Distribution. Upon receipt of any notice from the Trust of the happening
of any event of the kind described in Section 5.1.4(d), each Holder of Registrable Securities included in any registration shall immediately discontinue disposition of such Registrable Securities pursuant to the Registration Statement
covering such Registrable Securities until such Holder receives the supplemented or amended Prospectus contemplated by Section 5.1.4(d) and, if so directed by the Trust, each such Holder will destroy all copies, other than permanent file
copies then in such Holder’s possession, of the most recent Prospectus covering such Registrable Securities at the time of receipt of such notice. 
 5.3. Registration Expenses. The Trust shall pay the following costs and expenses incurred in connection with (a) any Demand Registration pursuant to Section 2 and (b) any
Piggy-Back Registration pursuant to Section 3, and all expenses incurred in performing or complying with its other obligations under this Agreement, whether or not the Registration

  

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Statement becomes effective, including, without limitation: (i) all registration and filing fees; (ii) fees and expenses of compliance with securities or “blue sky” laws
(including fees and disbursements of counsel in connection with blue sky qualifications of the Registrable Securities); (iii) printing expenses; (iv) the fees and expenses incurred in connection with the listing of the Registrable
Securities as required by Section 5.1.11 ; (v) Financial Industry Regulatory Authority, Inc. fees; (vi) fees and disbursements of counsel for the Trust and fees and expenses for independent public accountants retained by the
Trust (including the expenses or costs associated with the delivery of any opinions or comfort letters requested pursuant to Section 5.1.9); and (vii) the fees and expenses of any special experts retained by the Trust in connection
with such Registration. The Trust shall have no obligation to pay any other costs or expenses in the course of any Registration contemplated hereby. The Trust shall have the right to exclude any Holder that does not agree to bear its expenses
(except as expressly provided in the second preceding sentence) from the applicable Registration. The obligation of the Trust to bear the expenses described in this Section 5.3 shall apply irrespective of whether a Registration becomes
effective, is withdrawn or suspended, is converted to another form of Registration and irrespective of when any of the foregoing shall occur. 
 5.4. Information. In connection with the filing of any Registration Statement covering Registrable Securities, the Holders of Registrable Securities shall provide such information as may
reasonably be requested by the Trust in connection with the preparation of any Registration Statement in order to effect the Registration of any Registrable Securities and in connection with the Trust’s obligation to comply with federal and
applicable state securities laws. If a Holder fails to provide such information after reasonably requested, the Trust may omit such Holder’s Registrable Securities from such Registration Statement. 
  

	6.	Indemnification and Contribution. 

 6.1. Indemnification by the Trust. The Trust agrees to indemnify and hold harmless to the fullest extent permitted by law each Holder of Registrable Securities, and each of their respective officers, employees, Affiliates,
trustees, directors, partners, members, attorneys and agents, and each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act) such Holder of Registrable Securities
from and against any expenses, losses, judgments, claims, damages or liabilities (“Losses”) arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement
under which the sale of such Registrable Securities was registered under the Securities Act, Prospectus (including any preliminary Prospectus), or any amendment thereof or supplement thereto, or arising out of or based upon any omission or alleged
omission to state a material fact required to be stated therein or necessary to make the statements therein, in the case of the Prospectus in the light of the circumstances under which they were made, not misleading; provided, however,
that the Trust will not be liable in any such case to any Holder to the extent that any such Loss arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in such Registration Statement,
Prospectus, or any such amendment thereof or supplement thereto, in reliance upon and in conformity with information furnished to the Trust, in writing, by such Holder expressly for use therein. 
  

 14 

 6.2. Indemnification by Holders of Registrable Securities. In connection with
any Registration Statement in which a Holder is participating and as a condition to such participation, each Holder of Registrable Securities agrees, severally and not jointly, to indemnify and hold harmless to the fullest extent permitted by law
the Trust, and each of its officers, employees, Affiliates, trustees and agents, and each Person who controls the Trust within the meaning of the Securities Act and each underwriter (if any), and each Person, if any, who controls such underwriter
within the meaning of the Securities Act, against any Losses, insofar as such Losses (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in any Registration
Statement under which the sale of such Registrable Securities was registered under the Securities Act, Prospectus (including any preliminary Prospectus), or any amendment thereof or supplement thereto, or arise out of or are based upon any omission
or alleged omission to state a material fact required to be stated therein or necessary to make the statement therein, in the case of the Prospectus in the light of the circumstances under which they were made, not misleading, if the statement or
omission was made in reliance upon and in conformity with information furnished in writing to the Trust by such Holder expressly for use therein. Each Holder’s indemnification obligations hereunder shall be several and not joint and shall
be limited to the amount of gross proceeds actually received by such Holder from sales of Registrable Securities giving rise to such obligations. 
 Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Trust or any Indemnified Party and shall survive the transfer of such securities by any
Holder. 
 6.3. Conduct of Indemnification Proceedings. Promptly after receipt by any Person of any notice of any
Loss or any action in respect of which indemnity may be sought pursuant to Section 6.1 or 6.2, such Person (the “Indemnified Party”) shall, if a claim in respect thereof is to be made against any other Person for
indemnification hereunder, notify such other Person (the “Indemnifying Party”) in writing of the Loss or action; provided, however, that the failure by the Indemnified Party to notify the Indemnifying Party shall not
relieve the Indemnifying Party from any liability which the Indemnifying Party may have to such Indemnified Party hereunder, except and solely to the extent the Indemnifying Party is actually and materially prejudiced by such failure. If the
Indemnified Party is seeking indemnification with respect to any claim or action brought against the Indemnified Party, then the Indemnifying Party shall be entitled to participate in such claim or action, and, to the extent that it wishes, jointly
with all other Indemnifying Parties, to assume control of the defense thereof with counsel reasonably satisfactory to the Indemnified Party. After notice from the Indemnifying Party to the Indemnified Party of its election to assume control of
the defense of such claim or action, the Indemnifying Party shall not be liable to the Indemnified Party for any legal or other expenses subsequently incurred by the Indemnified Party in connection with the defense thereof other than reasonable
costs of investigation; provided, however, that in any action in which both the Indemnified Party and the Indemnifying Party are named as defendants or if such Indemnified Party or parties determines in good faith that a conflict of
interest exists and that therefore it is advisable for such Indemnified Party or parties to be represented by separate counsel or that, upon advice of counsel, there may be legal defenses available to it or them which are different from or in
addition to those available to the Indemnifying Party, then the Indemnifying Party or parties shall not be entitled to assume such defense and the Indemnified Party or parties shall be

  

 15 

 
entitled to separate counsel at the Indemnifying Party’s or parties’ expense. If an Indemnifying Party or parties is not so entitled to assume the defense of such action or does
not assume such defense, after having received the notice referred to in the first sentence of this paragraph, the Indemnifying Party or parties will pay the reasonable fees and expenses of counsel for the Indemnified Party or parties (limited in
each jurisdiction to one counsel for all Indemnified Parties under this Agreement). The Indemnified Party shall have the right to employ separate counsel (but no more than one such separate counsel, which firm shall be designated in writing by
those Indemnified Parties who sold a majority of the Registrable Shares sold by all such Indemnified Parties) to represent the Indemnified Party or parties and their respective controlling Persons who may be subject to liability arising out of any
claim in respect of which indemnity may be sought by the Indemnified Party or parties against the Indemnifying Party or parties, with the fees and expenses of such counsel to be paid by such Indemnifying Party. No Indemnifying Party shall,
without the prior written consent of any Indemnified Party or parties, consent to entry of judgment or effect any settlement of any claim or pending or threatened proceeding in respect of which the Indemnified Party or parties are or could have been
a party and indemnity could have been sought hereunder by such Indemnified Party, unless such judgment or settlement includes an unconditional release of such Indemnified Party from all liability arising out of such claim or proceeding and does not
include any statement of admission of fault, culpability or failure to act by or on behalf of such Indemnified Party. 
 6.4.
Contribution. 
 6.4.1 If the indemnification provided for in this Section 6 is unavailable to any Indemnified
Party or insufficient to hold it harmless in respect of any Loss referred to herein, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party or parties, shall contribute to the amount paid or payable by such Indemnified
Party or parties as a result of such Loss in such proportion as is appropriate to reflect the relative fault of the Indemnified Parties and the Indemnifying Parties in connection with the actions or omissions which resulted in such Loss, as well as
any other relevant equitable considerations. The relative fault of any Indemnified Party and any Indemnifying Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or
the omission or alleged omission to state a material fact relates to information supplied by such Indemnified Party or such Indemnifying Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. 
 6.4.2 The parties agree that it would not be just and equitable if contribution pursuant
to this Section 6.4 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding Section 6.4.1.

 6.4.3 The amount paid or payable by an Indemnifying Party as a result of any Loss shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 6.4, no Holder of
Registrable Securities shall be required to contribute any amount in excess of the dollar amount by which the gross proceeds actually received by such Holder from the sale of Registrable

  

 16 

 
Securities exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No
Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
 6.4.4 The indemnity and contribution agreements contained in this Section 6 are in addition to any liability which the
Indemnifying Parties may otherwise have to the Indemnified Parties hereunder, under applicable law or at equity, and shall remain in full force and effect regardless of any investigation made by or on behalf of any Indemnified Party or any officer,
employee, Affiliate, trustee, director, partner, member, attorney, agent or controlling person of such Indemnified Party and shall survive the transfer of Registrable Securities. 
  

	7.	Underwriting and Distribution. 

 7.1. Rule 144. At such times as the Trust is obligated to file reports in compliance with either Section 13 or 15(d) of the Exchange Act, the Trust covenants that it shall file any reports required to be filed by
it under the Securities Act or the Exchange Act and shall take such further action as the Holders of Registrable Securities may reasonably request, all to the extent required from time to time to enable such Holders to sell Registrable Securities
(subject to any contractual obligation of such Holders to the contrary) without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 under the Securities Act, as such Rules may be amended from
time to time, or any similar Rule or regulation hereafter adopted by the Commission. Upon the request of any Holder, the Trust will deliver to such Holder a written statement as to whether it has complied with such requirements.

  

	8.	Miscellaneous. 

 8.1.
Assignment; No Third Party Beneficiaries. This Agreement and the rights, duties and obligations of the Trust hereunder may not be assigned or delegated by the Trust in whole or in part. This Agreement and the rights, duties and
obligations of the Holders of Registrable Securities hereunder may be freely assigned or delegated by such Holder of Registrable Securities in conjunction with and to the extent of (a) any transfer of Registrable Securities to any Affiliate of
Purchaser, or (b) any transfer of not less than 20% of the initial number of Registrable Securities issued to Purchaser at the closing under the Share Purchase Agreement to any Person (subject to any contractual obligation of such Holders to
the contrary). This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties hereto and their respective permitted successors and assigns; provided, however, that no such
transfer or assignment shall be binding upon or obligate the Trust to any such assignee, and no such assignee shall be deemed a Holder hereunder, unless and until the Trust shall have received written notice of such transfer or assignment as herein
provided and a written agreement of the assignee to be bound by the provisions of this Agreement. This Agreement is not intended to confer any rights or benefits on any Persons that are not party hereto other than as expressly set forth in
Article 6 and this Section 8.1. 
  

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 8.2. Notices. All notices, demands, requests, consents, approvals or other
communications required or permitted to be given hereunder or which are given with respect to this Agreement shall be in writing and shall be personally served, delivered by reputable overnight courier service with charges prepaid, or transmitted by
hand delivery, telex or facsimile, addressed as set forth below, or to such other address as such party shall have specified most recently by written notice. Notice shall be deemed given on the date of service or transmission if personally
served or transmitted by telex or facsimile; provided, however, that if such service or transmission is not on a Business Day or is after normal business hours, then such notice shall be deemed given on the next Business
Day. Notice otherwise sent as provided herein shall be deemed given on the next Business Day following timely delivery of such notice to a reputable overnight courier service with an order for next-day delivery. 
 To the Trust: 
 Chesapeake Lodging Trust 
 710 Route 46 East, Suite 206 
 Fairfield, NJ 07004 
 Facsimile: (201) 599-0527 
 Attention: Chief Financial Officer 
 To each Holder, at the address most recently provided by such Holder to the Trust with a copy to Latham & Watkins LLP, 233 South
Wacker Drive, Suite 5800, Chicago, Illinois 60606, Facsimile: (312) 993-9767, Attention: Michael A Pucker. 
 8.3.
Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision
hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as
may be possible that is valid and enforceable. 
 8.4. Counterparts. This Agreement may be executed by facsimile and
in multiple counterparts, and all of which taken together shall constitute one and the same instrument. 
 8.5. Entire
Agreement. This Agreement (including all agreements entered into pursuant hereto and all certificates and instruments delivered pursuant hereto and thereto) constitutes the entire agreement of the parties with respect to the subject matter
hereof and supersedes all prior and contemporaneous agreements, representations, understandings, negotiations and discussions among the parties, whether oral or written. 
 8.6. Modifications and Amendments. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to
departures from the provisions hereof may not be given unless the Trust has obtained the written consent of a Majority-In-Interest of Registrable Securities outstanding at such time. 
  

 18 

 8.7. Titles and Headings. Titles and headings of sections of this Agreement are
for convenience only and shall not affect the construction of any provision of this Agreement. 
 8.8. Waivers and
Extensions. Any party to this Agreement may waive any right, breach or default which such party has the right to waive, provided, that such waiver will not be effective against the waiving party unless it is in writing, is signed by
such party, and specifically refers to this Agreement. Waivers may be made in advance or after the right waived has arisen or the breach or default waived has occurred. Any waiver may be conditional. No waiver of any breach of any
agreement or provision herein contained shall be deemed a waiver of any preceding or succeeding breach thereof nor of any other agreement or provision herein contained. No waiver or extension of time for performance of any obligations or acts
shall be deemed a waiver or extension of the time for performance of any other obligations or acts. 
 8.9. Remedies
Cumulative. In the event that the Trust fails to observe or perform any covenant or agreement to be observed or performed under this Agreement, each Holder of Registrable Securities may proceed to protect and enforce its rights by suit in
equity or action at law, whether for specific performance of any term contained in this Agreement or for an injunction against the breach of any such term or in aid of the exercise of any power granted in this Agreement or to enforce any other legal
or equitable right, or to take any one or more of such actions, without being required to post a bond. None of the rights, powers or remedies conferred under this Agreement shall be mutually exclusive, and each such right, power or remedy shall
be cumulative and in addition to any other right, power or remedy, whether conferred by this Agreement or now or hereafter available at law, in equity, by statute or otherwise. 
 8.10. Governing Law; Jurisdiction. This Agreement shall for all purposes be deemed to be made under and shall be construed in
accordance with the internal laws of the State of New York without reference to its internal conflicts of laws principles. 
 8.11. Specific Performance. The parties hereto acknowledge that there would be no adequate remedy at law if any party fails to perform in any material respect any of its obligations hereunder, and accordingly agree that each
party, in addition to any other remedy to which it may be entitled at law or in equity, shall be entitled to compel specific performance of the obligations of any other party under this Agreement in accordance with the terms and conditions of this
Agreement in any court of the United States or any State thereof having jurisdiction, without the requirement of proving actual damages or posting a bond. 
 8.12. Holdback Agreement. In connection with an underwritten primary or secondary offering to the public conducted at any time following the IPO, each Holder of Registrable Securities agrees,
subject to any exceptions that may be agreed upon at the time of such offering, not to sell or otherwise transfer or dispose of any Registrable Securities (or other securities) of the Trust held by them (other than Registrable Securities included in
such offering in accordance with the terms hereof) for a period equal to the lesser of 60 days following the effective date of a Registration Statement of the Trust filed under the Securities Act or such shorter period as to which the managing
underwriter(s) shall agree; provided that each executive officer and member of the board of trustees of the Trust also agrees to such restrictions. Such agreement shall be in

  

 19 

 
writing in form reasonably satisfactory to the Trust and the managing underwriter. The Trust may impose stop-transfer instructions with respect to the Registrable Securities (or other
securities of the Trust) subject to the foregoing restriction until the end of said period. 
  

 20 

 IN WITNESS WHEREOF, the parties have caused this Registration Rights Agreement to be
executed and delivered as of the date first written above. 
  

			
	TRUST:
	
	CHESAPEAKE LODGING TRUST
		
	By:	 	 /s/ James L. Francis

		 	Name: James L. Francis
		 	Title:   President and Chief Executive Officer
	
	PURCHASER:
	
	HYATT CORPORATION
		
	By:	 	 /s/ H. Charles Floyd

		 	Name: H. Charles Floyd
		 	Title:   Exec. V.P. – North America Operations

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