Document:

Exhibit 10.1

 

SEPARATION AGREEMENT AND
GENERAL RELEASE

 

This SEPARATION AGREEMENT AND GENERAL RELEASE
(this "Agreement") dated as of February 28, 2022 is by and between Craig J. Aniszewski ("Executive")
and Summit Hotel Properties, Inc., a Maryland corporation (the "Company").

 

WHEREAS, the Company and Executive have entered
into an Employment Agreement dated as of May 28, 2014 ("Employment Agreement");

 

WHEREAS, Executive shall retire and resign as
an employee and officer of the Company and all entities related to the Company, and also retire and resign as an officer, director, manager
or similar functionary of all entities related to the Company, effective as of March 1, 2022 (the "Termination Date");
and

 

WHEREAS, the parties agree that Executive's retirement
and separation from employment is the result of a mutual agreement between Executive and the Company.

  

NOW, THEREFORE, Executive and the Company agree
to enter into this Agreement setting forth their respective obligations related to Executive's separation as follows:

 

1.      Separation of Employment.  Effective
as of the Termination Date, Executive resigns as an employee and officer of the Company and all entities related to the Company, and
as an officer, director, manager or similar functionary of all entities related to the Company.  The Company and Executive
hereby waive any rights to prior notification of the termination of Executive’s employment.

 

2.      Special Compensation and Benefits.

 

(a)      Executive was awarded a total of 191,865
shares of common stock under Stock Award Agreements (Performance-Based Shares) dated March 7, 2019, March 7, 2020 and March 8, 2021 (collectively
the “Performance Awards”) and a total of 127,910 shares of common stock under Stock Award Agreements (Service-Based Shares)
dated March 7, 2019, March 7, 2020 and March 8, 2021 (collectively the “Service Awards”).

 

Executive shall be entitled to earn Performance
Based Shares determined in accordance with the methodology, provisions, terms and conditions set forth in the Performance Awards (except
for the requirement for continuous employment, which shall not apply), with any earned amounts vesting at the times specified therein.

 

Executive’s interest in any shares of common
stock granted under the Service Awards that are outstanding and that have not yet vested as of the Termination Date, shall automatically
vest and become non-forfeitable on the Termination Date.

 

(b)      The Executive shall be paid for all accrued
by unused paid vacation in the amount of $6,124.87, less all applicable federal, state and local taxes and withholding.

 

(c)      The Company shall reimburse the Executive for
premiums paid by the Executive for COBRA coverage under the Company’s group health plan for the Executive and the Executive’s
eligible dependents for coverage from the Termination Date through December 31, 2022.

 

(d)      Except as expressly provided in this Agreement,
as of the Termination Date, neither the Company nor any of its affiliates shall have any obligation to Executive arising out of the Employment
Agreement. 

 

    1

     

    

 

3.      General Release by Executive.  In
return for the accelerated vesting of the Service Awards and other consideration provided herein (the “Consideration”), Executive
agrees to the following:

 

Executive agrees, on behalf of himself and all of
his heirs or personal representatives, to release the Company and all of its subsidiaries, affiliates, predecessors and successors, and
all of their present or former officers, directors, managers, representatives, employees, agents, employee benefit programs, and the
trustees, administrators, fiduciaries and insurers of such programs (collectively, the "Company Released Parties"),
from any and all claims for relief of any kind, whether known to Executive or unknown, which in any way arise out of or relate to Executive's
employment at the Company or any of the other Company Released Parties, the separation of his employment at the Company or any of the
other Company Released Parties, any agreements between the Company or any of the other Company Released Parties and Executive, including
but not limited to the Employment Agreement, and concerning any facts or events occurring at any time up to the Effective Date, including,
but not limited to, any and all claims of discrimination, retaliation or wrongful discharge of any kind, and any contractual, tort or
other common law claims.  This settlement and waiver includes all such claims, whether for breach of contract, quasi-contract,
implied contract, quantum meruit, unjust enrichment, compensation, deferred compensation, equity interest, any tort claims, including
without limitation fraud and misrepresentation, and any and all claims under any applicable federal laws, including, but not limited
to, the Age Discrimination in Employment Act, as amended, Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act
of 1991, 42 U.S.C. § 1981, the Americans with Disabilities Act, as amended, the Equal Pay Act, as amended, the Worker Adjustment
and Retraining Notification Act, the Employee Retirement Income Security Act of 1974, as amended, the Family and Medical Leave Act, as
amended, the Fair Labor Standards Act, as amended, or under any applicable state or local laws or ordinances or any other legal restrictions
on the Company's rights, including Chapter 21 of the Texas Labor Code and Section 451 of the Texas Labor Code.

 

Executive further agrees not to file a suit of any
kind against the Company or any of the other Company Released Parties relating to his employment at the Company or any of the other Company
Released Parties, the separation thereof, any agreements between the Company or any of other the Company Released Parties and Executive,
including but not limited to the Employment Agreement, or any facts or events occurring at any time up to the Effective Date, or to participate
voluntarily in any employment-related claim brought by any other party against the Company or any of the other Company Released Parties.  Even
if a court rules that Executive may file a lawsuit against the Company or any of the other Company Released Parties arising from Executive's
employment at the Company or any of the other Company Released Parties, the separation thereof, or any facts or events occurring at any
time up to the Effective Date, Executive agrees not to accept any money damages or any other relief in connection with any such lawsuit.  Executive
understands that this Agreement effectively waives any right he might have to sue the Company or any of the other Company Released Parties
for any claim arising out of Executive's employment at the Company or any of the other Company Released Parties, any agreements between
the Company or any of the other Company Released Parties and Executive, including but not limited to the Employment Agreement, or the
separation of Executive's employment.  However, Executive recognizes and understands that this release does not prohibit him
from filing an administrative charge with any state or federal agency.

 

Further, this release does not waive Executive's
rights to enforce this Agreement.  In addition, this release does not give up Executive's rights, if any, to rights that the
Executive has a terminated employee under employee benefit plans of the Company, including the right to continued health plan coverage
under Section 4980B of the Internal Revenue Code and vested benefits under the Company’s 401(k) plan or COBRA benefits under the
Company's standard benefit programs applicable to Executive.  Further, this release does not waive Executive's rights to vested
equity interests, vested 401(k) or pension monies or Executive's rights to indemnification under the Company's charter or bylaws or the
Indemnification Agreement, dated as of February 14, 2011, between Executive and the Company.

 

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4.      Restrictive Covenants and Miscellaneous
Provisions.

 

(a)      Executive confirms that, while he understands
that he has had such an obligation since he began his employment with the Company or any of the other Company Released Parties, he shall
not disclose any of the trade secrets or other Confidential Company Information (as defined in the Employment Agreement) of the Company
or any of the other Company Released Parties and shall not make use of such trade secrets or Confidential Company Information in any
fashion at any time, including in any future employment, work or business.

 

(b)      Executive agrees to comply at all times
after the date hereof with the provisions of the Employment Agreement that survive his termination of employment.  Without
limitation, Executive acknowledges and agrees that Section 15 of the Employment Agreement (i) prohibits Executive until the first anniversary
of the Termination Date from, among other things, (x) engaging in certain activities (as defined in the Employment Agreement), and (y)
encouraging, soliciting or inducing any employee of the Company to terminate such person's employment, and (ii) shall survive the separation
of his employment, regardless of the separation reason, and shall survive the execution of this Agreement.

 

(c)      Executive understands and agrees that the
Company shall have the right to and may sue him for breach of this Agreement if he violates the provisions of the Employment Agreement
or this Agreement.  Executive further acknowledges that but for his agreements to comply with his obligations described in
this Agreement and the Employment Agreement, the Company would not provide him with the compensation, benefits and consideration set
forth herein.

 

(d)      This Agreement does not constitute an admission
of any kind by the Company but is simply an accommodation that offers the Executive the Consideration (which provides additional benefits
he would not otherwise be entitled to receive) in return for his agreeing to, signing and not revoking this document.

 

(e)      Executive agrees not to make any statements
that disparage the reputation of the Company or any of the other Company Released Parties, or their properties or services.  Executive
agrees that any breach or violation of this non-disparagement provision shall entitle the Company to sue him on this Agreement for the
immediate recovery of any damages caused by such breach.  The provisions of this Section 4(e) shall survive the termination
of Executive's employment, regardless of the separation reason, and shall survive the execution of this Agreement.  Nothing
herein shall prevent Executive from providing truthful testimony under oath or to a government agency.

 

(f)      All payments and benefits under this Agreement
are gross amounts and will be subject to taxes and lawful deductions, if any.

 

(g)      Capitalized terms used herein and not otherwise
defined shall the meanings assigned to such terms in the Employment Agreement.

 

(h)      Executive is entering into this Agreement
freely and voluntarily.  Executive has carefully read and understands all of the provisions of this Agreement.  Executive
understands that it sets forth the entire agreement between Executive and the Company and Executive represents that no other statements,
promises, or commitments of any kind, written or oral, have been made to Executive by the Company, or any of its agents, to cause Executive
to accept it.  Executive acknowledges that he has been advised to consult legal counsel concerning this Agreement prior to
signing this Agreement, and that he has had sufficient opportunity to do so.  Executive understands that he may have up to
21 days from the date he received this Agreement to consider this Agreement.  Executive understands that if he signs this Agreement,
he will then have seven days to revoke it if he so chooses.  Executive may revoke this Agreement by delivering a written notice
of revocation to Jonathan Stanner, Summit Hotel Properties, Inc., 13215 Bee Cave Parkway, Suite B-300, Austin, Texas 78738.  However,
if Executive elects to revoke this Agreement, Executive understands that he will not be entitled to the Consideration referenced in this
Agreement.  Executive realizes this Agreement is not effective or enforceable until the seven-day period expires without revocation.  Executive
understands that this Agreement will not become effective or enforceable until the eighth day after he signs this Agreement without revocation
(the "Effective Date").  Executive
understands that the Company will have no duty to provide him with the benefits or consideration described in this Agreement until after
the Effective Date.

 

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(i)      Sections
17, 18, 19 and 23 of the Employment Agreement are hereby incorporated into this Agreement, mutatis mutandis.

 

(j)      This
Agreement may be executed in two or more counterparts, each of which shall be deemed to constitute an original.

 

IN WITNESS WHEREOF, the undersigned have executed
this Agreement as of the date written below.

 

	 	SUMMIT HOTEL PROPERTIES, INC., 

a Maryland corporation
	 	 	 
	Date:    February 28, 2022 	By:	 /s/ Jonathan
Stanner
	 	 	Jonathan Stanner
	 	 	President & Chief Executive Officer
	 	 	 
	Date:    February 28, 2022 	 	/s/ Craig J. Aniszewski

	 	 	Craig J. Aniszewski

 

    4Document

Exhibit 4.4

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934

As of December 31, 2021, Novavax, Inc. (the “Company”) has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

Description of Common Stock

The following description of the Company’s Common Stock is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to the Company’s Second Amended and Restated Certificate of Incorporation, as amended, (the “Certificate of Incorporation”), Certificate of Designation of Series A Convertible Preferred Stock (the “Certificate of Designation”) and Amended and Restated By-Laws (the “By-Laws”), each of which is incorporated by reference as an exhibit to this Annual Report on Form 10-K. The Company encourages you to read the Certificate of Incorporation, the Certificate of Designation, the By-Laws, and the applicable provisions of the Delaware General Corporation Law for additional information. 

Authorized Capital Shares

The Certificate of Incorporation authorizes the issuance of 600,000,000 shares of common stock, $0.01 par value per share (“Common Stock”), and 2,000,000 shares of preferred stock, $0.01 par value per share (“Preferred Stock”), of which 438,885 shares of Preferred Stock have been designated as Series A Convertible Preferred Stock, par value $0.01 per share, pursuant to the Certificate of Designation (“Series A Convertible Preferred Stock”). The outstanding shares of Common Stock are fully paid and nonassessable. As of December 31, 2021, there are no shares of Preferred Stock outstanding.

Preferred Stock 

Authorized but Unissued Preferred Stock 

The Board of Directors (the “Board”), without further stockholder approval, has the power to issue Preferred Stock in one or more series and determine certain terms relative to any Preferred Stock to be issued, such as the power to establish different series and to set voting rights, the dividend rights and dates, conversion rights, redemption privileges and liquidation preferences. 

Series A Convertible Preferred Stock

    Each share of Series A Convertible Preferred Stock is convertible into ten shares of Common Stock, subject to mandatory conversion upon the earlier of (1) the tenth anniversary of the issuance date or (2) immediately prior to the effectiveness of certain change of control transactions. 

Holders of Series A Convertible Preferred Stock are not entitled to vote on matters submitted to the holders of Common Stock and do not have the right to cumulative dividends. In the event that the Company declares a dividend upon Common Stock, a holder of the Series A Convertible Preferred Stock is entitled to receive the amount of dividends per share of Series A Convertible Preferred Stock that such holder would have been entitled to receive if it had converted such Series A Convertible Preferred Stock into Common Stock immediately prior to such declaration of a dividend. 

In the event of a liquidation, dissolution or winding up of the Company that does not constitute a change of control transaction triggering mandatory conversion of the Series A Convertible Preferred Stock, any holder of Series A Convertible Preferred Stock will be entitled to receive, in preference to the holders of Common Stock and any junior Preferred Stock, an amount per share equal to the greater of (1) the sum of the purchase price plus an amount equal to any declared and unpaid dividends on the Series A Convertible Preferred Stock, or (2) the amount that such shares of Series A Convertible Preferred Stock would have been entitled to receive if they had converted into Common Stock immediately prior to such liquidation, dissolution or winding up.

Exhibit 4.4

As of December 31, 2021, there are no shares of the Series A Convertible Preferred Stock outstanding.

Common Stock 

Dividend Rights

Subject to the rights of holders of outstanding shares of Preferred Stock, if any, the holders of Common Stock are entitled to receive dividends, if any, as may be declared from time to time by the Board in its discretion out of funds legally available for the payment of dividends. 

Voting Rights

The holders of Common Stock are entitled to one vote per share on all matters voted on by the stockholders, including the election of directors, and do not have cumulative voting rights.  

Classified Board

The members of the Board are divided into three classes, designated as Class I, Class II, and Class III, each serving staggered three-year terms, with no one class having more than one more director than any other class. The By-Laws provide for directors in director elections to be elected by a plurality of the votes entitled to vote.

Liquidation Rights

Subject to any preferential rights of outstanding shares of Preferred Stock, holders of Common Stock will share ratably in all assets legally available for distribution to the Company’s stockholders in the event of dissolution.

Other Rights and Preferences

The Common Stock has no redemption provisions or preemptive, conversion or exchange rights. No shares of any class of the Company’s capital stock are subject to any sinking fund provisions, restrictions on the alienability of securities to be registered, calls, assessments by, or liabilities of the Company. Holders of Common Stock may act by written consent.

Certain Provisions of the Certificate of Incorporation, By-laws, and Delaware Law 

Certain provisions of the Certificate of Incorporation and By-Laws may be deemed to have an anti-takeover effect and may prevent, delay, or defer a tender offer or takeover attempt, including:

Classified Board, Removal of Directors, and Charter Amendments relating to the Board 

The Certificate of Incorporation and the By-Laws provide for the division of members of the Board into three classes, with no one class having more than one more director than any other class, serving staggered three-year terms. The Certificate of Incorporation provides that any amendments to the charter relating to the number, classes, election, term, removal, vacancies, and related provisions with respect to the Board may only be made by the affirmative vote of the holders of at least 75% of the shares of capital stock issued and outstanding and entitled to vote. These provisions may have the effect of making it more difficult for a third party to acquire control of the Company, or of discouraging a third party from attempting to acquire control of the Company. 

Authorized but Unissued Shares 

The authorized but unissued shares of Common Stock and Preferred Stock are available for future issuance without stockholder approval, subject to any limitations imposed by the Nasdaq Stock Market. These additional shares may be utilized for a variety of corporate purposes. In particular, the Board could issue shares of Preferred Stock that could, depending on the terms of the series, impede the completion of a takeover effort. The Board may determine that the issuance of such shares of Preferred Stock is in the 

Exhibit 4.4

best interest of the Company and its stockholders. Such issuance could discourage a potential acquiror from making an unsolicited acquisition attempt through which such acquiror may be able to change the composition of the Board, including a tender offer or other transaction a majority of the Company’s stockholders might believe to be in their best interest or in which stockholders might receive a substantial premium for their stock over the then-current market price. 

Advance Notice Requirements for Stockholder Proposals and Director Nominations 

The By-Laws provide that a stockholder seeking to bring business before an annual meeting of stockholders, or to nominate candidates for election as directors, must provide timely notice of such stockholder’s intention in writing. To be timely, a stockholder nominating individuals for election to the Board or proposing business must provide advanced notice to the Company not less than 60 days nor more than 90 days prior to the anniversary date of the prior year’s annual meeting of stockholders or, in the case of any special meeting, not less than 60 days nor more than 90 days prior to the special meeting, unless, in the case of annual meeting, such meeting occurs more than 30 days before or after such anniversary date, or, in the case of a special meeting, such meeting occurs less than 100 days after notice or public disclosure of the date of the special meeting is given or made, in which cases notice will be timely if received not later than the close of business on the tenth day after the day on which notice or public announcement of the date of such meeting was made. 

Limits on Ability of Stockholders to Act by Written Consent 

The Certificate of Incorporation provides that the stockholders may not act by written consent. In addition, the Certificate of Incorporation requires that special meetings of stockholders be called only by the Board, the Company’s chief executive officer, or the Company’s president if there is no chief executive officer. Further, business transacted at any special meeting of stockholders is limited to matters relating to the purpose or purposes stated in the notice of meeting. This limit on the ability of the Company’s stockholders to act by written consent or to call a special meeting may lengthen the amount of time required to take stockholder proposed actions. 

Section 203 of the General Corporation Law of the State of Delaware 

The Company is subject to Section 203 of the Delaware General Corporation Law. This statute regulating corporate takeovers prohibits a Delaware corporation from engaging in any business combination with an interested stockholder for three years following the date that the stockholder became an interested stockholder, unless: 

•prior to the date of the transaction, the board of directors of the corporation approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder; 

•upon completion of the transaction that resulted in the interested stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the number of shares outstanding (1) shares owned by persons who are directors and also officers, and (2) shares owned by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or 

•the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock that is not owned by the interested stockholder.

Generally, a business combination includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. An interested stockholder is any person who, together with such person’s affiliates and associates (1) owns 15% or more of a corporation’s voting securities or (2) is an affiliate or associate of a corporation and was the owner of 15% or more of the corporation’s voting securities at any time within the three year period immediately preceding a business combination 

Exhibit 4.4

governed by Section 203. The existence of this provision may have an anti-takeover effect with respect to transactions the Board does not approve.

Listing

The Company’s Common Stock is traded on The Nasdaq Global Select Market under the trading symbol “NVAX.”

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