Document:

Exhibit 10.12

 Exhibit 10.12 
 Execution Copy 
 CHESAPEAKE
LODGING TRUST 
 SHARE PURCHASE AGREEMENT 
 SHARE PURCHASE AGREEMENT (this “Agreement”) made as of this 4th day of November, 2009, by and among Chesapeake Lodging
Trust, a Maryland real estate investment trust (the “Trust”), and BAMCO, Inc., a New York corporation (“Purchaser”). 
 WHEREAS, the Trust has filed a registration statement on Form S-11 (as heretofore amended, the “Registration Statement”) under the Securities Act of 1933, as amended (the
“Securities Act”), with the Securities and Exchange Commission in connection with a proposed initial public offering (the “IPO”) of common shares of beneficial interest of the Trust, par value $0.01 per share (the
“Common Shares”); and 
 WHEREAS, concurrent with the consummation of the IPO, the Trust desires to issue and
sell, and Purchaser, on behalf of its investment advisory client the Baron Small Cap Fund, desires to purchase and acquire, upon the terms and conditions set forth in this Agreement, Common Shares as provided in this Agreement; 
 NOW, THEREFORE, for and in consideration of the premises and the mutual covenants hereinafter set forth, the parties hereto do hereby agree
as follows: 
 1. Sale and Purchase of Shares. Subject to and concurrent with the consummation of the IPO and subject to the terms and
conditions of this Agreement, the Trust agrees to issue and sell to Purchaser, and Purchaser hereby agrees to purchase and acquire from the Trust, such whole number of Common Shares (the “Shares”) equivalent to the quotient of
(a) $25,000,000 (the “Purchase Price”) divided by (b) the price per Common Share sold in the IPO minus the greater of (x) the underwriting discounts or commissions shown on the cover page of the final prospectus
forming part of the Registration Statement or (y) 6% (the “Price Per Share”); provided, that Purchaser shall not be obligated to acquire Shares in an amount exceeding 9.8% of the issued and outstanding Common Shares on a fully
diluted basis determined at the Closing (assuming consummation of the IPO and the purchase of the Shares by the Purchaser hereunder and the purchase of such other Common Shares as may be sold by the Trust in other private placement transactions
proposed to close concurrently with such closings) and shall be entitled to reduce the Purchase Price accordingly. 
 2. Closing. The
closing of the purchase and sale of the Shares hereunder will take place at the offices of the Trust or the Trust’s legal counsel concurrently with, and shall be subject to, the completion of the IPO (the “Closing”). At the
Closing, the Trust shall deliver to, or upon the direction of, Purchaser one or more certificates evidencing the Shares, registered in Purchaser’s or its designee’s name, upon the payment of the Purchase Price in immediately available
funds by wire transfer to an account designated by the Trust to Purchaser in writing at least 3 business days prior to the Closing. 
 3.
Representations and Warranties of the Trust. In connection with the issuance and sale of the Shares, the Trust hereby represents and warrants to Purchaser as of the Closing the following: 
 3.1 The Trust (a) has been duly organized and is validly existing as a real estate investment trust in good standing with the State
Department of Assessments and Taxation of Maryland and (b) has the real estate investment trust power and authority to enter into this Agreement and the Registration Rights Agreement (as defined below) and to consummate the transactions
contemplated hereby and thereby and in the Registration Statement and to own or lease and operate its assets and carry on its business as described in the Registration Statement. The authorized capitalization of the Trust is as is set forth in the
Registration Statement. 

 3.2 All real estate investment trust action necessary to be taken by the Trust to authorize
the execution, delivery and performance of this Agreement and the Registration Rights Agreement has been duly and validly taken. This Agreement has been duly executed and delivered by the Trust. This Agreement constitutes, and the Registration
Rights Agreement, upon execution and delivery thereof, will constitute, the valid, binding and enforceable obligations of the Trust, enforceable in accordance with their respective terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general principles of equity. The issuance and sale by the Trust of the Shares does not (a) conflict with, or result in a
default under, the declaration of trust or bylaws of the Trust, any material contract by which the Trust or any of its subsidiaries’ respective property is bound, or any federal or state laws or regulations or decree, ruling or judgment of any
United States or state court applicable to the Trust or its property or (b) result in the imposition of any claim, lien, pledge, deed of trust, option, charge, encumbrance or other restriction or limitation (each, a “Lien”), or any
obligation to create any Lien, under any material contract by which the Trust or any of its subsidiaries’ respective property is bound or under the declaration of trust or bylaws of the Trust. 
 3.3 The Shares have been duly and validly authorized and upon issuance in accordance with, and payment pursuant to, the terms hereof,
(a) the Shares will be fully paid and non assessable, free from preemptive rights, rights of first refusal or similar rights and (b) Purchaser will have good title to the Shares, free and clear of all liens, claims and encumbrances of any
kind, other than transfer restrictions hereunder and under other agreements described herein or in the Registration Rights Agreement. 
 3.4 No consent, approval, authorization or order of, or registration, qualification or filing with, any governmental entity or any other third party is required to be obtained or made by the Trust for the execution, delivery or performance
by the Trust of this Agreement, the Registration Rights Agreement or the consummation by the Trust of the transactions contemplated hereby and thereby, except such as have been already obtained or made or as may be required under the Securities Act
or the rules promulgated under the Securities Act or state securities or blue sky laws or as may be required by the Financial Industry Regulatory Authority. 
 3.5 Subject to the accuracy of the representations and warranties of the Purchaser, it is not necessary in connection with the offer, sale and delivery of the Shares to the Purchaser in the manner
contemplated by this Agreement to register the Shares under the Securities Act. 
  

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 3.6 Neither the Trust nor any affiliate of the Trust (as defined under Rule 501(b) under the
Securities Act) has, directly or indirectly, (a) sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act) which is or will be integrated with the sale of the Shares
in a manner that would require the registration of the Shares under the Securities Act or (b) except for the Common Shares to be sold in the IPO, offered, solicited offers to buy or sell the Shares by any form of general solicitation or general
advertising (as those terms are used in Rule 502(c) under the Securities Act) or in any manner involving a public offering within the meaning of Section 4(2) of the Securities Act. 
 3.7 Except as set forth in the Registration Statement, the Trust is not a party to any, and there are no pending, or to the knowledge of the
Trust, threatened, legal, administrative, arbitral or other proceedings, claims, actions or governmental investigations of any nature against the Trust or any of its subsidiaries or to which any of their respective assets are subject relating to or
which challenges the validity or propriety of the transactions contemplated hereby or by the Registration Rights Agreement. 
 3.8 The Trust’s proposed method of operation will enable it to meet the requirements for taxation as a real estate investment trust under the Internal Revenue Code of 1986, as amended (the “Code”) for its taxable year
ending December 31 of the calendar year in which the Closing shall occur, and in the future. The Consolidated Subsidiaries that are partnerships have been and will continue to be treated as partnerships or as “disregarded entities”
for U.S. federal income tax purposes and not as corporations, associations taxable as corporations or as publicly traded partnerships that are taxable as corporations. 
 3.9 To the Trust’s knowledge, the Trust qualifies as a “domestically controlled qualified investment entity” within the meaning of Section 897(h) of the Code. 
 3.10 The Trust covenants and agrees with the Purchaser that the Purchaser may rely on the representations and warranties of the Trust and
its subsidiaries that shall be set forth in the underwriting agreement to be entered into between the Trust and the representative(s) of the several underwriters of the IPO named therein (the “Underwriting Agreement”) as if such
representations and warranties were made to the Purchaser herein. 
 4. Representations and Warranties of Purchaser. Purchaser hereby
represents and warrants to the Trust that: 
 4.1 Purchaser is an “accredited investor” as that term is defined in
Rule 501 under the Securities Act. 
 4.2 The Shares are being acquired by the Purchaser on behalf of its investment advisory
client the Baron Small Cap Fund, only for investment purposes and not with a view to, or for resale in connection with, any public distribution or public offering thereof within the meaning of the Securities Act. 
 4.3 Purchaser has been duly incorporated and is validly existing and in good standing under the laws of the State of New York and has all
necessary power and authority to enter into this Agreement and to consummate the transactions contemplated hereby. 
  

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 4.4 All corporate action necessary to be taken by Purchaser to authorize the execution,
delivery and performance of this Agreement and all other agreements and instruments delivered by Purchaser in connection with the transactions contemplated hereby has been duly and validly taken. This Agreement has been duly executed and delivered
by Purchaser, and constitutes the valid, binding and enforceable obligation of Purchaser, enforceable in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar
laws affecting creditors’ rights generally and by general principles of equity. The purchase by Purchaser of the Shares does not conflict with the organizational documents of Purchaser or with any material contract under which Purchaser or its
property is bound, or any laws or regulations or decree, ruling or judgment of any court applicable to Purchaser or its property. 
 4.5 Purchaser understands and acknowledges that the offering of the Shares pursuant to this Agreement will not be registered under the Securities Act on the grounds that the offering and sale of the Shares is exempt from registration under
the Securities Act pursuant to Section 4(2) thereof and exempt from registration pursuant to applicable state securities or blue sky laws, and that the Trust’s reliance upon such exemptions is predicated upon Purchaser’s
representations and warranties set forth in this Agreement. Purchaser understands and acknowledges that the Shares will be characterized as “restricted securities” under the Securities Act and such laws and may not be sold unless the
Shares are subsequently registered under the Securities Act and qualified under state law or unless an exemption from such registration and such qualification is available. 
 4.6 Purchaser (a) is sufficiently experienced in financial and business matters to be capable of evaluating the merits and risks
involved in purchasing the Shares and to make an informed decision relating thereto, (b) has the ability to bear the economic risk of Purchaser’s prospective investment in the Shares and (c) has not been offered the Shares by any form
of advertisement, article, notice or other communication published in any newspaper, magazine, or similar medium; or broadcast over television or radio; or any seminar or meeting whose attendees have been invited by any such medium. Purchaser
(a) has been furnished with the materials relating to the business, operations, financial condition, assets and liabilities of the Trust and other matters relevant to Purchaser’s investment in the Shares, which have been requested by
Purchaser and (b) Purchaser has had adequate opportunity to ask questions of, and receive answers from, the officers, employees, agents, accountants and representatives of the Trust concerning the business, operations, financial condition,
assets and liabilities of the Trust and all other matters relevant to its investment in the Shares. 
 4.7 Purchaser has a
substantive, pre-existing relationship with the Trust and was directly contacted by the Trust or its agents not in connection with the IPO. Purchaser (a) was not identified or contacted through the marketing of the IPO and (b) did not
independently contact the Trust as a result of the general solicitation by means of the Registration Statement. 
 4.8 Purchaser
has not incurred any liability for any finder’s fees or similar payments in connection with the transactions herein contemplated. 
 4.9 Purchaser will have available at the closing sufficient funds to acquire the Shares to be purchased by Purchaser pursuant to this Agreement. 
  

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 5. Covenants of the Trust. The Trust covenants and agrees with the Purchaser that it will, and will
cause its subsidiaries to, comply in all material respects with their respective covenants contained in the Underwriting Agreement and further covenants and agrees that it will, and will cause its subsidiaries to, use reasonable best efforts to:

 5.1 Timely file with the New York Stock Exchange or such other national securities exchange as on which the Shares are listed
or included for trading (the “Exchange”) all documents and notices required by the Exchange of listed issuers with securities that are traded on the Exchange. 
 5.2 Meet the requirements for qualification and taxation as a REIT under the Code for the taxable year ending December 31, 2009 and for
its future taxable years, unless the Trust’s Board of Trustees determines that it is no longer in the best interests of the Trust to be so qualified. 
 5.3 The Trust will cause Chesapeake Lodging, L.P. or such entity as the Trust may organize as its “operating partnership” as described in the Registration Statement, promptly following the
organization of such partnership, to execute and deliver to the Purchaser a joinder agreement in the form attached as Exhibit A hereto. 
 6. Public Announcements. Except as may be required by applicable law, no party hereto shall make any public announcements or otherwise communicate with any news media with respect to this Agreement or any of the transactions
contemplated hereby, without prior consultation with the other parties as to the timing and contents of any such announcement or communications; provided, however, that nothing contained herein shall prevent any party from promptly making all
filings with any governmental entity or disclosures with the stock exchange, if any, on which such party’s capital stock is listed, as may, in its judgment, be required in connection with the execution and delivery of this Agreement or the
consummation of the transactions contemplated hereby. If any party decides that it must make any such required filing it will advise the other parties prior to making such filing. Notwithstanding the foregoing, the parties hereto acknowledge that
the transactions contemplated hereby have been disclosed in the Registration Statement and that this Agreement has been or will be filed as an exhibit to the Registration Statement. 
 7. Conditions of Closing of Purchaser. The respective obligations of Purchaser to acquire the Shares from the Trust at the Closing are subject to the fulfillment to Purchaser’s reasonable
satisfaction on or prior to the Closing of each of the following conditions: 
 7.1 Each representation and warranty made by the
Trust in Section 3 above and in the Underwriting Agreement shall be true and correct as of the Closing as though made as of the Closing. 
 7.2 All covenants, agreements and conditions contained in this Agreement to be performed or complied with by the Trust on or prior to the Closing shall have been performed or complied with by it in all
respects. 
 7.3 The Trust shall have delivered at or prior to the date of the Closing to the Purchaser or its designee an
executed copy of the Registration Rights Agreement among the Trust and Purchaser, substantially in the form of Exhibit B hereto (the “Registration Rights Agreement”). 
  

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 7.4 The Purchaser shall have received a written opinion of counsel to the Trust, in a form
reasonably satisfactory to the Purchaser, with respect to certain trust, partnership, tax and securities law matters. 
 7.5 The
material terms of the business and the proposed methods of operation of the business of the Trust shall not have changed in any material respect from those described in the Registration Statement, other than changes consented to by Purchaser (such
consent not to be unreasonably withheld, conditioned or delayed). 
 8. Further Assurances; Holdback Agreement. Each party hereto shall
execute and deliver such instruments and take such other actions prior to or after the Closing as any other party may reasonably request in order to carry out the intent of this Agreement, including without limitation obtaining any required consents
or approvals from third parties. If requested by the managing underwriters of the IPO, Purchaser or its designee holding the Shares shall enter into a customary lock-up agreement restricting sales and certain other dispositions of the Shares for a
period not to exceed 180 days following the Closing. 
 9. Successors and Assigns. Except as otherwise expressly provided herein, all
covenants and agreements contained in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether so expressed or not. Notwithstanding the foregoing or
anything to the contrary herein, the parties may not assign this Agreement or their obligations hereunder. 
 10. Amendments. This
Agreement may not be amended, modified or waived, in whole or in part, except by an agreement in writing signed by each of the parties hereto. 
 11. Counterparts; Facsimile. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same instrument.
This Agreement or any counterpart may be executed via facsimile transmission, and any such executed facsimile copy shall be treated as an original. 
 12. Governing Law. 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. The parties hereby agree that any action, proceeding or claim
against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submit to such
jurisdiction, which jurisdiction shall be exclusive. The parties hereby waive any objection to such exclusive jurisdiction and agree not to plead or claim that such courts represent an inconvenient forum. 
 13. Waiver of Jury Trial. EACH PARTY HERETO HEREBY WAIVES, RELEASES AND RELINQUISHES AND ALL RIGHTS IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO
ANY ACTIONS ARISING DIRECTLY OR INDIRECTLY AS A RESULT OR IN CONSEQUENCE OF THIS AGREEMENT, 
  

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INCLUDING, WITHOUT LIMITATIONS, ANY CLAIM OR ACTION TO REMEDY ANY BREACH OR ALLEGED BREACH HEREOF, TO ENFORCE ANY TERM HEREOF, OR IN CONNECTION WITH ANY RIGHT, BENEFIT OR OBLIGATION ACCORDED
OR IMPOSED BY THIS AGREEMENT. 
 14. Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and
their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person; provided, that the Underwriters shall be third party beneficiaries of this Agreement. 

15. Legends. Each certificate, if any, representing the Shares shall be endorsed with the following legends or substantially similar legends:

 The shares represented by this certificate have not been registered under the Securities Act of 1933, as amended (the
“Act”), and may not be offered, sold, pledged or otherwise transferred except pursuant to an exemption from registration under the Act, or pursuant to an effective registration statement under the Act. 
 16. Severability. In case any provision of this Agreement shall be found by a court of law to be invalid, illegal, or unenforceable, the validity,
legality, and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby. 
  

	17.	Survival. The provisions of Section 3 hereof shall survive indefinitely. 

 18. Indemnification. The Trust agrees to indemnify and hold harmless the Purchaser and each person, if any, who (a) controls the Purchaser within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act or (b) is controlled by or is under common control with the Purchaser from and against any and all losses, claims, liabilities, expenses and damages (including, but not limited to, any and
all reasonable investigative, legal and other expenses incurred in connection with, and any and all amounts paid in settlement (in accordance with this paragraph) that arise out of, or are based upon, (i) any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein, not misleading,
(ii) or any untrue statement or alleged untrue statement of a material fact contained in the prospectus (or any amendment or supplement thereto) forming part of the Registration Statement, any Issuer Free Writing Prospectus (as defined in the
Underwriting Agreement), any “issuer information” filed or required to be filed pursuant to Rule 433(d) under the Securities Act or any Pricing Disclosure Package (as defined in the Underwriting Agreement) (including any Pricing Disclosure
Package that has subsequently been amended), or caused by any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading
or (iii) any breach by any of the indemnifying parties of any of their respective representations, warranties and agreements made to the Purchaser or referred to herein. This indemnity agreement will be in addition to any liability that the
Trust might otherwise have. If for any reason the foregoing indemnification is unavailable to the Purchaser or insufficient to hold it harmless, then the Trust shall contribute to the amount paid or payable by the Purchaser as a result of such loss,
claim, liability, expense or

  

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 damage in such proportion as is appropriate to reflect the relative economic interests of the Trust on the
one hand and the Purchaser on the other hand in the matters contemplated by this letter as well as the relative fault of the Trust and Purchaser with respect to such loss, claim, liability or damage and any other relevant equitable considerations.
Any party that proposes to assert the right to be indemnified under this Section 18 in connection with a claim by a third party will, promptly after receipt of notice of commencement of any action against such party in respect of which a claim
is to be made against an indemnifying party or parties under this Section 18, notify each such indemnifying party of the commencement of such action. An indemnifying party will not, in any event, be liable for any settlement of any action or
claim effected without its written consent. No indemnifying party shall, without the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or
proceeding relating to the matters contemplated by this Section 18 (whether or not any indemnified party is a party thereto), unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all
liability arising or that may arise out of such claim, action or proceeding. 
 19. Termination. This Agreement shall be terminated prior
to the consummation of the transactions contemplated hereby if (a) prior to the closing of the IPO, the Underwriting Agreement is terminated pursuant to its terms or (b) the Closing has not occurred within 180 days following the date
hereof. The Purchaser may also terminate this Agreement prior to the consummation of the transactions contemplated hereby upon a material breach of the representations and warranties or covenants of the Trust contained herein. In the event of any
termination of this Agreement, this Agreement shall become null and void and have no effect, without any liability to any person in respect hereof on the part of any party hereto, except for such liability resulting from such party’s breach of
this Agreement prior to such termination. 
 20. Remedies and Waivers. No delay or omission on the part of any party to this Agreement in
exercising any right, power or remedy provided by law or under this Agreement shall (a) impair such right power or remedy or (b) operate as a waiver thereof. The single or partial exercise of any right, power or remedy provided by law or
under this Agreement shall not preclude any other or further exercise of any other right, power or remedy. The rights, powers and remedies provided in this Agreement are cumulative and not exclusive of any rights, power and remedies provided by law.

 21. Entire Agreement. This Agreement and the other documents delivered pursuant hereto constitute the full and entire understanding
and agreement among the parties with regard to the subject matter hereof and thereof and they supersede, merge, and render void every other prior written and/or oral understanding or agreement among or between the parties hereto. 
 21. Notices. Any notice or other communication required or permitted hereunder shall be in writing and shall be delivered personally (by courier or
otherwise), telegraphed, telexed, emailed, sent by facsimile transmission or sent by certified or registered mail, postage prepaid and return receipt requested, or by express mail. Any such notice shall be deemed given when so delivered personally,
telegraphed, telexed, emailed or sent by facsimile transmission or, if mailed, three (3) days after the date of deposit in the United States mails, as follows or, in each case, to such other address as a party may provide to the other in
writing: 
 If to the Trust: 
 Chesapeake Lodging Trust 
 710 U.S Highway 46, Suite 206 
 Fairfield, NJ 07004 
 Facsimile: 201.599.0527 
 Attention: Chief Financial Officer 
  

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 If to Purchaser: 
 Patrick M. Patalino 
 General Counsel 
 Baron Capital 
 767 Fifth Avenue, 49th Floor 
 New York, NY 10153 
 Tel: 212.583.2119 
 Fax: 212.583.2014 
 Any party may, by notice given in accordance with this Section 21 to the other party, designate another
address or person for receipt of notices hereunder; provided, that notice of such a change shall be effective upon receipt. 
 22.
Expenses. Whether or not the transactions contemplated by this Agreement are consummated, the Trust, on one hand, and the Purchaser, on the other hand, shall, except as otherwise expressly provided herein, pay the costs, fees and expenses
incident to its negotiation, preparation, execution, delivery and performance hereof, including the fees and expenses of its counsel, accountants, advisors and other representatives. 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above: 
  

			
	TRUST:
	
	CHESAPEAKE LODGING TRUST
		
	By:	 	 /s/ Douglas Vicari

		 	Name: Douglas Vicari
		 	Title: Chief Financial Officer
	
	PURCHASER:
	
	BAMCO, INC.
		
	By:	 	 /s/ Peggy Wong

		 	Name: Peggy Wong
		 	Title: Chief Financial Officer

 EXHIBIT A 
 [Form of Joinder Agreement to Purchase Agreement] 
 [Date] 
 [Address of Purchaser] 
 Ladies and Gentlemen:

 Reference is made to the Share Purchase Agreement (the “Share Purchase Agreement”) dated
[                    ], 2009, initially by and among Chesapeake Lodging Trust, a Maryland real estate investment trust (the
“Trust”), and Bamco, Inc., a New York corporation (“Purchaser”), concerning the purchase of the Shares (as defined in the Share Purchase Agreement) from the Trust by the Purchaser. Capitalized terms used herein but
not defined herein shall have the meanings assigned to such terms in the Share Purchase Agreement. 
 The undersigned agrees
that this letter agreement is being executed and delivered in connection with the issue and sale of the Shares pursuant to the Share Purchase Agreement and to induce the Purchaser to purchase the Shares thereunder and is being executed concurrently
with the organization of the undersigned. 
 1.                Joinder. The undersigned hereby agrees to be bound by the terms, conditions and other provisions of Section 3.10, Section 6, Section
7.2, Section 7.4, Section 8 through Section 14 and Section 16 through Section 23 of the Share Purchase Agreement with all attendant rights, duties and obligations stated therein, with the same force and effect as if originally named as the Trust and
as if such party executed the Share Purchase Agreement on the date thereof. 
 2.                Representations, Warranties and Agreements. The undersigned represents and warrants to, and agrees with, the Purchaser on and as of the
date hereof that: 
 2.1        The undersigned has the corporate power to execute and
deliver this letter agreement and all corporate action required to be taken by it for the due and proper authorization, execution, delivery and performance of this letter agreement and the consummation of the transactions contemplated hereby has
been duly and validly taken; this letter agreement has been duly authorized, executed and delivered by the undersigned. 
 2.2        The representations, warranties and agreements of the undersigned set forth or referred to in the Share Purchase Agreement are true and correct on and as of the date hereof. 
 3.                Governing Law. 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. The parties hereby agree that any action, proceeding or claim against it arising out of or relating in any way to this
Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submit to such jurisdiction, which jurisdiction shall be exclusive. The parties
hereby waive any objection to such exclusive jurisdiction and agree not to plead or claim that such courts represent an inconvenient forum. 
 4.                Counterparts; Facsimile. This letter agreement may be executed in any number of counterparts, each of which when so executed shall be
deemed to be an original and all of which taken together shall constitute one and the same instrument. This letter agreement or any counterpart may be executed via facsimile transmission, and any such executed facsimile copy shall be treated as an
original. 
 5.                Amendments. This Agreement
may not be amended, modified or waived, in whole or in part, except by an agreement in writing signed by each of the parties hereto. 
 If the foregoing is in accordance with your understanding of our agreement, please indicate your acceptance of this letter agreement by signing in the space provided below, whereupon this letter agreement will become a binding agreement
between the undersigned party hereto and the Purchaser in accordance with its terms. 
  

			
	CHESAPEAKE LODGING, L.P.
		
	By:	 	 
		 	 Name:
 Title:Exhibit 10.13

 Exhibit 10.13 
 Execution Copy 
 REGISTRATION RIGHTS AGREEMENT

 This Registration Rights Agreement (the “Agreement”) is made and entered into as of
                    , 2009, by and between Chesapeake Lodging Trust, a Maryland real estate investment trust (the “Trust”), and BAMCO,
Inc., on behalf of its investment advisory client, the Baron Small Cap Fund (each, a “Holder” and collectively, the “Holders”). 
 RECITALS 
 WHEREAS, the Holders have agreed to purchase directly from the Trust in
a transaction exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), common shares of beneficial interest, par value $.01 per share, of the Trust (“Common Shares”); and

 WHEREAS, the Trust has agreed to register for resale by the Holders such Common Shares on the terms set forth herein;

 NOW THEREFORE, the parties hereby agree as follows: 
 1. Definitions. 
 As used in this Agreement, the following terms not otherwise defined herein shall have the following meanings: 
 Commission: The United States Securities and Exchange Commission. 
 Exchange Act: The Securities
Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission pursuant thereto. 
 FINRA:
Financial Industry Regulatory Authority. 
 IPO: The underwritten initial public offering of the Trust’s Common
Shares. 
 Proceeding: An action, claim, suit or proceeding (including, without limitation, an investigation or partial
proceeding, such as a deposition), whether commenced or, to the knowledge of the person subject thereto, threatened. 
 Prospectus: The prospectus included in any Registration Statement, and all other amendments and supplements to any such prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be
incorporated by reference, if any, in such prospectus. 
 Register, Registered, Registration: Such terms
shall refer to a registration effected by preparing and filing a Registration Statement in compliance with the Securities Act and applicable rules and regulations thereunder, and the declaration or ordering of the effectiveness of such Registration
Statement. 
  

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 Execution Copy 
  

 Registrable Shares: Each of the Common Shares to be acquired by the Holder
directly from the Trust in a transaction exempt from the registration requirements of the Securities Act, until (i) the date on which it has been registered effectively pursuant to the Securities Act and disposed of in accordance with any
Registration Statement relating to it, (ii) the date on which either it is distributed to the public pursuant to Rule 144 (or any similar provisions then in effect) or is saleable pursuant to Rule 144 promulgated by the Commission pursuant to
the Securities Act without limitation as to volume or manner of sale, or (iii) the date on which it is saleable, without restriction, pursuant to an available exemption from registration under the Securities Act, or (iv) the date on which
it is sold to the Trust. 
 Registration Expenses: Any and all expenses incident to performance of or compliance with
this Agreement, including without limitation: (i) all Commission, stock exchange, FINRA registration, listing and filing fees, (ii) all fees and expenses incurred in connection with compliance with federal or state securities or blue sky
laws (including any registration, listing and filing fees and reasonable fees and disbursements of counsel in connection with blue sky qualification of any of the Registrable Shares and the preparation of a Blue Sky Memorandum and compliance with
the rules of FINRA), (iii) all expenses of printing, delivering and distributing any Registration Statement, any Prospectus, any amendments or supplements thereto, any certificates and other documents relating to the performance of and
compliance with this Agreement, (iv) all fees and expenses incurred in connection with the listing of any of the Registrable Shares on any securities exchange or The Nasdaq Stock Market, (v) the fees and disbursements of counsel for the
Trust and of the independent public accountants (including, without limitation, the expenses of any special audit and “cold comfort” letters required by or incident to such performance) of the Trust and (vi) any fees and disbursements
customarily paid by issuers or sellers of securities (including the fees and expenses of any experts retained by the Trust in connection with any Registration Statement), provided, however, that Registration Expenses shall exclude
brokers’ commissions and transfer taxes, if any, relating to the sale or disposition of Registrable Shares by a Holder and the fees and expenses of any counsel to any Holder. 
 Rule 144: Rule 144 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
 Rule 424: Rule 424 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission
as a replacement thereto having substantially the same effect as such rule. 
 2. Registration Rights. 
 2.1 Long-Form Registration. 
 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, the Holder may request registration under the Securities Act on Form
S-11 or any similar long-form Registration Statement for the offering of

  

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all or part of its Registrable Shares; provided, that with respect to any requests under this Section 2.1.1, the anticipated aggregate offering amount of the Registrable Shares
covered by such Registration Statement shall exceed $15,000,000 (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 Shares and will use reasonable best efforts to include in such
registration all Registrable Shares 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, (b) the Trust shall not be obligated to effect more than one (1) Long-Form Demand Registration for all Holders in the aggregate, and (c) no Holder may make a Long-Form Demand Registration if such Holder has
been offered the opportunity (whether or not accepted) to exercise Piggy-back Registration Rights pursuant to Section 2.6 hereof within the six months prior to the purported date of the making of such a request for a Long-Form Demand
Registration. 
 2.2 Short-Form Registration. 
 2.2.1 In addition to the Long-Form Demand Registration provided pursuant to Section 2.1 above, commencing on the date on which the
Trust becomes eligible to register securities issued by it on Form S-3 or another 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 Registration” and, together with the Long-Form Demand Registration, “Demand Registrations”), the Holder will be entitled to request registration under the Securities Act of all or part of its
Registrable Shares; provided, that with respect to any requests under this Section 2.2.1, the anticipated aggregate offering amount of the Registrable Shares covered by such Short-Form Demand Registration shall exceed $10,000,000 (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 Shares and will use reasonable best efforts to include in such registration all Registrable Shares with respect to which the Trust has
received written requests for inclusion within ten (10) days after delivery of the Trust’s notice. 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

  

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Trust will provide such information as may be reasonably requested for inclusion by such underwriters in the applicable Registration Statement. The Trust shall not be obligated to effect more
than one Short-Form Demand Registration for all Holders in the aggregate. 
 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 Shares 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 Shares under this Agreement. 
 2.4 Underwritten Offering; Reduction of Offering. Holders of Registrable Shares shall have the right to request that a Demand Registration be effected as an underwritten offering at any time, subject to this
Section 2.4. 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 holders of a majority-in-interest
of the Registrable Shares 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 Trust or any other shareholder and (ii) the liability of any Holder shall be limited as provided herein, 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 Shares 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 Shares (pro rata in accordance with the number of Registrable Shares which such Holders have requested be included in such underwritten offering, regardless of the number
of Registrable Shares 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). 
  

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 A request for an underwritten offering may be withdrawn 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 Shares 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 10 Business Days
prior to the anticipated filing date of the Resale 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 Shares 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 Piggy-Back Registration. 
 2.6.1 Piggy-Back Rights. At any time at least one hundred eighty (180) days following the closing of the IPO and prior to
the time the Trust becomes eligible to register securities issued by it on Form S-3 as contemplated by Section 2.2.1 hereof, 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 Shares, then the Trust shall (a) give written notice of such
proposed filing and offering to the Holders of Registrable Shares 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 Shares in such notice the opportunity to register
the sale of such number of Registrable Shares 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
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register any securities and prior to the effective date of the Registration Statement filed in connection with such registration, the Trust 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 Shares and, (x) in the case of a determination not to register, shall be relieved of its obligation
to register any Registrable Shares in connection with such registration, and (y) in the case of a determination to delay registering, shall be permitted to delay registering any Registrable Shares for the same period as the delay in registering
such other securities. The Trust shall cause such Registrable Shares 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 Shares 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 Shares in accordance with the intended
method(s) of distribution thereof. All Holders of Registrable Shares 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. 
 2.6.2 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 Shares 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 Shares 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 Shares 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 Shares 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 Shares and Common Shares or other securities held by each such Holder or other Person); and 
  

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 (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 Shares 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 Shares 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 Shares and Common Shares or other securities
held by each such Holder or other Person). 
 2.6.3 Withdrawal. Any Holder of Registrable Shares may elect to
withdraw such Holder’s request for inclusion of Registrable Shares 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 Shares. 
 3. Registration Procedures. In connection with the Trust’s obligations with respect to any Registration Statement pursuant to this Agreement, the Trust shall: 
 (a) prepare and file with the Commission, as specified in this Agreement, a Registration Statement that complies as to form
in all material respects with the requirements of the Commission; 
 (b) prepare and file with the Commission
such amendments and post-effective amendments to each Registration Statement as may be necessary to keep the Registration Statement effective for the applicable period, cause each such Prospectus to be supplemented by any required prospectus
supplement, and as so supplemented to be filed pursuant to Rule 424 or any similar rule that may be adopted under the Securities Act; 
 (c) furnish to each Holder of Registrable Shares, without charge, as many copies of each Prospectus, and any amendment or supplement thereto and such other documents as such Holder may reasonably request,
in order to facilitate the public sale or other disposition of the Registrable Shares pursuant to such Registration Statement; the Trust consents to the use in compliance with applicable law of any such Prospectus by the Holder of Registrable
Shares, if any, in connection with the offering and sale of the Registrable Shares covered by any such Prospectus; 
  

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 (d) use commercially reasonable efforts to register or qualify, or
obtain exemption for registration or qualification for, all Registrable Shares by the time such Registration Statement is declared effective by the Commission under all applicable state securities or “blue sky” laws of such jurisdictions
as any Holder of Registrable Shares covered by a Registration Statement shall reasonably request in writing, keep each such registration or qualification or exemption effective during the period such Registration Statement is required to be kept
effective and do any and all other acts and things that may be reasonably necessary or advisable to enable such Holder to consummate the disposition in each such jurisdiction of such Registrable Shares owned by such Holder; provided,
however, that the Trust shall not be required to (i) qualify generally to do business in any jurisdiction or to register as a broker or dealer in such jurisdiction where it would not otherwise be required to qualify but for this
Section 3(d), (ii) subject itself to taxation in any such jurisdiction, or (iii) submit to the general service of process in any such jurisdiction; provided, further, that if the Trust fails to list the Registrable
Shares on a national stock exchange or qualify for quotation on an automatic quotation system at or prior to the time such Registration Statement is declared effective by the Commission because it fails to meet requirements for such listing or
quotation regarding the number of holders of its Common Shares, the obligation in this Section 3(d) shall not require the Trust to register or qualify the Registrable Shares in any jurisdiction where the Trust reasonably concludes, based upon
the advice of securities counsel, that such registration or qualification would require unreasonable effort (including, without limitation, amendments to the Trust’s articles of amendment and restatement of declaration of trust or bylaws) or
expense; 
 (e) notify each Holder of Registrable Shares promptly and, if requested by a Holder, confirm such
advice in writing (i) when the Registration Statement has become effective and when any post-effective amendments and supplements thereto become effective, (ii) of the issuance by the Commission or any state securities authority of any
stop order suspending the effectiveness of such Registration Statement or the initiation of any proceedings for that purpose, and (iii) of the happening of any event during the period the Registration Statement is effective as a result of which
such Registration Statement or the related Prospectus contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and (iv) upon
the occurrence of any such event, use commercially reasonable efforts to prepare a supplement or post-effective amendment to the Registration Statement or the Prospectus or any document incorporated therein by reference or file any other required
document so that, as thereafter delivered to the purchasers of the Registrable Shares, such Prospectus will not contain any 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, in the light of the circumstances under which they were made, not misleading; 
 (f) use
commercially reasonable efforts to avoid the issuance of, or if issued to obtain the withdrawal of, any enjoining order suspending the use or effectiveness of such Registration Statement or the lifting of any suspension of the qualification (or
exemption from qualification) of any of the Registrable Shares for sale in any jurisdiction, at the earliest possible moment; 
  

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 (g) use commercially reasonable efforts to list all Registrable Shares
on each securities exchange or quotation system on which the Common Shares are then listed; and 
 (h) pay, or
cause to be paid, the Registration Expenses. 
 4. Covenants of Holders. 
 (a) Each Holder agrees to furnish to the Trust such information regarding such Holder, the securities of the Trust held by
such Holder and the proposed method of distribution by such Holder of the Registrable Shares owned by such Holder as the Trust may from time to time reasonably request in writing or as shall be required to effect the registration of such
Holder’s resale of Registrable Shares. Each Holder further agrees to furnish promptly to the Trust in writing all information required from time to time to make the information previously furnished by such Holder not misleading. 
 (b) Each Holder agrees that, upon receipt of any notice from the Trust of the happening of any event of the kind described in
Section 3(e)(iii) hereof, such Holder will immediately discontinue disposition of Registrable Shares pursuant to any Registration Statement until such Holder’s receipt of copies of the supplemented or amended Prospectus. If so directed by
the Trust, each Holder will deliver to the Trust all copies of the Prospectus covering such Registrable Shares in the Holder’s possession at the time of receipt of such notice. 
 5. Black-Out Period. 
 (a) Following the effectiveness of any Registration Statement, the Trust may direct the Holders to suspend sales of the Registrable Shares for such times as the Trust deems necessary or advisable,
including for up to 60 days in any 12-month period in the case of pending negotiations relating to, or consummation of, a transaction or the occurrence of an event (i) that would require additional disclosure of material information by the
Trust in such Registration Statement, (ii) as to which the Trust has a bona fide business purpose for preserving confidentiality, or (iii) that renders the Trust unable to comply with Commission requirements, in each case under
circumstances that would make it impractical or inadvisable to cause such Registration Statement to become effective or to promptly amend or supplement such Registration Statement on a post-effective basis, as applicable. 
 (b) In the case of an event that causes the Trust to suspend the effectiveness of any Registration Statement (a
“Suspension Event”), the Trust may give notice (a “Suspension Notice”) to the Holders to suspend sales of the Registrable Shares so that the Trust may correct or update such Registration Statement; provided,
however, that such suspension shall continue only for so long as the Suspension Event or its effect is continuing. The Holders shall not effect any sales of the Registrable Shares pursuant to such Registration Statement at any time after it
has received a Suspension Notice from the Trust and, if so directed by the Trust, will deliver to the Trust all copies of the Prospectus covering the Registrable Shares held by them at the time of receipt of the Suspension Notice. The Holders may
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Registration Statement following further notice to such effect (an “End of Suspension Notice”) from the Trust, which End of Suspension Notice shall be given by the Trust promptly
following the conclusion of any Suspension Event. 
 6. Indemnification and Contribution  
 (a) Indemnification by the Trust. The Trust agrees to indemnify and hold harmless (i) each Holder, (ii) each
person, if any, who controls (within the meaning of the Securities Act or the Exchange Act) a Holder (any of the persons referred to in this clause (ii) being hereinafter referred to as a “Controlling Person”), and (iii) the
respective officers, directors, partners, employees, representatives and agents of each Holder or any Controlling Person (any person referred to in clause (i), (ii) or (iii) may hereinafter be referred to as an “Indemnified
Party”), as follows: 
 (i) from and against any and all loss, claim, liability, damage and expense
whatsoever, as incurred, arising out of any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment thereto) including all documents incorporated therein by reference, or the omission
or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein, not misleading or arising out of any untrue statement or alleged untrue statement of a material fact contained in any Prospectus
(or any amendment or supplement thereto), including all documents incorporated therein by reference, or the omission or alleged omission to state a material fact required to be stated therein or necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading; 
 (ii) from and against any and all
loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement of any litigation, or investigation or proceeding by any governmental agency or body, commenced or threatened, or of any
claim whatsoever based upon any such untrue statement or omission, if such settlement is effected with the written consent of the Trust (which consent shall not be unreasonably withheld); 
 (iii) from and against any and all expenses whatsoever (including reasonable fees and disbursements of counsel), as incurred
in investigating, preparing or defending against any litigation, or investigation or proceeding by any governmental agency or body, commenced or threatened, in each case whether or not a party, or any claim whatsoever based upon any such untrue
statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under subparagraph (i) or (ii) above; and 
 (iv) provided that such indemnity pursuant to this Section 6(a) shall not (A) inure to the benefit of the Holder
(or any Controlling Person thereof) to the extent that any such loss, claim, liability, damage or expense arises out of such Holder’s failure to send or give a copy of the final Prospectus, as the same may be then supplemented or amended, to
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alleged omission at or prior to the written confirmation of the sale of Registrable Shares to such person if such statement or omission was corrected in such final Prospectus and copies of such
final Prospectus were timely delivered to the Holder or (B) apply to the Holder with respect to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission
made in reliance upon and in conformity with information furnished to the Trust by such Holder expressly for use in any Registration Statement (or any amendment thereto) or any Prospectus (or any amendment or supplement thereto). 
 (b) Indemnification by Holders. Each Holder severally agrees to indemnify and hold harmless the Trust, each of its
trustees and officers (including each officer of the Trust who signed any Registration Statement), each Controlling Person of the Trust, and any other Holder selling securities under such Registration Statement or any of such other Holder’s
partners, directors, officers or Controlling Persons, against any and all loss, liability, claim, damage and expenses described in the indemnity contained in Section 6(a) hereof (provided, however, that any settlement described in
Section 6(a)(ii) hereof is effected with the written consent of such Holder, which consent shall not be unreasonably withheld), as incurred, but only with respect to such untrue statement or omission, or alleged untrue statements or omissions,
made in such Registration Statement (or any amendment thereto) or any Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with information furnished to the Trust by the Holder expressly for use in such Registration
Statement (or any amendment thereto) or such Prospectus (or any amendment or supplement thereto). 
 (c)
Conduct of Indemnification Proceedings. Each Indemnified Party shall give reasonably prompt notice to each indemnifying party of any action or proceeding commenced against it in respect of which indemnity may be sought hereunder, but failure
to so notify an indemnifying party shall not relieve it from any liability that it may have under this indemnity agreement except to the extent that the indemnifying party is actually prejudiced by such failure to give notice. If the indemnifying
party so elects within a reasonable time after receipt of such notice, the indemnifying party may assume the defense of such action or proceeding at such indemnifying party’s own expense with counsel chosen by the indemnifying party and
approved by the Indemnified Party or parties in such action or proceeding, which approval shall not be unreasonably withheld; provided, however, that if such Indemnified Party or parties reasonably determines that a conflict of
interest exists where 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 them that are different from or in addition to those
available to the indemnifying party, then the indemnifying party shall not be entitled to assume such defense and the Indemnified Party or parties shall be entitled to one separate counsel at the indemnifying party’s expense. If an indemnifying
party is not entitled to assume the defense of such action or proceeding as a result of the proviso to the preceding sentence, such indemnifying party’s counsel shall be entitled to conduct such indemnifying party’s defense, and counsel
for the Indemnified Party or parties shall be entitled to conduct the defense of such Indemnified Party or parties, it being understood that both such counsel will cooperate with each other to conduct the defense of such action or proceeding as
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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. In such event, however, no indemnifying party will be liable for any settlement effected without the written consent of such indemnifying party. No
indemnifying party shall, without the consent of the Indemnified Party, consent to entry of any judgment or enter into a settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified
Party of a release from all liability in respect of such claim or litigation. If an indemnifying party is entitled to assume, and assumes, the defense of such action or proceeding in accordance with this paragraph, such indemnifying party shall not
be liable for any fees and expenses for counsel for the Indemnified Parties incurred thereafter in connection with such action or proceeding. 
 (d) Contribution. In order to provide for just and equitable contribution in circumstances in which the indemnity agreement provided for in this Section 6 is for any reason held to be
unenforceable, unavailable or insufficient although applicable in accordance with its terms, the Trust and Holder shall contribute to the aggregate losses, liabilities, claims, damages and expenses of the nature contemplated by such indemnity
agreement incurred by the Trust and the Holder in such proportion that the percentage of the Holder’s total contribution under this Section 8(d) shall correspond to the percentage that the public offering price of the Holder’s
Registrable Shares offered by and sold under such Registration Statement bears to the public offering price of all securities offered by and sold under such Registration Statement. Notwithstanding the foregoing, 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. For purposes of this Section 6(d), each Controlling
Person of a Holder, if any, shall have the same rights to contribution as such Holder, and each trustee of the Trust, each officer of the Trust who signed such Registration Statement and each Controlling Person of the Trust, if any, shall have the
same rights to contribution as the Trust. Each party entitled to contribution agrees that upon the service of a summons or other initial legal process upon it in any action instituted against it in respect of which contribution may be sought, it
shall promptly give written notice of such service to the party or parties from whom contribution may be sought, but the omission so to notify such party or parties of any such service shall not relieve the party from whom contribution may be sought
from any obligation it may have hereunder or otherwise. 
 (e) Survival. The obligations of the Trust and
the Holders under this Section 6 shall survive the completion of any offering of Registrable Shares pursuant to any Registration Statement. 
 7. Market Stand-Off Agreement. Each Holder that is the beneficial owner of 5% or more of the then outstanding Common Shares hereby agrees that it shall not, to the extent requested by the Trust or
an underwriter of securities of the Trust, directly or indirectly sell, offer to sell (including without limitation any short sale), grant any option or otherwise transfer or dispose of any Common Shares (other than to donees or partners of the
Holder who agree to be similarly bound) within seven (7) days prior to and for up to sixty (60) days following the date of an underwriting agreement with respect to an underwritten public offering of the Trust’s securities (the
“Stand-Off Period”); provided, however, that: 
 (a) with respect to the Stand-Off
Period, such agreement shall not be applicable to Common Shares to be sold on the Holder’s behalf to the public in an underwritten offering pursuant to such registration statement; 
  

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 (b) all executive officers of the Trust then holding Common Shares shall
enter into similar agreements; 
 (c) the Trust shall use commercially reasonable efforts to obtain similar
agreements from each 5% or greater shareholder of the Trust; and 
 (d) the Holders shall be allowed any
concession or proportionate release allowed to any (i) officer, (ii) trustee or (iii) other 5% or greater shareholder that entered into similar agreements. 
 In order to enforce the foregoing covenant, the Trust shall have the right to place restrictive legends on the certificates representing the Common Shares subject to this Section 7 and to impose stop
transfer instructions with respect to the Registrable Shares and such other Common Shares of each Holder (and the Common Shares or securities of every other person subject to the foregoing restriction) until the end of such period. 
 8. Termination of the Trust’s Obligations. The Trust shall have no obligations pursuant to this Agreement with respect to any
Registrable Shares proposed to be sold by a Holder in a registration pursuant to this Agreement if, in the opinion of counsel to the Trust, all such Registrable Shares proposed to be sold by a Holder may be sold in a three-month period without
registration under the Securities Act pursuant to Rule 144. 
 9. Miscellaneous  
 (a) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be
amended, modified or supplemented, except in a written instrument executed by the Trust and the Holders of a majority of the then outstanding Registrable Shares. No waiver of rights or consent to departure from the provisions of this Agreement shall
be effective unless set forth in a written instrument signed by the party to be charged therewith; provided, however, that a waiver of rights or consent to departure from the terms hereof on behalf of the Holders shall be effective if
signed by the Holders of a majority of the then outstanding Registrable Shares. 
 (b) Notices. All
notices and other communications provided for herein shall be made in writing by hand-delivery, next-day air courier, certified first-class mail, return receipt requested, telex or telecopy; 
  

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 (i) if to the Trust, to Chesapeake Lodging Trust, 710 Route 46, Suite
206, Fairfield, NJ 07004, Attention: CFO, Facsimile (201) 599-0527, or such other address as the Trust may provide the Holders in writing; and 
 (ii) if to any other person who is then the Holder of any Registrable Shares, to the address of such Holder as it appears on Schedule A hereto, or such other address as such Holder may provide the
Trust in writing. 
 Except as otherwise provided in this Agreement, all such communications shall be deemed to
have been duly given (v) when delivered by hand, if personally delivered, (w) one Business Day after being timely delivered to a next-day air courier, (x) five Business Days after being deposited in the mail, postage prepaid, if
mailed, (y) when answered back, if telexed, or (z) when receipt is acknowledged by the recipient’s telecopier machine or otherwise, if telecopied. 
 (c) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and
permitted assigns of each of the parties and shall inure to the benefit of each Holder. The Trust may assign its rights or obligations hereunder to any successor to the Trust’s business or with the prior written consent of Holders of a majority
of the then outstanding Registrable Shares. Notwithstanding the foregoing, no assignee of the Trust shall have any of the rights granted under this Agreement until such assignee shall acknowledge its rights and obligations hereunder by a signed
written agreement pursuant to which such assignee accepts such rights and obligations. 
 (d)
Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original, and all of which taken together shall constitute
one and the same Agreement. 
 (e) Governing Law; Waiver of Jury Trial. 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. The parties hereby agree that any action, proceeding or claim against it arising out of or relating in any way to this
Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submit to such jurisdiction, which jurisdiction shall be exclusive. The parties
hereby waive any objection to such exclusive jurisdiction and agree not to plead or claim that such courts represent an inconvenient forum. EACH PARTY HERETO HEREBY WAIVES, RELEASES AND RELINQUISHES AND ALL RIGHTS IT MAY HAVE TO A TRIAL BY JURY
WITH RESPECT TO ANY ACTIONS ARISING DIRECTLY OR INDIRECTLY AS A RESULT OR IN CONSEQUENCE OF THIS AGREEMENT, INCLUDING, WITHOUT LIMITATIONS, ANY CLAIM OR ACTION TO REMEDY ANY BREACH OR ALLEGED BREACH HEREOF, TO ENFORCE ANY TERM HEREOF, OR IN
CONNECTION WITH ANY RIGHT, BENEFIT OR OBLIGATION ACCORDED OR IMPOSED BY THIS AGREEMENT.  
  

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 (f) Severability. If any term, provision, covenant or restriction
of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no
way be affected, impaired or invalidated, and the parties hereto shall use their reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant
or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid,
illegal, void or unenforceable. 
 (g) Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the terms of this Agreement. All references made in this Agreement to “Section” refer to such Section of this Agreement, unless expressly stated otherwise. 
 [SIGNATURE PAGE FOLLOWS] 
  

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

			
	CHESAPEAKE LODGING TRUST
		
	By:	 	  

	Name:	 	James L. Francis
	Title:	 	President and Chief Executive Officer
	
	BAMCO, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

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